A Valoren number (sometimes written “valor” or “VALOR”) is the numeric identifier assigned to financial instruments in Switzerland and Liechtenstein. It is a purely numeric code—typically six to nine digits long—that uniquely identifies a security within Swiss market data systems. Unlike ISINs or CUSIPs, the Valoren itself contains no embedded information (no issuer code, country code or instrument type); numbers are allocated sequentially when needed.
Why Valoren numbers matter (key takeaways)
– Primary Swiss identifier: Valoren numbers are the principal instrument identifier used throughout the Swiss Value Chain and by many financial institutions operating in Switzerland and Liechtenstein.
– Issued/maintained by SIX Financial Information: SIX (formerly Telekurs) assigns and maintains Valoren numbers as part of its securities database and market-data services.
– Practical use: Valoren numbers are used for trade reporting, position-keeping, data matching and internal systems in Swiss markets. To uniquely identify a traded instrument globally, a Valoren is commonly used together with the Market Identifier Code (MIC) and currency code.
(Source: Investopedia; SIX Financial Information)
How Valoren numbers work
– Allocation: When a new Swiss instrument requires an identifier, the next available numeric Valoren is assigned. The number itself carries no descriptive meaning.
– Scope: Any type of financial instrument that meets allocation rules may receive a Valoren. This includes equities, bonds, structured products and some derivatives.
– Reuse: For derivatives, Valoren numbers may be recycled after the derivative expires—important to know if you rely on historical Valoren-only references.
– Relationship with other identifiers: Many instruments also have ISINs, tickers and exchange-specific codes. Valoren is a Swiss-focused identifier; mapping between Valoren and ISIN or CUSIP is performed by data vendors and exchanges.
(Sources: Investopedia; SIX)
Valoren versus ISIN/CUSIP — quick comparison
– Structure: Valoren = numeric only (6–9 digits), ISIN = 12 alphanumeric characters including country code + check digit, CUSIP = 9-character alphanumeric.
– Embedded data: ISIN/CUSIP include structural components or issuer coding; Valoren does not.
– Use cases: Valoren is the standard for Swiss internal and regional processes; ISIN is the global standard for settlement and cross-border identification; CUSIP is primarily used in U.S./Canada.
(Source: Investopedia)
Practical steps — For different users
A. How to find a Valoren number (investors, traders, operations teams)
1. Check the security’s prospectus, issuance documentation or issuance notice — Swiss issuers often list the Valoren.
2. Use your broker/platform — Swiss brokers and local trading platforms often display the Valoren alongside ISIN and ticker.
3. Query data vendors and terminals — Bloomberg, Refinitiv/Reuters, SIX Financial Information and other market-data vendors provide Valoren mappings. On terminals you can usually search by issuer or ISIN to retrieve the Valoren.
4. Check the exchange or clearing messages — Swiss exchange listings and settlement instructions often include the Valoren.
(Practical tip: If you have an ISIN, you can look it up in a data vendor’s cross-reference table to obtain the Valoren.)
B. How to verify a Valoren number
1. Confirm the instrument details returned by the Valoren (issuer name, instrument type, ISIN, maturity, currency, issue date).
2. Cross-check with the prospectus or exchange listing to ensure the instrument fields match.
3. If a Valoren appears in historical data, confirm whether it was reused (especially for derivatives) by checking dates and instrument lifecycle.
4. For formal verification or dispute resolution, consult SIX Financial Information or your data vendor’s support team.
C. How to use Valoren numbers in reporting and operations
1. Unique identification: Use Valoren + MIC + currency to identify a traded instrument in Swiss contexts where that combination is accepted as unique.
2. Transaction reporting: Provide the Valoren where Swiss or local regulators or counterparties request it (or include it alongside ISINs).
3. Position keeping and internal reconciliation: Use Valoren as the canonical key in Swiss-focused systems to avoid mismatches from local naming/ticker differences.
4. Mapping workflows: Maintain up-to-date cross-reference tables (Valoren ↔ ISIN ↔ ticker ↔ CUSIP) from a reliable data vendor to support reconciliation and settlement.
D. How to obtain a Valoren (for issuers and their agents)
1. Determine whether your instrument will be marketed/listed in Switzerland/Liechtenstein or otherwise requires a Valoren under local market practices.
2. Contact SIX Financial Information (the issuer and maintainer of Valoren numbers) or your primary listing/market data agent to request assignment and registration. Provide required issuance data (issuer name, security type, expected issuance/listing date, currency, maturity if applicable).
3. Obtain confirmation and the assigned Valoren before distribution of official documentation to ensure consistent referencing in prospectuses, service bureaus and settlement instructions.
(Practical note: exact submission procedures, fees and data fields are managed by SIX; issuers or their agents should consult SIX’s documentation or support for the current process.)
E. Mapping Valoren to ISIN, CUSIP or other identifiers
1. Use a market-data vendor, exchange data feed or the SIX database to retrieve cross-reference records.
2. Maintain automated daily updates of ID mappings in your reference-data system to capture new instruments and retired/reused Valoren numbers.
3. When mapping historical trades, pay attention to instrument lifecycle events (corporate actions, reissues, retiring or reuse) to avoid misattribution.
Best practices and cautions
– Don’t assume any semantic meaning from the digits — Valoren is sequential and opaque.
– Beware of derivative reuse — historical Valoren references may point to different instruments at different times. Always pair Valoren with date/ISIN or additional fields for unambiguous historical identification.
– Use Valoren together with other identifiers (ISIN, MIC, currency) for cross-border or cross-system reconciliation.
– Rely on a trusted data vendor or SIX for authoritative mappings and verification.
Where to get authoritative help
– Investopedia’s overview of Valoren numbers (for a general explanation).
– SIX Financial Information (SIX Group) — the official issuer/maintainer of Valoren numbers and provider of securities reference data; consult SIX for assignment procedures, data services and support.
(Primary sources: Investopedia; SIX Financial Information)
Summary
Valoren numbers are an indispensable, Switzerland-centered numeric identifier for financial instruments. They provide a simple, sequential code used throughout Swiss markets for identification, reporting and position keeping. Because Valoren numbers are numeric and non-descriptive, robust operations require mapping to ISINs/tickers and attention to reuse practices (especially for derivatives). For issuers and market participants needing to assign or verify Valoren numbers, contact SIX Financial Information or your data vendor for the official process and authoritative reference data.