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Ask the Expert: FIGI I.D. Mapping Across Multiple Asset Classes

For this latest Ask the Expert post, we once again sat down for a Q&A with Jeremy Gagnon, Head of the Sales Engineering team in North America, to pick his brain about RIMES I.D. mapping capabilities, specifically Bloomberg FIGI I.D. mapping.

RIMES: First of all, what is a FIGI?

JG: A FIGI (Financial Instrument Global Identifier) is a globally recognized, non-changing identifier. It is a 12-character, alphanumeric, randomly generated ID covering hundreds of millions of active and inactive instruments. A FIGI unlike a SEDOL or ISIN exists at a more granular pricing source level, for example one ISIN can have many associated SEDOLs, which in turn can have many FIGIs.

In early 2016, Bloomberg rebranded their Open Symbology offering as OpenFIGI, and released a new beta API as part of the rebrand. The API supports an increased number of identifiers that it allows users to submit, such as CUSIP and US ISINs, which were not accepted in the old system. In addition, OpenFIGI introduced ISO 10383 MIC Market Industry Classification recognition and removed the 20,000 ID limit per submission. The new API went live into production on June 1, 2016.

RIMES: What specific value does RIMES bring to the table when it comes to Bloomberg FIGI ID mapping?

JG: In general, we offer our clients a seamless way to map OpenFIGI to a firm’s portfolio holdings and benchmark securities to help facilitate identity mastering in a firm’s internal database. The addition of the OpenFIGI to the identity mastering process often bridges gaps in missing identifiers from other identifier offerings.

RIMES: For example?

JG: For example, we recently had a client that was challenged to map Bloomberg OpenFIGI’s for Equity benchmarks, Fixed Income benchmarks, and Equity Options benchmarks. We created a daily enrichment process of the universe of securities delivered to an internal database to help with the mapping of new joiners across those specific asset classes in their database.

RIMES had an existing solution for Equity universe that utilizes the FIGI API that we expanded to include the new asset classes in the Fixed Income and Derivatives space.

RIMES: How would you describe the solution we delivered for that client?

JG: RIMES delivered a custom database populating FIGI IDs for the client’s Equity, Fixed Income and Equity Options universe. We added proprietary mapping logic to enhance constituent files with FIGI IDs, which allowed the client to seamlessly map new assets to their EDM tool.

RIMES: What value did the client ultimately derive from this particular set of RIMES capabilities and service, and who benefited most?

JG: As a result of creating this seamless automated daily process, the client benefits from increased operational efficiency, decreased operational risk, improved time to market and the ability to focus their internal Data Ops resources on higher value projects. Further, their portfolio managers and performance measurement teams could get back to their day jobs, confident in the timeliness and accuracy of the data they were using.

 

Need a more efficient mechanism for mapping benchmark assets to your internal EDM system?

The RIMES Sales Engineering team is comprised of a wide array of industry specialists in constant front-line collaboration with our clients to ensure successful implementations and long-term scalability. Request a consultation.

 

The content provided in these articles is intended solely for general information purposes, and is provided with the understanding that the authors and publishers are not herein engaged in rendering regulatory or other professional advice or services. Consequently, any use of this information should be done only in consultation with qualified legal counsel. The information in these articles was posted with reasonable care and attention. However, it is possible that some information in these articles is incomplete, incorrect, or inapplicable to particular circumstances or conditions. We do not accept liability for direct or indirect losses resulting from using, relying or acting upon information in these articles.

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