| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 7 fields | |||
| Change history | October 2023: Change in the STOXX logo, November 2023: Clarification in sub-section ‘Corporate Actions’, December 2023: Changes in Special Cash Dividend treatment for Gross Return indices, August 2024: Changes in treatment for rights issues and Mergers and Acquisitions, August 2024(2): Rule clarifications in section Open Quotations, January 2025: Change in STOXX logo, alignment of fonts to STOXX Brandbook, update of Customer Support contact details, and Rule clarification in section Mergers and Takeovers, May 2025: Correction in STOXX Eurex Calendar, addition of STOXX USA Calendar and removed reference of STOXX ESG Methodology guide, November 2025: Rule clarification on Data Accuracy, STOXX Currency Rates and Introduction to the STOXX Index Guides, January 2026: Rule clarification in section Intraday snapshot data, January 2026(2): Rule clarification for Ordinary adjustments in Free Float Factors and Share Adjustments, April 2026: Removed reference of STOXX Currency Rates Indices Methodology guide, September 2026: Addition of reference to the Guide to Reference Calculations used by STOXX Ltd. | October 2023: Change in the STOXX logo November 2023: Clarification in sub-section ‘Corporate Actions’ December 2023: Changes in Special Cash Dividend treatment for Gross Return indices August 2024: Changes in treatment for rights issues and Mergers and AcquisitionsOpen p.6 ↗ |
The guidebook lists changes from October 2023 through September 2026 but does not state a single version label or general effective date in the supplied sections. |
| Covered indices | STOXX equity indices | The STOXX Calculation guide provides a general overview of the calculation of the STOXX » equity indices, the dissemination, the index formulas and adjustments due to corporate actionsOpen p.4 ↗ |
The calculation guide covers the general calculation, dissemination, formulas and corporate-action adjustments for STOXX equity indices. |
| Precedence rule | Individual index methodologies specify exceptions or additional index-specific rules; this guide states the default rules. | STOXX Europe Calendar: every weekday except January 1st, Good Friday, Easter Monday, December 25th and December 26th (this is the default calendar for any index, unless differently specified in the relevant index methodology)Open p.7 ↗ |
Index-specific methodologies govern construction, selection and weighting and may specify exceptions to the general calculation rules. |
| Principles | rule-based and automatic methodology, accurate and reliable measurement of market or economic reality, Representativeness, Replicability, market integrity | Save for the cases expressly described in this Guide, the index methodology is entirely rule-based and automatic. Discretion only applies if expressly stated and must be exercised as provided for in this Guide.Open p.30 ↗ |
The guide is generally rule-based and automatic, while discretion must preserve accurate and reliable market measurement, representativeness, replicability and market integrity. |
| Administrator | STOXX Ltd. | The cases in which STOXX Ltd. may exercise discretion regarding the index methodology and its application are noted in the respective rules of this Guide.Open p.30 ↗ |
STOXX Ltd. is the index administrator issuing and applying the guide. |
| Rulebook version | — | — (not found verbatim in the PDF) |
|
| Effective date | — | — (not found verbatim in the PDF) |
|
| G2 Calculation and publication · 12 fields | |||
| Settlement values | Daily settlement values are the average of 41 index values disseminated between 11:50 and 12:00 CET. | The index settlement values are calculated daily as the average of the 41 index values disseminated between 11:50 CET and 12:00 CET.Open p.11 ↗ |
Index settlement values are calculated daily from the average of 41 values between 11:50 and 12:00 CET. |
| Formula type | Divisor | The indices are calculated with the Laspeyres formula, which measures price changes against a fixed base quantity weight. Each index has a unique index divisor, which is adjusted to maintain the continuity of the index’s values across changes due to corporate actions.Open p.15 ↗ |
Indices use the Laspeyres formula with a unique divisor adjusted for corporate-action changes. |
| Return variants | PR, GTR, NTR | All indices are calculated as price and return indices. Dividend payments are invested in return indices only and neglected in price indices. Return indices are available as gross-return versions, calculated with a full dividend re-investment and as net-return investment, where dividends minus the withholding taxes are invested.Open p.14 ↗ |
Indices are calculated as price, gross-return and net-return versions. |
| Dividend treatment | Dividends are neglected in price indices, fully reinvested in gross-return indices, and reinvested after withholding taxes in net-return indices. | Dividend payments are invested in return indices only and neglected in price indices. Return indices are available as gross-return versions, calculated with a full dividend re-investment and as net-return investment, where dividends minus the withholding taxes are invested.Open p.14 ↗ |
Cash dividends affect return indices only: gross return reinvestes the full dividend and net return reinvestes the dividend less withholding tax. |
| Withholding tax basis | Country-specific withholding tax rates, with company-specific exceptions when STOXX becomes aware of confirmed deviating tax treatment. | Withholding taxes are considered for all corporate actions and dividends where applicable and defined per country. If STOXX becomes aware of an exception on the taxation; e.g. in case a company confirms a deviating tax treatment the exception will be used for the index calculation.Open p.18 ↗ |
Withholding taxes are applied where applicable according to country, except that a confirmed company-specific deviating tax treatment is used. |
| Divisor adjustment rule | The new divisor equals the old divisor multiplied by the closing capitalisation plus the corporate-action change in adjusted capitalisation, divided by the closing capitalisation. | Each index has a unique index divisor that is adjusted to maintain the continuity of the index’s values across changes due to corporate actions. Changes in weights due to corporate actions are distributed proportionally across all index components.Open p.16 ↗ |
The divisor is recalculated from the change in adjusted free-float market capitalisation, or adjusted units for price-weighted indices, so the index value remains continuous. |
| Divisor adjustment events | regular cash dividends in return indices, special cash dividends, splits and reverse splits, rights issues, stock dividends, return of capital and share consolidation, share repurchases and self-tenders, spin-offs, combined stock distributions and rights offerings, company additions and deletions, free float and share changes, mergers and takeovers | Divisor Cash distributions that are within the scope of the regular dividend policy decreases or that the company defines as a regular distribution.Open p.18 ↗ |
Corporate actions, additions and deletions, and free-float or share changes determine divisor adjustments according to their specific rules. |
| Calculation frequency | Real time interval seconds: 15; End of day: Yes | Real-time indices: Calculated and disseminated every 15 seconds during the index dissemination period. End-of-day indices: Calculated and disseminated once a day at the end of the index dissemination period.Open p.8 ↗ |
Real-time indices are calculated and disseminated every 15 seconds, while end-of-day indices are calculated once at the end of the dissemination period. |
| Calculation times | General dissemination window: Monday through Friday 00:00-22:15 CET; Start: opening of the first trading system; End: closure of the last trading system in the regional universe | The STOXX indices are disseminated Monday through Friday between 0:00 and 22:15 CET, according to the calendars defined below.Open p.7 ↗ |
Indices are generally disseminated Monday to Friday from 00:00 to 22:15 CET, with each index's actual period beginning on the first opening price and ending when its regional universe closes. |
| Precision | 2 | Index values: rounded to two decimal places for disseminationOpen p.9 ↗ |
Published index values are rounded to two decimal places. |
| Currency | EUR, USD, other index-specific currencies | All stock prices of the indices are converted to EUR and USD, as follows:Open p.14 ↗ |
Indices are calculated in EUR and USD, and some indices are additionally available in other currencies. |
| Publication channels | Deutsche Börse Consolidated Exchange Feed, data vendors, STOXX website, email notifications | The index values are disseminated over the Consolidated Exchange Feed (CEF) of Deutsche Börse and can be procured directly from data vendors.Open p.8 ↗ |
Index values are disseminated through Deutsche Börse's Consolidated Exchange Feed and data vendors, while reports, notifications and rulebooks are available through the STOXX website and email alerts. |
| G3 Prices and market data · 8 fields | |||
| Price conversion path | Local-currency stock prices are converted first to EUR and then to the index currency. | Stock prices in local currency are converted to EUR first before being converted to the index currency.Open p.10 ↗ |
For non-EUR index currencies, local stock prices are converted to EUR before conversion into the index currency. |
| Opening price rule | The opening price is the first traded price during official trading hours; until it is available, the previous day's closing or adjusted price is used. | The opening price: the first traded price during the official trading hours of the stock’s trading system; until this is available, the previous day’s closing/adjusted price is used.Open p.10 ↗ |
The first traded price is the opening price, and the prior closing/adjusted price is used before the open is available. |
| Monitoring | data filters, quality assurance tools, verification against secondary sources | The real-time input data feeds for the index calculation are monitored by:Open p.9 ↗ |
Real-time input data feeds are monitored through data filters, quality assurance tools and verification against secondary sources. |
| Price source | Thomson Reuters stock prices; first traded price for opens, current traded price intraday, and last traded or auction price for closes, with the previous close or adjusted price when no trade exists. | The data hierarchy used to process stock prices and calculate the STOXX equity indices are as follows. All data are provided by Thomson Reuters.Open p.10 ↗ |
All equity-index stock prices are provided by Thomson Reuters and follow the opening, intraday and closing price hierarchy. |
| Closing price rule | The closing price is the last traded price or auction price during official trading hours; if the stock does not trade all day, the previous day's closing or adjusted price is used. | The closing price: the last traded price or auction price during the official trading hours of the stock’s trading system is used. If the stock has not been traded all day, then the previous day’s closing/adjusted price is used.Open p.10 ↗ |
The close uses the last trade or auction price, falling back to the previous closing/adjusted price when there has been no trade. |
| Suspended price rule | When a stock is not traded, the last available intraday price is used for a temporary suspension, or the last available closing/adjusted price when the exchange is closed. | When the stock is not traded, the last available stock price is used, this can either be the last available intraday stock price (e.g. if the stock is temporarily suspended) or the last available closing/adjusted price (e.g. if the stock exchange is closed).Open p.10 ↗ |
Untraded or temporarily suspended securities use the latest available intraday or closing/adjusted price. |
| Exchange rates | Source: WMR Spot Rates provided by FTSE International Ltd; Real time: midpoint between WMR intraday bid and ask rates, rounded to seven decimals; Closing: midpoint between WMR closing bid and ask rates, rounded to seven decimals | STOXX computes the STOXX Currency Rates based on the WMR Spot Rates (intraday and Closing) provided by FTSE International Ltd.Open p.9 ↗ |
STOXX currency rates use WMR intraday and closing spot-rate midpoints from FTSE International, rounded to seven decimals. |
| Data sources | trading platforms, regulatory agencies, companies in the investable stock universe, Thomson Reuters real-time and end-of-day stock prices and currency exchange rates, related data and service providers, FTSE International Ltd. WMR Spot Rates | The input data sources for the index production include:Open p.9 ↗ |
Input data come from exchanges, regulators, companies, Thomson Reuters, FTSE/WMR and related service providers. |
| G4 Corporate events · 17 fields | |||
| Special cash dividend | Special cash dividends reduce the divisor in gross-return, net-return and price indices; gross uses the full dividend while net and price deduct the after-tax amount. | Cash distributions that are outside the scope of the regular dividend policy decreases or that the company defines as an extraordinary distribution.Open p.19 ↗ |
Extraordinary cash distributions affect all three return variants, with withholding tax applied for net and price index adjustments. |
| Repurchase self tender | Self-tenders adjust price and reduce shares for free-float market-capitalisation indices, decreasing the divisor; weighting factors are adjusted for price-weighted indices. | Divisor padj = [(pt-1 × st-1) – (tender price × number of tendered shares)] / sadjOpen p.22 ↗ |
Share repurchases and self-tenders follow the tender-price formula and corresponding share or weighting-factor adjustments. |
| Payment default and dividend data change | A payment default or post-ex-date dividend change is corrected by a negative reinvestment through the divisor if discovered within three months; historical index values are not corrected. | A correction is applied, when a dividend is declared unpaid (payment default) or the dividend amount is changed by the company after the ex-date1.Open p.28 ↗ |
Unpaid or corrected dividends are corrected prospectively through the divisor within the three-month discovery window without rewriting history. |
| Sector change | Corporate-action-driven sector changes are announced immediately and implemented in two trading days; primary-revenue changes follow the quarterly schedule. | The indices are updated with the sector changes; the timing depends on the cause of the change:Open p.27 ↗ |
Sector classifications are updated immediately when caused by corporate actions and quarterly when caused by changes in primary revenue source. |
| Cash dividend | Regular cash distributions reduce the divisor in return indices; price indices are not affected, with gross return deducting the full dividend and net return deducting the dividend after withholding tax. | Cash distributions that are within the scope of the regular dividend policy decreases or that the company defines as a regular distribution. Gross Return Indices: padj = pt-1 - Divt Net Return Indices: padj = pt-1 - Divt × (1 – 𝜏*)Open p.18 ↗ |
Ordinary cash dividends are reinvested in gross- and net-return indices and neglected in price indices. |
| Bonus and split | Splits, reverse splits and ordinary stock dividends adjust price and share count or weighting factor while leaving the divisor unchanged; treasury and redeemable stock dividends are treated like cash dividends. | Divisor padj = pt-1× A / B a) For free float market capitalization weighted indices: unchanged sadj = st-1 × B / AOpen p.19 ↗ |
Bonus issues, stock dividends, splits and reverse splits adjust prices and shares or weighting factors, generally without changing the divisor. |
| Rights issue | In-the-money rights issues adjust price and shares or weighting factors; highly dilutive, non-underwritten issues receive special treatment, including temporary rights inclusion. | If the subscription price (SP) is not available or equal to or greater than the closing price on the day before the ex-date (out-of-the-money), then no adjustment is made.Open p.19 ↗ |
Rights issues are adjusted when the fixed subscription price, or both bounds of a price range, are in the money; highly dilutive issues follow underwriting and tradability scenarios. |
| Other share changes | Share and free-float changes do not alter prices; the resulting change in market capitalisation or units determines the divisor adjustment, subject to the thresholds in section 8.2. | No price adjustments are made. The change in market capitalization (for price weighted indices: the change in units) determines the divisor adjustment. Please refer to 8.2. for further details.Open p.23 ↗ |
Placements, conversions and other share or free-float changes are implemented according to the ordinary or extraordinary share-adjustment rules. |
| Capital reduction | A return of capital with share consolidation is treated as a cash or special cash dividend combined with a reverse split. | The event will be applied as a combination of cash/special dividend together with a reverse split.Open p.21 ↗ |
Capital returns and consolidation apply the relevant dividend treatment together with reverse-split share and price adjustments. |
| Merger acquisition | Targets receive an extraordinary free-float adjustment or are deleted depending on tender results and remaining free float; qualifying surviving stocks replace affected stocks according to index family rules. | A merger or takeover will result in an extraordinary free float adjustment of the target company in STOXX indices following the publication of the results of each tender offer period or the publication of the result when the tender offer period is extended, if all the following conditions are met:Open p.24 ↗ |
Mergers and takeovers trigger target free-float adjustments or deletions and replacement by qualifying surviving companies, generally announced immediately and implemented after two trading days. |
| Spin off | Each spin-off is temporarily added at an estimated price when exchange listing and data are available, then retained only if it satisfies the applicable buffer or TMI qualification rules. | Each spin-off stock is temporarily added to all affected indices, including the fixed component indices, based on an estimated price. As a precondition a listing on one of the eligible exchanges, pricing and instrument reference data must be available.Open p.26 ↗ |
Spin-off securities are temporarily added and are subsequently retained or deleted based on eligibility and buffer rules. |
| New listing | Forecasts include recent IPOs that could qualify for the indices; no general fast-entry rule is stated in the supplied calculation guide. | Mergers, takeovers, spin-offs, price and shares adjustment, and IPOs for the coming week. Initial public offerings (IPOs): recent IPOs that could qualify for the indices; for the STOXX Europe IPO Indices.Open p.12 ↗ |
The guide publishes IPO corporate-action forecasts, but IPO eligibility and fast-entry rules are left to the relevant methodology guides. |
| Suspension | Securities suspended for at least 10 consecutive days are deleted unless a resumption date is announced or the suspension is due to a corporate action; special cut-off rules apply during quarterly review week. | Stocks are deleted if being suspended from trading for 10 consecutive days or more and not having announced a resumption trading date.Open p.27 ↗ |
Long suspensions lead to deletion except where resumption or the corporate-action nature supports retention, and the Tuesday before the review Friday is used for review-week decisions. |
| Risk warning | — | — (not found verbatim in the PDF) |
|
| Delisting | Officially delisted companies are deleted using the primary-market traded price, an OTC price, or an artificial price of 0.0000001 local currency if neither is available; China Connect ineligibility has special timing. | Stocks are deleted following official delisting. A company will be deleted from the index based on the traded stock price on its primary market, if available, or else the OTC stock price; if neither price is available, the company will be deleted at close in local currency of 0.0000001.Open p.28 ↗ |
Delisting results in immediate deletion under the stated price hierarchy and announcement/implementation schedule. |
| Bankruptcy | A company that has filed for bankruptcy is deleted using the traded primary-market price where available, otherwise an artificial price of 0.0000001 local currency. | Stocks are deleted following ongoing bankruptcy proceedings: a company that has filed for bankruptcy will be deleted from the index based on the traded stock price on its primary market, if available; if the last price is not available, the company will be deleted at close in local currency of 0.0000001.Open p.28 ↗ |
Bankruptcy filings trigger deletion, announced immediately and implemented two trading days later. |
| Transfer of listing | — | — (not found verbatim in the PDF) |
|
| G5 Shares, free float and weight factors · 11 fields | |||
| Product rounding | The product of shares, free float and weighting cap factor is rounded to two decimals, while the product of weight factor and cap factor is rounded to an integer. | Product of (number of shares x Free float factor x weighting capfactor): rounded to two decimals Product of (weightfactor x weighting capfactor): rounded to integer numbersOpen p.9 ↗ |
Share/free-float/cap products and weighting-factor/cap products use separate rounding conventions. |
| Review implementation week timing | An extraordinary adjustment due during quarterly implementation week is aligned with the review effective date when at least two trading days' notice can be given. | An extraordinary free float and share adjustment that would be effective during the quarterly review implementation week will become effective on review effective date, provided that minimum 2 trading days` notice can be given.Open p.24 ↗ |
Extraordinary free-float or share changes in implementation week are deferred to the review effective date if sufficient notice exists. |
| Share count basis | Outstanding number of shares, reviewed quarterly and adjusted for corporate actions. | Ordinary adjustments: The free float factors and outstanding number of shares are reviewed on a quarterly basis based on the most recent available data.Open p.23 ↗ |
The number of outstanding shares is used for market-capitalisation and dividend-point calculations and is reviewed quarterly. |
| Free float definition | — | — (not found verbatim in the PDF) |
|
| Restricted shares | — | — (not found verbatim in the PDF) |
|
| Free float sources | most recent available data, publicly available information, trading platforms, regulatory agencies, companies in the investable stock universe, related data and service providers | Ordinary adjustments: The free float factors and outstanding number of shares are reviewed on a quarterly basis based on the most recent available data.Open p.23 ↗ |
Free float and share data are based on the most recent available public, regulatory, company, exchange and service-provider information. |
| Free float factor | Method: Free float | Free float factors: rounded to four decimal placesOpen p.9 ↗ |
Free float factors are continuous factors rounded to four decimal places; no band schedule is stated in the supplied sections. |
| Share change threshold | Share count change: 10; Free float factor change percentage points: 5; Free float adjusted shares change: 10 | Changes greater than ± 10% to the number of shares from one trading day to the next are announced immediately, implemented two trading days later and effective the next trading day after implementation.Open p.24 ↗ |
Share-count or free-float-adjusted share changes above ±10%, or free-float factor changes above ±5 percentage points, receive extraordinary two-trading-day implementation; smaller changes wait for the quarterly review. |
| Free float update timing | Quarterly ordinary updates use a cut-off five trading days before the last trading day of February, May, August and November; corporate-action-driven changes are immediate or follow threshold-based two-trading-day implementation. | The review cut-off date for free float and number of shares data is five trading days before the last trading day to the pre-review month, i.e., of February, May, August and November. Data arriving after the cut-off dates are implemented in the following quarterly review.Open p.24 ↗ |
Free float and shares ordinarily become effective on quarterly implementation dates, with extraordinary updates implemented according to the stated thresholds. |
| Foreign ownership limit | — | — (not found verbatim in the PDF) |
|
| Weight capping procedure | Weighting cap factors are included in market capitalisation, units and rounding rules only where the index is capped. | = Weighting cap factor of company (i) at time (t) (only applicable if index is cfit capped)Open p.16 ↗ |
The guide provides the mathematical use and rounding of weighting-cap factors for capped indices, while the capping rules themselves are index-specific. |
| G6 Disruption, emergencies and corrections · 6 fields | |||
| Calculation error definition | A calculation error is provision or application of index values, constituents, weightings, capping or other methodology elements in a manner inconsistent with the index methodology. | This section outlines the rules and procedures applicable in case of a calculation error, meaning the provision of index values, usage of index constituents or other elements or the application of weightings, capping, or other aspects of the index methodology in a manner that is not in line with this index methodology, e.g. due to a mistake, incorrect input data, etc.Open p.40 ↗ |
The correction policy covers mistakes, incorrect input data and misapplication of constituents, weights, capping or other methodology elements. |
| Dissemination suspension | Index dissemination may be suspended if correction will take time and misleading values could create financial, legal or reputational risk; dissemination resumes when correct calculation and historical values are available. | A suspension of index dissemination is triggered when STOXX Committee decides that the correction will take significant time during which misleading index values could lead to financial, legal and reputational risks (Discretionary Rule, see Section 9)).Open p.40 ↗ |
Committees may suspend dissemination during a protracted correction and resume it once correct calculations and history are feasible. |
| Market disruption rule | Limitations, including market disruption, exchange closure, data insufficiency and unforeseeable events, are assessed by the IGC, which may rectify them through temporary methodology deviations or cancel a review. | market disruption which results in the performance of the index being unable to be tracked; » events with a market impact that by their nature could reasonably not be foreseen, or » events whose impact on an index or the economic reality the index intends to represent, cannot be determined in advance.Open p.33 ↗ |
When market disruption or another limitation prevents normal calculation, the IGC decides whether and how to deviate from the methodology while the limitation persists. |
| Emergency procedure | For limitations or force majeure, STOXX may announce deviations or notifications late or by other means, and measures are generally implemented two dissemination days later and effective the next dissemination day. | Any measures will be implemented two dissemination days later and will enter into effect the next dissemination day after implementation, unless a different effective date is specified in the notification.Open p.33 ↗ |
Emergency limitation measures are announced as soon as possible and implemented on the stated two-dissemination-day schedule unless the notification specifies otherwise. |
| Error correction policy | Errors known before 15:30 CET are corrected without delay on the same dissemination day where feasible; errors known at or after 15:30 are aimed to be corrected by the end of the next dissemination day. | STOXX Ltd. corrects a Calculation Error without delay on the dissemination day it occurred, provided that STOXX Ltd. becomes aware of such Calculation Error before 15:30 CET of that dissemination day and insofar as technically and operationally feasible.Open p.40 ↗ |
Calculation errors follow a rule-based same-day or next-dissemination-day correction process depending on the 15:30 CET awareness cut-off. |
| Recalculation policy | Previous incorrect values or input data are amended only when needed for subsequent index calculations, and incorrect real-time values disseminated before correction are not restated; non-rule-based restatement requires committee assessment. | STOXX Ltd. amends without undue delay previous incorrect index values or input data only if they are required for the subsequent index values calculation. Incorrect real-time index values disseminated before the effective time of the correction are not restated.Open p.40 ↗ |
History is generally not restated for real-time errors, while committees may order restatement when rule-based correction is unavailable and replication is no longer possible. |
| G7 Review and constituent changes · 15 fields | |||
| Illiquidity threshold | 10 trading days | Stocks are deleted if their illiquidity is due to not being traded for 10 trading days as observed during the quarterly Review of the STOXX Total Market and the STOXX GCC Total Market indices as stated in the STOXX Index Methodology Guide section 6.1.2 and 6.4.2.Open p.27 ↗ |
Stocks are deleted when illiquidity is observed as no trade for 10 trading days during the specified TMI quarterly review. |
| Post review merger deletion alignment | A merger or takeover deletion due within two trading days after a review effective date is implemented at the review effective date if two trading days' notice can be given. | If the completion of a merger or a takeover would lead to a deletion effective within 2 trading days following review effective date, the event will be implemented at review effective date, provided that 2 trading days` notice can be given.Open p.26 ↗ |
Merger deletions immediately after a review may be aligned with the review effective date. |
| Review frequency | Quarterly | The quarterly implementation for all indices is by default on the third Friday in March, June, September and December, otherwise, specified in the respective STOXX Methodology GuidesOpen p.12 ↗ |
The default quarterly implementation occurs in March, June, September and December, with other review schedules specified in index methodologies. |
| Effective date rule | By default, quarterly changes are implemented on the third Friday of March, June, September and December. | The quarterly implementation for all indices is by default on the third Friday in March, June, September and December, otherwise, specified in the respective STOXX Methodology GuidesOpen p.12 ↗ |
Quarterly constituent and underlying-data changes take effect on the third Friday of the quarterly month unless an index methodology states otherwise. |
| Data cutoff rule | For free float and number of shares, the cut-off is five trading days before the last trading day of the pre-review month: February, May, August and November. | The review cut-off date for free float and number of shares data is five trading days before the last trading day to the pre-review month, i.e., of February, May, August and November.Open p.24 ↗ |
Quarterly free-float and share data use the stated cut-off in the month before each quarterly review. |
| Announcement rule | Constituent and underlying-data announcement dates differ by index category and are covered in the respective methodology guides; extraordinary corporate-action changes are generally announced immediately. | Each index has defined dates, when the new constituents, the underlying data (shares, free float, weighting-cap factors) are announced and implemented. The component and the underlying data announcement dates differ by index category and are therefore covered in the respective STOXX Methodology Guides.Open p.12 ↗ |
Regular announcement dates are index-specific, while corporate-action-driven changes generally require immediate announcement. |
| Universe eligibility | — | — (not found verbatim in the PDF) |
|
| Buffer rule | Separate buffer rules and additional requirements may apply according to the specific index methodology; spin-offs and mergers use upper or lower buffer limits where applicable. | Separate buffer rules and additional requirements for individual indices may apply according to specific index methodology.Open p.26 ↗ |
The calculation guide does not state numerical buffer thresholds but requires index-specific buffer rules for certain corporate-action replacements. |
| Reserve list | Selection lists are produced for fixed-component indices to identify possible review changes and replacements for corporate-action deletions. | Selection lists are produced for indices with a fixed number of components in order to:Open p.12 ↗ |
Fixed-component indices maintain selection lists that serve as ranked candidate/replacement lists and may be updated between regular publications. |
| Turnover limit | — | — (not found verbatim in the PDF) |
|
| Fast entry rule | — | — (not found verbatim in the PDF) |
|
| Ad hoc deletion triggers | Prolonged suspension, Acquisition, Bankruptcy, Delisting, Illiquidity | Stocks are deleted if their illiquidity is due to not being traded for 10 trading days as observed during the quarterly Review of the STOXX Total Market and the STOXX GCC Total Market indicesOpen p.27 ↗ |
Securities may be removed between reviews for illiquidity, prolonged suspension, bankruptcy, delisting, or mergers and takeovers. |
| Replacement policy | Reserve list | determine replacements for any stock deleted from the indices due to corporate actions.Open p.12 ↗ |
Corporate-action deletions in fixed-component indices are replaced using selection lists, with index-specific buffer and qualification rules. |
| Deletion price | Generally the last traded price is used; if unavailable, OTC price or an artificial close of 0.0000001 local currency is used; merger targets may use an artificial acquisition-terms price. | Generally, the non-surviving stock(s) are deleted at the last traded price of the security. If any nonsurviving stock is not trading anymore (delisted or suspended before its deletion), a new artificial price based on the acquisition/merger terms is calculatedOpen p.25 ↗ |
Deletion prices follow the traded-price hierarchy, with artificial prices for non-trading merger securities and a minimum nominal price when no price exists. |
| Suspended constituent rule | Suspended securities are deleted after 10 consecutive days without a resumption date, retained when resumption or corporate-event criteria apply, and assessed on the Tuesday before quarterly review Friday. | Stocks being suspended from trading for 10 consecutive days or more and having announced a resumption trading date will remain in all indices until it resumes trading. Stocks being suspended from trading for 10 consecutive days or more due to a corporate event will remain in all indices until it resumes trading.Open p.27 ↗ |
Suspension treatment depends on duration, announced resumption date and timing relative to the quarterly review. |
| G8 Governance, changes and termination · 16 fields | |||
| Discretion principles | no conflicts of interest, requisite skill, knowledge and experience, facts established and documented, compliance with laws and regulations, relevant facts only, maintenance of integrity, representativeness and replicability, honest, reasonable, impartial and good-faith conduct | Discretion shall be exercised in line with the following principles: The body or person(s) exercising discretion must not be affected by a conflict ▪ of interest;Open p.30 ↗ |
Discretion must be exercised by qualified, conflict-free decision makers based on documented facts, applicable law, market integrity, representativeness and replicability. |
| Non material change effective date | Non-material changes are announced by announcement or press release and become effective immediately after publication unless otherwise specified. | Non-material changes of the index methodology, including a description of the impact and the rationale, will be announced via Announcement or Press Release, effective immediately following publication, unless otherwise specified in the notificationOpen p.39 ↗ |
Non-material methodology changes do not require consultation and generally take effect immediately upon publication. |
| Change history maintenance | Product must add every methodology change or amendment to the relevant index guides and to the guides' change history. | Product is responsible for adding any change or amendment to the benchmark methodology in the respective Index Guides. Any change or amendment must also be added to the Index Guides’ change history.Open p.39 ↗ |
Approved methodology changes must be reflected in the index guides and their change history. |
| Oversight body | Index Operations Committee, Index Management Committee, Index Governance Committee, Product Initiation Committee, Product Approval Committee, Oversight Committee, Management Board | The following committees (hereafter also referred to as “STOXX Committee(s)”) are involved in the decision-making process relevant for the indices governed by this Guide: Index Operations Committee (IOC), ▪ Index Management Committee (IMC), ▪ Index Governance Committee (IGC). ▪ Product Initiation Committee (PIC) ▪ Product Approval Committee (PAC) ▪ Oversight Committee (OC) ▪ Management Board (MB) ▪Open p.31 ↗ |
STOXX committees and the Management Board participate in governance and decision-making. |
| Discretion points | index termination, cessation or transition, non-rule-based calculation-error correction, Limitations, annual methodology review schedule, ad hoc methodology reviews, materiality determination, consultation-period deviations, deciding whether material changes become effective, additional consultations, extreme or exceptional market conditions, periodic methodology reviews and rule changes, control-framework review, outsourcing and incident oversight, input-data monitoring, special index-review cases, complex corporate actions, Complaints, periodic reporting, significant or critical benchmark threshold changes | The following table provides an overview of the cases in which STOXX Committees may exercise discretion regarding the index methodology, its limitations and its application:Open p.31 ↗ |
The guide lists committee discretion over index reviews, limitations, errors, corporate actions, consultations, materiality, cessation, oversight and exceptional market conditions. |
| Methodology review frequency | Annual, ad_hoc upon limitation | In order to ensure the index integrity is maintained, the methodology is reviewed annually and ad hoc if a Limitation has occurred.Open p.35 ↗ |
Methodologies are reviewed annually and on an ad hoc basis when a limitation has occurred. |
| External review | Material methodology changes require consultation with reasonably affected stakeholders; non-material changes are announced without consultation. | As described in the STOXX Changes to Methodology Policy, prior to proposed material changes to the index methodology, a consultation will be performed.Open p.35 ↗ |
STOXX consults subscribers and investors, publicly or on a restricted basis, before deciding material changes. |
| Material change definition | A material change includes a substantial change in index objective or represented market/economic reality, or a substantial change to calculation formulas, constituent rules, weighting rules, or corporate-action treatment that alters the index's overall concept or nature. | A change to an index methodology shall be considered material in the event of: a) a substantial change in the index objective or market/economic reality the index aims to represent (e.g. market leader components vs. mid cap companies), orOpen p.35 ↗ |
Material changes alter the index objective, represented reality, or core calculation, constituent, weighting or corporate-action methodology; clarifications and application of existing principles are generally non-material. |
| Change procedure | IMC proposes annual schedules and initiates ad hoc reviews; IMC decides ordinary changes, while IGC decides material changes, unclear/insufficient-rule changes, consultation requests or changes involving products over EUR 100 million notional. | The IMC proposes an annual methodology review schedule for approval by the IGC (Discretionary Rule, see Section 9). The IMC is in charge of initiating ad hoc methodology reviews in case of a LimitationOpen p.35 ↗ |
Methodology changes follow committee initiation, materiality assessment, consultation where required, decision and announcement. |
| Consultation procedure | Consultation is public on the STOXX website or restricted by email to known stakeholders and explains the proposed changes, rationale, questions, feedback deadline, implementation timeline, contacts and definitions; feedback is published with a summary response subject to confidentiality. | either via public consultation open to the entire market and performed via STOXX website; or, when the relevant Stakeholders are known, on a restricted basis directly on the Stakeholders e-mail address.Open p.36 ↗ |
STOXX conducts written stakeholder consultations, considers feedback without being bound by it, and may repeat, shorten or extend the consultation. |
| Notice period | 3 months | Material methodology changes should generally be publicly announced 3 months prior to implementation. IGC may decide to shorten the notice period:Open p.38 ↗ |
Material methodology changes should generally be publicly announced three months before implementation, subject to IGC-approved shortening in exceptional cases. |
| Cessation policy | An index cessation or transition may arise when a limitation cannot be addressed by a methodology review. | If a Limitation cannot be addressed with a methodology review, this may give rise to an index cessation or index transition.Open p.35 ↗ |
If a limitation cannot be resolved through methodology review, it may lead to index cessation or transition. |
| Termination procedure | The Index Governance Committee is responsible for index termination, cessation or transition decisions; detailed alternative and notice procedures are not stated in the supplied sections. | Case Responsible STOXX Committee Index Termination (Cessation or Transition) IGCOpen p.31 ↗ |
Index termination decisions are assigned to the IGC, but the supplied text does not provide a complete termination workflow. |
| Complaints procedure | The Index Governance Committee makes decisions with respect to complaints. | Decisions with respect to complaints IGCOpen p.32 ↗ |
Complaints are handled under IGC decision authority; the supplied section does not describe a full complaints workflow. |
| Disclosure channels | STOXX website, Announcements, press releases, email notifications, data vendors, Deutsche Börse Consolidated Exchange Feed | Notifications are sent out for short-term corporate actions and dividend changes, the periodic review announcements, index calculation and production issues and errors, new index launches and general information from STOXX.Open p.13 ↗ |
STOXX discloses index data and changes through its website, announcements, press releases, email notifications, data vendors and CEF. |
| Usage restrictions | — | — (not found verbatim in the PDF) |
|
Open points · 10Model-written, for reference
- 1No printed rulebook version label was found.
- 2No single effective date for the current rulebook version was found.
- 3Free float is used in formulas, but no explicit definition or list of restricted shareholder categories was found.
- 4No general foreign ownership limit or foreign-room rule was found.
- 5No default numerical turnover limit for periodic reviews was found.
- 6No general fast-entry size threshold, timing rule or excluded boards were found.
- 7No risk-warning treatment, such as ST or altered trading method, was found.
- 8No transfer-of-listing rule was found.
- 9No full index termination workflow, stakeholder notice alternatives, or detailed complaints procedure was found.
- 10No general usage restrictions or licensing terms were found.
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