AUTUMN 2011

POINTOF VIEWM A R K E T S I T R E N D S I A N A LY S I S

CONTENTS :

Editorial ...................................... 2

Interview ......................................3

Interview ..................................... 4

Lipper and European Fund Administration .................. 6

Know Your Counterparties ..........7

1) The art of seeing 2) Photo contest ......................... 8

Thomson Reuters (Markets) S.A. 40, Avenue Monterey · L - 2163 Luxembourg

POINTOF VIEW

PRESENTS

A tribute to the ingenuity and cunning that a photographer has to combine, along with an eye for a picture, in order to get a brilliant image.

This section offers a fascinating and visually stunning selection of pictures taken by Reuters photographers who have had the vision and ability to capture extraordinary incidents or moments of beauty. This new collection comprises a story with many threads: celebration, adversity, hope, triumph and humanity.

THE ART OF SEEING

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By the time you read this issue of Point of View, “Clausen en Folie” will finally be here. This is our way of saying thank you to our clients

for their business and their loyalty to Thomson Reuters. We sincerely hope that you appreciate(d) this evening dedicated to you so please

send us your best photos as well as your feedback.

Photos and feedback will be published in the next issue of Point of View.

PHOTO CONTEST & FEEDBACK

Send your photo & feedback to : pointofview@thomsonreuters.com

Your Chance to Win!Send us your best photo from

“Clausen en Folie” on October 20 and win an Ipad 2.

THE ART OF SEEING

A tribute to the ingenuity and cunning that a photographer has to combine, along with an eye for a picture, in order to get a brilliant image.

What is the aim of the next Art & Finance conference organised by Deloitte Luxembourg in Miami?

For more than three years now, Deloitte Luxembourg has been creating awareness on the increasing recognition of art as a new asset class. Deloitte Art & Finance Conference is the premier international conference of note in the field of Art & Finance. After travelling to Luxembourg, London and Paris, the conference will settle down this year in Miami, during Art Basel Miami Beach. It will be held at the Ritz Carlton, South Beach, in Miami, Florida, on 2 December 2011 (www.deloitte-artandfinance.com). The conference is organised under the patronage of Luxembourg for Finance and the Luxembourg Embassy in Washington, in collaboration with Maastricht University, and with the partnership of The Art Newspaper, National Suisse and ING Bank.

The conference is a part of our long term vision to develop an Art & Finance cluster in Luxembourg, with the aim to diversify the Luxembourg economy while strengthening existing activities, such as the financial sector and the logistic sector.

In order to make this vision happen, we have been focusing on systemic projects. The first important building block for the development of an Art & Finance cluster we have been working on for more than three years is the setting up of a Freeport dedicated to valuable assets at the Luxembourg airport. The second building block we have been working on for more than two years now is the setting up of the first regulated multilateral trading facility in the world dedicated to the trading of financial certificates backed by unique tangible valuable assets, such as paintings. Those projects were introduced during the Deloitte-Thomson Reuters conference in June 2011(podcast available at www.deloitte–artandfinance.com).

We have been collaborating with the Luxembourg government on this initiative for several years now and we strongly believe that Luxembourg can be very attractive for investors and/or entrepreneurs in that field, or others, due to the local authorities’ responsiveness.

Why has Deloitte Luxembourg been looking at art as a way to diversify the Luxembourg economy?

If you take a look at the latest trends which are directly or indirectly affecting the art markets’ environment, they suggest the emergence of a financial fine art market in which fine art is considered as a new asset class. The simultaneity of those trends creates an environment that, in the past, has never been so favourable to supporting the materialisation of such transformation.

This trend, art as a new asset class, is an opportunity to broaden the scope of services of the Luxembourg financial sector and to strengthen its leading and innovative position. We notice that art and collectibles are essential to any UHNI, HNI and family office diversification strategy. Moreover, when dealing with valuable tangible assets, developing these financial activities will have ripple effects on other sectors, such as the logistic sector, the cultural sector, tourism, provided that appropriate measures are implemented.

From this perspective and following the projects that have been initiated, a momentum has been created. To benefit the most from this momentum we recommend Luxembourg stakeholders to develop a multi-year master plan to properly coordinate the different initiatives that needs to be undertaken in order to create a long-standing competitive advantage in relation to this new opportunity. Naturally, should Luxembourg succeed in creating this global centre of expertise. Additional highly profitable activities would strengthen the country’s competitive position, while also having very positive consequences for the Luxembourg arts sector.

Why does Deloitte believe Luxembourg is the right location for an Art & Finance cluster ?

Luxembourg benefits from a certain number of critical advantages that makes it a very attractive location to establish an Art & Finance cluster:

•A financially healthy country (AAA rating), in a stable social and political environment

•A neutral place

•A high level of safety in the country with a low crime rate

•A multilingual and qualified workforce

•Luxembourg ranks among the top competitive countries in the world for pro-business attitude

•Short decision-making process where coordination costs are extremely low

•A simple and favorable legal and regulatory environment

• Luxembourg is at the very heart of the Euro-Zone in the centre of the most important art market in the world

• Luxembourg is surrounded by art fairs (FIAC, Art Brussels, Art Cologne, TEFAF, Art Amsterdam, Frieze, Art Basel, Art Show Zurich, etc.)

•European gateway for valuable goods in transit : export from the EU and import within the EU

•Luxembourg is on its way to becoming one of the main European logistics hubs

Additionally, being an international centre for investment funds and private banking, the Grand Duchy offers a wide range of investment vehicles and services to international investors. There is a real opportunity for asset managers, private banks and family offices to expand their service offering by integrating the concept of collectible assets into the overall asset allocation strategy to assure adequate liquidity, avoid over-exposure to risk, minimising income taxes and organise appropriate transmission to heirs or donation to charity. It is a complete new field which provides room for innovation where Luxembourg banks can become the centre of competence within their group. It is also a complex subject which requires high value-added services to support customers, such as, legal, tax, wealth structuring, insurance, conservation, trading, etc. in line with the Luxembourg strategy to develop high value-added services.

Currently, no financial market has developed a global competence around collectible assets. As for the investment fund sector, this is an opportunity for the Luxembourg sector to develop a first-mover advantage in a new niche especially now that the Luxembourg parliament voted in favour of the new VAT law allowing the creation of a Freeport for valuable assets in Luxembourg.

Furthermore, uncertainty in the market has made capital preservation a top priority. Wealthy investors are looking for specialised investment information and deeper levels of advice on tangible assets such as art, precious metals, fine wines, etc. An increasing number of private banks are teaming up with experts to come up with an art market strategy beyond simply offering their clients access to art fairs and other concierge type services.

Also people have always invested in emotional assets and wealthy investors are increasingly viewing art less as a passion and more as a serious asset class in its own right. Art and collectible assets represent sizeable assets for many high-net-worth individuals. It is at least a trillion Euro market currently barely served by financial institutions. With the increase in worldwide wealth, more people will invest in collectible assets, pushing prices higher.

The art market employs millions of people worldwide that are highly qualified. Developing services and competences around art and collectibles assets is also an opportunity to diversify the Luxembourg economy. Currently the Luxembourg art sector offering is still limited compared to other international cities. Why does Luxembourg not host a major art event such as TEFAF in Maastricht or Art Basel in Basel? Why is there only one auction house in Luxembourg? Why are art foundations limited in Luxembourg? Why can Luxembourg banks art collections not be accessible more often, dramatically increasing the cultural offering, as well as reinforcing the Luxembourg image as an international city, innovative country, etc. There is no showstopper for Luxembourg to develop such activities and this is why we believe Luxembourg has the capacity to develop an Art & Finance cluster that encompasses financial, logistic, artistic, cultural, touristic, educational, art businesses activities. Of course developing an Art & Finance cluster is a long-term ambitious plan, but today the future of economies depends on the capacity to make long-term commitment to create new competencies. Luxembourg has this ability; the recent investment in biotechnology is another example.

Adriano Picinati di TorcelloDirecteur – Advisory & Consulting

Dear customers,As investment in Fine Art continues to attract ever-increasing interest, I am pleased to share some further developments about Art & Finance in Luxembourg, the next Art Financial cluster and global centre of expertise for art investment fund, with a contribution of Adriano Picinati di Torcello, Deloitte Expert in Art & Finance.

“In a climate of competition between financial centers for a central position within this new service niche, it seems clear that, given the financial activity and expertise already existing in Luxembourg, these new financial services would offer an interesting opportunity for growth,” said Adriano Picinati de Torcello (Senior Manager ERS-Investment Management at Deloitte Luxembourg).

It indeed appears that art markets are booming. Investing and trading in art has risen sharply over the last years. Both the total turnover and the number of lots sold have more than doubled over the period 1990 to 2008. Moreover, record prices for individual paintings have been accomplished in recent years. Parallel to this development, commercial banks seem to show an increased interest in investing in art as well.

Luxembourg Government has made the first big step by recently endorsing the local establishment of customs warehouses and a tax free zone for EU or non EU art items storage purpose.

We’re now eager to see how this initiative will stimulate Luxembourg financial activities.

As the economy moves from expansion to pandemic crisis, companies tend to shift their focus to stimulating growth by increasingly looking to their customers to drive growth-tailoring offerings and building a truly customer-centric organization.

In Thomson Reuters, we’ve always believed that happy customers are loyal customers, and now, more than ever, we look to exceed our customers' expectations. That’s why we’ve made outstanding customer service one of our five top priorities – delivering on that begins with all of us. Whether it’s working on the critical issues that cause our customers the most pain or getting the little things right, everyone can make a difference.

Our focus is to deliver against our established strategy - to power up solutions that respond to fundamental changes in market structure and solve immediate and longer term customer needs.

But what distinguishes customer-centric organizations from other companies that proclaim their customer focus? Customer-centric companies simply understand not only what the customer values, but also the value the customer represents to their bottom line.

You will see an example of a true customer-centric approach through an interview with Alain Weber, Managing Director of LBLux.

Like the two contributors of this newsletter and more than ever, Thomson Reuters will always maintain focus on seeking your satisfaction, by supporting and accompanying you with new innovative solutions, in every aspect of your business, in every challenge you will have to face.

I trust you will enjoy this fourth issue of Point of View, the last one for this year and look forward to having the pleasure to share with you some more valuable contributions next year.

Stephen Boyes Global Head of Solutions

“ Investing and trading in art has risen sharply over

the last years.”

EDITORIALWELCOME TO THE FOURTH ISSUE OF

POINT OF VIEW

Sincerely yours,

Stephen BoyesGlobal Head of Solutions

Adriano Picinati di Torcello has been analysing the art market evolution for several years and is in

charge of coordinating initiatives and activities around Art &

Finance at Deloitte Luxembourg. Deloitte has an Art & Finance

practice covering audit, tax and consulting services for the art,

cultural and the financial sector.

ADRIANO PICINATI DI TORCELLOINTERVIEW

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I. CUSTOMER CENTRICITYCustomer Centricity seems to be driving most of LBLux business principles. Could you share with us your main drivers/projects and progresses in that area?

Alain Weber: “The whole business model of LBLux and its activities in international Private Banking & Wealth Management, Corporate Banking and Treasury are based on long term and Customer oriented relations. We believe that successful partnerships based on confidence will only result from this approach with a strong focus on customers’ needs and expectations. Our investment advisory approach in every division concentrates on the customer and his individual situation that finally leads to tailor made strategies.

This strategy of course has to be verified on a regular basis. Therefore, we are in close contact with the customer and adapt the strategy if necessary. We always target on win-win situations. Customers as well as our advisors appreciate our attitude with high loyalty and a high degree of satisfaction.”

In today’s business environment, many companies are talking about customer satisfaction. But at the same time they have a huge pressure on reducing operating costs. Isn’t this a paradox and how did LBLUX manage this challenge?

Alain Weber: “An efficient organization is very important in order to stay competitive and to deliver the best service you can to your customers. Our organization already reached a high level of efficiency with a state of the art IT environment.

For us, the economic success of a company is more than the result of profit and sales calculations. Aspects like the company image, staff motivation or customer satisfaction are just as important and have a major influence on the long term performance and provide a sustainable business.

Generally, for LBLux, saving money at the expense of the customers benefit will never happen. That does not go in line with our strategy at all. It’s more about efficiency of these expenses.

In the last years, we increased our HR expenses in qualifications and trainings of our staff for the customers benefit.”

Do the built of a customer centric strategy require a change in corporate culture?

Alain Weber: “A customer oriented corporate culture is absolutely necessary. Banking at LBLux has always been very personal with close one-to-one relationships. But customer orientation is not only for market divisions. Every single person of our staff is responsible for the image of the bank and for the presentation to the outside, where future customers arise and everybody in the company needs to be aware that what we do is serving customers.”

What should a Managing Director do to ensure that customer centricity is really a business strategy and not just a slogan?

Alain Weber: “As Managing Director, you should set a good example in your daily customer oriented approach in order to encourage the advisors to take enough time to listen to the customer who is best placed to tell us about his goals. So, confidence and respect are set up at an early stage and will be helping to develop a successful relationship based on a common understanding.”

How do you measure customer satisfaction and as a consequence your achievements in terms of customer centricity? What are your main metrics and how do you blend those back into an organization to again achieve a different level of customer centricity and goals?

Alain Weber: “Clearly, loyalty is a very good indicator of satisfaction. If customers close their accounts, we ask for the reasons for that. It’s rarely by dissatisfaction but, in most of the cases, here in Luxembourg, because on the advanced age of the customers.

In addition, we do customer satisfaction surveys on a regular basis. Not by an external company but internally. A large majority of the customers rate us a high or very high satisfaction level. And if there is something wrong, we will try to change it.”

At a time when customer behavior is changing dramatically, and becoming harder to predict, Customer Retention is a priority for many organizations. What is LBLux doing differently in that space?

Alain Weber: “We try to initiate, as I said before, a close relationship between the customer and his advisor that grows over years and is based on trust. For us, banking is clearly people’s business.

Our advisors fully concentrate on the management of existing relationships and on developing them.

On the other hand, the acquisition of new customers is in the focus of a dedicated team of relationship managers.

In our Wealth Management, we have a multigenerational advisory approach meaning that we propose the customer to get in contact with the heirs in lifetime and show our professionalism to them too. This often leads to an increase in confidence and emphasizes our integral advice.

Another point is how you deal with complaints. A fast response with a good solution of the problem can often prevent far worse scenarios. Complaints always have two sides and may contain a chance to improve. In a relationship, I prefer somebody complaining instead of somebody losing the opportunity to talk and leaving without a word.”

II. ART & FINANCEBanque LBLux is involved in a wide range of social matters, one of the first being Modern Art, with its own collection of contemporary art regularly exhibited in its entrance hall since 1994.

This naturally brings us to talk about this new local initiative around Art & Finance.

What drove LBLux decision to be active in the art domain?

Alain Weber: “The collection was launched with the construction of our building, in 1994. At that time, we sat together with the architect Wilhelm Kücker and consulted an expert, Dr Klaus Gallwitz, who then worked for the Städel museum in Frankfurt. Together with the management, we discussed the acquisitions to make, based on a strategy Dr Gallwitz had developed. The intention was not to buy one expensive piece of art for the entrance hall or outside. The aim was rather to provide each office with a piece of artwork. We focused on paper based works by contemporary German speaking artists who invited us to see their work in galleries and on artists that came to our premises. Together, we decided which works to buy. Over the years, the collection was completed, so that we now have a piece in each office and even a surplus that we show in the hall of our premises.”

The laws supporting the creation of a free port in Luxembourg have been voted on 14th of July. In your perspective, do you think the Freeport will attract investors in Lux with positive impact on the Luxembourg market?

Alain Weber: “New opportunities in Luxembourg always allow new business to market participants. Free ports exist in other countries, so it makes sense that Luxembourg, as a major player in the fund business and well placed with his wealth management activities, offers such a zone.”

Do you personally see fine art as an alternative asset class for retail and institutional investors?

Alain Weber: “If you invest in art, you should know what you are doing or you should have an advisor who is specialized in that topic. This asset class will certainly not show high turnover, but it can be a potential alternative for diversifying investments in tangible assets to preserve value. Investors should have a mid to long term approach when putting money in a fine art fund.

"A customer oriented corporate culture is absolutely necessary"

Alain WeberManaging Director of LBLux

INTERVIEW ALAIN WEBER

“ Stay competitive and deliver the best service”

Alain Weber is Managing Director of LBLux. With us, he talks about building of a customer centric strategy in financial business. We also speak about investment opportunities in the world of modern art.

Interviewed by Muriel MoutschenAccount Manager, Majors

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Unlike existing factsheets, the KIID is a regulatory document that necessitates high quality content, weekly monitoring of risk and assurance that the document remains compliant over its life-time. The Lipper-EFA KIID Premium Solution is a fully integrated KIID production and distribution service requiring minimum effort from the asset manager to comply with the new UCITS requirements. Lipper will provide the required data and calculations necessary for the set-up and ongoing monitoring of the KIID. EFA will manage the production and publication of the KIIDs including assistance and advice in setting up the document, validation and monitoring, high quality translation, document storage and distribution through different sales channels.

Hugues Gillibert, Head of New Ventures, Lipper, comments, “As the European asset management community struggles to comply with UCITS IV and its ever-evolving requirements, Lipper and EFA are a natural fit to come together to provide the industry with a full service solution that enables them to respond confidently and with minimum extra effort to comply with KIID.”

John Glesener, Product & Strategic Development Director, European Fund Administration, declared: “In addition to EFA’s proprietary comprehensive KIID solution that we provide to our administration clients, ranging from data calculation to the full KIID publication, we are delighted to bring our KIID production capabilities into this innovative venture with Lipper. The joint service offering is a unique opportunity to provide the Asset Management community and especially Lipper customers with a true specialised and standalone solution.”

About LipperLipper, a Thomson Reuters company, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees, and expenses to the asset management and media communities. Lipper is the world's leading fund research and analysis organization, covering over 228,000 share classes and over 122,000 funds in 61 markets. It provides the free Lipper Leader ratings for mutual funds registered for sale in 27 countries. Additional information is available at www.lipperweb.com

About Thomson ReutersThomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.

LIPPER AND EUROPEAN FUND ADMINISTRATION Join Forces to Help Asset Managers Meet UCITS IV Regulations

Thomson Reuters Expands Legal Entity Data Solution

KNOW YOUR COUNTERPARTIES

September 22, 2011 - Lipper, a Thomson Reuters company and leading fund research firm and European Fund Administration (EFA), a leading independent provider of back and middle office fund administration services, today announced they are joining forces to help European asset managers comply with UCITS IV. As UCITS IV continues to evolve, the introduction of Key Investor Information Document (KIID) is placing more stringent reporting requirements on the industry. The new Lipper-EFA KIID Premium Solution is a comprehensive, fully integrated and high quality KIID publication and management service that brings together Lipper’s depth of experience in fund data management and analysis with EFA’s expertise in producing regulatory financial reports.

For more information, please contact:

Clare ArberThomson Reuters Head of PR, Financial Services Content clare.arber@thomsonreuters.com

Gaëlle Dimmer-ThiaultEuropean Fund Administration Head of Marketing & Communications, gaelle.dimmer@efa.eu

“ The new Lipper-EFA KIID Premium Solution is a comprehensive, fully integrated and high quality KIID publication and management service”

For more information on Legal Entity Data and DataScope Select

in Luxembourg, please contact:

Tom Charlier, Data Solutions Specialist,

tom.charlier@thomsonreuters.com +352 47 51 51 307

About EFAEuropean Fund Administration S.A. (EFA) is an independent company specialized in the administration of investment vehicles which services 2,652 funds worth €87.05 billion for 226 clients. Working in collaboration with 90 custodians and 8 prime brokers, EFA is the leading provider of administration services to third parties in Luxembourg, the largest centre for pan-European and global distribution of investment funds.

Its range of services includes: Net Asset Value calculation, bookkeeping and portfolio valuation, transfer agent and registrar services, middle office and order management services, reporting solutions, risk monitoring & performance analysis reporting, compliance tools, Private Equity and Real Estate fund services, Hedge Fund Services, accounting and reporting for Unit-Linked products.

Its clients are investors, fund promoters, management companies, insurance companies, custodian banks.

EFA is present in Luxembourg and Paris (EFA France). More information is available at www.efa.eu.

EFA's shareholders are KBL European Private Bankers S.A., Banque de Luxembourg S.A.,

the Banque et Caisse d’Epargne de l’Etat and EFA Partners S.A.

Today’s dynamic market conditions and emerging regulatory mandates have placed a renewed emphasis on understanding the complex corporate structure of legal entities. Efforts currently underway to establish and implement a global Legal Entity Identifier (LEI) system have drawn further attention to the market need for a unified mapping system that can help assess the credit, concentration, liquidity and contagion risk that can stem from those connections. Regulations around OTC derivatives trading and settlement will benefit from organized legal entity data across OTC positions delivered on a more real-time basis compared with today’s practices.

Thomson Reuters is playing a critical role in the development of the global LEI standard. In a Q&A, Tim Lind, the Global Head of Strategy and Business Development for Enterprise Content, elaborated on the importance of this initiative to the financial markets, and how Thomson Reuters will support the establishment — and success — of this new global standard.

What is the LEI?

The LEI is an initiative launched by a consortium of trade associations under the direction of the Office of Financial Research. The goal is to create an accurate and unambiguous identification standard for legal entities engaged in financial transactions. While the initiative began in the U.S., the institutions that are supporting it are global and the trade associations are actively engaging regulators in Europe and Asia to ensure harmonized adoption.

LEI creates an opportunity for our industry to establish new processes and streams of automation, replacing proprietary symbology and code structures currently used to exchange information. By way of analogy, the LEI identify institutions like the U.S. Social Security number or the UK’s National Insurance number identify individuals. U.S. citizens have a Social Security number that’s used for unique identification when they apply for a new job, mortgage or credit cards, and when they pay taxes. This number was developed by the Social Security Administration and has become the standard in the U.S. to exchange information about each citizen as an entity. The LEI will accomplish something similar for legal entities, not only to identify institutions, but as the common key to link financial activity to help assess credit risk with an entity or related affiliates on a global scale. LEI will also be the standard key to each entity record that will help automate the exchange of information between financial institutions and regulators – and eventually between market data vendors and their customers.

Why is this initiative so critical right now?

The concept of a global standard to identify entities is not new, but this is the first time the initiative has broad support from the industry and regulatory community. Previous efforts were viewed as too proprietary to one vendor and failed to gain enough support from institutions. Now, in the wake of the 2008 financial crisis, many firms have struggled with adequately measuring their risk exposure, due in part to the complexity of their corporate structures. The inability to easily identify an entity and its corporate hierarchy and to link entities to outstanding positions, transactions and other data that could be used to assess counterparty risk is a core problem that the industry seems determined to address.

The financial crisis created challenges and systemic risks that signaled to the industry that much improvement was needed in

its ability to acquire and assess market risk and counterparty risk information. That wakeup call resulted in the establishment of the Dodd-Frank Act in the U.S. and other reforms in Europe, all designed to increase transparency and accountability in the financial markets.

What is driving the need for a standard?

Transactional processes, such as trade execution, settlement and reconciliation, employ codes and symbology that allow institutions and vendors to automate their businesses and exchange information using a common language. For decades, the securities industry has leveraged standards in securities identification such as CUSIP and Sedol codes to uniquely identify securities in transactions records for the clearing and settlement of trades.

In contrast to these long-lived standards, we still lack a globally recognized method for identifying the parties involved in a transaction. In the world of legal entities, there is no such linchpin to connect institutions’ systems with one another or with their market data vendors.

What is Thomson Reuters role in this initiative?

In order to achieve its full potential, LEI will require the support of market data vendors. Thomson Reuters will play a significant role in both contributing information and ensuring its consistency. We will support LEI in a few key areas, most importantly using LEI as a mechanism to identify records within our own products. This will encourage further adoption by institutional customers as they access our market data information. We will also promote LEI within our DataScope Legal Entity Data and educate our customers about the impact and value of LEI. This global initiative will provide our business a sizeable opportunity to automate and improve access to information for risk assessment.

How can we capitalize on this initiative?

Thomson Reuters can capitalize on the LEI by using it as a key to build value-added content. That content starts with a full hierarchy of relationships within a global institution — its parent company, offspring, their affiliates, ownership, etc. DataScope Legal Entity provides a 360-degree view of risk exposure, enabling customers to untangle the complex dimensions of modern business entities and determine corporate hierarchies, as well as manage counterparty and concentration exposure.

For example, consider the complexity of the JP Morgan corporate structure, which includes holding companies, special purpose vehicles, and legacy businesses such Bear Stearns and Bank One. To understand JP Morgan, you need to understand the whole corporate structure: who underwrites what, who is obligated to pay a debt to whom, etc. The end goal will be to create what Equifax, Experian and TransUnion have created for the credit report business, broadening the content used to assess risk and linking it all together in a systemic way. With LEI, we can change the way we support and much broader perspective risk management.

Thomson Reuters offers an unrivaled breath of content that could be linked and made consistent through the LEI initiative. Especially if you consider all the unique data sets we could link using a standard legal entity identifier: valuations, machine readable news, fundamental data, and even the type of sanctions data our GRC business captures.

The future of the market data industry is open, not closed, and the more we can link the entirety of the content we offer, make it consistent and package it for customers through common IDs, the further we will differentiate our value from our competitors.

At SIBOS in Toronto in September Thomson Reuters announced the launch of an expanded legal entity data solution, which is available for retrieval via Thomson Reuters DataScope Select. This offering significantly expands the firm’s legal entity content capability, which is approaching coverage of 1 million entities across nearly 250 markets and 50 languages. Thomson Reuters DataScope Legal Entity Data gives customers access to high-quality, fully linked data that can be integrated into their workflow and help mitigate risk exposure, reduce regulatory burdens and cost-effectively manage their content requirements.

DataScope Legal Entity Data helps firms manage entity data while absolving them from the complicated, resource-intensive, error-prone challenges that arise from having to source, verify, map and maintain legal entity data in-house. The offering also supports comprehensive regulatory reporting requirements, including exposure calculations and capital adequacy based on an understanding of exposures in particular markets and against other firms.

The DataScope Select interface allows for customized extraction and reporting to facilitate ad-hoc and scheduled inquiries into particular entities, and the solution offers audit-level transparency and quality, bolstering clients’ confidence in regulatory reporting on exposures and positions.

Thomson Reuters will continue to invest in product functionality and expanded legal entity coverage, linking its core entity records to all Thomson Reuters data sets to enhance the type of credit assessments risk managers demand. This includes fundamental data, news sentiment, corporate actions, sanctions and enforcements, issuer ratings, pricing, terms and conditions data.

Tim Lind Global Head of Strategy and Business Development for Enterprise Content

Tim Lind, Global Head of Strategy and Business Development, Enterprise Content, Thomson Reuters, said: “We are committed to delivering highly valuable content and innovative technology solutions to support automation, regulation and efficiency in the capital markets. DataScope Legal Entity Data allows firms to mitigate risk exposure by providing a single source for timely, high-quality entity data that represents relevant counterparties, offers extensive depth and breadth of content, and provides complete cross-asset class integration to enable a much deeper view of risk and compliance.”

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