Randy Snook, executive vice president at SIFMA, said legal-entity identifiers, which are intended as a global standard for easily identifying parties involved in financial contracts, will be the foundation for managing risks to the financial system. "We've taken the lead in developing a framework for a globally consistent legal-entity identifier system," Snook said at the SIFMA Operations Conference and Exhibit. "This is the lynchpin that will enable systemic-risk regulation to be effective." Check out highlights from the SIFMA Operations Conference and Exhibit, which is updated throughout the event.

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