ISO/TR 21797:2019

Reference data for financial services - Overview of identification of financial instruments

This document gives an overview of existing and currently used financial instrument identifiers. It shows which instrument identifiers, ticker symbols and proprietary codes are assigned via a standardized scheme to instruments of all asset classes. It focuses on providing an overview of the landscape and not on evaluating the schemes. Several aspects of the detailed trade cycle (a few examples being book building/primary, order entry management, execution management and trade confirmation matching) are excluded as their complexity would reduce the readability of the overview. Similarly, the level of complexity involved in properly representing the shifting perspectives of what is considered a financial instrument, based on a particular function being performed, is excluded.

Données de référence pour les services financiers — Identification des instruments financiers

General Information

• Status: Published
• Publication Date: 22-Apr-2019
• ICS: 03.060 - Finances. Banking. Monetary systems. Insurance
• Technical Committee: ISO/TC 68/SC 8 - Reference data for financial services
• Drafting Committee: ISO/TC 68/SC 8 - Reference data for financial services
• Current Stage: 6060 - International Standard published
• Start Date: 23-Apr-2019
• Completion Date: 13-Dec-2025

Overview

ISO/TR 21797:2019 provides a structured overview of existing and currently used financial instrument identifiers. The technical report maps which identifiers, ticker symbols and proprietary codes are assigned via standardized schemes across the full spectrum of asset classes. The document focuses on describing the identification landscape rather than evaluating or ranking identifier schemes.

This overview is intended to help data managers, market infrastructure providers, implementers of messaging standards and regulators understand the variety of identification systems, when multiple identifiers are used in a trading lifecycle, and where interoperability effort may be best targeted. A machine-readable identifier inventory is available from the ISO link referenced in the report.

Key principles and scope

• The report surveys international, national, regional and proprietary identifier schemes.
• It documents the common uses and coverage of identifiers, but does not provide technical evaluations of each scheme.
• Complex trade-cycle functions (e.g., book building, order entry management, execution matching) are excluded to preserve readability.
• Changing perspectives on what constitutes a financial instrument in different functional contexts are likewise outside the scope.

Key Topics

• Identifier types: international, national, regional and proprietary identifiers are defined and distinguished. Examples cited in the report include ISIN and Common Code as international identifiers, and asset-specific identifiers such as APIR for collective investment vehicles and OCC codes for certain US/Canada derivatives listings.
• Asset-class coverage: the report classifies identifiers relative to asset classes, using ISO 10962 classification as a primary reference for instrument categorization.
• Usage in messaging standards: the overview notes identifier usage across major messaging frameworks (for example ISO 15022, ISO 20022, FpML and FIX) and highlights that different identifiers may apply to different stages of the trade lifecycle.
• Licensing and openness: schemes may be open data, subject to licensing, or cost-recovery; the report flags these practical considerations.

Applications

• Facilitates data mapping and consolidation across systems that use multiple identifier schemes.
• Supports harmonization and interoperability initiatives by clarifying where overlaps and gaps exist.
• Assists implementers of market messaging standards and reference data management teams in selecting identifiers appropriate to function and jurisdiction.
• Provides a common reference for regulators and market participants seeking transparency in instrument identification.

Related Standards

The report references several ISO standards that are relevant to instrument identification and messaging, including:

• ISO 6166 (ISIN), ISO 10962 (CFI), ISO 3166-1, ISO 4217
• Messaging and schema standards: ISO 15022 and ISO 20022

For a complete inventory and the machine-readable file of identifier relationships, consult the ISO/TR 21797:2019 document and the annexed identifier overview.

Standards Content (Sample)

TECHNICAL ISO/TR
REPORT 21797
First edition
2019-04
Reference data for financial
services — Overview of identification
of financial instruments
Données de référence pour les services financiers — Identification des
instruments financiers
Reference number
©
ISO 2019
© ISO 2019
All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may
be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting
on the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address
below or ISO’s member body in the country of the requester.
ISO copyright office
CP 401 • Ch. de Blandonnet 8
CH-1214 Vernier, Geneva
Phone: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.iso.org
Published in Switzerland
ii © ISO 2019 – All rights reserved

Contents Page
Foreword .iv
Introduction .v
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
4 Process used in creation of overview . 2
5 Overview . 2
Annex A (informative) Identifier overview and glossary . 3
Bibliography . 4
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 of the voluntary nature of standards, the meaning of ISO specific terms and
expressions related to conformity assessment, as well as information about ISO's adherence to the
World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT), see www .iso
.org/iso/foreword .html.
This document was prepared by Technical Committee ISO/TC 068, Financial services, Subcommittee
SC 08, Reference data for financial services.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www .iso .org/members .html.
iv © ISO 2019 – All rights reserved

Introduction
The identification of financial instruments is a core component for properly functioning financial
markets. Both regulatory and operational issues influence the need for standard identifiers for financial
instruments. This identification is central to enabling increasingly complex markets, from individual
firms managing data internally, to communication between multiple parties concerning an asset, to
regulatory oversight and overall transparency.
As far back as 1998, industry reports such as those produced by the Giovannini Group, the G30, and the
G20 have recommended both harmonization and interoperability of financial instrument standards for
communication and identification purposes.
Regulation drives a significant amount of adoption and change, while innovation still comes from niche
areas of the financial industry (an example from 2016 being shared ledger technologies, e.g. Blockchain).
Potential frictions resulting from conflicting mandates by different or overlapping jurisdictions are
addressed by bodies trying to harmonize requirements. A major theme is the harmonization efforts
across asset classes and jurisdictions. This is occurring through specific requirements for the use
of specific standards, as well as guiding principles on how those standards should be utilized. Some
industry initiatives in many parts of the world are likewise relevant to instrument identifiers.
This document results from a study of identifiers of financial instruments across asset classes, which
extends beyond basic financial instruments and identifiers.
The accompanying overview represents an inventory of the current international, national, proprietary
and/or de facto standards in use globally and encompasses a broad constituency across the entire
instrument life cycle.
Understanding the universe of existing standards can lead to further investigation and understanding
of where, when and why specific standards are used. It can lead to efforts to either harmonize, where
appropriate, or identify at what points interoperability is best achieved.
There has been some success in the effort
...