As announced on August 6, News Corp.’s addition to the S&P 500 will trigger its incremental removal from the S&P/ASX indices in four equal phases over a nine-month period. The first phase will take place after the close of trading on December 17, 2004 (Sydney time), with the remaining three phases to take place after the close of trading on the third Friday of March, June and September of 2005, in line with the S&P/ASX quarterly rebalances.
As was also announced on August 6, Standard & Poor’s will calculate a series of day-end parallel S&P/ASX indices throughout the nine-month transition period, providing an alternative for market participants who would prefer a shorter transition time. These parallel indices will be calculated with News Corp. being 100% excluded from the S&P/ASX indices on the day it is added to the S&P 500.
Click here for further details.
