Allocation Rules

Corporate

For instruments issued in multiple tranches, each distinct tranche (or piece) is allocated a separate FIGI. Examples include, but are not limited to, Bearer, Regulation S (Reg S), Rule 144A, Fungible, Registered, and Accredited Investor (AI) tranches.

Additional Information:
- A FIGI is designed to remain unchanged for the life of the bond, including through pricing changes, corporate actions, and maturity. A new FIGI is only assigned if the certified data provider determines the outcome constitutes a fundamentally new instrument. For example, a complex restructuring that creates a new instrument.

Security Types Covered (19 options)
AUSTRALIAN
BULLDOG
CANADIAN
Cover Pool
DOMESTIC
DOMESTIC MTN
EURO MTN
EURO NON-DOLLAR
EURO-DOLLAR
EURO-ZONE
GLOBAL
PRIV PLACEMENT
RESTRUCTURD DEBT
SAMURAI
SHOGUN
UK GILT STOCK
US DOMESTIC
US NON-DOLLAR
YANKEE

Crypto

Bloomberg and Kaiko are both Certified Providers authorized to allocate FIGIs for cryptocurrency instruments under the FIGI standard. As a result, crypto FIGIs may originate from either provider, with both representing valid identifiers within the FIGI framework.

Additional Information:
- Cryptocurrency FIGIs are allocated at the asset, pair, and venue instrument levels. Cryptocurrency pairs created by Bloomberg prior to the onboarding of Kaiko as a certified provider were assigned FIGIs with a "BB" prefix. FIGIs originating from Kaiko are assigned a “KK” prefix. As a result, the FIGI prefix may differ depending on the source and timing of the instrument's creation.
Levels of Assignment
- Asset (Base) Level - A FIGI is assigned to the underlying asset, which represents the cryptocurrency itself.
  FIGI Example - KKG000000M81
- Pair Level - A FIGI is assigned to each distinct trading pair of the cryptocurrency, which represents the combination of the base asset and the quote currency.
  FIGI Example - BBG006FCL7J4
- Instrument Level - A FIGI is assigned to each distinct currency pair traded on a specific exchange.
  FIGI Example - KKG000006F26

Currency

A FIGI is assigned to each unique currency pair, consisting of a base currency and a quote currency. For example, EUR/USD is treated as a single currency instrument and is assigned its own FIGI.

Additional Information:
- FIGIs are assigned to unique FX and currency instruments, including applicable spot currency pairs, providing consistent identification across the foreign exchange market. Distinct instruments and currency pairs are assigned their own FIGIs based on their underlying characteristics.
Security Types Covered (51 options)
BANK BILL
BANKERS ACCEPTANCE
BASIS SWAP
BUTTERFLY SWAP
CALC_INSTRUMENT
CAPS & FLOORS
CASH RATE
CD
COMMERCIAL PAPER
CONTRACT FRA
CROSS
CURVE_ROLL
Crypto
Currency future.
Currency option.
Currency spot.
DEPOSIT
FIXING RATE
FORWARD
FORWARD CROSS
FORWARD CURVE
FRA
FWD SWAP
Futures Monthly Ticker
Generic currency future.
Generic index future.
IMM FORWARD
IMM SWAP
INFLATION SWAP
MONEY MARKET CALL
MUNI SWAP
NDF SWAP
NON-DELIVERABLE FORWARD
NON-DELIVERABLE IRS SWAP
ONSHORE FORWARD
ONSHORE SWAP
OPTION
OPTION VOLATILITY
OTHER
OVERNIGHT INDEXED SWAP
PROMISSORY NOTE
Physical index future.
REPO
RETURN IDX
SPOT
SWAP
SWAP SPREAD
SWAPTION VOLATILITY
Strategy Trade.
TREASURY BILL
VOLATILITY DERIVATIVE

Derivatives

For listed derivatives, FIGIs are assigned to uniquely identify individual futures and options contracts based on their specific contract terms. Depending on the instrument type, additional FIGIs may be assigned at the contract series, Composite, or Trading Venue level, providing consistent identification across the derivative structure. FIGIs are also assigned to OTC derivatives that are maintained as defined financial instruments.

Additional Information:
- Commodity
  - Options - A FIGI is assigned to each individual option contract. FIGIs may also be assigned to separately identifiable option strategies supported by the applicable Trading Venue, including those on CME, Euronext Paris, and ICE.
  - Futures - A FIGI is assigned to each individual futures contract. FIGIs are also assigned to Generic Futures and certain separately identifiable commodity instruments, including LME generic outrights, prompts, virtual prompts, BALMOs, and LME spreads.
- Currency
  - Options - A FIGI is assigned to each individual listed option contract. A FIGI is allocated when the option is listed on a Trading Venue and remains associated with the option if it subsequently expires or is removed from that venue.
  - Futures - A FIGI is assigned to each individual futures contract. Different expirations and separately identifiable contract specifications receive distinct FIGIs.
- Equity
  - Options - A FIGI is assigned to each individual option contract. For Equity Options in Canada, China, Japan, and the United States, where an option may be listed across multiple Trading Venues, FIGIs are assigned at both the Composite and Trading Venue levels. The Composite FIGI provides a market-level identifier across applicable Trading Venues, while a separate Trading Venue-level FIGI identifies the option on each individual venue.
  - Futures - A FIGI is assigned to each individual futures contract. Different expirations or separately identifiable contracts receive distinct FIGIs. Generic Futures are also assigned separate FIGIs.
- Index
  - Options - A FIGI is assigned to each individual option contract. For U.S. Index Options, where the same option may be available across multiple Trading Venues, FIGIs are assigned at both the Composite and Trading Venue levels.
  - Futures - A FIGI is assigned to each individual futures contract, with different expirations receiving distinct FIGIs. Generic Futures are also assigned separate FIGIs.
- Over-the-Counter (OTC) Derivatives
  - Swaps & Basis Swaps - FIGIs are assigned to individual instruments based on their specific tenor and rate structure, including applicable basis and butterfly swap structures, with the exclusion of Credit Default Swaps (CDS).

Levels of Assignment
- Series Level - Provides the contract series-level FIGI for listed derivatives. All contracts within the same contract series share this FIGI, enabling identification and aggregation across the contract chain. This identifier is applicable to non-equity listed futures.
  FIGI Example - BBG01WCPSFJ5
- Composite Level - Where applicable, a Composite FIGI provides a market-level identifier for the same option contract across multiple Trading Venues within the applicable country or market.
  FIGI Example - BBG020M1G887
- Trading Venue Level - A Trading Venue-level FIGI identifies an individual derivative contract in the context of a specific Trading Venue.
  FIGI Example - BBG020M1G850

Equity

The different levels of FIGI assignment for equities are designed to provide consistent identification across the various ways a security can be represented; traded, settled and priced in the market. This hierarchy allows users to distinguish between the share classification, listings across jurisdictions, and specific trading venues while maintaining clear relationships among them. Understanding these relationship structures is important for accurately mapping and reconciling securities across markets and data sources.

Additional Information:
- Listed Equities - FIGIs are assigned to identify the financial instrument and, where applicable, its market and trading-venue relationships. Multiple FIGIs may exist at different levels of the hierarchy while maintaining the relationship to the same underlying share class. A FIGI remains associated with the instrument if it is subsequently delisted.
- Listed Funds - Listed funds generally follow the same allocation approach as listed equities, with FIGIs assigned at the applicable share class, market, and trading-venue levels. Delisting does not result in the removal or reassignment of an existing FIGI.
- Unlisted Funds - Unlisted funds that are not traded on an exchange are assigned FIGIs at the Composite and Share Class levels. Because these funds are not exchange-traded, they do not receive Trading Venue-level FIGIs.
- Private Equity-Backed Securities - FIGIs may be assigned to equity securities of companies that are privately held and have private equity ownership. FIGI allocation provides persistent identification of these securities without requiring a public exchange listing.
- Warrants - Warrants generally follow the same allocation approach as listed equities, with FIGIs assigned at the Composite and Trading Venue levels where applicable. Warrants do not receive a Share Class FIGI, as they are not typically multiply listed across markets in the same manner as equities.
Levels of Assignment
- Share Class Level - The Share Class Financial Instrument Global Identifier (FIGI) provides a global view of an instrument by linking its Composite FIGIs across different countries and markets. This allows users to identify and group the various market representations of the same instrument under a common global identifier.
  FIGI Example - BBG001S5S399
- Composite Level - The Composite Financial Instrument Global Identifier (FIGI) provides an aggregated view of an instrument by linking its Trading Venue-level FIGIs within the same country or market. This allows users to identify and group the various trading-venue representations of an instrument under a common identifier.
  FIGI Example - BBG000BLNNH6
- Venue Level - The Trading Venue-level Financial Instrument Global Identifier (FIGI) uniquely identifies an individual instrument on a specific trading venue and remains unchanged once assigned. For equities, this provides the most granular level of identification, distinguishing where an instrument is traded while maintaining a persistent identifier throughout its lifecycle.
  FIGI Example - BBG000BLNQ16
Security Types Covered (79 options)
ADR
Austrian Crt
BASIS TRADE ON CLOSE
BDR
Basket WRT
Belgium Cert
Bond
CDI
CDR
CEDEAR
CONTRACT FOR DIFFERENCE
Canadian DR
Car Forward
Closed-End Fund
Cmdt Fut WRT
Cmdt Idx WRT
Common Stock
Conv Bond
Conv Prfd
Corp Bnd WRT
Currency WRT
DIVIDEND NEUTRAL STOCK FUTURE
Dutch Cert
EDR
ETP
Equity Option
Equity WRT
FDIC
FIDC
Foreign Sh.
French Cert
Fund of Funds
GDR
German Cert
HDR
I.R. Fut WRT
I.R. Swp WRT
IDR
Index WRT
Indx Fut WRT
Int. Rt. WRT
Ltd Part
MLP
Managed Account
Misc.
Mutual Fund
NVDR
NY Reg Shrs
Open-End Fund
Option on Equity Future
PRES
Participate Cert
Preference
Preferred
Prfd WRT
Private-equity backed
Pvt Eqty Fund
RDC
REIT
Receipt
Right
Royalty Trst
SDR
SINGLE STOCK DIVIDEND FUTURE
SINGLE STOCK FORWARD
SINGLE STOCK FUTURE
SINGLE STOCK FUTURE SPREAD
Savings Plan
Savings Share
Sec Lending
Singapore DR
Stapled Security
Swiss Cert
TDR
Tracking Stk
UIT
Unit
Unit Inv Tst
Warrant

Government

A FIGI is assigned to each distinct government debt instrument. The FIGI remains associated with the instrument throughout its lifecycle, including after issuance, auction, reopening, or maturity, unless the event results in the creation of a new financial instrument.

Additional Information:
- A FIGI is assigned to a new U.S. Treasury instrument when it is first made available on a when-issued basis. The same FIGI is maintained following the auction and throughout the instrument’s lifecycle. For reopenings, the existing FIGI is retained and no new reopening-specific FIGI is assigned. This approach applies to U.S. Treasury instruments including Bills, Notes, Bonds, TIPS, STRIPS, and Cash Management Bills.
- Canadian Government Instruments - A FIGI is assigned to the when-issued instrument. If the auction results in a new issue, the resulting instrument is assigned a separate FIGI. For reopenings of an existing instrument, no new reopening-specific FIGI is assigned.
- Japanese Government Instruments - A FIGI is assigned to the when-issued instrument. If the auction results in a new issue, the resulting instrument is assigned a separate FIGI. For reopenings of an existing instrument, no new reopening-specific FIGI is assigned.
Security Types Covered (18 options)
AUSTRALIAN
BULLDOG
CANADIAN
DOMESTIC
DOMESTIC MTN
EURO MTN
EURO NON-DOLLAR
EURO-DOLLAR
EURO-ZONE
GLOBAL
PRIV PLACEMENT
SAMURAI
SHOGUN
UK GILT STOCK
US DOMESTIC
US GOVERNMENT
US NON-DOLLAR
YANKEE

Index

A FIGI is assigned to an index and remains associated with that index throughout its lifecycle. Attributes associated with the index, such as its name or other descriptive information, may change without resulting in a new FIGI. A separate FIGI may be assigned where an index variant represents a separately identifiable index.
Financial instruments that are constituents of an index may independently have their own FIGIs; however, index-to-constituent relationships are not represented by the FIGI or provided through OpenFIGI.

Additional Information:
- Index Variants - Separate FIGIs are assigned to distinct index variants, such as price return, total return, net return, or currency-hedged versions, where each represents a separately defined index.
- Index Types - FIGIs may be assigned across a range of index types, including market benchmarks, custom baskets, strategy indices, and multi-asset indices.
Security Types Covered (20 options)
Calendar Spread Option
Commodity Index
Currency option.
Equity Index
FX Curve
Financial commodity option.
Financial index future.
Financial index generic.
Financial index option.
Fixed Income Index
Futures Monthly Ticker
Generic index future.
Index
Index Option
Physical commodity option.
Physical index future.
Physical index option.
Spot index.
Strategy Trade.
Yield Curve

Loan

For loans, FIGIs are assigned at two levels: Deal/Facility and Tranche. The Deal/Facility-level FIGI identifies the overall financing and provides an umbrella for the individual loan tranches, while a separate FIGI identifies each underlying tranche.

Additional Information:
- For term loans, a refinancing, repricing, or maturity extension results in the creation of a new tranche and assignment of a new FIGI. The FIGI associated with the existing tranche remains unchanged. For revolving credit facilities, changes are applied to the existing tranche and do not result in a new FIGI.
Levels of Assignment
- Deal/Facility Level - A FIGI is assigned to the overall loan deal or facility, providing an umbrella identifier for the individual tranches associated with the financing.
  FIGI Example - BBG004HXHCP8
- Tranche Level - A separate FIGI is assigned to each individual loan tranche within the deal.
  FIGI Example - BBG02009LG44
Security Types Covered (109 options)
ASSET-BASED BRIDGE
ASSET-BASED BRIDGE REV
ASSET-BASED BRIDGE TERM
ASSET-BASED DELAY-DRAW TERM
ASSET-BASED DIP
ASSET-BASED DIP DELAY-DRAW
ASSET-BASED DIP REV
ASSET-BASED DIP TERM
ASSET-BASED LOC
ASSET-BASED PIK REV
ASSET-BASED PIK TERM
ASSET-BASED REV
ASSET-BASED TERM
Asset-Based
BRIDGE
BRIDGE DELAY-DRAW
BRIDGE DELAY-DRAW PIK TERM
BRIDGE DELAY-DRAW TERM
BRIDGE DIP TERM
BRIDGE GUARANTEE FAC
BRIDGE ISLAMIC
BRIDGE ISLAMIC TERM
BRIDGE PIK
BRIDGE PIK REV
BRIDGE PIK TERM
BRIDGE REV
BRIDGE REV GUARANTEE FAC
BRIDGE STANDBY TERM
BRIDGE TERM
BRIDGE TERM GUARANTEE FAC
BRIDGE TERM VAT-TRNCH
BRIDGE VAT-TRNCH
DELAY-DRAW
DELAY-DRAW ISLAMIC
DELAY-DRAW ISLAMIC LOC
DELAY-DRAW ISLAMIC TERM
DELAY-DRAW LOC
DELAY-DRAW PIK TERM
DELAY-DRAW STANDBY TERM
DELAY-DRAW TERM
DELAY-DRAW TERM GUARANTEE F
DELAY-DRAW TERM VAT-TRNCH
DIM SUM BRIDGE TERM
DIM SUM DELAY-DRAW TERM
DIM SUM REV
DIM SUM TERM
DIP
DIP DELAY-DRAW ISLAMIC TERM
DIP DELAY-DRAW PIK TERM
DIP DELAY-DRAW TERM
DIP LOC
DIP PIK TERM
DIP REV
DIP STANDBY LOC
DIP SYNTH LOC
DIP TERM
GUARANTEE FAC
ISLAMIC
ISLAMIC GUARANTEE FAC
ISLAMIC LOC
ISLAMIC REV
ISLAMIC STANDBY
ISLAMIC STANDBY REV
ISLAMIC STANDBY TERM
ISLAMIC TERM
ISLAMIC TERM GUARANTEE FAC
ISLAMIC TERM VAT-TRNCH
LOC
LOC GUARANTEE FAC
LOC TERM
OVERDRAFT
PIK
PIK LOC
PIK REV
PIK SYNTH LOC
PIK TERM
RESERVE-BASED DIP REV
RESERVE-BASED LOC
RESERVE-BASED REV
RESERVE-BASED TERM
REV
REV GUARANTEE FAC
REV VAT-TRNCH
Revolver
STANDBY
STANDBY LOC
STANDBY LOC GUARANTEE FAC
STANDBY REV
STANDBY TERM
SWINGLINE
SYNTH LOC
SYNTH REV
SYNTH TERM
Synthetic Term
TERM
TERM GUARANTEE FAC
TERM REV
TERM VAT-TRNCH
TLTRO TERM
UNITRANCHE
UNITRANCHE ASSET-BASED REV
UNITRANCHE DELAY-DRAW PIK T
UNITRANCHE DELAY-DRAW TERM
UNITRANCHE PIK LOC
UNITRANCHE PIK REV
UNITRANCHE PIK TERM
UNITRANCHE REV
UNITRANCHE TERM
VAT-TRNCH

Money Market

For money market securities, FIGIs are assigned at both the program and individual instrument levels. Different program types established under the same documentation are assigned separate FIGIs, providing consistent identification across the program and its underlying instruments.

Security Types Covered (110 options)
ACCEPT BANCARIA
AUSTRALIAN CD
AUSTRALIAN CP
BANK ACCEPT BILL
BANK NOTE
BANKERS ACCEPT
BEARER DEP NOTE
BELGIUM CP
BILL OF EXCHANGE
BILLET A ORDRE
BRAZIL GENERIC
BRAZILIAN CDI
CAD INT BEAR CP
CALL LOANS
CALLABLE CP
CANADIAN CD
CANADIAN CP
CASH
CBLO
CHILEAN CD
CHILEAN DN
COLLAT CALL NOTE
COLOMBIAN CD
COMMERCIAL NOTE
CP-LIKE EXT NOTE
DEPOSIT NOTE
DISCOUNT FIXBIS
DISCOUNT NOTES
DOMESTC TIME DEP
DUTCH CP
EURO CD
EURO CP
EURO MTN
EURO STRUCTRD LN
EURO TIME DEPST
EXTEND COMM NOTE
EXTEND. NOTE MTN
FED FUNDS
FINNISH CD
FINNISH CP
FLOATING CP
FRENCH CD
FRENCH CP
FX DISCOUNT NOTE
GERMAN CP
HONG KONG CD
INDIAN CD
INDIAN CP
INDONESIAN CP
INT BEAR FIXBIS
ISLAMIC BA
ISLAMIC CP
JUMBO CD
KOREAN CD
KOREAN CP
LEBANESE CP
LIQUIDITY NOTE
Letra Financeira
MALAYSIAN CP
MARGIN TERM DEP
MASTER NOTES
MED TERM NOTE
MEDIUM TERM CD
MEDIUM TERM ECD
MEXICAN CP
MEXICAN PAGARE
MONETARY BILLS
MUNI CP
MUNI INT BEAR CP
MURABAHA
MX CERT BURSATIL
NEG EURO CP
NEG INST DEPOSIT
NEGOTIABLE CD
NEW ZEALAND CD
NEW ZEALAND CP
OVER/NIGHT
PANAMANIAN CP
PHILIPPINE CP
PLAZOS FIJOS
PORTUGUESE CP
PROMISSORY NOTE
PROV T-BILL
REPO
RETAIL CD
S.TERM LOAN NOTE
SEC GEN COLL NOT
SHORT TERM BN
SHORT TERM DN
SINGAPORE CP
SPANISH CP
SPECIAL LMMK PGM
STERLING CD
STERLING CP
SWEDISH CP
TAIWAN CP
TAIWAN CP GUAR
TAIWAN NEGO CD
TAIWAN TIME DEPO
TERM DEPOSITS
THAILAND CP
U.S. CD
U.S. CP
U.S. INT BEAR CP
VAR RATE DEM OBL
VENEZUELAN CP
VIETNAMESE CD
YANKEE CD
YEN CD
YEN CP

Mortgage

For mortgage-backed securities (MBS), FIGIs are assigned to the individual security or pool, providing a persistent identifier for each uniquely defined instrument. Separate pools, classes, or tranches receive distinct FIGIs based on the structure of the security.

Additional Information:
- To-Be-Announced (TBA) Mortgages - FIGIs are assigned proactively to TBA contracts on a rolling basis, generally covering future delivery periods. Each TBA is identified by characteristics such as agency/program, coupon, and settlement month.
- Generic / Pool-Level Mortgages - FIGIs are assigned to generic mortgage instruments representing standardized pool criteria. These instruments are differentiated by attributes such as issuer, coupon, term, and product type.
- Specified Pools & Individual MBS Certificates - A unique FIGI is assigned to each individual mortgage pool or certificate. Once assigned, the FIGI remains associated with that security throughout its lifecycle and is not reused.
- Commercial & Private-Label MBS - For CMBS and other private-label securitizations, FIGIs are assigned to the individual classes or tranches within the deal structure.
Security Types Covered (41 options)
ABS Auto
ABS Card
ABS Home
ABS Other
Agncy ABS Home
Agncy ABS Other
Agncy CMBS
Agncy CMO FLT
Agncy CMO INV
Agncy CMO IO
Agncy CMO Other
Agncy CMO PO
Agncy CMO Z
CF
CMBS
Canadian
FNMA FHAVA
HB
MBS 10yr
MBS 15yr
MBS 20yr
MBS 30yr
MBS 35yr
MBS 40yr
MBS 50yr
MBS 5yr
MBS 7yr
MBS ARM
MBS Other
MBS balloon
MV
Prvt CMBS
Prvt CMO FLT
Prvt CMO INV
Prvt CMO IO
Prvt CMO Other
Prvt CMO PO
Prvt CMO Z
SBA Pool
SN
UMBS MBS Other

Municipal

A FIGI is assigned to each municipal security at the maturity level when the instrument is created. FIGI allocation and maintenance take into account applicable MSRB requirements related to corporate actions and the remarketing of municipal securities.

Levels of Assignment
- Series Level - A Series-level FIGI groups the individual maturities associated with the same municipal series, providing an aggregated view across the series.
  FIGI Example - BBG02446DMR9
- Maturity Level - A Maturity-level FIGI identifies an individual municipal security with a specific maturity date and represents the most granular level of FIGI assignment for municipal securities.
  FIGI Example - BBG0249ZV1F9
Security Types Covered (18 options)
ADJ CONV. TO FIXED
ADJ CONV. TO FIXED, OID
ADJUSTABLE
ADJUSTABLE, OID
CASH FLOW
CASH FLOW, OID
CPI LINKED
FIXED
FIXED, OID
FLOATING
FLOATING, OID
INTER. APPRECIATION
INTER. APPRECIATION, OID
OID
TAX CREDIT
TAX CREDIT, OID
ZERO COUPON
ZERO COUPON, OID

Preferred

For preferred securities, FIGIs are assigned to the individual security or share class, providing a persistent identifier for each distinct instrument. Preferred stocks generally represent an equity ownership interest with priority over common stock for dividends and claims on assets, while preference shares are a similar form of preferred equity commonly used in markets outside the United States and may have different rights or structural terms based on the issuer and jurisdiction. Both may include features such as fixed or floating dividends, callability, convertibility, or cumulative distributions, with the FIGI remaining associated with the instrument throughout its lifecycle.

Security Types Covered (2 options)
PRIVATE
PUBLIC

Corporate Actions

Corporate actions do not typically result in changes to existing FIGIs. The FIGI is designed to remain stable throughout most corporate events, providing continuity in the identification of financial instruments.

Corporate and Preferred

Called, Reopening, & Debt Repurchase - The existing FIGI remains associated with the instrument.
Exchange Offer - A FIGI does not change as a result of an exchange offer. The FIGI remains the same on the current instrument, and the instrument that is issued in exchange for the original instrument is issued a new FIGI.
Fungible Issues - Fungible bonds have separate FIGIs prior to the fungible date. After the fungible date, the amount outstanding is increased on the original bond, and the FIGI remains unchanged. The FIGI also remains unchanged for the fungible bond, even though it is no longer active.
Third-Party Identifier Changes (Non-FIGI) - When an issuer removes trading restrictions from an instrument, other market identifiers may change accordingly. The FIGI remains unchanged and continues to be associated with the unrestricted instrument.
Preferred Exchange Symbol Changes - Exchange trading symbols frequently change for preferred instruments. The FIGI remains the same and remains with the instrument in perpetuity.

Equity

Ticker Symbol or Name Change - The FIGI remains unchanged when an instrument's ticker symbol or name changes. Updated ticker symbols and other reference data become associated with the existing FIGIs.
Ticker Symbol Change Across Different Execution Venues - This is a very rare event, as ticker symbol changes typically occur within a Composite-level FIGI and its associated Exchange-level FIGIs. However, in some cases, a ticker symbol change may coincide with a move to a different execution venue. In these cases, the Exchange-level FIGIs are reallocated accordingly, while the new ticker symbol remains associated with the existing Composite-level FIGI.
Change in Trading Venue, Place of Listing, or Delisting - As noted above, a change to an instrument's Trading Venue or Place of Listing may affect the applicable FIGI associations. However, traditional corporate actions will not change the FIGI assignment, and existing FIGIs remain available for reference through the OpenFIGI website and APIs.
A delisting does not remove existing Share Class-, Composite-, or Trading Venue-level FIGI assignments. Please note that for equities, the OpenFIGI website and APIs return active instruments by default. To display delisted instruments, users must select "Include Unlisted Equities" from the Equity dropdown on the website or specify the equivalent option in the API.
Merger, Acquisition, or Reverse Merger - These events do not, by themselves, change an existing FIGI. FIGIs remain associated with their respective instruments, including when an acquired company is subsequently delisted or a surviving company changes its name.
Spin-Offs - A spin-off does not change the FIGI of the parent company. If the spin-off creates a new company and financial instrument, a new FIGI is allocated to the spun-off instrument; if the spun-off company already exists, the existing FIGIs for both companies remain unchanged.
When-Issued and When-Distributed Instruments:
- An instrument admitted to When-Issued trading may begin trading before it is formally issued and transition to Regular Way trading on a trading venue. Typically, the When-Issued ticker will have a “-W” appended to the root ticker, for example, ABC-W US Equity.
  Once the spin-off is completed and the When-Issued period ends, the shares transition to Regular Way trading. This transition is treated as a ticker symbol metadata change, with the original FIGIs remaining associated with the instrument. For example: ABC-W US Equity → ABC US Equity
- When-Issued (or When-Distributed) Trading Alongside Regular Way Trading: In a more common scenario, When-Issued securities may trade alongside existing Regular Way securities, as is often the case with Ex-Distribution shares. The When-Issued (or When-Distributed) instrument is assigned its own FIGI, which remains associated with the instrument after When-Distributed trading ends and the instrument is delisted. The FIGIs associated with the securities trading Regular Way remain unchanged.
  When-Distributed tickers typically have “/WD” appended to the root ticker. For example:
  - Regular Way: ABC US Equity
  - When-Distributed: ABC/WD US Equity

Equity Futures

New Adjusted Future - If the trading venue creates a new adjusted ticker symbol, the existing FIGI remains unchanged and moves to the new adjusted ticker.
Existing Future Adjusted - If the adjustment is applied directly to the existing futures contract, the FIGI remains unchanged.
New Futures Contracts - Any new futures contracts listed as a result of the underlying corporate action are considered new instruments and are assigned new FIGIs.

Equity Options

Ticker Symbol Change or Delisting - Composite-level and Trading Venue-level FIGIs remain unchanged. If the underlying equity is delisted alongside the options, the existing FIGIs continue to exist.
Acquisition or Spin-Off - A spin-off does not change the FIGI of the parent company. If the spin-off creates a new company and financial instrument, a new FIGI is allocated to the spun-off instrument. If the spun-off company already exists, the existing FIGIs for the shares of both companies remain unchanged.
Merger, Cash Dividend, or Stock Dividend - The FIGI remains unchanged; the option may be adjusted to reflect new deliverables.
Stock Split or Reverse Stock Split - The FIGI remains unchanged; the option's strike may be adjusted.
Distribution - The FIGI remains unchanged; the option may be adjusted to reflect new deliverables and a strike adjustment.

Multi-Market Venues

This section outlines market-specific scenarios that may affect how FIGIs are assigned and maintained. It provides additional guidance for identifying instruments consistently across non-standard market venues, security types, and lifecycle events.

Hong Kong-China Stock Connect

Stock Connect is a program connecting the Hong Kong, Shanghai, and Shenzhen Stock Exchanges, enabling international and Mainland Chinese investors to trade eligible securities across these markets through their respective trading and clearing facilities. Northbound trading refers to Hong Kong and international investors trading Mainland-listed securities, while Southbound trading refers to Mainland investors trading eligible Hong Kong-listed securities. Each exchange listing is assigned a unique Exchange-level FIGI.

The following Exchange Codes are used for Stock Connect tickers:
- C1 Shanghai-HK Connect Northbound
- H1 Shanghai-HK Connect Southbound
- C2 Shenzhen-HK Connect Northbound
- H2 Shenzhen-HK Connect Southbound

Multilateral Trading Facility (MTF)

Multilateral Trading Facilities (MTFs) are trading venues established to facilitate the trading of financial instruments between multiple parties. An instrument traded on an MTF is assigned a Trading Venue-level FIGI that is distinct from the FIGIs assigned to the same instrument on other standard Trading Venues.

MTF Trading Venue-level FIGIs are not linked to the Composite-level FIGI associated with the instrument's primary market or country. For example, although many instruments traded on the Tradegate MTF are associated with the German market, Tradegate is not included within the German Composite.

Exchange Code Logic

This section details how FIGI display and retrieval logic adapts to regional nuances and specialized trading models. Note that core FIGI allocation rules remain fully standard and consistent across both individual market venues and Country Composites.

Taiwan

Taiwan is a special case due to a legacy convention where the “TT” Exchange Code is used for both the Taiwan Stock Exchange and Taipei Exchange. As a result, ticker and exchange code alone are not sufficient to distinguish between the two trading venues.
- A Taiwan security trades on either the Taiwan Stock Exchange or Taipei Exchange, but not both simultaneously.
- A unique Composite FIGI is assigned to the security, along with unique Trading Venue-level FIGIs for each exchange listing.
- The Composite FIGI and the FIGI for the active trading venue are returned by default.
- The inactive Trading Venue-level FIGI may be identified by including unlisted equities in the OpenFIGI website search criteria or API request.
- If a security moves between the Taiwan Stock Exchange and Taipei Exchange, the FIGI associated with the currently active venue is returned.
- On OpenFIGI.com, the full exchange name is displayed with the TT Exchange Code to distinguish the venues, for example TT (Taiwan Stock Exchange) and TT (Taipei Exchange).
FIGI assignment in Taiwan therefore follows the same overall approach as other markets: a unique Composite FIGI and unique Trading Venue-level FIGIs, with additional exchange metadata used to distinguish the two venues.

True Composite vs Non-True Composite

Exchange codes can be multi purpose and assigned to individual venues, MTFs, and OTC type markets.
Composite codes are assigned to overall markets/jurisdictions/countries that may have multiple types of trading venues. That is, Composite Codes act as an aggregation point for multiple exchange codes within a country/jurisdiction. There may not always be a corresponding ISO Country Code, where the Composite does not correspond to a specific country (typically OTC or MTF).
Two main methods exist for Composite Codes; 'True' Composites and 'Non-True' Composites for display and retrieval purposes only.
For True Composite Codes, the same 2 character code also exists as an Exchange Code. This is not an actual exchange, but a container to represent all exchanges in that composite. For example, 'JP' aggregates all Japanese venues as a Composite Code and an Exchange Code, but 'JP' is not an actual exchange itself.
For Non-True Composites, the Composite Code is the same as what was considered the primary exchange for that market. Where more than one exchange exists, then, the Composite code will be the same for all the venues within that market but also match the exchange code of an active exchange. For example, 'SS' represents 'NASDAQ Nordic Stockholm' as an Exchange Code, but 'SS' also aggregates all 4 Swedish Exchanges (including NASDAQ Nordic Stockholm) when used as a Composite Code.
Where only one exchange exists within a country, the exchange code and composite code will match. For MTFs, the exchange code for the MTF will be the same as the MTF Composite code.