Where Do I Obtain An LEI? The World’s Top LEI Issuers Compared

Looking to obtain an LEI for your business or charity? In this post, we’ll explain exactly how to do this so that you can start accessing global markets. We’ll start by breaking down exactly what an LEI is and how to apply for one, and then we’ll compare a few of the top issuers in the world for those unsure as to where to apply. 

What is a LEI?

LEI stands for ‘Legal Entity Identifier’. It is a unique 20 character alphanumeric code that every legal entity is required to have when trading certain financial instruments (including stocks, bonds and derivatives). Many multinational banks also require clients to have an LEI for carrying out international transactions.

Established in 2008 after the financial crisis, LEIs were introduced to increase transparency in the global financial system. They can be almost viewed as a financial passport for companies, trusts and funds – providing a way of tracking international transactions in order to help detect and deter fraud.

The LEI system is managed by the GLEIF (Global Legal Entity Identifier Foundation). LEIs are issued through GLEIF-accredited organizations known as LEI issuers (also sometimes known as Local Operating Units or LOUs), which this post will delve into further. 

How do you obtain a LEI?

To obtain an LEI, you must choose an accredited LEI issuer. There are over 30 of these companies in operation globally. You do not have to choose a LEI issuer based in your country as they all do the same thing, however some are only available to certain jurisdictions or may cater to certain types of entities. 

You can apply for an LEI online via your chosen issuer’s website. You’ll have to fill out a form requiring various information about your entity, and you’ll need to provide supporting documents such as incorporation certificates or registry excerpts. Once submitted, validation takes about 1 to 3 business days (although some issuers are able to fast-track the process to provide same-day issuance). The cost of registration varies between issuers with some services providing discounts for annual auto-renewal over 3 or 5 years. 

Who are the top LEI issuers?

While there are many accredited LEI issuers that you can choose from, a few stand out for their popularity, ease of use and speedy issuance. These include:

#1) LEI Register

Based in the UK, this issuer specializes in fast and affordable LEI applications. Real-time API connections with official business registries allow issuance in hours and even minutes in some cases. You don’t have to pay extra for this – in fact, LEI register offers very competitive pricing including 3 and 5 year plans that can automatically renew and save you money in the long run. They may not be the largest issuer, but they offer a high-quality streamlined service that many SMEs are likely to appreciate. They could particularly be worthwhile using if you want to get your LEI processed in a hurry. 

#2) RapidLEI

RapidLEI is the world’s most popular LEI issuer, outpacing even Bloomberg in recent years in sheer volume of applications. As the name ‘RapidLEI’ suggests, they are another fast issuer capable of processing LEIs within minutes. In fact, the Finland-based issuer was the first to introduce same-session API issuance. They are very popular throughout Europe and in India, serving organizations of various different sizes and forms. You can compare their plans (which include multi-year auto-renewal plans) on their site. 

#3) Bloomberg LEI

Financial giant Bloomberg is a major handler of LEI registrations, as well as providing a range of other financial services and being one of the world’s biggest financial news networks. They’re the most popular issuer used by US entities and have a strong presence in Asia too. Pricing is a little higher for new registration than other issuers, but they offer very generous auto-renewal deals. Issuance takes about 1 to 3 days on average. For complex entities like funds, they can be a good choice.

#4) LEI Worldwide

Focused on global accessibility, LEI Worldwide serves entities around the world, providing a very user-friendly platform with impressive multi-lingual support. They have fairly low pricing that may appeal to smaller businesses and trusts, and they also have tools for bulk registrations. Expect your LEI to be issued in about 1 to 2 days when using LEI Worldwide. They’re not a major player like RapidLEI or Bloomberg, but their application simplicity is a standout feature.

#5) London Stock Exchange (LSEG)

The London Stock Exchange is one of the oldest continuously operating stock exchanges. Beyond being a marketplace for stocks, this exchange is one of the largest issuers of LEIs in the UK and Europe. Many stock-listed firms choose LSEG LEIs for exchange-backed reliability. Like Bloomberg, LSEG charges a more premium price for LEI registration, but does provide money-saving auto-renewal deals. Most LEIs are fully processed and issued within 2 days. 

#6) InfoCamere

Awarded GLEIF’s 2024 Best-performing LEI Issuer, InfoCamere provides competitive pricing and high quality data processing. They’re based in Italy and they are used mainly by Italian entities, but they’re gaining traction throughout Europe and the rest of the world. They’re usually able to provide issuance within 1 to 2 days, and are able to serve both fund and non-fund entities. You’ll find several plans through their site including multi-year packages.

#7) NordLEI

NordLEI is a top choice among Scandinavian organizations, however their service does extend beyond the Nordic region. They’ve started to gain popularity as a result of their fast validation (in some cases within the same day) and cheap auto-renewal deals. On top of registering regular companies and trusts, they’re also capable of registering funds. Businesses within Denmark, Sweden and Norway may benefit the most from their service.

Choosing an LEI

When choosing one of the above LEIs, consider what your budget is and how quickly you want the LEI to be issued. Also consider the type of entity you are trying to register. Take advantage of auto-renewal deals and consider how certain issuers may be better suited to entities in different countries. All of this will ultimately help you to pinpoint the right issuer.