<Li> Derivatives (options, futures) </Li> <Li> Others (commodities, currencies, indices, interest rates) </Li> <P> ISINs consist of two alphabetic characters, which are the ISO 3166 - 1 alpha - 2 code for the issuing country, nine alpha - numeric characters (the National Securities Identifying Number, or NSIN, which identifies the security, padded as necessary with leading zeros), and one numerical check digit . They are thus always 12 characters in length . When the NSIN changes due to corporate actions or other reasons, the ISIN will also change . Issuance of ISINs is decentralized to individual National Numbering Agencies ("NNA"). Since existing national numbering schemes administered by the various NNAs form the basis for ISINs, the methodology for assignment is not consistent across agencies globally . </P> <P> An ISIN cannot specify a particular trading location, or another identifier, typically a MIC (Market Identifier Code) or the three - letter exchange code, will have to be specified in addition to the ISIN . The currency of the trade will also be required to uniquely identify the instrument using this method . </P>

The first two characters in isin code for a security represents