True, but much more needs to be done to make the arbitration process and consensus-building more effective. The stakes are not just financial. As popular discontent and reaction to globalisation continue, they challenge some of the foundational principles of the democratic, rules-based order that we have taken for granted in the West.
The FSB has published a set of recommendations in order to meet the G20’s objective. I am convinced the use of the LEI will expand in the coming years. Beyond securities and derivatives trade reporting, and into other sectors. Because in a globally operating financial world it is clear we need global standards.