BANKING AFFAIRS

Detailed explanation-1: -Ans. The Legal Entity Identifier (LEI) is a 20-character alpha-numeric code used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management.

Detailed explanation-2: -The global LEI system (GLEIS) is the first global database providing unique identification information of legal entities participating in financial transactions all across the globe. The database forms an index of legal entities which is publicly accessible and completely free of charge to use.

Detailed explanation-3: -The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions.

Detailed explanation-4: -LEI number-Legal entity identifier number. A unique identification code for entities which trade in financial markets (stocks, bonds, futures, forex, etc.) Every deal conducted in the markets will connect to the other counterpart with an legal entity identifier code. Used for regulators to oversee financial markets.