Senior Vice President Peter Belling said: "When we wish to grant new major, liquid companies faster access to the KFX Index it is because we want to ensure that the KFX is always reflecting the development in the blue-chip shares listed on the Copenhagen Stock Exchange."
Extraordinary admission to the KFX Index
A newly listed company may extraordinarily join the KFX Index if the
Exchange assesses that the company could qualify for the KFX Index at the
next ordinary review and the market value of a newly listed company is
higher than the market value of the 10th largest share in the KFX Index. The
newly listed company may be included in the KFX Index as of the 11th
trading day after listing.
Consequently, new shares may be eligible for inclusion in the KFX Index outside the biannual reviews and the index may thus comprise more than 20 shares.
Inclusion in the KFX Index as an additional share at a review
Newly listed companies that have been listed for more than 10 trading days
may be eligible for inclusion in the KFX Index at the biannual review as an
additional share, if the trading volume, translated into a full half-yearly
turnover, is larger than turnover in the share which at the ordinary review
qualified for the index as the 20th most actively traded share.
The easier access to joining the KFX Index may also be used where an already listed company is demerged into separate companies.
Where an already listed company is demerged into more companies, the number of additional shares will equal the number of companies (shares) that result from the demerger minus 1, i.e. the original company.
The changes take effect as of 5 April 2004.
An updated version of the KFX rules 'Guidelines for the calculation of the KFX Index' will be available on the Exchange's website on 2 April and may be downloaded from www.cse.dk, click Products and then Publications.
