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Classification of Financial Instruments
ISO 10962, or Classification of Financial Instruments, is an existing International Standard recently updated to include expansions of the prior framework to categorize Structured Securities, and provide a greater level of available detail.
While some may (and do) quibble with the specifics of the Standard, it is as good a starting point for developing a hierarchy of Instruments as any.
CFI Instrument Types
Equity Types
| S = Shares, i.e. common/ordinary
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| P = Preferred shares
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| R = Preference shares
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| C = Convertible shares
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| F = Preferred Convertible shares
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| V = Preference convertibles shares
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| U = Units, i.e. unit trusts/mutual funds/OPCVM/OICVM
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| L = Limited partnership units
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| M = Others (Miscellaneous)
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Debt Types
| B = Bonds
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| C = Convertible bonds
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| W = Bonds with warrants attached
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| T = Medium term notes
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| Y = Money market instruments
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| G = Mortgage-backed securities
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| A = Asset-backed securities
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| N = Municipal bonds
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| M = Others (Miscellaneous)
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Entitlement Rights
| A = Allotment (Bonus) rights
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| S = Subscription rights
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| P = Purchase rights
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| W = Warrants
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| M = Others (Miscellaneous)
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Referential ProducTs
| C = Currencies
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| T = Commodities
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| R = Interest rates
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| I = Indices
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| S = Credit Default Swaps
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| M = Others (Miscellaneous)
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Options
| C = Call options
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| P = Put options
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| M = Others (Miscellaneous)
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Futures
| F = Financial Futures
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| C = Commodities Futures
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Structured Products
| W = Structured products with capital protection
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| O = Structured products without capital protection
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Miscellaneous
| C = Combined instruments
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| M = Other assets (Miscellaneous)
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ISO 10962 CFI Version 2001 - Visual Model
The application linked here (Map of CFI and Attributes) presents "mapping" of the CFI codes and Instrument types, which details which characteristics are assigned to what instruments in the CFI coding system. If anyone is really interested, we can produce a pdf file of the entire map, suitable for printing and convincing your boss or spouse that what you're working on is really, really, complicated.
ISO 10962 (CFI) Proposed Extensions
A number of extensions have been proposed, by London Market Systems to ISO Working Group 6, to extend the scope of the CFI to cover Subprime Debt (Collateralized Debt Obligations) and Swaps. A separate “Funds” category has also been identified. The link here (ISO 10962 CFI Extensions) will reveal a visual representation of the proposed extensions. Alternatively, the user may wish to download the following report: (CFIExtensions.pdf).
