BS ISO 10962-2015 Securities and related financial instruments Classification of financial instruments (CFI code)《证券和有关金融设备 财政仪器的分类》.pdf

1、BSI Standards PublicationBS ISO 10962:2015Securities and related financialinstruments Classification offinancial instruments (CFI code)BS ISO 10962:2015 BRITISH STANDARDNational forewordThis British Standard is the UK implementation of ISO 10962:2015. Itsupersedes BS ISO 10962:2001 which is withdraw

2、n.The UK participation in its preparation was entrusted to TechnicalCommittee IST/12, Financial services.A list of organizations represented on this committee can beobtained on request to its secretary.This publication does not purport to include all the necessaryprovisions of a contract. Users are

3、responsible for its correctapplication. The British Standards Institution 2015. Published by BSI StandardsLimited 2015ISBN 978 0 580 60879 7ICS 03.060Compliance with a British Standard cannot confer immunity fromlegal obligations.This British Standard was published under the authority of theStandard

4、s Policy and Strategy Committee on 31 July 2015.Amendments issued since publicationDate Text affectedBS ISO 10962:2015 ISO 2015Securities and related financial instruments Classification of financial instruments (CFI code)Valeurs mobilires et autres instruments financiers concerns Classification des

5、 instruments financiers (code CFI)INTERNATIONAL STANDARDISO10962Third edition2015-07-15Reference numberISO 10962:2015(E)BS ISO 10962:2015ISO 10962:2015(E)ii ISO 2015 All rights reservedCOPYRIGHT PROTECTED DOCUMENT ISO 2015, Published in SwitzerlandAll rights reserved. Unless otherwise specified, no

6、part of this publication may be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting on the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address below or ISOs member

7、 body in the country of the requester.ISO copyright officeCh. de Blandonnet 8 CP 401CH-1214 Vernier, Geneva, SwitzerlandTel. +41 22 749 01 11Fax +41 22 749 09 47copyrightiso.orgwww.iso.orgBS ISO 10962:2015ISO 10962:2015(E)Foreword viIntroduction vii1 Scope . 12 Normative references 13 Conventions an

8、d principles . 14 CFI allocation 24.1 General . 24.2 Existing CFIs and existing securities without a CFI 25 Codes and definitions 35.1 Categories 35.2 Equities - E-*-*-*-*-*- . 35.2.1 Description 35.2.2 Common/ordinary shares - E-S-*-*-*-*- 45.2.3 Preferred/preference shares - E-P-*-*-*-*- . 45.2.4

9、Common/ordinary convertible shares - E-C-*-*-*-*- 55.2.5 Preferred/preference convertible shares - E-F-*-*-*-*- . 65.2.6 Limited partnership units - E-L-*-*-*-*- . 75.2.7 Depositary receipts on equities - E-D-*-*-*-*- 75.2.8 Structured instruments (participation) - E-Y-*-*-*-*- 85.2.9 Others (miscel

10、laneous) - E-M-X-X-X-*- .105.3 Collective investment vehicles - C-*-*-*-*-*- . 105.3.1 Description .105.3.2 Standard (vanilla) investment funds/mutual funds - C-I-*-*-*-*- 105.3.3 Hedge funds - C-H-*-X-X-X- 115.3.4 Real estate investment trusts (REIT) - C-B-*-*-X-*- 125.3.5 Exchange traded funds (ET

11、F) - C-E-*-*-*-*- .135.3.6 Pension funds - C-S-*-*-*-*- 135.3.7 Funds of funds - C-F-*-*-*-*- 145.3.8 Private equity funds - C-P-*-*-*-*- 155.3.9 Others (miscellaneous) - C-M-X-X-X-*-155.4 Debt instruments - D-*-*-*-*-*- 165.4.1 Description .165.4.2 Bonds - D-B-*-*-*-*- 165.4.3 Convertible bonds - D

12、-C-*-*-*-*- 185.4.4 Bonds with warrants attached - D-W-*-*-*-*- 195.4.5 Medium term notes - D-T-*-*-*-*- . 205.4.6 Money market instruments - D-Y-*-*-X-*- 215.4.7 Structured instruments (capital protection) - D-S-*-*-*-*- 225.4.8 Structured instruments (without capital protection) - D-E-*-*-*-*- 235

13、.4.9 Mortgage-backed securities - D-G-*-*-*-*- 255.4.10 Asset-backed securities - D-A-*-*-*-*- 265.4.11 Municipal bonds - D-N-*-*-*-*- . 275.4.12 Depositary receipts on debt instruments - D-D-*-*-*-*- .285.4.13 Others (miscellaneous) - D-M-*-X-X-*- .295.5 Entitlements (rights) - R-*-*-*-*-*- . 305.5

14、.1 Description .305.5.2 Allotment (bonus) rights - R-A-X-X-X-*- .305.5.3 Subscription rights - R-S-*-X-X-*- 305.5.4 Purchase rights - R-P-*-X-X-*- . 315.5.5 Warrants - R-W-*-*-*-*- . 315.5.6 Mini-future certificates/constant leverage certificates - R-F-*-*-*-*- .325.5.7 Depositary receipts on entitl

15、ements - R-D-*-X-X-*- .33 ISO 2015 All rights reserved iiiContents PageBS ISO 10962:2015ISO 10962:2015(E)5.5.8 Others (miscellaneous) - R-M-X-X-X-X- .345.6 Listed options - O-*-*-*-*-*- 345.6.1 Description .345.6.2 Call options - O-C-*-*-*-*- 345.6.3 Put options - O-P-*-*-*-*- . 355.6.4 Others (misc

16、ellaneous) - O-M-X-X-X-X- .365.7 Futures - F-*-*-*-*-X- 365.7.1 Description .365.7.2 Financial futures - F-F-*-*-*-X- 365.7.3 Commodities futures - F-C-*-*-*-X- 375.8 Swaps - S-*-*-*-*-*- . 375.8.1 Description .375.8.2 Rates - S-R-*-*-*-*- .385.8.3 Commodities - S-T-*-*-X-*- 395.8.4 Equity - S-E-*-*

17、-X-*- 405.8.5 Credit - S-C-*-*-*-*- 415.8.6 Foreign exchange - S-F-*-X-X-*- . 425.8.7 Others (miscellaneous) - S-M-*-X-X-*- 425.9 Non-listed and complex listed options - H-*-*-*-*-*- 435.9.1 Description .435.9.2 Rates - H-R-*-*-*-*- 435.9.3 Commodities - H-T-*-*-*-*- . 455.9.4 Equity - H-E-*-*-*-*-

18、.465.9.5 Credit - H-C-*-*-*-*- 475.9.6 Foreign exchange - H-F-*-*-*-*- 485.9.7 Others (miscellaneous) - H-M-*-*-*-*- .495.10 Spot - I-*-*-X-X-*- . 505.10.1 Description .505.10.2 Foreign exchange - I-F-X-X-X-P- . 505.10.3 Commodities - I-T-*-X-X-X- . 515.11 Forwards - J-*-*-X-*-*- 515.11.1 Descriptio

19、n .515.11.2 Equity - J-E-*-X-*-*- .515.11.3 Foreign exchange - J-F-*-X-*-*- 525.11.4 Credit - J-C-*-X-*-*- 525.11.5 Rates - J-R-*-X-*-*- 535.11.6 Commodities - J-T-*-X-*-*- . 535.12 Strategies - K-*-X-X-X-X- . 545.12.1 Description .545.12.2 Rates - K-R-X-X-X-X- .545.12.3 Commodities - K-T-X-X-X-X- .

20、 545.12.4 Equity - K-E-X-X-X-X- .545.12.5 Credit - K-C-X-X-X-X- 555.12.6 Foreign exchange - K-F-X-X-X-X- 555.12.7 Mixed assets - K-Y-X-X-X-X- . 555.12.8 Others (miscellaneous) - K-M-X-X-X-X- .555.13 Financing - L-*-*-*-X-*- 565.13.1 Description .565.13.2 Loan-lease - L-L-*-X-X-*- . 565.13.3 Repurcha

21、se agreements - L-R-*-*-X-*- 565.13.4 Securities lending - L-S-*-*-X-*- 575.14 Referential instruments - T-*-*-*-*-X- . 585.14.1 Description .585.14.2 Currencies - T-C-*-X-X-X- . 585.14.3 Commodities - T-T-*-X-X-X- 595.14.4 Interest rates - T-R-*-*-X-X- . 595.14.5 Indices - T-I-*-*-*-X- 605.14.6 Bas

22、kets - T-B-*-X-X-X- .61iv ISO 2015 All rights reservedBS ISO 10962:2015ISO 10962:2015(E)5.14.7 Stock dividends - T-D-*-X-X-X- 615.14.8 Others (miscellaneous) - T-M-X-X-X-X- 615.15 Others (miscellaneous) - M-*-*-*-X-*- 615.15.1 Description .615.15.2 Combined instruments - M-C-*-*-X-*- .625.15.3 Other

23、 assets - M-M-*-X-X-X- 62Annex A (informative) Classification examples64 ISO 2015 All rights reserved vBS ISO 10962:2015ISO 10962:2015(E)ForewordISO (the International Organization for Standardization) is a worldwide federation of national standards bodies (ISO member bodies). The work of preparing

24、International Standards is normally carried out through ISO technical committees. Each member body interested in a subject for which a technical committee has been established has the right to be represented on that committee. International organizations, governmental and non-governmental, in liaiso

25、n with ISO, also take part in the work. ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of electrotechnical standardization.The procedures used to develop this document and those intended for its further maintenance are described in the ISO/IEC Direct

26、ives, Part 1. In particular the different approval criteria needed for the different types of ISO documents should be noted. This document was drafted in accordance with the editorial rules of the ISO/IEC Directives, Part 2 (see www.iso.org/directives). Attention is drawn to the possibility that som

27、e of the elements of this document may be the subject of patent rights. ISO shall not be held responsible for identifying any or all such patent rights. Details of any patent rights identified during the development of the document will be in the Introduction and/or on the ISO list of patent declara

28、tions received (see www.iso.org/patents). Any trade name used in this document is information given for the convenience of users and does not constitute an endorsement.For an explanation on the meaning of ISO specific terms and expressions related to conformity assessment, as well as information abo

29、ut ISOs adherence to the WTO principles in the Technical Barriers to Trade (TBT) see the following URL: Foreword - Supplementary informationThe committee responsible for this document is ISO/TC 68, Financial services, Subcommittee SC 4, Securities and related financial instruments.This third edition

30、 cancels and replaces the second edition (ISO 10962:2001), which has been extended to cover necessary technical changes.vi ISO 2015 All rights reservedBS ISO 10962:2015ISO 10962:2015(E)IntroductionThe Classification of Financial Instruments (CFI) code was developed to address a number of problems wh

31、ich have concerned the financial community. With the growth of cross-border trading, the requirement to improve communication of information among market participants has become critical.The business problems centre around an inability to obtain information on securities due to the lack of a consist

32、ent and uniform approach to grouping financial instruments. With the explosive growth over the past 20 years in new instruments and features attached to financial instruments, a serious communication problem has developed.Many market participants are using similar terminology for instruments having

33、significantly different features. The problem is compounded when market participants look beyond their own national markets. They encounter the same words to describe instruments in another country, which have significantly different features. Where the terminology is in a different language, the ma

34、rket participant encounters the problem of the same words being applied to different instruments along with the problems of translation, which also can be misleading.In addition, the customs and practices of local markets vary considerably in the manner in which they structure financial instruments,

35、 leaving foreign participants confused and perplexed. On careful analysis, it is often found that the characteristics and features of these instruments are similar to a domestic instrument. However, most market participants do not have the time and resources to do this analysis.The inability to grou

36、p securities in a consistent manner is another problem encountered by market participants. Reports of holdings by different sources for similar financial instruments often result in financial instruments being categorized differently. This not only affects comparability, but causes a credibility iss

37、ue with the reader. When relative performances are being measured, the ability to properly categorize holdings is essential if true comparisons are to be made.The solution envisioned is twofold. One is to establish a series of codes which clearly classify financial instruments having similar feature

38、s. The other is to develop a glossary of terms and provide common definitions, which allow market participants to easily understand terminology being used.The benefits derived are many. The development of these codes will increase the efficiency, reliability, data consistency and transparency of fin

39、ancial services transactions for both market and reference data. Classifying financial instruments in a consistent, structured and standardized way is also beneficial for regulatory reporting requirements. The CFI code system provides a set of codes for financial instruments which can be used global

40、ly for Straight Through Processing by all involved participants in an electronic data processing environment. An example being, readers of portfolio holdings see reports from different sources using the same categories, groups and attributes making comparison of instruments more credible. The broade

41、ned scope and coverage of CFI codes encourages market participants to take advantage of other International Standards, particularly international securities identification numbers (ISINs). It is intended that the improved understanding of the characteristics and categorization leads to a better comp

42、rehension of financial instruments. This leads to more active markets and the resulting improvement in market liquidity. In addition, these codes will be displayed on websites using internet technology, which has allowed the growth of e-issuing, e-trading and e-settlements. ISO 2015 All rights reser

43、ved viiBS ISO 10962:2015BS ISO 10962:2015Securities and related financial instruments Classification of financial instruments (CFI code)1 ScopeThis International Standard defines and describes codes for an internationally valid system to classify financial instruments. The classification system appl

44、ies to financial instruments negotiated internationally as well as to domestic instruments. The term “financial instruments” refers not only to classical securities, but also covers the innovative financial products that have emerged in different markets (a trend that is expected to continue in the

45、future).This International Standard is intended for use in any application in the trading and administration of securities in the international securities business. In so far as the trading and the administration of securities do not affect other countries, the application of this International Stan

46、dard remains at the discretion of the responsible national bodies, such as stock exchanges, banks, brokers, regulatory bodies and other institutions active in the securities field.In principle, the CFI code reflects characteristics that are defined when a financial instrument is issued and that rema

47、in unchanged during its entire lifetime. However, a few events that can lead to a new CFI code for the same instrument are anticipated, such as the changing of voting rights or ownership restrictions by a stockholders meeting.2 Normative referencesThe following referenced documents are indispensable

48、 for the application of this document. For dated references, only the edition cited applies. For undated references, the latest edition of the referenced document (including any amendments) applies.ISO 4217, Codes for the representation of currencies and fundsISO 6166, Securities and related financi

49、al instruments International securities identification numbering system (ISIN)3 Conventions and principles3.1 The CFI code provides the most comprehensive information possible, while maintaining the code manageability. One of the essential rules of this CFI concept is that the classification is determined by the intrinsic characteristics of the respective financial instruments and not by the instrument names and terms prevailing in a given country; these terms can possibly be used in a different sense in another country. This principle avoids confu