17th Consecutive Nasdaq Closing Cross Sets Record for Number of Shares Traded During 2020 Russell US Indexes Reconstitution
Nasdaq (Symbol: NDAQ) today announced the Nasdaq Closing Cross had
a record day as it was used for the 17th consecutive year to
rebalance Nasdaq-listed securities in the entire family of
Russell U.S. Indexes, part of leading global index provider FTSE
Russell, during their annual reconstitution.
A record 1.57 billion shares representing $56.7 billion were
executed in the Closing Cross in 1.46 seconds across Nasdaq-listed
securities. This compares with 1.279 billion shares representing
$42.59 billion executed in 1.14 seconds across Nasdaq-listed
securities during Russell's 32nd annual reconstitution in 2019.
“Today’s record-breaking Nasdaq Closing Cross benefits issuers
and investors by facilitating a transparent and efficient price
discovery process,” said Tal Cohen, Executive Vice President and
Head of North American Markets at Nasdaq. “This year our markets
have withstood significant volatility and exhibited remarkable
resiliency. With Nasdaq’s technology supporting the rebalance,
Russell’s U.S. indexes continue to accurately reflect the
ever-changing state of the equity market and its segments.”
“This is a new record for the Russell U.S. indexes,” said Waqas
Samad, CEO of FTSE Russell. “The annual rebalancing is a
significant event for the U.S. equity market, and a central part of
maintaining the integrity and relevance of our leading set of U.S.
benchmarks, which millions of investors rely upon to provide the
most comprehensive and accurate measure of the US equity market.
Our longstanding and successful work with Nasdaq around the annual
Russell rebalance help make it a vital and transparent market event
The Closing Cross brings together the buy and sell interest for
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 U.S. 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). Today, approximately $9 trillion
in assets are benchmarked to or invested in products based on the
Russell U.S. indexes.
Russell reconstitution day is one of the year’s 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 newly-reconstituted 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 29, 2020.
Please visit our website for more information on the Nasdaq
About NasdaqNasdaq (Nasdaq: NDAQ) is a global
technology company serving the capital markets and other
industries. Our diverse offering of data, analytics, software and
services enables clients to optimize and execute their business
vision with confidence. To learn more about the company, technology
solutions and career opportunities, visit us on LinkedIn, on
Twitter @Nasdaq, or at www.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. Approximately $16
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
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
Nasdaq Media ContactMatthew Sheahan(212)
FTSE Russell Media Contact:Tim Benedict+1 917
Historical Stock Chart
From Jul 2020 to Aug 2020
Historical Stock Chart
From Aug 2019 to Aug 2020