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This will be featured in the next Post Trade Forum hosted by BT in September. LEI is so key to so many developments covering Payments,Securities and anti money laundering and fraud that this impetus by Avox is very welcom and a very significant step forward by the global finance industry

I totally agree with this Blog. I was just talking to a senior banker from one of the really big global banks this week about this very topic and he said they are fully aware of their legacy IT risk but simply too scared to go and tackle the problem as so many different and important applications are inter related creating a tangles web that is almost impossible to predict what would happen. Rather banks are continuing to overlay new intergration and transformation technology. He said and i agreed virtually every bank is in this situation and they all know it but the risks corporately and proffesionally are too great. Short termism if you like also plays a big part with most CTO and the like having short careers and looking for quick and easy wins

The Chartered Institute of Securities and Investment run proffesional interest forums and the IT PIF is tackling this topic and board knowledge or lack of it at a comming lunchtime PIF debate. Should be interesting

This is a very sensible call from the House of Lords. MiFID 1 was introduced with not much understanding of the consequences and therefore MiFID 2 was needed to deal with these. It would be sheer folley to now introduce MiFID 2 in haste and not be fully aware of what the results might be. In these times  FS has to be very careful not to damage the EU and changes brought be regulation that has not totally been verified to the consequences would be madness 

Well said sir!

This is a great move and will succeed in stabilising the market and redress some inblances. I hope other Stock Exchanges will follow very soon

Thanks Nick, i guess we have to hit the bottom to get the bounce and when all else fails the risks of changing become less. We have now to relook at the whole structure of the markets and the culture that has been created. Learning from the past is just logical and sensible

This is a understandable action but mob rule is not the answer. Bringing Barclays to its knees will hurt more people than we can ever count and we need to keep calm and let the law take over. I am sure new laws will be introduced in time but in the interum we all must curb our anger 

None of the incidents you mention caused a ripple to the man in the street. I never said there were not frauds just that they were rare and limiting in effect. What we have today is morally corrupt organisations and their leaders. A far cry from the odd rogue deal

Agree there should be checks and balances but why not establish peer pressure for ethicical behaviour. I am proud of my reputation and protect it all the time. The CISI have taken up the baton to try and create an environment of ethical behaviour but in the end its down to the individual

So lets try and do both

Who knows what the knock on impact of cleared OTC? It will have some benefits but i am more worried the world being created of collateral liquidity and many of known unknowns