FIGI in Data Lineage

The Financial Instrument Global Identifier (FIGI) is currently an approved and adopted standard of the Object Management Group, an international technical standards organization that is a liaison organization with ISO.

The FIGI is being proposed as a complementary standard to existing ISO standards such as ISIN, CFI, FISN, MIC, and 20022. The FIGI standard defines a new methodology and technical approach for association of data elements to uniquely identify a financial instrument across multiple contexts linked by semantically meaningless code(s).

Applying this methodology, a comprehensive framework for global identification can be implemented that encompasses and includes current standards. This would include enabling identification on a more specific and granular level, as well as introducing a wider scope than what is offered by existing ISO standards.

The FIGI is not “just another identifier”, rather, it is a new approach to identification that can work in concert with other identification schemes to provide the industry with increased transparency and consistency in reporting.

Coupled with the potential cost savings to financial institutions brought about by eliminating the need for cumbersome mapping efforts across identifiers, this is a clear win for the industry and for the use of open data sources.

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