Q4 2019

US BUSINESS NEWS / Q4 2019 17 Generating Cross-Sector Cost Reductions GLEIF to understand the require- ments of LEI data users. Stephan Wolf concludes: “As GLEIF assesses the feasibility of proposals made in the report, direct interaction with banks is essential if we are to fully under- stand the needs of the sector and how GLEIF services and the Global Legal Entity Identifier System can best support it. We warmly welcome all interaction with banks and other financial in- stitutions on this topic and would urge those interested in learning more to join the GLEIF GIFI Relationship Group for deeper insight and to ensure their voice is heard as we shape the future of the GLEIS together. We are excited that wider use of the LEI brings such significant potential benefits to the banking sector and our priority at this stage is to support voluntary adoption of the LEI in banking use cases beyond regulatory reporting so that these benefits can be fully realized.”