2024 under the sign of the LEI: Record growth and new markets for Legal Entity Identifiers

31 January 2025

A decade of growth for the Global LEI System

Since introducing the Legal Entity Identifier (LEI) system ten years ago, the way legal entities are identified worldwide has changed significantly. In 2024, the system has seen significant growth as companies increasingly rely on a verifiable LEI number to promote transparency and trust in business relationships.

The Global Legal Entity Identifier Foundation (GLEIF) continues to drive its transparency initiatives and provides comprehensive quarterly reports on the development of the LEI system. This data shows that the system is not only growing but also becoming established in more sectors of the economy.

2024: A record year for the issuance of new LEIs

The rising number of LEIs issued is a clear indicator of the increasing importance of the Legal Entity Identifier. In 2024, more than 278,000 new LEI numbers were registered worldwide, bringing the total number of active LEIs to over 2.63 million. This corresponds to an annual growth rate of 11.5 %.

Growth was robust in India, which rose to second place among the countries with the most active LEIs, with an impressive increase of 35.9 %. This success emphasises the importance of regulatory measures to promote LEI registration in emerging markets.

Global LEI adoption: new markets and regulatory support

In addition to India, New Zealand (15 %) and Australia (9.2 %) also recorded high growth rates. The increasing demand for Legal Entity Identifier solutions in these countries is due to new regulatory requirements stipulating the LEI as a mandatory corporate identifier for certain financial transactions.

The Australian Securities & Investments Commission (ASIC) introduced updated reporting requirements for over-the-counter (OTC) derivatives transactions in October 2024. These requirements specify the use of the LEI number as the primary identification method. This demonstrates how a standardised corporate identity can strengthen confidence in financial markets.

The LEI is the key to transparency and digital security

Looking ahead to 2025, the importance of the Legal Entity Identifier will continue to grow. The increasing digitalisation of business processes and regulatory measures to combat financial crime will continue to drive the use of the LEI number.

Particular attention will be paid to the widespread introduction of the verifiable LEI (vLEI), which will further improve companies’ digital identification and increase security in areas such as supply chains, ESG, Web 3.0, and international payment flows.

LEI renewal rate shows stability

The LEI renewal rate also remained stable in 2024. In the fourth quarter, it totalled 56.1%, although it was higher in the EU (62.1%) than in countries outside the EU (46.4%). Countries such as Japan (91.7%), Finland (83.7%) and Germany (76.5%) had exceptionally high renewal rates. This emphasises the growing trust in the LEI number as a long-term solution for company identification.

Conclusion: The future of the LEI system

The year 2024 has shown that the Legal Entity Identifier plays an increasingly central role in the global economy. Companies that rely on a transparent and verifiable identity benefit from regulatory compliance and increased trust in business relationships.

With the LEI number’s increasing acceptance worldwide, 2025 will be a crucial year for its further integration into international economic systems. Companies that rely on the LEI now will secure long-term competitive advantages in an increasingly digitalised world.