A new record
$28.9 billion traded at the closing cross in a Russell
reconstitution
NEW YORK, June 23, 2017 (GLOBE
NEWSWIRE) -- 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