Chi-X Europe and Russell Indexes Monday introduced a series of stock indexes that they hope will be benchmarks for pan-European markets.
The operator of the large electronic equities exchange and the provider of global indexes said the new set of indices will be known as the Chi-X Europe Russell Index Series, or CHERI indices.At launch, the two firms said the four indices in the Chi-X Europe Russell Index series will be:
- 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.
The pricing for the indices is supplied by Chi-X Europe, for homogeneous pricing across Europe. The new indices will incldue the most liquid and highly capitalized stocks across Europe.
The new indices are being valued and distributed continuously by Russell using Chi-X Europe’s traded prices.