FTSE TWSE Taiwan Index Series 1 March 2011 | |||||||||||||
FTSE TWSE Index Series Advisory Committee has approved the timing of the quarterly reviews of FTSE TWSE Taiwan Index Series to be aligned with those of other FTSE indices. Thereafter the reviews will be held in March, June, September and December with the next review being held in June 2011. The annual review will also be moved from July to March. As a result of this, the following ground rule changes will be: Previous Rule 4.6 Liquidity As part of 4.6 (b) Liquidity - Securities in the FTSE TWSE Taiwan Index Series will be reviewed annually in July for liquidity. Securities which do not turnover at least 1% of their shares in issue, after the application of any free float restrictions (see Rule 4.2), per month for ten of the twelve months prior to the annual review in July by the Advisory Committee will not be eligible for inclusion in the FTSE TWSE Taiwan Index Series. An existing constituent failing to trade at least 1% of its shares in issue, after the application of any free float restrictions, per month for more than four of the twelve months prior to the annual review will be removed after close of the index calculation on the third Friday in July (see Appendix B for details of trading volume sources and calculations). For any period when a stock is suspended will be excluded from the above calculation (see Rule 9.4.1). (d) Securities becoming eligible for addition to the FTSE TWSE Taiwan Index Series under Rules 4.0 at the quarterly reviews in January, April, July and October, must turnover a minimum of 1% of their shares in issue, after the application of any free float restrictions, per month on a pro rata basis prior to the quarterly review. 8.1 Review Dates As part of 8.1 8.1.1 The quarterly reviews of the FTSE TWSE Taiwan Index Series constituents take place in January, April, July and October. The meeting to review the constituents will be held on the Thursday after the first Friday of January, April, July and October using data from the close of the last business day in March, June, September and December. Any constituent changes will be implemented on the next trading day following the third Friday of the same month of the review meeting. 8.1.2 The annual review will take place at the same time as the July quarterly review, where in addition to the standard review process liquidity will also be tested (see 4.6 (b)). New Rule 4.6 Liquidity As part of 4.6 (b) Liquidity - Securities in the FTSE TWSE Taiwan Index Series will be reviewed annually in March for liquidity. Securities which do not turnover at least 1% of their shares in issue, after the application of any free float restrictions (see Rule 4.2), per month for ten of the twelve months prior to the annual review in March by the Advisory Committee will not be eligible for inclusion in the FTSE TWSE Taiwan Index Series. An existing constituent failing to trade at least 1% of its shares in issue, after the application of any free float restrictions, per month for more than four of the twelve months prior to the annual review will be removed after close of the index calculation on the third Friday in March (see Appendix B for details of trading volume sources and calculations). Any period when a stock is suspended will be excluded from the above calculation (see Rule 9.4.1). (d) Securities becoming eligible for addition to the FTSE TWSE Taiwan Index Series under Rule 4.0 at the quarterly reviews in March, June, September and December, must turnover a minimum of 1% of their shares in issue, after the application of any free float restrictions, per month on a pro rata basis prior to the quarterly review. 8.1 Review Dates As part of 8.1 8.1.1 The quarterly reviews of the FTSE TWSE Taiwan Index Series constituents take place in March, June, September and December. The meeting to review the constituents will be held on the second Friday of the review month using data from the close of the last business day in February, May, August and November respectively. Any constituent changes will be implemented on the next trading day following the third Friday of the same month of the review meeting. 8.1.2 The annual review will take place at the same time as the March quarterly review, where in addition to the standard review process liquidity will also be tested (see 4.6 (b)). FREE TRIAL OFFER: FTSE offers free one month index trials to interested clients. For further information or general enquiries please contact us at info@ftse.com or Res-Dev@tse.com.tw or call:
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