ISO 10962 defines the structure and format for classification of financial instruments approved by the International Organization for Standardization (ISO). There are many types of Financial Instruments used for saving, investing, trading, hedging and speculating. These instruments are generally organized in groups called "asset classifications." The most common asset classifications are generally described using terms like "Equities (Stocks)," "Debt (Bonds)," "Derivatives (Contracts)," "Currencies," and a few other generalized terms.
ISO 10962 provides a global standard for these classifications in the form of specific codes. Classification of financial instrument (CFI) Code is used to define and describe financial instruments as a uniform set of codes for all market participants. The code is issued by the members of ANNA, the Association of National Numbering Agencies. The group is currently working to simplify the structure so that it can be adopted more widely by non-governmental market participants.
The letters from the ISO basic Latin alphabet in each position of this 6 character code reflect specific characteristics intrinsic to the financial instruments that are defined at the issue of the instrument, and which in most cases remain unchanged during the lifetime of the instrument (or by the market on which the instrument trades).
Where distinct entities transact it is seen as helpful to establish a common transaction language. The CFI code is meant to provide the most comprehensive information possible, while at the same time maintaining the code manageability, provides a standard for identification of type of instrument and their main high level characteristics, determined by the intrinsic characteristics of the financial instrument, which would be independent of the individual names or conventions of a given country or financial institution. This principle avoids confusion arising from different linguistic usage as well as redundancy, while allowing an objective comparison of the instruments across markets.
CFI codes also aim to simplify electronic communication between participants, improve understanding of the characteristics of financial instruments for the investors, and allow securities grouping in a consistent manner for reporting and categorization purposes.
|Category||Group||Attribute 1||Attribute 2||Attribute 3||Attribute 4||Code|
|D = Debt Instruments||(D-*-*-*-*-*)|
|B - Bonds||F - Fixed interest rate||(D-B-*-*-*-*)|
|C - Convertible Bonds||V - Variable interest rate||(D-C-*-*-*-*)|
|M - Miscellaneous||X - Not available||(D-M-*-*-*-*)|
|T - Medium-term notes||Z - Zero interest rate||(D-T-*-*-*-*)|
|W - Warrants attached to bonds||(D-W-*-*-*-*)|
|Y - Money market instruments||(D-Y-*-*-*-*)|
|E = Equities||(E-*-*-*-*-*)|
|S - Shares||Voting Right||Ownership||Payment Status||Form||(E-S-*-*-*-*)|
|E = Enhanced voting||(E-S-E-*-*-*)|
|N = Non-voting||(E-S-N-*-*-*)|
|R = Restricted voting||(E-S-R-*-*-*)|
|V = Voting||(E-S-V-*-*-*)|
|T = Restrictions||(E-S-*-T-*-*)|
|U = Free||(E-S-*-F-*-*)|
|F = Fully paid||(E-S-*-*-F-*)|
|O = Nil paid||(E-S-*-*-O-*)|
|P = Partly paid||(E-S-*-*-P-*)|
|A = Registered depository receipt||(E-S-*-*-*-A)|
|B = Bearer||(E-S-*-*-*-B)|
|N = Bearer/Registered||(E-S-*-*-*-N)|
|R = Registered||(E-S-*-*-*-R)|
|Z = Bearer depository receipt||(E-S-*-*-*-Z)|
|EP||Preferred shares||DC||Convertible bonds|
|ER||Preference shares||DW||Bonds with warrants attached|
|EC||Convertible shares||DT||Medium-term notes|
|EF||Preferred convertible shares||DY||Money market instruments|
|EV||Preference convertibles shares||DM||Others (Miscellaneous)|
|EU||Units, i.e. unit trusts/mutual funds/OPCVM/OICVM|
|RA||Allotment rights||OC||Call options|
|RS||Subscription rights||OP||Put options|
|FC||Commodities futures||MM||Other assets (Miscellaneous), e.g. Real Estate, Insurance Policies|
Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. As regulation focusing on key actors in the financial markets, it forms one of the three components of financial law, the other two being case law and self-regulating market practices.Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Supporters of such regulation often base their arguments on the "too big to fail" notion. This holds that many financial institutions (particularly investment banks with a commercial arm) hold too much control over the economy to fail without enormous consequences. This is the premise for government bailouts, in which government financial assistance is provided to banks or other financial institutions who appear to be on the brink of collapse. The belief is that without this aid, the crippled banks would not only become bankrupt, but would create rippling effects throughout the economy leading to systemic failure. Compliance with bank regulations is verified by personnel known as bank examiners.CFI
CFI may refer to:
CAD Framework Initiative, a standardization organization for CAD systems in the EDA area
Campus Front of India, an Indian student organization
Canada Foundation for Innovation
Canonical Format Indicator, a field in the IEEE 802.1Q protocol
Center for Inquiry, a nonprofit organization that encourages inquiry into science and pseudoscience
Center for the Intrepid, a rehabilitation facility for injured U.S. military veterans
Central Fuel Injection; Ford term for Throttle body injection
Certified Flight Instructor (USA)
Classification of Financial Instruments, see ISO 10962
Color flow imaging, a form of medical imaging
Colorado Fuel and Iron
Common Flash Memory Interface
Community Forests International, a volunteering organization that works with sustainability in forests
Conservative Friends of Israel
Consolidated Film Industries, a film-processing company that developed film for many Hollywood motion pictures
Control-flow integrity, a family of computer security techniques
Corporate Finance Institute, organization for financial modeling and valuation education. The official provider of the FMVA (Financial Modeling & Valuation Analyst) designation.
Court of First Instance, a trial court, or any of multiple courts so named
Coaching foundation india ltd a Coaching Institute for Business Executives
Cruelty Free International, an animal protection and advocacy group
Call Frame InformationCUSIP
A CUSIP is a nine-character alphanumeric code that identifies a North American financial security for the purposes of facilitating clearing and settlement of trades. The CUSIP was adopted as an American National Standard under Accredited Standards X9.6.
The CUSIP system is owned by the American Bankers Association and is operated by S&P Global Market Intelligence. The operating body, CUSIP Global Services (CGS), also serves as the national numbering agency (NNA) for North America, and the CUSIP serves as the National Securities Identification Number (NSIN) for products issued from both the United States and Canada. In its role as the NNA, CUSIP Global Services (CGS) also assigns all US-based ISINs.ISO 20022
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.
The repository contains a huge amount of financial services metadata that has been shared and standardized across the industry. The metadata is stored in UML models with a special ISO 20022 UML Profile. Underlying all of this is the ISO 20022 metamodel - a model of the models. The UML profile is the metamodel transformed into UML. The metadata is transformed into the syntax of messages used in financial networks. The first syntax supported for messages was XML Schema.
ISO 20022 is widely used in financial services. Organizations participating in ISO 20022 include: FIX Protocol Limited (Financial Information eXchange), ISDA (FpML), ISITC, Omgeo, SWIFT, and Visa.
ISO 20022 is the successor to ISO 15022; originally ISO 20022 was called ISO 15022 2nd Edition. ISO 15022 was the successor of ISO 7775.International Securities Identification Number
An International Securities Identification Number (ISIN) uniquely identifies a security. Its structure is defined in ISO 6166. The ISIN code is a 12-character alphanumeric code that serves for uniform identification of a security through normalization of the assigned National Number, where one exists, at trading and settlement.List of International Organization for Standardization standards, 10000-10999
This is a list of published International Organization for Standardization (ISO) standards and other deliverables. For a complete and up-to-date list of all the ISO standards, see the ISO catalogue.The standards are protected by copyright and most of them must be purchased. However, about 300 of the standards produced by ISO and IEC's Joint Technical Committee 1 (JTC1) have been made freely and publicly available.Market Identifier Code
The Market Identifier Code (MIC) (ISO 10383) is a unique identification code used to identify securities trading exchanges, regulated and non-regulated trading markets. The MIC is a four alphanumeric character code, and is defined in ISO 10383. by the International Organization for Standardization (ISO). For example, trades that are executed on the US NASDAQ market are identified using MIC code XNAS.NSIN
A National Securities Identifying Number, or NSIN, is a generic nine-digit alpha numeric code which identifies a fungible security. The NSIN is issued by a national numbering agency (NNA) designated for that country. Regional substitute NNAs have been allocated the task of functioning as NNAs in those countries where NNAs have not yet been established. NSINs are used as part of the makeup of a product's ISIN.National numbering agency
A national numbering agency (NNA) is the organisation in each country responsible for issuing International Securities Identification Numbers (ISIN) as described by the ISO 6166 standard and the Classification of Financial Instruments code as described by the ISO 10962 standard. The role of NNA is typically assigned to the national stock exchange, central bank, or financial regulator but may be as diverse as a financial data provider or clearing and custodian organisation for that country.
There is a global governing body that coordinates the work of the NNAs called the Association of National Numbering Agencies (ANNA).Registration authority
Registration authorities exist for many standards organizations, such as ANNA (Association of National Numbering Agencies for ISIN), the Object Management Group, W3C, IEEE and others. In general, registration authorities all perform a similar function, in promoting the use of a particular standard through facilitating its use. This may be by applying the standard, where appropriate, or by verifying that a particular application satisfies the standard's tenants. Maintenance agencies, in contrast, may change an element in a standard based on set rules – such as the creation or change of a currency code when a currency is created or revalued (i.e. TRL to TRY for Turkish lira). The Object Management Group has an additional concept of certified provider, which is deemed an entity permitted to perform some functions on behalf of the registration authority, under specific processes and procedures documented within the standard for such a role.
An ISO registration authority (RAs) is not authorized to update standards but provides a registration function to facilitate implementation of an International Standard (e.g. ISBN number for books). Frequently, facilitating the implementation of an ISO standard’s requirements is best suited, by its nature, to one entity, an RA. This, de facto, creates a monopoly situation and this is why care needs to be taken with respect to the functions carried out and the fees charged to avoid an abuse of such a situation. In most cases, there is a formal legal contract in place between the standards body, such as the ISO General Secretariat, and the selected registration authority.
ISO registration authorities differ from a maintenance agency. Maintenance agencies are authorized to update particular elements in an International Standard and as a matter of policy, the secretariats of MAs are assigned to bodies forming part of the ISO system (member bodies or organizations to which a member body delegates certain tasks in its country). The membership of MAs and their operating procedures are subject to approval by the Technical Management Board.
While registration authorities for a particular standard typically do not change, the position is not formally guaranteed and is subject to review and reassignment to a different firm or organization. In some cases, the concept of a registration authority may not exist for a standard at all.
By further example, the equivalent registration authority organization for Internet standards is the Internet Assigned Numbers Authority.Valoren number
The VALOR number is a code which uniquely identifies listed securities and financial instruments in Switzerland, and serves a similar purpose to CUSIP or WKN in the North American or German markets respectively. The VALOR number is incorporated in the Swiss ISIN number.
ISO standards by standard number