TS ISO 10962

TS ISO 10962 defines the structure of the CFI (Classification of Financial Instruments) code for securities and related financial instruments. It provides a shared classification logic that expresses the type and key characteristics of a financial instrument in a compact, systematic code, helping trading, custody, clearing and administrative processes use the same reference language across market participants.

What the CFI code represents

The CFI code reflects characteristics defined when a financial instrument is issued and that generally remain stable throughout its life. In general technical terms, this allows the economic and legal nature of an instrument to be captured in a single code, supporting consistent distinctions among equities, debt instruments, derivatives and newer financial products. The standard describes a framework usable for instruments traded internationally as well as domestic instruments.

Where it is used and when a code may change

The purpose of the standard is to provide a classification structure for use in trading and administration within the international securities business. In general market practice, codes such as the CFI are used by stock exchanges, banks, brokers, regulators and other authorised institutions for data matching, product identification and operational consistency. The standard also recognises that a new CFI code may be needed in certain exceptional cases for the same instrument, for example if voting rights or ownership restrictions change after issuance.

In short, TS ISO 10962 focuses on how financial instruments are classified rather than merely named. As product ranges become more diverse, this code serves as a practical reference framework for handling different instruments consistently within shared market data systems.