Enabling interoperability, transparency, and efficiency between industry participants
BOSTON, MA – JANUARY 20, 2021 – Financial Instruments Global Identifier® (FIGI®) is an open standard for the issuance of unique identifiers that can be assigned to financial instruments including common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products.
Kaiko has been approved as Certified Provider of FIGI for crypto assets, working under the auspices of the Object Management Group® (OMG®) and alongside Bloomberg LP in their role as Registration Agent, to expand the open data standard to blockchain-based digital assets.
Many market information providers, securities exchanges and third-party applications have adopted the FIGI standard in their market data feeds. Doing so allows their customers to have a coherent view of market data across multiple providers and applications so that customers are not obligated to build their own mapping systems to match up disparate instrument identifiers.
What are Crypto FIGIs
With the continuing growth in the creation, use, and trade of digital assets, there is a need to bring greater standardization to the sector. FIGIs for crypto assets will enable interoperability, transparency, and greater efficiency between industry participants such as digital asset exchanges, data aggregators, custodians of digital assets, service providers, and regulators.
Importantly, the FIGI standard will be compatible with and complement alternative standards. Each instrument assigned a FIGI may also be tied to an International Securities Identification Number (ISIN) or other identifiers, such as ISO’s future Digital Transaction Identifier (DTI)
Richard Beatch, Member of the Board of Directors at the Object Management Group, said, “FIGIs for crypto-assets brings substantial benefits to participants in the sector, and we expect to see it used over time by all key stakeholders and market participants. Kaiko brings significant expertise and technical experience in providing a fit-for-purpose instrument explorer and corresponding identifiers for the cryptocurrency market.”
Richard Robinson, Chief Strategist, Open Data and Standards at Bloomberg LP, said, “Data quality is at the core of actionable and accurate information. Open Symbology’s metadata-driven approach, supported by a rigorously applied ontology, provides a powerful toolset for accessing, sharing, tracking, and managing your data, data quality, and implementing proper governance.”
The Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium with representation from government, industry, and academia. OMG Task Forces develop enterprise integration standards for a wide range of technologies and an even wider range of industries. OMG’s modelling standards enable powerful visual design, execution and maintenance of software and other processes. Visit www.omg.org for more information.
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