Invites Public Comment on Proposed Open Financial Instrument
Needham, MA - 05-06-14 - The Object Management Group®
(OMG®) is inviting public comments on a proposed framework
for the Financial Instrument Global Identifier (FIGI)
specification authored by Bloomberg, the global provider of
financial and business news, information and technology. The
submission deadline is May 19th. All comments will help the
OMG's global membership decide how to proceed with the
proposal at the consortium's meeting in Boston, MA this
Many of the systems in use today across the securities
industry have been built around proprietary, closed
methodologies for identifying financial securities. Hundreds
of symbologies are in use, with companies often using
various classification methods to name and manage financial
securities and map contextual information about these
securities during the trade negotiation, execution,
settlement and clearing processes.
Supporting multiple identifier methodologies can make
data management and integration more costly and redundant.
The FIGI proposal - which is based on Bloomberg's Open
Symbology for naming securities using a unique 12-digit
alpha-numeric identifier -- aims to remove this obstacle by
specifying the structure and semantics of Global
Identifiers, how they are constructed and validated, and
their relationship with other financial information.
"Working with the OMG to establish an open standard
for naming financial securities represents an important
milestone in our ongoing commitment to support open
technology solutions," said Peter Warms, Global Data
Manager, Bloomberg. "We believe the FIGI establishes an
open, universal and comprehensive system for naming
financial instruments that will help institutions shift
resources from redundant data management and reconciliation
activities to enhancing client service and pursuing growth
"The openness of Internet-based systems has
profoundly altered the way businesses collect, manage and
share information," added Dr. Richard Soley, Chairman
and CEO of OMG. "Markets, customers, and governments
are now demanding similar levels of connectivity,
transparency, and efficiency from financial systems. We look
forward to building consensus around the precise details of
an open symbology, and welcome Bloomberg's initiative in
starting this process."
Under OMG's open Request For Comment process, all
interested parties are invited to review the proposed
specification and submit their comments at: http://www.omg.org/rfp-rfi/figi.htm.
Celebrating its 25th anniversary in 2014, OMG is an international, open membership, not-for-profit
computer industry standards consortium. OMG Task Forces
develop enterprise integration standards for a wide range of
technologies and an even wider range of industries. OMG's
modeling standards enable powerful visual design, execution
and maintenance of software and other processes. Visit www.omg.org
for more information.
Note to editors:
For a listing of all OMG
http://www.omg.org/legal/tm_list.htm. All other
trademarks are the property of their respective owners.