ISO 10962
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ISO 10962, generally known as CFI (Classification of Financial Instruments) is a six-letter-code used in the financial services industry to classify and describe the structure and function of a financial instrument (in the form of security or contract). It is an international standard approved by the International Organization for Standardization (ISO). Since 1 July 2017, each financial instrument should receive a CFI at the same time it is allocated an ISIN (International Security Identification Number) by the respective National Numbering Agency (NNA).
The CFI is attributed to a financial instrument at the time when the financial instrument is issued; it will normally not change during the life of that instrument.[1]
Each of the six letters of the CFI represents a specific characteristic of the financial instrument (e.g. ESVUFB is used to describe a typical registered share). Those capital letters are drawn from the ISO basic Latin alphabet.
The first letter of the code is the Category: E for Equity (shares and other instruments of that nature), D for Debt (particularly bonds), C for Collective Investment Vehicles, (i.e. investment funds), etc.
The purpose of the ISO 10962 standard is to provide a recognized standard for describing all financial instruments, which is recognized world-wide by all operators and computer systems in the financial and banking industries. Classification of financial instrument (CFI) Code is used to define and describe financial instruments as a uniform set of codes for all market participants.[2] The code is issued by the members of ANNA, the Association of National Numbering Agencies. The group is currently working to simplify the structure so that as to increase its use by non-governmental market participants.
History of ISO 10962 Modification[edit]
- Standard was first accepted and published in 1997 as ISO 10962:1997[3]
- Its first revision, published in 2001, was ISO 10962:2001[4]
- In 2006, FIX Protocol group published a proposal for changes of the standard for Consultation.[1]
- The last revised and accepted version of the standard is ISO 10962:2015 and was published by ISO in 2015.[5]
- In 2019 a revised version mainly related to OTC derivatives was published and the latest version externalizing the CFI codes was published in 2021.[6]
Background and Goals of Introduction[edit]
Where distinct entities transact it is seen as helpful to establish a common transaction language. The CFI code is meant to provide the most comprehensive information possible, while at the same time maintaining the code manageability, provides a standard for identification of type of instrument and their main high level characteristics, determined by the intrinsic characteristics of the financial instrument, which would be independent of the individual names or conventions of a given country or financial institution. This principle avoids confusion arising from different linguistic usage as well as redundancy, while allowing an objective comparison of the instruments across markets.[1]
CFI codes also aim to simplify electronic communication between participants, improve understanding of the characteristics of financial instruments for the investors, and allow securities grouping in a consistent manner for reporting and categorization purposes.[2]
Structure of CFI Code[edit]
- The first character indicates the highest level of category of the Security. [7]
- The second character refers to the groups within each category. [7]
- The next four characters refer to four attributes, that varies between groups.
- The letter X always means Not Appl./Undefined.
Tabulated Structure of CFI Code[edit]
CFI Category
(1st Char) |
CFI Group
(2nd Char) |
Attribute - 1
(3rd Char) |
Attribute - 2
(4th Char) |
Attribute - 3
(5th Char) |
Attribute - 4
(6th Char) |
---|---|---|---|---|---|
E = Equities | S = Shares i.e. Common / Ordinary | Voting Right
|
Ownership
|
Payment Status
|
Form
|
P = Preferred shares |
Voting Right
|
Redemption
|
Income
|
Form
| |
C = Convertible shares |
Voting Right
|
Ownership
|
Payment Status
|
Form
| |
F = Preferred convertible shares |
Voting Right
|
Redemption
|
Income
|
Form
| |
L = Limited partnership units |
Voting Right
|
Ownership
|
Payment Status
|
Form
| |
D = Depository receipts on equities | Instrument dependency
|
Redemption / Conversion of the Underlying Asset
|
Income
|
Form
| |
Y = Structured instruments (participation) | Type
|
Distribution
|
Repayment
|
Underlying asset
| |
R = Preference shares | Voting Right
|
|
Income
|
Form
| |
V = Preference convertibles shares | Voting Right
|
Redemption
|
Income
|
Form
| |
U = Units
(from Unit trusts, Mutual funds, OPCVM or OICVM) |
Closed/open-end
|
Distribution policy
|
Assets
|
Form
| |
M = Others (Misc.) | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | Form
| |
D = Debt Instruments | B = Bonds | Type of interest
|
Guarantee
|
Redemption/Reimbursement
|
Form
|
C = Convertible Bonds | |||||
W = Bonds with warrants attached | |||||
T = Medium-term notes | |||||
S = Structured products (with capital protection) | Type
|
Distribution
|
Repayment
|
Underlying asset
| |
E = Structured products (without capital protection) | Type
|
Repayment
| |||
G = Mortgage-backed securities (MBS) |
|
Guarantee
|
|
| |
A = Asset backed securities (ABS) | Type of interest
|
Guarantee
|
Redemption/Reimbursement
|
Form
| |
N = Municipal bonds | Type of interest
|
Guarantee
|
Redemption/Reimbursement
|
Form
| |
D = Depository receipts on debt instruments | Instrument dependency
|
Type of interest/cash payment
|
Guarantee
|
Redemption/Reimbursement
| |
Y = Money market instruments | Type of interest
|
Guarantee
|
X = Not Appl./Undefined | Form
| |
M = Others (Misc.) | Type
|
X = Not Appl./Undefined | X = Not Appl./Undefined | Form
| |
C = Collective Investment Vehicles | I = Standard (vanilla)investment funds/mutual funds | Closed / Open-end
|
Distribution Policy
|
Asset
R = Real Estate B = Debt Instruments E = Equities V = Convertible Securities L = Mixed C = Commodities D = Derivatives F = Referential Instruments K = Credits M = Others (Misc.) |
|
H = Hedge funds | |||||
B = Real estate investment trusts (REITs) | |||||
E = Exchange-traded funds (ETFs) | |||||
S = Pension funds | |||||
F = Funds of funds | |||||
P = Private equity funds | |||||
M = Others (Misc.) | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | Security Type and Investors Restrictions
| |
R = Entitlement (Rights) | A = Allotments (Bonus Rights) | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | Form
|
S = Subscription Rights | Asset
|
X = Not Appl./Undefined | X = Not Appl./Undefined | Form
| |
P = Purchase Rights | Asset
|
X = Not Appl./Undefined | X = Not Appl./Undefined |
Form
| |
W = Warrants | Underlying asset
|
Type
|
Call / Put
|
Exercise Option Style
| |
F = Mini-future certificates/constant leverage certificates | Underlying asset
|
Barrier dependency type
|
Long / short
|
Exercise Option Style
| |
D = Depository receipts on entitlements | Instrument dependency
|
X = Not Appl./Undefined | X = Not Appl./Undefined | Form
| |
M = Other (Misc.) | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | |
O = Listed Options | C = Call Options | Exercise option style
|
Underlying asset
|
Delivery
|
Standard
|
P = Put Options | |||||
M = Others (Misc.) | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | |
F = Futures | F = Financial futures | Underlying Asset
|
Delivery
|
Standardized / Non-Standardized
|
X = Not Appl./Undefined |
C = Commodities futures | Underlying Asset
|
Delivery
|
|
X = Not Appl./Undefined | |
S = Swaps | R = Rates | ||||
T = Commodities | |||||
E = Equity | |||||
C = Credit | |||||
F = Foreign exchange (FX) | |||||
M = Others (Misc.) | |||||
H = Non-listed and complex listed options | R = Rates | ||||
T = Commodities | |||||
E = Equity | |||||
C = Credit | |||||
F = Foreign exchange (FX) | |||||
M = Others (Misc.) | |||||
I = Spots | F = Foreign exchange (FX) | X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | Delivery
|
T = Commodities | Underlying asset
|
X = Not Appl./Undefined | X = Not Appl./Undefined | X = Not Appl./Undefined | |
J = Forwards | E = Equity | ||||
F = Foreign exchange (FX) | |||||
C = Credit | |||||
R = Rates | |||||
T = Commodities | |||||
K = Strategies | R = Rates | ||||
T = Commodities | |||||
E = Equity | |||||
C = Credit | |||||
F = Foreign exchange (FX) | |||||
Y = Mixed assets | |||||
M = Others (Misc.) | |||||
L = Financing | L = Loan Lease | Underlying asset
|
X = Not appl./Undefined | X = Not appl./Undefined | Delivery
|
R = Repurchase agreements | Underlying asset
|
Termination
|
X = Not appl./Undefined | Delivery
| |
S = Securities Lending | Underlying asset
|
Termination
|
X = Not appl./Undefined | Delivery
| |
T = Referential instruments | C = Currencies | Type
|
X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined |
T = Commodities | Underlying asset
|
X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined | |
R = Interest rates | Type
|
Freq. of calculation
|
X = Not appl./Undefined | X = Not appl./Undefined | |
I = Indices | Asset class
|
Weighting type
|
Index return type
|
X = Not appl./Undefined | |
B = Baskets | Composition
|
X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined | |
D = Stock dividends | Type of equity
|
X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined | |
M = Misc. / Others | X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined | |
M = Misc. / Others | C = Combined instruments | Component
|
Ownership
|
X = Not appl./Undefined | Form
|
M = Misc. / Others | Further grouping
|
X = Not appl./Undefined | X = Not appl./Undefined | X = Not appl./Undefined |
See also[edit]
- Capital Market Taxonomy
- Central Index Key
- CUSIP
- ISO 6166
- ISO 10383
- ISO 20022
- International Securities Identifying Number
- NSIN
- FIX Protocol newsletter describing the options and futures CFI codes
References[edit]
- ^ a b c "Securities and related financial instruments — Classification of Financial Instruments (CFI code) – [Revision of ISO 10962:2001]" (PDF). FIX Protocol association (FPL). Retrieved 30 July 2013.[permanent dead link]
- ^ a b "CFI & ISO 10962 on ANNA website". Association of National Numbering Agencies (ANNA). Retrieved 30 July 2013.
- ^ "ISO 10962:2001". ISO. Retrieved 26 April 2019.
- ^ "ISO 10962:2001". ISO. Retrieved 26 April 2019.
- ^ "ISO 10962:2015". International Organization for Standardization (ISO). Archived from the original on 2017-03-02.
- ^ "ISO/DIS 10962". ISO. Retrieved 26 April 2019.
- ^ a b "CFI Code description on CNMV site". The Comisión Nacional del Mercado de Valores (CNMV). Retrieved 30 July 2013.