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On 10 January 2013 FTSE confirmed that following March 2013 the next scheduled review for the FTSE Global Equity Index Series will be March 2014 and that in the interim all normal quarterly changes such as 1% shares in issue updates, Industry Classification Benchmark (ICB) updates, fast exit deletions, capping and free float changes will continue to be processed in June 2013, September 2013 and December 2013.
In addition to the above FTSE wishes to clarify that the following will also be processed:
New Issues which failed to qualify as fast entrants
Index membership of eligible new issues will be determined by referencing the full market capitalisation at close on *11 May, *11 August or *11 November, as appropriate, against the entry levels for Large, Mid, Small as set at the March 2013 review, index adjusted to reflect the change in performance of the regional index since its previous review.
*The previous trading day data will be taken if any of these dates are on a non trading day.
New issues must have a minimum 3 months trading record when reviewed.
New issues which fail the eligibility criteria at the first opportunity for review following a 3 month trading period will remain ineligible until the next scheduled review in March 2014.
The base entry levels for Large, Mid, Small were published to the FTSE website on 7 March 2013.
The index adjusted levels will be published in line with the quarterly announcements in June 2013, September 2013 and December 2013.
Mergers/Spin-offs
Existing index constituents which are subject to a merger or spin-off will have their Large, Mid, Small status re-assessed as part of the quarterly changes.
Index membership will be determined according to the process for new issues but there will be no liquidity test requirement.
Please note: Only those mergers and spin offs which have become effective by the cut-off dates (i.e. 11 May, 11 August or 11 November) will be reassigned at the subsequent quarterly review.
Ground rules 7.2 (B), 7.2 (D) and 7.4.1 have been revised.
An updated version of the FTSE Global Equity Index Series ground rules is available on the FTSE website.
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