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INTRODUCTION
CUSIP SERVICE BUREAU: MISSION STATEMENT
The CUSIP Service Bureau, operated by Standard & Poor's for the American Bankers Association, exists for the primary purpose of
uniquely identifying issuers and issues of securities and financial instruments within a standard framework, and disseminating this data
to the financial marketplace via various media. CUSIP numbers and standardized descriptions are used by virtually all sectors of the
financial industry, and are critical for the accurate and efficient clearance and settlement of securities as well as back-office processing.
The CUSIP Service Bureau seeks to assign unique numbers and standardized descriptions in a timely and accurate manner, using its
best efforts to use primary or reliable sources of information. However, because of the possibility of human or mechanical error by
securities issuers, CUSlP's sources, Standard & Poor's or others, neither Standard & Poor's nor the American Bankers Association
guarantees the accuracy, adequacy or completeness of any information, and Standard & Poor's and the American Bankers
Association are not responsible for any errors or omissions or for the results obtained from use of such information.
COPYRIGHT
Subscribers acknowledge that the Service to be provided under a CUSIP Agreement contains information obtained, selected,
arranged and published by Standard & Poor's (S&P), under authority from the American Bankers Association, and according to
methods and procedures developed and used by S&P, all at the expenditure of substantial amounts of work, time and money.
Subscriber agrees to protect the proprietary and copyright position of S&P, and of the American Bankers Association, during the
existence, and after the termination, of this Agreement. Subscriber agrees that without S&P's prior written consent, Subscriber shall
not transfer or sell such information or copies thereof, or extracts therefrom, or summaries thereof, to any other person or
organization, or permit any other person or organization to use or distribute such information. Subscriber represents and agrees it shall
not publish or make distribution copies of, or distribute, any or all of the information provided Subscriber hereunder in any form,
provided, however, that this Agreement shall not be deemed to prohibit the use by Subscriber of CUSIP uniform descriptions and
CUSIP numbers in the normal internal processing of security transactions of business of Subscriber.
BACKGROUND TO THE DEVELOPMENT OF THE CUSIP NUMBERING SYSTEM
In 1962, after many informal discussions with members of the financial community, the New York Clearing House Association
established a Securities Procedures Committee to study the question of developing a standard method of identifying securities. This
Committee concluded that a uniform securities identification system was feasible and timely and because of the magnitude of the
problems to be solved and their far-reaching implications the development of the system should involve the cooperation and support
of the entire financial community.
The Clearing House approached The American Bankers Association's Department of Automation to develop the system. In July
1964, the A.B.A.'s Committee on Uniform Security Identification Procedures (CUSIP) was created under the chairmanship of John
L. Gibbons, Chairman of the Trust Committee of Chemical Bank New York Trust Company. The main goals of the CUSIP
Committee were to develop specifications for a uniform security identification system, for devising a format for imprinting the
identification number on the certificate in man/machine readable type font, and to establish an agency to administer the identification
system according to specifications.
The CUSIP Committee appointed three subcommittees: The Technical Subcommittee to develop specifications, and Legal and
Agency Subcommittees to implement the system.
Development of the CUSIP Number
In developing specifications for the numbering system, the CUSIP Technical Subcommittee found two needs: 1) that the number
should contain as few characters as possible, and 2) that it should be linked to an alphabetic sequence of issuer names. Also, the
number should be capable of meeting future as well as present operating requirements; that it must be adaptable to the internal systems
of all users, to communications systems, to automated document reading, etc.; and that the structure of the system should allow each
user to assign numbers to securities or other assets carried by him but not covered by the CUSIP System.
In January, 1967, the A.B.A. announced the development of a CUSIP numbering system which met as closely as possible these
criteria. This system is explained in detail in this Introduction. Basically, the CUSIP number consists of nine digits, the first six of which
uniquely identify the issuer and have been assigned to issuers in alphabetic sequence, and two other characters (alphabetic or numeric)
which identify the issue. The ninth digit is the check digit.
WHO ENDORSES THE CUSIP NUMBERING SYSTEM?
The CUSIP numbering system has been endorsed by all major segments of the financial community including:
American Bankers Association
American Stock Exchange
Bond Market Association (PSA)
Canadian Depository for Securities Ltd.
Depository Trust Company
Midwest Stock Exchange
Government Finance Officers Association of the U.S. & Canada
Municipal Securities Rulemaking Board
National Association of Securities Dealers
National Association of Variable Annuities
National Securities Clearing Corp.
New York Stock Exchange
Philadelphia Depository Trust Company
Philadelphia Stock Exchange
Securities and Exchange Commission
Securities Industry Association
WHO CONTROLS THE CUSIP NUMBERING SYSTEM?
The operation of the CUSIP numbering system is controlled by the CUSIP Board of Trustees. Through the work of the CUSIP Legal
and Agency Subcommittees, the CUSIP service functions were outlined and Standard & Poor's was awarded the contract to function
as the CUSIP Service Bureau, the operational arm of the system, which is responsible among other functions for the compilation and
publication of the CUSIP Directory.
WHAT SECURITIES ARE COVERED BY THE CUSIP NUMBERING SYSTEM?
General interest is the primary consideration in determining what securities are covered by the CUSIP identification system, provided
appropriate documentation is supplied to the CUSIP Bureau in requesting the assignment of a CUSIP number. Below are the types of
documents which should be sent to the CUSIP Bureau with a cover letter requesting CUSIP assignments:
WHAT DO I SEND TO CUSIP?
SITUATION DOCUMENT
CORPORATES:
1. Public Offering of Equity or Debt -- " Red Herring" (Preliminary Prospectus) or Registration Statement
2. American Depository Receipts -- Registration Statement F-6
3. Bank Holding Company Formation -- Registration Statement S-4
4. Bankers Acceptances -- Summary of Offering / Information Statement
5. Certificates of Deposit -- Summary of Offering Terms ("Fact-Sheet")
6. Church Bonds -- Prospectus / Official Statement
7. Commercial Paper (Book Entry only) -- Info Statement & DTC-CP Filing
8. Company Emerging from Chapter XI -- Disclosure Statement
9. Medium-Term Notes (Book Entry only) -- Prospectus Supplement & DTC-MTN Filing
10. Merger / Acquisition -- Merger Agreement (or) Proxy Statement
11. Mutual Funds -- Registration Statement N-1
12. Name Change -- Proxy Statement (or) Certificate of Amendment
13. Publicly Traded Limited Partnerships -- Prospectus with S.E.C. File #
14. Reverse Stock Splits -- Letter to Shareholders
15. Right Offerings -- Rights Agreement / Company Press Release
16. Rule 144A Securities -- Offering Circular / Prospectus with 144A Representation
17. Shelf Registrations (415) -- Initial Shelf Filing (S-3) & Subsequent "Prospectus Supplements"
18. Unit Trusts -- Registration Statement S-6
MUNICIPALS:
1. Negotiated Issues -- Preliminary Official Statement (to be followed up by final O/S)
2. Competitive Issues -- Notice of Sale (and follow-up)
3. Private Placements -- Private Placement Memorandum
4. Short-Term Notes -- Notice of Sale and/or Legal Opinion
Requests should be addressed to: CUSIP SERVICE BUREAU
DATA COLLECTION DEPARTMENT
Standard & Poor's
55 Water Street, 47 Floor
New York, N.Y. 10041
The CUSIP Agency may, from time to time, review this list and add or delete as is deemed appropriate.
ADDITIONAL CUSIP COVERAGE
Canadian Issues
CUSIP numbers are assigned by the CUSIP Service Bureau of Standard & Poor's to securities listed on Canadian Exchanges and
other securities as may be deemed of general interest by the CUSIP Agency. The Canadian Agent for Standard & Poor's is the
Canadian Depository for Securities Limited ("CDS"). All applications by Canadian issuers for a CUSIP number must be made
through CDS. The following is the prescribed procedure to ensure that the CUSIP is issued expeditiously:
1. A request in letter form should be sent to the attention of:
The Canadian Depository for Securities Limited
600 Boul. de Maisonneuve Ouest, Bureau 310
Montreal, Quebec H3A 3J2
(514) 848 - 1010
2. The request should contain the following information:
(a) Name of the Company
(b) Head office and registered office address of the company
(c) Law and date of incorporation
(d) Authorized and issue capital for all classes authorized
(e) Description of security for which the number is being requested
(f) Nature and description of the offering to be made
(g) For name changes, provide both the old and new names
(h) Exchange(s) Issue is intended to be listed on
3. The following documentation, where applicable, in draft form, must be included with the request:
(a) Preliminary Prospectus
(b) Rights Offering Circular
(c) Information Circular
(d) Statement of Material Facts
(e) Articles of Amendments in the case of reclassifications, reorganizations, or name changes
4. Final copies of the above documentation, where applicable, must be filed with CDS when available. Processing of the request will
not be delayed pending receipt of the final copy.
5. Payment for service is in Canadian dollars, payable to the Canadian Depository for Securities Limited.
Note: Issues of local interest in Canada have been included in the Corporate edition of the CUSIP Directory, and are denoted by
"CDS" in the Issuer and Issue descriptions.
TBA Securities
TBAs are futures contracts on mortgaged-backed pools. Working with the MBSCC, the CUSIP Service Bureau developed a
specialized numbering scheme for TBA (To be announced) mortgaged-backed securities. TBA CUSIPs incorporate within the
number itself , a security's mortgage type (Ginnie Mae, Fannie Mae, Freddie Mac), coupon, maturity, and settlement month.:
International Issues
For securities actively traded on an International basis which are either underwritten (debt issues) or domiciled (equities) outside the
United States and Canada, the security will be identified by a CINS (CUSIP International Numbering System) number.
This number was developed in 1988 by Standard & Poor's and Telekurs (USA) in response to the North American securities
industry's need for a 9-digit identifier of international securities. CINS numbers appear in the International Securities Identification
Directory (ISID and ISIDPlus Services) which is co-produced by Standard & Poor's and Telekurs (USA).
The ISID and ISIDPlus Services contain over 390,000 securities, including the CINS number, ISIN codes, as well as
cross-references to all major international numbering systems. This product has been designed to minimize the impact on back-office
systems and operations, while facilitating cross-border communications among global custodians, depositories, banks, securities
organizations, and exchanges.
CINS numbers employ the same Issuer (6 characters)/Issue (2 character & check digit) concept espoused by the CUSIP Numbering
System, which is described in detail on the following page. It is important to note that the first position of a CINS code is always
represented by an alpha character, signifying the Issuer's country code (domicile) or geographic region: (see below).
A = Austria E = Spain J = Japan N = Netherlands S = South Africa W = Sweden
B = Belgium F = France K = Denmark P = South America T = Italy X = Europe-Other
C = Canada G = United Kingdom L = Luxembourg Q = Australia U = United States Y = Asia
D = Germany H = Switzerland M= Mid-East R = Norway V = Africa-Other
The ISID and ISIDPlus Services provide a cross reference to major national securities numbers including the International Securities
Identification Number (ISIN) which will facilitate global communications utilizing any number. The following national numbering
systems are incorporated in the ISID Services:
Argentina Canada Euroclear Italy Netherlands Switzerland
Austria CEDEL France Japan Panama United States
Belgium Common Code Germany Luxembourg Peru Venezuela
Brazil Denmark Great Britain Mexico Spain
The ISID and ISIDPlus Services are available in print, CD-ROM and transmission. Updates for the print service are available
monthly, eectronic service can be transmitted daily or weekly; CD-ROM is available daily, weekly and monthly.
Although the foregoing describes those items included in the CUSIP System, subscribers may be interested to know that the following
items, because of their short life or special status are not normally assigned CUSIP numbers.
Corporates:
CUSIP numbers have not been assigned to Fractional Shares and small local over-the-counter issues. In addition, no distinction is
made between shares trading "when issued" and "regular way" (except where redemption of certificates is required).
Private Placements:
The National Association of Insurance Commissioners (NAIC) in October 1988 mandated the use by insurers of a uniform private
placement number (PPN) to identify such investments in their annual statements filed with State Regulatory Authorities. Standard &
Poor's CUSIP Service Bureau was selected by the NAIC to create, assign, and administer the PPN system primarily for the
Insurance Industry.
Requests for a Private Placement Number (PPN) can be made in writing to:
Standard & Poor's
CUSIP Service Bureau
55 Water Street, 47 floor
New York, NY 10041
Attn: PPN Department
Please contact the CUSIP Service Bureau Customer Service Department at (212) 438 - 6500 for more information about PPN
Services.
THE CUSIP NUMBERING SYSTEM
The CUSIP number consists of nine characters: a base number of six digits known as the issuer number, the 4th, 5th and/or 6th digit
of which may be alpha or numeric and a two character suffix (either numeric or alphabetic or both) known as the issue number. The
ninth character is a check digit which is described later.
Issuer Number
A single alphabetical file has been developed of corporate, municipal, and governmental issuers, and an issuer number of six digits has
been assigned to each in alphabetical sequence. One number will be assigned to an issuer, except in those few cases where the issue
numbers are not sufficient to accommodate all outstanding issues with their various rates and maturities, such as U. S. Governments
and certain municipalities or states. In such instances, one or more additional issuer numbers will be assigned.
Gapping Factors: Gapping factors have been incorporated throughout the numbering system to allow for future file expansion; these
are described more fully below.
Provision for Overflow: Issuer numbers (900 to 989 in each group of 1,000 numbers) have been reserved for overflow. These
overflow numbers will be assigned in ascending sequence to any new issuer that cannot be accommodated at the proper alphabetical
position in the preceding group of issuer numbers. Such names are always in a positively identifiable position as the number assigned
will contain a 9 in the hundreds position.
Issuer Numbers Reserved for Internal Use: Issuer numbers (990 to 999 and 99A to 99Z in each group of 1,000 numbers) have also
been reserved for the user's own purpose. This permits a user to assign an issuer number to any issuer which might be relevant to his
holdings but which does not quality for coverage under the CUSIP numbering system. Other issuer numbers (990,000 to 999,999
and 990,00A to 999,99Z) are also reserved for the user so that they may be assigned to non-security assets or for other internal
operating purposes. Thus, with the addition to at least two numeric digits in the issue number field, a minimum of three million numbers
is available to the user for numbering internal miscellaneous assets.
The alphabetic character Z in the 5th and 6th position has been reserved for use by the Canadian Depository for Securities.
The Issue Number
The issue number uniquely identifies each individual issue of an issuer. (Each individual rate and maturity is considered a separate issue
for numbering purposes.) The issue number consists of two numeric characters when assigned to equity securities and two alphabetic
characters or one numeric and one alphabetic character when assigned to fixed income securities (this permits the user to differentiate
between issues in the two groups).
Issue numbers are assigned in sequence as each issue is originated. However, in the setting up of the CUSIP numbering system and in
the assignment of numbers to issues then in existence, numbers were assigned on the basis of rate and maturity and no consideration
was given to the original date of issue.
Issue Numbers for Equity Securities: The first issue number for an issuer's equity securities is 10 (blanks in the issue number
position indicate this is an issuer; in some cases only an issuer number has been assigned. As additional information is gathered, it will
be added to the CUSIP file). The unit position of the equity number is used to identity rights, warrants and so on and is assigned on an
as- available basis. When there are insufficient tens positions available for all individual issues, the necessary additional numbers are
found through the use of the first open two-position digit in reverse sequence starting with 88 and assigned in descending order. (see
illustration below) Issue numbers 00-09 are reserved for future use.
Options: Issue number 01 has been designated to identity options for an issuer.
Overflow Linkage: Issue Number 89 will be reserved for overflow linkage and will not be assigned to a specific issue.
Issue Numbers for Fixed Income Securities: The issue number assigned to an issuer's fixed income securities may consist of two
alphabetic characters (AA etc.), one alphabetic character followed by one digit (A2 etc.), or one digit followed by one alphabetic
character (2A etc.), assigned in that order. A separate issue number is assigned to each rate and/or maturity for each issue of bonds -
thus a serial bond having 40 different maturities is assigned 40 separate issue numbersm - but general obligations of a municipality
having the same issue date, rate and maturity are normally assigned the same number regardless of purpose. The alphabetic letter "I"
and numeric "1" as well as the alphabetic "O" and numeric zero are not used in the assignment of issue numbers to fixed income
securities.
Overflow Linkage: Issue Number 9Z will be reserved for overflow linkage and will not be assigned to a specific use.
Issue Numbers Reserved for Internal Use: Issue Numbers 90 through 99 in the equity group, and 9A through 9Y in the fixed
income group, are reserved for the user specifically for assignment to those issues of an eligible issuer where no CUSIP issue number
has been assigned.
ILLUSTRATION OF THE ASSIGNMENT OF CUSIP ISSUE NUMBERS
Issuer Number Issue Number
ABC RAILROAD CORP 003761
Equity Issues
Com....................................................10
RT.......................................................11
PFD 5% .............................................20
PFD 3.75%.........................................30
PFD 1st Ser 6%... ..............................40
PFD 2nd Ser 6%... ............................ 50
CL A..................... .............................60
PFD Ser A Conv 5% ... .................... 70
PFD Ser B Conv 5%...... ................... 80
PFD $3.50..........................................88
PFD 7.24%.........................................87
Fixed Income Issues
1st Cons Mtg 4% 10/01/1999.......... AA
Sub Income Deb 5.25% 11/15/2000. AB
Sub Deb Conv 4.75% 06/01 /2005.....AC
Equlp Tr Ser 70 7.75% 08/01 /2008 ...AD
Equip Tr Ser 72 7.00% 11/01/2010.....AE
CHECK DIGIT
In data transmission, when accuracy of the number may represent the only means of identification, the use of a check digit becomes
mandatory as it provides the means of mathematically determining the accuracy of the whole number transmitted. For this reason it is
necessary to use the full nine digits of the CUSIP code.
A check digit based on the Modulus 10 Double Add Double technique will be assigned to each CUSIP security number. Modulus 10
was selected over the other systems because it provides the greatest degree of reliability without the loss of any available numbers.
The illustrations below will clarify the manner of calculation of a Modulus 10 Double Add Double check digit.
Illustration 1
Issuer Number 837649 Issue Number 12
8 3 7 6 4 9 1 2
x 1 x 2 x 1 x 2 x 1 x 2 x 1 x 2
--- --- --- ---- --- --- --- ---
8 6 7 12 4 18 1 4
Thus, 8 + 6 + 7 + 1 + 2 + 4 + 1 + 8 + 1 + 4 = 42
The complement of the last digit of the sum becomes the check digit. The complement of 2 is 8; therefore, the CUSIP number with
optional check digit would appear as 837649 12 8
In the calculation of the check digit, alphabetic characters will be assigned a numeric value. The letter A will be 10; and the value of
each subsequent letter will be the preceding letter's value incremented by 1. Normally, validation of the number would be made
internally within a computer, using a relatively simple program.
Illustration 2
Issuer Number 392690 Issue Number QT
3 9 2 6 9 0 26(Q) 29(T)
x 1 x 2 x 1 x 2 x 1 x 2 x 1 x 2
---- --- --- --- --- --- ---- ----
3 18 2 12 9 0 26 58
Thus, 3 + 1 + 8 + 2 + 1 + 2 + 9 + 0 + 2 + 6 + 5 + 8 = 47; the complement of 7 is 3, and the CUSIP number with check digit would
appear 392690 QT3
To avoid confusion, the fixed income issue number assignments have omitted the alphabetic "I" and numeric "1 " as well as the
alphabetic ''O'' and numeric zero. However, in the check digit computation described above, the value of "Z" is 35.
A check digit has also been computed for Issuers assigned a six character issuer number.
Alpha characters and their equivalent numerical values
Alphabetic characters are assigned a numeric value. The letter A will be 10; and the value of each subsequent letter will be the
preceding letters value incremented by 1:
A = 10 F = 15 K = 20 P = 25 U = 30 * = 36 (PPN System)
B = 11 G = 16 L = 21 Q = 26 V = 31 @ = 37 (PPN System)
C = 12 H = 17 M = 22 R = 27 W = 32 # = 38 (PPN System)
D = 13 I = 18 N = 23 S = 28 X = 33
E = 14 J = 19 O = 24 T = 29 Y = 34
Z = 35
CUSIP AGENCY
BOARD OF TRUSTEES
MICHAEL J. GARDINER, Vice President, U.S. Securities Services Operations, Chase Manhattan Bank, New York, New York.
J. DOUGLAS ADAMSON, Executive Director, Banking Professions, American Bankers Association, Washington, DC.
RICHARD BETTS, Vice President, Bankers Trust Co. Jersey City, New Jersey.
JEROME J. CLAIR, Senior Vice President, Smith Barney, Inc. New York, New York.
JOHN H. HAYNIE, Senior Managing Director, Operations, Interstate/Johnston Lane Corp., Charlotte,
North Carolina.
JEFF KERR, Manager, Corporate Trust Services, U.S. Bank, St. Paul, Minnesota.
RONALD KESSLER, Corporate Vice President, Assistant Director of Operations, A.G. Edwards & Sons, Inc., St. Louis,
Missouri.
VINCENT MAURO. Vice President, Depository Trust Company, New York, New York.
SHERRY MORELAND, Operations Manager, Corporate Trust Group, First Union Bank, Charlotte, North Carolina.
JAMES R. ORVIS, Senior Vice President, Director of Operations, The Advest Group, Hartford, Connecticut.
RAYMOND J. O'SULLIVAN, Senior Vice President, Roosevelt & Cross, Inc., New York, New York.
ANTHONY J. PELLICCI, Senior Vice President, INC Trading Corporation, New York, New York.
MANUEL RIVERA, Vice President, Operations, Chapdelaine & Company, New York, New York.
JAMES J. RONAYNE, Managing Director, National Securities Clearing Corp., New York, New York.
DAVID SPENCER, Vice President, Capital Market Systems, PNC Bank Corp., Pittsburgh, Pennsylvania.
SIDNEY S. WATT JR, Senior Vice President, Securities Operations Division, State Street Bank & Trust
Company, North Quincy, Massachusetts.
WILLIAM M. WINGFIELD, Senior Vice President, SunTrust Bank, Atlanta, Georgia.
ABA STAFF
ANDREW N. ERNST
AGENCY SERVICES BUREAU STAFF
JAMES D. TAYLOR, Vice President
SCOTT J. PREISS, Vice President
HARRY J. LOPEZ, Director of Support Services
MARIA LATORRACA, Product Director
GERARD FAULKNER, Editor
SUBSCRIBER REQUESTED ADDITIONS
Subscribers may request additions to the file by submitting documentation to the CUSIP Service Bureau, Standard & Poor's , 55
Water Street, 47 floor, New York, New York 10041.
Those issuers and issues eligible for inclusion in the CUSIP Master File are described under WHAT SECURITIES ARE COVERED
BY THE CUSIP NUMBERING SYSTEM. The CUSIP Agency has sole jurisdiction on whether the qualifications for inclusion have
been met.
For information on any of these services, contact the CUSIP Customer Service Department at the above address or phone
212-438–6500.
Information has been obtained by the CUSIP Service Bureau of Standard & Poor's from issuers of securities and other sources
believed to be reliable. However, because of the possibility of human or mechanical error by the issuers, our sources, Standard &
Poor's or others, neither Standard & Poor's nor The American Bankers Association guarantees the accuracy, adequacy or
completeness of any information, and Standard & Poor's and The American Bankers Association are not responsible for any errors
or omissions or for the results obtained from use of such information. The assignment of a CUSIP/CINS number to a particular
security by Standard & Poor's is not intended by Standard & Poor's to be, and should not be construed as, an endorsement of such
security, a recommendation to purchase, sell or hold such security or an opinion as to the legal validity of such security. |
