Begginers Guide For Using Openfigi Exchange Codes API In 2022

If you are totally new to the stock market and have no clue what FIGIs codes are, then this article is for you. Just like its name suggests, FIGIs (FIGI) codes are unique identification numbers assigned by a group of exchanges from all over the world to identify individual financial instruments. 

Moreover, these identification codes are used for a wide range of purposes such as managing investments, keeping track of transactions and balances, and providing information to the public. Another important use of FIGIs codes is to assist in determining the legal jurisdiction that applies to a particular transaction or exchange.

Most importantly, depending on their structure and complexity, FIGIs codes can vary widely in length and format. However, if we analyze the most common types of exchanges’ codes we can find out that they usually include ISO country code, company identifier and security type (ISIN). 

It is key for any investor or trader to know their security’s FIGIs code since it contains valuable information you will need if you want to perform a transaction with it. Also, it is perfect for a beginner investor since it helps them understand better every security and its characteristics.

In case you don’t know how to obtain these FIGIs codes we can tell you that there exist various APIs that make this task easier.

What Are OpenFIGI Exchange Codes APIs?

An API (Application Programming Interface) is an interface that allows systems or applications to communicate with one another using both input data and output data. Hence, an API gateway allows communication between different systems or applications via common protocols. An application programming interface is a set of definitions and protocols that enable communication between software components.

FIGI codes are displayed on each financial instrument’s trading platform. However, not everyone has access to them or wants to spend time searching for them.

OpenFIGI Exchange Codes API is an API that allows you to access these important identification numbers. This API retrieves FIGI codes from any security based on its ISIN code in a matter of seconds. It is ideal for those who want to quickly retrieve information about a particular security.

It only needs two parameters to operate:

The ISIN (International Securities Identification Number) code The name of the security

OpenFIGI Exchange Codes API will then return all the
Be able to retrieve all the FIGIs codes related to any security based on its ISIN code.

You can check Get FIGIs Numbers by ISIN Codes API for free here.

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