License Fees
CGS License Fees for access to and usage of CGS’s commercial products or services (and the CGS Data contained therein) apply to both direct and indirect end user customers. A direct end user customer refers to an end user customer that receives access to a particular CGS product or service directly from CGS, while an indirect end user customer refers to an end user customer that receives the benefit of CGS Data through CGS’s Authorized Data Vendors. The term “Authorized Data Vendor” refers to an entity who has entered into a valid license agreement with CGS that allows such Authorized Data Vendor to provide the benefit of the CGS Data to its own customers. Fees described below do not apply to authorized data vendors or information providers, whose fees for their own usage and redistribution of CGS data are calculated using a different pricing model.
The Market Needs CUSIP and ISIN
For more than 50 years, CUSIP and its associated ISIN have been essential to the efficient operation and accurate processing and settlement of trades in the US and throughout the world. The CUSIP securities identification system has unfailingly and efficiently supported the US financial market growth from tens of millions of trades a day when it was first invented in 1968 to tens of billions today. Essential front- and back-offices depend on CUSIP and ISIN identifiers to ensure that their operations run smoothly, enabling custodians and sub-custodians to easily communicate, manage, and examine the details of every transaction for accurate and efficient clearance and settlement. Domestic and global financial markets need CUSIP and ISIN to ensure liquidity, operate efficiently, and do so transparently.
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The CGS database contains over 65 data fields and serves as the backbone for Security Master files among both vendor and user firms throughout the industry.
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CGS Licensing Policies FAQs
What is CGS’s basic licensing structure?
Like other traditional suppliers of financial information, CGS distributes information from its various proprietary commercial database products and services directly to end user customers, and indirectly through Authorized Data Vendors. While many of CGS's end user customers elect to receive access to CGS's Data directly from CGS via specific CGS products or services, other end user customers elect to receive the benefits of CGS Data through one or more Authorized Data Vendors. Both methods of distribution provide a high degree of functionality, accuracy and convenience to end user customers, and allow end user customers to choose their preferred method of delivery or access to CGS Data.
CGS recognizes that many end user customers outsource certain key business operations and processes that utilize or rely upon CGS Data as an important feature of those operations and processes. Some of CGS’s end user customers, such as asset managers, banks, broker-dealers, insurance companies and other financial institutions, are now using outsourced or managed solutions provided by Authorized Data Vendors to fulfill and/or support some of their most basic internal business operations and processes. Examples of outsourced or managed solutions can be found on the Authorized Data Vendor Distribution page. These Authorized Data Vendors would not be able to perform their outsourcing functions on behalf of their end user customers, without the robust and reliable data originating from CGS’s commercial databases.
End User customers who wish to subscribe to specific CGS products and services will pay the License Fees applicable to such CGS product and service. End User customers who do not subscribe to specific CGS products or services will pay the License Fees as described in the License Structure.
A license agreement with CGS is required under the following circumstances:
A CGS License is required when: (a) an end user customer subscribes to a particular CGS product or service, and/or (b) an end user customer obtains the benefit of CGS Data indirectly through one of CGS's Authorized Data Vendors. Authorized Data Vendors generally fall into two categories of vendors: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office “software as a service” solutions).
CGS seeks to charge fair, reasonable and non-discriminatory license fees for providing the convenience and functionality of direct or indirect access to and benefit of CGS Data originating from accurate, up-to-date and dynamic, proprietary commercial databases compiled, maintained and updated by CGS. CGS License Fees are based upon an end user customer's own particular Usage of CGS Data (whether or not such end user obtains access to the CGS Data itself or derives benefits from CGS Data by virtue of an outsourcing relationship with an Authorized Data Vendor). End User customers are asked to complete a Use of Service Statement that allows CGS to determine the appropriate License fees for that end user customer. CGS's Use of Service Statement helps CGS to ensure that end user customers are treated in a consistent and fair manner that reasonably represents the value derived from their respective use of CGS Data.
Identifiers like CUSIP and ISIN make domestic and global financial markets more liquid and efficient which leads to greater transparency. Protecting data integrity validates the reliability of the CUSIP system: CGS staff have the knowledge and experience to spot suspicious offering documents and prevent those deals from reaching the market.
Because CGS aims to ensure that end user customers are treated in a consistent and fair manner that reasonably represents the value derived from their respective use of CGS Data, 34% of CGS customers do in fact receive the CGS Data for free. The pricing is commensurate with their use. The reasons for other customers’ need to pay for the Data depends on their use and are in general terms articulated below:
• CGS Data contains specific data selected and arranged by CGS through the application of methods and standards of judgment used and developed through the expenditure of considerable human, financial, and time capital. CGS License Fees cover the expense of collecting, maintaining, storing, updating, and distributing the CGS Data and provide incentives to constantly innovate and upgrade these dynamic CUSIP data products and services.
• Maintaining data accuracy and integrity for all CUSIP-identified securities is critical and ongoing through the life of a security. It begins before the issuance of a security, when to mitigate any possible fraud, a team of seasoned CGS experts reviews each CUSIP request and the required offering document to make sure the information is acceptable, and the request is eligible for CUSIP assignment. After CUSIP assignment and closing of the offering, CUSIPs are updated with finalized securities information based on the final offering document to provide accurate and complete securities data. Maintaining data accuracy continues through the lifetime of a security when events affecting the status of the security will be updated for any relevant corporate actions including corporate name changes, mergers, acquisitions, reorganizations, and reverse stock splits, and the CUSIP marked as inactive if the security will no longer be issued or traded as the data remains in perpetuity.
• The value and utility of CGS Data lies not in the CGS Identifier alone, but critically in the unique relationship of the identifier and the related descriptive data that enables the financial marketplace to uniquely identify a particular financial instrument or security. The identifier alone is meaningless without the CGS-provided guarantee that it represents a security that is comprehensively described through the data fields contained in the CGS Data. All end user customers can rely on the provenance of data originating from CGS, which allows them to run their operations reliably (or use Authorized Data Vendors to perform the internal business operations or processes on their behalf in a similarly reliable manner).
• For many customers, the CGS Identifier alone will not provide all the intelligence needed for their business workflows and back-office operations, requiring many, if not all, of the CGS provided data fields to fulfill their business needs.
• Even customers, who only use the identifier and a few essential data elements as the issuer name and the type of security, can reliably do so only because CGS created this critical identifier-data pairing in the first place and delivered it downstream to end users directly or via other data vendors. No end user of the CUSIP identifiers could reliably do so had CGS not created it, associated it to all the uniquely identifying data fields, and continued to maintain them in the first place.
• Moreover, CGS adds new fields to the data as market needs arise – from the LEI and other ISO standardized data, to Municipal bond information, to more recent ESG and Government Stimulus data. The data set is constantly evolving as new security types are created and/or the financial markets recognize the need for new data fields for the markets’ efficiency and reliability.
• CGS similarly has made, and continues to make, significant investments in developing and updating its delivery format, protocols, and frequency for its proprietary data to the many different marketplace participants. We have come a long way from the 1968 CUSIP “phone” book – each progressive development requiring substantial capital investments.
• The American Bankers Association (ABA) is the owner of all intellectual property rights to the CUSIP system or other identifier systems developed by CGS, including all intellectual property rights in and to CGS’s various commercial databases and the CGS Data. In 1968, The ABA created the CUSIP Service Bureau (now known as CUSIP Global Services) to carry out the mandate of uniquely identifying financial instruments or securities and at the time selected Standard & Poor’s to manage and operate the CUSIP and related identifier systems, which was sold to FactSet Research Inc. in 2022.
End User customers who obtain read- or display-only access to CGS Data by virtue of an Authorized Data Vendor’s online screen display, either through a terminal or website without download or other similar capability, do not have to enter into a CGS License or pay any license fees to CGS if they do not export or download CGS Data into other applications, systems or operational processes. However, this does not apply to end user customers who benefit from the display of CGS Data through an outsourced or managed solution (e.g., accessed via terminal or website) which is offered by an Authorized Data Vendor.
Authorized Data Vendors supply services to indirect end user customers and typically fall within the following two categories: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office “software as a service” solutions).
End User customers who subscribe to an outsourced or managed solution are required to obtain a CGS License and pay the applicable fees for their Use of CGS Data contained within the outsourced or managed solution.
Additionally, CGS will waive the CGS License fee for an end user customer who Uses fewer than 500 unique CGS Identifiers. In this case, the end user customer will need to obtain a CGS License, but CGS does not charge fees for this level of Usage.
CGS Data may be publicly available in some offering documents and from other sources. End users can elect to collect this information themselves and store such information in their internal databases for non-commercial use, provided that the source of such information permitted the reproduction and use of such information. However, it has been CGS's experience that the CGS Data generally has not come from publicly available sources, but rather from other sources, such as a CGS Authorized Data Vendor or through improperly scraping websites of CGS end user customers with CGS licenses. Most end user customers of CGS Data enter into a license agreement with CGS for authorized use and to enjoy the benefits of the integrity and functionality of downloadable, timely and accurate data when supporting their own internal business processes or engaging in commercial transactions.
The CGS License is vendor-neutral and may allow Use of CGS Data by an end user customer through any number of Authorized Data Vendors. Once an end user customer has obtained a CGS License, such end user customer can obtain the benefits of CGS Data at no additional charge through multiple Authorized Data Vendors. This is an efficient and fair distribution model as the end user customer only enters into one CGS License, regardless of the number of Authorized Data Vendors.
Authorized Data Vendors engage in their own Use of CGS Data in connection with the development and commercialization of their own products and services, which is separate and distinct from the Use of CGS Data made by their end user customers. CGS License fees that are applicable to Authorized Data Vendors, cover their right to independently access and Use CGS Data for internal purposes as necessary to support their own products and services, which are then made available downstream to their customers. Therefore, an Authorized Data Vendor is not charged CGS License fees for its end user customers’ Use of CGS Data, and end user customers are not charged CGS License fees for the Authorized Data Vendor’s separate Use of CGS Data. Each utilizes CGS Data in their own way as outlined in their respective CUSIP Use of Service Statement. Thus, indirect end user customers and Authorized Data Vendors derive separate benefit from their Usage of CGS Data and CGS charges each of them according to such separate Usage.
CGS License for
End User Customers
An end user customer generally refers to a recipient of data originating from CUSIP Global Services’ ("CGS") databases, products or services ("CGS Data") who receives the benefit of CGS Data for usage within its internal operations or to support its internal business processes. Internal operations and internal business processes do not include further onward distribution of CGS Data to third parties or commercialization of CGS Data. CGS Data includes CUSIP, CINS, CGS ISIN identifiers, and any other identifiers issued by CGS (collectively referred to as "CGS Identifiers"), plus additional information about financial instruments originating from CGS’s databases.
Authorized Data Vendors supply services to indirect end user customers and typically fall within the following two categories: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office "software as a service" solutions).
CUSIP Use of Service Statement
for End User Customers
The first step in the CGS licensing process for end user customers is to complete and return a CUSIP Use of Service Statement (“UOSS”).The UOSS allows CGS to understand how a potential end user customer plans on accessing, using, storing, processing or otherwise benefitting from the CGS Data. The UOSS enables CGS to continue its longstanding practice of treating beneficiaries of CGS Data fairly and on a level playing field to maintain parity. By fully and accurately completing the UOSS, the end user customer ensures that its license fees are calculated based on the benefit it receives from the CGS Data and that such fees are fair, reasonable and non-discriminatory.
CGS Identifiers
CGS Identifiers include CUSIPs, CGS ISINs, CGS CINS and any other identifier issued by CGS. All CGS ISINs are embedded with either a CUSIP Identifier or a CINS Identifier. When a database contains both a CGS ISIN, and its embedded CUSIP or CINS separately, they shall be collectively counted as one unique CGS Identifier.
Below are definitions for each CGS Identifier. When it comes to identifying CGS ISINs, please use the International Organization for Standardization (ISO) Prefixes provided below to properly identify CGS ISINs.
(i) CUSIP (Committee on Uniform Security Identification Procedures) Identifier: a 9-character alphanumeric identifier assigned for issuers and their financial instruments offered in the U.S. and Canada.
(ii) CINS (CUSIP International Number System) Identifier: a 9-character alphanumeric identifier that uses the same 9-character format as CUSIP identifiers and is the local identifier of more than 30 non-North American markets.
(iii) CGS ISIN (International Securities Identification Number) Identifier: a 12-character global identifier assigned by CGS in its role as National Numbering Agency for the United States and substitute National Numbering Agency for selected countries. The ISO Prefixes for CGS ISINs are as follows: US, CA, KY, BM, VI, VG, UM, TT, SR, GS, SX, VC, MF, LC, KN, BL, PR, PH, PW, MP, FM, YT, MH, HT, GY, GU, GD, DM, CW, BQ, BZ, BS, AW, AG, AI, AS, AN. The ISIN is the recognized global standard for unique identification of financial instruments under ISO 6166. For more information on the global standard, please visit https://www.anna-web.org/standards/isin-iso-6166/
CGS License Structure for End User Customers
End User
The CGS License Fees applicable to end user customers who receive the benefits of CGS Data are based primarily on three (3) criteria: 1) the number of unique CGS Identifiers accessed, stored, maintained, processed or otherwise used by or for the benefit of an end user customer (all such types of usage, whether individually or in any combination thereof, shall be collectively referred to as "Used", "Used by" or "Usage of", or a similar variation thereof); 2) the number of Business Lines with Usage of CGS Data; and 3) the number of Regions with Usage of CGS Data. CGS Data includes CUSIP, CINS, CGS ISIN Identifiers, and any other identifiers issued by CGS (collectively referred to as “CGS Identifiers”), plus additional information about financial instruments originating from CGS's databases.
Determining the Count of Unique CGS Identifiers
The count of CGS Identifiers should include all unique CGS Identifiers that an end user customer ultimately receives the benefit of in order to support or operate any part of its internal business processes or operations, regardless of where such CGS Identifiers are Used. This count applies whether: (i) the CGS Data received by an end user customer is Used directly by the end user customer, or (ii) the end user customer receives the benefit of CGS Data being Used as part of some type of outsourced or managed solution.
Examples
Fee Calculator
{*}Fee Calculator does not apply to Authorized Data Vendors
**Note: To ensure compliance, all end-user customers undergo annual affirmations of use or usage reviews to validate their usage, fees and any applied discounts, ensuring they are appropriate.
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Authorized Data Vendors
Authorized Data Vendors supply services to indirect end user customers and typically fall within the following two categories: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office “software as a service” solutions ).
Information vendors, data vendors or information service providers:
Provide a direct feed (or file download) of CGS Data and/or an on-line screen display either through a terminal or website to indirect end user.
Outsourcing service providers:
Act as a service facilitator, application service provider, hosted solution provider, or provides some other type of managed service solution on behalf of the indirect end user wherein: (i) an indirect end user’s, database containing CGS Data is stored or maintained on the Outsourcing service provider’s, data storage systems, including use of software either owned or controlled by Outsourcing service provider or a third-party software provider; or (ii) Outsourcing service provider acts as a source of CGS Data and/or processes, updates or maintains CGS Data on behalf of indirect end user that enables indirect end user to receive the benefit of CGS Data via such solution or capability .
CGS Licensing Policies FAQs
What is CGS’s basic licensing structure?
Like other traditional suppliers of financial information, CGS distributes information from its various proprietary commercial database products and services directly to end user customers, and indirectly through Authorized Data Vendors. While many of CGS's end user customers elect to receive access to CGS's Data directly from CGS via specific CGS products or services, other end user customers elect to receive the benefits of CGS Data through one or more Authorized Data Vendors. Both methods of distribution provide a high degree of functionality, accuracy and convenience to end user customers, and allow end user customers to choose their preferred method of delivery or access to CGS Data.
CGS recognizes that many end user customers outsource certain key business operations and processes that utilize or rely upon CGS Data as an important feature of those operations and processes. Some of CGS’s end user customers, such as asset managers, banks, broker-dealers, insurance companies and other financial institutions, are now using outsourced or managed solutions provided by Authorized Data Vendors to fulfill and/or support some of their most basic internal business operations and processes. Examples of outsourced or managed solutions can be found on the Authorized Data Vendor Distribution page. These Authorized Data Vendors would not be able to perform their outsourcing functions on behalf of their end user customers, without the robust and reliable data originating from CGS’s commercial databases.
End User customers who wish to subscribe to specific CGS products and services will pay the License Fees applicable to such CGS product and service. End User customers who do not subscribe to specific CGS products or services will pay the License Fees as described in the License Structure.
A license agreement with CGS is required under the following circumstances:
A CGS License is required when: (a) an end user customer subscribes to a particular CGS product or service, and/or (b) an end user customer obtains the benefit of CGS Data indirectly through one of CGS's Authorized Data Vendors. Authorized Data Vendors generally fall into two categories of vendors: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office “software as a service” solutions).
CGS seeks to charge fair, reasonable and non-discriminatory license fees for providing the convenience and functionality of direct or indirect access to and benefit of CGS Data originating from accurate, up-to-date and dynamic, proprietary commercial databases compiled, maintained and updated by CGS. CGS License Fees are based upon an end user customer's own particular Usage of CGS Data (whether or not such end user obtains access to the CGS Data itself or derives benefits from CGS Data by virtue of an outsourcing relationship with an Authorized Data Vendor). End User customers are asked to complete a Use of Service Statement that allows CGS to determine the appropriate License fees for that end user customer. CGS's Use of Service Statement helps CGS to ensure that end user customers are treated in a consistent and fair manner that reasonably represents the value derived from their respective use of CGS Data.
Identifiers like CUSIP and ISIN make domestic and global financial markets more liquid and efficient which leads to greater transparency. Protecting data integrity validates the reliability of the CUSIP system: CGS staff have the knowledge and experience to spot suspicious offering documents and prevent those deals from reaching the market.
Because CGS aims to ensure that end user customers are treated in a consistent and fair manner that reasonably represents the value derived from their respective use of CGS Data, 34% of CGS customers do in fact receive the CGS Data for free. The pricing is commensurate with their use. The reasons for other customers’ need to pay for the Data depends on their use and are in general terms articulated below:
• CGS Data contains specific data selected and arranged by CGS through the application of methods and standards of judgment used and developed through the expenditure of considerable human, financial, and time capital. CGS License Fees cover the expense of collecting, maintaining, storing, updating, and distributing the CGS Data and provide incentives to constantly innovate and upgrade these dynamic CUSIP data products and services.
• Maintaining data accuracy and integrity for all CUSIP-identified securities is critical and ongoing through the life of a security. It begins before the issuance of a security, when to mitigate any possible fraud, a team of seasoned CGS experts reviews each CUSIP request and the required offering document to make sure the information is acceptable, and the request is eligible for CUSIP assignment. After CUSIP assignment and closing of the offering, CUSIPs are updated with finalized securities information based on the final offering document to provide accurate and complete securities data. Maintaining data accuracy continues through the lifetime of a security when events affecting the status of the security will be updated for any relevant corporate actions including corporate name changes, mergers, acquisitions, reorganizations, and reverse stock splits, and the CUSIP marked as inactive if the security will no longer be issued or traded as the data remains in perpetuity.
• The value and utility of CGS Data lies not in the CGS Identifier alone, but critically in the unique relationship of the identifier and the related descriptive data that enables the financial marketplace to uniquely identify a particular financial instrument or security. The identifier alone is meaningless without the CGS-provided guarantee that it represents a security that is comprehensively described through the data fields contained in the CGS Data. All end user customers can rely on the provenance of data originating from CGS, which allows them to run their operations reliably (or use Authorized Data Vendors to perform the internal business operations or processes on their behalf in a similarly reliable manner).
• For many customers, the CGS Identifier alone will not provide all the intelligence needed for their business workflows and back-office operations, requiring many, if not all, of the CGS provided data fields to fulfill their business needs.
• Even customers, who only use the identifier and a few essential data elements as the issuer name and the type of security, can reliably do so only because CGS created this critical identifier-data pairing in the first place and delivered it downstream to end users directly or via other data vendors. No end user of the CUSIP identifiers could reliably do so had CGS not created it, associated it to all the uniquely identifying data fields, and continued to maintain them in the first place.
• Moreover, CGS adds new fields to the data as market needs arise – from the LEI and other ISO standardized data, to Municipal bond information, to more recent ESG and Government Stimulus data. The data set is constantly evolving as new security types are created and/or the financial markets recognize the need for new data fields for the markets’ efficiency and reliability.
• CGS similarly has made, and continues to make, significant investments in developing and updating its delivery format, protocols, and frequency for its proprietary data to the many different marketplace participants. We have come a long way from the 1968 CUSIP “phone” book – each progressive development requiring substantial capital investments.
• The American Bankers Association (ABA) is the owner of all intellectual property rights to the CUSIP system or other identifier systems developed by CGS, including all intellectual property rights in and to CGS’s various commercial databases and the CGS Data. In 1968, The ABA created the CUSIP Service Bureau (now known as CUSIP Global Services) to carry out the mandate of uniquely identifying financial instruments or securities and at the time selected Standard & Poor’s to manage and operate the CUSIP and related identifier systems, which was sold to FactSet Research Inc. in 2022.
End User customers who obtain read- or display-only access to CGS Data by virtue of an Authorized Data Vendor’s online screen display, either through a terminal or website without download or other similar capability, do not have to enter into a CGS License or pay any license fees to CGS if they do not export or download CGS Data into other applications, systems or operational processes. However, this does not apply to end user customers who benefit from the display of CGS Data through an outsourced or managed solution (e.g., accessed via terminal or website) which is offered by an Authorized Data Vendor.
Authorized Data Vendors supply services to indirect end user customers and typically fall within the following two categories: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office “software as a service” solutions).
End User customers who subscribe to an outsourced or managed solution are required to obtain a CGS License and pay the applicable fees for their Use of CGS Data contained within the outsourced or managed solution.
Additionally, CGS will waive the CGS License fee for an end user customer who Uses fewer than 500 unique CGS Identifiers. In this case, the end user customer will need to obtain a CGS License, but CGS does not charge fees for this level of Usage.
CGS Data may be publicly available in some offering documents and from other sources. End users can elect to collect this information themselves and store such information in their internal databases for non-commercial use, provided that the source of such information permitted the reproduction and use of such information. However, it has been CGS's experience that the CGS Data generally has not come from publicly available sources, but rather from other sources, such as a CGS Authorized Data Vendor or through improperly scraping websites of CGS end user customers with CGS licenses. Most end user customers of CGS Data enter into a license agreement with CGS for authorized use and to enjoy the benefits of the integrity and functionality of downloadable, timely and accurate data when supporting their own internal business processes or engaging in commercial transactions.
The CGS License is vendor-neutral and may allow Use of CGS Data by an end user customer through any number of Authorized Data Vendors. Once an end user customer has obtained a CGS License, such end user customer can obtain the benefits of CGS Data at no additional charge through multiple Authorized Data Vendors. This is an efficient and fair distribution model as the end user customer only enters into one CGS License, regardless of the number of Authorized Data Vendors.
Authorized Data Vendors engage in their own Use of CGS Data in connection with the development and commercialization of their own products and services, which is separate and distinct from the Use of CGS Data made by their end user customers. CGS License fees that are applicable to Authorized Data Vendors, cover their right to independently access and Use CGS Data for internal purposes as necessary to support their own products and services, which are then made available downstream to their customers. Therefore, an Authorized Data Vendor is not charged CGS License fees for its end user customers’ Use of CGS Data, and end user customers are not charged CGS License fees for the Authorized Data Vendor’s separate Use of CGS Data. Each utilizes CGS Data in their own way as outlined in their respective CUSIP Use of Service Statement. Thus, indirect end user customers and Authorized Data Vendors derive separate benefit from their Usage of CGS Data and CGS charges each of them according to such separate Usage.
CGS License for
End User Customers
An end user customer generally refers to a recipient of data originating from CUSIP Global Services’ ("CGS") databases, products or services ("CGS Data") who receives the benefit of CGS Data for usage within its internal operations or to support its internal business processes. Internal operations and internal business processes do not include further onward distribution of CGS Data to third parties or commercialization of CGS Data. CGS Data includes CUSIP, CINS, CGS ISIN identifiers, and any other identifiers issued by CGS (collectively referred to as "CGS Identifiers"), plus additional information about financial instruments originating from CGS’s databases.
Authorized Data Vendors supply services to indirect end user customers and typically fall within the following two categories: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office "software as a service" solutions).
CUSIP Use of Service Statement
for End User Customers
The first step in the CGS licensing process for end user customers is to complete and return a CUSIP Use of Service Statement (“UOSS”).The UOSS allows CGS to understand how a potential end user customer plans on accessing, using, storing, processing or otherwise benefitting from the CGS Data. The UOSS enables CGS to continue its longstanding practice of treating beneficiaries of CGS Data fairly and on a level playing field to maintain parity. By fully and accurately completing the UOSS, the end user customer ensures that its license fees are calculated based on the benefit it receives from the CGS Data and that such fees are fair, reasonable and non-discriminatory.
CGS Identifiers
CGS Identifiers include CUSIPs, CGS ISINs, CGS CINS and any other identifier issued by CGS. All CGS ISINs are embedded with either a CUSIP Identifier or a CINS Identifier. When a database contains both a CGS ISIN, and its embedded CUSIP or CINS separately, they shall be collectively counted as one unique CGS Identifier.
Below are definitions for each CGS Identifier. When it comes to identifying CGS ISINs, please use the International Organization for Standardization (ISO) Prefixes provided below to properly identify CGS ISINs.
(i) CUSIP (Committee on Uniform Security Identification Procedures) Identifier: a 9-character alphanumeric identifier assigned for issuers and their financial instruments offered in the U.S. and Canada.
(ii) CINS (CUSIP International Number System) Identifier: a 9-character alphanumeric identifier that uses the same 9-character format as CUSIP identifiers and is the local identifier of more than 30 non-North American markets.
(iii) CGS ISIN (International Securities Identification Number) Identifier: a 12-character global identifier assigned by CGS in its role as National Numbering Agency for the United States and substitute National Numbering Agency for selected countries. The ISO Prefixes for CGS ISINs are as follows: US, CA, KY, BM, VI, VG, UM, TT, SR, GS, SX, VC, MF, LC, KN, BL, PR, PH, PW, MP, FM, YT, MH, HT, GY, GU, GD, DM, CW, BQ, BZ, BS, AW, AG, AI, AS, AN. The ISIN is the recognized global standard for unique identification of financial instruments under ISO 6166. For more information on the global standard, please visit https://www.anna-web.org/standards/isin-iso-6166/
CGS License Structure for End User Customers
End User
The CGS License Fees applicable to end user customers who receive the benefits of CGS Data are based primarily on three (3) criteria: 1) the number of unique CGS Identifiers accessed, stored, maintained, processed or otherwise used by or for the benefit of an end user customer (all such types of usage, whether individually or in any combination thereof, shall be collectively referred to as "Used", "Used by" or "Usage of", or a similar variation thereof); 2) the number of Business Lines with Usage of CGS Data; and 3) the number of Regions with Usage of CGS Data. CGS Data includes CUSIP, CINS, CGS ISIN Identifiers, and any other identifiers issued by CGS (collectively referred to as “CGS Identifiers”), plus additional information about financial instruments originating from CGS's databases.
Determining the Count of Unique CGS Identifiers
The count of CGS Identifiers should include all unique CGS Identifiers that an end user customer ultimately receives the benefit of in order to support or operate any part of its internal business processes or operations, regardless of where such CGS Identifiers are Used. This count applies whether: (i) the CGS Data received by an end user customer is Used directly by the end user customer, or (ii) the end user customer receives the benefit of CGS Data being Used as part of some type of outsourced or managed solution.
Examples
Fee Calculator
Please see list of Usage Discounts for use within the below calculator
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Authorized Data Vendors
Authorized Data Vendors supply services to indirect end user customers and typically fall within the following two categories: (i) information vendors, data vendors or information service providers who furnish the benefit of CGS Data to indirect end user customers through the usage and incorporation of CGS Data as part of their own products or services, and (ii) outsourcing providers who furnish the benefit of CGS Data to indirect end user customers through some type of outsourced or managed solution (e.g., business process outsourcing; back-office outsourcing; trade processing; portfolio accounting; trust and fund accounting, or fund administration, as well as various other hosted, outsourced or managed solutions that offer middle-to-back-office “software as a service” solutions ).
Information vendors, data vendors or information service providers:
Provide a direct feed (or file download) of CGS Data and/or an on-line screen display either through a terminal or website to indirect end user.
Outsourcing service providers:
Act as a service facilitator, application service provider, hosted solution provider, or provides some other type of managed service solution on behalf of the indirect end user wherein: (i) an indirect end user’s, database containing CGS Data is stored or maintained on the Outsourcing service provider’s, data storage systems, including use of software either owned or controlled by Outsourcing service provider or a third-party software provider; or (ii) Outsourcing service provider acts as a source of CGS Data and/or processes, updates or maintains CGS Data on behalf of indirect end user that enables indirect end user to receive the benefit of CGS Data via such solution or capability .