Bloomberg and Kaiko announce that the first Financial Instrument Global Identifiers (FIGI) have been issued. They will be used to identify crypto assets.

Financial Instrument Global Identifier, (FIGI), is an Open Standard of the Object Management Group. This standard allows the issuance and management of unique identifiers for financial instruments such as equities, municipals, bonds, and currencies. The American Standards Committee (X9) accredited FIGI as a U.S. standard in September 2021.

The rapid growth in cryptocurrency has created a need for standardization. This will bring greater consistency, transparency, efficiency, and control 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.

Kaiko and Bloomberg today officially launched the first batch FIGIs for instruments in fiat currencies and all instruments. All FIGIs are issued via OpenFIGI and Kaiko’s Instrument Explorer and are openly accessible to the public.

Crypto assets FIGIs enable industry participants, such as regulators, digital asset exchanges, custodians and data aggregators to interoperate. The incorporation of FIGIs to the infrastructure level facilitates a cohesive view across market data from multiple sources and applications. The FIGI hierarchy will have three levels of granularity. They can be assigned to asset, currency pair and trading platform. This FIGI hierarchy will give market participants greater transparency and provide a wider view of the entire sector.

Importantly, the FIGI standards will work in conjunction with other 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).

Kaiko CEO Ambre Soubiran said

The cryptocurrency industry is currently suffering from one of its greatest problems: a lack of classification, taxonomic and regulatory standards. The use of FIGIs to classify crypto assets is a great way for service providers to work together and will bring the industry much-needed consistency.
Crypto asset FIGIs will be soon integrated into the core infrastructure of market participants in both traditional and crypto finance.

Ian Rogers (NYSE : ), Chief Experience Officer at Ledger stated,

This ledger product is compatible with more than 3000 crypto assets. It is crucial that we identify those assets and get key data. The ability to use a single instrument code for all our transactions will make them more resilient and scaleable. This will provide high value to users. We are excited to help and join FIGI, a very important initiative in crypto.
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 provides industry with standardized identifiers on a worldwide scale to facilitate product identification. This tool is compatible with other identifiers, such as ISIN code. Market participants will likely use it extensively.
Simon Forster, co-head of TP ICAP, LON: Digital Assets said

This initiative is a great opportunity to promote the crypto asset class. “The cryptocurrency asset class, which is just beginning, needs to be structured and standardized to encourage adoption. Harmonization in the way instruments are identified is a prerequisite to multi-chain interoperability. This is what TP ICAP Digital Assets considers the future of financial market.

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