Also known as: STI Index (Bloomberg)
At a glance
- Review frequencySemi-annual
- Buffer20 / 41
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 19 fields | |||
| Creator | Singapore Media Trust (SPH) | The STI is created by Singapore Media Trust (SPH) and is managed by FTSE Russell.Open p.3 ↗ |
The STI was created by Singapore Media Trust (SPH). |
| Return publication timing | end of each working day | Price and total return indices are published at the end of each working day.Open p.3 ↗ |
Price and total return indices are published at the end of each working day. |
| Additional end of day currency values | US Dollar, Euro, UK Sterling, Japanese Yen | US Dollar, Euro, UK Sterling and Japanese Yen values will be calculated on an end-of-day basis.Open p.19 ↗ |
US Dollar, Euro, UK Sterling, and Japanese Yen values are calculated on an end-of-day basis. |
| Index name | Straits Times Index | This document sets out the Ground Rules for the construction and management of the Straits Times Index (STI).Open p.3 ↗ |
The official English index name is the Straits Times Index. |
| Index short name | STI | This document sets out the Ground Rules for the construction and management of the Straits Times Index (STI).Open p.3 ↗ |
The index short name is STI. |
| Administrator | FTSE Russell | The STI is created by Singapore Media Trust (SPH) and is managed by FTSE Russell.Open p.3 ↗ |
The STI is managed by FTSE Russell. |
| Index family | FTSE ST Index Series | These Ground Rules should be read in conjunction with the FTSE ST Index Series Ground Rules, which can be accessed using the link below: FTSE_ST_Index_Series.pdfOpen p.3 ↗ |
The STI is part of the FTSE ST Index Series. |
| Base value | 100 | The base value of the STI is 100. | |
| Currency | Singapore Dollars | The STI is calculated in Singapore Dollars.Open p.19 ↗ |
The STI is calculated in Singapore Dollars. |
| Methodology version | v3.9 | The methodology document version is v3.9. | |
| Methodology date | 2026-05 | May 2026Open p.1 ↗ |
The Ground Rules are dated May 2026. |
| Benchmark type | Not stated | This document sets out the Ground Rules for the construction and management of the Straits Times Index (STI).Open p.3 ↗ |
The document does not classify the index as a regulated, significant, or non-significant benchmark. |
| Objective | The STI comprises the largest 30 companies by full market capitalisation that meet stated eligibility requirements. | The STI comprises the largest 30 companies by full market capitalisation that meet stated eligibility requirements.Open p.3 ↗ |
The STI comprises the largest 30 companies by full market capitalisation that meet stated eligibility requirements. |
| Intended use | benchmark for financial contracts or other financial instruments, investment funds performance measurement | any financial contracts or other financial instruments that reference the index or investment funds which use the index to measure their performance should be able to withstandOpen p.3 ↗ |
The document identifies use by financial contracts, financial instruments, and investment funds measuring performance. |
| Market classification | Developed | Companies assigned a developed market nationality are required to have greater than 5% of the company’s voting rightsOpen p.7 ↗ |
The voting-rights rule refers to companies assigned a developed market nationality, and the index covers Singapore-listed Mainboard companies. |
| Size segment | Large | The STI comprises the largest 30 companies by full market capitalisation that meet stated eligibility requirements.Open p.3 ↗ |
The index targets the largest companies by full market capitalisation. |
| Index family type | Market cap | Investability weighting Constituents of the STI are adjusted for free float.Open p.7 ↗ |
The STI is a market-capitalisation-based index adjusted for free float. |
| Factor exposures | — | The STI does not take account of ESG factors in its index design.Open p.3 ↗ |
The index design does not take account of ESG factors and no factor exposures are stated. |
| Limitations | External events may require changes to or cessation of the index, and FTSE Russell disclaims liability for reliance, inaccuracies, non-application or misapplication, and constituent-data errors. | it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the indexOpen p.3 ↗ |
The index may change or cease because of circumstances outside FTSE Russell's control, and users bear investment and reliance risks. |
| M2 Universe · 7 fields | |||
| Foreign ownership restrictions | not applied | Foreign ownership restrictions will not be applied to the constituents of the STI.Open p.7 ↗ |
Foreign ownership restrictions are not applied to STI constituents. |
| Markets | Singapore | where a security is listed on the SGX Mainboard, that security will be eligible for the STIOpen p.3 ↗ |
The index covers companies listed on the SGX Mainboard in Singapore. |
| Exchanges | SGX | Companies listed on the SGX Mainboard are eligible for inclusion in the STI.Open p.7 ↗ |
Eligible companies must be listed on SGX. |
| Boards | SGX Mainboard | Companies listed on the SGX Mainboard are eligible for inclusion in the STI. Companies listed on other boards (markets) will not be included in the STI.Open p.7 ↗ |
Only companies listed on the SGX Mainboard are eligible; companies on other boards are excluded. |
| Security types | Common, Dr | All classes of the ordinary shares in issue and depository receipts are eligible for inclusion in the STI, subject to conforming to all other rules of eligibility, free float and liquidity.Open p.7 ↗ |
All classes of ordinary shares and depository receipts are eligible, subject to the other rules. |
| Parent universe index | FTSE ST All-Share Index | The constituents of the STI are derived from the FTSE ST All-Share Index and shall be current constituents of this Index.Open p.7 ↗ |
STI constituents are derived from and must be current constituents of the FTSE ST All-Share Index. |
| Exclusions | companies listed on boards other than the SGX Mainboard, closed-end investment companies classified by ICB as Subsector Closed End Investments (30204000), non-equity investment instruments classified by ICB as Subsector Open End and Miscellaneous Investment Vehicles (30205000), convertible preference shares until converted, loan stocks until converted, companies with free float of 15% or below | Companies whose business is that of holding equity and other investments (e.g. investment trusts) classified by the Industry Classification Benchmark5 to the Subsector Closed End Investments (30204000)Open p.7 ↗ |
The universe excludes non-Mainboard listings, specified investment vehicles, unconverted convertible preference shares and loan stocks, and companies with free float at or below 15%. |
| M3 Eligibility screens · 14 fields | |||
| Liquidity test frequency | March, September | Each security will be tested for liquidity semi-annually in March and September by calculation of its monthly median of daily trading volume.Open p.8 ↗ |
Liquidity is tested semi-annually in March and September. |
| Minimum trading days per month | Minimum value: 5 trading days | a minimum of five trading days in each month must exist, otherwise the month will be excluded from the test.Open p.8 ↗ |
A month must contain at least five trading days or it is excluded from the liquidity test. |
| Liquidity failure duration | until the next semi-annual review | A security that is excluded because it fails the liquidity requirement will be excluded from the index for the period until the next semi-annual review.Open p.8 ↗ |
A security excluded for failing liquidity remains excluded until the next semi-annual review. |
| Exceptional low volume discretion | FTSE Russell may lower the liquidity percentage market-wide in exceptional low-volume conditions after public statement at least two weeks before the review. | FTSE Russell may reduce the percentage figure in order to avoid a large number of constituents being removed from the STI. This discretion may not be applied to individual securities.Open p.8 ↗ |
In exceptional market conditions with very low volumes, FTSE Russell may reduce the liquidity threshold market-wide, but not for individual securities, after a public statement at least two weeks in advance. |
| ESG factor policy | not considered | The STI does not take account of ESG factors in its index design.Open p.3 ↗ |
The STI does not take account of ESG factors in its index design. |
| Trading history | Minimum value: 20 trading days; Exceptions: New issues and newly eligible securities without a 12-month trading record must have at least 20 trading days before the review cut-off date; rule 4.4 does not apply to Fast Entry additions | New issues and newly eligible securities that do not have a 12-month trading record must have a minimum trading record of at least 20 trading days prior to the review cut-off dateOpen p.8 ↗ |
New issues and newly eligible securities without a 12-month record need at least 20 trading days before the review cut-off date, except Fast Entry additions. |
| Liquidity screen | Metric: Liquidity ratio; Window: 12 months prior to the March or September review; pro-rata for shorter testing periods; Threshold: 0.1; Buffer for existing: 0.08 | For eligibility for inclusion, securities must turn over at least 0.10% of their shares in issue (after the application of any investability weightings) based on their median daily trading volume per month in 10 of the 12 monthsOpen p.8 ↗ |
New entrants must have median monthly daily turnover of at least 0.10% in 10 of 12 months, while existing constituents must have at least 0.08% in at least 8 of 12 months. |
| Minimum size | Metric: Rank; Threshold: 30 | The STI comprises the largest 30 companies by full market capitalisation that meet stated eligibility requirements.Open p.3 ↗ |
The index selects the largest 30 companies by full market capitalisation that meet eligibility requirements. |
| Minimum free float | 15% | Companies with a free float of 15% or below are excluded from the index.Open p.7 ↗ |
Companies with free float of 15% or below are excluded, so more than 15% free float is required for inclusion. |
| Minimum voting rights | Minimum value: 5%; Unrestricted shareholders: Yes; Strict greater than: Yes; Market scope: developed market nationality | Companies assigned a developed market nationality are required to have greater than 5% of the company’s voting rightsOpen p.7 ↗ |
Developed-market companies must have greater than 5% of voting rights in the hands of unrestricted shareholders; emerging-market securities are exempt. |
| Financial screens | — | 4. Security inclusion criteriaOpen p.7 ↗ |
No profitability or financial-health screens are stated in the supplied sections. |
| Business or ESG exclusions | closed-end investment trusts in ICB Subsector Closed End Investments (30204000), open-end and miscellaneous investment vehicles in ICB Subsector 30205000 | non-equity investment instruments classified by the Industry Classification Benchmark as Subsector Open End and Miscellaneous Investment Vehicles (30205000) will not be eligible for inclusion.Open p.7 ↗ |
Specified investment-holding businesses and non-equity investment vehicles are excluded based on ICB subsector. |
| Suspension rule | Suspension periods are excluded from liquidity testing. | Any period when a share is suspended will be excluded from the above calculations.Open p.8 ↗ |
Any period of suspension is excluded from the liquidity calculations and test. |
| Extreme price screen | — | — (not found verbatim in the PDF) |
No abnormal price-increase screen is stated in the supplied sections. |
| M4 Selection and constituent count · 1 field | |||
| Reserve list | Size rule: five highest-ranking non-constituents | FTSE Russell will be responsible for publishing the five highest-ranking non-constituents of the STI at the time of the periodic review. The reserve list will be used in the event that one or more constituents are deleted during the period up to the next periodic review.Open p.11 ↗ |
FTSE Russell publishes the five highest-ranking non-constituents at the periodic review, and the reserve list is used for deletions before the next periodic review. |
| M6 Review and rebalance schedule · 7 fields | |||
| June december review purpose | June and December reviews account for new issues not large enough to qualify as fast entrants and rank FTSE ST All-Share Index constituents to keep the STI relevant. | In June and December, a review is applied to the STI to account for new issues not large enough to qualify as fast entrants since the previous March or September review and a ranking of the constituents of the FTSE ST All-Share IndexOpen p.10 ↗ |
In June and December, the review addresses new issues that were not large enough for fast entry and re-ranks FTSE ST All-Share Index constituents. |
| Review frequency | Semi-annual | The STI is reviewed on a semi-annual basis in March and September. A quarterly review of STI will be conducted in June and DecemberOpen p.10 ↗ |
The STI is reviewed on a semi-annual basis, with additional quarterly reviews in June and December. |
| Review types | Semi annual review, Quarterly review, Ad hoc | The STI is reviewed on a semi-annual basis in March and September. A quarterly review of STI will be conducted in June and December (see rule 5.1.2).Open p.10 ↗ |
The STI has semi-annual reviews in March and September, quarterly reviews in June and December, and additions or deletions can occur outside reviews. |
| Review months | March, June, September, December | The STI is reviewed on a semi-annual basis in March and September. A quarterly review of STI will be conducted in June and DecemberOpen p.10 ↗ |
Reviews occur in March, June, September, and December. |
| Data cutoff rule | Data is as of the close of business on the Monday four weeks before the review effective date. | The review will be based on data from the close of business on the Monday 4 weeks prior to the review effective date.Open p.10 ↗ |
The review uses data from the close of business on the Monday four weeks prior to the review effective date. |
| Announcement rule | — | Where a company is deleted from the STI after the announcement of the periodic changes to the indices, but before the periodic changes have been implementedOpen p.10 ↗ |
The document refers to announcement of periodic changes but does not state the announcement date or publication procedure. |
| Effective date rule | Reviews are implemented after the close of business on the third Friday of the review month, effective the following Monday. | The reviews will be implemented after the close of business on the third Friday (i.e. effective Monday) of the review month.Open p.10 ↗ |
Review changes take effect after the close of business on the third Friday of the review month, i.e. on Monday. |
| M7 Buffers and turnover control · 4 fields | |||
| Equal insertions and deletions | Yes | A constant number of constituents will be maintained for the STI. Where a greater number of companies qualify to be inserted in the index than those qualifying to be deletedOpen p.10 ↗ |
The STI maintains a constant number of constituents by matching insertions and deletions at periodic reviews. |
| Ranking metric | full market capitalisation before investability weightings | when the eligible securities are ranked by full market capitalisation (before the application of any investability weightings).Open p.10 ↗ |
Periodic insertion and deletion ranks are based on full market capitalisation before applying any investability weightings. |
| All share membership requirement | STI constituents must be existing or pending FTSE ST All-Share Index constituents. | At review, all constituents of the STI must be existing or pending constituents of the FTSE ST All-Share IndexOpen p.10 ↗ |
At review, every STI constituent must be an existing or pending constituent of the FTSE ST All-Share Index. |
| Buffer zone | Entry rank: 20; Exit rank: 41 | A company will be inserted into the STI at the periodic review if it rises to 20th position or above when the eligible securities are ranked by full market capitalisationOpen p.10 ↗ |
A company ranked 20th or higher is inserted, while an existing constituent ranked 41st or lower is deleted. |
| M8 Corporate actions, IPOs, ad-hoc changes · 14 fields | |||
| Fast entry lowest ranking removal | If fast entry would result in more than 30 companies, the lowest-ranking constituent is removed. | If the addition results in there being more than 30 companies in the STI, the company which is the lowest ranking constituent of the index will be selected for removal.Open p.13 ↗ |
When a fast entrant would make the STI exceed 30 constituents, the lowest-ranking existing constituent is removed. |
| Greenshoe and locked up shares excluded | Yes | Shares being offered as a greenshoe (overallotment option) and locked-up shares will be excluded from the investable market capitalisation calculation and excluded from the index calculation at the time of fast entry.Open p.12 ↗ |
Greenshoe shares and locked-up shares are excluded from fast-entry investable market capitalisation and index calculations. |
| Variable best effort direct listing exclusion | Yes | Variable, best effort and direct listing IPOs* will not be considered for fast entry inclusion since FTSE Russell isOpen p.13 ↗ |
Variable, best-effort, and direct-listing IPOs are not eligible for fast entry. |
| Post takeover reinclusion condition | A company deleted after a takeover with remaining free float of 15% or less cannot be reconsidered until it has completed a one-year trading record. | A company deleted following a takeover, with a remaining free float of 15% or less, will not be re-considered for index inclusion until completion of a one-year trading record.Open p.15 ↗ |
A takeover-deleted company whose remaining free float is 15% or less must complete a one-year trading record before reconsideration. |
| Reinclusion waiting period | 6 months | will be considered for re-inclusion to the index at the next review, subject to section 4 and at least six months having passed between deletion and the implementation dateOpen p.15 ↗ |
Removed constituents that continue trading may be reconsidered at the next review if at least six months have passed between deletion and implementation. |
| Split change timing | Split-driven constituent changes are determined using market values at the close on day one of trading and applied with two days' notice. | Index constituent changes resulting from the split will be determined based on market values at close on day one of trading and applied with two days’ notice.Open p.15 ↗ |
After a split, constituent changes are based on closing market values on the first trading day and applied after two days' notice. |
| Corporate action notice | FTSE Russell provides notice of the timing of an index adjustment when a corporate action or event requires one. | Where an index adjustment is required FTSE Russell will provide notice advising of the timing of the change.Open p.14 ↗ |
When a corporate action or event requires an index adjustment, FTSE Russell gives notice of the timing. |
| Suspension rules reference | Suspension of dealing rules are in the Corporate Actions and Events Guide. | Suspension of dealing rules can be found within the Corporate Actions and Events Guide.Open p.15 ↗ |
The rules for suspension of dealing are contained in the Corporate Actions and Events Guide. |
| Fast entry | Size threshold: Full market capitalisation: 2% of the FTSE ST All-Share Index; Investable market capitalisation: 15% of the full market capitalisation threshold; Timing: After the close of business on the fifth business day of trading; if that day falls during the review week, addition is concurrent with the review effective date | the full market capitalisation threshold is defined as 2% of the FTSE ST All-Shares Index; – the investable market capitalisation threshold is defined as 15% of the full market capitalisation threshold.Open p.12 ↗ |
An IPO on SGX may enter early if its full market capitalisation is at least 2% of the FTSE ST All-Share Index and its investable market capitalisation is at least 15% of that threshold, with addition after the fifth business day of trading. |
| Ad-hoc deletion | Delisting, Acquisition, Other | If a constituent is delisted from the SGX, ceases to have a firm quotation, is subject to a takeover or has ceased to be a viable constituent as defined by the Ground Rules, it will be removedOpen p.15 ↗ |
A constituent is removed outside review if it is delisted, ceases to have a firm quotation, is subject to a takeover, or ceases to be a viable constituent under the Ground Rules. |
| Replacement policy | Reserve list | the vacancy will be filled by selecting the highest-ranking security by full market value in the reserve list as at the close of the index calculation two days prior to the deletion.Open p.15 ↗ |
Vacancies are filled by selecting the highest-ranking security in the reserve list by full market value or full market capitalisation. |
| Merger spinoff rules | In a merger between two STI constituents, the resulting company remains and the vacancy is filled from the reserve list; if taken over by a non-constituent, the original constituent is replaced from the reserve list unless the resulting company ranks higher; split companies are eligible if larger than the smallest constituent and otherwise qualified. | If the effect of a merger or takeover is that one constituent in the STI is absorbed by another constituent, the resulting company will remain a constituent of the index and a vacancy will be created.Open p.14 ↗ |
Mergers and takeovers create reserve-list vacancies, while companies resulting from splits may remain or join if they are larger than the smallest constituent and meet all other criteria. |
| Share or float change threshold | — | Changes to the number of shares in issue for constituent securities are covered in the Corporate Actions and Events Guide.Open p.14 ↗ |
The document states that changes in shares in issue and free float are covered by the Corporate Actions and Events Guide but does not state a numerical threshold. |
| Corporate actions guide ref | Corporate_Actions_and_Events_Guide.pdf | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide using the following link: Corporate_Actions_and_Events_Guide.pdfOpen p.5 ↗ |
Detailed corporate actions and events rules are in Corporate_Actions_and_Events_Guide.pdf. |
| M9 Calculation and return variants · 10 fields | |||
| Exchange rate source | Refinitiv real-time exchange rates; Refinitiv bid rates received at 17:00 local time are closing foreign exchange rates | Refinitiv real-time exchange rates are used in the real-time index calculations.Open p.17 ↗ |
Refinitiv real-time spot rates are used for the STI, and the Refinitiv bid rates received at 17:00 local time are used for final index levels as closing foreign exchange rates. |
| Base currency | SGD | The Singapore Dollar is the base currency for all index calculations. Non-Singapore Dollar-denominated constituents prices are converted into Singapore Dollars in order to calculate the index.Open p.18 ↗ |
The Singapore Dollar is the base currency for all STI calculations, and non-Singapore Dollar constituent prices are converted into Singapore Dollars. |
| Index hours | Open: 09:00 local time; Close: 17:10 local time; No calculation on public holidays: Yes | Index Open Close STI 09:00 17:10 (01:00) (09:10) Notes:Open p.18 ↗ |
The STI is scheduled from 09:00 to 17:10 local time and is not calculated on public holidays. |
| Intraday index status monitoring | FTSE monitors STI performance during the day and determines whether index status is firm, indicative or held. | FTSE is also responsible for monitoring the performance of the STI throughout the day and will determine whether the status of the index should be firm, indicative or held (see Appendix A).Open p.4 ↗ |
FTSE monitors the STI throughout the day and determines whether its status is firm, indicative, or held. |
| Formula type | Divisor | The STI is calculated using the following formula: 𝑁 (𝑝𝑖× 𝑒𝑖× 𝑠𝑖× 𝑓𝑖) ∑ 𝑑 𝑖=1Open p.17 ↗ |
The STI is calculated as the sum of price, exchange-rate, shares and investability-factor products for constituents divided by an adjustable divisor. |
| Price source | actual last trade prices where available; official closing prices follow FTSE Russell's linked closing-price policy | The STI uses actual last trade prices, where available, for securities in the real-time calculation.Open p.17 ↗ |
Real-time STI calculations use actual last trade prices when available, while prices for the official closing index value are specified in FTSE Russell's closing-prices document. |
| Calculation frequency | real-time | The STI is calculated and published in real-time.Open p.17 ↗ |
The STI is calculated and published in real time, with real-time constituent weightings used for the end-of-day index. |
| Divisor adjustment | changes in issued share capital of individual securities | The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.17 ↗ |
The divisor may be adjusted to accommodate changes in individual securities' issued share capital without distorting the index. |
| Market disruption rule | FTSE Russell external policies govern trading halts, market closures, and situations in which clients cannot trade a market or security. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: Index_Policy_for_Trading_Halts_and_Market_Closures.pdfOpen p.5 ↗ |
Treatment during trading halts, market closures, or inability to trade a market or security is governed by FTSE Russell's linked index policies. |
| Recalculation policy | Follow the FTSE Russell Index Recalculation Guidelines to determine whether to recalculate an index or series and/or reissue associated data products; notify users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the Straits Times Index will be notified through appropriate media.Open p.6 ↗ |
When an inaccuracy is identified, FTSE Russell follows its Index Recalculation Guidelines, decides whether recalculation or data reissue is needed, and notifies STI users through appropriate media. |
| M10 Governance, change policy, disclosure · 16 fields | |||
| Administrator | FTSE International Limited | FTSE is the benchmark administrator of the index.1Open p.4 ↗ |
FTSE International Limited is the benchmark administrator of the STI. |
| Administrator responsibilities | Daily calculation, production, operation, record keeping, constituent and weighting changes, periodic reviews, publication of weighting changes, and dissemination of the indices. | FTSE is responsible for the daily calculation, production and operation of the STI and will: – maintain records of the index weightings of all constituents and reserve-list companiesOpen p.4 ↗ |
FTSE is responsible for daily calculation, production and operation of the STI, including records, constituent and weighting changes, reviews, publication and dissemination. |
| Governance framework | FTSE Russell governance framework covering product, service and technology governance and incorporating the London Stock Exchange Group's three lines of defence risk framework. | To oversee its indices, FTSE Russell employs a governance framework that encompasses product, service and technology governance. The framework incorporates the London Stock Exchange Group’s three lines of defence risk management frameworkOpen p.6 ↗ |
FTSE Russell oversees its indices through a product, service and technology governance framework that incorporates the London Stock Exchange Group's three lines of defence risk management framework. |
| Appeals and complaints | Eligible companies, organizations, or groups of at least ten users from different organizations may appeal decisions; FTSE Russell has a complaints procedure. | A constituent or prospective constituent company (or professional advisor acting on behalf of the company), a national organisation or a group of no fewer than ten users of the index series from different organisations acting in their professional capacity may appeal against decisions taken by FTSE Russell.Open p.5 ↗ |
A constituent or prospective constituent, a national organization, or a group of at least ten professional users from different organizations may appeal FTSE Russell decisions under its complaints procedure. |
| Statement of principles review frequency | Annual | The Statement of Principles is reviewed annually and any changes proposed by FTSE Russell are presented to the FTSE Russell Policy Advisory Board for discussion before approval by the FTSE Russell Product Governance Board.Open p.5 ↗ |
The Statement of Principles is reviewed annually, with proposed changes discussed by the Policy Advisory Board and approved by the Product Governance Board. |
| Market notification for unresolved rule situations | FTSE Russell advises the market at the earliest opportunity after determining treatment not specifically covered by the Ground Rules. | After making any such determination, FTSE Russell shall advise the market of its decision at the earliest opportunity. Any such treatment will not be considered as an exception or change to the Ground Rules, or to set a precedent for future actionOpen p.4 ↗ |
After making a determination where the rules are silent or ambiguous, FTSE Russell advises the market at the earliest opportunity, and such treatment is not an exception, rule change, or precedent. |
| Benchmark methodology change policy reference | Policy for Benchmark Methodology Changes | Details of FTSE Russell’s policy for making benchmark methodology changes can be accessed using the following link: Policy_for_Benchmark_Methodology_Changes.pdfOpen p.6 ↗ |
Details of FTSE Russell's policy for benchmark methodology changes are contained in a linked policy document. |
| Oversight body | FTSE Russell Product Governance Board | The feedback from these consultations will be considered by the FTSE Russell Product Governance Board before approval is granted.Open p.4 ↗ |
The FTSE Russell Product Governance Board considers consultation feedback and approves significant Ground Rules amendments. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply to a decision, Determining appropriate treatment for events or developments not fully covered by the rules by reference to the Statement of Principles | where FTSE Russell determines that the Ground Rules are silent or do not specifically and unambiguously apply to the subject matter of any decision, any decision shall be based as far as practical on the Statement of Principles.Open p.4 ↗ |
FTSE Russell may determine treatment where the Ground Rules are silent, ambiguous, or do not fully cover an event, using the Statement of Principles and advising the market promptly. |
| Methodology review frequency | Regularly | These Ground Rules shall be subject to regular review by FTSE Russell to ensure that they continue to best reflect the aims of the index.Open p.4 ↗ |
The Ground Rules are subject to regular review by FTSE Russell. |
| External review | Significant amendment proposals are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate, with feedback considered by the Product Governance Board. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate. The feedback from these consultations will be considered by the FTSE Russell Product Governance Board before approval is granted.Open p.4 ↗ |
Proposed significant Ground Rules amendments are consulted on with advisory committees and other stakeholders as appropriate before Product Governance Board approval. |
| Material change definition | significant amendments | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate.Open p.4 ↗ |
The document identifies proposals for significant amendments as the category subject to consultation, but does not define the term in the supplied text. |
| Consultation procedure | Consult FTSE Russell advisory committees and other stakeholders if appropriate; consider feedback at the FTSE Russell Product Governance Board before approval. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate. The feedback from these consultations will be considered by the FTSE Russell Product Governance Board before approval is granted.Open p.4 ↗ |
For significant proposed amendments, FTSE Russell consults advisory committees and other stakeholders as appropriate and considers their feedback before Product Governance Board approval. |
| Error correction policy | Use the FTSE Russell Index Recalculation Guidelines to determine recalculation and/or reissue of associated data products and notify users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the Straits Times Index will be notified through appropriate media.Open p.6 ↗ |
FTSE Russell applies its recalculation guidelines when inaccuracies are found and notifies STI users through appropriate media. |
| Change announcement | appropriate media, FTSE Russell website | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; – disseminate the indices.Open p.4 ↗ |
FTSE Russell disseminates the indices, publishes weighting changes, notifies users through appropriate media, and provides policy documents on its website. |
| Constituents published | Bool: Yes; Frequency: changes resulting from ongoing maintenance and periodic reviews are published | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviewsOpen p.4 ↗ |
FTSE Russell publishes changes to constituent weightings arising from ongoing maintenance and periodic reviews. |
Open points · 34Model-written, for reference
- 1Index code, ISIN, and third-party data-vendor tickers are not stated.
- 2Local-language index name is not stated.
- 3Launch date and base date are not stated.
- 4The supplied evidence does not substantiate a base value; no base value was populated.
- 5Calculation agent, if different from FTSE Russell, is not stated.
- 6No minimum share price screen is stated.
- 7No extreme or abnormal price-increase screen is stated.
- 8No profitability or financial-health screens are stated.
- 9The company nationality assignment methodology is not provided beyond references to developed and emerging market nationality.
- 10Selection method is not stated text.
- 11Ranking metrics, ranking windows, direction, and step order are not stated text.
- 12Target constituent count is not stated text.
- 13Tie-break rule is not stated text.
- 14Industry or sector neutrality rule is not stated text.
- 15Weighting scheme and free-float treatment are not stated text.
- 16Domestic inclusion factor and foreign ownership limit treatment are not stated text.
- 17Single, group, sector, and country caps, including cap timing, are not stated text.
- 18Shares-outstanding source and divisor adjustment rule are not stated text.
- 19The exact review-result announcement date, lead time, and publication channel are not stated.
- 20No separate weight-rebalancing or weight-reset frequency is stated beyond periodic review implementation.
- 21No size-segment migration buffer or liquidity buffer for existing constituents is stated.
- 22No maximum turnover cap per periodic review is stated.
- 23No deletion price is stated.
- 24The supplied sections do not provide numerical thresholds for implementing share or free-float changes between reviews; they refer to the Corporate Actions and Events Guide.
- 25The fast-entry rule identifies SGX IPOs but does not specify excluded boards.
- 26The document does not specify the number of decimal places or precision of the published STI level.
- 27The document does not identify published price return, gross total return, or net total return variants.
- 28The document does not specify a withholding tax basis or cash-dividend reinvestment treatment.
- 29The supplied sections do not provide a numerical notice period for methodology or constituent changes.
- 30The supplied text refers to significant amendments but does not define material change or significant amendment.
- 31The supplied sections do not state an index cessation or discontinuation policy.
- 32The real-time calculation publication interval is not specified beyond calculation and publication in real time.
- 33Official closing index price rules and detailed market-disruption treatments are only available through externally linked policy documents not included.
- 34Not coveredM5 Weighting and capping: not covered by this edition
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