Financial Metadata | Standards Michigan

Financial Metadata

"Metadata" is information about information.  A familiar example of metadata is that which describes books: it can include the author, title, publisher, edition, date and place of publication, illustrator, type of illustrations, number of pages, and much more.  Metadata about an electronic file could include author, file type, date file was created, update dates, file size, type of contents, etc.  Metadata helps academic researchers understand the item they are encountering.  A great deal of BIM data (Building Information Modeling) requires metadata.  The proposed X9 standard is information about financial information.


Financial Metadata

June 29, 2020

Luca Pacioli / “Father of Accounting”

The Accredited Standards Committee X9, Incorporated (ASC x9) has filed an announcement with the American National Standards Institute (ANSI) about a new standardization project titled X9.145 Framework for Financial Instrument Identification.  From the project prospectus:

Project Need: Adopting an open system (in contrast to singular identifiers) of shared symbology serves to establish the foundation for the needs of any modern data management solutions related to the efficient trading, settlement, and reporting of financial instruments. Such a system will enable firms and technology service providers to shift resources from laborious, inefficient, error-prone, and typically manual processes to new investments in tools and products that will better serve clients, consumers, regulators, and the industry at large.

Stakeholders: Brokerage firms, banks/investment services, hedge funds, investment managers, custodians, utilities/industry infrastructure (exchanges, CCPs, clearing, etc.), regulators, data vendors, technology/software vendors.

Background: Adoption of an open-source data framework of shared identifiers and open-source metadata answers the call for greater transparency for the United States financial market. The Object Management Group Financial Instrument Global Identifier (FIGI) introduces a metadata-driven methodology for the management of identifying financial instruments across contextual use cases, and enabling interoperability between existing identifiers. The FIGI enables financial firms and technology service providers to shift resources from laborious, inefficient processes to new investment in tools and products that will better serve clients. Simply stated, the FIGI provides an open-source industry-wide framework that can be used intra- or inter-company to enable the interoperability of the hundreds of vendor-owned identifiers and existing standards that are not currently interoperable or freely redistributable. The FIGI further enables usability by allowing extensibility without restrictions, aside from maintaining the open source nature of the core standard. The FIGI is the only machine-readable identifier standard that can represent any financial instrument.

No comments are due at this time.  The filing with ANSI is only notification that a new standardization project (PINS) has begun.

The education industry needs to prepare for the digital current transformation so we will keep on eye on it; at least reviewing its status along with other financial standardization activity once a month.  You always get a front row seat on the action when you follow standards action.  See our CALENDAR for our next online Finance & Management standards meeting; open to everyone.

We encourage direct participation in the ASC x9 process by anyone in the education industry (CLICK HERE).


Distributed Ledger Technology

Issue: [19-145]

Category: Finance,  Management

Colleagues: Mike Anthony, Jack Janveja, Richard Robben

Source: ANSI Standards Action / Page 19


ASC X9 Study Group Report: Distributed Ledger and Blockchain Technology Study Group

ISO/TC 68/SC 8 Reference data for financial services

A Common Language for the Blockchain?


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