ISO/FDIS 18774

Securities and related financial instruments - Financial Instrument Short Name (FISN)

ISO 18774:2005 defines and describes rules for an internationally valid system for building short names of any kind of financial instrument within a defined structure. The FISN applies to both international and domestic financial instruments as covered by ISO 10962. The term "financial instruments" refers not only to classical securities, it also covers the innovative financial products that have emerged in different markets - a trend that is expected to continue in the future. ISO 18774:2005 is intended for use in any application in the trading and administration of securities globally.

Valeurs mobilières et instruments financiers connexes — Nom court de l'instrument financier (FISN)

General Information

• Status: Withdrawn
• ICS: 03.060 - Finances. Banking. Monetary systems. Insurance
• Technical Committee: ISO/TC 68 - Financial services
• Drafting Committee: ISO/TC 68 - Financial services
• Current Stage: 5098 - Project deleted
• Start Date: 13-Feb-2014
• Completion Date: 13-Dec-2025

Relations

• Replaced By: ISO 18774:2015 - Securities and related financial instruments - Financial Instrument Short Name (FISN)
• Effective Date: 12-Apr-2014

Standards Content (Sample)

FINAL
INTERNATIONAL ISO/FDIS
DRAFT
STANDARD 18774
ISO/TC 68/SC 4
Securities and related financial
Secretariat: SNV
instruments — Financial Instrument Short
Voting begins on:
Name (FISN)
2005-10-20
Voting terminates on:
Valeurs mobilières et instruments financiers connexes — Nom court de
2005-12-20
l'instrument financier (FISN)
Please see the administrative notes on page iii

RECIPIENTS OF THIS DRAFT ARE INVITED TO
SUBMIT, WITH THEIR COMMENTS, NOTIFICATION
OF ANY RELEVANT PATENT RIGHTS OF WHICH
THEY ARE AWARE AND TO PROVIDE SUPPORT-
ING DOCUMENTATION.
IN ADDITION TO THEIR EVALUATION AS
Reference number
BEING ACCEPTABLE FOR INDUSTRIAL, TECHNO-
LOGICAL, COMMERCIAL AND USER PURPOSES,
DRAFT INTERNATIONAL STANDARDS MAY ON
OCCASION HAVE TO BE CONSIDERED IN THE
LIGHT OF THEIR POTENTIAL TO BECOME STAN-
DARDS TO WHICH REFERENCE MAY BE MADE IN
©
NATIONAL REGULATIONS. ISO 2005

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ii © ISO 2005 – All rights reserved

In accordance with the provisions of Council Resolution 15/1993, this document is circulated in the
English language only.
Foreword
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(ISO member bodies). The work of preparing International Standards is normally carried out through ISO
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Attention is drawn to the possibility that some of the elements of this document may be the subject of patent
rights. ISO shall not be held responsible for identifying any or all such patent rights.
ISO 18774 was prepared by Technical Committee ISO/TC 68, Financial services, Subcommittee SC 4,
Securities and related financial instruments.
iv © ISO 2005 – All rights reserved

Introduction
The Financial Instrument Short Name (FISN) code has been developed to provide a consistent and uniform
approach to standardize short descriptions for financial instruments. It aims to harmonize the existing market
practices that are in use on a national and individual entity level.
With the growth of cross-border trading, the requirement to improve communication of information among
market participants has become critical. A worldwide implementation of Straight Through Processing in the
securities business requires the use of standardized data elements. For instance ISIN and CFI are key
information elements for identifying and classifying financial instruments. The market players of the securities
industry usually report on securities transactions by using short descriptions of the involved financial
instruments. Currently, market data vendors, banks and securities exchanges describe financial instruments in
their databases using their own short names. The names vary in length and also with regard to the attributes
composing them and their sequence. The fact that they are defined in local languages limits their use to the
local area.
Besides the requirements of Straight Through Processing there are other developments which make the use
of standardized short names an urgent issue such as the internet technology which has allowed the growth of
e-issuing, e-trading and e-settlements. The prices reported on websites are usually accompanied by short
names of the involved securities. Screens limit the space available for the different data elements displayed
and especially for short names. Therefore, a standardization of the short name’s length, structure and
contents will be a benefit for communication and processing purposes. In addition, the retail investor is more
likely to identify his securities by using the instrument short name, rather than any identification number.
The solution envisaged consists of using a standard maximum length as well as a standardized structure of
the field. The short issuer name which builds the first element (beginning from the left) is followed by a set of
abbreviated main characteristics of the financial instrument. The abbreviations to be used must be in
conformity with ISO 18773.
The development of these codes will encourage market participants to take advantage of other ISO standards,
particularly ISINs and Securities Messages to simplify the communication process among market participants
and increase the efficiency in the securities business processes.
The improved identification of financial instruments will lead to a better understanding by investors, giving
them more confidence to make investment decisions and leading to more active markets. This, in turn, will
result in improved market liquidity.
It is understood that some users may not, for practical reasons, be in a position to implement this International
Standard immediately. However, in order for the International Standard to fulfil its objective, users are
recommended to implement it as soon as possible.

FINAL DRAFT INTERNATIONAL STANDARD ISO/FDIS 18774:2005(E)

Securities and related financial instruments — Financial
Instrument Short Name (FISN)
1 Scope
This international standard defines and describes rules for an internationally valid system for building short
names of any kind of financial instrument within a defined structure. The FISN applies to both international
and domestic financial instruments as covered by ISO 10962. The term “financial instruments” refers not only
to classical securities, it also covers the innovative financial products that have emerged in different
markets — a trend that is expected to continue in the future.
This International Standard is intended for use in any application in the trading and administration of securities
globally.
The FISN has been developed after taking into account the need of human-readability as well as
interoperability with existing standards and systems (e.g. ISO 15022).
2 Normative references
The following referenced documents are indispensable for the application of this document. For dated
references, only the edition cited applies. For undated references, the latest edition of the referenced
document (including any amendments) applies.
ISO 6166:2001, Securities and related financial instruments — International securities identification numbering
system (ISIN)
ISO 10962:2001, Securities and related financial instruments — Classification of Financial Instruments
(CFI code)
ISO 15022-1:1999, Securities — Scheme for messages (Data Field Dictionary) — Part 1: Data field and
message design rules and guidelines
ISO 15022-2:1999, Securities — Scheme for messages (Data Field Dictionary) — Part 2: Maintenance of the
Data Field Dictionary and Catalogue of Messages
ISO 18773:2005, Securities and related financial instruments — Abbreviations
3 Conventions and principles
The FISN incorporates the issuer short name and the abbreviated characteristics for the financial instrument.
The FISN has a maximum length of 35 alphanumeric characters. Rules and guidelines are provided to specify
the data elements, sequence, delimiters and punctuation related to the financial instrument short name.
The FISN is composed of:
⎯ an issuer name with a maximum length of 15 alphanumeric characters; to ensure uniformity, the same
Issuer Short Name should be used for different financial instruments of the same issuer (see ISO 18773);
⎯ a “/” as the delimiter between the issuer name and the instrument description;
⎯ an instrument description with a maximum length of 19 alphanumeric characters, assuming that the
available length of the issuer name has been fully used; in the event that all the 15 characters have not
been used in the Issuer Short Name, the remaining space may be used to describe the characteristics of
the financial instrument.
In the event that only preliminary information is available, the abbreviation shall be distributed and updated as
more complete information becomes available.
The FISN shall be assigned upon issuance of the related financial instrument together with the ISIN
(see ISO 6166) and the CFI (see ISO 10962); it should be updated to reflect any change in the involved
attributes of the financial instrument.
4 Structures
4.1 General
For the purposes of this International Standard, the following structures reflect all possible attributes as being
potential components per type of financial instrument. In most cases, not all of them will apply to the same
instrument. How
...