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Powering Efficient Capital Markets
CONFIDENTIAL AND PROPRIETARY.
Permission to reprint or distribute any content from this presentation requires the written approval of CUSIP Global Services.
CUSIP Global Services: From A to Z
April 10th, 2014
CONFIDENTIAL AND PROPRIETARY.
Permission to reprint or distribute any content from this presentation requires the written approval of CUSIP Global Services. 2
Agenda
• About CUSIP Global Services (CGS)
• Leadership
• The World of Standards
• Processes
• Technology
• Licensing
• Products and Services
CONFIDENTIAL AND PROPRIETARY.
Permission to reprint or distribute any content from this presentation requires the written approval of CUSIP Global Services. 3
About CGS
History
Mission
Asset Class Coverage
CONFIDENTIAL AND PROPRIETARY.
Permission to reprint or distribute any content from this presentation requires the written approval of CUSIP Global Services. 4
History of CUSIP Global Services
1960’s 1970’s 1980’s 1990’s
1964-ABA spawns
CUSIP
1968-CGS is formed
ABA selects
S&P to run it
1972-All Clearing Corps
use CUSIP. Mandatory
for brokerage firms
1975-Federal Reserve uses
CUSIP to speed up transfer
US Treasuries
1983- MSRB mandate
Muni’s need CUSIP
CUSIP assigned to CDs
1989- CUSIPs for
Insurance PPNs
1989- CINS
created for Intl
offerings
1990- CUSIPs for
Commercial Paper
1993- 1-hour Xpress service
1998-CUSIPs for
TBAs
CONFIDENTIAL AND PROPRIETARY.
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History of CUSIP Global Services
2003 2004 2006-2008 2009-now
2003 - CGS partners
with Markit – CLIPS/RED
2004 – CGS partners
with LSTA - Loans
2003 – CUSIPs are
assigned to Indices 2006 – 144A Linkage
Service
2007 – CUSIP NOW
2008 – CGS opens
Asia office
2009 - CGS partners
With FOW on listed options
2009 - CGS partners
With Avox on Entity IDs
2009 - CGS partners
With eVestment on Hedge Funds
2006 – Muni Alert Service
2014 – CUSIPs for private placements
(CrowdFunding)
CONFIDENTIAL AND PROPRIETARY.
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About CUSIP Global Services
Mission – Powering Efficient Capital Markets
• CUSIP helps foster market liquidity
Over 14 million securities and their issuers worldwide
A unique, common language across institutions, exchanges and nations
A streamlined workflow from the front to back office
• Users rely on the accuracy of CGS information to run their businesses in an
efficient and cost-effective manner
• The numbering system for:
US & Canada
Cayman Islands, Bermuda, & Puerto Rico
35 markets total in North, South, Central America and Caribbean
CONFIDENTIAL AND PROPRIETARY.
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About CGS: Asset Class Coverage
Equity Debt Other
• Common/Ordinary Shares
• Exchange Traded Funds
• Global/American Depositary
Receipts (GDR/ADR)
• Indices
• Limited Partnerships
• Listed options – US and Canada
• Mutual Funds
• Preferred Shares
• Real Estate Investment Trusts
(REIT)
• Rights
• Unit Investment Trusts
• Warrants
• Corporate Debt
• Municipal Debt
• U.S. Treasury and Government
Agencies
• Federal Government Economic
Stimulus Programs
• Sovereign Debt
• Supranational Agencies
• Bankers Acceptances
• Commercial Paper
• Medium-Term Notes
• Certificates of Deposit
• Asset-Backed Securities
• Mortgage-Backed Securities
• Collateralized Debt Obligations
• Syndicated Bank Loans
• Credit Derivatives (RED Codes)
• Hedge Funds and Funds of Funds
• Restricted Rule 144A and Regulation
S Securities
• Structured Products (Equity- and
Index-Linked Securities; Equity &
Debt Hybrids)
• Variable Annuities and Other
Insurance-Related Products
CONFIDENTIAL AND PROPRIETARY.
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Leadership
Board Structure
Thought Leadership
Legal Entity Identifiers
CONFIDENTIAL AND PROPRIETARY.
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Leadership: CUSIP Board of Trustees
• Board includes a wide cross-section of firms and industry
representation
Feedback and guidance directs new initiatives and areas for
growth
Ensures that CGS is responding to industry needs
• Rotating chairperson
• Permanent ABA, SIFMA, and DTCC representation
• Meets formally three times per year
• Highlights CGS independence within S&P Capital IQ
CONFIDENTIAL AND PROPRIETARY.
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Leadership: Thought Leadership
• Monthly CUSIP Issuance Trends Report
Solid predictor of future capital markets activity
Video on www.cusip.com and print version
Wide publication, including Barron’s and Wall Street Journal
• Solutions Center
Online version of CUSIP A-Z
Product video clips
• News and Events
White papers and articles on standards development
Upcoming events calendar: CGS Summit, Operations Forum, and
Educational opportunities
CONFIDENTIAL AND PROPRIETARY.
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Leadership: Standards Body View of Legal Entity ID’s
• Attempts to create a lingua franca for legal entities
Allows regulators to better monitor systemic risk
Model includes Regulatory Oversight Committee, a Central Operating Unit, and federated
Local Operating Units
A building block for viewing capital structure and corporate hierarchy
• Collaboration between Industry and Regulators
Spearheaded by Financial Stability Board (FSB)
SIFMA and global sister organizations formed under the banner of GFMA
• Current State of Affairs
FSB has endorsed a 20-character code with first four positions denoting the LOU of origin
DTCC and SWIFT issuing Global Markets Entity ID’s (pre-LOU prefix 5493)
CGS collaborating with DTCC: Issuers can secure a GMEI during CUSIP application
CONFIDENTIAL AND PROPRIETARY.
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Structure of LEI
• A unique 20-character alphanumeric code assigned to all entities
involved in financial transactions through ISO 17442. The LEI will be
neutral, with no imbedded intelligence: 5493QN3K1A1C2R3JL544
– Legal Name: Echo Street Capital Partners, LP
– Address: 2711 Centreville Road, Suite 400, Wilmington DE 19808
– Country: USA
– Entity Status: Active
– Legal Form: Limited Partnership
– Date of Assignment
– Last Update
– Date and Reason for Expiry
12
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Leadership: Our LEI Contribution
CABRE Directory
• Registry of financial entities with over 550,000 CABREs to date; semi-annual
quality reviews
• Continuous inbound flow of new entities from Issuance Operations
• Directory is free to CUSIP customers and can be used now
• CABRE will map to LEI
CABRE AVID LEI/CICI CUSIP_ISSUER_NUM LEGAL_ENTITY_NAME LEGAL_FORM ROLE_TYPE
DE0D179P08 4525288 7LTWFZYICNSX8D621K86 D179P0 Deutsche Bank AG AKTIENGESELLSCHAFT ISSUER
DK10611003 7625372 1MX2U20WYJ5121KEZV44 K4277T The Government of the Kingdom of Denmark OTHER COUNTER PARTY
NL07802596 3210953 780259 Royal Dutch Shell PLC ISSUER
US064966H7 2411441 549300ABYZD2SFD5JB29 64966H City of New York OTHER ISSUER
US07134481 3201632 FJSUNZKFNQ5YPJ5OT455 713448 Pepsico, Inc. CORPORATION ISSUER
CONFIDENTIAL AND PROPRIETARY.
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The World of Standards
ANNA/ASB
ISIN
CFI
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The World of Standards: ANNA and ASB
Association of National Numbering Agencies (ANNA)
• CGS one of 22 founding members in 1992 and an original Board member
• Currently 84 full members and 31 partners representing some 122 countries
• Registration Authority for the ISIN standard/ISO 6166 (among others)
• Establish and update ISIN allocation guidelines
• Global expansion to new NNAs/countries
ANNA Service Bureau
• Central hub and largest ISIN repository with over 8.3 million active ISINs
• Receive and consolidate ISIN data from NNAs
• Disseminate ISIN codes to the market
• CGS co-manages with SIX Financial Information (Swiss NNA)
CONFIDENTIAL AND PROPRIETARY.
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The World of Standards: ISIN
ISO rules govern designation of the ISO Country Code, e.g.
for Equity Issues: country where the entity is incorporated/organized
for Debt Issues: country where the Central Securities Depository is located
The local Identifier is assigned by the individual National Numbering Agency (NNA)
ISO 6166 - International Securities Identification Number
A global, uniform unique code that identifies instruments to facilitate
cross-border trading
Example: Amazon.com Inc – Common Stock
ISO
Country Code
Local
Identifier Check ISIN Identifier
2 Characters
US
9 Characters
023135106
1 Character
7
12 Characters
US0231351067
CONFIDENTIAL AND PROPRIETARY.
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The World of Standards: CFI
CFI Code ESVUFR
Asset / Product Type
Category E = Equity
Group S = Shares
Attributes
1st Attribute – Voting right V = Voting
2nd Attribute – Ownership U = Unrestricted
3rd Attribute – Payment Status F = Fully Paid
4th Attribute – Form R = Registered
CFI Code DBFUGR
Asset / Product Type
Category D = Debt
Group B = Bonds
Attributes
1st Attribute – Type of Interest F = Fixed Rate
2nd Attribute – Guarantee U = Unsecured
3rd Attribute – Redemption G = Callable
4th Attribute – Form R = Registered
Equity/Shares Debt/ Bonds
ISO 10962 – Classification of Financial Instruments code
CONFIDENTIAL AND PROPRIETARY.
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Processes
Assigning CUSIP/CINS/ISIN
Sample Codes
General Procedures
Suspicious Deals
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Processes: Assigning CUSIP (US and Canada)
Equity
• Public (unrestricted) equity offering by U.S. or Canadian issuer
• Private (restricted) equity offering in U.S. by any issuer
Rule 144A, Regulation D
• American/Global Depositary Receipts (ADR/GDR)
Debt
• Public or private debt offering in U.S. by any issuer
SEC-registered, Rule 144A, Regulation D
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Processes: Assigning CINS (International)
Equity
• Equity offered solely outside U.S. and Canada
U.S. company Regulation S stock offering on U.K. AIM exchange or in
Germany
• Public offerings in U.S. by non-U.S./Canadian issuer (except
GDR/ADR)
Cayman Islands, Bermuda and other non-U.S./Canadian issuers
Debt
• Debt offered solely outside U.S. and Canada
Regulation S (any issuer)
Eurobonds
CONFIDENTIAL AND PROPRIETARY.
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Processes: Sample CUSIP
Structure of a CUSIP
CGS provides a 9-character standard CUSIP identifier for issuers and their
financial instruments offered in the U.S. and Canada
Example: Amazon.com Inc – Common Stock
Issuer Issue Check CUSIP Identifier
First 6 Characters
• Identifies the unique name of the:
– Company
– Municipality
– Government agency
• A hierarchical alpha numeric convention linked to alphabetic issuer name
Next 2 Characters
• Identifies the type of instrument:
– Equity
– Debt
• Uniquely identifies the issue within the issuer
• A hierarchical alpha numeric convention
Next 1 Character
• A mathematical formula checks accuracy of the previous 8 characters
• Delivers a 1 character check result
Resulting 9 Characters
• A unique identifier
023135 10 6 023135106
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Processes: Sample CINS
Structure of a CINS
CGS provides a 9-character standard CINS identifier for
non-U.S./Canadian financial instruments
Example: Abingdon Capital PLC – Shares
CINS Identifier
First Character
• Identifies country or region where issuer is incorporated
• CGS’s rules-based engine governs designation
• In this case, G=United Kingdom
Next 5 Characters
• Combined with Country Code, uniquely identifies the issuer
• In this case, Abingdon
Next 2 Characters
• Identifies the type of instrument
• Uniquely identifies the issue within the issuer
Resulting 9 Characters
• A unique identifier
G0052B105
Country Code Issuer Issue Check
G 0052B 10 5
Next 1 Character
• A mathematical formula checks accuracy of the previous 8 characters, and delivers 1 character result
CONFIDENTIAL AND PROPRIETARY.
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Processes: ISIN from CUSIP or CINS
Structure of an ISIN Assigned by CGS
ISIN Based on CUSIPs
Example: Amazon.com Inc – Common Stock
ISO
Country Code
Local Identifier
(CUSIP) Check ISIN Identifier
US 023135106 7 US0231351067
Example: Air Canada Inc – Class A Shares ISO
Country Code
Local Identifier
(CUSIP) Check ISIN Identifier
CA 008911703 4 CA0089117034
Example: Cable and Wireless Jamaica Limited – Shares ISO
Country Code
Local Identifier
(CINS) Check ISIN Identifier
JM P19231102 6 JMP192311026
ISIN Based on CINS
CONFIDENTIAL AND PROPRIETARY.
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Processes: General Procedures
Securities Offerings
• New Public or Private Offering (prospectus, offering document)
• Corporate Action
Name change
Company merger, acquisition or reorganization
Chapter 11 bankruptcy reorganization
Reverse stock split
• CUSIP assigned pre-sale/pre-trade
Preliminary information
Data Quality Group focused on final validation of descriptive data and customer
support/queries
• Internet Requests at www.cusip.com
CUSIPRequest
• Express assignments within one hour
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Processes: General Procedures
• CUSIP identifiers are not reused except for discount commercial paper,
government agency discount notes and TBA mortgage pools
• A security is assigned a CUSIP or CINS; and one ISIN
• Fungibility:
One CUSIP and one ISIN if shares trade on multiple stock exchanges or
denominated in different currencies
Separate CUSIPs and ISINs if debt issued in different tranches or classes by
currency, for example U.S. dollar tranche and Euro tranche
Separate CUSIPs and ISINs for each transfer/ownership type: SEC-registered
(unrestricted), Rule 144A, Accredited Investors and Regulation S
CONFIDENTIAL AND PROPRIETARY.
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CUSIP Workflow: Request and Assignment
Lead Underwriter
Issuers and Obligors
Counsel
Pre-trade self-registration
• Preliminary Prospectus
• Preliminary Official
Statement
• Proxy Statement
• Draft Merger Agreement or
Certificate of Amendment
Electronic
documents
• XPRESS Requests (1 hour or less)
• Standardized Issuer/Issue Descriptions
• Up to 60 Data Elements
• Final CUSIP/CINS ISIN Assignment
Prioritize and process
Electronic Confirmation
Real-Time Web CGS/ASB Data Services
Data Distribution Global Data Vendors
CGS
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Processes: Spotting Suspicious Deals
• A CGS Identifier is NOT meant to be a mark of authenticity or seal of
approval for any given security
Offering must meet eligibility for a CUSIP
Must have legal source document
• We do, however, prevent suspicious offerings from reaching the
market with a CUSIP
• Red flags include:
Fake territories/jurisdictions
Backed by precious metals
Absurd offering amounts
No reputable placement agent
No depository eligibility
CONFIDENTIAL AND PROPRIETARY.
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Technology
SCORE
REACH & FIRST
Web Services/API
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Technology: SCORE Assignment System
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Technology: SCORE Assignment System
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Technology: Speedy Issuance for Large Requesters
• Since early 2008, retail CD brokers can request CUSIP numbers electronically
through the CUSIP REACH interface
• Since late 2010, CUSIP FIRST lets requesters “fast-track” new bulk CUSIP identifier
issuance
CUSTOMER
CUSIP REACH
3. Email
Notification
Request
Received
5. Email
Notification
Response
Available
Customer
Request Folder
Customer
Response Folder
S&P FTP
Server
1. XML
Request
6. Customer
Retrieves and
Deletes
Response File
2. Request
Pickup 4. Response
Posting
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Technology: Customized Data via API
• Flexible content in XML-based files; real-time access
• Simple Object Access Protocol (SOAP) Request and Response
messages
• Uses Web Services Definition Language (WSDL) to determine
format of input and response
CONFIDENTIAL AND PROPRIETARY.
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Licensing
Basic Overview
Value of CGS Data
CONFIDENTIAL AND PROPRIETARY.
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Licensing: Basic Overview
• Ensures quality and consistency of CGS data throughout the industry
• Allows for direct re-investment by CGS on behalf of market participants
• Protects the ABA’s Intellectual Property
• Allows firm to source data either directly from CGS or indirectly through an
authorized market data vendor
Direct subscribers receive the data straight from the source
Indirect subscribers can leverage existing datasets and workflow
One license covers any number of vendor feeds and allows a firm to take
product up to the value of a license
• Transparent and non-discriminatory
Process begins with Use of Service Statement as completed by client
Sample fees available on www.cusip.com
CONFIDENTIAL AND PROPRIETARY.
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Licensing: Value of CGS Data
• It’s not “just about the numbers”
Up to 60 data elements required for unique identification
Standardized Issuer and Issue descriptions
CGS is the primary source for pre-trade security information
All major Market Data Vendors consume CUSIP feeds on behalf
of their customers
Brings speed, efficiency, and reliability to market participants
• CUSIP identifiers are interoperable between vendors
Proprietary vendor codes lock a firm into one platform
CUSIP is a common language regardless of environment
CONFIDENTIAL AND PROPRIETARY.
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Products and Services
Delivery Options
Value Proposition
Content & Solutions
CONFIDENTIAL AND PROPRIETARY.
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Products and Services: How We Deliver the Data
CGS Data Feeds
One of the largest securities
databases available
• Intra-day, Daily, Weekly
• Master & Delta Files
• Flat & XML formats
CGS Web Services
Fast & accurate source
information
• Near Real Time
• Online web portals
• API Web Services
• CGS iPad Application
FASTEST and MOST RELIABLE WAY TO GET
CUSIP NUMBERS and UNDERLYING
REFERENCE DATA FOR SECURITY SET UP
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Value of taking data directly from CGS
Speed
• Real time access to IPOs,
new issuance, and
corporate actions
• Multiple delivery options
via feed or web services
Data Provenance
• Source database
• Legal documentation
• 40 years of historical
reference data and
corporate actions
• Data expertise
Validation & Accuracy
• Ensure accuracy of CUSIP,
CINS and ISIN identifiers
• Protect against dummy
numbers
• Cross check underlying
data elements with legal
documentation
Asset Class Coverage
• Dozens of asset classes
covered across public and
private markets
• Work with industry experts
on expansion to new
classes i.e. LSTA, NAIC,
Markit
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Products and Services: CGS’s Flagship Solutions
A Range of Content to Suit Your Needs
CGS CUSIP Access Near real time web access to the CUSIP database
Search by issuer name or CUSIP
CGS CUSIP
New Issue Alert
New issue alert service
Transmission files pushed to clients every 15 minutes
CGS Portfolio
Service
Validate CUSIPs and CINS in your Security Master File or
portfolio
Returns valuable reference data for each inbound security
CGS Data Feeds
CUSIP Master File
CINS Master File + Subsets
CGS ISIN Master File
CGS TBA
(To Be Announced) Temporary CUSIPs for federal agency mortgage pools
(i.e., Equity only, Corp Debt only, etc.)
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Products and Services: Segment Solutions
Red Codes Credit derivative entity identifiers for Markit‘s RED
service
CGS Syndicated
Loans
Private corporate bank loans
Working with LSTA
CUSIPs assigned at the deal and facility level
CGS Options U.S. and Canadian listed equity, index, and ETF options
Capturing Client Needs for Additional Coverage Organically
or through Partnerships
CGS Hedge Fund
Service
Hedge funds and fund of hedge funds identified globally
Increase transparency in a traditionally opaque market
CONFIDENTIAL AND PROPRIETARY.
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Products and Services: Solutions and Linkages
Services to Help You Work More Efficiently
CGS Security
Identifier Linkages
CUSIP to ISIN Linkages
CINS to ISIN Linkages
CGS Associated
Issuers
Link related issuer names in the CUSIP database
Issuers with multiple base numbers
Issuers related through historical corporate actions
144A Service
Link related securities from the same private placement
offering memorandum
CUSIPs are assigned for each type of qualified
institutional buyer including:
144A, Accredited Investor, Registered issues and Reg S
Entity ID (LEI,
CABRE) to Security
CUSIP, ISIN)
Linkage File
Developed new process linking CABRE to global ISINs
Created as part of LEI initiative
Over 10 million entity to security identifier links
Global referencing for
cross border trading
needs
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Contact Information
• Jim Taylor, Managing Director, Head of CUSIP Global Services, 212-438-4007
• Scott Preiss, Vice President and COO, 212-438-6560
• Matthew Bastian, Director of CGS Product, Market & Business Development, 212-438-4072
• Gerard Faulkner, Director, CUSIP Operations, 212-438-6542
• Vinny DeCarluccio, Senior Manager, CGS Data Governance, 212-438-6540
• Peter McNally, Manager, CUSIP Operations, 212-438-6580
• Thomas Baldinger, Senior Manager, Product Development and Support, 212-438-1360
• Robert Corrado, Product Manager, 212-438-2945
• Darren Purcell, Director, CUSIP Global Services EMEA, +44 20 7176 7445
• Eng Ban Ho, Director, CUSIP Global Services Asia Pacific, +65 6530 6457
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