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Economic Glossary

    Legal Entity Identifier

What is Legal Entity Identifier (LEI) system?

LEI is a unique global identifier for each legal entity operating in the financial markets. The need to have such a system was felt after the global financial crisis of 2008. The system will work under the supervision of the RBI.  LEI will aid in identification of participants in different trading, clearing and settlement systems, thus enabling aggregation of exposures and identification of linkages across markets as well as institutions, both domestic as well as global.

What are the objectives of LEI system?

The key objectives of Legal Entity Identifier (LEI) system are:

  • Improved risk management in firms
  • Better assessment of micro- and macro-prudential risks
  • Facilitation of orderly resolution
  • Containing market abuse and curbing financial fraud
  • Enabling higher quality and accuracy of financial data overall

How would the LEI system help?

As per Financial Stability Board, the LEI system would cut operational risks within firms by extenuating the need for tailored systems to reconcile the identification of entities and support aggregation of risk positions and financial data, which inflict substantial burdensome costs across the economy. It would also facilitate easy processing.

What is Financial Stability Board (FSB)?

FSB is an international body which was established after the 2009 G-20 London summit in April 2009 as a successor to the Financial Stability Forum. FSB work is to coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. The Board includes all G-20 major economies, FSF members, and the European Commission. It is headquartered in Basel, Switzerland.

Who are the members of FSB form India?

The Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) and the Ministry of Finance are the members of FSB from India

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Banker's Algo Daily Dose

Word of the day



to use ambiguous or unclear expressions, usually to avoid commitment or in order to mislead; prevaricate or hedge

Synonyms: dodge, double-talk, elude, escape, eschew, evade, falsify, fence

Antonyms: face, meet, speak on

Apti Question of The day


Sanjeev started a business by investing Rs. 36000. After 3 months Rajiv joined him by investing Rs. 36000. Out of annual profit of Rs. 37100, find the share of each?

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