Saturday, October 23, 2021

Mayor Bloomberg and Kaiko Issue First Global Financial Instrument Identifiers for Crypto Assets | National News

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With the rapid growth of the cryptocurrency industry, there is a pressing need for standardization to bring consistency, transparency, and greater efficiency to the market. Earlier this year, Kaiko, the industry’s leading cryptocurrency data provider, took on the role of Certified Provider for Crypto FIGIs, working alongside Bloomberg as the Registration Authority for FIGI, under the auspices of the OMG. The Financial Instrument Global Identifier (FIGI) is an open standard of the Object Management Group (OMG), for the issuance of unique identifiers assigned to financial instruments including equities, derivatives, bonds, municipals, and currencies. In September 2021, FIGI was accredited as a U.S. national standard by the American Standards Committee, X9.

FIGIs for crypto assets enable interoperability between industry participants such as digital asset exchanges, data aggregators, custodians, service providers, and regulators. Incorporating FIGIs at the infrastructure level enables a coherent view of market data across multiple providers and applications. FIGIs will be assigned at three levels of granularity: asset, currency pair, and trading platform. Application of the FIGI hierarchy in this way will provide all market players with greater transparency and a broader view across the sector.

Today, Kaiko and Bloomberg officially released the first batch of FIGIs for all Bitcoin and Ethereum instruments denominated in fiat currencies. All FIGIs are issued via OpenFIGI and Kaiko’s Instrument Explorer and are openly accessible to the public.

Crucially, the FIGI standard will be compatible with, and complement, alternative standards. Each instrument assigned a FIGI may also be tied at the asset level to an International Securities Identification Number (ISIN) with appropriate licensing or other identifiers, such as ISO’s Digital Token Identifier (DTI).

Ambre Soubiran, CEO of Kaiko, said “The lack of taxonomic, regulatory, and classification standards is one of the cryptocurrency industry’s greatest pain points today. We believe that FIGIs for crypto assets will vastly improve interoperability between service providers and bring much-needed uniformity to the sector.”

Market participants throughout the traditional finance and crypto industries will soon be incorporating crypto asset FIGIs into their core infrastructure.

Ian Rogers, Chief Experience Officer of Ledger, said, “Ledger product supports more than 3000 crypto assets. Identifying those assets and fetching key data is critical for our success. Having a single unified instrument code will greatly improve our scalability and resilience and will bring high value to our users. FIGI is a much-needed initiative in the crypto industry that we are eager to support and onboard.”

Simon Forster, Co-Head of TP ICAP Digital Assets, said, “The crypto asset class is in its infancy and requires structure and standardization to further drive adoption, as such we are excited to see this initiative. Harmonizing the approach to instrument identifiers is a pre-requisite for multi chain interoperability and tokenization which TP ICAP Digital Assets believe is the future for financial markets.”

Stéphane Duzan, Chief Operating Officer of Société Générale – Forge, said, “Consistent standards and market practices, such as the open source initiatives FIGI and CAST® Framework, are an essential step towards digital assets adoption. FIGI is an important project to foster product identification of digital assets by providing to the industry unified identifiers at a global scale. It is an effective tool compatible with existing identifiers (e.g. ISIN code) and expected to be widely used by market participants.”

About Bloomberg

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit www.bloomberg.com or request a demo.

About Kaiko

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information from both centralized and decentralized marketplaces. For each of our enterprise clients, we build custom data plans designed for trading, valuation, research, integrations, indices and more. For more information, visit www.kaiko.com.

 

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