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International
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re: International Security Identification
Anonymous
17 Nov 1997 4:01PM ET> > I am curious as to how other firms are (or will be) identifying international (non-US) securities when using the FIX protocol.
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> > Seeing that there is no standard for international ticker symbols, our plan is to primarily rely on a combination of SEDOL and ISO currency code.
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> > The currency code will be used as a backup, in case our, or our trading partner's, SEDOL is slightly mismatched. For example, Guiness PLC trades in London and Ireland. The London version has one SEDOL, and the Ireland version has another SEDOL. One possibility is that our security master file may have incorrectly mapped the Irish SEDOL for the London version of the security. Assuming we want to trade Guiness on the London exchange, we would have sent the incorrect SEDOL to our trading partner. By also sending the currency code (which is set up correctly), our trading partner would be alerted to the mismatch and would alert us.
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> > How are other firms handling international security identification? Are you using SEDOL, ISIN, CINS, etc? Are you using any ticker symbols (e.g. RIC-code?)
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> > --Rich Lerman
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> Many different codes - plus one, the security name, as a crosscheck. There is probably no symbology with a total coverage at the Worldwide level.
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> The most complete symbology I have found is a combination of local (market defined) security codes and/or symbols, and FIX market codes (e.g. SICOVAM code or Paris bourse symbol, + "PA" as the market), if not the most convenient. For instance "TNU PA" or "012345 PA".
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> It is also fairly difficult to build from the US, and not always applicable for settlement with our clients.
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> At the real user level the most commonly used is probably the RIC. I am not sure how to setup complete RIC reference databases. In addition I guess some network vendors would not be allowed to use it, am I right ?
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> By the way, be aware that using a currency code will not work anymore in 1999 in Europe - with the European Monetary Unit, you will trade on different markets using the same currency.
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> But maybe users will not mention the market anymore at that time - since European markets could be arbitraged one against the other.
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re: International Security Identification
Anonymous 17 Nov 1997 4:01PM ET
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