International securities identification number

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The International Securities Identification Number (English International Securities Identification Number , abbreviated ISIN ) is a twelve-digit letter-number combination and provides an identification mainly - but not exclusively - for at the exchange -traded securities . Is The structure of the ISIN is in the standard ISO 6166 described .

backgrounds

In the course of the international harmonization of the financial markets, the decision was made in January 2000 to introduce the ISIN standard in Germany . The also unique national securities identification number (WKN) used so far is still used for known securities as the National Securities Identifying Number (NSIN).

Traded securities with an ISIN can be stocks , funds , bonds , options or futures . Only fungible securities are given an ISIN. Not all products traded on the stock exchange receive an ISIN, e.g. B. different product identifications are used for commodity futures .

The ISIN uniquely identifies a security, but not the trade in a security. For example, Bayer AG shares (ISIN DE000BAY0017) are traded on fifteen different stock exchanges ( electronic trading and floor trading ) in four different currencies . By combining the market identification code (MIC) in accordance with ISO 10383 and ISIN, this trade uniqueness is achieved.

The ISINs will gradually be introduced worldwide. Currently, many states have established them as another means of identifying securities. Only a few of these states have so far declared them the primary identification. In Germany, the publishing group Wertpapier-Mitteilungen, Keppler, Lehmann GmbH & Co. KG is officially responsible for issuing ISINs.

Testing of the ISO 6166 standard is carried out by the Association of National Numbering Agencies (ANNA). It is the association of all national authorities for issuing securities identification numbers .

For all securities in the United States and Canada are emitted, which assigns to Standard & Poor's belonging CUSIP Service Bureau (CSB) one ISIN. The CSB charges license fees from anyone who uses such an ISIN, as they hold copyrights to some of the ISINs. This typically incurs fees of US $ 10,000 per year for the use of 500 to 2,500 ISINs.

construction

Structure of the ISIN
1 2 3 4th 5 6th 7th 8th 9 10 11 12
Country
code 		NSIN testing
digit

The structure of the ISIN is defined in accordance with ISO 6166 as follows: two letters as the country code , the nine-digit alphanumeric NSIN (National Securities Identifying Number) and a check digit . The country code is the alpha-2 code of ISO 3166-1 for the country that issued the ISIN for a security. This may well differ from the home country of the security issuer (example: a German company issues a bond in the USA.) The country-independent abbreviation "XS" is a special feature, which is used for international securities that are held by Clearstream or Euroclear . There are now also "EU" ISINs for index securities (e.g. EU0009658145 for the EuroStoxx 50 price index), for currencies (e.g. EU0009652627 for EUR / JPY) or for EU bonds (e.g. EU000A0T74M4).

The ISIN is issued by the respective national organization ( National numbering agency , NNA). In the German stock exchange trading, securities were previously classified using a six-digit securities identification number (WKN). This was replaced by the ISIN on April 22, 2003, but this does not mean that the WKN was thereby abolished. The WKN is still used in parallel to the ISIN by many systems to identify the securities issued in Germany.

  • German ISINs begin with the country code DE. The following NSIN is composed of nine digits or letters. When the ISIN codes were introduced, an ISIN with three zeros followed by the previous WKN was automatically generated from all WKNs (previously only existent numerically). The final check digit results in e.g. B. for Bayer AG (WKN: BAY001) the ISIN DE000BAY0017. The WKNs that have existed in alphanumeric form since 2003 can also be derived from today's ISIN codes.
  • In Austria, ISINs begin with the country code AT, followed by the basic number and the check digit. The base number has 9 digits. This can contain both letters and numbers. If the basic number has fewer than nine digits, a corresponding number of zeros is placed in front.
  • Swiss ISINs begin with CH followed by a security number and finally the check digit.
  • ISINs for US and Canadian stocks (i.e. US and CA, as well as for the countries with the ISO 3166 code PA / AN / BM / KY / VG / AG / PR / PH / MH / BS / BZ / AR / AI / BB) begin with the country code (e.g. US), followed by the 9-digit CUSIP and finally the check digit.
  • French ISINs contain the SICOVAM number after the country code FR and finally the ISIN check digit.
  • Danish ISINs contain two zeros after the DK code, followed by the 7-digit Danish fund code and finally the ISIN check digit. The last digit of the fund code (i.e. the penultimate digit of the ISIN) is also a check digit, which is formed in such a way that when the individual digits of the fund code are multiplied from right to left by 1, 2, 3, 4, 5, 6, 7 the The sum of the products is evenly divisible by eleven, i.e. the sum of MOD 11 is zero.
  • The ISIN for an English or Irish security consists of the country (ISIN begins with GB or IE, as well as the ISO 3166 codes JE / GG / IM), followed by the SEDOL number (which contains its own check digit; padded with zeros on the left ) and the ISIN checksum.
  • Japanese ISINs consist of the country code JP, followed by an attribute code (one digit, e.g. 3 = companies, e.g. companies), a five-digit name code, and a three-digit securities type code (e.g. 000 = common stock) and the final check digit.
  • A Belgian NSIN is correct if the first seven digits (= the first seven digits of the ISIN after "BE") minus the digits 8 and 9 can be divided by 97. Example: ISIN BE0003796134 belongs to the Dexia share. The NSIN is correct because (0003796 - 13) MOD 97 = zero . As always, the last digit of the ISIN (here "4") is the separate check digit of the ISIN itself.
  • ISINs that begin with the code "XS" mostly refer to bonds that are held in custody with Clearstream or Euroclear . The code XS is followed by the nine-digit common code and then the ISIN check digit. The same applies to Luxembourg ISINs that begin with LU (especially funds). The common code also contains a check digit, which is formed by multiplying the first eight digits from left to right by 3, 2, 7, 6, 5, 4, 3, 2 and then adding the products. The check digit (ninth digit of the common code) results as 11 minus the eleven remainder of the sum (i.e. 11 - (sum MOD 11) ). If the result is 10, the check digit is zero. This algorithm applies to the vast majority of all common codes, namely to all those that do not begin with “000” (ie not for XS000… or LU000…; in this case the ninth position of the common code does not contain a check digit).

German ISINs are not the only ones that contain the German WKN. Rather, this applies to all ISINs that are issued by German Wertpapier-Mitteilungen (WM, see above). For ISINs that begin with the following country code (according to ISO 3166 ), the German WKN is usually found after the three zeros and then the ISIN check digit: DE / GI / SA / EU / PG / LR / AE / KZ / RU / XF / XC / CN / QA / NA / UA / MK / BH / OM / NP / CI / NG / IQ / BT / KG / SO / UZ / TM / FO / TZ / SD / SY / SS / MR / TG .

Calculate check digit
for DE000BAY001 7
ISIN
without
check digit 		factor product Digits
for
checksum
D. 1 1 1 1
3 2 6th 6th
E. 1 1 1 1
4th 2 8th 8th
0 1 0 0
0 2 0 0
0 1 0 0
B. 1 2 2 2
1 1 1 1
A. 1 2 2 2
0 1 0 0
Y 3 2 6th 6th
4th 1 4th 4th
0 2 0 0
0 1 0 0
1 2 2 2
Checksum: 33
(10 - (checksum mod 10)) mod 10 7th

The check digit is calculated using the so-called double-add-double method (Luhn algorithm), whereby all letters are replaced by numbers: For this, the position of the letter in the alphabet is increased by nine, e.g. B. A = 10, B = 11, ..., Z = 35.

Examples

  • Bayer AG : ISIN DE000BAY0017 WKN BAY001
  • Treasury Corporation of Victoria, 5 3/4%, 2005-2016: ISIN AU0000XVGZA3

Internal and other ISINs

Interim, but official ISIN codes begin with XA, XB, XC and XD and come from "substitute issuers" (these are XC = Wertpapier-Mitteilungen, XA = CUSIP / Standard & Poor's, XD = SIX Financial Information and XB = Euroclear France). Such ISINs are issued, for example, for foreign securities and instruments if there is no competent national issuer or if the latter has not issued an ISIN.

For securities that are not listed, banks can define internal ISINs for the purpose of mapping in their IT systems. These begin with the pseudo country key "XF" and may not be used in interbank transactions (including clearers, exchanges, etc.). The associated WKN begins with a zero, so that four zeros follow the ISIN code "XF". Since they are only used internally, they are not unique. H. different banks can use the same XF-ISIN for different securities. For example, ISIN XF0000C14922 was issued for claims for improvement on Contitech shares until July 2012.

Since June 30, 2003, Euroclear France has been issuing interim dummy ISINs according to ISO 6170, which begin with “QS”.

In Switzerland , ISIN codes that begin with QT are issued for securities that have a security number but no regular ISIN. This is followed by the Swiss security number and then the ISIN check digit.

Deleted WKNs that do not yet have an ISIN receive an ISIN with the prefix “QW”.

See also

Web links

Individual evidence

  1. ↑ ISIN. International Securities Identification Number. Retrieved July 17, 2017 .
  2. ↑ Official letter on the introduction of ISIN (status 10/2001) (PDF; 91 kB)
  3. ↑ ISIN - license fees. In: BVI. Retrieved November 27, 2018 .
  4. ↑ further information
  5. ↑ tse.or.jp  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (PDF)@1@ 2Template: Dead Link / www.tse.or.jp  
  6. ^ Structure of the ISIN ( Memento of October 22, 2007 in the Internet Archive ) (PDF) WM Datenservice