FIGI13 — Revise D.5 MIC

D.5 MIC (fixes to MIC purpose and relationship to exchange and/or pricing source)
Revise first paragraph to read:
“The Market Identifier Code (MIC) provides a method of identifying exchanges, trading platforms, and systemic internalizers as locations where Financial Instruments are exchanged or transacted. This function relates to parts of FIGI, in particular, the Exchange Code. Differentiation exists in:”

Revise D.5 MIC

D.5 MIC (fixes to MIC purpose and relationship to exchange and/or pricing source)
Revise first paragraph to read:
“The Market Identifier Code (MIC) provides a method of identifying exchanges, trading platforms, and systemic internalizers as locations where Financial Instruments are exchanged or transacted. This function relates to parts of FIGI, in particular, the Exchange Code. Differentiation exists in:”

In addition, remove 'pricing source' references as follows;

in 1. Scope; the sentence: "The list of pricing sources present in FIGI goes far beyond this to support Financial Instruments that are not exchanged at a venue. In fact, FIGI can support Financial Instruments that are not tradable at all, e.g., an individual person’s home mortgage contract (not currently supported, but under consideration). "

should read

"The list of exchange codes present in FIGI includes codes to support Financial Instruments that are not exchanged at a venue that is not eligible for a MIC. In fact, FIGI can support Financial Instruments that are not technically tradable at all, e.g., an individual person’s home mortgage contract. "

In 2. Embeddedness, revise paragraph that reads: "2. Embeddedness: The MIC code is a stand-alone code that identifies a Market. As such, it serves a different purpose than does the Pricing Source attribute of FIGI and is definitional different, although there may be similarities The Pricing Source attribute of FIGI serves as a differentiator of otherwise identical financial instruments and that differentiation is embedded into the Financial Instrument Global Identifier as part of the defining metadata. In the case of the MIC, it can be used in concert with the ISIN for informational purposes, as when used together, the combination can provide a certain context that is usable in certain functions. However, in general, it is not part of the core metadata of the ISIN in this particular circumstance. "

to read:

2. Embeddedness: The MIC code is a stand-alone code that identifies a Market. As such, it serves a different purpose than does the Exchange Code attribute of FIGI and is definitionally different, although there may be similarities The Exchange Code attribute of FIGI serves as a differentiator of otherwise identical financial instruments and that differentiation is embedded into the Financial Instrument Global Identifier as part of the defining metadata. In the case of the MIC, it can be used in concert with the ISIN for informational purposes, as when used together, the combination can provide a certain context that is usable in certain functions. However, in general, it is not part of the core metadata of the ISIN in the same functional context as Exchange Code attribute exists within FIGI metadata