CDS Clearing and Depository Services (CDS) reports that it has received sponsorship from the Ontario Securities Commission (OSC) as part of the endorsement process required to become a pre-local operating unit (pre-LOU) of the global legal entity identifier (LEI) system.
Once finalized, CDS will offer Canadian entities LEI-issuance in collaboration with the DTCC’s global markets entity identifier utility, the company notes in a statement.
“The beginning of OTC Derivative Trade Reporting in Canada represents the most current extension of the LEI as a mandatory aspect of transaction reporting,” Bill Hodash, DTCC managing director of business, says in the statement, in which he also notes that CDS is the national number agency for Canada. “DTCC has built up a great deal of experience from the start of similar reporting in the U.S., Europe and Asia, and are applying that experience to this collaboration with CDS.”
Until the endorsement process is complete, CDS will direct entities wishing to register for an LEI from the CDS Securities Management Solutions website to the global markets entity-identifier utility registration portal, operated by DTCC in collaboration with SWIFT.
CDS and CDS Securities Management Solutions are subsidiaries of the Toronto-based TMX Group, an exchange operating company that oversees the Toronto Stock Exchange, the Toronto Venture Exchange, the Montreal Exchange, other trading and clearing venues, and technology providers.
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