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The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced changes to a number of its indexes. After substantial research and consideration, NASDAQ OMX® decided to enact changes in its special dividend policy across all indexes calculated in the U.S. (including NASDAQ®-, NASDAQ OMX®- and PHLX®-branded indexes), the seasoning criteria of certain indexes, and the evaluation schedule for the family of NASDAQ OMX Green Economy Indexes.
Currently, in the case of a special cash dividend, a determination is made on an individual basis whether to make an adjustment to the Last Sale Price of an Index Security on the ex-date of the dividend. Following the methodology change, a special cash dividend announced by the listing exchange for an Index Security will result in an adjustment to the Last Sale Price of the security prior to market open on the ex-date for the special dividend amount. Special cash dividends may also be referred to as unusual, extraordinary, one-time, non-recurring, etc. The change to this policy will be implemented on Tuesday, May 1, 2012.
In addition, NASDAQ OMX is changing and applying consistently the "seasoning" period for NASDAQ-100 Index® (NDX), NASDAQ Financial-100 Index® (IXF) and NASDAQ Biotechnology Index® (NBI) eligibility. Currently, the NDX and IXF seasoning criteria require a security to be listed on a recognized market for at least two years (NBI requires six months); in the case of spin-offs, the operating history of the parent will be considered. If a security would otherwise qualify to be in the top 25% of the securities included in the Index by market capitalization for the six prior consecutive month-ends, then a one-year seasoning criterion would apply.
With the new methodology, a security must have seasoned on NASDAQ, NYSE or NYSE Amex for at least three full months (excluding the first month of initial listing) based on current month-end data. The index eligibility changes will be implemented on Monday, April 23, 2012.
NASDAQ OMX is also changing the annual evaluation of its family of NASDAQ OMX Green Economy Indexes, to be effective after the close of trading on the third Friday in June (June 15, 2012), in conjunction with the quarterly rebalance. The evaluation will use eligibility criteria applied through the end of April. The quarterly rebalance will continue to use eligibility criteria through the end of May, with all changes becoming effective after the close of trading on Friday, June 15, 2012.
For more details about index methodology, including that of the NASDAQ-100 Index - the basis of the PowerShares QQQ Trust (Nasdaq:QQQ) - please visit the NASDAQ OMX Global Index website at www.nasdaqomx.com/indexes.
About NASDAQ OMX Global Index Group
NASDAQ OMX Global Index Group is engaged in the design, development, calculation, and licensing of NASDAQ OMX Indexes. NASDAQ OMX Global Index Group specializes in the development of indexes focusing on NASDAQ OMX's brand themes of innovation, technology, growth and globalization. NASDAQ OMX Global Index Group also provides custom index services and design solutions as a third-party provider to selected financial organizations. For more information about NASDAQ OMX indexes, visit www.nasdaqomx.com/indexes.
About NASDAQ OMX Group
The inventor and transformer of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies with revolutionary technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the US and Europe, we own and operate 24 markets, 3 clearinghouses and 6 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to traffic more than 1 million messages per second at sub-80 microsecond speeds with 99.999% uptime, our technology drives more than 70 exchanges in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to 3,400 listed companies worth $5.1 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
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 OMX's indexes and other 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 OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX'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.
Notes to editors:
NASDAQ®, NASDAQ-100®, NASDAQ-100 Index®, NASDAQ-100 Index Tracking Stock® and QQQ® are registered trademarks of The NASDAQ OMX Group, Inc. (collectively, with its affiliates "NASDAQ OMX") and are licensed for use by Invesco PowerShares Capital Management LLC. PowerShares QQQ has not been passed on by NASDAQ OMX as to its legality or suitability, and is not issued or sold by NASDAQ OMX. NASDAQ OMX makes no warranties and bears no liability with respect to PowerShares QQQ.
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