Description
MARKET CONSULTATION
STOXX LIMITED MARKET CONSULTATION ON THE TREATMENT OF RIGHTS ISSUES WITH
HIGHLY DILUTIVE TERMS AND INFORMATION ON INTERIMS TREATMENT
ZURICH (July 1, 2014) - STOXX Limited, a leading provider of innovative, tradable and global index
concepts, has decided to conduct a market consultation on the treatment of rights issues in the STOXX
indices.
STOXX aims to provide investable, transparent and rules based indices. With this market consultation,
STOXX intends to ensure that the index rules appropriately represent financial markets’ behavior, so that
market participants have the most accurate tools at their hands.
The main proposal of this consultation is the review of chapter eight section four of the STOXX Calculation
Guide (http://www.stoxx.com/indices/rulebooks.html), which details the corporate actions treatments. The
consultation is open to all market participants and can be accessed on the STOXX webpage
(www.stoxx.com/indices/market_consultations.html)
and
through
an
online
survey
(https://surveymonkey.com/s/XMZYTCL) until Aug. 15, 2014.
STOXX intends to publish the results of the market consultation as well as an announcement about
potential changes to the index methodology no later than Sept.
12, 2014. In addition to responses to clients, input from the STOXX Advisory Board will be considered. Update: Potential changes to the methodology will be announced after Sept.
19, 2014. During the interims phase from today until Sept. 12, 2014, STOXX clarifies the treatment of highly dilutive rights issues as follows: in case of highly dilutive rights issues, the number of shares will not be adjusted until the shares are in issue. The price difference will be adjusted through the divisor.
These events are defined as a share increase of equal to or more than 100%. Chapter eight section four of the STOXX Calculation Guide has been adjusted accordingly to reflect this interims treatment. ### Contact: . STOXX Customer Support, Phone: +41 58 399 5900, Email: customersupport@stoxx.com About STOXX Limited STOXX Ltd. is a global index provider, currently calculating a global, comprehensive index family of over 6,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50, STOXX Europe 50 and STOXX Europe 600, STOXX Ltd. maintains and calculates the STOXX Global index family which consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia/Pacific and sub-regions Latin America and BRIC (Brazil, Russia, India and China) as well as global markets. To provide market participants with optimal transparency, STOXX indices are classified into three categories.
Regular “STOXX” indices include all standard, theme and strategy indices that are part of STOXX’s integrated index family and follow a strict rules-based methodology. The “iSTOXX” brand typically comprises less standardized index concepts that are not integrated in the STOXX Global index family, but are nevertheless strictly rules-based. While indices that are branded “STOXX” and “iSTOXX” are developed by STOXX for a broad range of market participants, the “STOXX Customized” brand covers indices that are specifically developed for clients and do not carry the STOXX brand in the index name. STOXX indices are licensed to more than 500 companies around the world as underlyings for Exchange Traded Funds (ETFs), futures and options, structured products and passively managed investment funds.
Three of the top ETFs in Europe and 30% of all assets under management are based on STOXX indices. STOXX Ltd. holds Europe's number one and the world's number three position in the derivatives segment. In addition, STOXX Ltd.
is the marketing agent for the indices of Deutsche Boerse AG and SIX, amongst them the DAX and the SMI indices. STOXX Ltd. is part of Deutsche Boerse AG and SIX.
www.stoxx.com STOXX and its owners do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data. STOXX and its owners are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX or its owners on the merits of that company.
Financial instruments based on the STOXX®, DAX® or SMI® indices are in no way sponsored, endorsed, sold or promoted by STOXX or its owners. .
12, 2014. In addition to responses to clients, input from the STOXX Advisory Board will be considered. Update: Potential changes to the methodology will be announced after Sept.
19, 2014. During the interims phase from today until Sept. 12, 2014, STOXX clarifies the treatment of highly dilutive rights issues as follows: in case of highly dilutive rights issues, the number of shares will not be adjusted until the shares are in issue. The price difference will be adjusted through the divisor.
These events are defined as a share increase of equal to or more than 100%. Chapter eight section four of the STOXX Calculation Guide has been adjusted accordingly to reflect this interims treatment. ### Contact: . STOXX Customer Support, Phone: +41 58 399 5900, Email: customersupport@stoxx.com About STOXX Limited STOXX Ltd. is a global index provider, currently calculating a global, comprehensive index family of over 6,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50, STOXX Europe 50 and STOXX Europe 600, STOXX Ltd. maintains and calculates the STOXX Global index family which consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia/Pacific and sub-regions Latin America and BRIC (Brazil, Russia, India and China) as well as global markets. To provide market participants with optimal transparency, STOXX indices are classified into three categories.
Regular “STOXX” indices include all standard, theme and strategy indices that are part of STOXX’s integrated index family and follow a strict rules-based methodology. The “iSTOXX” brand typically comprises less standardized index concepts that are not integrated in the STOXX Global index family, but are nevertheless strictly rules-based. While indices that are branded “STOXX” and “iSTOXX” are developed by STOXX for a broad range of market participants, the “STOXX Customized” brand covers indices that are specifically developed for clients and do not carry the STOXX brand in the index name. STOXX indices are licensed to more than 500 companies around the world as underlyings for Exchange Traded Funds (ETFs), futures and options, structured products and passively managed investment funds.
Three of the top ETFs in Europe and 30% of all assets under management are based on STOXX indices. STOXX Ltd. holds Europe's number one and the world's number three position in the derivatives segment. In addition, STOXX Ltd.
is the marketing agent for the indices of Deutsche Boerse AG and SIX, amongst them the DAX and the SMI indices. STOXX Ltd. is part of Deutsche Boerse AG and SIX.
www.stoxx.com STOXX and its owners do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data. STOXX and its owners are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX or its owners on the merits of that company.
Financial instruments based on the STOXX®, DAX® or SMI® indices are in no way sponsored, endorsed, sold or promoted by STOXX or its owners. .
