| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 6 fields | |||
| Discretionary policy nature | Responses are typical policies rather than binding commitments because the course of external events is uncertain. | It should be stressed however that, by their very nature, the course of such events will be uncertain.Open p.3 ↗ |
FTSE Russell does not commit to following the proposed actions and will determine its response from the circumstances at the time. |
| Communication channels | technical notices sent directly to clients, information on FTSE Russell's website, global client servicing teams | Relevant technical notices will be sent directly to our clients and information will be provided on our website.Open p.3 ↗ |
Decisions will be communicated through direct technical notices, website information, and global client servicing teams. |
| Covered indices | FTSE Russell indices affected when clients cannot trade a market or security, including country indices, standard indices, indices with depositary receipts, and fixed income indices | External events can on occasion make it difficult or even impossible for FTSE Russell clients to trade securities on certain markets.Open p.3 ↗ |
The policy addresses FTSE Russell indices when external events make it difficult or impossible for clients to trade securities on certain markets. |
| Principles | Case-by-case analysis of circumstances, Consultation with external advisory committees and market participants where relevant, Timely client communication through technical notices and the website, Support for index replicability and investor exit, No automatic reinstatement after restrictions or closures end | FTSE Russell’s chosen course of action will depend on its analysis of the circumstances pertaining at the time and no commitment can be given that FTSE Russell will follow the proposed actions set out below.Open p.3 ↗ |
FTSE Russell says responses depend on the circumstances at the time, use consultation where relevant, are communicated as timely as events allow, and are designed with benchmarking and replication in mind. |
| Administrator | FTSE Russell / FTSE International Limited | FTSE International Limited is authorised as a Benchmark Administrator and regulated in the United Kingdom (UK) by the Financial Conduct Authority ("FCA") under the UK Benchmark Regulation.Open p.8 ↗ |
The policy is issued by FTSE Russell, and FTSE International Limited is authorised as a Benchmark Administrator and regulated in the UK by the FCA. |
| Rulebook version | v2.8 | The document version shown is v2.8. | |
| G6 Disruption, emergencies and corrections · 12 fields | |||
| Capital repatriation restriction policy | Severe restrictions or restrictions expected to exceed 20 local business days lead to removal; shorter or limited restrictions allow normal calculation, with reviews every 10 local business days and mandatory deletion after 40 local business days. | If, following consultation, FTSE Russell determines that the impact of the restrictions is likely to be severe and/or to last longer than 20 local business days (as measured by normal trading days for the local market), FTSE Russell will remove securities in the affected country from the FTSE Russell indices.Open p.4 ↗ |
For capital repatriation restrictions, FTSE Russell consults, removes securities if impact is severe or likely to exceed 20 local business days, otherwise calculates normally, revisits retention after 10 local business days, and deletes after 40 local business days. |
| Capital repatriation removal price | Removal is at market price with two local business days' notice when the exchange functions and settlement plus slow repatriation are feasible; otherwise removal is at zero value with two local business days' notice. | If the local stock exchange is functioning normally, such that sales can be settled and repatriation is slow but feasible, FTSE Russell will remove the affected securities at market price with two local business days’ notice.Open p.4 ↗ |
Affected securities are removed at market price with two local business days' notice if normal exchange settlement and slow but feasible repatriation are available, and at zero value otherwise. |
| Standalone country index after removal | A standalone country index based on local exchange prices may be created, along with custom combinations excluding the affected country. | To assist existing investors in benchmarking their performance, if securities from the affected country are removed from the FTSE Russell indices, a standalone country index will be created based on local exchange prices.Open p.4 ↗ |
If an affected country is removed, FTSE Russell may create a standalone country index based on local exchange prices and custom combinations with revised indices. |
| Market reinclusion after repatriation restrictions | Markets are not automatically reinstated; country classification is re-evaluated under the standard new-market procedure and timetable, potentially including a watch-list period. | Once the restrictions have been lifted, the market will not be automatically re-included in the standard FTSE Russell indices, but rather the status of the market in the respective FTSE country classification frameworks will be re-evaluated.Open p.4 ↗ |
After repatriation restrictions are lifted, the market is not automatically re-included and must be re-evaluated under FTSE country classification procedures. |
| National market closure price policy | Country index securities are held at last traded price for up to 20 local business days, with possible extensions of 10 local business days twice; if deletion conditions are met, they are deleted at zero value or a valid grey-market price. | Securities in the country index will be held at their last traded price for a period of up to 20 local business days (as measured by normal trading days for the local market).Open p.5 ↗ |
During an extended national exchange closure, securities are held at last traded price for up to 20 local business days, extensions may add two further 10-business-day periods, and eventual deletion is at zero or a valid grey-market price. |
| National market closure reinclusion policy | Reopening within three months leads to new-issue evaluation, country index resumption when at least five securities are eligible, and reinclusion at the next quarterly review; closure beyond three months triggers country classification reassessment. | Should the stock market reopen after the country’s constituents have been removed from the FTSE Russell indices but within three months of the original closure, securities that recommence trading will be evaluated for inclusion in the FTSE Russell indices as if they were new issues.Open p.5 ↗ |
After a closure, markets reopening within three months are evaluated as new issues and can resume at the next quarterly review once five securities are eligible, while closures over three months require classification reassessment. |
| Sanctions policy | US, UK, or EU sanctions prohibiting investment generally result in deletion at market value with at least two business days' notice, or zero value when immediate, suspended, or notice is impossible; capital-raising-only sanctions result in retention with affected corporate events suspended. | FTSE Russell will delete the sanctioned securities from FTSE Russell indices with the provision of a minimum two business days advanced notification at market value.Open p.6 ↗ |
FTSE Russell handles sanctions case by case, deleting sanctioned securities at market value or zero value depending on notice and suspension, while retaining constituents affected only by capital-raising sanctions and suspending related corporate events. |
| Security trading restriction policy | FTSE Russell may postpone or cancel index changes, remove the constituent, reverse scheduled review changes, or immediately remove the security at zero value, normally with at least two business days' notice; re-eligibility begins only after restrictions are lifted. | This may include postponing or cancelling the implementation of any index changes in the security (including scheduled index review changes); or removing constituents from the FTSE Russell indices.Open p.6 ↗ |
When a security cannot be traded and benchmark replication is compromised, FTSE Russell may postpone, cancel, reverse, or remove the related index changes, with two business days' notice or immediate zero-value removal in severe cases. |
| Depositary receipt suspension policy | Suspended depositary receipts are held at last traded price for up to 20 local business days, with possible 10-business-day extensions; FTSE Russell may remove them at the equivalent price of underlying local shares or while liquidity remains. | The DRs in the index will be held at their last traded price for a period of up to 20 local business days (as measured by normal trading days for the local market).Open p.7 ↗ |
For suspended depositary receipts, FTSE Russell holds the DRs at last traded price, may extend twice by 10 local business days, and may remove them at the equivalent local share price or while liquidity supports exit. |
| Fixed income disruption reference | FTSE Russell references its Statement of Principles for Fixed Income Indices for fixed-income market disruption events. | FTSE Russell references its Statement of Principles for Fixed Income Indices to determine the most appropriate course of action in cases where a market disruption event is deemed to have taken place.Open p.7 ↗ |
For fixed income markets, a market disruption event such as sudden capital controls is handled by reference to FTSE Russell's Statement of Principles for Fixed Income Indices. |
| Market disruption rule | FTSE Russell applies scenario-specific, case-by-case treatment for capital repatriation restrictions, extended national market closures, sanctions, exceptional market disruption, security-level trading restrictions, suspended depositary receipts, and fixed-income market disruption events. | Should market conditions be such that the ability of investment managers to implement major index events, including index reviews, is compromised, FTSE Russell will review the market conditions on a case-by-case basisOpen p.6 ↗ |
When clients cannot trade a market or security, FTSE Russell reviews the disruption scenario and may retain securities at last traded prices temporarily, postpone index events, remove securities at market or zero value, use alternative prices, or refer fixed income cases to its Statement of Principles. |
| Emergency procedure | In exceptional market disruption, FTSE Russell may postpone an index event, including an index review or country classification change, after case-by-case review and consultation, and will give advance notice of the postponement and intended course of action. | In the event of exceptional market disruption, FTSE Russell may postpone implementation of the event, including an index review and country classification changes, until market conditions have stabilized or the event can be managed appropriately.Open p.6 ↗ |
During exceptional market disruption, FTSE Russell may postpone implementation of major index events until conditions stabilize or the event can be managed, with advance notice. |
Open points · 10Model-written, for reference
- 1No rulebook effective date was stated.
- 2No precedence rule relating this policy to an individual index methodology was stated.
- 3No general error correction or restatement policy was stated.
- 4No policy for recalculating already published index levels was stated.
- 5Not coveredG2 Calculation and publication: not covered by this edition
- 6Not coveredG3 Prices and market data: not covered by this edition
- 7Not coveredG4 Corporate events: not covered by this edition
- 8Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 9Not coveredG7 Review and constituent changes: not covered by this edition
- 10Not coveredG8 Governance, changes and termination: not covered by this edition
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