Who, in each country, is responsible for appointing a national numbering agency for the issuance of International Securities Identification Numbers (ISINs)

The responsibility for appointing a national numbering agency for the issuance of International Securities Identification Numbers (ISINs) typically falls to the country's financial regulatory authority or the stock exchange.

Here's a step-by-step breakdown:

1. The International Organization for Standardization (ISO) developed the ISIN system and oversees its global implementation.

2. However, ISO does not assign ISINs to securities directly. Instead, it delegates this responsibility to National Numbering Agencies (NNAs) in each country.

3. The specific organization that serves as the NNA varies by country. In many cases, it is the country's financial regulatory authority. For example, in the United States, the NNA is the CUSIP Service Bureau, which is operated by Standard & Poor's for the American Bankers Association.

4. In other cases, the country's stock exchange may serve as the NNA. For example, in the United Kingdom, the London Stock Exchange is the NNA.

5. The NNA is responsible for assigning ISINs to securities in its country. It also ensures that each ISIN is unique and conforms to the ISO standard.

6. Therefore, the organization responsible for appointing the NNA in each country is typically the highest financial authority in that country. This could be the central bank, the ministry of finance, or a dedicated financial regulatory authority.

7. The process for appointing the NNA may involve legislation, regulation, or a formal agreement between the ISO and the organization in question.

8. Once appointed, the NNA has the authority to issue ISINs for all securities in its country, ensuring a standardized system for identifying securities globally.