Issuer and Short Names Standards

LONDON - The implementation plan for financial instrument issuer names, ISO 18773, and financial instrument short names, ISO 18774, has been delayed due to ongoing European Commission (EC) proceedings against Standard & Poor's, officials tell Inside Reference Data.

The Association of National Numbering Agencies (Anna), the registration authority for the ISIN and CFI standards, is considering taking on the registration authority role for the issuer names and short names standards, but for the codes to have meaning, it is envisioned they will have to be cross-referenced with the ISIN codes.

The EC issued a statement of objections against Standard & Poor's for the licensing practices of the Cusip-based ISIN codes in November. It is difficult for Anna to move forward without knowing the outcome. "I don't know nor want to speculate about the potential implications, but for the time being the adoption of new standards under Anna's remit is on hold," says London-based Anna chairman Dan Kuhnel.

The Anna board said the group should assume a more active role in the registration of the standards, and a high-level implementation plan was presented to the membership at the meeting in June.

Yet, it is too early to do a member vote on the plan, when there is uncertainty around linking these new standards to the ISIN, which could affect the users adopting the standard.

Still, several numbering agencies have started the work even if Anna is not the official registration authority yet. "SIX Telekurs has decided to go forward with implementing it," says Zurich-based Nourredine Yous, head of reference data management, SIX Telekurs, adding that other countries such as Germany and Spain have made the same decision.

Meanwhile, earlier this year Anna was approached by Working Group 8 to become the registration authority for the IGI standard (Inside Reference Data, September 2009). This decision is also expected to be made following the conclusion of the S&P case, as according to Kuhnel, the S&P-run Cusip Global Services could put the proprietary identifier Cabre in the root of the IGI code. "It could be similar to the current situation with the ISIN," says Kuhnel.

A spokesperson at S&P says the format of the Cabre is compatible with the IGI, and the previously announced Cabre directory will be released later this month.

Still, the issue for Anna is that it is uncertain when the EC case will close. Anna will still have to continue its work, and in the next board meeting, the Anna board will determine the next steps. "We have to develop a clear plan to continue moving forward," says Kuhnel.