Nasdaq Closing Cross Calculates U.S. Russell Indexes for the 13th Consecutive Year
June 24 2016 - 4:46PM
Nasdaq (Nasdaq:NDAQ) today announced the Nasdaq Closing Cross was
used for the 13th consecutive year to rebalance Nasdaq-listed
securities in the entire family of U.S. Russell indexes during its
annual reconstitution. Approximately 933 million shares
representing $20.6 billion were executed in the Nasdaq Closing
Cross in 0.8 seconds across some 2,464 Nasdaq-listed stocks.
Nasdaq official closing prices (NOCPs) determined by the Nasdaq
Closing Cross are widely used throughout the industry, by firms
such as Russell Investments, S&P, Dow Jones, and many 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 milliseconds.
“The superior capabilities and market integrity of Nasdaq’s INET
technology platform are once again evident through today’s
generation of accurate prices on one of the heaviest trading
sessions of the year,” said Tom Wittman, Head of Global Equities
and Executive Vice President of Global Trading and Market Services
at Nasdaq. “The rebalance is a critical element to ensure accurate
representation and we are proud to partner with FTSE Russell for
the 13th consecutive year.”
“Russell indexes reconstitution is an important and closely
watched event for the US markets,” said Ron Bundy, CEO North
America Benchmarks, FTSE Russell. “On ‘recon day’ each year, a
significant level of market activity takes place on the US
exchanges and we rely on our key exchange partners like Nasdaq to
ensure year-after-year that the process goes off without a
hitch.”
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 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). Approximately $6 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 27, 2016.
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
3,700 listed companies with a market value of $9.3 trillion and
over 17,000 corporate clients. To learn more, visit:
nasdaq.com/ambition or business.nasdaq.com.
About FTSE Russell:FTSE Russell is a global
index leader that provides innovative benchmarking, analytics and
data solutions for investors worldwide. FTSE Russell
calculates thousands of indexes that measure and benchmark markets
and asset classes in more than 80 countries, covering 98% of the
investable market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $10
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 ETFs, structured products
and index-based derivatives.
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 applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
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
Nasdaq (NASDAQ:NDAQ)
Historical Stock Chart
From Apr 2024 to May 2024
Nasdaq (NASDAQ:NDAQ)
Historical Stock Chart
From May 2023 to May 2024