Grody says the next step will be a Unique Product Identifier which is required by Dodd-Frank legislation.

FORBES: Financial LEI's -- Required To Reduce Operational Risk

Grody suggested they might not like the medicine but it will be good for them in the long run.

FORBES: Financial LEI's -- Required To Reduce Operational Risk

Global identifiers for financial institutions and for products are a fundamental requirement for risk reduction, says Allan Grody, president of Financial InterGroup Holdings, Ltd.

FORBES: Financial LEI's -- Required To Reduce Operational Risk

Contrary to the American proposal for a centralized LEI program, a decentralized model with self registration will ensure a high degree of accuracy, said Grody.

FORBES: Financial LEI's -- Required To Reduce Operational Risk