With these indices it is intended to improve the visibility and tracking of medium and small capitalisation stocks. The indices will be replicable and investable, that is, its calculation will allow for the issuance of financial products based on them, such as Exchange Traded Funds (ETFs), index funds or derivatives. These indices will include the top 50 stocks adjusted by free-float, once the IBEX 35® stocks are excluded, as long as they meet the following liquidity requirements:
- Annualised rotation higher than 15%
- Percentage of free-float capital higher than 15%
The stocks that meet the above criteria will be ordered by their free-float adjusted capitalisation and will be included in the indices as follows:
IBEX MEDIUM CAP®. Comprising the top 20 stocks in the classification
IBEX SMALL CAP®. Comprising the next 30 stocks in the classification
The calculation of these indices will be carried out following the technical regulations for the composition and calculation of the IBEX® indices. As is the case with the rest of IBEX® indices, their value will be 3,000 and their base date will be 29 December 1989. The Technical Advisory Committee for the IBEX®. Indices will review the indicators every six months, coinciding with the ordinary review of the IBEX35®. The free-float weighting ranges will be the same as those for the IBEX® indices.
The launch of these indices is part of the “Medium & Small Caps Project”, which includes a set of initiatives intended to boost the visibility, liquidity and financing capacity of these companies.
Apart from the drafting of new international indices, the Project encompasses different international case studies relating to provision of supply and demand to medium liquidity stocks and its application to the Spanish trading model. In addition to this, the Spanish Stock Exchange opens new channels of cooperation with these companies in their permanent task of improving their communication, corporate transparency and investor relations.
In keeping with this efforts, the Spanish Stock Exchange is proud to announce the First Medium and Small Capitalisation Companies Forum, which will be held in Madrid on 6th and 7th July. The event will bring together the main medium and small capitalisation stocks listed on the stock market and institutional investors, intermediaries and analysts. During the event sectoral panels will alternate with round tables on such matters of public interest as transparency, corporate governance or the role of technology in the relations between companies and the market. As of today, those interested in the event can access the schedule and register at www.bolsasymercados.es/forocaps.
