A Beginner's Guide to CUSIP, CIK, and Ticker Symbols (US)

Navigating the world of securities can be complex, with various identifiers used to track and manage different aspects of financial instruments. Each serves a unique purpose, and understanding their differences and interrelationships can clarify many common misconceptions.

What are CUSIP, CIK, and Ticker Symbols?

CUSIP (Committee on Uniform Securities Identification Procedures):

CUSIP numbers are nine-character alphanumeric codes that identify North American securities, including stocks and bonds. They are unique to each specific issuance of securities and are used to facilitate clearing and settlement processes.

Example: A CUSIP might look like 00846U101.

Purpose: Facilitate trading, clearing, and settlement processes.

Uniqueness: Specific to each issuance, not reused across different securities.

Scope: Applicable to stocks, bonds, and other securities.

CIK (Central Index Key):

The CIK number is a ten-digit unique identifier assigned by the U.S. Securities and Exchange Commission (SEC) to all entities that file with the SEC. This includes companies, individuals, and other entities that submit filings.

Example: A CIK number might look like 1090872.

Purpose: Identify entities that file with the SEC.

Uniqueness: Permanent and unique to each filing entity.

Scope: Covers companies, individuals, and other filing entities.

Ticker Symbol:

Ticker symbols are short codes used to identify publicly traded shares of a particular stock on a particular stock market. They are unique to the stock exchange where the company is listed.

Example: A ticker symbol might look like A for Agilent Technologies Inc.

Purpose: Identify and trade shares on stock exchanges.

Uniqueness: Specific to each exchange but can be reused after delisting.

Scope: Applies to listed entities, including stocks and ETFs.

The Interrelationships and Variations:

CUSIP and CIK:

Unique to Issuances: Each CUSIP is unique to a specific issuance of securities. For example, a company issuing both common stock and bonds will have different CUSIPs for each.

Zero or Multiple CUSIPs per CIK: A CIK might have zero CUSIPs if the entity has not issued any public securities or if all issued securities are private. Conversely, it can have multiple CUSIPs if the entity has issued various types of securities.

CIK and Ticker Symbols:

Unique Identifiers: Each CIK is unique to the filing entity and remains valid even if the entity is delisted.

Multiple Tickers: A CIK can have multiple ticker symbols, especially if the entity has different classes of stock or is listed on multiple exchanges.

Delisting and Reuse: When a company gets delisted, its ticker symbol can eventually be reassigned to a new entity, which can lead to confusion.

Ticker Symbols and Exchanges:

Exchange Specific: Ticker symbols are specific to the stock exchange. The same ticker might be used on different exchanges for different companies, but usually, exchanges coordinate to prevent this.

Common Stocks and ETFs: Ticker symbols can be assigned to different types of securities, such as common stocks and ETFs, leading to multiple tickers for a single entity.

Understanding these identifiers and their interrelationships is crucial for anyone involved in securities trading, investment analysis, or regulatory compliance. This guide should serve as a useful reference for anyone looking to understand the world of securities identifiers.