Security Reference Data Project Roadmap

Open Corporates Discussion:

• Conversation with Jade from Open Corporates confirmed that they don't support a hierarchy, except where this may be included in the feed they receive from any of their official sources. 
• They do have relationships with some vendors but not Bloomberg or Refinitiv.
• There is significant upfront operational work to match Open Corporates to a hierarchy but once established is maintainable.

LEI Discussion:

• Any company can get an LEI and any company who is an authorised registrar can issue LEI codes
• LEI has data on two levels with basic information on the first level and company hierarchy info on the 2nd.
• Suggested looking at LEI.bloomberg.com
• Question about where it would be possible to see all LEIs and Pascal offered to do some investigation about where and how this info might be published.
• Bloomberg may not cover LEIs for all companies as most they don't track much on private companies.
• Question whether BBG has the LEI code for all issuers or only the parent in the hierarchy. 
• Unsure about full coverage with the expectation that Europe may be reasonable thanks to MiFID and US has some coverage. Unsure about Asia and South America.
• LEI may have more relevant coverage for this effort that Open Corporates with primary focus on securities, bonds and hierarchy (related entities parents/children of those entities).

LEI may be a potential solution for this as well.

Sailesh suggested that a useful way forward would be for those interested to come up with a use case and a high level block diagram of what is done within his/her firm. Essentially outlining the process within different firms so the group could then analyze.