These new web-based tools will help organizations search for existing FIGIs, request identifiers for new securities and cross-reference, or map, FIGIs to other third-party identifiers.

Based on Bloomberg’s Open Symbology, FIGI is a free and open data standard and unique identifier of financial instruments that can be used across all global asset classes, including syndicated loans, common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products. In 2014, the international, open membership, not-for-profit technology standards consortium, Object Management Group voted unanimously to adopt FIGI as a standard methodology for identifying financial instruments across all asset classes. The consortium also nominated Bloomberg to be the Registration Authority (RA) and a Certified Provider for the standard.

“One of our goals for OpenFIGI.com and the new API is to enable organizations to break through the complexities of financial instrument identification and mapping by providing a central solution of unique identifiers across all asset classes,” said Richard Robinson, head of strategy and industry relations for Bloomberg’s Open Symbology group. “By utilizing FIGI to identify instruments, all information about those instruments can flow seamlessly between the systems of sell-side and buy-side firms as well as data vendors. This approach reduces cost, increases data quality and increases speed for all participants involved.”

OpenFIGI.com provides direct access to multiple tools for identifying, mapping and requesting free and open symbology datasets. The website enables users to search the available Open Symbology data, access news and updates related to the FIGI, and obtain the OpenFIGI API specification. The website also provides powerful search criteria including access to increased coverage, the inclusion of additional fields, such as Share Class FIGI, and options to narrow down and pinpoint the results, which can be exported to Excel files without usage restrictions. Bloomberg's Open Symbology team will also use the site to share its subject-matter expertise about symbology, data quality, data governance, metadata and ontology.

The new OpenFIGI API allows mapping from third-party identifiers to the FIGI, and it lets users programmatically access related Open Symbology metadata. Results can be further filtered using exchange and MIC codes. Users should verify whether a license with a third-party provider is needed to map from or otherwise use their identifiers. Bloomberg accepts no responsibility for the improper use of third-party data.

Information on check digit calculation and how to request assignment of a FIGI for IRS and FUNDS is also available where one has not yet been assigned proactively through the standard process. Requests for FIGI assignment is limited to those parties issuing an instrument, and requires verification against the existing dataset.

“With FIGI, we are bringing the industry together by closing the gap in existing symbology systems,” added Robinson. “As the financial industry’s only open data standard for instrument identification, FIGI delivers all of the benefits at absolutely no cost – free to use, free to issue, free to redistribute.”

Registered users have the ability to perform bulk-related services. However, users do not need to be registered, or be a Bloomberg customer, and there are no charges, fees, or license restrictions on the data obtained from the website.