Financial Instrument Identification is becoming a greater challenge for the industry as regulatory reporting and risk management demands increase. Standards that work to address this issue are becoming more important.
One new tool that is now available, on an open basis, is the Financial Instrument Global Identifier (FIGI), which was formerly a proprietary identifier of Bloomberg. FIGI offers a metadata driven approach to the identification of a wide cross section of assets, and it also supports hierarchies (something that is useful for complex instruments). FIGI is currently in process to be considered as an ISO standard, potentially to augment and complement the existing ISO standard in this space – the ISIN. The idea being that FIGI would offer a true non-changing global instrument identification solution for financial instruments on a similar basis to the LEI for entities.
As part of the background to the ISO process taking place on FIGI, it would be helpful to gauge industry views and we would be grateful if you could take five minutes to provide some feedback by answering seven quick questions via the following link:
FIGI Questionnaire >>>