New securities ID group formed to develop best practices
New York-- Several user and trade groups have joined together to form a new working group focusing on unique instrument identification (UII). The joint working group includes representatives from the Financial Information Services Division (FISD) of the Software and Information Industry Association (SIIA), the Reference Data Coalition (Redac), the Reference Data Users Group (RDUG) and the International Securities Association for Institutional Trade Communication (ISITC).
The group, called the ISITC/UII Working Group, will document securities processing errors resulting from instrument identification issues, and review and recommend a "best practice of applying the scheme for unique identification [as] related to all securities processing," the FISD stated in a February announcement. Members hope to co-ordinate efforts and increase efficiency by bringing together
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