ISO 10383:2012 Securities and related financial instruments — Codes for exchanges and market identification (MIC)
In 2012, the International Organization for Standardization (ISO) released ISO 10383:2012, which provides codes for identifying exchanges and marketplaces around the world. The codes are known as Market Identifier Codes (MIC), and they can be used to help identify where securities are traded. In this article, we’ll take a look at what MICs are and how they can be used.
What is ISO 10383?
ISO 10383 is an international standard that provides a framework for identifying securities exchanges. It is maintained by the International Organization for Standardization (ISO) and was first published in 2001.
The standard provides a unique code for each exchange, known as a Market Identifier Code (MIC). These codes are used to identify exchanges in data feeds, trading platforms, and other financial services.
MICs are four-letter codes that are assigned to exchanges by ISO. The first two letters of the code identify the country where the exchange is located, while the second two letters identify the exchange itself. For example, the MIC for the New York Stock Exchange is XNYS.
There are over 7,000 MICs currently in use, which covers exchanges all over the world. The full list of codes can be found on the ISO website.
If you need to identify an exchange for any reason, ISO 10383 is the best place to start.
What are the requirements of ISO 10383
In order to be classified as an ISO 10383 market, a securities market must meet certain requirements. These requirements are designed to ensure that the market is fair, efficient, and transparent.
Some of the key requirements of ISO 10383 include:
- The market must have a regulatory body that oversees the activities of participants and enforces rules and regulations.
- The market must provide accurate and timely information to investors.
- The market must have a mechanism in place to settle trades.
- The market must have a system to prevent and resolve disputes between participants.
What are the benefits of ISO 10383
There are many benefits of having ISO 10383 for securities and related financial instruments. For one, it helps to improve the quality of data that is collected about these instruments. This, in turn, can help to make better decisions about investing in them.
Another benefit is that it can help to create more efficient markets. When there is more standardization in the way that data is collected and reported, it makes it easier for market participants to compare different options and make informed decisions. This can lead to lower transaction costs and greater efficiency overall.
Finally, ISO 10383 can help to promote transparency in the markets. When information is more readily available and consistent, it becomes easier for investors to understand what they are buying into and assess the risks involved. This can help to create a more level playing field for all participants.
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