Identity, Identification and Identifiers: The Global Legal Entity Identifier System

Abstract

Identity is a critical concept in the rational interactions of any set of objects involving subject-object relationships. The objects must be distinguished according to some framework in order for such relationships to have meaning. In the world of economic systems, relationships such as ownership and responsibility require specific parties to be fixed with a high degree of certainty. This need is particularly strong in financial markets, where transactions can take place in nanoseconds. This paper discusses a particular framework for defining economic actors, the Global Legal Entity Identifier System (GLEIS), which was initiated for the purpose of creating greater transparency about participants in financial markets and transactions.