- MICEX O&G (MICEX Oil & Gas Index) – index of stocks of oil and gas companies
- MICEX PWR (MICEX Power Index) – index of stocks of electric-power industry companies
- MICEX TLC (MICEX Telecommunication Index) – index of stocks of telecom companies.
The MICEX Index is a composite index of the Russian stock market, comprised of 30 most liquid stocks of the largest and most rapidly developing Russian companies in 10 main sectors of the economy. The component stoks of the MICEX Index will be revised every six months: on 15 April and on 15 October. The waiting list (the list of stocks to be included in the MICEX Index) will be published quarterly. The developers of the rules of calculation of the MICEX Index took into account the Russian requirements established for indexes on which mutual funds can be based as well as demands of US regulators and the UCITS directives, which determine the terms of investing in emerging markets, as well as the requirements of the US regulating agencies with regard to the so-called broad-based security indices. The MICEX Index has been calculated since 22 September 1997. Today, the MICEX Index is used by management companies as an underlying asset for 20 index funds. The total value of their net assets amounts to 5.2 billion rubles.
The launch of sectoral indices on the MICEX Stock Exchange is a measure aimed at developing investment possibilities of the Russian market. Today, securities traded on the Exchange represent a wide range of sectors of the Russian economy and are highly liquid. This enables to implement complex investment strategies based on specialized indicators, which include, primarily, the MICEX sectoral indices. The developers of these indices took into account the international practice of designing and calculating stock market indexes and the peculiar features of the Russian market. The Rules of calculation of the MICEX sectoral indices, developed with the participation of the Index Committee at the MICEX Stock Exchange, provide for the quarterly revision of component stocks and waiting lists. The number of component stocks is not limited and will depend on the market situation. At the base date of the MICEX sectoral indices -- 31 December 2004 -- the base value of indices was 1000 points. To make the use of new indices more effective, on the first day of their publication, the MICEX Stock Exchange performed the retroactive calculation of values for 2004-2006, taking into account all transactions effected in component stocks of the sectoral indexes during this period.
Background Information
