- The amendment of the AEX-index and the Amsterdam Midkap index regards a transfer of the responsibility of settlement price calculation. This responsibility will be transferred from Euronext Indices B.V. to Euronext Amsterdam N.V.
The settlement procedure will be deleted from the AEX-index ground rules and the Amsterdam Midkap index ground rules. The procedure can still be found in the Reference Book of Euronext Amsterdam Derivative Markets.
The rule changes for the Amsterdam All-Share index are the following:
- Date of review and effective date will be synchronised with the schedule of the AEX-index and Amsterdam Midkap index.
- Date of review of the Amsterdam All-Share Smaller Companies index will be synchronised with the schedule of the AEX-index and Amsterdam Midkap index. In addition, the effective date will be the first trading day after the review date.
- The description and specification of the complete Amsterdam All-Share index series will be moved to chapter 1 of the ground rules.
- The date of the periodical reclassification of the stocks qualifying for the Amsterdam All-Share Sector indices will remain the third Friday of the month; effective the second trading day of the following month. As a result the review date of the Amsterdam All-Share Smaller Companies index and the Amsterdam All-Share Sector Indices will no longer coincide. A new chapter with specific rules on the Amsterdam All-Share Smaller Companies index will therefore be included.
- Euronext Indices B.V. has taken the opportunity to implement some minor updates, clarifications and corrections.
In view of the three-month notification period, all changes will come into effect on 1 May 2003.
31 January 2003
APPENDIX
1. This rule change applies to article 2.12 and 2.13 of the AEX-index and the Amsterdam Midkap index ground rules.
Rule 2.12 of the AEX-index and the Amsterdam Midkap index
2.12 Every month the compiler of the AEX-index will calculate a settlement price for financial products based on the index will be removed.
Rule 2.13 of the AEX-index
2.13 The settlement price of the AEX-index will be calculated as the average of the index value measured every minute during the last thirty minutes preceding the calculation of the settlement price (including the time of calculation).and rule 2.13 of the Amsterdam Midkap index
2.13 The settlement price of the Amsterdam Midkap index will be calculated as the average of the index value measured every fifteen seconds during the last twenty minutes preceding the calculation of the settlement price (including the time of calculation). Of the 81 index values the 12 highest and 12 lowest values will be ignored and the 57 remaining values will be used to calculate the settlement price with the result being rounded off to two decimal places.will be removed.
2. This rule change applies to article 4.2 of the Amsterdam All-Share Index ground rules.
Rule 4.2
4.2 The periodic assessment of the sector classification of stocks occurs in accordance with the following timetable:
Quarterly review: 3rd Friday in January;
Quarterly review: 3rd Friday in April;
Quarterly review: 3rd Friday in July;
Quarterly review: 3rd Friday in October.
will be changed into:
4.2 The periodic assessment of the sector classification of stocks occurs in accordance with the following timetable:
Quarterly review: 3rd Friday in February;
Quarterly review: 3rd Friday in May;
Quarterly review: 3rd Friday in August;
Quarterly review: 3rd Friday in November.
3. This rule change applies to article 4.3 of the Amsterdam All-Share Index ground rules.
Rule 4.3
4.3 Adjustments in sector classification resulting from the periodic assessment become effective on the first business day in the month following the periodic assessment.
will be changed into:
4.3 Adjustments in sector classification resulting from the periodic assessment become effective on the second business day in the month following the periodic assessment.
4. This rule change applies to article 7.1 and 7.2 of the Amsterdam All-Share Index ground rules.
Rule 7.1
7.1 The other indices in the Amsterdam All-Share Index series are:
(a) Amsterdam All-Share Index AEX Stocks
This index contains the same securities as the AEX-index.
Review: February.
(b) Amsterdam All-Share Index AMX Stocks
This index contains the same securities as the Amsterdam Midkap index.
Review: February.
(c) Amsterdam All-Share Index Excluding AEX & AMX stocks This index contains the same securities as the Amsterdam All-Share
Index excluding the securities which are constituents of the AEX-index and the Amsterdam Midkap index.
Review: February.
(d) Amsterdam All-Share Smaller Companies index securities which are constituents of the AEX-index and the Amsterdam
Midkap index and all stocks with a market capitalisation over 0.4% of the total Amsterdam All-Share Index market capitalisation at time of the review.
Review: at the quarterly reviews as stated in article 4.2.
(e) Amsterdam All-Share Index NMAX Stocks This index contains all the securities which are listed on the Nieuwe Markt of Amsterdam Exchanges.
will be renumbered to 1.7 and will be changed into:
1.7 Other indices in the Amsterdam All-Share Index series are:
a) Amsterdam All-Share Index AEX Stocks
This index contains the same securities as the AEX-index.
Review: First trading day of March
b) Amsterdam All-Share Index AMX Stocks
This index contains the same securities as the Amsterdam Midkap index.
Review: First trading of March
c) Amsterdam All-Share Index Excluding AEX & AMX stocks This index contains the same securities as the Amsterdam All-Share
Index excluding the securities which are constituents of the AEX-index and the Amsterdam Midkap index.
Review: First trading day of March
d) Amsterdam All-Share Smaller Companies index® This index contains the same securities as the Amsterdam All-Share
Index excluding the securities which are constituents of the AEX-index
and
the Amsterdam Midkap index and all stocks with a market
capitalisation over 0.4% of the total Amsterdam All-Share Index market
capitalisation at time of the review. See chapter 7
e) Amsterdam All-Share sector indices. See chapter 6
Rule 7.2
7.2 The indices in the Amsterdam All-Share Index series are governed by the same rules and principals governing the Amsterdam All-Share Index.
will be renumbered to 1.8 and will be changed into:
1.8 All indices in the Amsterdam All-Share Index series are governed by the same rules and principals governing the Amsterdam All-Share Index.
5. As a result of this rule change the new articles 7.1, 7.2 and 7.3 will be inserted in the Amsterdam All-Share Index® ground rules.
7 Classification of Constituents within the Amsterdam All-Share Smaller
Companies index
7.1 This index contains the same securities as the Amsterdam All-Share Index excluding the securities which are constituents of the AEX index and the Amsterdam Midkap index and all stocks with a market capitalisation over 0.4% of the total Amsterdam All-Share index market capitalisation at the time of the review. In addition, should a stock be excluded from the index, to gain
re-entry the stock must fall under 0.4% threshold at two consecutive reviews.
7.2 The periodic assessment of the Amsterdam All-Share Smaller Companies index occurs with the following time table:
Quarterly review: After the close of the first business day of March;
Quarterly review: After the close of the first business day of June;
Quarterly review: After the close of the first business day of September;
Quarterly review: After the close of the first business day of December;
7.3 Adjustments in the Amsterdam All-Share Smaller Companies index® resulting from the periodic assessment become effective on the first business day following the periodic assessment.
6. This rule change applies to article 5.3.12, 6.4, 6.5, 8.7 and 8.8 of the Amsterdam All- Share Index ground rules.
Rule 5.3.12
5.3.12 Newly listed stocks on Euronext Amsterdam shall be added to the Amsterdam All-Share Index the trading day following the first day of trading at the official closing price of the first day of trading will be changed into:
5.3.12 Newly listed stocks on Euronext Amsterdam shall be added to the Amsterdam All-Share Index on the trading day following the first day of trading at the official closing price of the first day of trading. Newly listed stocks on Euronext shall also be added to the Amsterdam All-Share index Excluding AEX & AMX and Amsterdam All-Share Smaller Companies index® if the market capitalisation at the end of the first trading day is less then 0.4% of the total market capitalisation of the Amsterdam All-Share Index.
Rule 6.4
6.4 The Amsterdam All-Share Index constituents classified under the Euronext Amsterdam Industry Classification System comprise the Amsterdam All-Share sector indices. The Amsterdam All-Share sector indices are governed by the same rules and principles governing the Amsterdam All-Share Index.
will be changed into:
6.4 The Amsterdam All-Share Index constituents classified under the Euronext Amsterdam Industry Classification System comprise the Amsterdam All-Share sector indices.
Rule 6.5
6.5 All new stocks entering the Amsterdam All-Share Index are assigned an industry sector classification by the index compiler.
will be changed into:
6.5 All new stocks entering the Amsterdam All-Share Index are assigned an industry sector classification by the index compiler and included in an Economic Group and Industry Sector index.
Rule 8.7
8.7 The Dutch version of these rules shall be binding.
will be removed.
Rule 8.8
8.8 Substitution of currency
If a currency is converted into another currency or if a unit of account, e.g. the ECU, is converted into a currency or ceases to exist as result of a change in legislation and another currency is introduced as a substitute currency, calculation of the index in these currencies shall (in the case of a legal obligation thereto) or may be fixed on the basis of the relevant legally established exchange rates with due regard to the laws governing the rounding off of such amounts. In the absence of a legally established exchange rate or rules for rounding off amounts, the aforementioned calculation shall be made in accordance with the method determined by the compiler in consultation with the supervisor of the index.
In addition, the introduction of a currency may result in changes to the value of the index, the composition of the index, the selection and/or weighting of each security in the index. This provision shall apply accordingly during a transitional period in connection with the conversion of a currency or the conversion of unit of account into a currency. will be renumbered to rule 8.7.
