Press Release: Antitrust: Commission market tests Standard & Poor’s commitments on international securities identification numbers

Standard & Poor's (S&P) has offered to change its pricing policy in Europe with regard to the distribution of International Securities Identification Numbers (ISINs) issued in the United States. This is to address European Commission concerns that S&P, a subsidiary of The McGraw-Hill Companies, Inc., is overcharging for the use of these numbers by information service providers and banks in Europe.

Securities identifiers are essential for interbank communication, clearing and settlement, reporting to authorities and the management of financial institutions' database on securities in their portfolio. Under the commitments S&P, which acts as the numbering agency in the US, offers to distribute US ISINs to information service providers for redistribution in Europe and to financial institutions wishing to source US ISINs directly from S&P for a maximum total price of USD 15000 per year. Moreover, S&P commits to abolish all charges to users that source ISINs not directly from S&P but from information service providers. The Commission is asking interested parties to comment on the commitments it negotiated before making them binding on S&P.