ISO 10962:2015
(Main)Securities and related financial instruments — Classification of financial instruments (CFI code)
Securities and related financial instruments — Classification of financial instruments (CFI code)
ISO 10962:2015 defines and describes codes for an internationally valid system to classify financial instruments. The classification system applies to financial instruments negotiated internationally as well as to domestic instruments. The term "financial instruments" refers not only to classical securities, but also covers the innovative financial products that have emerged in different markets (a trend that is expected to continue in the future). ISO 10962:2015 is intended for use in any application in the trading and administration of securities in the international securities business. In so far as the trading and the administration of securities do not affect other countries, the application of this International Standard remains at the discretion of the responsible national bodies, such as stock exchanges, banks, brokers, regulatory bodies and other institutions active in the securities field. In principle, the CFI code reflects characteristics that are defined when a financial instrument is issued and that remain unchanged during its entire lifetime. However, a few events that can lead to a new CFI code for the same instrument are anticipated, such as the changing of voting rights or ownership restrictions by a stockholders' meeting.
Valeurs mobilières et autres instruments financiers concernés — Classification des instruments financiers (code CFI)
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Standards Content (Sample)
INTERNATIONAL ISO
STANDARD 10962
Third edition
2015-07-15
Securities and related financial
instruments — Classification of
financial instruments (CFI code)
Valeurs mobilières et autres instruments financiers concernés —
Classification des instruments financiers (code CFI)
Reference number
ISO 10962:2015(E)
©
ISO 2015
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ISO 10962:2015(E)
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ii © ISO 2015 – All rights reserved
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ISO 10962:2015(E)
Contents Page
Foreword .vi
Introduction .vii
1 Scope . 1
2 Normative references . 1
3 Conventions and principles . 1
4 CFI allocation . 2
4.1 General . 2
4.2 Existing CFIs and existing securities without a CFI . 2
5 Codes and definitions . 3
5.1 Categories . 3
5.2 Equities - E-*-*-*-*-*- . 3
5.2.1 Description . . . 3
5.2.2 Common/ordinary shares - E-S-*-*-*-*- . 4
5.2.3 Preferred/preference shares - E-P-*-*-*-*- . 4
5.2.4 Common/ordinary convertible shares - E-C-*-*-*-*- . 5
5.2.5 Preferred/preference convertible shares - E-F-*-*-*-*- . 6
5.2.6 Limited partnership units - E-L-*-*-*-*- . . 7
5.2.7 Depositary receipts on equities - E-D-*-*-*-*- . 7
5.2.8 Structured instruments (participation) - E-Y-*-*-*-*- . 8
5.2.9 Others (miscellaneous) - E-M-X-X-X-*- .10
5.3 Collective investment vehicles - C-*-*-*-*-*- .10
5.3.1 Description . . .10
5.3.2 Standard (vanilla) investment funds/mutual funds - C-I-*-*-*-*- .10
5.3.3 Hedge funds - C-H-*-X-X-X- .11
5.3.4 Real estate investment trusts (REIT) - C-B-*-*-X-*- .12
5.3.5 Exchange traded funds (ETF) - C-E-*-*-*-*- .13
5.3.6 Pension funds - C-S-*-*-*-*- .13
5.3.7 Funds of funds - C-F-*-*-*-*- .14
5.3.8 Private equity funds - C-P-*-*-*-*- .15
5.3.9 Others (miscellaneous) - C-M-X-X-X-*-.15
5.4 Debt instruments - D-*-*-*-*-*- .16
5.4.1 Description . . .16
5.4.2 Bonds - D-B-*-*-*-*- .16
5.4.3 Convertible bonds - D-C-*-*-*-*- .18
5.4.4 Bonds with warrants attached - D-W-*-*-*-*- .19
5.4.5 Medium term notes - D-T-*-*-*-*- .20
5.4.6 Money market instruments - D-Y-*-*-X-*- .21
5.4.7 Structured instruments (capital protection) - D-S-*-*-*-*- .22
5.4.8 Structured instruments (without capital protection) - D-E-*-*-*-*- .23
5.4.9 Mortgage-backed securities - D-G-*-*-*-*- .25
5.4.10 Asset-backed securities - D-A-*-*-*-*- .26
5.4.11 Municipal bonds - D-N-*-*-*-*- .27
5.4.12 Depositary receipts on debt instruments - D-D-*-*-*-*- .28
5.4.13 Others (miscellaneous) - D-M-*-X-X-*- .29
5.5 Entitlements (rights) - R-*-*-*-*-*- .30
5.5.1 Description . . .30
5.5.2 Allotment (bonus) rights - R-A-X-X-X-*- .30
5.5.3 Subscription rights - R-S-*-X-X-*- .30
5.5.4 Purchase rights - R-P-*-X-X-*- .31
5.5.5 Warrants - R-W-*-*-*-*- .31
5.5.6 Mini-future certificates/constant leverage certificates - R-F-*-*-*-*- .32
5.5.7 Depositary receipts on entitlements - R-D-*-X-X-*- .33
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ISO 10962:2015(E)
5.5.8 Others (miscellaneous) - R-M-X-X-X-X- .34
5.6 Listed options - O-*-*-*-*-*- .34
5.6.1 Description . . .34
5.6.2 Call options - O-C-*-*-*-*- .34
5.6.3 Put options - O-P-*-*-*-*- .35
5.6.4 Others (miscellaneous) - O-M-X-X-X-X- .36
5.7 Futures - F-*-*-*-*-X- .36
5.7.1 Description . . .36
5.7.2 Financial futures - F-F-*-*-*-X- .36
5.7.3 Commodities futures - F-C-*-*-*-X- .37
5.8 Swaps - S-*-*-*-*-*- .37
5.8.1 Description . . .37
5.8.2 Rates - S-R-*-*-*-*- .38
5.8.3 Commodities - S-T-*-*-X-*- .39
5.8.4 Equity - S-E-*-*-X-*- .40
5.8.5 Credit - S-C-*-*-*-*- . .41
5.8.6 Foreign exchange - S-F-*-X-X-*- .42
5.8.7 Others (miscellaneous) - S-M-*-X-X-*- .42
5.9 Non-listed and complex listed options - H-*-*-*-*-*- .43
5.9.1 Description . . .43
5.9.2 Rates - H-R-*-*-*-*- .43
5.9.3 Commodities - H-T-*-*-*-*- .45
5.9.4 Equity - H-E-*-*-*-*- .46
5.9.5 Credit - H-C-*-*-*-*- .47
5.9.6 Foreign exchange - H-F-*-*-*-*- .48
5.9.7 Others (miscellaneous) - H-M-*-*-*-*- .49
5.10 Spot - I-*-*-X-X-*- .50
5.10.1 Description . . .50
5.10.2 Foreign exchange - I-F-X-X-X-P- .50
5.10.3 Commodities - I-T-*-X-X-X- .51
5.11 Forwards - J-*-*-X-*-*- .51
5.11.1 Description . . .51
5.11.2 Equity - J-E-*-X-*-*- .51
5.11.3 Foreign exchange - J-F-*-X-*-*- .52
5.11.4 Credit - J-C-*-X-*-*- .52
5.11.5 Rates - J-R-*-X-*-*- .53
5.11.6 Commodities - J-T-*-X-*-*- .53
5.12 Strategies - K-*-X-X-X-X- .54
5.12.1 Description . . .54
5.12.2 Rates - K-R-X-X-X-X- .54
5.12.3 Commodities - K-T-X-X-X-X- .54
5.12.4 Equity - K-E-X-X-X-X- .54
5.12.5 Credit - K-C-X-X-X-X- .55
5.12.6 Foreign exchange - K-F-X-X-X-X- .55
5.12.7 Mixed assets - K-Y-X-X-X-X- .55
5.12.8 Others (miscellaneous) - K-M-X-X-X-X- .55
5.13 Financing - L-*-*-*-X-*- .56
5.13.1 Description . . .56
5.13.2 Loan-lease - L-L-*-X-X-*- .56
5.13.3 Repurchase agreements - L-R-*-*-X-*- .56
5.13.4 Securities lending - L-S-*-*-X-*- .57
5.14 Referential instruments - T-*-*-*-*-X- .58
5.14.1 Description . . .58
5.14.2 Currencies - T-C-*-X-X-X- .58
5.14.3 Commodities - T-T-*-X-X-X- .59
5.14.4 Interest rates - T-R-*-*-X-X- . .59
5.14.5 Indices - T-I-*-*-*-X- .60
5.14.6 Baskets - T-B-*-X-X-X- . .61
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ISO 10962:2015(E)
5.14.7 Stock dividends - T-D-*-X-X-X- .61
5.14.8 Others (miscellaneous) - T-M-X-X-X-X- .61
5.15 Others (miscellaneous) - M-*-*-*-X-*- .61
5.15.1 Description . . .61
5.15.2 Combined instruments - M-C-*-*-X-*- .62
5.15.3 Other assets - M-M-*-X-X-X- .62
Annex A (informative) Classification examples.64
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ISO 10962:2015(E)
Foreword
ISO (the International Organization for Standardization) is a worldwide federation of national standards
bodies (ISO member bodies). The work of preparing International Standards is normally carried out
through ISO technical committees. Each member body interested in a subject for which a technical
committee has been established has the right to be represented on that committee. International
organizations, governmental and non-governmental, in liaison with ISO, also take part in the work.
ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of
electrotechnical standardization.
The procedures used to develop this document and those intended for its further maintenance are
described in the ISO/IEC Directives, Part 1. In particular the different approval criteria needed for the
different types of ISO documents should be noted. This document was drafted in accordance with the
editorial rules of the ISO/IEC Directives, Part 2 (see www.iso.org/directives).
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. Details of
any patent rights identified during the development of the document will be in the Introduction and/or
on the ISO list of patent declarations received (see www.iso.org/patents).
Any trade name used in this document is information given for the convenience of users and does not
constitute an endorsement.
For an explanation on the meaning of ISO specific terms and expressions related to conformity
assessment, as well as information about ISO’s adherence to the WTO principles in the Technical
Barriers to Trade (TBT) see the following URL: Foreword - Supplementary information
The committee responsible for this document is ISO/TC 68, Financial services, Subcommittee SC 4,
Securities and related financial instruments.
This third edition cancels and replaces the second edition (ISO 10962:2001), which has been extended
to cover necessary technical changes.
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ISO 10962:2015(E)
Introduction
The Classification of Financial Instruments (CFI) code was developed to address a number of problems
which have concerned the financial community. With the growth of cross-border trading, the
requirement to improve communication of information among market participants has become critical.
The business problems centre around an inability to obtain information on securities due to the lack
of a consistent and uniform approach to grouping financial instruments. With the explosive growth
over the past 20 years in new instruments and features attached to financial instruments, a serious
communication problem has developed.
Many market participants are using similar terminology for instruments having significantly different
features. The problem is compounded when market participants look beyond their own national
markets. They encounter the same words to describe instruments in another country, which have
significantly different features. Where the terminology is in a different language, the market participant
encounters the problem of the same words being applied to different instruments along with the
problems of translation, which also can be misleading.
In addition, the customs and practices of local markets vary considerably in the manner in which they
structure financial instruments, leaving foreign participants confused and perplexed. On careful analysis,
it is often found that the characteristics and features of these instruments are similar to a domestic
instrument. However, most market participants do not have the time and resources to do this analysis.
The inability to group securities in a consistent manner is another problem encountered by market
participants. Reports of holdings by different sources for similar financial instruments often result
in financial instruments being categorized differently. This not only affects comparability, but causes
a credibility issue with the reader. When relative performances are being measured, the ability to
properly categorize holdings is essential if true comparisons are to be made.
The solution envisioned is twofold. One is to establish a series of codes which clearly classify financial
instruments having similar features. The other is to develop a glossary of terms and provide common
definitions, which allow market participants to easily understand terminology being used.
The benefits derived are many.
— The development of these codes will increase the efficiency, reliability, data consistency and
transparency of financial services transactions for both market and reference data. Classifying
financial instruments in a consistent, structured and standardized way is also beneficial for
regulatory reporting requirements.
— The CFI code system provides a set of codes for financial instruments which can be used globally
for Straight Through Processing by all involved participants in an electronic data processing
environment. An example being, readers of portfolio holdings see reports from different sources
using the same categories, groups and attributes making comparison of instruments more credible.
— The broadened scope and coverage of CFI codes encourages market participants to take advantage of
other International Standards, particularly international securities identification numbers (ISINs).
— It is intended that the improved understanding of the characteristics and categorization leads to a
better comprehension of financial instruments. This leads to more active markets and the resulting
improvement in market liquidity. In addition, these codes will be displayed on websites using
internet technology, which has allowed the growth of e-issuing, e-trading and e-settlements.
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INTERNATIONAL STANDARD ISO 10962:2015(E)
Securities and related financial instruments —
Classification of financial instruments (CFI code)
1 Scope
This International Standard defines and describes codes for an internationally valid system to
classify financial instruments. The classification system applies to financial instruments negotiated
internationally as well as to domestic instruments. The term “financial instruments” refers not only
to classical securities, but 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 in the international securities business. In so far as the trading and the administration
of securities do not affect other countries, the application of this International Standard remains at
the discretion of the responsible national bodies, such as stock exchanges, banks, brokers, regulatory
bodies and other institutions active in the securities field.
In principle, the CFI code reflects characteristics that are defined when a financial instrument is issued
and that remain unchanged during its entire lifetime. However, a few events that can lead to a new
CFI code for the same instrument are anticipated, such as the changing of voting rights or ownership
restrictions by a stockholders’ meeting.
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 4217, Codes for the representation of currencies and funds
ISO 6166, Securities and related financial instruments — International securities identification numbering
system (ISIN)
3 Conventions and principles
3.1 The CFI code provides the most comprehensive information possible, while maintaining the code
manageability. One of the essential rules of this CFI concept is that the classification is determined by
the intrinsic characteristics of the respective financial instruments and not by the instrument names and
terms prevailing in a given country; these terms can possibly be used in a different sense in another
country. This principle avoids confusion arising from different linguistic usage as well as redundan
...
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