Swiss bank UBS as well as others, such as Credit Suisse and Barclays, are testing a blockchain platform that will help them to comply with regulatory requirements for the MiFID II rules that took effect on the 3rd of January 2018. The platform is built on a private Ethereum blockchain, which allows developing decentralized applications. This means that the participating banks will be able to anonymously cross-reference Legal Entity Identifier (LEI – a unique 20-digit code, which refers to information about a company and data about their clients) data.
The banks will be able to check their data on legal entities and better comply with the new rules.
