FIGI Wins Most Innovative Data Standards Initiative at the A-Team Innovation Awards 2023

Bloomberg announced today that the Financial Industry Global Identifier (FIGI) standard has won Most Innovative Data Standards Initiative at the A-Team Innovation Awards 2023. These awards celebrate innovative projects and teams that leverage new and emerging technologies to deliver high-value solutions for financial institutions in capital markets. The winners for these awards were selected by A-Team Group’s editorial team and Innovation Advisory Board, which is comprised of experienced practitioners in the data and technology industry for capital markets.

Bloomberg, as the Registration Authority and Certified Provider of the FIGI standard, continuously builds, updates, and administers the FIGI to ensure its accuracy and effectiveness. Free to use, FIGI is an open data standard that provides guidelines for identifying and creating context-specific data models of financial instruments. The FIGI standard covers financial instruments globally and across asset classes, including common stock, derivatives, corporate and government bonds, as well as those that previously lacked standard identifiers, such as crypto assets and loans. There are no material impediments to using FIGI IDs and the codes can be used for research, trading, and database mapping.

Richard Robinson, Chief Strategist, Open Data and Standards at Bloomberg says, “FIGI has always been more than just an identifier. Unlike traditional identifiers, FIGI can link systems together and utilizes metadata to provide further granularity for asset class management and identification. The result is the FIGI is a non-changing, unique identifier that provides broad coverage of global financial instruments that is fit for purpose without cost restraints.”

Originally adopted as a formal standard in 2014 by the Object Management Group, FIGI was accepted by the Brazilian Association of Technical Standards in 2020 as an approved standard for financial identifiers in Brazil. In 2021, FIGI became the second standard recognized as an official US data standard by the American National Standards Institute. FIGI is also the only identifier offered as open data, inclusive of the descriptive metadata, under the MIT Open Source license. For more information about the FIGI, please visit openfigi.com.

About FIGI

Financial Instrument Global Identifier (FIGI) is an established global standard of the Object Management Group (www.OMG.org, an international non-profit technology standards consortium founded in 1989), as well as an X9 American National Standard (x9.org, accredited by the American National Standards Institute to develop standards for the U.S. Financial services industry). The FIGI has also been adopted as a standard by the Brazilian Association of Technical Standards (ABNT). The FIGI standard is issued by Bloomberg L.P. and Kaiko as a Certified Providers and distributed by Bloomberg L.P. as the Registration Authority under the auspice of OMG and X9. For more information about the FIGI, visit openfigi.com.

About Bloomberg

Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.

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