Last month we announced that we had achieved one of our audacious goals – to issue more LEIs than Bloomberg. This month RapidLEI reached an even greater stretch goal – we have issued more LEIs than any other issuer. In less than two years, Ubisecure’s RapidLEI service has become number one!
In March, RapidLEI issued 1500+ more LEIs than Bloomberg, and 800+ more LEIs than DTCC (GMEI). DTCC is by far the largest accredited LEI Issuer, currently managing 30% of the world’s LEIs, so to outpace the market leader is an incredible reflection of how the market has welcomed the RapidLEI approach.
Totaling up issuance of new LEIs for the quarter:
- DTCC (GMEI) 10,342
- Ubisecure 9461
- Bloomberg 8095
Ubisecure now manages strong organisation identities for 34k organisations around the world. Of that 34k, over 9400 organisations joined us in just the last three months.
LEI increases for all three major issuers during market volatility
The growth chart shows a spike for RapidLEI, DTCC, and Bloomberg. For example, RapidLEI issued 2.5x the number of LEIs compared to February. Additionally, both DTCC and Bloomberg saw marked increases over the previous few months. Globally across all 30+ LEI issuers, we saw over 12k more new LEIs registered in March than February, indicating strong LEI growth for the month.
It’s too early to conclude what is driving this growth. Still, early indications suggest that market volatility due to COVID-19 may be driving some increase in the number of trading counter-parties needing LEIs. It’s worth remembering that the LEI was created as a result of the 2008 financial crisis to deliver strong organisation identity. During market crises like the one we’re experiencing today, by providing an understanding of dependencies and risk exposure, LEIs can better protect our economy and our citizens. We are happy to play our small part by making sure LEIs can be registered at very short notice, quickly, easily, and cost-effectively.
RapidLEI – meeting customer demands in a challenging time
This month’s LEI market stats show us that RapidLEI is considerably outpacing the overall market growth. Despite the COVID-19 related lockdowns in our operational areas, we’re still working around the clock, 24/7, to keep up with the demand and maintain fast LEI issuance. Kudos to the incredible, and fully remote, RapidLEI team and of course our global partner network who continue to make sure LEIs are registered quickly and easily, no matter where their customers may be working right now.
Even if social distancing policies continue for longer than expected, RapidLEI is ready to scale along with the growing market needs. Stay safe everyone.