Swap Participants to get Temporary Legal Entity Identifiers from DTCC-SWIFT
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Key Takeaways:
- The CFTC has designated DTCC-SWIFT as the operator of an interim legal entity identifier system to be used in compliance of swap data reporting requirements.
- Until a global legal entity identifier system is fully operational, all swap counterparties will use a CFTC Interim Compliant Identifier (CICI).
- All swap counterparties will need to obtain a CICI or have a CICI assigned to them even when they are not subject to swap data reporting requirements.