Cadence Works with Bloomberg to Assign FIGIs to All Its Issued Digital Investment Products
Cadence, the leading digital securitization and investment platform for private credit, has enabled assigning FIGIs to all of its digital investment products.
NEW YORK, June 4, 2019 /PRNewswire/ -- In a tremendous step forward for the industry, Cadence has been assigned Financial Instrument Global Identifiers (FIGIs) for all digital investment products issued on its platform. This is the first assignment of an internationally recognized, open data standard identifier to a digitized asset-based instrument. The move further solidifies Cadence as a market leader in supporting identification and evolution of digital assets.
Based on Bloomberg's Open Symbology, FIGI is a free and open data standard and methodology for the unique identification of financial instruments. The identifier and the associated descriptive metadata can be shared, redistributed and used without restriction by any and all users throughout the industry.
Richard Robinson, Head of Data Standards and Strategy at Bloomberg, stated, "The assignment of a FIGI to digital assets is a natural and simple example of the standard's native utility. It is proof that FIGI can easily extend to new, even esoteric financial instruments, without the need for an expensive build-out of additional infrastructure or cost to the industry. Now, Cadence's FIGIs can be shared freely throughout the industry as a key reference data point for their issuances."
Bloomberg Terminal subscribers can find details of each offering, including term sheets on the Description page ({DES <GO>}) for each Cadence security. For the first time ever, a contract address that provides an immutable, anonymized perfect cap table of these private securities is also included and publicly discoverable on explorers such as Etherscan.
CEO of Cadence, Nelson Chu said, "We recognize the tremendous value that Bloomberg and their dedication to open data standards can bring to the nascent digital asset industry. We're excited to provide Cadence clients with a foundation that can enable interoperability across the ecosystem and increase data quality and transparency for market participants."
Through its continued efforts to accommodate institutional investors, Cadence has remained at the forefront of industry trends. The company has been issuing structured notes with various types of private credit exposure as part of its private beta since January. With their public launch this month and the introduction of FIGIs, Cadence's investment products are poised to gain further traction at an institutional level.
The latest digital instrument's contract address: 0x20ddb664536dd3f300f40ac0398bd7d719cd9634. Find this issuance and its related program by searching on The Bloomberg Terminal for the issuance identifier (FIGI: BBG00P5NRY04) and program identifier (FIGI: BBG00P5NRTC2). See all of Cadence's issuances by searching for Cadence Group Platform (Ticker: CDGRP).
About Cadence
Cadence is the leading digital securitization and investment platform for private credit. The company has developed a suite of software and services to streamline the securitization process from end to end. Cadence is the only platform built with both institutional and retail investors in mind, integrating directly into their existing workflows with high yield, short duration investment products. Learn more at withcadence.io.
Contact
Yaffa Holmes
Cadence Group, Inc.
646.876.5141
[email protected].
SOURCE Cadence
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