Legal Entity Identifier (LEI)

The European regulations MiFID2 and EMIR will require all market participants to have a Legal Entity Identifier (LEI) prior to entering into transactions in in-scope financial instruments. The background to this requirement is set out in the factsheet from industry bodies ISDA and GFMA here and on the Financial Conduct Authority's (FCA) website here.

If you do not already have an LEI, it is necessary for you to obtain one or to provide a representation that your transactions are excluded from these regulations. If you do not have an LEI, and you do not confirm to us that your transactions are excluded, then you will be unable to trade financial instruments with NatWest Markets (NWM) after this date.

How to Request an LEI


On LEI requirements


What activity needs an LEI? 

Trading in EMIR or MiFID2 financial instruments will require an LEI. EMIR covers all derivatives (including FX forwards), and MIFD2 in addition to derivatives covers securities (bonds and equities) and money market instruments. FX spot and loan products are not in scope.

Which entities need an LEI?

All market participants, whether large financial institutions or small corporates, require an LEI, if they enter into transactions in in-scope financial instruments with EU investment firms.

Which countries does this apply to? 

Market participants from all countries who enter into transactions in in-scope financial instruments with EU investment firms will require an LEI.

When do I need an LEI by? 

Two upcoming regulations require an LEI:

EMIR: On 1 November 2017 new validation rules for EMIR trade reporting come into effect, making LEI mandatory for all derivatives trading.

MiFID2: On 3 January 2018 MiFID2 becomes effective, meaning trading in all derivatives, securities and money market instruments will require an LEI.

How do I get an LEI? 

Contact an LEI Issuing Organisation and apply online. Details of who to apply to can be found on the GLEIF website. Registration costs about $220, and then there is an annual renewal fee.

Are there any exclusions? 

Yes, there are two exclusions from the regulations, and hence the requirement to obtain an LEI. Both relate to trading in deliverable FX forwards only:

FX Means of Payment Transaction: applies if you are a Non Financial Counterparty (NFC) as defined under EMIR trading only deliverable FX forwards entered into by you to facilitate payment for identifiable goods or services, and you are not trading on a trading venue. This exclusion is only relevant to corporates. Please see the details for providing the FX Means of Payment Exclusion representation here

FX Securities Conversion Transaction: eligible if transaction is an exchange of one currency for another for the purpose of the sale or purchase of a transferable security. If you believe your transactions are eligible for this exclusion then please contact 

What are the LEI details for NatWest Markets? 

The LEI of NatWest Markets Plc (Formerly The Royal Bank of Scotland Plc) is RR3QWICWWIPCS8A4S074.

Where can I find more information on MiFID2? Please see our detailed Q&A paper on our website here, or contact us at