Industry not sold on FIGI mandate for US reg reporting
Banks’ and asset managers’ tortured relationship with Cusip numbers remains tortured, as they tell regulators to keep the taxonomy in play.
Though many industry participants—particularly in market data and vendor management departments—harbor long-held disdain for the leading securities identifier, Cusip, they’re not convinced by US regulators’ recent proposal to use a competing identifier in its place for all regulatory reporting.
In August, nine US regulators—including the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the Treasury, and Commodity Futures Trading Commission—jointly proposed rules that
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