ISO/TR 21797:2019 金融サービスの参照データ—金融商品の識別の概要 | ページ 2

Foreword

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This document was prepared by Technical Committee ISO/TC 068, Financial services, Subcommittee SC 08, Reference data for financial services.

Introduction

The identification of financial instruments is a core component for properly functioning financial markets. Both regulatory and operational issues influence the need for standard identifiers for financial instruments. This identification is central to enabling increasingly complex markets, from individual firms managing data internally, to communication between multiple parties concerning an asset, to regulatory oversight and overall transparency.

As far back as 1998, industry reports such as those produced by the Giovannini Group, the G30, and the G20 have recommended both harmonization and interoperability of financial instrument standards for communication and identification purposes.

Regulation drives a significant amount of adoption and change, while innovation still comes from niche areas of the financial industry (an example from 2016 being shared ledger technologies, e.g. Blockchain). Potential frictions resulting from conflicting mandates by different or overlapping jurisdictions are addressed by bodies trying to harmonize requirements. A major theme is the harmonization efforts across asset classes and jurisdictions. This is occurring through specific requirements for the use of specific standards, as well as guiding principles on how those standards should be utilized. Some industry initiatives in many parts of the world are likewise relevant to instrument identifiers.

This document results from a study of identifiers of financial instruments across asset classes, which extends beyond basic financial instruments and identifiers.

The accompanying overview represents an inventory of the current international, national, proprietary and/or de facto standards in use globally and encompasses a broad constituency across the entire instrument life cycle.

Understanding the universe of existing standards can lead to further investigation and understanding of where, when and why specific standards are used. It can lead to efforts to either harmonize, where appropriate, or identify at what points interoperability is best achieved.

There has been some success in the efforts for harmonization and interoperability. It is recognized there is still much work to be accomplished. This document shows that there are existing underlying reasons for multiple identification schemes and that their existence is more a symptom of core systemic barriers. Multiple identification schemes should not be viewed as a primary barrier in achieving harmonization or interoperability.

The identifiers available in a machine-readable file at https://standards.iso.org/iso/tr/21797/ed-1/en are represented without copyright restriction.

1 Scope

This document gives an overview of existing and currently used financial instrument identifiers. It shows which instrument identifiers, ticker symbols and proprietary codes are assigned via a standardized scheme to instruments of all asset classes. It focuses on providing an overview of the landscape and not on evaluating the schemes. Several aspects of the detailed trade cycle (a few examples being book building/primary, order entry management, execution management and trade confirmation matching) are excluded as their complexity would reduce the readability of the overview. Similarly, the level of complexity involved in properly representing the shifting perspectives of what is considered a financial instrument, based on a particular function being performed, is excluded.

2 Normative references

There are no normative references in this document.

3 Terms and definitions

For the purposes of this document, the terms and definitions given in the machine-readable file at https://standards.iso.org/iso/tr/21797/ed-1/en and the following apply.

ISO and IEC maintain terminological databases for use in standardization at the following addresses:

Bibliography