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U.S. official to head global group on finance ID tag

Jan 30 2013 Douwe Miedema, Reuters

A U.S. official will head a worldwide group tasked with launching a unique identifier for banks and other financial operators, to give regulators a better view of their exposure and prevent the next crisis. Matthew Reed, chief counsel at the U.S. Office of Financial Research (OFR) would head the Regulatory Oversight Committee (ROC), a new group that works under the auspices of the G20 group of the world's biggest economies. The ROC would be tasked with implementing the so-called Legal Entity Identifier (LEI), an ID tag for counterparties to financial transactions that is the same across the world. "The LEI should provide financial companies and global financial regulators a better view of true exposures and counterparty risks across the world’s financial system," said the U.S. Treasury, of which the OFR is a part. Regulators are rewriting the rules for global finance after the 2007-09 crisis brought to light faults that pushed the banking system to the brink of collapse, and

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