Contents 1 History 2 Description 3 Usage and acceptance 4 Commercial model 5 Controversy 6 Examples 6.1 Apple, Inc. 6.2 Treasury Corporation of Victoria 6.3 BAE Systems 7 Check-digit flaw in ISIN 8 See also 9 References 10 External links


History ISINs were first used in 1981, but didn't reach wide acceptance until 1989, when the G30 countries recommended adoption.[1] The ISIN was endorsed a year later by ISO with the ISO 6166 standard. Initially information was distributed via CD-ROMs and this was later replaced by distribution over the internet. In 2004 the European Union mandated the use of instrument identifiers in some of its regulatory reporting, which included ISIN as one of the valid identifiers.[2]


Description ISO 6166 (or ISO6166:2013 as of the 2013 revision) defines the structure of an International Securities Identification Number (ISIN). An ISIN uniquely identifies a fungible security. Securities with which ISINs can be used are: Equities (shares, units, depository receipts) Debt instruments (bonds and debt instruments other than international, international bonds and debt instruments, stripped coupons and principal, treasury bills, others) Entitlements (rights, warrants) Derivatives (options, futures) Others (commodities, currencies, indices, interest rates) ISINs consist of two alphabetic characters, which are the ISO 3166-1 alpha-2 code for the issuing country, nine alpha-numeric characters (the National Securities Identifying Number, or NSIN, which identifies the security, padded as necessary with leading zeros), and one numerical check digit. They are thus always 12 characters in length. When the NSIN changes due to corporate actions or other reasons, the ISIN will also change. Issuance of ISINs is decentralized to individual National Numbering Agencies ("NNA"). Since existing national numbering schemes administered by the various NNAs form the basis for ISINs, the methodology for assignment is not consistent across agencies globally. An ISIN cannot specify a particular trading location, or another identifier, typically a MIC (Market Identifier Code) or the three-letter exchange code, will have to be specified in addition to the ISIN. The currency of the trade will also be required to uniquely identify the instrument using this method.


Usage and acceptance Since 1989, when ISINs were introduced, they have slowly gained traction worldwide in their usage. ISINs are being introduced worldwide and are the most popular global securities identifier. Trading, clearing and settlement systems in many countries have adopted ISINs as a secondary measure of identifying securities. Some countries, mainly in Europe, have moved to using the ISIN as their primary means of identifying securities. In addition new European regulations such as Solvency II increasingly require the ISIN to be reported.[3]


Commercial model The ISIN is generally included in services sold by financial data vendors and intermediaries. These services are normally paid services as more value added data is included with the information. In general, the issuer of a security will include the ISIN in issuance papers or other documentation for identification purposes.


Controversy In 2009, Standard & Poor's was formally charged by the European Commission (EC) with abusing its position in licensing international securities identification codes for United States of America securities by requiring European financial firms and data vendors to pay licensing fees for their use. "This behaviour amounts to unfair pricing," the EC said in its statement of objections which lays the groundwork for an adverse finding against S&P. "The (numbers) are indispensable for a number of operations that financial institutions carry out – for instance, reporting to authorities or clearing and settlement – and cannot be substituted.”[4][5] In 2011, Standard and Poor's provided six undertakings to the European Commission to remedy the situation. The agreement is applicable to all consuming companies in the European Economic Area. These expire at the end of 2016.


Examples The examples below describes one approach for applying the Luhn algorithm on two different ISINs. The difference in the two examples has to do with if there are an odd or even number of digits after converting letters to number. Since the NSIN element can be any alpha numeric sequence (9 characters), an odd number of letters will result in an even number of digits and an even number of letters will result in an odd number of digits. For an odd number of digits, the approach in the first example is used. For an even number of digits, the approach in the second example is used. The Luhn algorithm can also be applied in the same manner for both types or lengths (alternating multiply the string of digits by 1 and 2, starting from the end of the string), being more generic. Apple, Inc. Apple, Inc.: ISIN US0378331005, expanded from CUSIP 037833100 The main body of the ISIN is the original CUSIP, assigned in the 1970s. The country code "US" has been added on the front, and an additional check digit at the end. The country code indicates the country of issue. The check digit is calculated using the Luhn algorithm. Convert any letters to numbers: U = 30, S = 28. US037833100 -> 30 28 037833100 Collect odd and even characters: 3028037833100 = (3, 2, 0, 7, 3, 1, 0), (0, 8, 3, 8, 3, 0) Multiply the group containing the rightmost character (which is the FIRST group) by 2: (6, 4, 0, 14, 6, 2, 0) Add up the individual digits: (6 + 4 + 0 + (1 + 4) + 6 + 2 + 0) + (0 + 8 + 3 + 8 + 3 + 0) = 45 Take the 10s modulus of the sum: 45 mod 10 = 5 Subtract from 10: 10 - 5 = 5 Take the 10s modulus of the result (this final step is important in the instance where the modulus of the sum is 0, as the resulting check digit would be 10). 5 mod 10 = 5 So the ISIN check digit is five. Treasury Corporation of Victoria TREASURY CORP VICTORIA 5 3/4% 2005-2016: ISIN AU0000XVGZA3. The check digit is calculated using the Luhn algorithm. Convert any letters to numbers: A = 10, G = 16, U = 30, V = 31, X = 33, Z = 35. AU0000XVGZA -> 10 30 0000 33 31 16 35 10. Collect odd and even characters: 103000003331163510 = (1, 3, 0, 0, 3, 3, 1, 3, 1), (0, 0, 0, 0, 3, 1, 6, 5, 0) Multiply the group containing the rightmost character (which is the SECOND group) by 2: (0, 0, 0, 0, 6, 2, 12, 10, 0) Add up the individual digits: (1 + 3 + 0 + 0 + 3 + 3 + 1 + 3 + 1) + (0 + 0 + 0 + 0 + 6 + 2 + (1 + 2) + (1 + 0) + 0) = 27 Take the 10s modulus of the sum: 27 mod 10 = 7 Subtract from 10: 10 - 7 = 3 Take the 10s modulus of the result (this final step is important in the instance where the modulus of the sum is 0, as the resulting check digit would be 10). 3 mod 10 = 3 So the ISIN check digit is three. BAE Systems BAE Systems: ISIN GB0002634946, expanded from SEDOL 000263494 The main body is the SEDOL, padded on the front with the addition of two zeros. The country code "GB" is then added on the front, and the check digit on the end as in the example above.


Check-digit flaw in ISIN The Treasury Corporation of Victoria ISIN illustrates a flaw in ISIN's check digit algorithm which allows transposed letters: Suppose the ISIN was mis-typed as AU0000VXGZA3 A = 10, G = 16, U = 30, V = 31, X = 33, Z = 35. "AU0000VXGZA" -> 10 30 00 00 31 33 16 35 10". Collect odd and even characters: 103000003133163510 = (1, 3, 0, 0, 3, 3, 1, 3, 1), (0, 0, 0, 0, 1, 3, 6, 5, 0) Multiply the group containing the rightmost character (which is the SECOND group) by 2: (0, 0, 0, 0, 2, 6, 12, 10, 0) Add up the individual digits: (1 + 3 + 0 + 0 + 3 + 3 + 1 + 3 + 1) + (0 + 0 + 0 + 0 + 2 + 6 + (1 + 2) + (1 + 0) + 0) = 27 Take the 10s modulus of the sum: 27 mod 10 = 7 Subtract from 10: 10 - 7 = 3 Take the 10s modulus of the result (this final step is important in the instance where the modulus of the sum is 0, as the resulting check digit would be 10). 3 mod 10 = 3 So the ISIN check digit is still three even though two letters have been transposed. Such flaw against a single transposed pair of letters or digits would have been avoided using two check digits instead of just one (i.e. a 97 modulus instead of the 10 modulus, like in IBAN numbers which may also mix letters and digits). Some protocols require the transmission of additional check digits added to the full ISIN number.


See also Central Index Key CUSIP ISO 10383 ISO 10962 NSIN


References ^ Coordinated Portfolio Investment Survey Guide, Second Edition, International Monetary Fund, 2002, Washington DC - Appendix VII: International Securities Identification Number (ISIN) Code System ^ Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (Text with EEA relevance) ^ https://dev.eiopa.europa.eu/Taxonomy/Full/2.0.1/EIOPA_XBRL_Filing_Rules_for_Solvency_II_reporting_2.0.1.pdf ^ Securities Technology Monitor, ed. (2009). "EC Charges S&P With Monopoly Abuse". Archived from the original on 2011-07-16.  ^ Finextra, ed. (2009). "European Commission Accuses S&P of Monopoly Abuse over Isin Fees". 


External links International Organisation for Standardization ISIN ISIN History – site in English; describes in detail ISIN code history. v t e International numbering standards Standards ISO 2108: International Standard Book Number (ISBN) ISO 3297: International Standard Serial Number (ISSN) ISO 3901: International Standard Recording Code (ISRC) ISO 6166: International Securities Identification Number (ISIN) ISO/IEC 7812: Issuer identification number (IIN) ISO 10957: International Standard Music Number (ISMN) ISO 13616: International Bank Account Number (IBAN) ISO 15511: International Standard Identifier for Libraries... (ISIL) ISO 15706: International Standard Audiovisual Number (ISAN) ISO 15707: International Standard Musical Work Code (ISWC) ISO 17316: International Standard Link Identifier (ISLI) ISO 17442: Legal Entity Identifier (LEI) ISO 21047: International Standard Text Code (ISTC) ISO 26324: Digital Object Identifier System (DOI) ISO 27729: International Standard Name Identifier (ISNI) CAE/IPI Virtual International Authority File (VIAF) v t e ISO standards by standard number List of ISO standards / ISO romanizations / IEC standards 1–9999 1 2 3 4 5 6 7 9 16 31 -0 -1 -2 -3 -4 -5 -6 -7 -8 -9 -10 -11 -12 -13 128 216 217 226 228 233 259 269 302 306 428 518 519 639 -1 -2 -3 -5 -6 646 690 732 764 843 898 965 1000 1004 1007 1073-1 1413 1538 1745 1989 2014 2015 2022 2047 2108 2145 2146 2240 2281 2709 2711 2788 2848 2852 3029 3103 3166 -1 -2 -3 3297 3307 3602 3864 3901 3977 4031 4157 4217 4909 5218 5428 5775 5776 5800 5964 6166 6344 6346 6385 6425 6429 6438 6523 6709 7001 7002 7098 7185 7200 7498 7736 7810 7811 7812 7813 7816 8000 8178 8217 8571 8583 8601 8632 8652 8691 8807 8820-5 8859 -1 -2 -3 -4 -5 -6 -7 -8 -8-I -9 -10 -11 -12 -13 -14 -15 -16 8879 9000/9001 9075 9126 9293 9241 9362 9407 9506 9529 9564 9594 9660 9897 9899 9945 9984 9985 9995 10000–19999 10005 10006 10007 10116 10118-3 10160 10161 10165 10179 10206 10218 10303 -11 -21 -22 -28 -238 10383 10487 10585 10589 10646 10664 10746 10861 10957 10962 10967 11073 11170 11179 11404 11544 11783 11784 11785 11801 11898 11940 (-2) 11941 11941 (TR) 11992 12006 12182 12207 12234-2 13211 -1 -2 13216 13250 13399 13406-2 13450 13485 13490 13567 13568 13584 13616 14000 14031 14224 14289 14396 14443 14496 -2 -3 -6 -10 -11 -12 -14 -17 -20 14644 14649 14651 14698 14750 14764 14882 14971 15022 15189 15288 15291 15292 15398 15408 15444 -3 15445 15438 15504 15511 15686 15693 15706 -2 15707 15897 15919 15924 15926 15926 WIP 15930 16023 16262 16612-2 16750 16949 (TS) 17024 17025 17100 17203 17369 17442 17799 18000 18004 18014 18245 18629 18916 19005 19011 19092 (-1 -2) 19114 19115 19125 19136 19439 19500 19501 19502 19503 19505 19506 19507 19508 19509 19510 19600:2014 19752 19757 19770 19775-1 19794-5 19831 20000+ 20000 20022 20121 20400 21000 21047 21500 21827:2002 22000 23270 23271 23360 24517 24613 24617 24707 25178 25964 26000 26300 26324 27000 series 27000 27001 27002 27006 27729 28000 29110 29148 29199-2 29500 30170 31000 32000 38500 40500 42010 55000 80000 -1 -2 -3 Category Retrieved from "https://en.wikipedia.org/w/index.php?title=International_Securities_Identification_Number&oldid=810438377" Categories: Financial regulationSecurity identifier typesISO standardsHidden categories: Wikipedia semi-protected pages


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