Chief Strategist, Open Data And Standards
CurrentSee: OpenFIGI.com for more information on the FIGI standard and data.Our industry for too long lacked single open standards that would identify Entities and Instruments. I wrote about this in 2001 after convening an industry working group to address Unique Security Identification, and that paper is still referenced today throughout the industry in its original form. In September 2014, the Object Management Group (www.omg.org) officially accepted FIGI as an open standard.The Financial Instrument Global Identifier (FIGI; \'fig - ē\) provides an open, unique, non changing identifier for instrument (product/asset/security, etc) identification.It took the 2008 credit crisis to make any movement on LEI. But, with the creation of the LEI (Legal Entity Identifier), half of this problem was addressed. With the creation of the FIGI, the second half of the equation is finally provided.I am working towards educating the industry on how FIGI can help individual firms, and the industry as a whole, enable better data management and quality, improve communication with and between organizations, reduce costs and improve the information we use for critical decision making.Instrument identification has been a hap-hazard collection of schemes that fit a specific functional need or purpose. Depending on where you are in the trade process, what you are doing, decisions you have to make, or who you need to communicate with, will influence what scheme (or schemes) may be appropriate. And even then, it may not be readily apparent, there are challenges of open versus closed 'standards', redistribution and 'ownership' questions. Let us show you how properly leveraging the FIGI can cut through these issues and let you get back to focusing on using your data to work for your business - not trying to figure out how to get data to work.