FIGI - Check-Digit Calculation

The Financial Instrument Global Identifier (FIGI) is a 12-digit alphanumeric, randomly generated ID. The first three positions are always filled with ‘BBG’. The 'BB' is to identify the Certified Provider of the FIGI, Bloomberg LP. The 'G" is to identify the FIGI as a global identifier . Characters 4 -11 will be alphanumeric (less vowels), and the 12th digit will be numeric and will serve as a check-digit. A check-digit is essential since it is a means of validating the accuracy of the entire number. The check-digit formula is based on the Modulus 10 Double Add Double technique and will be applied to every FIGI number. To calculate the check-digit, using the first 11 digits and beginning at the last digit and working right to left, every second digit is multiplied by two. Letters are converted to numbers as illustrated below. The resulting string of digits (numbers greater than 10 become two separate digits) are added up. Subtract the total from the next higher number ending in zero. If the total obtained when summing up the digits is a number ending in zero, then the check digit is zero.

POSTED Fri Jun 15, 2018