Why do I need an LEI to trade Brent Crude (ICE Europe)? Is anybody else having trouble trading oil on NYMEX? So I turned to ICE.
What is an LEI and which FCM do you use? Why trade the ICE EU one, does it have more OI and volume than the CME one?
LEI is Legal Entity Identifier which contains 20 chars, logic built to arrive those 20 chars based on location. EU mandated to report LEI details to leading regulators such as ESMA,MIFID II,SFTR. They insisted the banks to report the activities along with LEI, starting from order/quotes booking through post trading activities. it's an optional for US watchdog. Hope, it helps..
From what I can see, yes. I imagine from what @knvijayaraj said, CME is in US; US doesn't require it. I haven't had trouble trading futures options on anything until now. I got a notification to apply for a LEI if I want to trade ICE EU. It said due to MiFID yada yada, you must apply even if I am a US-based. I have dropped the idea, but thanks for the help.