How Bloomberg’s Failed FIGI Vote Reveals a Substandard Standards Process
A failed ballot for a Bloomberg-backed identifier reveals the enormous consequences of industry tendencies toward complacency and cost-cutting.
Bloomberg doesn’t get outplayed very often. Yet an attempt to get the Bloomberg-backed Financial Instrument Global Identifier (FIGI) accredited by the International Organization for Standarization (ISO) lost by a landslide vote in early 2019, a defeat that represents more than merely an unsuccessful push to get FIGI approved as a global standard. FIGI’s failure to become ISO-approved exposes the extraordinary passion and politics that surround standards, and demonstrates how firms’ unquenchable
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