ISO 10962

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.[1] 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).[2]

History of ISO 10962 Modification

  • Standard was first accepted and published in 1997
  • The last revised and accepted version of the standard is ISO 10962:2015 and was published by ISO in 2015.[3]
  • In 2006 FIX Protocol group published a proposal for changes of the standard for Consultation, but the changes have not yet been accepted.[2]
  • As of May 17, 2013 an update of the standard is under development [4]

Background and Goals of Introduction

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.[2]

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.[1]

Structure of CFI Code

  • The first character indicates the highest level of category to which the instrument belongs: Equities, Debt, Entitlements (Rights, Warrants), Options, Futures and Others (Miscellaneous).[5]
  • The second character refers to specific groups within each category. For example, the subdivisions of the Equities category are: ordinary shares, preferred/preference shares, units, and others, while for the Debt instruments category, the subdivisions are: bonds, convertible bonds, money market instruments, and others.[5]
  • The other four characters refer to each group's main features. For example, in the case of equities, whether they are voting or non-voting, restrictions, payment status, etc. In the case of Debt instruments, the type of interest (fixed or variable), guarantee, form of redemption, etc.[5]
  • The letter X always means Not Applicable/Undefined.

Table of CFI Code Construction

Classification of Financial Instruments
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)

Sample of Main CFI Classifications

E Equities D Debt Instruments
ES Shares DB Bonds
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
R Entitlements (Rights) O Options
RA Allotment rights OC Call options
RS Subscription rights OP Put options
RP Purchase rights OM Others
RW Warrants
RM Others
F Futures M Others (Miscellaneous)
FF Financial futures MR
FC Commodities futures MM Other assets (Miscellaneous), e.g. Real Estate, Insurance Policies

Existing Possible Values

  • E = Equities
    • S = Shares (common/ordinary)
      • 1: Voting Right
        • V = Voting
        • N = non Voting (svir)
      • 2: Ownership/transfer restrictions
        • T = Restrictions
        • U = Free
      • 3: Payment status
        • O = Nil paid
        • P = Partly paid
        • F = Fully paid
      • 4: Form:
        • B = Bearer
        • R = Registered
        • N = Bearer/Registered
        • Z = Bearer depository receipt
        • A = Registered depository receipt
    • P = Preferred Shares
    • R = Preference Shares
    • C = Convertible shares
    • F = Preferred convertible shares
    • V = Preference convertible shares
    • U = Units (units trusts/mutual funds)
    • M = Others
  • D = Debt Instruments
    • B = Bonds
    • C = Convertible bonds
    • M = Others
    • T = Medium-term Notes
    • W = Bonds With Warrants Attached
    • Y = Money Market Instruments
  • R = Entitlements (Rights)
    • A = Allotment Rights
    • M = Others (Miscellaneous)
    • S = Subscription rights
    • W = Warrants
  • O = Options
    • C = Call Options
      • 1: Exercise Style
        • A = American
        • E = European
        • B = Bermudan
      • 2: Underlying Asset
        • S = Stock
        • I = Index
        • D = Debt
        • C = Currency
        • O = Option
        • F = Future
        • T = Commodity
        • W = Swap
        • B = Basket
        • N = Interest Rates
        • M = Other
      • 3: Delivery
        • C = Cash
        • P = Physical
        • N = Non-Deliverable
        • E = Elect at Exercise
      • 4: Standard/Non-standard
        • S = Standard
        • N = Non-standard
    • P = Put Options
      • Same as Call
    • M = Others Options
      • Attributes 1 to 4:
        • X = not used
  • F = Futures[6]
    • C = Commodities Futures
      • 1: Underlying Asset
        • A = Agricultural
        • E = Extraction
        • I = Industrial
        • S = Service
      • 2: Delivery
        • C = Cash
        • P = Physical
      • 3: Standard/Non-standard
        • S = Standard
        • N = Non-standard
      • 4: not used
        • X = not used
    • F = Financial Futures
      • 1: Underlying Asset
        • S = Stock
        • I = Index
        • D = Debt
        • C = Currency
        • O = Option
        • F = Future
        • W = Swap
        • B = Basket
        • M = Other
      • 2: Delivery
        • C = Cash
        • P = Physical
      • 3: Standard/Non-standard
        • S = Standard
        • N = Non-standard
      • 4: not used
        • X = not used
  • M = Others (Miscellaneous)
    • M = Other Assets (Miscellaneous)
    • R = Referential Instruments
      • 1: Further grouping
        • C = Currencies
        • T = Commodities
        • R = Interest Rates
        • I = Indices


  • ESNTPB is Equities/Shares/Non-voting/Restrictions/Partly paid/Bearer
  • ESXXXX is Equities/Shares (no more details)
  • OPASPS is Options/Put/American/Stock/Physical/Standard
  • FFIXXX is Futures/Financial/Index
  • FXXXXX is Futures (no more details)
  • RWXXXX is Rights/Warrant (no more details)

See also


  1. ^ a b "CFI & ISO 10962 on ANNA website". Association of National Numbering Agencies (ANNA). Retrieved 30 July 2013.
  2. ^ a b c "Securities and related financial instruments — Classification of Financial Instruments (CFI code) – [Revision of ISO 10962:2001]" (PDF). FIX Protocol association (FPL). Retrieved 30 July 2013.
  3. ^ "ISO 10962:2015". International Organization for Standardization (ISO). Archived from the original on 2017-03-02.
  4. ^ "ISO/CD 10962". International Organization for Standardization (ISO). Retrieved 30 July 2013.
  5. ^ a b c "CFI Code description on CNVM site". The Comisión Nacional del Mercado de Valores (CNVM). Retrieved 30 July 2013.
  6. ^ "2006 Revision to ISO 10962". Archived from the original on December 10, 2014. Retrieved February 4, 2015.

External links

Bank regulation

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 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

Continuous-flow intersection

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 Information


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.


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

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