Legal Entity Identification, commonly known as LEI is an exclusive ID of an entity/fund. It is essential for the identification of any financial transaction of a legal party. Be it a financial or a non-financial institution, LEIs are the alphanumeric identification codes that can provide accurate data of all the legal entities who are engaged in financial transactions. Through an LEI search you can get several pieces of information such as business names, addresses, registration dates and further LEI reference data fields.
How a LEI search tool can be beneficial:
You will find many reliable websites offering manual search tools with open access to the entire LEI index directly from your web browser. From a simple search you will get to know about almost all the legal entities in the whole world who are officially registered with LEI along with all the basic information of the entity. You will not only find detailed records, but also you will also be able to reveal relationships between specific groups of LEIs. There are advanced search options which can be beneficial for you to tailor the search, manipulate the filters and for more complex queries.
How authentic are the search results:
LEI search results show all the LEI reference data and the codes that are directly published by LEI issuer and so the information you get from the search results are 100% authentic as they do not change or manipulate any data. Most of these websites are transparent about their data quality. Therefore If you find any inconsistency in the data you may challenge any record through their websites.
Besides, most of the websites get renewed data on a regular basis and LEI reference data is revalidated against a third party source. This means the websites ensure high quality data to all the customers and most importantly completely up to date.
How the search process works:
When you type on the “Quick Search” field you will get suggestions for the terms based on the current LEI index. At most, eight to ten suggestions are displayed initially. Suggestions can show exact matches. When you select a search term, single hits will appear automatically to make the process easier. The search also provides alternative options for potential misspellings. If you get your desired result on the single hit, you have no need to go to the list, you can directly open the detailed reference data.
What are the key findings of the LEI search:
The search result displays the country from where the entity operates, LEI code, legal name of the entity along with the entity status and the registration status. All the search results are shown with a visual convenience and a readable format for all the customers. You can bookmark the URL of the data page for future reference.
What other benefits can customers get through a LEI search:
You can even save the documents easily for reuse if you like. You will just have to copy the permanent URL. Besides, you will get automatically generated print option for the search result pages. You will find the option either on the header or on the menu of the websites.
The other benefit you get is you can compare two or more LEI records side by side on the website. During the search you will get “Compare View” option where you will be able to see each subfield with detailed information.
LEI is commonly used to monitor as well as measure systematic risks effectively to prevent another financial crisis, it also facilitates automatic digital transaction procedure and enables communication through electronic systems in private sectors. Around 200 countries in the world have adopted this LEI concept. This concept allows all the legal entities to increase efficiency in data analysis amongst all the participants in the financial market.