Business identifier code and Statement of Good Practice: Difference between pages

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Business identifier code, also known as the BIC, is a unique identification code for a particular institution or a part of it. It was originally called the bank identifier code. 
1.  ''Financial markets - conduct - Fixed Income, Currencies and Commodities Markets Standards Board (FMSB).''


(SoGP).


BICs follow the standards set out in ISO 9362:2009, the 3rd edition issued by the International Organization for Standardization (ISO).
The FMSB issues Standards and Statements of Good Practice for wholesale Fixed Income, Currencies and Commodities (FICC) markets.


SWIFT, in its role of ISO Registration Authority, issues BICs to financial and non-financial institutions connected to the SWIFT network, as well as to non-connected institutions.  
FMSB Standards set out Core Principles and accompanying guidance on the most important aspects of practice where ambiguity risks undermining the transparency, fairness and effectiveness of markets.


The BIC is used in financial transactions, exchange of messages between institutions, client and counterparty databases, compliance documents and many others.
FMSB Statements of Good Practice set out clear expectations and guidance on good practice in relation to broader areas of uncertainty in wholesale FICC markets.


''(Source - FMSB)''


BICs are 8 (BIC8) or 11 (BIC11) alphanumeric character strings and have no spaces in the strings.


2.  ''Other markets.''


'''BIC8s''' can be taken as referring to the principal office.  
Similar statements and guidance in other markets and areas of work.


* The first 4 characters are alphabetic and identify the institution and are often referred to as the institution code.
* Characters 5-6 are two character alphabetic country codes from ISO 3166-1 to identify where the institution is located.
* Characters 7-8, that may be alphabetic or numeric, make this more precise, identifying a region or  a city for example. They are often called the location code.


 
==See also==
'''BIC11s''' add 3 alphabetic characters to be more specific - a department or a physical branch for example and these three characters are often called the branch code.
* [[Best practice]]
 
* [[Code of practice]]
 
* [[Conduct]]
As an example of how it works in practice, and taking a non-bank, Diageo plc's London HQ has BIC8: DIAGGB2L. Its Warwick branch, called "Reverse Billing", has DIAGGB2LCTB.
* [[FICC]]
 
* [[Financial Conduct Authority]]
 
* [[Financial crisis]]
== See also==
* [[Fixed Income, Currencies and Commodities Markets Standards Board]]
*[[Bank identifier code]]
* [[Good practice]]
*[[SWIFT]]
* [[Practice note]]
* [[Statement of practice]]
* [[Statement of recommended practice]]
* [[Statement of Standard Accounting Practice]]
* [[Uniform Customs and Practice for Documentary Credits]]
* [[Wholesale]]




===Other links===
===Other links===
* [http://www.iso.org/iso/home.htm International Organization for Standardization]
*[https://fmsb.com/our-publications/#3 FMSB's standards]
*[https://fmsb.com/fmsb-publishes-new-financial-markets-misconduct-research/ FMSB database of misconduct cases]


[[Category:Cash_management]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Compliance_and_audit]]
[[Category:Ethics]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Risk_reporting]]
[[Category:Financial_products_and_markets]]

Revision as of 11:48, 19 July 2021

1. Financial markets - conduct - Fixed Income, Currencies and Commodities Markets Standards Board (FMSB).

(SoGP).

The FMSB issues Standards and Statements of Good Practice for wholesale Fixed Income, Currencies and Commodities (FICC) markets.

FMSB Standards set out Core Principles and accompanying guidance on the most important aspects of practice where ambiguity risks undermining the transparency, fairness and effectiveness of markets.

FMSB Statements of Good Practice set out clear expectations and guidance on good practice in relation to broader areas of uncertainty in wholesale FICC markets.

(Source - FMSB)


2. Other markets.

Similar statements and guidance in other markets and areas of work.


See also


Other links

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