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Quarterly share changes will be made after the close of business on the third Friday of March, June, September and December.
Details of changes will be communicated to subscribing clients by email at least 4 business days prior to implementation of the quarterly changes.
The policy is similar to those which currently apply to free float changes:
|Shares in Issue Changes||Free Float Changes|
|Corporate actions||Share in issue changes applied at the time the corporate action is applied||Free float banding changes are applied at the time the corporate action is applied|
|Changes arising outside of corporate actions||Changes of 1% or more are made quarterly||Changes in free float bandings are applied quarterly|
|If changes accumulated add up to 10% or more, or when an accumulated share change represents USD 2bn of a company's market capitalisation, they are implemented immediately between quarters. A minimum of 4 days notice will be given to users|
Any exceptions to the above arrangements will be agreed with the Chairman of the relevant FTSE practitioner advisory committee and notified to all users in advance of being implemented.
The first time the quarterly application of share changes took place was after the close of business on June 20th 2003. The USD 2bn threshold may be adjusted annually in December by the FTSE Equity Indices Committee, if an adjustment is made it will be applied for the first time at the next review in March of the following year.