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Yes it's difficult but not impossible. Surely they can use technology to produce an audit check of the code. The Regulator needs to set parameters that they can check code against and use an AI type system that updates the audit parameters as and when new code is introduced.

It's too important for the FSA to stand back and allow a free for all. Hedge Funds can be set up and closed very quickly and already there is enough experience to show that there are some very sharp people out there that will prey on the FSA's lack of capability.

Sorry FSA this is exactly what you should be doing. The world has moved on since the tick in the box style of regulation. Who will regulate this business if not the FSA? I suspect it is the FSA not having the technical expetese and scared of the potential risks of getting things wrong. A contributing factor in the financial crisis is still live at the FSA  

This is an anticipated move by NYSE Euronext but should hopefully not deter Nasdaq OMX. This looks a much cleaner deal providing regulators and Governments take a global view. It certainly fits the growing view that Global Regional hubs is the best structure for the future  

LEI is really so important to the FS industry for so many reasons. The need is for it to be global and cover all markets and all types of investor. If the industry is seduced by SWIFT it will set the whole concept back years. Whats needed is a fresh start with a Global council operating a not for profit licence for LEI use. It then should utilise existing networs and technologies to deliver to the user. I fear that SWIFT will be seen as a quick cheap option and that it is certainly not! 

I will get more confident on any deadline date once i see Banks offering SEPA based services with a competative price structure and an authority that has significant sanctions for non compliance. Otherwise i want hold my breath

Hi Chris

I have been worried about LEI and who operates it for years. The worry is if ISO get involved and use SWIFT. SWIFT of course would love this role but it then makes them even more of a monopoly than now.

As much as SWIFT has done for FS we have to accept that SWIFT is a very small player on the global stage. Even more so if LEI are expected to cover everything outside FS

I believe strongly that LEI should be operated by a new global utility company that is funded by a license of use of LEI by each entity. Global this would ammount to a very low annual cost .Less than a few pounds or dollars. The operation would be very highlu automated to be effective and need some decent modern technology. Another reason to keep SWIFT and its old style technology out

The new utility could be run by a Global council made up leading players who have a stake in maintaining their respective industry LEI

At all costs this should not be run by FS and certainly not SWIFT   

Electronic signatures became legal in the UK a long time ago and did away with lots of paper. Its not the same in plenty of countries though and the cause of mountains of paper.

Electronic invoicing is already available and there are plenty of electronic confirmation services. I think this problem will soon go away and we will wonder why did we ever bother with paper? 

Hi Steve

I make you dead right on this. History will show this as just a moment in time as natural selection dictates global structure. I still think the main Stock Exchanges will dominate but regionally. Not sure there is much of a future for MTFs long term

Thanks Martin and i think you have got it

Very well done today Finextra team. This should wow them in New York. Great coverage of the topic and although not totally agreeing with some of the debate it was non the less good to hear it