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ISINSecurities - International securities identification numbering system ISO 6166
Introduction
The standard provides a uniform structure for a
number, known as the lSIN, that uniquely identifies securities. It details
organisations, known as National Numbering Agencies
(NNA's) that are responsible for issuing the ISIN in each country. In those
countries where no NNA is in operation, four NNA's have agreed, on a regional
basis, to act as a substitute agency.
ISIN
ISIN consists of a total of 12 characters as follows:
The first two characters are taken up by the alpha-2 country code as issued in accordance with the international standard ISO 3166 of the country where the issuer of securities, other than debt securities, is legally registered or in which it has legal domicile. For debt securities, the relevant country is the one of the ISIN - allocating NNA. In the case of depository receipts, such as ADRs, the country code is that of the organisation who issued the receipt instead of the one who issued the underlying security.
The next nine characters are taken up by the local number of the security concerned. Where the national number consists of fewer than nine characters, zeros are inserted in front of the number so that the full nine spaces are used.
The final character is a check digit computed according to the modulus 10 "Double-Add-Double" formula.
Who issues the ISIN
n the case of securities, other than debt securities, where a NNA recognised by ANNA operates, this organisation issues the ISIN for securities whose issuer is registered or domiciled in the country where the NNA operates. For debt securities the NNA who issues the ISIN is either one of the international securities clearing organisations or the responsible NNA in accordance with ISO 6166.
In the case of those countries where no NNA exists, a substitute agency allocates the number.
ISIN structure
1, 2, - Country code
2 character alphabetical
3, 4, 5, 6, 7, 8, 9, 10, 11, National Securities Identification Number
9 character alpha-numerical
12, - Check digit
1 character numerical
ISO 6166
The standard ISO 6166 describes the structure of the ISIN codes and which organizations are allowed to allocate ISIN codes to which securities.
The aim of the guidelines is to obtain a uniform process among the various National Numbering Agencies for the allocation of ISIN codes.
This document is a live document which shall be reviewed periodically.
Definition of fungibility
Set of good which are equivalent, substituable, interchangeable and which are not individualized.
Since securities can be individualized by numbers or through a registered form, we will use the following definition.
Definition of fungibility in the securities industry
Fungible means that a security ranks pari passu in all respects with a different version of the same security and can be exchanged into the other form and visa versa at any time.
The fungible securities will be identified by one ISIN.
Right to sell
Right to vote
Right to receive a payment (coupon, redemption) on the same date
Right to participate in a corporate action in the same way
Right for any holder to hold any form
Source: Reproduced from the site: www.anna-nna.com
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