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WFE Focus January 2011

BM&FBOVESPA launches corporate governance trade index

On 3 January 2011, BM&FBOVESPA began the real time calculation and publication of the Corporate Governance Trade Index (IGCT). It calculates the daily performance of shares issued by companies that have voluntarily adopted differentiated corporate governance standards and which meet the inclusion standards that have been established by the index’s methodology. The new index is different from the Corporate Governance Index (IGC) in that it considers liquidity as an inclusion criterion.

Bombay Stock Exchange launches Shariah-compliant index

The Bombay Stock Exchange, in cooperation with Taqwaa Advisory and Shariah Investment Solutions (TASIS) launched the BSE TASIS Shariah 50 Index on 27 December 2010. The index is the first Shariah index created in India utilizing the strict guidelines and local expertise of a domestic, India-based Shariah advisory board. The index consists of the 50 largest and most liquid Shariah compliant stocks within the BSE 500.

Casablanca Stock Exchange and FTSE launch new index

The Casablanca Stock Exchange and the FTSE Group announced the creation of a new family of indices, the FTSE CSE Morocco Index Series. These new real time indices will enhance the visibility of Morocco across the international investment community at a time when investors are increasingly seeking investment opportunities in emerging markets. The indices will provide domestic investors with new and innovative investment options in Moroccan equities. The index series currently consists of two indices: the FTSE CSE Morocco 15 index, including the top 15 stocks trading at the Casablanca Stock Exchange; and the FTSE CSE Morocco All-Liquid index which captures the performance of all liquid stocks.

Oslo Børs changes rules for OBX index and launches OBX International index

From 23 December 2010, Oslo Børs applied a new weighting rule for the OBX index. The total weight of all companies registered outside the EEA area will be capped at 10% of the index which consists of the 25 most widely traded shares listed on Oslo Børs. This change has been made to avoid the adverse impact caused by the fact that investments made by Norwegian companies in derivative products based on the OBX index fall under a different tax regime if the total weighting in the index of companies from outside the EEA area exceeds 10%. In parallel with this change, Oslo Børs launched a new index, OBXI (OBX International).

SIX Swiss Exchange launches new sector indices for Swiss bonds

On 3 January 2011, SIX Swiss Exchange added 180 new indices to the SBI index family. A number of SBI sector indices have been launched based on the ICB fixed-income classification benchmark, which classifies issuers according to their economic activity. A model for guarantee types and collateral was also launched and developed by SIX Swiss Exchange in partnership with the Swiss Bond Commission. It allows individual issues to be allocated to sub-indices based on bond-specific guarantees and collateral.

TMX Group launches two new indices

TMX Group, in cooperation with Standard & Poor's, launched the S&P/TSX Equity Income index and the S&P/TSX Composite Dividend index, providing Canadian investors with two new innovative ways of measuring higher yielding stocks. The S&P/TSX Equity Income index is a strategy index focused on dividend income and comprised of 50 to 75 stocks selected from the S&P/TSX Composite index. The S&P/TSX Composite Dividend index aims to provide a broad-based benchmark of Canadian dividend-paying stocks. The index includes all stocks in the S&P/TSX Composite with positive annual dividend yields.

Warsaw Stock Exchange introduces dividend index

At the start of January 2011, the Warsaw Stock Exchange published a new index, the WIGdiv which is comprised of 30 stocks with the highest dividend yields participating in the following indices: WIG20, mWIG40, and sWIG80. In addition, companies included in the WIGdiv must pay dividends regularly (at least three times in the past 5 financial years). WIGdiv will be a total return index including dividends and subscription rights.

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