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55-427: The Financial Instrument Global Identifier (FIGI) (formerly Bloomberg Global Identifier (BBGID)) is an open standard , unique identifier of financial instruments that can be assigned to instruments including common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products. Also see: Open Data In 2009, Bloomberg released Bloomberg’s Open Symbology ("BSYM"),

110-641: A "free software and open standards law." The decree includes the requirement that the Venezuelan public sector must use free software based on open standards, and includes a definition of open standard: MIT License The MIT License is a permissive software license originating at the Massachusetts Institute of Technology (MIT) in the late 1980s. As a permissive license, it puts very few restrictions on reuse and therefore has high license compatibility . Unlike copyleft software licenses,

165-532: A clause requiring all advertising of the software to display a notice crediting its authors. This "advertising clause" (since disavowed by UC Berkeley ) is present in the modified MIT License used by XFree86 . The University of Illinois/NCSA Open Source License combines text from both the MIT and BSD licenses; the license grant and disclaimer are taken from the MIT License. The ISC license contains similarities to both

220-657: A common patent policy under the banner of the WSC . However, the ITU-T definition should not necessarily be considered also applicable in ITU-R, ISO and IEC contexts, since the Common Patent Policy does not make any reference to "open standards" but rather only to "standards." In section 7 of its RFC 2026, the IETF classifies specifications that have been developed in a manner similar to that of

275-402: A data format which is made public, is thoroughly documented and neutral with regard to the technological tools needed to peruse the same data. The E-Government Interoperability Framework (e-GIF) defines open standard as royalty-free according to the following text: While a universally agreed definition of "open standards" is unlikely to be resolved in the near future, the e-GIF accepts that

330-601: A definition of "open standards" needs to recognise a continuum that ranges from closed to open, and encompasses varying degrees of "openness." To guide readers in this respect, the e-GIF endorses "open standards" that exhibit the following properties: The e-GIF performs the same function in e-government as the Road Code does on the highways. Driving would be excessively costly, inefficient, and ineffective if road rules had to be agreed each time one vehicle encountered another. The Portuguese Open Standards Law, adopted in 2011, demands

385-528: A definition of open standards, which also is used in pan-European software development projects. It states: The French Parliament approved a definition of "open standard" in its "Law for Confidence in the Digital Economy." The definition is (Article 4): A clear royalty-free stance and far reaching requirements case is the one for India's Government 4.1 Mandatory Characteristics An Identified Standard will qualify as an "Open Standard", if it meets

440-584: A full, irrevocable and irreversible way to the Portuguese State; e) There are no restrictions to its implementation. A Law passed by the Spanish Parliament requires that all electronic services provided by the Spanish public administration must be based on open standards. It defines an open standard as royalty-free, according to the following definition (ANEXO Definiciones k): An open standard fulfills

495-588: A set of principles which have contributed to the exponential growth of the Internet and related technologies. The "OpenStand Principles" define open standards and establish the building blocks for innovation. Standards developed using the OpenStand principles are developed through an open, participatory process, support interoperability, foster global competition, are voluntarily adopted on a global level and serve as building blocks for products and services targeted to meet

550-411: A single check digit . In total, the encoding supports more than 852 billion potential values, under the initial BBG prefix. In total, there are over 330 trillion potential available identifiers. The permissible characters for use within a FIGI are a subset of ISO 8859-1 as follows: While the string itself is semantically meaningless, there is a specific structure that is used. The syntax rules for

605-469: A system for identifying financial instruments across asset classes. As of 2014 the name and identifier called 'Bloomberg Global Identifier' (BBGID) was replaced in full and adopted by the Object Management Group and Bloomberg with the standard renamed as the 'Financial Instrument Global Identifier' (FIGI). The Financial Instrument Global Identifier (FIGI) standard was given "approved status" by

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660-544: Is a slight variant of the common MIT license form published by the Open Source Initiative The "slight variant" is the addition of the phrase "(including the next paragraph)" to the second paragraph of the license text, resulting in: "The above copyright notice and this permission notice (including the next paragraph) shall be included in all copies or substantial portions of the Software." This inclusion clarifies that

715-688: Is determined by the market. The ITU-T is a standards development organization (SDO) that is one of the three sectors of the International Telecommunication Union (a specialized agency of the United Nations ). The ITU-T has a Telecommunication Standardization Bureau director's Ad Hoc group on IPR that produced the following definition in March 2005, which the ITU-T as a whole has endorsed for its purposes since November 2005: The ITU-T , ITU-R , ISO , and IEC have harmonized on

770-557: Is here meant in the sense of fulfilling the following requirements: The Network Centric Operations Industry Consortium (NCOIC) defines open standard as the following: Specifications for hardware and/or software that are publicly available implying that multiple vendors can compete directly based on the features and performance of their products. It also implies that the existing open system can be removed and replaced with that of another vendor with minimal effort and without major interruption. The Danish government has attempted to make

825-454: Is no single definition, and interpretations vary with usage. Examples of open standards include the GSM , 4G , and 5G standards that allow most modern mobile phones to work world-wide. The terms open and standard have a wide range of meanings associated with their usage. There are a number of definitions of open standards which emphasize different aspects of openness, including the openness of

880-608: Is potentially ambiguous. The Massachusetts Institute of Technology has used many licenses for software since its creation; for example, MIT offers four licensing options for the FFTW C source code library, one of which is the GPL v2.0 and the other three of which are not open-source . The term "MIT License" has also been used to refer to the Expat License (used for the XML parsing library Expat ) and to

935-501: Is then published in the form of RFC 6852 in January 2013. The European Union defined the term for use within its European Interoperability Framework for Pan-European eGovernment Services, Version 1.0 although it does not claim to be a universal definition for all European Union use and documentation. To reach interoperability in the context of pan-European eGovernment services, guidance needs to focus on open standards. The word "open"

990-698: The GSM phones (adopted as a government standard), Open Group which promotes UNIX , and the Internet Engineering Task Force (IETF) which created the first standards of SMTP and TCP/IP. Buyers tend to prefer open standards which they believe offer them cheaper products and more choice for access due to network effects and increased competition between vendors. Open standards which specify formats are sometimes referred to as open formats . Many specifications that are sometimes referred to as standards are proprietary, and only available (if they can be obtained at all) under restrictive contract terms from

1045-584: The New Zealand , South African and the Venezuelan governments. On the standard organisation side, the World Wide Web Consortium (W3C) ensures that its specifications can be implemented on a royalty-free basis. Many definitions of the term standard permit patent holders to impose " reasonable and non-discriminatory licensing" royalty fees and other licensing terms on implementers or users of

1100-504: The Object Management Group (OMG) Architecture Board as of September 2015. FIGIs have been adopted in the market data feeds of the following exchanges: FIGIs have been adopted for use by the following regulators and/or been included in related Regulatory Technical Standards: The FIGI structure is defined and copyrighted by the Object Management Group . Bloomberg L.P. is the Registration Authority and Certified Provider of

1155-507: The United States . There exists a unique FIGI to identify the common stock on each individual exchange, but also a composite FIGI to represent the company's common stock traded on United States exchanges. A FIGI consists of three parts: A two-character prefix, a 'G' as the third character; an eight character alpha-numeric code which does not contain English vowels "A", "E", "I", "O", or "U"; and

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1210-660: The X11 License (also called " MIT/X Consortium License "; used for X Window System by the MIT X Consortium ). Furthermore, the "MIT License" as published by the Open Source Initiative is the same as the Expat License. Due to this differing use of terms, some prefer to avoid the name "MIT License". The Free Software Foundation argues that the term is misleading and ambiguous, and recommends against its use. The X Consortium

1265-593: The "Simplified BSD License" as stated in the IETF Trust Legal Provisions and Copyright FAQ based on RFC 5377. In August 2012, the IETF combined with the W3C and IEEE to launch OpenStand and to publish The Modern Paradigm for Standards. This captures "the effective and efficient standardization processes that have made the Internet and Web the premiere platforms for innovation and borderless commerce". The declaration

1320-495: The IETF and ITU-T explicitly refer to their standards as "open standards", while the others refer only to producing "standards". The IETF and ITU-T use definitions of "open standard" that allow "reasonable and non-discriminatory" patent licensing fee requirements. There are those in the open-source software community who hold that an "open standard" is only open if it can be freely adopted, implemented and extended. While open standards or architectures are considered non-proprietary in

1375-518: The IETF itself as being "open standards," and lists the standards produced by ANSI , ISO , IEEE , and ITU-T as examples. As the IETF standardization processes and IPR policies have the characteristics listed above by ITU-T, the IETF standards fulfill the ITU-T definition of "open standards." However, the IETF has not adopted a specific definition of "open standard"; both RFC 2026 and the IETF's mission statement (RFC 3935) talks about "open process," but RFC 2026 does not define "open standard" except for

1430-463: The MIT License also permits reuse within proprietary software , provided that all copies of the software or its substantial portions include a copy of the terms of the MIT License and also a copyright notice. In 2015, the MIT License was the most popular software license on GitHub . Notable projects that use the MIT License include the X Window System , Ruby on Rails , Node.js , Lua , jQuery , .NET , Angular , and React . The MIT License has

1485-552: The MIT and simplified BSD licenses, the biggest difference being that language deemed unnecessary by the Berne Convention is omitted. The GPL is explicit about the patent rights an owner grants when the code or derivative work is distributed, the MIT license does not discuss patents. Moreover, the GPL license impacts derivative works, but the MIT license does not. Like the BSD license,

1540-462: The MIT license does not include an express patent license although some commentators state that the grant of rights covers all potential restrictions including patents. Both the BSD and the MIT licenses were drafted before the patentability of software was generally recognized under US law. The Apache License version 2.0 is a similarly permissive license that includes an explicit contributor's patent license. Of specific relevance to US jurisdictions,

1595-667: The MIT license uses the terms "sell" and "use" that are also used in defining the rights of a patent holder in Title 35 of the United States Code section 154. This has been construed by some commentators as an unconventional but implicit license in the US to use any underlying patents. One of the originators of the MIT license, computer scientist Jerry Saltzer , has published his recollections of its early development, along with documentary evidence. As of 2020 , according to WhiteSource Software

1650-626: The United Kingdom issues ISIN numbers for entities within its broader jurisdiction. Letters are converted to integers using a letter to integer look-up table provided in section 7.2.1 of the specification. Using the first 11 characters and beginning at the last character, map the character to its specific integer value from the look-up table, if the character is already a digit, use that value. Then, working right to left, multiply every second integer by two. Next, separate numbers greater than 10 into two separate digits (e.g., 57 becomes 5 and 7) add up all

1705-586: The associated metadata defined in the standard are released free into the public domain with no commercial terms or restrictions on usage. The OMG standard is governed through the Open Source MIT License . Open standard An open standard is a standard that is openly accessible and usable by anyone. It is also a common prerequisite that open standards use an open license that provides for extensibility. Typically, anybody can participate in their development due to their inherently open nature. There

Financial Instrument Global Identifier - Misplaced Pages Continue

1760-503: The bulk and individual lookup facilities, regardless of any existing relationship with Bloomberg L.P. or lack thereof. FIGIs are assigned to unique financial instruments on a proactive basis. Where a FIGI has not been assigned for any reason, a request can be submitted to have an identifier assigned, as long as the request is in line with the standard and stated assignment rules. FIGIs can often be mapped to other unique identifiers, such as equity and index option ticker symbols. FIGIs and

1815-471: The chances of other schemes from validating versus this FIGI scheme. Unique FIGIs are published by Bloomberg L.P. and datasets are both searchable and available for download via the Bloomberg OpenFIGI website. FIGIs are never reused and once issued, represent an instrument in perpetuity. An instrument's FIGI never changes as a result of any corporate action. Any interested parties may request access to

1870-461: The copyright holders' name for advertisement. It has the following terms: The MIT No Attribution License, a variation of the MIT License, has the identifier MIT-0 in the SPDX License List. A request for legacy approval to the Open Source Initiative was filed on May 15, 2020, which led to a formal approval on August 5, 2020. By doing so, it forms a public-domain-equivalent license ,

1925-646: The degree of openness will be taken into account when selecting an appropriate standard: The UK government 's definition of open standards applies to software interoperability, data and document formats. The criteria for open standards are published in the "Open Standards Principles" policy paper and are as follows. The Cabinet Office in the UK recommends that government departments specify requirements using open standards when undertaking procurement exercises in order to promote interoperability and re-use, and avoid technological lock-in. The Venezuelan Government approved

1980-502: The following conditions: The South African Government approved a definition in the "Minimum Interoperability Operating Standards Handbook" (MIOS). For the purposes of the MIOS, a standard shall be considered open if it meets all of these criteria. There are standards which we are obliged to adopt for pragmatic reasons which do not necessarily fully conform to being open in all respects. In such cases, where an open standard does not yet exist,

2035-564: The following criteria: Italy has a general rule for the entire public sector dealing with Open Standards, although concentrating on data formats, in Art. 68 of the Code of the Digital Administration ( Codice dell'Amministrazione Digitale ) [applications must] allow representation of data under different formats, at least one being an open data format. [...] [it is defined] an open data format,

2090-486: The identifier MIT in the SPDX License List. It is also known as the " Expat License ". It has the following terms: The X11 License , also known as the MIT/X Consortium License , is a variation on the MIT license, most known for its usage by the X Consortium . It has the identifier X11 in the SPDX License List. It differs from the MIT License mainly by an additional clause restricting use of

2145-454: The integer values, each less than 10 now. Finally, subtract that summed value from the next higher integer ending in zero (e.g., If the summed value is 72, then 80 is the next higher integer ending in 0, and the check digit is 8). If the summed value of the digits is a number ending in zero, then the check digit is also zero. This process is similar to other financial instrument identifier check digit calculations but specifically chosen to reduce

2200-503: The issuing organization, is typically a numeral. However, in the case of the United Kingdom, the letter "G" is assigned. As we are using the letter "G" as our third character (see below), the only combinations that may come up within ISIN that only incorporates consonants are BSG (Bahamas), BMG (Bermuda), GGG (Guernsey), GBG (United Kingdom) and VGG (British Virgin Islands). The reason for this is that

2255-478: The liability paragraph must also be included for the conditions of the license to be met. The license-management features at popular source code repository GitHub , as well as its "Choose a License" service, do not differentiate between MIT/Expat license variants. The text of the Expat variant is presented as simply the "MIT License" (represented by the metadata tag mit ). The original BSD license also includes

Financial Instrument Global Identifier - Misplaced Pages Continue

2310-400: The needs of markets and consumers. This drives innovation which, in turn, contributes to the creation of new markets and the growth and expansion of existing markets. There are five, key OpenStand Principles, as outlined below: 1. Cooperation Respectful cooperation between standards organizations, whereby each respects the autonomy, integrity, processes, and intellectual property rules of

2365-411: The organization that owns the copyright on the specification. As such these specifications are not considered to be fully open . Joel West has argued that "open" standards are not black and white but have many different levels of "openness". A more open standard tends to occur when the knowledge of the technology becomes dispersed enough that competition is increased and others are able to start copying

2420-711: The others. 2. Adherence to Principles – Adherence to the five fundamental principles of standards development, namely 3. Collective Empowerment Commitment by affirming standards organizations and their participants to collective empowerment by striving for standards that: 4. Availability Standards specifications are made accessible to all for implementation and deployment. Affirming standards organizations have defined procedures to develop specifications that can be implemented under fair terms. Given market diversity, fair terms may vary from royalty-free to fair, reasonable, and non-discriminatory terms (FRAND). 5. Voluntary Adoption Standards are voluntarily adopted and success

2475-631: The purpose of defining what documents IETF standards can link to. RFC 2026 belongs to a set of RFCs collectively known as BCP 9 (Best Common Practice, an IETF policy). RFC 2026 was later updated by BCP 78 and 79 (among others). As of 2011 BCP 78 is RFC 5378 (Rights Contributors Provide to the IETF Trust), and BCP 79 consists of RFC 3979 (Intellectual Property Rights in IETF Technology) and a clarification in RFC 4879. The changes are intended to be compatible with

2530-584: The resulting specification, the openness of the drafting process, and the ownership of rights in the standard. The term "standard" is sometimes restricted to technologies approved by formalized committees that are open to participation by all interested parties and operate on a consensus basis. The definitions of the term open standard used by academics, the European Union , and some of its member governments or parliaments such as Denmark , France , and Spain preclude open standards requiring fees for use, as do

2585-426: The sale, use or other dealings in this Software without prior written authorization. As of 2020, the successor to the X Window System is the X.Org Server , which is licensed under what is effectively the common MIT license, according to the X.org licensing page: The X.Org Foundation has chosen the following format of the MIT License as the preferred format for code included in the X Window System distribution. This

2640-519: The same way as BSD Zero Clause . It has the following terms: The SPDX License List contains extra MIT license variations. Examples include: There is also the Anti-Capitalist Software License (ACSL), built off of the MIT license. It is not Open Source, since it limits the permissions granted to individuals and organizations that do not operate under capitalist structures, like non-profits and cooperatives. The name "MIT License"

2695-480: The sense that the standard is either unowned or owned by a collective body, it can still be publicly shared and not tightly guarded. The typical example of "open source" that has become a standard is the personal computer originated by IBM and now referred to as Wintel , the combination of the Microsoft operating system and Intel microprocessor. There are three others that are most widely accepted as "open" which include

2750-643: The standard. FIGI have been created for more than 300 million unique securities, representing most asset classes of the financial markets. The FIGI is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform unique global identification. Once issued, a FIGI is never reused and represents the same instrument in perpetuity. Unique FIGIs identify securities as well as individual exchanges on which they trade. Composite FIGIs are also issued to represent unique securities across related exchanges. For instance, Apple Inc. common stock trades on 14 exchanges in

2805-512: The standard. For example, the rules for standards published by the major internationally recognized standards bodies such as the Internet Engineering Task Force (IETF), International Organization for Standardization (ISO), International Electrotechnical Commission (IEC), and ITU-T permit their standards to contain specifications whose implementation will require payment of patent licensing fees. Among these organizations, only

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2860-693: The technology as they implement it. This occurred with the Wintel architecture as others were able to start imitating the software. Less open standards exist when a particular firm has much power (not ownership) over the standard, which can occur when a firm's platform "wins" in standard setting or the market makes one platform most popular. On August 12, 2012, the Institute of Electrical and Electronics Engineers (IEEE), Internet Society (ISOC), World Wide Web Consortium (W3C), Internet Engineering Task Force (IETF) and Internet Architecture Board (IAB), jointly affirmed

2915-438: The twelve characters are as follows: The purpose of the restriction is to reduce the chances that the resulting identifier may be identical to an ISIN string. (Strictly speaking, a duplicate is not a problem as the strings designate different things, but care has been taken to reduce ambiguity.) The way that ISIN is constructed is that the first two characters correspond to the country of issuance. The third character, depending on

2970-667: The use of Open Standards, and is applicable to sovereign entities, central public administration services (including decentralized services and public institutes), regional public administration services and the public sector. In it, Open Standards are defined thus: a) Its adoption is fruit off an open decision process accessible to all interested parties; b) The specifications document must have been freely published, allowing its copy, distribution and use without restrictions; c) The specifications document cannot cover undocumented actions of processes; d) The applicable intellectual property rights, including patents, have been made available in

3025-612: Was dissolved late in 1996, and its assets transferred to The Open Group , which released X11R6 initially under the same license. The X11 License and the X11R6 "MIT License" chosen for ncurses by the Free Software Foundation both include the following clause, absent in the Expat License: Except as contained in this notice, the name(s) of the above copyright holders shall not be used in advertising or otherwise to promote

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