1. What is an LEI Code?
An LEI (Legal Entity Identifier) is a unique 20-character code assigned to companies, funds, trusts, and other organizations that participate in financial transactions. Created according to the ISO 17442 international standard, the LEI provides an official way to identify legal entities worldwide.
Why is it important?
- Ensures transparency in financial markets
- Helps meet regulatory requirements for anti-money laundering (AML) and Know-Your-Customer (KYC)
- Allows financial institutions to accurately identify counterparties in trades
If you want to trade FX Forward contracts with WorldFirst, you’ll need to have a valid LEI.
2. Who Needs an LEI Code?
LEIs are required for any legal entity that regularly enters into financial contracts, such as companies, partnerships, trusts, and funds. If your organization wants to trade FX Forwards, you must have—and maintain—a valid LEI.
Note:
LEIs are not issued to individual persons. Only organizations acting as “legal entities” need an LEI.
3. How to Register for an LEI Code
You can apply for an LEI through specialized organizations called Local Operating Units (LOUs), which are accredited by the Global Legal Entity Identifier Foundation (GLEIF).
Steps to get an LEI:
- Choose an LOU from the official GLEIF list: Find LEI issuers here
- Prepare documents usually including:
- Company registration number
- Legal name and address
- Jurisdiction of incorporation
- Submit your application online through your chosen LOU
- Pay the fee: Issuing and annual renewal fees vary by LOU (typically £60-£100 per year)
- Receive your LEI: Most applications are processed within a few days
4. What Happens If You Don’t Have a Valid LEI?
If your organization does not have a valid (active) LEI:
- You cannot book new FX Forward trades or amend existing contracts at WorldFirst
- Regulatory rules prevent us from processing such transactions
- If your LEI expires, existing FX Forward agreements may be blocked, and you could incur penalties or disruption in settlement
To avoid issues:
Please renew your LEI code before it expires to keep your access to FX Forwards uninterrupted.
5. Renewing Your LEI Code
LEIs must be renewed every year to remain active and up-to-date in the global database.
Key points:
- You should renew with your current LOU (or transfer to another LOU if needed)
- Your LEI code stays the same for your organization; you cannot get a second code
- If not renewed by the deadline, your LEI becomes inactive and will block FX Forward activities
Most LOUs will send annual reminders.
We recommend setting your own calendar reminders as well.
Check your LEI status or expiration date:
6. Frequently Asked Questions
Q: How do I know if my LEI is valid?
A: Search for your code on the GLEIF website. If listed as “Lapsed” or “Inactive”, renew promptly.
Q: Can I transfer my LEI to another issuer?
A: Yes. Contact your current and new LOU to arrange the transfer.
Q: What if I forget to renew?
A: Your LEI will be marked “Lapsed” and you won’t be able to book or amend FX Forward trades.
Q: Where can I get support?
A: If you need help or have questions about LEI codes, please reach out to WorldFirst support at [email protected]:
- In Australia 1800 326 667
- In New Zealand 0800 666 114
- Outside Australia +61 2 8298 4990
Outside Australia +61 2 8298 4990
Regular opening hours (except for AU public holidays)
Monday to Thursday: 8am-6pm (AEST/AEDT time)
Friday: 8am-5:30pm (AEST/AEDT time)
