If you have not heard about FIGIs, did you know that they are the FIGI codes? FIGIs are identifiers that are assigned to the securities issued by banks. In addition, they are similar to CNA codes, only that they refer to financial instruments such as bank bonds and other debt securities.
As a result, the FIGIs code is a unique identifier for each security issued by a bank or financial institution. To get this code, it is necessary to identify it as its ISIN code.
OpenFIGI is an international securities identification system that used to assign codes to international securities. This system was used by the FIGI codes and replaced by the identification system mandated by the FIGI codes to ensure that there is a link between them and the corresponding securities.
Official Identification System of Securities (OpenFIGI) is the replacement for FIGIs. They both share the same purpose: to identify financial instruments such as company bonds and bank debt. However, they do not work in the same way because they operate using different identification features.
In this way, OpenFIGI identifies securities through their ISIN code, while FIGIs work with their respective CNA code. Thanks to this new identification system, it is necessary that all banks start working with it and replace their existing CNA codes with ISIN codes. The main reason for this is that OpenFIGIs have greater international recognition than FIGIs: the first one can be linked to the active legal information databases of many countries; whereas there are few entities outside those related to banking in which the latter can be found.
This fact is of great importance because it allows investors from around the world to identify more easily any security and make comparisons among them with greater facility. In addition, working with OpenFIGIs will contribute greatly to a better distribution of information and transparency of the various financial instruments throughout various markets around the world.
However, if you have been assigned some codes in your portfolio and you want to know more about them, or you want to include it in your portfolio management tool; you will need some information about it. In this case, you should use an API such as the one we recommend below: The FIGI Codes API that will allow you to retrieve all of its information in a simple manner!
What Is An API? An API (Application Programming Interface) is a software interface that allows two software components to communicate with each other via a set of operations; defined in a specification or
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.