On a number of projects I have had to work with numerous datasets.
As an example, for a client with a global trading business the requirement included:
- Bloomberg codes for FIX trading of futures
- RIC codes for FIX trading of equities
- ISIN codes for FIX trading of some participation notes
- ISIN codes for FIX trading of some Fixed Income instruments
- CUSIP codes for FIX trading of some Fixed Income instruments
- Synthetic instrument codes for some money market instruments
Positions were managed for some instruments using Sedol codes and for others ISINs. And for money market instruments, synthetic identifiers. A real mish-mash...
Some good collateral material can be found at the LSE and specifically ISIN/SEDOL/MIC/Country of Register linkages-HSBC - See image below
There is a good background piece on the ISIN vs Bloomberg Open Symbology initiative here.
The challenge is that when seeking to ensure that risk positions are managed correctly, there is usually a requirement for a cross reference table, such that there is a mapping
Bloomberg == RIC == Sedol + MIC == ISIN + MIC + Currency Code
(and so on for every different symbology)
|ISIN/SEDOL/MIC/Country of Register linkages-HSBC
London is full of smart folks trying to offer the next big thing within fintech. This data proposal is nowhere near as glamorous and would be a nightmare to negotiate - imagine trying to get Reuters and Bloomberg to play nicely together...
But think of the efficiency gains to everyone in the industry. Not "yet another identifier scheme" but a grand business utility to organise and rationalise the existing data symbology.