Nasdaq Closing Cross Calculates U.S. Russell Indexes for the Twelfth Consecutive Year for Russell's Annual Reconstitution
June 26 2015 - 05:59PM
NEW YORK, June 26, 2015 (GLOBE NEWSWIRE) -- Nasdaq
(Symbol:NDAQ) today announced the Nasdaq Closing Cross was used for
the twelfth consecutive year to rebalance Nasdaq-listed securities
in the entire family of U.S. Russell indexes during their annual
reconstitution. Approximately 787 million shares representing $21.1
billion were executed in the Nasdaq Closing Cross in 0.4 seconds
across some 2,583 Nasdaq-listed stocks.
Nasdaq official closing prices (NOCPs) determined
by the Nasdaq Closing Cross are widely used throughout the
industry, by Russell Investments, Standard & Poor's, Dow Jones,
and mutual funds across the country. The Nasdaq Closing Cross
mechanism provides market participants with transparency and
consistent prices with the dissemination of imbalances, indicative
and likely clearing prices every five seconds via the Net Order
Imbalance Indicator. Nasdaq's INET technology platform processes
accurate closing prices for the industry in microseconds.
"Today, the Nasdaq Closing Cross generated
accurate closing prices during one of the heaviest trading sessions
of the year demonstrating the capabilities and market integrity of
Nasdaq's INET technology platform," Tom Wittman, Head of Global
Equities and Executive Vice President of Global Trading and Market
Services at Nasdaq. "We are proud to celebrate the 12th consecutive
year of our partnership with FTSE Russell and appreciate their
confidence in Nasdaq and Nasdaq's INET technology platform."
"We are very pleased that another annual Russell
reconstitution has come to a successful and smooth conclusion,
thanks to the incredible efforts of our valued exchange partners,"
said Ron Bundy, CEO North America Benchmarks, FTSE Russell.
"Russell reconstitution is a significant market event and closely
watched by investors. And, since we first developed the Closing
Cross mechanism with Nasdaq more than ten years ago to facilitate a
smooth and orderly close of reconstitution for investors, Nasdaq
has been a critical partner to us."
The Closing Cross brings together the buy and sell
interest in specific Nasdaq, NYSE and NYSE Amex 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.
The Russell U.S. Indexes include only common
stocks incorporated in the U.S., its territories, and certain
countries or regions offering U.S. companies operational, tax,
political or other financial benefits. 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, more than
$5.7 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 June 29, 2015.
Please visit our website for more information on
the Nasdaq Closing Cross.
About Nasdaq:
Nasdaq (Nasdaq:NDAQ) is a leading provider of
trading, clearing, exchange technology, listing, information and
public company services across six continents. 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 70
marketplaces in 50 countries, and 1 in 10 of the world's securities
transactions. Nasdaq is home to more than 3,500 listed companies
with a market value of approximately $9.5 trillion and more than
10,000 corporate clients. To learn more, visit: nasdaq.com/ambition
or business.nasdaq.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
CONTACT: Nasdaq Media Contacts:
Alexa Sugrue
+1 212 231 5552
Alexa.Sugrue@nasdaq.com
Joseph Christinat
+1 646 441 5121
Joseph.Christinat@nasdaq.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: The NASDAQ OMX Group, Inc. via Globenewswire
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