Nasdaq Closing Cross Calculates Russell US Indexes Reconstitution for the 14th Consecutive Year
June 23 2017 - 7:41PM
Nasdaq (Symbol: NDAQ) today announced the Nasdaq Closing Cross was
used for the 14th consecutive year to rebalance Nasdaq-listed
securities in the entire family of Russell US Indexes, part
of leading global index provider FTSE Russell, during its annual
reconstitution. More than 972 million shares representing a record
$28.9 billion were executed in the Nasdaq Closing Cross in 0.861
seconds across some 2,499 Nasdaq-listed stocks. The previous record
for dollars traded at the closing cross in a Russell reconstitution
was $21.1 billion in 2015.
“For the 14th consecutive year of partnering with FTSE Russell
on the rebalance, we witnessed the advanced capabilities and market
integrity of Nasdaq’s INET technology platform resulting in
transparent and efficient price discovery which benefits issuers
and investors alike,” said Tom Wittman, Head of Global Equities and
Executive Vice President of Global Trading and Market Services at
Nasdaq. “Each year the rebalance is an important liquidity event to
ensure that the Russell US indexes accurately reflect the ever
changing state of the US equity market and its industry
segments.”
“We are excited to enter another annual reconstitution process
for the Russell indexes,” said Ron Bundy, CEO, Benchmarks, North
America, FTSE Russell. “It is a significant event for the US equity
market, closely watched by market participants and a central part
of maintaining the integrity and relevance of our leading set of US
benchmarks. And we are grateful to have enjoyed such a longstanding
and successful association with Nasdaq around the annual Russell
rebalance to help make it a transparent and smooth market event
every year.”
The Closing Cross brings together the buy and sell interest in
specific Nasdaq, NYSE and NYSE MKT stocks and executes all shares
for each stock at a single price, one that reflects the true supply
and demand for these securities. All nationally-listed securities
are eligible for the Nasdaq Closing Cross.
All Russell U.S. indexes are subsets of the Russell 3000®Index,
which represents approximately 98% of the U.S. equity market.
Russell US Indexes allow investors to track current and historical
market performance by specific market segment (large cap/small cap)
or investment style (growth/value/defensive/dynamic). Approximately
$8.5 trillion in assets are benchmarked to the Russell indexes.
Russell reconstitution day is usually one of the most highly
anticipated and heaviest trading days in the U.S. equity market as
asset managers seek to reconfigure their portfolios to reflect the
composition of Russell's U.S. indexes. The index reconstitution
process was completed today and the newly reconstituted index
membership will take effect when markets open on Monday, June 26,
2017.
Please visit our website for more information on the Nasdaq
Closing Cross.
About Nasdaq: Nasdaq (Nasdaq:NDAQ) is a
leading global provider of trading, clearing, exchange technology,
listing, information and public company services. Through its
diverse portfolio of solutions, Nasdaq enables customers to plan,
optimize and execute their business vision with confidence, using
proven technologies that provide transparency and insight for
navigating today's global capital markets. As the creator of the
world's first electronic stock market, its technology powers more
than 90 marketplaces in 50 countries, and 1 in 10 of the world's
securities transactions. Nasdaq is home to 3,800 total
listings with a market value of $11 trillion. To learn more,
visit: http://business.nasdaq.com
About FTSE Russell:FTSE Russell is a leading
global index provider creating and managing a wide range of
indexes, data and analytic solutions to meet client needs across
asset classes, style and strategies. Covering 98% of the investable
market, FTSE Russell indexes offer a true picture of global
markets, combined with the specialist knowledge gained from
developing local benchmarks around the world.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. More than $12.5
trillion is currently benchmarked to FTSE Russell indexes. For over
30 years, leading asset owners, asset managers, ETF providers and
investment banks have chosen FTSE Russell indexes to benchmark
their investment performance and create investment funds, ETFs,
structured products and index-based derivatives. FTSE Russell
indexes also provide clients with tools for asset allocation,
investment strategy analysis and risk management.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on index innovation and customer
partnership applying the highest industry standards and embracing
the IOSCO Principles. FTSE Russell is wholly owned by London Stock
Exchange Group.
For more information, visit www.ftserussell.com.
Cautionary Note Regarding Forward-Looking
Statements The matters described herein contain
forward-looking statements that are made under the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements include, but are not limited to, statements about
Nasdaq and its products and offerings. We caution that these
statements are not guarantees of future performance. Actual results
may differ materially from those expressed or implied in the
forward-looking statements. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond Nasdaq's
control. These factors include, but are not limited to factors
detailed in Nasdaq's annual report on Form 10-K, and periodic
reports filed with the U.S. Securities and Exchange Commission. We
undertake no obligation to release any revisions to any
forward-looking statements.
NDAQG
Nasdaq Media Contacts:
Joseph Christinat
+1 646 441 5121
Joseph.Christinat@nasdaq.com
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