| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 6 fields | |||
| Document scope | Country classification and investability requirements for classifying countries as developed, emerging or frontier. | The Indxx Country Classification and Investability Requirements document details the framework used in classification of countries as developed, emerging or frontier.Open p.3 ↗ |
The document sets out the framework used to classify countries as developed, emerging or frontier markets. |
| China A shares methodology dependence | China A-Shares inclusion is subject to the eligibility criteria explicitly stated in the relevant index methodology. | China A-Shares inclusion in an Index is subject to eligibility criteria explicitly mentioned in the methodology.Open p.7 ↗ |
Including China A-Shares in an index depends on eligibility criteria expressly stated in that index's methodology. |
| Covered indices | Indxx Global Indices, Indxx Developed Market Indices, Indxx Emerging Market Indices, Indxx Frontier Market Indices | Indxx Global Indices: Indxx Global Indices are designed to track the performance of securities that have a listing in Developed and Emerging Markets, as defined by Indxx.Open p.6 ↗ |
The requirements apply to Indxx country classification and regional index frameworks covering global, developed-market, emerging-market and frontier-market indices. |
| Principles | rules-based country classification, economic criteria, financial criteria, institutional criteria | The framework follows rulesbased criteria to evaluate the economic, financial and institutional characteristics of a country.Open p.3 ↗ |
The country classification framework uses rules-based criteria covering economic, financial and institutional characteristics. |
| Administrator | Indxx, Inc. | This methodology document and all information contained herein including, without limitation, all text, data, graphs, charts, visuals and theory (collectively, the “information”), were created by and is the sole property of Indxx, Inc.Open p.8 ↗ |
The administrator and owner of the methodology is Indxx, Inc. |
| Rulebook version | August 2023 | August 2023Open p.1 ↗ |
The document is identified by the August 2023 issue date. |
| G6 Disruption, emergencies and corrections · 3 fields | |||
| Extraordinary market event reclassification | The Index Committee may change a country classification intra-year during extraordinary market situations such as economic crisis, political instability or environmental disaster. | In extraordinary market situations including but not limiting to economic crisis, political instability, environmental disaster, Index committee reserves the right to change its country classification intra annually.Open p.6 ↗ |
During extraordinary market events, the Index Committee may reclassify a country between scheduled reviews, including deleting it from developed or emerging market classification. |
| Sanctions treatment | Indxx reviews trading sanctions case by case and may delete affected securities from live indices or block them from inclusion, with a public announcement. | Indxx will review the sanctions on case-by-case basis and, after comprehensive analysis, Indxx will take necessary measures keeping in mind the best interest of an index.Open p.7 ↗ |
When sanctions affect companies, securities, exchanges or countries, Indxx reviews the case and may delete or exclude affected securities, while publicly announcing the treatment. |
| Reentry after sanctions removal | Required post sanction trading history: 6 months | Companies/securities excluded or not considered in index constituents can be considered for inclusion in subsequent reconstitutions once respective sanctions are removed provided the security is traded for at-least 6 months after lifting the sanctions.Open p.7 ↗ |
Securities excluded because of sanctions may be reconsidered after sanctions are removed, provided they have traded for at least six months after removal. |
| G7 Review and constituent changes · 7 fields | |||
| Classification review schedule | Frequency years: 5; Month: July; Review subject: Indxx Country Classification and Investability Requirements | Indxx reviews its Indxx Country Classification and Investability Requirements document once in five years in July.Open p.6 ↗ |
Indxx reviews its Country Classification and Investability Requirements once every five years in July. |
| Reclassification eligibility | Countries meeting developed and emerging market criteria are eligible for reclassification. | The countries that are eligible for developed and emerging market criteria are eligible for reclassification.Open p.6 ↗ |
Countries eligible under developed and emerging market criteria may be reclassified at the review. |
| China A shares review | The Index Committee will review the China A-share market for possible inclusion at the next annual review. | The China A-share market will be reviewed for possible inclusion by the Index Committee at the next annual review.Open p.7 ↗ |
China A-shares are to be considered for possible inclusion by the Index Committee at the next annual review. |
| Sanctions announcement | Public announcement required for new sanctions and the resulting treatment. | In all cases, Indxx will make a public announcement about the new sanctions and treatment being done.Open p.7 ↗ |
Indxx will publicly announce new sanctions and how affected securities will be treated. |
| Review frequency | Semi-annual | Indxx reviews its Indxx Country Classification and Investability Requirements document once in five years in July.Open p.6 ↗ |
The document states a recurring five-year July review cycle for the Country Classification and Investability Requirements; because no supplied review-frequency enum represents a five-year cycle, this field is not mapped beyond the supplied text. |
| Universe eligibility | Developed markets minimum average daily turnover USD mn: 2; Emerging markets minimum average daily turnover USD mn: 1; Frontier markets minimum average daily turnover USD mn: 0.5; Measurement period months: 6 | Developed Markets: Minimum average daily turnover for the last 6 months should be greater than or equal to US$ 2 mn.Open p.6 ↗ |
Securities must meet six-month minimum average daily turnover thresholds of US$2 million in developed markets, US$1 million in emerging markets and US$0.5 million in frontier markets. |
| Ad hoc deletion triggers | Other | External events such as trading sanctions on certain companies or securities, exchanges or countries may make it difficult or impossible for investors to access certain index constituents.Open p.7 ↗ |
Securities may be removed between scheduled reviews in sanctions-related situations that impair investor access. |
Open points · 12Model-written, for reference
- 1No explicit precedence rule stating whether these requirements or an individual index methodology prevail was found.
- 2No numeric effective date beyond the August 2023 document date was found.
- 3No market-closure calculation rule, emergency calculation or publication procedure, error correction policy, or recalculation policy was found.
- 4No periodic constituent review effective-date rule, data cutoff rule, announcement lead time, buffer rule, reserve list, turnover limit or replacement policy was found.
- 5No fast-entry rule for large new listings was found.
- 6No general deletion-price rule or suspended-constituent treatment at periodic reviews was found.
- 7The supplied enum for review frequency does not include the stated five-year country-classification review cycle; the schedule is recorded separately in extra.
- 8Not coveredG2 Calculation and publication: not covered by this edition
- 9Not coveredG3 Prices and market data: not covered by this edition
- 10Not coveredG4 Corporate events: 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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