Financial Instrument Global Identifier (FIGI) now available across the AccessFintech ecosystem
Users of AccessFintech’s Synergy Network can now use FIGIs to reduce cost, enhance data quality and increase speed
LONDON, NEW YORK & TEL AVIV, October 18, 2022 – AccessFintech, a leading fintech company evolving the financial operating model through data and workflow collaboration, today announced that Financial Instrument Global Identifiers (FIGIs) are now available on Synergy, AccessFintech’s data collaboration network.
The FIGI is an open data standard that provides guidelines for identifying and creating context-specific data models of financial instruments. The standard covers financial instruments globally and across asset classes, including common stock, derivatives, corporate and government bonds, as well as those that previously lacked standard identifiers, such as crypto assets and loans subject to any third-party licensing requirements, if applicable. Using a semantically meaningless primary key as the identifier, it is supported by descriptive metadata that describes the financial instrument, including specific context such as an exchange or national jurisdiction where appropriate.
Through OpenFIGI.com, AccessFintech customers can now utilize FIGIs to identify and track financial instruments as they move through the various stages of the trading, settlement, risk, and regulatory reporting workflows. The data standard will be enabled across the billions of transaction updates processed by AccessFintech’s Synergy Network each year. This will allow AccessFintech customers who use FIGIs to link their proprietary content and to share data with organizations that use alternative identifiers to ensure smooth collaboration across post-trade operations by helping to mitigate existing licensing and cost barriers.
Steve Fazio, Chief Product Officer, AccessFintech, said: “Deploying the FIGI standard across the entire Synergy Network allows us to add an important additional layer of data normalisation for clients. Financial institutions favour varying identifiers, and we are excited to link these standards with the FIGI, which will support us in identifying instruments globally and across assets in a standardised language. The ability to connect different data identifiers enhances our capacity to provide seamless connectivity and helps us go further in linking content sets across multiple market players to reduce errors and help minimise overall risk.”
The FIGI is a globally recognized standard, which is owned by the Object Management Group® and distributed by Bloomberg as the Registration Authority. The FIGI was recently accredited in the US by the Accredited Standards Committee X9 Inc. To learn more, visit https://www.openfigi.com/.