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Iso 10962

ISO 10962 defines the structure and format for classification of

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 alphabetical characters 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]

Contents

  • History of ISO 10962 Modification 1
  • Background and Goals of Introduction 2
  • Structure of CFI Code 3
  • Table of CFI Code Construction 4
  • Sample of Main CFI Classifications 5
  • Existing Possible Values 6
  • See also 7
  • References 8
  • External links 9

History of ISO 10962 Modification

  • Standard was first accepted and published in 1997
  • The last revised and accepted version of the standard was published by ISO in 2001.[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
        • R = Restricted voting
        • E = Enhanced voting
      • 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
      • 2: Underlying Asset
        • S = Stock
        • I = Index
        • D = Debt
        • C = Currency
        • O = Option
        • F = Future
        • T = Commodity
        • W = Swap
        • B = Basket
        • M = Other
      • 3: Delivery
        • C = Cash
        • P = Physical
      • 4: Standard/Non-standard
        • S = Standard
        • N = Non-standard
    • P = Put Options
      • Same as Call
    • M = Others Options
      • Same as Call
  • 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

Example:

  • 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

References

  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 10962:2001". International Organization for Standardization (ISO). Retrieved 30 July 2013. 
  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". Retrieved February 4, 2015. 


External links

  • QuantHouse CFI Code composer Helper to decode/craft ISO 10962 values.


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