CUSIP Number

What is a CUSIP number?

A CUSIP (Committee on Uniform Security Identification Procedures) number is a nine-character alphanumeric code that uniquely identifies a financial security—such as a stock, bond, or other instrument—issued in the United States and Canada. CUSIPs standardize identification across trading, clearing, and record-keeping systems to reduce errors and speed settlement.

How a CUSIP is structured

A CUSIP has nine characters:
* Characters 1–6: issuer identifier (CUSIP-6) — identifies the company or issuer.
* Characters 7–8: issue identifier — identifies the specific security type (e.g., common stock, preferred, a particular bond series).
* Character 9: check digit — a calculated digit used to validate the code.

This consistent format acts like a serial number for each distinct security issued.

Why CUSIPs matter

• Ensure precise identification of securities during trading and settlement.
• Reduce mismatches and errors in clearing and custody systems.
• Used by broker-dealers, custodians, transfer agents, and clearinghouses for trade processing and record-keeping.

For most retail investors, CUSIPs are not required for everyday investing, but they appear on trade confirmations, account statements, and official offering documents.

CUSIP vs. ISIN vs. CINS

• ISIN (International Securities Identification Number): An international identifier built from a national identifier (often a CUSIP in North America) plus country prefix and an additional check digit. ISINs are used for cross-border and global clearing.
• CINS (CUSIP International Numbering System): A nine-character extension of the CUSIP scheme used for securities issued in certain non‑North American markets; the first character typically indicates the issuing country.

In short: CUSIP is primarily North America–focused; ISIN is the broader international standard; CINS is an international extension related to CUSIP.

How to locate a CUSIP

Common ways to find a security’s CUSIP:
* Broker or custodial account statements and trade confirmations.
* Official offering documents, prospectuses, or bond certificates.
* Broker-dealer websites and quote pages (some include the CUSIP).
* Public databases for municipal securities (e.g., the municipal securities repository run by the relevant market authority).

Note: A “dummy CUSIP” is a temporary nine-character placeholder used internally until an official CUSIP is assigned.

Example formats

• Issuer AAA Co. common stock: AAA123456 — where AAA123 is the issuer, 45 the issue type, and 6 the check digit.
• Corporate bond: BBB987654 — same nine-character structure, different issuer and issue codes.

(Actual CUSIPs are unique and assigned by the official service; these examples show the format only.)

Quick FAQs

Q: Who assigns CUSIPs?
A: CUSIPs are assigned by the CUSIP Service Bureau (operating as CUSIP Global Services) on behalf of the American Bankers Association.

Q: Are CUSIPs public?
A: Many CUSIPs are publicly available via statements, official documents, and certain public databases, though some proprietary lookup services and databases may require subscriptions.

Q: Can a security have more than one identifier?
A: Yes. A security can have a CUSIP, an ISIN for international use, and other identifiers used in specific markets or systems.

Bottom line

CUSIP numbers are standardized nine-character identifiers that uniquely label securities issued in North America. They play a crucial behind-the-scenes role in ensuring accurate trade processing, clearing, and record-keeping. For cross-border activity, ISINs or CINS extend this identification system to international markets.