ISO 10962:2019
(Main)Securities and related financial instruments - Classification of financial instruments (CFI) code
Securities and related financial instruments - Classification of financial instruments (CFI) code
This document 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 document 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 document 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)
General Information
Relations
Frequently Asked Questions
ISO 10962:2019 is a standard published by the International Organization for Standardization (ISO). Its full title is "Securities and related financial instruments - Classification of financial instruments (CFI) code". This standard covers: This document 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 document 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 document 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.
This document 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 document 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 document 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.
ISO 10962:2019 is classified under the following ICS (International Classification for Standards) categories: 03.060 - Finances. Banking. Monetary systems. Insurance. The ICS classification helps identify the subject area and facilitates finding related standards.
ISO 10962:2019 has the following relationships with other standards: It is inter standard links to ISO 10962:2021, ISO 10962:2015. Understanding these relationships helps ensure you are using the most current and applicable version of the standard.
You can purchase ISO 10962:2019 directly from iTeh Standards. The document is available in PDF format and is delivered instantly after payment. Add the standard to your cart and complete the secure checkout process. iTeh Standards is an authorized distributor of ISO standards.
Standards Content (Sample)
INTERNATIONAL ISO
STANDARD 10962
Fourth edition
2019-10
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 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: +41 22 749 01 11
Fax: +41 22 749 09 47
Email: copyright@iso.org
Website: www.iso.org
Published in Switzerland
ii © ISO 2019 – All rights reserved
Contents Page
Foreword .vi
Introduction .vii
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
4 Conventions and principles . 1
5 CFI allocation . 2
5.1 General . 2
5.2 Existing CFIs and existing securities without a CFI . 3
6 Codes and definitions . 3
6.1 Categories . 3
6.2 Equities - E-*-*-*-*-*- . 3
6.2.1 Description . . . 3
6.2.2 Common/ordinary shares - E-S-*-*-*-*- . 4
6.2.3 Preferred/preference shares - E-P-*-*-*-*- . 5
6.2.4 Common/ordinary convertible shares - E-C-*-*-*-*- . 6
6.2.5 Preferred/preference convertible shares - E-F-*-*-*-*- . 6
6.2.6 Limited partnership units - E-L-*-*-*-*- . . 7
6.2.7 Depositary receipts on equities - E-D-*-*-*-*- . 8
6.2.8 Structured instruments (participation) - E-Y-*-*-*-*- . 8
6.2.9 Others (miscellaneous) - E-M-X-X-X-*- .10
6.3 CIVs - C-*-*-*-*-*- .10
6.3.1 Description . . .10
6.3.2 Standard (vanilla) investment funds/mutual funds - C-I-*-*-*-*- .11
6.3.3 Hedge funds - C-H-*-X-X-X- .12
6.3.4 REITs - C-B-*-*-X-*-.12
6.3.5 ETFs - C-E-*-*-*-*- .13
6.3.6 Pension funds - C-S-*-*-*-*- .14
6.3.7 Funds of funds - C-F-*-*-*-*- .14
6.3.8 Private equity funds - C-P-*-*-*-*- .15
6.3.9 Others (miscellaneous) - C-M-X-X-X-*-.15
6.4 Debt instruments - D-*-*-*-*-*- .16
6.4.1 Description . . .16
6.4.2 Bonds - D-B-*-*-*-*- .16
6.4.3 Convertible bonds - D-C-*-*-*-*- .18
6.4.4 Bonds with warrants attached - D-W-*-*-*-*- .19
6.4.5 Medium term notes - D-T-*-*-*-*- .20
6.4.6 Money market instruments - D-Y-*-*-X-*- .21
6.4.7 Structured instruments (capital protection) - D-S-*-*-*-*- .21
6.4.8 Structured instruments (without capital protection) - D-E-*-*-*-*- .23
6.4.9 Mortgage-backed securities - D-G-*-*-*-*- .25
6.4.10 Asset-backed securities - D-A-*-*-*-*- .26
6.4.11 Municipal bonds - D-N-*-*-*-*- .27
6.4.12 Depositary receipts on debt instruments - D-D-*-*-*-*- .28
6.4.13 Others (miscellaneous) - D-M-*-X-X-*- .29
6.5 Entitlements (rights) - R-*-*-*-*-*- .29
6.5.1 Description . . .29
6.5.2 Allotment (bonus) rights - R-A-X-X-X-*- .29
6.5.3 Subscription rights - R-S-*-X-X-*- .30
6.5.4 Purchase rights - R-P-*-X-X-*- .30
6.5.5 Warrants - R-W-*-*-*-*- .31
6.5.6 Mini-future certificates/constant leverage certificates - R-F-*-*-*-*- .32
6.5.7 Depositary receipts on entitlements - R-D-*-X-X-*- .32
6.5.8 Others (miscellaneous) - R-M-X-X-X-X- .33
6.6 Listed options - O-*-*-*-*-*- .33
6.6.1 Description . . .33
6.6.2 Call options - O-C-*-*-*-*- .33
6.6.3 Put options - O-P-*-*-*-*- .34
6.6.4 Others (miscellaneous) - O-M-X-X-X-X- .35
6.7 Futures - F-*-*-*-*-X- .35
6.7.1 Description . . .35
6.7.2 Financial futures - F-F-*-*-*-X- .35
6.7.3 Commodities futures - F-C-*-*-*-X- .36
6.8 Swaps - S-*-*-*-*-*- .37
6.8.1 Description . . .37
6.8.2 Rates - S-R-*-*-*-*- .37
6.8.3 Commodities - S-T-*-*-X-*- .38
6.8.4 Equity - S-E-*-*-X-*- .40
6.8.5 Credit - S-C-*-*-*-*- . .40
6.8.6 Foreign exchange - S-F-*-X-X-*- .41
6.8.7 Others (miscellaneous) - S-M-*-X-X-*- .42
6.9 Non-listed and complex listed options - H-*-*-*-*-*- .42
6.9.1 Description . . .42
6.9.2 Rates - H-R-*-*-*-*- .43
6.9.3 Commodities - H-T-*-*-*-*- .45
6.9.4 Equity - H-E-*-*-*-*- .46
6.9.5 Credit - H-C-*-*-*-*- .47
6.9.6 Foreign exchange - H-F-*-*-*-*- .48
6.9.7 Others (miscellaneous) - H-M-*-*-*-*- .49
6.10 Spot - I-*-*-X-X-*- .50
6.10.1 Description . . .50
6.10.2 Foreign exchange - I-F-X-X-X-P- .50
6.10.3 Commodities - I-T-*-X-X-X- .50
6.11 Forwards - J-*-*-X-*-*- .51
6.11.1 Description . . .51
6.11.2 Equity - J-E-*-X-*-*- .51
6.11.3 Foreign exchange - J-F-*-X-*-*- .52
6.11.4 Credit - J-C-*-X-*-*- .52
6.11.5 Rates - J-R-*-X-*-*- .53
6.11.6 Commodities - J-T-*-X-*-*- .53
6.12 Strategies - K-*-X-X-X-X- .54
6.12.1 Description . . .54
6.12.2 Rates - K-R-X-X-X-X- .54
6.12.3 Commodities - K-T-X-X-X-X- .55
6.12.4 Equity - K-E-X-X-X-X- .55
6.12.5 Credit - K-C-X-X-X-X- .55
6.12.6 Foreign exchange - K-F-X-X-X-X- .55
6.12.7 Mixed assets - K-Y-X-X-X-X- .56
6.12.8 Others (miscellaneous) - K-M-X-X-X-X- .56
6.13 Financing - L-*-*-*-X-*- .56
6.13.1 Description . . .56
6.13.2 Loan-lease - L-L-*-X-X-*- .56
6.13.3 Repurchase agreements - L-R-*-*-X-*- .57
6.13.4 Securities lending - L-S-*-*-X-*- .57
6.14 Referential instruments - T-*-*-*-*-X- .58
6.14.1 Description . . .58
6.14.2 Currencies - T-C-*-X-X-X- .58
6.14.3 Commodities - T-T-*-X-X-X- .59
6.14.4 Interest rates - T-R-*-*-X-X- . .59
6.14.5 Indices - T-I-*-*-*-X- .60
iv © ISO 2019 – All rights reserved
6.14.6 Baskets - T-B-*-X-X-X- . .61
6.14.7 Stock dividends - T-D-*-X-X-X- .62
6.14.8 Others (miscellaneous) - T-M-X-X-X-X- .62
6.15 Others (miscellaneous) - M-*-*-*-X-*- .62
6.15.1 Description . . .62
6.15.2 Combined instruments - M-C-*-*-X-*- .62
6.15.3 Other assets - M-M-*-X-X-X- .63
Annex A (informative) Classification examples.64
Bibliography .71
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 68, Financial services, Subcommittee SC 8,
Reference data for financial services.
This fourth edition cancels and replaces the third edition (ISO 10962:2015) which has been technically
revised. The main changes to the previous edition are as follows:
— To address industry requirements for the classification of derivative instruments, 6.8, 6.9 and
6.11 have been amended, where the support for multi-commodity derivatives, the addition of
exercise styles not connected to option type (put or call) and the ability to classify foreign exchange
derivatives for single currencies and a basket of currencies are included.
— In 6.8, changes have been introduced for the identification of deliverable/non-deliverable for swap
products.
— Rolling foreign exchange spot contracts have been included in 6.11.
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.
vi © ISO 2019 – All rights reserved
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. For example, 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.
— The CFI code system can further serve as a basis for classification of financial instruments for
industry risk aggregation and regulatory reporting.
INTERNATIONAL STANDARD ISO 10962:2019(E)
Securities and related financial instruments —
Classification of financial instruments (CFI) code
1 Scope
This document 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 document 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 document 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 documents are referred to in the text in such a way that some or all of their content
constitutes requirements 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, Securities and related financial instruments — International securities identification numbering
system (ISIN)
3 Terms and definitions
No terms and definitions are listed in this document.
ISO and IEC maintain terminological databases for use in standardization at the following addresses:
— ISO Online browsing platform: available at https: //www .iso .org/obp
— IEC Electropedia: available at http: //www .electropedia .org/
4 Conventions and principles
4.1 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 redundancy,
while allowing objective comparison of the instruments across all domestic markets.
Refer to the examples in Annex A.
4.2 The CFI code consists of six alphabetical characters. The following alphabetic characters, A, B, C,
D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y and Z, are available for assignment. Two alphabetic
characters have special meaning and cannot be redefined:
X Not applicable/undefined: the character 'X' can be used for any respective Attribute if the infor-
mation is unknown, not available or applicable at the time of assignment, regardless of wheth-
er it is stated as an available character for the Attribute and should be updated to reflect the
respective Attribute as soon as it is known or available.
The character 'X' shall not be used as a value in the above described manner for Category or Group.
M Others (miscellaneous): the character ‘M’ exclusively represents ‘others (miscellaneous)’ and
can only be used where it is available as a character within the context of its parent Category or
Group. ‘M’ is only to be selected when the Category, Group or Attribute being classified cannot
be attributed to an existing specified Category, Group or Attribute.
The meaning of an alphabetic character is local to and only valid within the context of its parent
Category or Group.
4.3 The first character indicates the highest level of classification and differentiates between Categories
such as equities, collective investment vehicles (CIVs), debt instruments and many more.
4.4 The second character indicates specific Groups within each Category; equities, for example, are
broken down into:
— common/ordinary shares,
— preferred/preference shares,
— common/ordinary convertible shares,
— preferred/preference convertible shares,
— limited partnership units,
— depositary receipts on equities,
— structured instruments (participation) and
— others (miscellaneous).
Within the Category of debt instruments, the Groups are bonds, convertible bonds, bonds with warrants
attached, medium-term notes, money market instruments, structured instruments (capital protection),
structured instruments (without capital protection), mortgage-backed securities, asset-backed
securities, municipal bonds, depositary receipts on debt instruments and others (miscellaneous). For
the complete classification breakdown, see Clause 6.
4.5 The last four characters indicate the most relevant Attributes applicable to each Group. Whereas
voting rights, ownership/transfer/sales restrictions, payment status and form are useful information
in equities, these features do not exist for options, which have other Attributes such as option style,
underlying assets, delivery, standardized/non-standardized or trigger.
5 CFI allocation
5.1 General
CFIs are allocated following the conventions and principles of Clause 4 of this document.
2 © ISO 2019 – All rights reserved
Where an instrument is identified according to ISO 6166, the relevant ISIN allocation agency shall also
assign the CFI. This CFI will always be considered the official CFI.
For those instruments where no ISIN is assigned, the CFI may be derived by a user in accordance with
this document.
CFIs shall be assigned in a timely manner in order to meet the needs of the user community.
5.2 Existing CFIs and existing securities without a CFI
Existing active CFIs assigned in accordance with previous editions of this document will transition to
the most recent edition.
The allocation of CFIs for existing financial instruments without a CFI shall be based on the most recent
edition.
6 Codes and definitions
6.1 Categories
The first character of the CFI code indicates the following Categories:
E Equities
C CIVs
D Debt instruments
R Entitlement (rights)
O Listed options
F Futures
S Swaps
H Non-listed and complex listed options
I Spot
J Forwards
K Strategies
L Financing
T Referential instruments
M Others (miscellaneous)
6.2 Equities - E-*-*-*-*-*-
6.2.1 Description
Financial instruments representing an ownership interest in an entity or pool of assets.
Equities are broken down into the following Groups:
S Common/ordinary shares
P Preferred/preference shares
C Common/ordinary convertible shares
F Preferred/preference convertible shares
L Limited partnership units
D Depositary receipts on equities
Y Structured instruments (participation)
M Others (miscellaneous)
6.2.2 Common/ordinary shares - E-S-*-*-*-*-
Holders are typically entitled to vote and receive dividends. In the event of liquidation, holders of shares
usually rank behind the entity's creditors and holders of preferred/preference shares.
First attribute Voting right (indicates the kind of voting power conferred to the shareholder):
V Voting (each share has one vote) -E-S-V-*-*-*-
N Non-voting (the shareholder has no voting right) -E-S-N-*-*-*-
R Restricted voting (the shareholder may be entitled to less -E-S-R-*-*-*-
than one vote per share)
E Enhanced voting (the shareholder is entitled to more than -E-S-E-*-*-*-
one vote per share)
Second attribute Ownership/transfer/sales restrictions (the ownership or transfer of the secu-
rity is subject to special conditions including country-specific restrictions):
T Restrictions -E-S-*-T-*-*-
U Free (unrestricted) -E-S-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-S-*-*-O-*-
P Partly paid -E-S-*-*-P-*-
F Fully paid -E-S-*-*-F-*-
Fourth attribute Form (negotiability, transmission):
B Bearer (the owner is not registered in the books of the -E-S-*-*-*-B-
issuer or of the registrar)
R Registered (securities are recorded in the name of the -E-S-*-*-*-R-
owner on the books of the issuer or the issuer's registrar
and can only be transferred to another owner when en-
dorsed by the registered owner)
N Bearer/registered (securities are issued in both bearer and -E-S-*-*-*-N-
registered form but with the same identification number)
M Others (miscellaneous) -E-S-*-*-*-M-
4 © ISO 2019 – All rights reserved
6.2.3 Preferred/preference shares - E-P-*-*-*-*-
Payment of dividends to holders normally takes preference over the payment of dividends to other
classes of shares. In the event of liquidation, preferred/preference shares normally rank above ordinary
shares but behind creditors of the company.
First attribute Voting right (please refer to 6.2.2):
V Voting -E-P-V-*-*-*-
N Non-voting -E-P-N-*-*-*-
R Restricted voting -E-P-R-*-*-*-
E Enhanced voting -E-P-E-*-*-*-
Second attribute Redemption (indicates the retirement provisions made for the shares):
R Redeemable (the shares may be redeemed at the option of -E-P-*-R-*-*-
the issuer and/or of the shareholder)
E Extendible (the redemption date can be extended at the -E-P-*-E-*-*-
issuer or holder option)
T Redeemable/extendible (the issuer and/or holders of -E-P-*-T-*-*-
redeemable shares with a fixed maturity date have the
option to extend the maturity date)
G Exchangeable (the shares may be exchanged for securi- -E-P-*-G-*-*-
ties of another issuer)
A Redeemable/exchangeable/extendible (the issuer and/ -E-P-*-A-*-*-
or holders of redeemable shares with a fixed maturity
date have the option to extend the maturity date and the
shares may be exchanged for securities of another issuer)
C Redeemable/exchangeable (the shares may be redeemed -E-P-*-C-*-*-
at the option of the issuer and/or of the shareholder and
may be exchanged for securities of another issuer)
N Perpetual (the share has no fixed maturity date) -E-P-*-N-*-*-
Third attribute Income (indicates the kind of dividend income the shareholders are entitled to):
F Fixed rate income (the shareholder periodically receives a -E-P-*-*-F-*-
stated income)
C Cumulative, fixed rate income (the shareholder periodi- -E-P-*-*-C-*-
cally receives a stated amount; dividends not paid in any
year accumulate and shall be paid at a later date before
dividends can be paid on the common/ordinary shares)
P Participating income (preferred/preference shareholders, -E-P-*-*-P-*-
in addition to receiving their fixed rate of prior dividend,
share with the common shareholders in further dividend
distributions and in capital distributions)
Q Cumulative, participating income (shareholders are enti- -E-P-*-*-Q-*-
tled to dividends in excess of the stipulated preferential
rate under specified conditions; dividends not paid in any
year accumulate and shall be paid at a later date before
dividends can be paid on the common/ordinary shares)
A Adjustable/variable rate income (the dividend rate is set -E-P-*-*-A-*-
periodically, usually based on a certain yield)
N Normal rate income (shareholders are entitled to the -E-P-*-*-N-*-
same dividends as common/ordinary shareholders, but
have other privileges, for example as regards distribution
of assets upon dissolution)
U Auction rate income (dividend is adjusted through an -E-P-*-*-U-*-
auction, such as the Dutch auction)
Fourth attribute Form (please refer to 6.2.2):
B Bearer -E-P-*-*-*-B-
R Registered -E-P-*-*-*-R-
N Bearer/registered -E-P-*-*-*-N-
M Others (miscellaneous) -E-P-*-*-*-M-
6.2.4 Common/ordinary convertible shares - E-C-*-*-*-*-
Shares (common/ordinary) which, at the discretion of the holder, are convertible into other securities,
at a designated rate. The conversion privilege may be perpetual or limited to a specific period.
First attribute Voting right (please refer to 6.2.2):
V Voting -E-C-V-*-*-*-
N Non-voting -E-C-N-*-*-*-
R Restricted voting -E-C-R-*-*-*-
E Enhanced voting -E-C-E-*-*-*-
Second attribute Ownership/transfer/sales restrictions (please refer to 6.2.2):
T Restrictions -E-C-*-T-*-*-
U Free (unrestricted) -E-C-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-C-*-*-O-*-
P Partly paid -E-C-*-*-P-*-
F Fully paid -E-C-*-*-F-*-
Fourth attribute Form (please refer to 6.2.2):
B Bearer -E-C-*-*-*-B-
R Registered -E-C-*-*-*-R-
N Bearer/registered -E-C-*-*-*-N-
M Others (miscellaneous) -E-C-*-*-*-M-
6.2.5 Preferred/preference convertible shares - E-F-*-*-*-*-
Preferred/preference shares which, at the discretion of the holder, are convertible into other securities,
usually common/ordinary shares, at a designated rate. The conversion privilege may be perpetual or
limited to a specified period.
First attribute Voting right (please refer to 6.2.2):
V Voting -E-F-V-*-*-*-
N Non-voting -E-F-N-*-*-*-
R Restricted voting -E-F-R-*-*-*-
E Enhanced voting -E-F-E-*-*-*-
Second attribute Redemption (please refer to 6.2.3):
R Redeemable -E-F-*-R-*-*-
E Extendible -E-F-*-E-*-*-
T Redeemable/extendible -E-F-*-T-*-*-
G Exchangeable -E-F-*-G-*-*-
6 © ISO 2019 – All rights reserved
A Redeemable/exchangeable/extendible -E-F-*-A-*-*-
C Redeemable/exchangeable -E-F-*-C-*-*-
N Perpetual -E-F-*-N-*-*-
Third attribute Income (please refer to 6.2.3)
F Fixed rate income -E-F-*-*-F-*-
C Cumulative, fixed rate income -E-F-*-*-C-*-
P Participating income -E-F-*-*-P-*-
Q Cumulative, participating income -E-F-*-*-Q-*-
A Adjustable/variable rate income -E-F-*-*-A-*-
N Normal rate income -E-F-*-*-N-*-
U Auction rate income -E-F-*-*-U-*-
Fourth attribute Form (please refer to 6.2.2):
B Bearer -E-F-*-*-*-B-
R Registered -E-F-*-*-*-R-
N Bearer/registered -E-F-*-*-*-N-
M Others (miscellaneous) -E-F-*-*-*-M-
6.2.6 Limited partnership units - E-L-*-*-*-*-
A limited partnership is a form of partnership similar to a general partnership, except that in addition
to one or more general partners (GPs), there are one or more limited partners (LPs).
Like shareholders in a corporation, the LPs have limited liability, i.e. they are only liable on debts
incurred by the firm to the extent of their registered investment and they have no management
authority. The GPs pay the LPs the equivalent of a dividend on their investment, the nature and extent
of which is usually defined in the partnership agreement.
First attribute Voting right (please refer to 6.2.2):
V Voting -E-L-V-*-*-*-
N Non-voting -E-L-N-*-*-*-
R Restricted voting -E-L-R-*-*-*-
E Enhanced voting -E-L-E-*-*-*-
Second attribute Ownership/transfer/sales restrictions (please refer to 6.2.2):
T Restrictions -E-L-*-T-*-*-
U Free (unrestricted) -E-L-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-L-*-*-O-*-
P Partly paid -E-L-*-*-P-*-
F Fully paid -E-L-*-*-F-*-
Fourth attribute Form (please refer to 6.2.2):
B Bearer -E-L-*-*-*-B-
R Registered -E-L-*-*-*-R-
N Bearer/registered -E-L-*-*-*-N-
M Others (miscellaneous) -E-L-*-*-*-M-
6.2
...
INTERNATIONAL ISO
STANDARD 10962
Redline version
compares Fourth edition to
Third edition
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:redline:2019(E)
©
ISO 2019
ISO 10962:redline:2019(E)
IMPORTANT
This marked-up version uses the following colour-coding in the marked-up text:
Text example 1 — Text has been added (in green)
— Text has been deleted (in red)
Text example 2
— Graphic figure has been added
— Graphic figure has been deleted
1.x . — If there are changes in a clause/subclause, the corresponding clause/
subclause number is highlighted in yellow in the Table of contents
DISCLAIMER
This marked-up version highlights the main changes in this edition of the document
compared with the previous edition. It does not focus on details (e.g. changes in
punctuation).
This marked-up version does not constitute the official ISO document and is not intended to
be used for implementation purposes.
© 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: +41 22 749 01 11
Fax: +41 22 749 09 47
Email: copyright@iso.org
Website: www.iso.org
Published in Switzerland
ii © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
Contents Page
Foreword .vi
Introduction .vii
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
3 4 Conventions and principles . 1
4 5 CFI allocation . 3
4.1 5.1 General . 3
4.2 5.2 Existing CFIs and existing securities without a CFI . 3
5 6 Codes and definitions . 3
5.1 6.1 Categories . 3
5.2 6.2 Equities - E-*-*-*-*-*- . 4
5.2.1 6.2.1 Description . 4
5.2.2 6.2.2 Common/ordinary shares - E-S-*-*-*-*-. 5
5.2.3 6.2.3 Preferred/preference shares - E-P-*-*-*-*-. 6
5.2.4 6.2.4 Common/ordinary convertible shares - E-C-*-*-*-*- . 8
5.2.5 6.2.5 Preferred/preference convertible shares - E-F-*-*-*-*- . 9
5.2.6 6.2.6 Limited partnership units - E-L-*-*-*-*- .10
5.2.7 6.2.7 Depositary receipts on equities - E-D-*-*-*-*- .11
5.2.8 6.2.8 Structured instruments (participation) - E-Y-*-*-*-*- .12
5.2.9 6.2.9 Others (miscellaneous) - E-M-X-X-X-*- .15
5.3 6.3 Collective investment vehicles CIVs - C-*-*-*-*-*- .16
5.3.1 6.3.1 Description .16
5.3.2 6.3.2 Standard (vanilla) investment funds/mutual funds - C-I-*-*-*-*- . .16
5.3.3 6.3.3 Hedge funds - C-H-*-X-X-X- .18
5.3.4 6.3.4 Real estate investment trusts (REIT) REITs - C-B-*-*-X-*- .20
5.3.5 6.3.5 Exchange traded funds (ETF) ETFs - C-E-*-*-*-*- .20
5.3.6 6.3.6 Pension funds - C-S-*-*-*-*- .22
5.3.7 6.3.7 Funds of funds - C-F-*-*-*-*- .22
5.3.8 6.3.8 Private equity funds - C-P-*-*-*-*- .23
5.3.9 6.3.9 Others (miscellaneous) - C-M-X-X-X-*- .25
5.4 6.4 Debt instruments - D-*-*-*-*-*- .25
5.4.1 6.4.1 Description .25
5.4.2 6.4.2 Bonds - D-B-*-*-*-*- .26
5.4.3 6.4.3 Convertible bonds - D-C-*-*-*-*- .29
5.4.4 6.4.4 Bonds with warrants attached - D-W-*-*-*-*- .31
5.4.5 6.4.5 Medium term notes - D-T-*-*-*-*- .33
5.4.6 6.4.6 Money market instruments - D-Y-*-*-X-*- .34
5.4.7 6.4.7 Structured instruments (capital protection) - D-S-*-*-*-*- .36
5.4.8 6.4.8 Structured instruments (without capital protection) - D-E-*-*-*-*- .38
5.4.9 6.4.9 Mortgage-backed securities - D-G-*-*-*-*- .41
5.4.10 6.4.10 Asset-backed securities - D-A-*-*-*-*- .43
5.4.11 6.4.11 Municipal bonds - D-N-*-*-*-*- .45
5.4.12 6.4.12 Depositary receipts on debt instruments - D-D-*-*-*-*- .47
5.4.13 6.4.13 Others (miscellaneous) - D-M-*-X-X-*- .49
5.5 6.5 Entitlements (rights) - R-*-*-*-*-*- .49
5.5.1 6.5.1 Description .49
5.5.2 6.5.2 Allotment (bonus) rights - R-A-X-X-X-*- .50
5.5.3 6.5.3 Subscription rights - R-S-*-X-X-*- .50
5.5.4 6.5.4 Purchase rights - R-P-*-X-X-*- .51
5.5.5 6.5.5 Warrants - R-W-*-*-*-*- .52
ISO 10962:redline:2019(E)
5.5.6 6.5.6 Mini-future certificates/constant leverage certificates - R-F-*-*-*-*- . .54
5.5.7 6.5.7 Depositary receipts on entitlements - R-D-*-X-X-*- .55
5.5.8 6.5.8 Others (miscellaneous) - R-M-X-X-X-X- .56
5.6 6.6 Listed options - O-*-*-*-*-*- .56
5.6.1 6.6.1 Description .56
5.6.2 6.6.2 Call options - O-C-*-*-*-*- .56
5.6.3 6.6.3 Put options - O-P-*-*-*-*- .58
5.6.4 6.6.4 Others (miscellaneous) - O-M-X-X-X-X- .59
5.7 6.7 Futures - F-*-*-*-*-X- .60
5.7.1 6.7.1 Description .60
5.7.2 6.7.2 Financial futures - F-F-*-*-*-X- .60
5.7.3 6.7.3 Commodities futures - F-C-*-*-*-X- .61
5.8 6.8 Swaps - S-*-*-*-*-*- .62
5.8.1 6.8.1 Description .62
5.8.2 6.8.2 Rates - S-R-*-*-*-*- .62
5.8.3 6.8.3 Commodities - S-T-*-*-X-*- .65
5.8.4 6.8.4 Equity - S-E-*-*-X-*- .67
5.8.5 6.8.5 Credit - S-C-*-*-*-*- .68
5.8.6 6.8.6 Foreign exchange - S-F-*-X-X-*- .70
5.8.7 6.8.7 Others (miscellaneous) - S-M-*-X-X-*- .71
5.9 6.9 Non-listed and complex listed options - H-*-*-*-*-*- .72
5.9.1 6.9.1 Description .72
5.9.2 6.9.2 Rates - H-R-*-*-*-*- .72
5.9.3 6.9.3 Commodities - H-T-*-*-*-*- .76
5.9.4 6.9.4 Equity - H-E-*-*-*-*- . .78
5.9.5 6.9.5 Credit - H-C-*-*-*-*- .80
5.9.6 6.9.6 Foreign exchange - H-F-*-*-*-*- .81
5.9.7 6.9.7 Others (miscellaneous) - H-M-*-*-*-*- .83
5.10 6.10 Spot - I-*-*-X-X-*- .85
5.10.1 6.10.1 Description .85
5.10.2 6.10.2 Foreign exchange - I-F-X-X-X-P- .85
5.10.3 6.10.3 Commodities - I-T-*-X-X-X- .85
5.11 6.11 Forwards - J-*-*-X-*-*- .86
5.11.1 6.11.1 Description .86
5.11.2 6.11.2 Equity - J-E-*-X-*-*- .86
5.11.3 6.11.3 Foreign exchange - J-F-*-X-*-*- .87
5.11.4 6.11.4 Credit - J-C-*-X-*-*- .88
5.11.5 6.11.5 Rates - J-R-*-X-*-*- .89
5.11.6 6.11.6 Commodities - J-T-*-X-*-*- .90
5.12 6.12 Strategies - K-*-X-X-X-X- .91
5.12.1 6.12.1 Description .91
5.12.2 6.12.2 Rates - K-R-X-X-X-X- .91
5.12.3 6.12.3 Commodities - K-T-X-X-X-X- .92
5.12.4 6.12.4 Equity - K-E-X-X-X-X-.92
5.12.5 6.12.5 Credit - K-C-X-X-X-X- .92
5.12.6 6.12.6 Foreign exchange - K-F-X-X-X-X- .93
5.12.7 6.12.7 Mixed assets - K-Y-X-X-X-X- .93
5.12.8 6.12.8 Others (miscellaneous) - K-M-X-X-X-X- .93
5.13 6.13 Financing - L-*-*-*-X-*- .94
5.13.1 6.13.1 Description .94
5.13.2 6.13.2 Loan-lease - L-L-*-X-X-*- .94
5.13.3 6.13.3 Repurchase agreements - L-R-*-*-X-*- .95
5.13.4 6.13.4 Securities lending - L-S-*-*-X-*- .96
5.14 6.14 Referential instruments - T-*-*-*-*-X-.97
5.14.1 6.14.1 Description .97
5.14.2 6.14.2 Currencies - T-C-*-X-X-X- .98
5.14.3 6.14.3 Commodities - T-T-*-X-X-X- .98
iv © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
5.14.4 6.14.4 Interest rates - T-R-*-*-X-X- .99
5.14.5 6.14.5 Indices - T-I-*-*-*-X- .100
5.14.6 6.14.6 Baskets - T-B-*-X-X-X- .102
5.14.7 6.14.7 Stock dividends - T-D-*-X-X-X- .102
5.14.8 6.14.8 Others (miscellaneous) - T-M-X-X-X-X- .103
5.15 6.15 Others (miscellaneous) - M-*-*-*-X-*- .103
5.15.1 6.15.1 Description .103
5.15.2 6.15.2 Combined instruments - M-C-*-*-X-*- .103
5.15.3 6.15.3 Other assets - M-M-*-X-X-X- .104
Annex A (informative) Classification examples.106
Bibliography .113
ISO 10962:redline:2019(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/directiveswww .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/patentswww .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 theof 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 WTOWorld Trade Organization (WTO) principles in the Technical
Barriers to Trade (TBT) see the following URL: , see Foreword - Supplementary information
www .iso .org/iso/foreword .html.
The committee responsible for this document isThis document was prepared by Technical Committee
ISO/TC 68, Financial services, Subcommittee SC 48, Securities and related financial instrumentsReference
data for financial services.
This thirdfourth edition cancels and replaces the secondthird edition (ISO 10962:20012015) which
has been extended to cover necessary technical changes.technically revised. The main changes to the
previous edition are as follows:
— To address industry requirements for the classification of derivative instruments, 6.8, 6.9 and
6.11 have been amended, where the support for multi-commodity derivatives, the addition of
exercise styles not connected to option type (put or call) and the ability to classify foreign exchange
derivatives for single currencies and a basket of currencies are included.
— In 6.8, changes have been introduced for the identification of deliverable/non-deliverable for swap
products.
— Rolling foreign exchange spot contracts have been included in 6.11.
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.
vi © ISO 2019 – All rights reserved
ISO 10962:redline:2019(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 Processingstraight-through processing by all involved participants in an
electronic data processing environment. AnFor example being, readers of portfolio holdings see
reports from different sources using the same categories, groups and attributesCategories, 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.
— The CFI code system can further serve as a basis for classification of financial instruments for
industry risk aggregation and regulatory reporting.
INTERNATIONAL STANDARD ISO 10962:redline:2019(E)
Securities and related financial instruments —
Classification of financial instruments (CFI) code
1 Scope
This International Standarddocument 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 Standarddocument 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
Standarddocument 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 ofreferred to in the text
in such a way that some or all of their content constitutes requirements 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 Terms and definitions
No terms and definitions are listed in this document.
ISO and IEC maintain terminological databases for use in standardization at the following addresses:
— ISO Online browsing platform: available at https: //www .iso .org/obp
— IEC Electropedia: available at http: //www .electropedia .org/
3 4 Conventions and principles
3.1 4.1 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
ISO 10962:redline:2019(E)
country. This principle avoids confusion arising from different linguistic usage as well as redundancy,
while allowing objective comparison of the instruments across all domestic markets.
Refer to the examples in Annex A.
3.2 4.2 The CFI code consists of six alphabetical characters. The following alphabetic characters, A, B, C,
D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, and Z, are available for assignment. Two alphabetic
characters have special meaning and cannot be redefined:
X Not applicable/undefined: If the character 'X' can be used for any respective Attribute if the
information is unknown, not available or applicable at the time of assignment, the character 'X'
is to be used for the respective element regardless of whether it is stated as an available char-
acter for the Attribute and should be updated to reflect the respective Attribute as soon as it is
known or available.
The character 'X' shall not be used as a value in the above described manner for Category or Group.
M Others (miscellaneous): the character ‘M’ exclusively represents ‘others (miscellaneous)’ and
can only be used where it is available as a character within the context of its parent Category or
Group. ‘M’ is only to be selected when the Category, Group or Attribute being classified cannot
be attributed to an existing specified Category, Group or Attribute.
The meaning of an alphabetic character is local to and only valid within the context of its parent
Category or Group.
3.3 4.3 The first character indicates the highest level of classification and differentiates between
Categories such as equities, collective investment vehicles (CIVs), debt instruments and many more.
3.4 4.4 The second character indicates specific Groups within each Category; equities, for example, are
broken down into:
— common/ordinary shares,
— preferred/preference shares,
— common/ordinary convertible shares,
— preferred/preference convertible shares,
— limited partnership units,
— depositary receipts on equities,
— structured instruments (participation) and
— others (miscellaneous).
Within the Category of debt instruments, the Groups are bonds, convertible bonds, bonds with warrants
attached, medium-term notes, money market instruments, structured instruments (capital protection),
structured instruments (without capital protection), mortgage-backed securities, asset-backed
securities, municipal bonds, depositary receipts on debt instruments and others (miscellaneous). For
the complete classification breakdown, see Clause 56.
3.5 4.5 The last four characters indicate the most relevant Attributes applicable to each Group. Whereas
voting rights, ownership/transfer/sales restrictions, payment status and form are useful information
in equities, these features do not exist for options, which have other Attributes such as option style,
underlying assets, delivery, standardized/non-standardized or trigger.
2 © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
4 5 CFI allocation
4.1 5.1 General
CFIs are allocated following the conventions and principles of Clause 34 of this International
Standarddocument.
Where an instrument is identified usingaccording to ISO 6166, the relevant ISIN allocation agency
willshall also assign the CFI. This CFI will always be considered the official CFI.
For those instruments where no ISIN is assigned, the CFI may be derived by a user in accordance with
document.
this International Standard
CFIs shall be assigned in a timely manner in order to meet the needs of the user community.
4.2 5.2 Existing CFIs and existing securities without a CFI
Existing active CFIs assigned in accordance with previous editions of this International
Standarddocument will transition to the most recent edition.
The allocation of CFIs for existing financial instruments without a CFI shall be based on the most recent
edition.
5 6 Codes and definitions
5.1 6.1 Categories
The first character of the CFI code indicates the following Categories:
E Equities
C Collective investment vehicles
D Debt instruments
R Entitlement (rights)
O Listed options
F Futures
S Swaps
H Non-listed and complex listed options
I Spot
J Forwards
K Strategies
L Financing
T Referential instruments
M Others (miscellaneous)
For the sake of easier legibility of the following subclauses, the individual characters of the CFI codes
are separated by a hyphen; asterisks (*) serve as placeholders for characters that may vary.
ISO 10962:redline:2019(E)
E Equities
C CIVs
D Debt instruments
R Entitlement (rights)
O Listed options
F Futures
S Swaps
H Non-listed and complex listed options
I Spot
J Forwards
K Strategies
L Financing
T Referential instruments
M Others (miscellaneous)
5.2 6.2 Equities - E-*-*-*-*-*-
5.2.1 6.2.1 Description
Financial instruments representing an ownership interest in an entity or pool of assets.
Equities are broken down into the following Groups:
S Common/ordinary shares
P Preferred/preference shares
C Common/ordinary convertible shares
F Preferred/preference convertible shares
L Limited partnership units
D Depositary receipts on equities
Y Structured instruments (participation)
M Others (miscellaneous)
S Common/ordinary shares
P Preferred/preference shares
C Common/ordinary convertible shares
F Preferred/preference convertible shares
4 © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
L Limited partnership units
D Depositary receipts on equities
Y Structured instruments (participation)
M Others (miscellaneous)
5.2.2 6.2.2 Common/ordinary shares - E-S-*-*-*-*-
Holders are typically entitled to vote and receive dividends. In the event of liquidation, holders of shares
usually rank behind the entity's creditors and holders of preferred/preference shares.
First attribute Voting right (indicates the kind of voting power conferred to the shareholder):
V Voting (each share has one vote) -E-S-V-*-*-*-
N Non-voting (the shareholder has no voting right) -E-S-N-*-*-*-
R Restricted voting (the shareholder may be entitled to less than -E-S-R-*-*-*-
one vote per share)
E Enhanced voting (the shareholder is entitled to more than one -E-S-E-*-*-*-
vote per share)
Second attribute Ownership/transfer/sales restrictions (the ownership or transfer of the security is subject
to special conditions including country specific restrictions):
T Restrictions -E-S-*-T-*-*-
U Free (unrestricted) -E-S-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-S-*-*-O-*-
P Partly paid -E-S-*-*-P-*-
F Fully paid -E-S-*-*-F-*-
Fourth attribute Form (negotiability, transmission):
B Bearer (the owner is not registered in the books of the issuer -E-S-*-*-*-B-
or of the registrar)
R Registered (securities are recorded in the name of the owner -E-S-*-*-*-R-
on the books of the issuer or the issuer's registrar and can
only be transferred to another owner when endorsed by the
registered owner)
N Bearer/registered (securities are issued in both bearer and -E-S-*-*-*-N-
registered form but with the same identification number)
M Others (miscellaneous) -E-S-*-*-*-M-
First attribute Voting right (indicates the kind of voting power conferred to the shareholder):
V Voting (each share has one vote) -E-S-V-*-*-*-
N Non-voting (the shareholder has no voting right) -E-S-N-*-*-*-
R Restricted voting (the shareholder may be entitled to less -E-S-R-*-*-*-
than one vote per share)
E Enhanced voting (the shareholder is entitled to more than -E-S-E-*-*-*-
one vote per share)
Second attribute Ownership/transfer/sales restrictions (the ownership or transfer of the secu-
rity is subject to special conditions including country-specific restrictions):
T Restrictions -E-S-*-T-*-*-
U Free (unrestricted) -E-S-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-S-*-*-O-*-
ISO 10962:redline:2019(E)
P Partly paid -E-S-*-*-P-*-
F Fully paid -E-S-*-*-F-*-
Fourth attribute Form (negotiability, transmission):
B Bearer (the owner is not registered in the books of the -E-S-*-*-*-B-
issuer or of the registrar)
R Registered (securities are recorded in the name of the -E-S-*-*-*-R-
owner on the books of the issuer or the issuer's registrar
and can only be transferred to another owner when en-
dorsed by the registered owner)
N Bearer/registered (securities are issued in both bearer and -E-S-*-*-*-N-
registered form but with the same identification number)
M Others (miscellaneous) -E-S-*-*-*-M-
5.2.3 6.2.3 Preferred/preference shares - E-P-*-*-*-*-
Payment of dividends to holders normally takes preference over the payment of dividends to other
classes of shares. In the event of liquidation, preferred/preference shares normally rank above ordinary
shares but behind creditors of the company.
First attribute Voting right (please refer to 5.2.2):
V Voting -E-P-V-*-*-*-
N Non-voting -E-P-N-*-*-*-
R Restricted voting -E-P-R-*-*-*-
E Enhanced voting -E-P-E-*-*-*-
Second attribute Redemption (indicates the retirement provisions made for the shares):
R Redeemable (the shares may be redeemed at the option of the -E-P-*-R-*-*-
issuer and/or of the shareholder)
E Extendible (the redemption date can be extended at the issuer -E-P-*-E-*-*-
or holder option)
T Redeemable/extendible (the issuer and/or holders of redeemable -E-P-*-T-*-*-
shares with a fixed maturity date have the option to extend the
maturity date)
G Exchangeable (the shares may be exchanged for securities of -E-P-*-G-*-*-
another issuer)
A Redeemable/exchangeable/extendible (the issuer and/or holders -E-P-*-A-*-*-
of redeemable shares with a fixed maturity date have the option
to extend the maturity date and the shares may be exchanged
for securities of another issuer)
C Redeemable/exchangeable (the shares may be redeemed at -E-P-*-C-*-*-
the option of the issuer and/or of the shareholder and may be
exchanged for securities of another issuer)
N Perpetual (the share has no fixed maturity date) -E-P-*-N-*-*-
Third attribute Income (indicates the kind of dividend income the shareholders are entitled to):
F Fixed rate income (the shareholder periodically receives a -E-P-*-*-F-*-
stated income)
C Cumulative, fixed rate income (the shareholder periodically -E-P-*-*-C-*-
receives a stated amount; dividends not paid in any year accu-
mulate and shall be paid at a later date before dividends can be
paid on the common/ordinary shares)
P Participating income (preferred/preference shareholders, in -E-P-*-*-P-*-
addition to receiving their fixed rate of prior dividend, share
with the common shareholders in further dividend distributions
and in capital distributions)
6 © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
Q Cumulative, participating income (shareholders are entitled -E-P-*-*-Q-*-
to dividends in excess of the stipulated preferential rate under
specified conditions; dividends not paid in any year accumulate
and shall be paid at a later date before dividends can be paid on
the common/ordinary shares)
A Adjustable/variable rate income (the dividend rate is set peri--E-P-*-*-A-*-
odically, usually based on a certain yield)
N Normal rate income (shareholders are entitled to the same -E-P-*-*-N-*-
dividends as common/ordinary shareholders, but have other
privileges, e.g. as regards distribution of assets upon dissolution)
U Auction rate income (dividend is adjusted through an -E-P-*-*-U-*-
auction, such as the Dutch auction)
Fourth attribute Form (please refer to 5.2.2):
B Bearer -E-P-*-*-*-B-
R Registered -E-P-*-*-*-R-
N Bearer/registered -E-P-*-*-*-N-
M Others (miscellaneous) -E-P-*-*-*-M-
First attribute Voting right (please refer to 6.2.2):
V Voting -E-P-V-*-*-*-
N Non-voting -E-P-N-*-*-*-
R Restricted voting -E-P-R-*-*-*-
E Enhanced voti
...
INTERNATIONAL ISO
STANDARD 10962
Redline version
compares Fourth edition to
Third edition
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:redline:2019(E)
©
ISO 2019
ISO 10962:redline:2019(E)
IMPORTANT
This marked-up version uses the following colour-coding in the marked-up text:
Text example 1 — Text has been added (in green)
— Text has been deleted (in red)
Text example 2
— Graphic figure has been added
— Graphic figure has been deleted
1.x . — If there are changes in a clause/subclause, the corresponding clause/
subclause number is highlighted in yellow in the Table of contents
DISCLAIMER
This marked-up version highlights the main changes in this edition of the document
compared with the previous edition. It does not focus on details (e.g. changes in
punctuation).
This marked-up version does not constitute the official ISO document and is not intended to
be used for implementation purposes.
© 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: +41 22 749 01 11
Fax: +41 22 749 09 47
Email: copyright@iso.org
Website: www.iso.org
Published in Switzerland
ii © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
Contents Page
Foreword .vi
Introduction .vii
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
3 4 Conventions and principles . 1
4 5 CFI allocation . 3
4.1 5.1 General . 3
4.2 5.2 Existing CFIs and existing securities without a CFI . 3
5 6 Codes and definitions . 3
5.1 6.1 Categories . 3
5.2 6.2 Equities - E-*-*-*-*-*- . 4
5.2.1 6.2.1 Description . 4
5.2.2 6.2.2 Common/ordinary shares - E-S-*-*-*-*-. 5
5.2.3 6.2.3 Preferred/preference shares - E-P-*-*-*-*-. 6
5.2.4 6.2.4 Common/ordinary convertible shares - E-C-*-*-*-*- . 8
5.2.5 6.2.5 Preferred/preference convertible shares - E-F-*-*-*-*- . 9
5.2.6 6.2.6 Limited partnership units - E-L-*-*-*-*- .10
5.2.7 6.2.7 Depositary receipts on equities - E-D-*-*-*-*- .11
5.2.8 6.2.8 Structured instruments (participation) - E-Y-*-*-*-*- .12
5.2.9 6.2.9 Others (miscellaneous) - E-M-X-X-X-*- .15
5.3 6.3 Collective investment vehicles CIVs - C-*-*-*-*-*- .16
5.3.1 6.3.1 Description .16
5.3.2 6.3.2 Standard (vanilla) investment funds/mutual funds - C-I-*-*-*-*- . .16
5.3.3 6.3.3 Hedge funds - C-H-*-X-X-X- .18
5.3.4 6.3.4 Real estate investment trusts (REIT) REITs - C-B-*-*-X-*- .20
5.3.5 6.3.5 Exchange traded funds (ETF) ETFs - C-E-*-*-*-*- .20
5.3.6 6.3.6 Pension funds - C-S-*-*-*-*- .22
5.3.7 6.3.7 Funds of funds - C-F-*-*-*-*- .22
5.3.8 6.3.8 Private equity funds - C-P-*-*-*-*- .23
5.3.9 6.3.9 Others (miscellaneous) - C-M-X-X-X-*- .25
5.4 6.4 Debt instruments - D-*-*-*-*-*- .25
5.4.1 6.4.1 Description .25
5.4.2 6.4.2 Bonds - D-B-*-*-*-*- .26
5.4.3 6.4.3 Convertible bonds - D-C-*-*-*-*- .29
5.4.4 6.4.4 Bonds with warrants attached - D-W-*-*-*-*- .31
5.4.5 6.4.5 Medium term notes - D-T-*-*-*-*- .33
5.4.6 6.4.6 Money market instruments - D-Y-*-*-X-*- .34
5.4.7 6.4.7 Structured instruments (capital protection) - D-S-*-*-*-*- .36
5.4.8 6.4.8 Structured instruments (without capital protection) - D-E-*-*-*-*- .38
5.4.9 6.4.9 Mortgage-backed securities - D-G-*-*-*-*- .41
5.4.10 6.4.10 Asset-backed securities - D-A-*-*-*-*- .43
5.4.11 6.4.11 Municipal bonds - D-N-*-*-*-*- .45
5.4.12 6.4.12 Depositary receipts on debt instruments - D-D-*-*-*-*- .47
5.4.13 6.4.13 Others (miscellaneous) - D-M-*-X-X-*- .49
5.5 6.5 Entitlements (rights) - R-*-*-*-*-*- .49
5.5.1 6.5.1 Description .49
5.5.2 6.5.2 Allotment (bonus) rights - R-A-X-X-X-*- .50
5.5.3 6.5.3 Subscription rights - R-S-*-X-X-*- .50
5.5.4 6.5.4 Purchase rights - R-P-*-X-X-*- .51
5.5.5 6.5.5 Warrants - R-W-*-*-*-*- .52
ISO 10962:redline:2019(E)
5.5.6 6.5.6 Mini-future certificates/constant leverage certificates - R-F-*-*-*-*- . .54
5.5.7 6.5.7 Depositary receipts on entitlements - R-D-*-X-X-*- .55
5.5.8 6.5.8 Others (miscellaneous) - R-M-X-X-X-X- .56
5.6 6.6 Listed options - O-*-*-*-*-*- .56
5.6.1 6.6.1 Description .56
5.6.2 6.6.2 Call options - O-C-*-*-*-*- .56
5.6.3 6.6.3 Put options - O-P-*-*-*-*- .58
5.6.4 6.6.4 Others (miscellaneous) - O-M-X-X-X-X- .59
5.7 6.7 Futures - F-*-*-*-*-X- .60
5.7.1 6.7.1 Description .60
5.7.2 6.7.2 Financial futures - F-F-*-*-*-X- .60
5.7.3 6.7.3 Commodities futures - F-C-*-*-*-X- .61
5.8 6.8 Swaps - S-*-*-*-*-*- .62
5.8.1 6.8.1 Description .62
5.8.2 6.8.2 Rates - S-R-*-*-*-*- .62
5.8.3 6.8.3 Commodities - S-T-*-*-X-*- .65
5.8.4 6.8.4 Equity - S-E-*-*-X-*- .67
5.8.5 6.8.5 Credit - S-C-*-*-*-*- .68
5.8.6 6.8.6 Foreign exchange - S-F-*-X-X-*- .70
5.8.7 6.8.7 Others (miscellaneous) - S-M-*-X-X-*- .71
5.9 6.9 Non-listed and complex listed options - H-*-*-*-*-*- .72
5.9.1 6.9.1 Description .72
5.9.2 6.9.2 Rates - H-R-*-*-*-*- .72
5.9.3 6.9.3 Commodities - H-T-*-*-*-*- .76
5.9.4 6.9.4 Equity - H-E-*-*-*-*- . .78
5.9.5 6.9.5 Credit - H-C-*-*-*-*- .80
5.9.6 6.9.6 Foreign exchange - H-F-*-*-*-*- .81
5.9.7 6.9.7 Others (miscellaneous) - H-M-*-*-*-*- .83
5.10 6.10 Spot - I-*-*-X-X-*- .85
5.10.1 6.10.1 Description .85
5.10.2 6.10.2 Foreign exchange - I-F-X-X-X-P- .85
5.10.3 6.10.3 Commodities - I-T-*-X-X-X- .85
5.11 6.11 Forwards - J-*-*-X-*-*- .86
5.11.1 6.11.1 Description .86
5.11.2 6.11.2 Equity - J-E-*-X-*-*- .86
5.11.3 6.11.3 Foreign exchange - J-F-*-X-*-*- .87
5.11.4 6.11.4 Credit - J-C-*-X-*-*- .88
5.11.5 6.11.5 Rates - J-R-*-X-*-*- .89
5.11.6 6.11.6 Commodities - J-T-*-X-*-*- .90
5.12 6.12 Strategies - K-*-X-X-X-X- .91
5.12.1 6.12.1 Description .91
5.12.2 6.12.2 Rates - K-R-X-X-X-X- .91
5.12.3 6.12.3 Commodities - K-T-X-X-X-X- .92
5.12.4 6.12.4 Equity - K-E-X-X-X-X-.92
5.12.5 6.12.5 Credit - K-C-X-X-X-X- .92
5.12.6 6.12.6 Foreign exchange - K-F-X-X-X-X- .93
5.12.7 6.12.7 Mixed assets - K-Y-X-X-X-X- .93
5.12.8 6.12.8 Others (miscellaneous) - K-M-X-X-X-X- .93
5.13 6.13 Financing - L-*-*-*-X-*- .94
5.13.1 6.13.1 Description .94
5.13.2 6.13.2 Loan-lease - L-L-*-X-X-*- .94
5.13.3 6.13.3 Repurchase agreements - L-R-*-*-X-*- .95
5.13.4 6.13.4 Securities lending - L-S-*-*-X-*- .96
5.14 6.14 Referential instruments - T-*-*-*-*-X-.97
5.14.1 6.14.1 Description .97
5.14.2 6.14.2 Currencies - T-C-*-X-X-X- .98
5.14.3 6.14.3 Commodities - T-T-*-X-X-X- .98
iv © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
5.14.4 6.14.4 Interest rates - T-R-*-*-X-X- .99
5.14.5 6.14.5 Indices - T-I-*-*-*-X- .100
5.14.6 6.14.6 Baskets - T-B-*-X-X-X- .102
5.14.7 6.14.7 Stock dividends - T-D-*-X-X-X- .102
5.14.8 6.14.8 Others (miscellaneous) - T-M-X-X-X-X- .103
5.15 6.15 Others (miscellaneous) - M-*-*-*-X-*- .103
5.15.1 6.15.1 Description .103
5.15.2 6.15.2 Combined instruments - M-C-*-*-X-*- .103
5.15.3 6.15.3 Other assets - M-M-*-X-X-X- .104
Annex A (informative) Classification examples.106
Bibliography .113
ISO 10962:redline:2019(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/directiveswww .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/patentswww .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 theof 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 WTOWorld Trade Organization (WTO) principles in the Technical
Barriers to Trade (TBT) see the following URL: , see Foreword - Supplementary information
www .iso .org/iso/foreword .html.
The committee responsible for this document isThis document was prepared by Technical Committee
ISO/TC 68, Financial services, Subcommittee SC 48, Securities and related financial instrumentsReference
data for financial services.
This thirdfourth edition cancels and replaces the secondthird edition (ISO 10962:20012015) which
has been extended to cover necessary technical changes.technically revised. The main changes to the
previous edition are as follows:
— To address industry requirements for the classification of derivative instruments, 6.8, 6.9 and
6.11 have been amended, where the support for multi-commodity derivatives, the addition of
exercise styles not connected to option type (put or call) and the ability to classify foreign exchange
derivatives for single currencies and a basket of currencies are included.
— In 6.8, changes have been introduced for the identification of deliverable/non-deliverable for swap
products.
— Rolling foreign exchange spot contracts have been included in 6.11.
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.
vi © ISO 2019 – All rights reserved
ISO 10962:redline:2019(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 Processingstraight-through processing by all involved participants in an
electronic data processing environment. AnFor example being, readers of portfolio holdings see
reports from different sources using the same categories, groups and attributesCategories, 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.
— The CFI code system can further serve as a basis for classification of financial instruments for
industry risk aggregation and regulatory reporting.
INTERNATIONAL STANDARD ISO 10962:redline:2019(E)
Securities and related financial instruments —
Classification of financial instruments (CFI) code
1 Scope
This International Standarddocument 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 Standarddocument 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
Standarddocument 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 ofreferred to in the text
in such a way that some or all of their content constitutes requirements 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 Terms and definitions
No terms and definitions are listed in this document.
ISO and IEC maintain terminological databases for use in standardization at the following addresses:
— ISO Online browsing platform: available at https: //www .iso .org/obp
— IEC Electropedia: available at http: //www .electropedia .org/
3 4 Conventions and principles
3.1 4.1 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
ISO 10962:redline:2019(E)
country. This principle avoids confusion arising from different linguistic usage as well as redundancy,
while allowing objective comparison of the instruments across all domestic markets.
Refer to the examples in Annex A.
3.2 4.2 The CFI code consists of six alphabetical characters. The following alphabetic characters, A, B, C,
D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, and Z, are available for assignment. Two alphabetic
characters have special meaning and cannot be redefined:
X Not applicable/undefined: If the character 'X' can be used for any respective Attribute if the
information is unknown, not available or applicable at the time of assignment, the character 'X'
is to be used for the respective element regardless of whether it is stated as an available char-
acter for the Attribute and should be updated to reflect the respective Attribute as soon as it is
known or available.
The character 'X' shall not be used as a value in the above described manner for Category or Group.
M Others (miscellaneous): the character ‘M’ exclusively represents ‘others (miscellaneous)’ and
can only be used where it is available as a character within the context of its parent Category or
Group. ‘M’ is only to be selected when the Category, Group or Attribute being classified cannot
be attributed to an existing specified Category, Group or Attribute.
The meaning of an alphabetic character is local to and only valid within the context of its parent
Category or Group.
3.3 4.3 The first character indicates the highest level of classification and differentiates between
Categories such as equities, collective investment vehicles (CIVs), debt instruments and many more.
3.4 4.4 The second character indicates specific Groups within each Category; equities, for example, are
broken down into:
— common/ordinary shares,
— preferred/preference shares,
— common/ordinary convertible shares,
— preferred/preference convertible shares,
— limited partnership units,
— depositary receipts on equities,
— structured instruments (participation) and
— others (miscellaneous).
Within the Category of debt instruments, the Groups are bonds, convertible bonds, bonds with warrants
attached, medium-term notes, money market instruments, structured instruments (capital protection),
structured instruments (without capital protection), mortgage-backed securities, asset-backed
securities, municipal bonds, depositary receipts on debt instruments and others (miscellaneous). For
the complete classification breakdown, see Clause 56.
3.5 4.5 The last four characters indicate the most relevant Attributes applicable to each Group. Whereas
voting rights, ownership/transfer/sales restrictions, payment status and form are useful information
in equities, these features do not exist for options, which have other Attributes such as option style,
underlying assets, delivery, standardized/non-standardized or trigger.
2 © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
4 5 CFI allocation
4.1 5.1 General
CFIs are allocated following the conventions and principles of Clause 34 of this International
Standarddocument.
Where an instrument is identified usingaccording to ISO 6166, the relevant ISIN allocation agency
willshall also assign the CFI. This CFI will always be considered the official CFI.
For those instruments where no ISIN is assigned, the CFI may be derived by a user in accordance with
document.
this International Standard
CFIs shall be assigned in a timely manner in order to meet the needs of the user community.
4.2 5.2 Existing CFIs and existing securities without a CFI
Existing active CFIs assigned in accordance with previous editions of this International
Standarddocument will transition to the most recent edition.
The allocation of CFIs for existing financial instruments without a CFI shall be based on the most recent
edition.
5 6 Codes and definitions
5.1 6.1 Categories
The first character of the CFI code indicates the following Categories:
E Equities
C Collective investment vehicles
D Debt instruments
R Entitlement (rights)
O Listed options
F Futures
S Swaps
H Non-listed and complex listed options
I Spot
J Forwards
K Strategies
L Financing
T Referential instruments
M Others (miscellaneous)
For the sake of easier legibility of the following subclauses, the individual characters of the CFI codes
are separated by a hyphen; asterisks (*) serve as placeholders for characters that may vary.
ISO 10962:redline:2019(E)
E Equities
C CIVs
D Debt instruments
R Entitlement (rights)
O Listed options
F Futures
S Swaps
H Non-listed and complex listed options
I Spot
J Forwards
K Strategies
L Financing
T Referential instruments
M Others (miscellaneous)
5.2 6.2 Equities - E-*-*-*-*-*-
5.2.1 6.2.1 Description
Financial instruments representing an ownership interest in an entity or pool of assets.
Equities are broken down into the following Groups:
S Common/ordinary shares
P Preferred/preference shares
C Common/ordinary convertible shares
F Preferred/preference convertible shares
L Limited partnership units
D Depositary receipts on equities
Y Structured instruments (participation)
M Others (miscellaneous)
S Common/ordinary shares
P Preferred/preference shares
C Common/ordinary convertible shares
F Preferred/preference convertible shares
4 © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
L Limited partnership units
D Depositary receipts on equities
Y Structured instruments (participation)
M Others (miscellaneous)
5.2.2 6.2.2 Common/ordinary shares - E-S-*-*-*-*-
Holders are typically entitled to vote and receive dividends. In the event of liquidation, holders of shares
usually rank behind the entity's creditors and holders of preferred/preference shares.
First attribute Voting right (indicates the kind of voting power conferred to the shareholder):
V Voting (each share has one vote) -E-S-V-*-*-*-
N Non-voting (the shareholder has no voting right) -E-S-N-*-*-*-
R Restricted voting (the shareholder may be entitled to less than -E-S-R-*-*-*-
one vote per share)
E Enhanced voting (the shareholder is entitled to more than one -E-S-E-*-*-*-
vote per share)
Second attribute Ownership/transfer/sales restrictions (the ownership or transfer of the security is subject
to special conditions including country specific restrictions):
T Restrictions -E-S-*-T-*-*-
U Free (unrestricted) -E-S-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-S-*-*-O-*-
P Partly paid -E-S-*-*-P-*-
F Fully paid -E-S-*-*-F-*-
Fourth attribute Form (negotiability, transmission):
B Bearer (the owner is not registered in the books of the issuer -E-S-*-*-*-B-
or of the registrar)
R Registered (securities are recorded in the name of the owner -E-S-*-*-*-R-
on the books of the issuer or the issuer's registrar and can
only be transferred to another owner when endorsed by the
registered owner)
N Bearer/registered (securities are issued in both bearer and -E-S-*-*-*-N-
registered form but with the same identification number)
M Others (miscellaneous) -E-S-*-*-*-M-
First attribute Voting right (indicates the kind of voting power conferred to the shareholder):
V Voting (each share has one vote) -E-S-V-*-*-*-
N Non-voting (the shareholder has no voting right) -E-S-N-*-*-*-
R Restricted voting (the shareholder may be entitled to less -E-S-R-*-*-*-
than one vote per share)
E Enhanced voting (the shareholder is entitled to more than -E-S-E-*-*-*-
one vote per share)
Second attribute Ownership/transfer/sales restrictions (the ownership or transfer of the secu-
rity is subject to special conditions including country-specific restrictions):
T Restrictions -E-S-*-T-*-*-
U Free (unrestricted) -E-S-*-U-*-*-
Third attribute Payment status:
O Nil paid -E-S-*-*-O-*-
ISO 10962:redline:2019(E)
P Partly paid -E-S-*-*-P-*-
F Fully paid -E-S-*-*-F-*-
Fourth attribute Form (negotiability, transmission):
B Bearer (the owner is not registered in the books of the -E-S-*-*-*-B-
issuer or of the registrar)
R Registered (securities are recorded in the name of the -E-S-*-*-*-R-
owner on the books of the issuer or the issuer's registrar
and can only be transferred to another owner when en-
dorsed by the registered owner)
N Bearer/registered (securities are issued in both bearer and -E-S-*-*-*-N-
registered form but with the same identification number)
M Others (miscellaneous) -E-S-*-*-*-M-
5.2.3 6.2.3 Preferred/preference shares - E-P-*-*-*-*-
Payment of dividends to holders normally takes preference over the payment of dividends to other
classes of shares. In the event of liquidation, preferred/preference shares normally rank above ordinary
shares but behind creditors of the company.
First attribute Voting right (please refer to 5.2.2):
V Voting -E-P-V-*-*-*-
N Non-voting -E-P-N-*-*-*-
R Restricted voting -E-P-R-*-*-*-
E Enhanced voting -E-P-E-*-*-*-
Second attribute Redemption (indicates the retirement provisions made for the shares):
R Redeemable (the shares may be redeemed at the option of the -E-P-*-R-*-*-
issuer and/or of the shareholder)
E Extendible (the redemption date can be extended at the issuer -E-P-*-E-*-*-
or holder option)
T Redeemable/extendible (the issuer and/or holders of redeemable -E-P-*-T-*-*-
shares with a fixed maturity date have the option to extend the
maturity date)
G Exchangeable (the shares may be exchanged for securities of -E-P-*-G-*-*-
another issuer)
A Redeemable/exchangeable/extendible (the issuer and/or holders -E-P-*-A-*-*-
of redeemable shares with a fixed maturity date have the option
to extend the maturity date and the shares may be exchanged
for securities of another issuer)
C Redeemable/exchangeable (the shares may be redeemed at -E-P-*-C-*-*-
the option of the issuer and/or of the shareholder and may be
exchanged for securities of another issuer)
N Perpetual (the share has no fixed maturity date) -E-P-*-N-*-*-
Third attribute Income (indicates the kind of dividend income the shareholders are entitled to):
F Fixed rate income (the shareholder periodically receives a -E-P-*-*-F-*-
stated income)
C Cumulative, fixed rate income (the shareholder periodically -E-P-*-*-C-*-
receives a stated amount; dividends not paid in any year accu-
mulate and shall be paid at a later date before dividends can be
paid on the common/ordinary shares)
P Participating income (preferred/preference shareholders, in -E-P-*-*-P-*-
addition to receiving their fixed rate of prior dividend, share
with the common shareholders in further dividend distributions
and in capital distributions)
6 © ISO 2019 – All rights reserved
ISO 10962:redline:2019(E)
Q Cumulative, participating income (shareholders are entitled -E-P-*-*-Q-*-
to dividends in excess of the stipulated preferential rate under
specified conditions; dividends not paid in any year accumulate
and shall be paid at a later date before dividends can be paid on
the common/ordinary shares)
A Adjustable/variable rate income (the dividend rate is set peri--E-P-*-*-A-*-
odically, usually based on a certain yield)
N Normal rate income (shareholders are entitled to the same -E-P-*-*-N-*-
dividends as common/ordinary shareholders, but have other
privileges, e.g. as regards distribution of assets upon dissolution)
U Auction rate income (dividend is adjusted through an -E-P-*-*-U-*-
auction, such as the Dutch auction)
Fourth attribute Form (please refer to 5.2.2):
B Bearer -E-P-*-*-*-B-
R Registered -E-P-*-*-*-R-
N Bearer/registered -E-P-*-*-*-N-
M Others (miscellaneous) -E-P-*-*-*-M-
First attribute Voting right (please refer to 6.2.2):
V Voting -E-P-V-*-*-*-
N Non-voting -E-P-N-*-*-*-
R Restricted voting -E-P-R-*-*-*-
E Enhanced voti
...
Questions, Comments and Discussion
Ask us and Technical Secretary will try to provide an answer. You can facilitate discussion about the standard in here.
Loading comments...