CFI code

The CFI (Classification of Financial Instruments) is developed in accordance with the ISO standard 10962.

It is designed to enable computer systems to classify securities and financial instruments automatically.

The CFI consists of six alphabetical characters and it distinguishes between securities and financial instruments on the basis of their characteristics:

  • The first character indicates the category to which the instrument belongs: Equities, Debt, Entitlements (Rights, Warrants), Options, Futures and Others (Miscellaneous).
  • The second character refers to specific groups within each category. For example, the subdivisions of the Equities category are: ordinary shares, preferred/preference shares, units, and others, while for the Debt instruments category, the subdivisions are: bonds, convertible bonds, money market instruments, and others.
  • The other four characters refer to each group's main features. For example, in the case of equities, whether they are voting or non-voting, restrictions, payment status, etc. In the case of Debt instruments, the type of interest (fixed or variable), guarantee, form of redemption, etc.


    • E = Equities
    • S = Ordinary shares
    • V = Voting shares
    • U = Unrestricted
    • F = Fully paid
    • R = Registered
    • D = Debt instruments
    • B = Bonds
    • V = Variable interest
    • U = Unsecured
    • F = Fixed maturity
    • B = Bearer
    • R = Entitlements (Rights)
    • W = Warrants
    • I = Indices
    • N = Naked
    • X = Undefined
    • B = Bearer
    • O = Options
    • C = Call options
    • A = American
    • S = Stock-Equities
    • P = Physical
    • S = Standardized

For more information, contact the Spanish National Numbering Agency.

(1) The letters used for the CFI composition are in accordance with the ISO standard 10962.

CNMV. Comisión Nacional de Mercado de Valores