| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 4 fields | |||
| Index review decision body | Index Governance Board, following review and recommendation by the FTSE Russell Index Policy Team | The decision to cancel, proceed or postpone index rebalancing is made by the Index Governance Board (IGB) following a review and a recommendation by the FTSE Russell Index Policy Team.Open p.4 ↗ |
The Index Governance Board decides whether to cancel, proceed, or postpose index rebalancing after review and a recommendation by the FTSE Russell Index Policy Team. |
| Covered indices | FTSE Russell indices, with specific provisions for Russell 3000E Index reviews and indices derived therefrom, and Russell US Indexes | This document sets out guidance for the treatment of index changes in the event of trading halts or market closures.Open p.3 ↗ |
The guide covers treatment of index changes for FTSE Russell indices during trading halts and market closures, with specific Russell index provisions. |
| Administrator | FTSE Russell | FTSE Russell Index Policy for Trading Halts and Market ClosuresOpen p.1 ↗ |
FTSE Russell is the index provider issuing the policy. |
| Rulebook version | v2.9 | The policy version is v2.9. | |
| G4 Corporate events · 10 fields | |||
| Corporate action definition | A mandatory action on shareholders with a prescribed ex date, causing share price and index adjustment on the ex date. | FTSE Russell defines a corporate action as an action on shareholders with a prescribed ex date. The share price and indices in which the company is included will be subject to an adjustment on the ex-date. This is a mandatory event.Open p.3 ↗ |
FTSE Russell defines a corporate action as a mandatory shareholder action with a prescribed ex date on which the share price and indices are adjusted. |
| Corporate action types | capital repayments, rights issues, entitlement offers, stock conversion, Splits, reverse splits, scrip issues, capitalisation issues, bonus issues | These include the following: Capital Repayments Rights Issues/Entitlement Offers Stock Conversion Splits (sub-division)/Reverse splits (consolidation) Scrip issues (Capitalisation or Bonus Issue).Open p.3 ↗ |
The listed mandatory corporate actions include capital repayments, rights or entitlement offers, stock conversion, splits, reverse splits, scrip, capitalisation, and bonus issues. |
| Corporate event definition | A reaction to company news that may affect an index depending on the index rules, such as a secondary share offer causing a free-float weighting change. | FTSE Russell defines a corporate event as a reaction to company news (event) that might impact the index depending on the index rules.Open p.3 ↗ |
FTSE Russell defines a corporate event as company news that may require an index adjustment, with FTSE Russell determining whether and when to adjust. |
| Closure on last trading day before event | Postpone corporate event changes until market reopening and implement with two trading days' notice. | Market has an unexpected full day closure on the last trading day before effective date of a security level corporate event.Open p.6 ↗ |
If the market has an unexpected full-day closure on the last trading day before a security-level corporate event, changes are postponed until regular trading resumes and implemented with two trading days' notice. |
| Closure on corporate action effective date | Generally postpone the security-level corporate action until the market reopens, reviewed case by case. | Market has an unexpected full day closure on the effective date of a security level corporate action.Open p.6 ↗ |
If the market has an unexpected full-day closure on the effective date of a security-level corporate action, FTSE Russell generally postpones implementation until regular trading resumes. |
| Partial day closure before event | Corporate event implementation generally proceeds as announced, subject to case-by-case review. | Market has an unexpected partial day closure on the last trading day before effective date of a security level corporate event.Open p.6 ↗ |
If the market has an unexpected partial-day closure on the last trading day before a security-level corporate event, the corporate event generally proceeds as announced. |
| Suspension one day before corporate event | Postpone until trading resumes and implement with two trading days' notice. | For the following scenario, FTSE Russell will postpone the implementation of the corporate event until the security resumes trading and changes will be implemented with two trading days’ notice: Security is suspended a trading day before a corporate event effective date.Open p.7 ↗ |
If a security is suspended one trading day before a corporate event effective date, implementation is postponed until trading resumes and changes are implemented with two trading days' notice. |
| Preannounced suspension on corporate action date | Postpone the corporate action until the security resumes trading. | For the following scenario, FTSE Russell will postpone the implementation of the corporate action until the security resumes trading: Security has a preannounced suspension on the prescribed effective date of a corporate action.Open p.7 ↗ |
If a security has a preannounced suspension on the prescribed corporate action effective date, the corporate action is postponed until trading resumes. |
| Unexpected suspension on corporate action date | Proceed if the exchange adjusts the price; otherwise postpone until trading resumes. | FTSE Russell will ascertain whether the listing exchange has adjusted the price of the security in line with the corporate action. If the price is adjusted, then the corporate action will proceed as announced. If the price is unadjusted, then the event will be postponed until the security resumes tradingOpen p.7 ↗ |
If a security is unexpectedly suspended on the corporate action effective date, the action proceeds if the exchange has adjusted the price, but is postponed if the price is unadjusted. |
| Suspension | Corporate actions or events involving a suspended security are generally postponed until trading resumes, subject to the timing of the suspension and exchange price adjustment. | Security is suspended a trading day before a corporate event effective date.Open p.7 ↗ |
If a security is suspended immediately before or on a corporate action or event date, FTSE Russell generally postpones implementation until trading resumes, with specified notice or exchange-adjustment conditions. |
| G6 Disruption, emergencies and corrections · 10 fields | |||
| Scheduled market closure definition | An announced market holiday. | FTSE Russell defines a scheduled market closure as an announced market holidayOpen p.3 ↗ |
FTSE Russell defines a scheduled market closure as an announced market holiday. |
| Unexpected market closure definition | A market closure caused by an unplanned event such as extreme weather or technical issues. | defines an unexpected market closure as one where a market is closed due to an unplanned event, for example, extreme weather or technical issues.Open p.3 ↗ |
FTSE Russell defines an unexpected market closure as closure due to an unplanned event such as extreme weather or technical issues. |
| Short outage review proceeds | Review changes proceed as announced when an outage during the two business days before the review trade date is expected to last less than two business days. | If a market or a group of markets have an unexpected outage or closure during the two business days prior to the day of the index review trade date (i.e. at the close of business on the third Friday, with the index review effective from the open of the following Monday), and the outage is expected to last for less than two business days, the review changes will proceed as announced.Open p.4 ↗ |
If an outage during the two business days before the index review trade date is expected to last less than two business days, the review proceeds as announced. |
| Long outage review reversed and reapplied | Impacted review changes are reversed and reapplied at least five business days after the original effective date. | the index review changes on the impacted markets will be reversed and re-applied to become effective at least five business days after the original index review effective date.Open p.4 ↗ |
If an outage during the two business days before the review trade date is expected to last more than two business days beyond the scheduled effective date, impacted changes are reversed and reapplied at least five business days later. |
| Unknown market condition further delay | Review changes are reversed again and reapplied at least a further five business days later with appropriate notice. | If a return to normal market conditions remains unknown at least two business days prior to the updated index review trade date, the index review changes will be reversed again with appropriate notice and reapplied to become effective at least a further five business days later.Open p.5 ↗ |
If normal market conditions remain unknown at least two business days before the updated review trade date, changes are reversed again and reapplied at least another five business days later. |
| Major market global review delay | The entire global review may be reversed and reapplied at least five business days after the original scheduled effective date. | before 12pm (GMT) two days prior to the index review trade date, the entire global review (e.g. GEIS Total Cap) may be reversed and re-applied to become effective at least five business days after the original scheduled index review effective date.Open p.5 ↗ |
If a major market or group of markets remains closed or impaired before 12:00 GMT two days before the review trade date, an entire global review may be reversed and reapplied at least five business days later. |
| Russell cross market outage | Russell 3000E review changes are reversed and reimplemented at the close of the following business day, or later if needed. | If there is a cross market (NYSE and NASDAQ) outage occurring or is expected on the day of the index review trade date, the index review changes will be reversed and re-implemented at the close on the following business day (or later if a return to normal conditions is not expected immediately).Open p.5 ↗ |
For Russell 3000E reviews, a cross-market NYSE and NASDAQ outage causes review changes to be reversed and reimplemented at the close of the following business day, or later if necessary. |
| Russell single exchange outage before 1pm | Changes on both exchanges are postponed and reimplemented at the close of the following business day, or later if needed. | If only one exchange is experiencing an outage and the other is functioning normally and FTSE Russell become aware of the outage before 1pm ET on the day of the index review trade date, the index review changes on both exchanges will be postponed and reimplemented at the close of the following business dayOpen p.5 ↗ |
For Russell 3000E reviews, if one NYSE or NASDAQ exchange has an outage and FTSE Russell learns of it before 1:00 p.m. ET, changes on both exchanges are postponed until the next business day's close or later. |
| Russell single exchange outage after 1pm | Changes on both exchanges proceed as scheduled. | If only one exchange is experiencing an outage on the day of the index review trade date and the other is functioning normally and FTSE Russell become aware of the outage after 1pm ET, the index review changes on both exchanges will proceed as scheduled.Open p.5 ↗ |
For Russell 3000E reviews, if one exchange has an outage and FTSE Russell learns of it after 1:00 p.m. ET, review changes on both exchanges proceed as scheduled. |
| Market disruption rule | FTSE Russell assesses unscheduled market closures and outages case by case, consulting advisory committees or stakeholders where practicable and deciding whether to proceed, postpone, cancel, reverse, or reapply index review changes. | Due to the unique nature of each market outage and unexpected closure, FTSE Russell will review each situation on a case-by-case basis and will determine the best course of action following consultation with its external advisory committees or other internal and external stakeholders (as far as is reasonably practical).Open p.4 ↗ |
Unscheduled closures and outages are handled case by case, with cancellation considered if an outage or closure lasts more than 10 business days and detailed timing rules governing postponement or reversal of reviews. |
| G7 Review and constituent changes · 11 fields | |||
| Scheduled holiday price and FX basis | Price basis: closing price on the Thursday prior to the third Friday; FX basis: foreign exchange rate as of the third Friday; Effective time: open on the Monday following the third Friday | the index review changes will be based on the closing price as of the Thursday prior to the third Friday and the foreign exchange (FX) rate as of the third Friday, with index changes being effective from the open on the Monday following the third Friday.Open p.4 ↗ |
When the third Friday is a non-business day for a market, review changes use the prior Thursday's closing price and the third Friday's FX rate, effective at Monday's open. |
| Extended market holiday consultation | FTSE Russell may consult market participants and proceed on schedule or delay the review until impacted markets reopen. | FTSE Russell may consult market participants before deciding on whether to proceed with an index review on its scheduled effective date or delay the effective date of the index review for the impacted markets until after those markets have reopened from the extended market holiday.Open p.4 ↗ |
If an extended market holiday affects users' ability to replicate an index review, FTSE Russell may consult participants and delay the impacted review until markets reopen. |
| Suspended securities indicative files | Index changes remain reflected in indicative review files until the Monday following the second Friday of the review month. | Index changes for these securities will continue to be reflected the indicative review files until the Monday following the second Friday of the index review month.Open p.7 ↗ |
Changes for securities identified as suspended remain in indicative review files until the Monday following the second Friday of the review month. |
| Temporary suspension due to corporate event exception | Changes are not postponed where a temporary suspension for a corporate event such as a rights issue, demerger, or accelerated entitlement offer has a confirmed resumption before the review effective date. | securities that are temporarily suspended due to certain corporate events such as but not limited to, rights issues, demergers, and accelerated entitlement offers etc, and have a confirmed resumption of trade date which occurs prior to the review effective date, will not have their index changes postponed.Open p.8 ↗ |
Securities temporarily suspended for specified corporate events are excepted from postponement if resumption is confirmed before the review effective date. |
| Friday suspension exceptional reversal | Review changes may be reversed in exceptional circumstances when a company suspends on the Friday before the effective date. | In exceptional circumstances, it may be deemed necessary to reverse the review changes when a company suspends on the Friday prior to review effective date.Open p.8 ↗ |
Although Friday suspensions generally proceed, FTSE Russell may reverse the review changes in exceptional circumstances. |
| Resumption before effective date after second friday | Scheduled changes are implemented for reviews whose indicative files are first published after resumption and before the review effective date. | Securities that are identified as being suspended as of the Monday following the second Friday of the index review month that resume trading before the index review effective date will have their scheduled review changes implemented for any index series reviews for which the indicative review files are initially published after the resumption of trading and before the index review effective date.Open p.8 ↗ |
A suspended security that resumes trading after the Monday following the second Friday but before the effective date receives scheduled changes only for index series whose indicative files are initially published after resumption. |
| Lock down period start | The review lock-down period begins on the Monday two weeks before the review effective date. | The commencement of the index review “lock-down” period is from the Monday two weeks prior to the review effective date.Open p.8 ↗ |
The index review lock-down period starts on the Monday two weeks before the review effective date. |
| Russell US active market requirement | Scheduled reconstitution or quarterly review changes are implemented only if an active market exists on the Friday effective date; otherwise they are postponed until resumption and implemented with notice. | Scheduled reconstitution or quarterly review changes will be implemented only when there is an active market for a security on the Friday effective date of the reconstitution or index review; otherwise the changes will be postponed and implemented with notice upon resumption of trading.Open p.8 ↗ |
For Russell US Indexes, scheduled reconstitution or quarterly review changes require an active market on the Friday effective date, or they are postponed and implemented with notice after trading resumes. |
| Effective date rule | Index changes normally take effect from the open on the Monday following the third Friday; scheduled market holidays may shift the pricing basis while retaining that schedule. | the index review changes will be based on the closing price as of the Thursday prior to the third Friday and the foreign exchange (FX) rate as of the third Friday, with index changes being effective from the open on the Monday following the third Friday.Open p.4 ↗ |
Ordinarily, index review changes are effective from the open of the Monday following the third Friday, with the prior Thursday's close used when the third Friday is a non-business day for a market. |
| Announcement rule | FTSE Russell publishes an informative notice of securities suspended before the Monday following the first Friday of the review month and provides appropriate notice for delays or reversals. | FTSE Russell will publish an informative notice listing the securities that are suspended before the Monday following the first Friday of the index review month.Open p.7 ↗ |
Before the Monday following the first Friday of the review month, FTSE Russell publishes an informative notice listing suspended securities, and it gives appropriate notice when review changes are delayed or reversed. |
| Suspended constituent rule | Scheduled review changes for suspended securities are generally postponed unless trading resumes before the effective date under the stated conditions; changes are implemented after resumption with T+5 notice. | FTSE Russell will review on a case-by-case basis, but will generally follow the below guidelinesOpen p.7 ↗ (not found verbatim in the PDF) |
Securities suspended on the second Friday without a confirmed resumption before the review effective date, or newly suspended from Monday through Thursday before the effective date, have review changes postponed and implemented after resumption with T+5 notice; Friday suspensions generally proceed. |
Open points · 12Model-written, for reference
- 1No explicit precedence rule between this policy and individual index methodologies was found.
- 2No standalone list of guiding principles such as representativeness, investability, or transparency was found.
- 3No ISO effective date for policy version v2.9 was found.
- 4No general review frequency for all covered indices was stated; the text refers to scheduled reviews and conditional Russell quarterly reviews.
- 5No data cutoff rule beyond pricing and FX timing for scheduled holidays was found.
- 6No default universe eligibility screens, buffer rules, reserve lists, turnover limits, fast-entry rules, ad-hoc deletion triggers, replacement policy, or deletion pricing rules were found.
- 7No specific treatment for cash dividends, bonus issues and splits as such, rights issues as such, placements or conversions as such, capital reductions, mergers, spin-offs, IPOs, risk warnings, delisting, bankruptcy, or listing transfers was found beyond definitions and halt/postponement procedures.
- 8No error correction or recalculation policy for published index levels was found.
- 9Not coveredG2 Calculation and publication: not covered by this edition
- 10Not coveredG3 Prices and market data: not covered by this edition
- 11Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 12Not coveredG8 Governance, changes and termination: not covered by this edition
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