Many systems used today have been built around proprietary, closed methodologies for identifying financial securities. Hundreds of symbologies are used, with companies often using various classification methods to name and manage financial securities and map contextual information during the trade negotiation, execution, settlement and clearing processes.
Supporting multiple identifier methodologies can make data management and integration more costly and redundant. The FIGI proposal – based on Bloomberg’s Open Symbology for naming securities using a unique 12-digit alpha-numeric identifier -- aims to remove this obstacle by specifying the structure and semantics of Global Identifiers, how they are constructed and validated, and their relationship with other financial information.
“Working with the OMG to establish an open standard for naming financial securities represents an important milestone in our ongoing commitment to support open technology solutions,” said Peter Warms, Global Data Manager,
“The openness of Internet-based systems has profoundly altered the way businesses collect, manage and share information,” added Dr.
All interested parties are invited to review the proposed specification and submit comments at: http://www.omg.org/rfp-rfi/figi.htm.
OMG is an international, open membership, not-for-profit technology standards consortium.
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