OMG Adopts FIGI Standard
Object Management Group (OMG) has officially adopted Bloomberg's Financial Instrument Global Identifier (FIGI) Standard to unify financial instrument identifiers.
Previously known as Bloomberg Global Identifier (BBGID), FIGI was given approved status by the OMS Architecture Board in September.
According to a statement by Bloomberg, the financial instrument identifier provides a universal system for identifying and describing financial instruments previously lacking when traders, investors and brokers had to translate between multiple proprietary identifier formats to determine key features of an instrument.
"The OMG recently released the FIGI as an industry standard for use by industry practitioners in the capital markets, which lacks a universal system for identifying and describing financial instruments," said Richard Soley, CEO of OMG, in the statement.
The "game-changing" standard, as Soley called it, ties together disparate and fragmented symbologies, eliminates redundant mapping processes, streamlines the trade workflow and reduces operational risk. FIGI has issued 280 million identifiers to date. OMG believes that this open-source standard will be useful for instruments lacking a standard identifier, such as loans, over-the-counter (OTC) derivatives, commodities and other asset classes.
FIGI can now be used for instrument identification in all ISO 20022-related messaging, including over the SWIFT network. Virtus and US Bank have also adopted FIGI for identifying syndicated loans, which is an asset class that has historically been neglected by alternative symbologies.
In the statement, Bloomberg said that they plan to launch an online utility next year where FIGI users can submit a request for new identifiers as new issues come to market. The site will also provide search and mapping capabilities for existing identifiers in the FIGI library.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Bloomberg ups focus on quants, intraday strategies
The vendor hopes its OHLC Bar data product will woo new audiences among quant traders and analysts, who have previously had to painstakingly build solutions in-house.
DORA stalls over identifier dispute
A disagreement over how to classify third-party tech providers on a reporting form known as the “register of information” has held up preparations for the highly anticipated operational resiliency rule in Europe.
WatersTechnology latest edition
Check out our latest edition, plus more than 12 years of our best content.
New equity trading protocols want traders to show their hand
A new generation of trading venues has emerged with the goal of unlocking liquidity and improving the efficiency of trades.
ForecastEx, event contracts, and a new way to think about markets
Waters Wrap: Anthony speaks with the former CEO of OneChicago David Downey about his new venture and the future of prediction markets.
Interop after acquisitions remains daunting for buyers
Executives from a variety of vendors speaking at WFIC explained why desktop interoperability is important and why progress has been slow.
Should banks risk lightning hitting twice for CrowdStrike?
Bank tech teams divided on whether to give security vendor a second chance after update crash.
Northern Trust adds fixed-income capabilities for outsourced trading in Asia-Pacific
The custodian bank now offers 24/6 fixed-income trading coverage with desks in Chicago, London, and Sydney.