FIGI vs CUSIP: two security identifiers
On FIGI vs CUSIP, the two codes answer the same question in opposite ways. A CUSIP packs meaning into nine characters: six for the issuer, two for the issue, one check digit. A FIGI deliberately holds no meaning at all in its twelve characters, and pushes every descriptive detail into the metadata attached to it. Both turn up in the same filings, sometimes on the same line. This guide compares them. It is not investment advice.
Definition
A FIGI versus a CUSIP
are two security identifiers built on opposite principles. A FIGI is a 12-character, semantically meaningless global code under an MIT open licence. A CUSIP is a 9-character US and Canada code whose characters identify the issuer and the issue. Source: OpenFIGI, CUSIP Global Services.
FIGI vs CUSIP compared
| What to check | FIGI | CUSIP |
|---|---|---|
| Length | 12 characters | 9 characters |
| Coverage | Global, across asset classes | Securities issued in the US and Canada |
| Structure | Provider code, the letter G, 8 random consonants or digits, check digit | 6-character issuer, 2-character issue, check digit |
| Meaning in the string | None by design | Issuer and issue are encoded |
| Levels | Trading venue, country composite, and share class | One per issue |
| Standard owner | Object Management Group, Bloomberg as Registration Authority | CUSIP Global Services, for the American Bankers Association |
| Licence | MIT open source licence | Proprietary, licensed |
| On a Form 13F | Optional, share class level, in Column 3 | Required, in Column 3 |
Why a FIGI is longer and says less
The design goal of a FIGI is permanence. Because nothing about the issuer is encoded in the string, the allocation rules can promise that the identifier never changes once issued, is never reused, and does not change as a result of any corporate action. An identifier that encodes issuer and issue has to be reasoned about differently, because the thing it describes can change.
That is also why one instrument has several FIGIs. An equity is allocated a FIGI at trading venue level and at country composite level, plus a single share class level FIGI that links the composites worldwide. See what is a FIGI for the full structure.
12 vs 9
Characters in a FIGI compared with a CUSIP, the first global and openly licensed, the second US and Canada only
Source: OpenFIGI, CUSIP Global Services
Which one appears in the filings you read
In US institutional filings the CUSIP does the work. Column 3 of the 13F Information Table requires the 9-digit CUSIP and permits the 12-character share class level FIGI in addition, an option the SEC added in amendments adopted on 23 June 2022 and effective from 3 January 2023. Because the 13F asks for the share class level code, a FIGI copied out of a 13F will not match an exchange level FIGI from a market data feed.
Indian filings use neither. Shareholding patterns, insider disclosures and demat records identify a security by its ISIN, allotted by NSDL. See CUSIP vs ISIN for how those two relate, what is an ISIN for the Indian side, and what is a LEI for the identifier that names the legal entity rather than the security.
Flock resolves whichever identifier a filing carries back to the same security, so a US 13F holding and an Indian shareholding disclosure line up on one company. Every holding stays linked to its source filing and date. What it means for your money is your call to make.
Frequently asked questions
What is the difference between a FIGI and a CUSIP?
Length, scope and structure. A FIGI is a 12-character global identifier issued under an MIT open licence with no meaning encoded in the string. A CUSIP is a 9-character identifier for US and Canadian securities whose first six characters identify the issuer. Source: OpenFIGI, CUSIP Global Services.
Does a 13F filing use FIGI or CUSIP?
Both can appear, but only the CUSIP is required. Column 3 of the 13F Information Table asks for the 9-digit CUSIP, and a manager may optionally add the 12-character share class level FIGI alongside it. Source: SEC, Form 13F Special Instruction 11.b.iii.
Is a FIGI free to use?
The identifier is published under the MIT open source licence, which OpenFIGI describes as the only instrument identifier system offered that way, with no licence fees or limits on usage and distribution. Source: OpenFIGI, FIGI allocation rules.
Can one security have several FIGIs?
Yes. Equities get a FIGI at trading venue level, a composite FIGI at country level, and one share class level FIGI that links every composite for the same class worldwide. A CUSIP identifies the issue itself, not the venue. Source: OpenFIGI, CUSIP Global Services.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.