Sebuah International Securities Identification Number (ISIN) atau Nomor Identifikasi Sekuritas Internasional adalah sebuah kode yang secara unik mengidentifikasi sebuah sekuritas secara global dengan tujuan untuk memfasilitasi kliring, pelaporan dan settlement perdagangan. Struktur dari ISIN ditentukan dalam ISO 6166. Kode ISIN adalah sebuah kode 12 karakter alfanumerik yang berfungsi menyeragamkan identifikasi sebuah sekuritas melalui normalisasi Nomor Nasional yang ditentukan, pada saat perdagangan dan settlement.
Sejarah sunting
ISIN pertama kali digunakan di tahun 1981, namun tidak secara umum sampai tahun 1989, ketika negara G30 merekomendasikan pengadopsian ISIN. ISIN kemudian didukung setahun kemudian oleh ISO dengan standar ISO 6166.
Awalnya informasi didistribusikan melalui CD-ROM dan kemudian digantikan melalui distribusi melalui internet.
Penggunaan dan penerimaan sunting
Sejak 1989 ISIN perlahan mulai mendapatkan perhatian terhadap penggunaannya di seluruh dunia.
ISIN pertama kali diperkenalkan di seluruh dunia dan menjadi identifikasi sekuritas global yang paling populer. Sistem perdagangan, kliring dan settlement di banyak negara mengadopsi ISIN sebagai salah satu cara sekunder dalam mengidentifikasi sekuritas. Beberapa negara, terutama di Eropa, berpindah menggunakan ISIN sebagai cara primer dalam identifikasi sekuritas. Sebagai tambahan, peraturan Uni Eropa seperti Petunjuk Solvabilitas II 2009 meningkatkan penggunaan ISIN untuk pelaporan.
Pengenalan untuk pelaporan sunting
Di tahun 2004 Uni Eropa memerintahkan penggunaan instrumen identifikasi dalam beberapa pelaporan peraturan, yang memasukkan ISIN sebagai salah satu identifikasi yang valid.
Deskripsi sunting
ISO 6166 (atau ISO6166:2021 dalam revisi tahun 2021) mendefinisikan struktur sebuah International Securities Identification Number (ISIN). Sebuah ISIN secara unik mengidentifikasi sebuah sekuritas sepadan.
Sekuritas di mana ISIN digunakan diantaranya:
- Ekuitas (saham, unit, struk deposito)
- [[
- Debt instruments (bonds and debt instruments other than international, international bonds and debt instruments, stripped coupons and principal, treasury bills, others)
- Entitlements (rights, warrants)
- Derivatives (options, futures)
- Others (commodities, currencies, indices, interest rates)
ISINs consist of two alphabetic characters, which are the ISO 3166-1 alpha-2 code for the issuing country, nine alpha-numeric characters (the National Securities Identifying Number, or NSIN, which identifies the security, padded as necessary with leading zeros), and one numerical check digit. They are thus always 12 characters in length. When the NSIN changes due to corporate actions or other reasons, the ISIN will also change. Issuance of ISINs is decentralized to individual national numbering agencies (NNAs). Since existing national numbering schemes administered by the various NNAs form the basis for ISINs, the methodology for assignment is not consistent across agencies globally.
An ISIN cannot specify a particular trading location. Another identifier, typically a MIC (Market Identifier Code) or the three-letter exchange code, will have to be specified in addition to the ISIN for this. The currency of the trade will also be required to uniquely identify the instrument using this method.
Commercial model sunting
The ISIN is generally included in services sold by financial data vendors and intermediaries. These services are normally paid services as more value added data is included with the information. In general, the issuer of a security will include the ISIN in issuance papers or other documentation for identification purposes.
Controversy sunting
In 2009, Standard & Poor's was charged by the European Commission (EC) with abusing its position in licensing international securities identification codes for United States securities by requiring European financial firms and data vendors to pay licensing fees for their use. "This behaviour amounts to unfair pricing," the EC said in its statement of objections which lays the groundwork for an adverse finding against S&P. "The (numbers) are indispensable for a number of operations that financial institutions carry out – for instance, reporting to authorities or clearing and settlement – and cannot be substituted".
In 2011, Standard and Poor's provided six undertakings to the European Commission to remedy the situation. The agreement is applicable to all consuming companies in the European Economic Area. These expired at the end of 2016.
Examples sunting
The examples below describes one approach for applying the Luhn algorithm on two different ISINs. The difference in the two examples has to do with if there are an odd or even number of digits after converting letters to number. Since the NSIN element can be any alpha numeric sequence (9 characters), an odd number of letters will result in an even number of digits and an even number of letters will result in an odd number of digits. For an odd number of digits, the approach in the first example is used. For an even number of digits, the approach in the second example is used. The Luhn algorithm can also be applied in the same manner for both types or lengths (alternating multiply the string of digits by 1 and 2, starting from the end of the string), being more generic.
Apple, Inc. sunting
Apple, Inc.: ISIN US0378331005, expanded from CUSIP 037833100 The main body of the ISIN is the original CUSIP, assigned in the 1970s. The country code "US" has been added on the front, and an additional check digit at the end. The country code indicates the country of issue. The check digit is calculated using the Luhn algorithm.
Convert any letters to numbers by taking the ASCII code of the capital letter and subtracting 55:
U = 30, S = 28. US037833100 -> 30 28 037833100
Collect odd and even characters:
3028037833100 = (3, 2, 0, 7, 3, 1, 0), (0, 8, 3, 8, 3, 0)
Multiply the group containing the rightmost character (which is the FIRST group) by 2:
(6, 4, 0, 14, 6, 2, 0)
Add up the individual digits:
(6 + 4 + 0 + (1 + 4) + 6 + 2 + 0) + (0 + 8 + 3 + 8 + 3 + 0) = 45
Take the 10s modulus of the sum:
45 mod 10 = 5
Subtract from 10:
10 − 5 = 5
Take the 10s modulus of the result (this final step is important in the instance where the modulus of the sum is 0, as the resulting check digit would be 10).
5 mod 10 = 5
So the ISIN check digit is five.
Treasury Corporation of Victoria sunting
TREASURY CORP VICTORIA 5 3/4% 2005-2016: ISIN AU0000XVGZA3. The check digit is calculated using the Luhn algorithm.
Convert any letters to numbers by taking the ASCII code of the capital letter and subtracting 55:
A = 10, G = 16, U = 30, V = 31, X = 33, Z = 35. AU0000XVGZA -> 10 30 0000 33 31 16 35 10.
Collect odd and even characters:
103000003331163510 = (1, 3, 0, 0, 3, 3, 1, 3, 1), (0, 0, 0, 0, 3, 1, 6, 5, 0)
Multiply the group containing the rightmost character (which is the SECOND group) by 2:
(0, 0, 0, 0, 6, 2, 12, 10, 0)
Add up the individual digits:
(1 + 3 + 0 + 0 + 3 + 3 + 1 + 3 + 1) + (0 + 0 + 0 + 0 + 6 + 2 + (1 + 2) + (1 + 0) + 0) = 27
Take the 10s modulus of the sum:
27 mod 10 = 7
Subtract from 10:
10 − 7 = 3
Take the 10s modulus of the result (this final step is important in the instance where the modulus of the sum is 0, as the resulting check digit would be 10).
3 mod 10 = 3
So the ISIN check digit is three.
BAE Systems sunting
BAE Systems: ISIN GB0002634946, expanded from SEDOL 000263494
The main body is the SEDOL, padded on the front with the addition of two zeros. The country code "GB" is then added on the front, and the check digit on the end as in the example above.
Check-digit flaw in ISIN sunting
The Treasury Corporation of Victoria ISIN illustrates a flaw in ISIN's check digit algorithm which allows transposed letters: Suppose the ISIN was mis-typed as AU0000VXGZA3 (instead of AU0000XVGZA3)
A = 10, G = 16, U = 30, V = 31, X = 33, Z = 35. "AU0000VXGZA" -> 10 30 00 00 31 33 16 35 10".
Collect odd and even characters:
103000003133163510 = (1, 3, 0, 0, 3, 3, 1, 3, 1), (0, 0, 0, 0, 1, 3, 6, 5, 0)
Multiply the group containing the rightmost character (which is the SECOND group) by 2:
(0, 0, 0, 0, 2, 6, 12, 10, 0)
Add up the individual digits:
(1 + 3 + 0 + 0 + 3 + 3 + 1 + 3 + 1) + (0 + 0 + 0 + 0 + 2 + 6 + (1 + 2) + (1 + 0) + 0) = 27
Take the 10s modulus of the sum:
27 mod 10 = 7
Subtract from 10:
10 − 7 = 3
Take the 10s modulus of the result (this final step is important in the instance where the modulus of the sum is 0, as the resulting check digit would be 10).
3 mod 10 = 3
So the ISIN check digit is still three even though two letters have been transposed.
Such flaw against a single transposed pair of letters or digits would have been avoided using two check digits instead of just one (i.e., a 97 modulus instead of the 10 modulus, like in IBAN numbers which may also mix letters and digits). Some protocols require the transmission of additional check digits added to the full ISIN number.
Lihat juga sunting
- Aransemen Publikasi yang Disetujui
- Central Index Key
- CUSIP
- ISO 10383
- ISO 10962
- LEI
- NSIN
- Request for quote
Referensi sunting
- (PDF). ©2002 International Monetary Fund (dalam bahasa Inggris). imf.org. Diarsipkan dari versi asli (PDF) tanggal 2017-06-14. Diakses tanggal July 10, 2019.
- (PDF). Diarsipkan dari versi asli (PDF) tanggal 2016-10-07. Diakses tanggal 2016-07-20.
- "Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (Text with EEA relevance)". europa.eu.
- "ISO 6166:2021". ISO (dalam bahasa Inggris). International Organization for Standardization. Diakses tanggal 14 February 2024.
- Kentouris, Chris (November 19, 2009). . Securities Technology Monitor. Diarsipkan dari versi asli tanggal 2011-07-16.
- Finextra, ed. (2009). . Diarsipkan dari versi asli tanggal 2011-03-12.
- "Commission Decision of 15.11.2011 relating to a proceeding under Article 102 of the Treaty on the Functioning of the European Union and Article 54 of the EEA Agreement (Case COMP/39.592 - Standard & Poor's)" (PDF). European Commission.
Pranala luar sunting
- ISIN at the International Organization for Standardization
- ISIN History 2021-09-26 di Wayback Machine. – describes in detail ISIN code history