An effective symbology for any class of instrument must have broad coverage, be freely available, be flexible enough for use in multiple functions, allow mapping to alternative symbologies used in related functions, and be dynamic enough to immediately account for the many instruments that arise, expire, and change on a daily basis.
Open Symbology is a flexible and open system for identifying instruments across all global asset classes. The FIGI identifiers are available free of charge with no material impediments on use. The identifiers can be used for research, trading and mapping. Bloomberg, as the Certified Provider, will continuously build, update, and administer FIGI identifiers to ensure their accuracy and effectiveness.
Why have hundreds of millions of FIGIs been issued so quickly? Here are just a few of the many benefits the FIGI can provide.
The Financial Instrument Global Identifiers (FIGI) provides comprehensive global coverage of the financial markets. The ID will be invaluable for loans, futures and options that lack an identifier.
Based on the same identifiers used in the Bloomberg Professional® service and Bloomberg’s Enterprise Solutions, but now declared as an Open Standard.
Submission form via dedicated portal OpenFIGI.com and the OpenFIGI API allows mapping to alternative symbologies.
FIGI identifiers are available through the OpenFIGI website with no material impediments on use.
FIGIs can be used for a variety of purposes, including trading, research, and database mapping.
Unique, non-changing identifier that covers all GLOBAL financial instruments with no restrictions on usage.