If you’re running a business, trading stocks, or dealing with any kind of financial transactions on a global scale, it’s possible that you may need to apply for a Legal Entity Identifier or LEI.
This is a unique ID card for companies and organizations made up of 20 characters (usually a mix of numbers and letters). It is used to identify legal entities worldwide in order to track global transactions and prevent fraud.
Companies and trusts that trade on the stock market, handle derivatives or want to open international bank accounts all need a LEI. These are obtained via accredited issuing companies called LOUs (Local Operating Units).
In this post, we’ll compare 10 of the top LOUs that you can use to register a LEI. While they all essentially do the same thing, each one has its own costs, issuance speeds and areas of specialization, which could be important to consider before you apply.
Each of the following LOUs is accredited by the Global Legal Entity Identifier Foundation (GLEIF) so that you can be certain that the alphanumeric code received is legitimate. Always avoid using issuing companies that are not GLEIF-accredited.
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1. LEI Register
UK-based local operating unit, LEI Register, stands out as one of the best all-round services. Their pricing is affordable and includes discounted multi-year plans that renew automatically. They also provide very fast registration – expect your LEI to be issued within the same day in many cases. Setting them apart is their straightforward application process driven by technology that can auto-fill forms for you when you enter your company name. For small businesses wanting to keep the process simple, they are the ideal choice.
2. Bloomberg
Bloomberg is one of the biggest financial companies in the US. Most people know them for their trading and analytics tools and their global news network, however they are also one of the world’s largest issuers of LEIs. In fact, Bloomberg is the most popular LOU used by American companies and trusts. Initial registration pricing is higher than some other LOUs, but they do offer decent multi-year discounts and are able to register complex entities like funds fairly quickly. Expect your LEI to be issued within 3 days.
3. Ubisecure RapidLEI
The world’s largest LEI issuer is Ubisecure RapidLEI – a Finland-based company that pioneered fast issuance, cutting the registration time from days to hours (and some cases even minutes). This is the result of AI-driven validation against global registries. RapidLEI also supports bulk registrations and provides a 24/7 service. Like other LOUs, they provide multi-year discount plans.
4. The London Stock Exchange
Along with being the UK’s primary market for buying and selling shares, The London Stock Exchange (LSEG) is also a leading issuer of LEIs. Many European companies and charities put their trust in this historic financial organization when applying for a legal entity identifier. They are also a top choice for those registering complex entities like funds. Registration pricing is similar to Bloomberg – expect to pay a premium price for a year, but gain access to discounts if you choose a multi-year renewal package. On average, LEIs are issued within 2 days.
5. NASDAQ
Another stock exchange that also issues LEIs is NASDAQ. A lot of US entities that want the backing of a stock market choose NASDAQ when applying for an LEI. Their pricing is higher than other LOUs, but their application process is very straightforward, and they are able to handle LEIs for funds. Most legal entity identifiers registered via NASDAQ take no more than 2 days to be issued. It’s worth noting that NASDAQ provides a highly secure service due to being operated by a stock exchange.
6. NordLEI
NordLEI is Scandinavia’s largest LEI provider. They provide express registration for Nordic countries that includes multi-year deals and free transfers. They’ve been in operation since 2014 and were awarded best-performing issuer in mid-cap by GLEIF in 2023. Entities that are not based in Sweden, Denmark and Norway can still apply through this LOU and can expect fairly fast registration.
7. LEI Worldwide
Marketed as a global service, LEI Worldwide provides LEIs to entities around the world – including countries that some other LEI providers don’t serve. They provide straightforward applications for non-English users and offer low cost pricing plans. LEIs are typically issued within 1 to 2 days for non-complex entities.
8. Bundesanzeiger Verlag
Germany’s official Federal Gazette specializes in providing LEIs to German firms. They’re government-backed making them a highly secure option. Initial registration is pricier than some other LOUs, but they have attractive auto-renewal deals that can save you money. Bundesanzeiger Verlag states online that they aim to issue all LEIs within 24 hours.
9. EQS Group
EQS Group is a global software provider that specializes in corporate compliance. They are also an LEI provider used by entities worldwide. Expect 24 hour registrations and relatively low pricing when going through this LOU. EQS Group is also able to combine LEIs with other compliance tools to make sure that your operations are fully legal.
10. LEI Service
LEI Service is a UK-based provider that aims to be the cheapest LOU out there. They provide free consultations and easy transfers, and offer additional support for charities and non-profits. An express delivery option allows you to receive an LEI within 2 hours when ordered before 5pm on a weekday. They could be another good option for small businesses.
How to choose the right LOU
All of the LOUs listed above are good choices when applying for a LEI. Just make sure to choose a service that is available within your region (UK businesses and charities can use all of the above). You should also consider the pricing and whether to opt for a multi-year discount option. If fast issuance is important, look for LOUs that promise registration within 24 hours. All of these LEI providers try to provide a fairly simple application process, but some are much more streamlined than others, which may be worth considering if you’re not very tech-savvy or familiar with technical business terms.
