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WFE Focus April 2011

Australian Securities Exchange launches fixed income index series

On 13 October 2011, the Australian Securities Exchange and S&P Indices launched a comprehensive package of benchmarking tools for fixed interest investments in Australia, the S&P/ASX Australian Fixed Income Index Series. This series will complement Australia’s official S&P/ASX Equity Index Series, providing a complete offering across the key asset classes of cash, fixed income and equities. The S&P/ASX Australian Fixed Income Index Series is a broad benchmark suite of seven indices designed to measure the performance of the Australian short-term money market and the Australian bond market which meet the index eligibility criteria.

CME Group and McGraw-Hill to partner in index services business

On 4 November 2011, CME Group, 90-percent owner of the CME Group/Dow Jones joint venture, and McGraw-Hill, one of the world’s foremost financial information companies and owner of S&P Indices, announced an agreement to establish a new joint venture in the rapidly growing index business. Under the terms of the agreement, which has been approved by the Boards of both companies, the CME Group/Dow Jones joint venture will contribute the Dow Jones Indexes business and McGraw-Hill will contribute its S&P Indices business to create S&P/Dow Jones Indices, a global leader in index services with annual revenue of more than $400 million. Approximately $6 trillion in assets are benchmarked against these leading indices. McGraw-Hill will own 73 percent of S&P/Dow Jones Indices, CME Group will own 24.4 percent through its affiliates, and Dow Jones will own 2.6 percent. S&P/Dow Jones Indices is expected to be operational in the first half of 2012, subject to regulatory approval and customary closing conditions. As part of the new joint venture, S&P/Dow Jones Indices will enter into a new license agreement whereby CME Group will pay S&P Indices a share of the profits of CME Group’s equity product complex, which is their trading and clearing business for futures, swaps and options on futures. In addition, the new license agreement expands the products covered under the license to include swaps and extends CME Group’s existing exclusive rights, currently in place through 31 December 2017, to the E-mini and other S&P indexed futures.

Nairobi Securities Exchange to launch new index series

On 8 November 2011, the Nairobi Securities Exchange and FTSE Group announced the creation of a new family of indices, the FTSE NSE Kenya Index Series, which track the performance of the largest and most widely traded stocks listed on the NSE, Africa’s fourth oldest securities exchange. The index series consists of the FTSE NSE Kenya 25 Index and The FTSE NSE Kenya 15 Index. The indices are designed using FTSE’s rules for free-float and liquidity to provide investor confidence, and will be reviewed semi-annually.

NASDAQ OMX to introduce a family of U.S. Treasury indexes

The NASDAQ OMX Group and PC-Bond, a TMX Group subsidiary and long-time provider of benchmarks for Canadian fixed income investments, have entered into a partnership to provide a family of U.S. Treasury indexes, the RBC Insight Total Return U.S. Treasury (TRUST) Indexes. The index series is designed to be a transparent and broad measure of the U.S. Treasury Note and Bond market while providing a unique viewpoint into the active U.S. debt issuance market via its daily rebalance methodology.

NYSE Euronext launches CAC International 25 index

NYSE Euronext has launched the CAC International 25 index to increase the visibility of global firms listed in Paris. It reflects the performance of the 25 largest international companies listed on NYSE Euronext in Paris based on total market capitalizations and local trading volumes. This new index is calculated and published at the end of each trading day after the market closes.

Shenzhen Stock Exchange launches equally weighted indexes

On 28 October 2011, the Shenzhen Stock Exchange, in cooperation with the Shenzhen Securities Information, issued the SZSE 100 equally weighted index, the SZSE 300 equally weighted index, the SME board equally weighted index and the ChiNext board equally weighted index. The equally weighted index methodology assigns the same initial weights to the sample stocks. It is a strategic index with extensive applications, because equal weighting is able to optimize the weight distribution of industries and individual stocks and improve the long term revenue performance of index.

TMX Group launches new index

TMX Group, in cooperation with S&P, has launched an equal weight version of the S&P/TSX Composite index providing Canadian investors with a new and innovative approach to tracking the performance of the principal broad-based index for the Canadian market. The S&P/TSX Composite Equal Weight Index is the headline index in the S&P/TSX Equal Weight index family.

Tokyo Stock Exchange to launch TOPIX Leveraged and TOPIX Inverse indices

In response to various needs for stock price indices, Tokyo Stock Exchange will begin calculating and publishing three new indices as of next January. The TOPIX Leveraged Index, which moves at twice the fluctuation of the TOPIX index, the TOPIX Inverse Index, which moves in the opposite direction of fluctuations in the TOPIX index, and the TOPIX Double Inverse Index, which moves at twice the fluctuation in the opposite direction of the TOPIX index.

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