FIGI13 — Revise Section 7.2 Security Types

Revise first paragraph that states: “As specified above, each Global Identifier has at least one Security Type associated with it. The Security Types are specified in the associated SecurityTypes.rdf vocabulary.”
To:
“As specified above, each Global Identifier has at least one Security Type associated with it. The Security Types are to be maintained and provided by the Registration Authority in a machine readable format or reference to such.”

Revise paragraph under “New Security Types are invented” from
“The financial sector is dynamic and new financial instruments are constantly being created. Some are simply variations on existing instruments, e.g., a new mutual fund, but some are genuinely novel. Given the granularity of the security types currently inventoried in this controlled vocabulary (375 uniquely specified security types), it is likely that new financial instruments will emerge that require a new label.”
To
“The financial sector is dynamic and new financial instruments are constantly being created. Some are simply variations on existing instruments, e.g., a new mutual fund, but some are genuinely novel. Given the granularity of the security types currently inventoried, it is likely that new financial instruments will emerge that require a new identifier and description.”

And revise descriptive paragraph regarding “the coverage of FIGI expands” from:
As of the 2014 OMG publication of this standardFIGI covered over 150 million financial instruments. A large number to be sure, but given the granularity of FIGI, e.g., differentiating between AAPL being traded on one exchange as opposed to another, this list is certainly incomplete. Over time, additional financial instruments that simply are not covered at present will be incorporated into FIGI at which point the security type list will need to be expanded.
To:
As of the 2025 OMG publication of this standard, FIGI covers over 1.4 billion financial instruments, across particular contexts that necessarily differ across security types. Over time, additional financial instruments that are not covered at present will be incorporated into FIGI at which point the security type list will need to be expanded.