Exchange Data International Limited (EDI) has been helping the global financial community make informed decisions for more than 20 years, delivering high-quality securities reference data, corporate actions and end-of-day pricing services. EDI provides corporate actions for 170 exchanges worldwide and covers equities, corporate and government bonds, and derivatives. The company has expanded over the years and now employs 400 people, with sales offices in London and New York.
As part of its reference data and corporate actions products, EDI delivers third-party instrument identifiers such as SEDOLs, ISINs and CUSIPs. However, some of these proprietary identifiers incur licensing fees and have redistribution restrictions. With Bloomberg’s launch of Open Symbology in 2010, clients became interested in mapping to an open sourced identifier through EDI’s product offerings. Many of EDI’s clients, Bloomberg clients also, were eager to use the FIGI to match their holdings with the instruments on the Bloomberg Terminal®, Data License and other Enterprise Solutions products. Clients were also struggling with proper exchange/venue-level identification, which other proprietary identifiers do not offer natively, because they do not utilize a metadata approach.
The Financial Instrument Global Identifier (FIGI) is an established global standard issued under the guidelines of the Object Management Group (OMG.org, an international, non-profit standards organization), founded in 1989.
It is a 12 character, alphanumeric, randomly generated ID covering hundreds of millions of active and inactive instruments. In total, there are over 300 trillion potential identifiers available. The identifier itself acts as a Uniform Resource Identifier (URI) to link to a set of metadata that uniquely and clearly describes the instrument.