CUSIP Global Services Celebrates 50th Anniversary with Closing Bell-Ringing at New York Stock Exchange
American Bankers Association and S&P Global Market Intelligence Commemorate Successful Partnership Operating Reference Data Backbone of Financial Markets
NEW YORK, Nov. 9, 2018 /PRNewswire/ -- CUSIP Global Services (CGS) celebrated its 50th anniversary, along with members of the American Bankers Association (ABA) and the CUSIP Board of Trustees, by ringing The Closing Bell® at The New York Stock Exchange.
CGS is the provider of reliable, timely reference data, including the 9-digit CUSIP ID, which is ubiquitous throughout financial markets as a universally recognized and accessible securities reference data standard. The CUSIP ID is relied upon by market participants around the world to enable seamless trading, trade processing, settlement, risk management, and recordkeeping using a common taxonomy that is consistent across different firms, asset classes, and geographies.
CGS was formed in 1968 in response to rapid growth in trading volume and the rise of computerized, punch-card recordkeeping in financial institutions. Unable to keep up with the volume of hand-processed trades and unable to communicate electronically between different firms, trades were failing at a record pace. In response, the ABA created a Committee on Uniform Security Identification Procedures (CUSIP), which would develop a machine-readable, unique identifier for each security to facilitate electronic processing between different firms. The ABA partnered with S&P Global to manage this new system.
Today, well over 10 million individual CUSIP IDs have been issued for an ever-expanding range of asset classes including equities, fixed income, derivatives, options, precious metals, blockchain-based tokenized asset offerings, and many others.
"It's an honor to be a part of the group that developed and maintains this essential backbone of financial markets operations," said Diane Poole, Senior Vice President, ABA. "While the original creators of the CUSIP taxonomy could never have foreseen the explosive growth of electronic and algorithmic trading technology, the globalization of financial services, or the rise of alternative asset classes, it is a thrill to be a part of the continued growth of that standard as it adapts and expands to accommodate the demands of today's and tomorrow's financial markets."
"All of us at CGS are incredibly proud of the work we've done behind the scenes to keep markets moving efficiently, and celebrating our golden anniversary by ringing the iconic Closing Bell is a great symbol of that achievement," said Scott Preiss, Managing Director, Global Head CUSIP Global Services, S&P Global Market Intelligence. "Beyond the longevity of the CUSIP numbering system, the event was also a tremendous recognition of the longstanding, collaborative partnership between S&P Global and the ABA. It was a true pleasure to celebrate this achievement with our ABA friends and colleagues and we look forward to the next 50 years of important contributions to the global financial markets."
For more information on CUSIP Global Services, please click here.
About CUSIP Global Services
The financial services industry relies on CGS' unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 years has helped CGS earn its reputation as a trusted originator of quality identifiers and descriptive data, ensuring that essential front- and back-office functions run smoothly. Relied upon worldwide as the industry standard provider of reliable, timely reference data, CGS is also a founding member and co-operates the Association of National Numbering Agencies (ANNA) Service Bureau, a global security and entity identifier database for over 40 million public and privately traded instruments, contributed by 82 national numbering agencies and 30 partner agencies representing 122 different countries. CGS is managed on behalf of the American Bankers Association (ABA) by S&P Global Market Intelligence, with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.
About The American Bankers Association
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its 2 million employees. Learn more at www.aba.com.
SOURCE CUSIP Global Services
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