The CUSIP-linked MIP code (CLIP) is used in the financial derivatives markets to identify the reference entity of a credit default swap.
[1] It is mainly used as a key field in Markit's reference entity database (RED).
Each CLIP is linked with one or more CUSIPs each representing reference entity obligations (securities).
S&P and Markit Partners introduced CLIP concept and entity CLIP codes are generated by the S&P CUSIP Bureau [2] and are assigned to each entity name individually.
CLIP codes are used for electronic matching on DTCC and have been integrated in various online platforms.