Standardisation driven by MiFID

The standardisation of financial data is becoming a highly topical issue as a result of the implementation of MiFID and Basel II. Industry standards are promoting the realisation of automation projects in the financial sector and are creating transparency as the volume and complexity of financial data grows. For example, MiFID regulations stipulate that a unique code must be used to identify issuers, banks, funds and brokers at a European level. The CFI code is becoming established as an appropriate solution for the classification of financial instruments, while the MIC code is used for the identification of markets and trading platforms. Finally, the finance industry this year implemented key measures to facilitate the pan-European introduction of International Business Entity Identifiers (IBEI / ISO 16372).

At the end of June 2007, the National Numbering Agencies (NNAs), Telekurs Financial, the London Stock Exchange and WM Datenservice began strengthening their cooperation in order to promote the use of the IBEI code within Europe. Nourredine Yous, the Telekurs Financial representative at ANNA and Chairman of an ISO Subcommittee, confirmed: “Italy, Spain and the UK are participating in the implementation of the IBEI code. Germany is the second
European country after Switzerland to introduce the IBEI code for its domestic companies.” November 1, 2007 has been set as the target date by which to achieve the broadest possible coverage and implementation of the standard.

Telekurs Financial already introduced the IBEI codes for companies domiciled in Switzerland and Liechtenstein in its Valordata Feed (VDF) at the start of 2007. They complement the existing company codes (e.g. D-U-N-S Numbers, Danish CVR numbers, Moody’s Institution Identifiers, Fitch Issuer IDs and British and French registered company codes) and represent another key data component for the identification of companies in VDF.

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This article is extracted from the current issue of Telekurs Financial's corporate magazine realtime. If you wish to subscribe or learn more about the realtime magazine, visit www.telekurs-realtime.com


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