With the legal foundation and technological support in place, the PBC decided in January 2008to introduce electronic drafts and set up an electronic draft system The system was completed after over one year’s preparation. The new system has three major functions.
While the drawbacks of the current situation are known and undisputed, resistance to change by the markets is due to the fact that unique identifiers are a public good. They need to be introduced and maintained by legislation. The mandatory requirement to use the LEI should be extended to all financial instruments and not only to specific market segments.