FTSE 100 index is used as a benchmark for measuring the strength of the UK stockmarket, and some critics argue that the natural bias to outperform the broader FT shares index, since it tends to promote its ranks those stocks that are on the rise and removal others who are falling away.
from time to time the index may appear to be affected by the high weighting given to a certain sector, it could be argued that at present the mining sector (Anglo American, Antofagasta, BHP Billiton, Kazakhmys, Lonmin, Rio Tinto , Vedanta Resources and Xstrata) has undue influence. Stockmarket traders will recall the famous and dramatic year of 2000 when the FTSE 100 list contained a pass technology stars such as Energis, Bookham Technology, Arm Holdings, Freeserve, Psion and Baltimore - great memories
Given the increasing use of tracker funds, it is important to look at where the sector and shares of money are flowing, because these fund managers have to match everything in every benchmark index, so that new entries and deletions is worth researching by CFD traders before they happen.
The purpose of this paper is to discuss whether or not it is worth buying or selling new constituent, as well as significant academic studies (with some conflicting results) have been made to this topic. It is more a summary of what changes to look for in assessing the possible constituent moves, and there are various ways to FTSE 100 list can be changed.
Quarterly reviews
This is the most common way to change that zaostaje.Povjerenstvo which oversees the various FTSE indices meets quarterly on the Wednesday after the first Friday in March, June, September and December. Component Changes then carried out on the next trading day after the LIFFE futures and options contracts, which usually takes place on the third Friday of the same ingredients mjesecu.Ljestvici the value calculated using the close price on the business day prior to inspection, a company must have at least trading record of 20 days for review.
The company is promoted to FTSE 100 index if it rises to 90 or above is right when securities are ranked by market value
It was relegated to if it falls on the 111th or below .
where there are more companies to qualify is inserted in the index than those qualifying for the deletion, are currently the lowest ranking constituents are degraded in order to ensure that it is always 100 companies in the index. If there are more qualified for the knockout, the highest ranked companies are not in the index will be promoted in accordance with the numbers.
six highest non-members of the FTSE 100 index at the time of periodic review are known as reserve list, and are used in the event that one or more constituents are deleted from the FTSE 100 in the period until the next quarterly review.
Quick Entry
Another way the company can enter the FTSE 100 index, if this is a new problem, and greater than 1% of full market capitalization of the FTSE All-Share index. In this case it will usually be included in the top 100 after the close on the first day of trading, the lowest ranking constituent is removed.
Right Shares
just right of quoted equity is included in the calculation of its market capitalization, so that if a company has two or more classes of shares, significant and liquid secondary lines are included in the calculation of market capitalization, based on market prices of secondary lines.
the Committee may decide, if a secondary line of the price especially if the full market capitalization (before applying any investibility weight) is more than 25% of full market capitalization. If the full market capitalization of the middle line, which is already an integral part of the index falls below 20% of the company's main line of the three-month review, the center line will be deleted from the index, but it happens rarely.
convertible preference shares and loan stocks are excluded until converted.
rights or other issues
If a company issues shares, partial or no pay, and the call dates are already determined and known, the market capitalization is adjusted so that all such calls, which would fully reflect the total shares.
Mergers and acquisitions
If a merger or acquisition results in one constituent in the FTSE 100 index (FTSE 250 or for that matter) to be absorbed by another constituent, there is a vacancy in the appropriate indeks.Najviši ranking security in the appropriate reserve list as the end of the index calculation two days prior to the deletion is chosen.
If a component company in the FTSE 100 or FTSE 250 is an integral taken over the company, the original constituent will be removed and replaced with the highest ranking constituent is not the appropriate Reserve List.
company, which derives from the assumption, however, the right to become the replacement company if it is higher than any other company on the reserve list.
company shares or demergers
If the member index Split or demerged into two or more companies, which resulted in the company are eligible for inclusion in the index constituents in their own right. This in turn is based on each new company market capitalization (before applying any weights investibility ).
It is possible that the lowest ranking FTSE 100 constituent gets relegated to the FTSE 250, so when GUS demerged into Home Retail and Experian in October last year, party games, unfortunately, relegated.
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