The London Stock Exchange said it intends to prevent the loss due to security failures by introducing a new global numbering system in 2003 that is better able to identify the trades involved.
The security failures occur when systems are unable to provide codes for trades with multiple listings or when they cannot find codes quickly enough for the trading cycle. The LSE’s existing seven-character numeric SEDOL code will be updated to alphanumeric and fully extended to market level.
‘This new system will allow us to provide a unique global security identifier to address market needs,’ said David Lester, chief information officer of the LSE.
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia