Chi-X Europe, the leading pan-European equities exchange, and Russell Indexes, a leading provider of global and U.S. indices and part of financial services firm Russell Investments, today unveil the Chi-X Europe Russell Index Series of pan-European indices. The new family of indices has been specially formulated to provide users with high quality, tradeable pan-European and Eurozone indices.
At launch, the four indices in the Chi-X Europe Russell Index series are:
Chi-X Europe Russell PanEurope Index (CHERI PanEurope) – a broad, highly liquid index of large capitalisation stocks from developed European markets. Only shares from the most liquid class of a company’s shares are included. The index includes 216 securities across 14 countries and 5 currencies.
Chi-X Europe Russell Eurozone Index (CHERI Eurozone) – a liquid, large cap index providing broad exposure to Eurozone markets. Only shares from the most liquid class of a company’s shares are included. The index includes 130 securities across 10 countries and 1 currency.
Chi-X Europe Russell PanEurope 60 Index (CHERI60) – a subset of CHERI PanEurope, including the 60 biggest stocks only. Transparent rules ensure that at least 3 stocks are priced in any one currency. The index includes 60 securities across 8 countries and 3 currencies.
Chi-X Russell Europe Eurozone 40 Index (CHERI40) – a subset of CHERI Eurozone. The 40 largest stocks are included. The index includes 40 securities across 8 countries and 1 currency.
These four new indices have been designed to offer more efficient and relevant trading, hedging and benchmarking opportunities as a basis for tradeable products. They have been constructed using Russell’s transparent, rules-based methodology which ensures consistency, predictability and objectivity. The pricing for the indices is supplied by Chi-X Europe, ensuring unprecedented homogeneous pricing for stocks across Europe. The new indices will provide targeted exposure by incorporating the most liquid and highly capitalised stocks across Europe to gain the necessary regional coverage and high investability. The indices will also efficiently balance currency exposure and tracking error with the number of constituents to appeal to the widest possible audience of equity index users.
The partnership between Chi-X Europe and Russell Investments, which was first announced in March 2011, brings together Europe’s largest pan-European equities exchange, with almost 20% market share, and the leading global index provider Russell with $3.9 trillion of assets benchmarked to its indices.