Relationship Manager & Account Executive | Fintech & SaaS Sales Specialist | Trusted Advisor to Financial Institutions, Business Clients, & Government Agencies | AI Solutions Advocate
The American Bankers Association (ABA) has voiced strong opposition to a proposal by nine federal agencies to replace the widely-used CUSIP system with Bloomberg's Financial Instrument Global Identifier (FIGI) for financial reporting purposes. The ABA argues that this proposal exceeds the statutory authority granted by the Financial Data Transparency Act (FDTA) and lacks proper cost-benefit analysis.The ABA contends that the FDTA only requires a common nonproprietary legal entity identifier to be available under an open license, not all financial instrument identifiers. They warn that replacing CUSIP with FIGI could cause significant market disruption due to FIGI's non-fungibility and limited data accessibility compared to the long-established CUSIP system. #banking #bankingindustry #securities https://lnkd.in/da75XptD
