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Euronext wijzigt regelement voor Nederlandse beursindices

Datum nieuwsfeit: 16-10-2000
Vindplaats van dit bericht
Bron: Razende Robot Reporter
Zoek soortgelijke berichten
Amsterdam Exchanges

16 Oct 2000 EURONEXT WIJZIGT REGLEMENT VOOR DE AEX-INDEX EN DE AMX-INDEX
Persbericht 2000.100

EURONEXT WIJZIGT REGLEMENT VOOR DE AEX-INDEX EN DE AMX-INDEX

Euronext Indices B.V. maakt de volgende wijzigingen in de reglementen voor de AEX-index en de AMX-index bekend:

* Verschuiving van de datum van de periodieke aanpassing
De datum van de periodieke aanpassing van de AEX-index en de AMX-index zal verschuiven van de derde vrijdag in februari naar de eerste handelsdag in maart. De herweging zal plaats vinden onder de voorwaarde dat minimaal 95% van de indexwaarde bekend is op die dag, anders zal de herweging pas de volgende handelsdag plaats vinden. Deze verschuiving wordt doorgevoerd om de druk op de handel, veroorzaakt door de combinatie van settlement van index-opties en -futures en periodieke aanpassing, te verminderen. De verandering is in lijn met de reacties van de marktpartijen op een consultatienota over dit punt.


* Aanpassing voor Free Float

De weging van de fondsen in de AEX-index en de AMX-index zullen worden aangepast met een zogenaamde free float aanpassingsfactor. De free float aanpassingsfactor wordt bepaald door middel van een schalensysteem. De invoering van een aanpassing voor free float volgt op een internationale trend om alleen de vrij beschikbare marktkapitalisatie van een fonds in een index op te nemen.


* Velocity test

Bij de bepaling van de selectie van de fondsen van de AEX-index en de AMX-index, zal elk fonds een velocity test ondergaan. De velocity test zorgt ervoor dat alleen de fondsen die meer dan 20% van de aandelen in notering verhandelen op jaarbasis, zich kunnen kwalificeren voor een index.

Deze reglementswijzigingen worden per 1 maart 2001 effectief.

Bijlage: Nieuwe reglementen AEX-index en AMX-index

Rules for the AEX-index®

Rules for the AEX-index

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1. Composition of the AEX- index

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2. Calculation of the AEX-index

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3. Publication of the AEX- index

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4. Rules for the periodical adjustment of the AEX- index
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5. Rules for the operational adjustment of the AEX- index
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6. Final provisions

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1. Composition of the AEX-index

1. TheAEX-index is a weighted index based on the prices of shares in 25 leading companies listed onEuronext Amsterdam. 2. The AEX-index is structured in such a way that it can be considered to represent general trends in shares listed on Euronext Amsterdam.
The AEX-index also aims to reflect current developments in share prices on Euronext Amsterdam so that it can be used as the underlying value for derivatives.
3. The AEX-index only includes securities which are traded on Euronext Amsterdam.

4. The following do not qualify for inclusion in the AEX-index:

a. Investment institutions as referred to in the Investment Institutions (Supervision) Act (Wet toezicht beleggingsinstellingen);
b. Holding companies for securities listed on Euronext Amsterdam; c. Securities subject to a special listing regime; d. Securities listed less than eighty trading days; e. Securities listed on Euronext Amsterdam in the foreign shares category;
f. Other securities, companies or institutions as determined by the compiler. When ruling out securities from inclusion in the AEX-index the compiler will take into account the tradability and the settlement of the securities. When determining the tradability of a share the frequency with which the security is traded will be decisive. When determining proper settlement the extent to which short positions can be taken and settled in a security will be decisive.

1.5 In order to qualify for inclusion in the index the turnover of a security on Euronext Amsterdam should at least be equal to 20 % of the total number of shares issued calculated over the course of the previous calendar year: This velocity is calculated on a monthly basis by dividing the number of shares traded by the outstanding number of shares. Then these monthly values are added to calculate the annual velocity. Moreover, in order to be included in the AEX-index, at least 25 % of the issued shares of a security should be freely available for trading ("free float") at Euronext Amsterdam. However, a security may nevertheless be included in the index if its free float, although less than 25 %, equals, or is greater than, the free float of the security which ranks 25th on Euronext Amsterdam in terms of free float market capitalisation.
1.6 Securities with more than one listing on Euronext Amsterdam will not be included more than once in the AEX-index. The form of listing with the highest level of value of turnover will be selected for the AEX-index.
1.7 The securities included in the AEX-index are selected on the basis of the turnover in these shares on Euronext Amsterdam. 1.8 The weighting of each security in the index shall be determined on the basis of market capitalisation at the time the index is compiled or periodically adjusted. The market capitalisation will be adjusted in accordance with the following rules if part of the issued share capital of a security is not freely available for trading (i.e the free float is restricted):


* If free float of a security is less than or equal to 50 % but greater than 25 %, 50 % of the market capitalisation will be taken into account for the purpose of determining the weight.
* If the free float of a security is less than or equal to 75 % but greater than 50 %, 75 % of the market capitalisation will be taken into account for the purpose of determining the weight.
* If the free float is greater than 75 %, the total market capitalisation will be taken into account for the purpose of determining the weight.

* If a security having a freefloat of less than 25 % is included in the index in accordance with article 1.5, 25 % of the market capitalisation will be taken into account for the purpose of determining the weight.

The maximum weighting of a security in the index shall be 10% at the time of periodic adjustment.
In case of doubt the compiler will make the final decision.

1.9 The weighting of each security will be expressed in the number of shares included in the AEX-index. The number of shares required according to the weighting shall generally be rounded off to the nearest whole number.

10. The AEX-index is equal to one hundredth of the total weighted prices in euros of the last known transactions in each of the 25 securities as published by Euronext Amsterdam, with due observance of the provisions of section 2.
11. In these rules the term shares is also taken to mean depository receipts for shares.

2. Calculation of the AEX-index

1. The value of the AEX-index is calculated using the share prices quoted on Euronext Amsterdam of all the securities included in the index.
2. The share prices are the prices of transactions concluded during regular daytime trading in officially listed shares on Euronext Amsterdam.
3. The prices used for the calculation are the most recently published prices for the trading day concerned. Prices not published immediately after a transaction are not used. No recalculation will take place if prices are cancelled unless the compiler of the AEX-index decides otherwise. 4. The AEX-index is recalculated every 15 seconds if the price of one of the securities included in the index changes during the previous 15 seconds.

5. The compiler of the AEX-index retains the right to delay the use of a new price if it believes that this price deviates from the previous price to such an extent that it is necessary to obtain confirmation of the new price from the officer of quotations of AEX-Effectenbeurs N.V., a subsidiary of Euronext Amsterdam. 6. The calculation of the value of the AEX-index will start when Euronext Amsterdam starts regular daytime trading in officially listed shares in accordance with its rules and regulations. If no price has been fixed for a security on the trading day concerned, the last known price established during regular daytime trading in officially listed shares on Euronext Amsterdam will be used.
7. The opening value of the AEX-index is the value of the index calculated when the compiler of the Euronext Amsterdam index has received all the necessary prices.
8. If, for whatever reason, the compiler of the index has not received all the necessary prices within 15 minutes of Euronext Amsterdam starting official listing in regular daytime trading, the opening value of the index will still be calculated at that time if the known prices multiplied by their weighting represents at least 80% of the index.
9. If less than 80% of the value of the index is known 15 minutes after Euronext Amsterdam starts official listing in regular daytime trading, the opening value of the AEX-index will be calculated when the 80% threshold is reached.

10. The compiler of the AEX-index may calculate indicative pre-opening index values before publishing the opening value of the index. 11. The calculation of the value of the AEX-index will stop when Euronext Amsterdam stops official listing in regular daytime trading. The last calculated value of the index will be the closing value for that trading day.
12. Every month the compiler of the AEX-index will calculate a settlement price for financial products based on the index. 13. The settlement price of the AEX-index will be calculated as the average of the index value measured every minute during the last thirty minutes preceding the calculation of the settlement price (including the time of calculation).

3. Publication of the AEX-index

1. The current value of the AEX-index is published continuously. 2. The publication of the value of the AEX-index starts with the opening value. Publication will continue until the closing value for that day is published.
3. The publication of the value of the AEX-index can start when Euronext Amsterdam starts official listing in regular daytime trading. Index values published between that time and the publication of the opening value will be considered pre-opening index values.
4. The compiler of the AEX-index retains the right to delay the calculation of the opening value and the publication of the index values, or to suspend or discontinue the publication of the index values, if it believes that there are circumstances which prevent the correct calculation of the index.

4. Rules for the periodical adjustment of the AEX-index

1. The general aim of the compiler of the AEX-index when periodically adjusting the index is to ensure that the selection and the weighting of securities continues to meet the basic principles of the index (see section 1) and that the index continues to reflect as closely as possible the value of the underlying share portfolio.
2. Periodical adjustment to the selection and weightings of the securities will take place each year on the first trading day in March, unless less than 95% of the value of the index is known at that day. In that case, periodical adjustment to the selection and weightings of the securities will take place on the next trading day on which at least 95% of the value of the index is known. The periodical adjustment to the selection and weightings of the securities will be effective immediately after the end of regular daytime trading in officially listed shares. 3. Any changes to the selection of securities will be announced at least one month before the periodical adjustment is made. This is without prejudice to the right of the compiler of the AEX-index to revise the selection after the announcement of these changes in the event of a takeover or other unusual circumstances. Any adjustment to the market capitalisation as referred to in article 1.8 will also be announced.
4. Periodical adjustments to the selection and/or weightings of the securities included in the AEX-index shall never result in the index changing by more than 0.01 index points.

5. Periodical adjustment of the selection of securities

4.5.1The selection of the securities included in the AEX-index will be adjusted periodically on the basis of the total value of turnover in these securities during the entire previous calendar year, as officially published by Euronext Amsterdam. In order to qualify for inclusion in the index the turnover of a security on Euronext Amsterdam should at least be equal to 20 % of the total number of shares issued calculated over the course of the entire previous calendar year: This velocity is calculated on a monthly basis by dividing the number of shares traded by the outstanding number of shares. Then these monthly values are added to calculate the annual velocity. A security is removed from the index if its free float, as defined in article 1.5, has become less than 20 %.

4.5.2If Euronext Amsterdam has not officially published the value of turnover for the entire period, the adjustment will be based on the value of turnover extrapolated over a full calendar year. When extrapolating the value of turnover, the value of turnover for the first twenty trading days after the launch of the security will not be taken into consideration.

4.5.3 In the event of companies merging, being acquired or splitting up, the value of turnover of the securities issued by these companies will be adjusted as appropriate. For the purposes of these rules a split-up is taken to mean a legal demerger, a spin-off or another situation which the compiler deems similar. For the purposes of these rules a merger is taken to mean a situation in which the shares in the companies concerned are exchanged for shares in the company resulting from the merger.

The value of turnover will not be assigned if a division of an issuer is sold, either privately or otherwise. The value of turnover will be assigned if a spun-off division is listed on the stock market as an independent company.

The compiler will make the final decision if there is any doubt.

4. Rules for the periodical selection of securities in the index:

1. A list is drawn up of all securities qualifying for selection (see articles 1.3 to 1.7 inclusive).
2. The unadjusted value of turnover is assigned to each security. 3. The adjustments to the value of turnover are made to the total value of turnover of these securities for the entire previous calendar year as officially published by Euronext Amsterdam (see articles 4.5.1 to 4.5.3 inclusive).
4. The ranking of these securities is then determined. 5. Securities with a ranking of 1 to 23 will be selected by definition, regardless of whether these securities are already included in the AEX-index.
6. The other securities are selected on the basis of the ranking of securities ranked 24 to 27 inclusive in the following manner:

a. If all these securities are already included in the AEX-index, the two securities with the highest value of turnover will be selected. The composition of the index will then be definitive. b. If three of these securities are already included in the AEX-index and one security is not, the two securities already included in the index which have the highest value of turnover will be selected. The composition of the index will then be definitive. c. If two of these securities are already included in the AEX-index and two securities are not, the two securities already included in the index will be selected. The composition of the index will then be definitive.
d. If one of these securities is already included in the AEX-index and three are not, the security already included in the AEX-index will be selected as will the security not included in the index that has the highest value of turnover. The composition of the index will then be definitive.
e. If all these securities are not already included in the AEX-index, the two securities with the highest value of turnover will be selected. The composition of the index will then be definitive.

1. Securities ranked 28, 29 or higher will not be selected by definition, regardless of whether or not they are included in the AEX-index.

6. Periodical adjustment of the weighting of securities

1. The weighting of the securities included in the AEX-index is adjusted periodically on the basis of the market capitalisation of the issuers of these securities at the end of official listing in regular daytime trading, subject to the provisions of article 1.8. An increase or decrease in free float will only lead to a weight adjustment as described in article 1.8 should the boundaries as laid down in article 1.8 be broken by more than 5 percentage points. The weighting of a security in the AEX-index at the time of the periodical adjustment shall not exceed 10%. 2. The closing prices on the day the periodical adjustment is made and the number of outstanding shares as most recently published by Euronext Amsterdam is used to calculate market capitalisation.

3. The new weighting for each security is expressed as the number of shares in the AEX-index. This figure will usually be rounded off to the nearest whole number.

Given the requirement that the value of the AEX-index should not be affected by this, the compiler of the AEX-index may subsequently change the number of shares for each security. The maximum permissible deviation after rounding off compared with the weighting before rounding off is 5%. Rounding off to the nearest number of whole shares could result in this maximum being exceeded. The compiler of the AEX-index therefore reserves the right to decide not to round off the number of shares to the nearest whole number but to round off to one or more decimal places where appropriate.

6. Final provisions for periodical adjustments

4.7 In cases which are not expressly covered in these rules, periodical adjustments will take place in the spirit of the aim set out in article 4.1.
All adjustments must comply with the requirement set out in article 4.4. The compiler of AEX-index will submit all periodical adjustments which are not specifically covered in the rules to the supervisor of the AEX-index for approval.

5. Rules for the operational adjustment of the AEX-index

1. The aim of the compiler of the AEX-index when making operational adjustments is to ensure that the basic principles of the index (see section 1) are maintained and that the index continues to reflect as closely as possible the value of the underlying portfolio.
2. Operational adjustments to the selection and/or weighting of securities included in the AEX-index may not result in the index concerned changing by more than 0.01 index points.

3. Operational adjustment of the selection of securities

1. The composition of the portfolio on which the AEX-index is based may change as a result of decisions or events which affect one or more of the constituent securities.

5.3.2 If regular daytime trading in one of the securities included in the AEX-index stops or the security is no longer traded during regular daytime trading in officially listed shares, the compiler of the AEX-index will in the first instance use the last known price of the security concerned, subject to the provisions of section 2, but will also have the possibility of using prices which were not established during regular daytime trading in officially listed shares at Euronext Amsterdam.

5.3.3 If trading at Euronext Amsterdam is stopped or will stop in accordance with article 5.3.2, the following will apply:

a) in the event of a merger, acquisition or similar situation, the security in question will be replaced by the security that will continue to be traded during regular daytime trading in officially listed shares at Euronext Amsterdam, provided that this security complies with the requirements for inclusion in an index laid down in section 1 of these rules. If a bid is accepted during regular daytime trading hours this will result in the index being adjusted with effect from the next trading day. If a bid is accepted outside regular daytime trading hours this will result in the index being adjusted with effect from the second trading day after the bid was accepted. For the purposes of these rules a trading day is considered to be that part of the day during which regular daytime trading takes place at Euronext Amsterdam. b) in all cases other than those described in (a) above the security in question will be removed from the index, on the understanding that a transitional period to be determined by the compiler, subject to a maximum of three months, may apply, provided that the security in question continues to meet the requirements laid down in section 1 of these rules.

The removal of a security from the index will be announced at least three days in advance. The index will then temporarily consist of fewer than 25 securities until the next periodical adjustment.

4. If shares may be offered for exchange in connection with a merger or acquisition and this temporarily results in two listings at Euronext Amsterdam, the prices of the offered shares will be used, unless the compiler decides otherwise. In the event of a merger or acquisition involving two or more securities included in the AEX-index, the security that continues to be officially listed in accordance with article 5.3.3 (a) will be given the cumulative weighting of the securities included in AEX-index before the merger or acquisition. The index will then temporarily consist of fewer than 25 securities until the next periodical adjustment. In the event of a merger or acquisition involving at least one security that is not included in the AEX-index, the security that continues to be officially listed in accordance with article 5.3.3 (a) will be given the original cumulative weighting of the securities included in the AEX-index. The index may then temporarily consist of fewer than 25 securities until the next periodical adjustment.

5.3.5 In the event that a company included in the AEX-index is split up, the securities resulting from the split, including the original security where appropriate, will continue to be included in the index unless one of these securities is ranked 49, 50 or higher on the basis of value of turnover for the last whole calendar year. The index may then temporarily consist of more than or fewer than 25 securities until the annual periodical adjustment takes place. For the purposes of these rules a split-up is taken to mean a legal demerger, a spin-off or another situation which the compiler deems to be similar.

5.3.6 Since the level of the index will remain unchanged after a security has been removed from the index as referred to in article 5.3.3 or 5.3.5, the entire weighting of the security will be assigned proportionately to the other constituent securities.

5.3.7 The new weighting for each security will be expressed as the number of shares in the index. This figure will usually be rounded off to the nearest whole number.

Given the requirement that the value of the AEX-index should not be affected by this, the compiler of the AEX-index may subsequently change the number of shares for each security. The maximum permissible deviation after rounding off compared with the weighting before rounding off is 5%. Rounding off to the nearest whole number of shares could lead to this maximum being exceeded. The compiler of the AEX-index therefore reserves the right to decide not to round off the number of shares to the nearest whole number but to round off to one or more decimal places where appropriate.

4. Operational adjustment of the weighting of securities

1. The composition of the portfolios on which the AEX-index is based may change as a result of steps taken by an issuer of securities included in the index.
2. In principle the AEX-index will not be adjusted to take account of periodical cash dividends on constituent securities, on the understanding that the compiler may decide otherwise. The compiler will in any event not use this power if this dividend is less than 10% of the closing price of the relevant share on Euronext Amsterdam on the last day that the share is traded cum dividend. If this power is used, the number of shares in the index will be adjusted so that the value of the index remains the same. 3. The AEX-index will not be adjusted for periodical dividends with stock options distributed on constituent securities. In this context a dividend with a stock option is also taken to mean a stock and/or cash dividend if the shareholders are able to opt for one of the dividends or a combination of them before the dividend is declared.

4. In the event of a stock dividend, bonus dividend or bonus issue, the number of shares of the security in question which are included in the AEX-index will be adjusted in such a way that the value of the index remains the same. To determine whether a bonus dividend exists the basic principle will be whether the company treats it as a bonus dividend and publishes it as such. The compiler will make the final decision if there is any doubt.

5. In the event of a rights issue the number of shares of the relevant security which are included in the AEX-index will be adjusted in such a way that the value of the index remains the same. The number of shares will be adjusted on the basis of the theoretical value of the rights issue as calculated by the compiler.

6. The procedure set out in article 5.4.5 will also be followed if a value can be attributed to a subscription right for convertible bonds, bonds with warrants or warrants with preferential rights for shareholders.

7. To ensure that the level of the index remains the same after a split-up as referred to in article 5.3.6, the weighting of the original security after a split-up will be adjusted as follows:


* If, after the split of the original security, none of the resulting securities, including the original security where appropriate, are included in the index, the existing weighting of the original security will be allocated proportionately to the other securities included in the index;

* If, after the split of the original security, only one of the resulting securities, including the original security where appropriate, is included in the index, the existing weighting of the original security will be allocated to this security;
* If, after the split of the original security, two or more of the resulting securities, including the original security where appropriate, are included in the index, the existing weighting of the original security will be allocated to these securities in proportion to the market capitalisation ratios of these securities at that moment.

7. If the issuer of a security included in the index changes its capital structure, old shares will be replaced by new shares. 8. In the event of a share split the number of shares in the security concerned will be multiplied by the factor used for the split at that time.
9. In the event that adjustments as referred to in articles 5.4.2 to 5.4.9 inclusive occur in combination, the number of shares in the constituent security in question will be adjusted so that the value of the index remains the same.
10. The measures laid down in articles 5.4.2 to 5.4.10 inclusive will not be taken if the index would change by less than 0.01 index points as a result of the circumstances described in those articles.

5.5 Final provisions for operational adjustments

4. In cases which are not expressly covered in these rules, operational adjustments will take place in the spirit of the aim set out in article 5.1. Operational adjustments may also take place if, in the opinion of the compiler of the index, it is desirable to do so to maintain a fair and orderly market in derivatives on this index and/or this is in the best interests of the investors in these products and/or the proper functioning of the markets.

5. Final provisions

1. The board of directors of Euronext-Indices B.V., a subsidiary ofEuronext Amsterdam N.V., acts as the compiler of the AEX-index. The Indices Advisory Committee acts as adviser to the Compiler in the event of amendments to these rules and in all cases where the Compiler deems this desirable or necessary in connection with the performance of its work.
The Index Steering Committee acts as the supervisor of the AEX-index.
2. The compiler of the AEX-index is responsible for the day-to-day management of the AEX-index.
The compiler of the AEX-index is also responsible for decisions regarding the interpretation of these rules. 3. In cases not covered by these rules but which require direct action, the compiler of AEX-index will make a decision to the best of its ability and in the spirit of and in accordance with the aim of these rules. The decision will be submitted to the supervisor of the AEX-index at the earliest possible opportunity. 4. These rules may be supplemented, amended in whole or in part, revised or withdrawn at any time. Supplements, amendments, revisions and withdrawals may also lead to changes in the way the index is compiled or calculated or affect the AEX-index in another way.
The compiler of the AEX-index will submit all decisions regarding supplementing, amending, revising or withdrawing these rules to the Indices Advisory Committee for recommendations and subsequently to the supervisor of the AEX-index for approval. All decisions will be published immediately.
A period of at least three months should pass between the date a proposed change is published and the date this comes into effect, unless the change is not in conflict with the interests of an affected party.
No liability can be accepted for any losses resulting from supplementing, amending, revising or withdrawing the Rules for the AEX-index.
5. The compiler of the AEX-index will do everything within its power to ensure the accuracy of the composition, calculation, publication and adjustment of the AEX-index in accordance with relevant rules.

However, the compiler of the AEX-index and the supervisor of the AEX-index cannot accept any liability for any inaccuracy in share prices, calculations and the publication of the index, the information used for making adjustments to the index and the actual adjustments.

6. Euronext-Indices B.V. owns all intellectual and other property rights to the AEX-index, including the name, the composition and the calculation of the AEX-index.

7. Substitution of currency

6.7 If a currency is converted into another currency or if a unit of account, e.g. the ECU, is converted into a currency or ceases to exist as result of a change in legislation and another currency is introduced as a substitute currency, calculation of the AEX-index in these currencies shall (in the case of a legal obligation thereto) or may be fixed on the basis of the relevant legally established exchange rates with due regard to the laws governing the rounding off of such amounts. In the absence of a legally established exchange rate or rules for rounding off amounts, the aforementioned calculation shall be made in accordance with the method determined by the compiler in consultation with the supervisor of the AEX-index. In addition, the introduction of a currency may result in changes to the value of the AEX-index, the composition of the AEX-index, the selection and/or weighting of each security in the AEX-index or the settlement price.
This provision shall apply accordingly during a transitional period in connection with the conversion of a currency or the conversion of unit of account into a currency.

Rules for the Amsterdam Midkap index
®

Rules for the Amsterdam Midkap index

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1. Composition of the Amsterdam Midkap index
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2. Calculation of the Amsterdam Midkap index
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3. Publication of the Amsterdam Midkap index
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4. Rules for the periodical adjustment of the Amsterdam Midkap index

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5. Rules for the operational adjustment of the Amsterdam Midkap index

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6. Final provisions

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1. Composition of the Amsterdam Midkap index

1. The Amsterdam Midkap index is a weighted index based on the prices of shares in 25 medium-sized companies listed onEuronext Amsterdam.
2. The Amsterdam Midkap index is structured in such a way that it can be considered to represent general trends in shares listed on Euronext Amsterdam.
The Amsterdam Midkap index also aims to reflect current developments in share prices on Euronext Amsterdam so that it can be used as the underlying value for derivatives. 3. The Amsterdam Midkap index only includes securities which are traded on Euronext Amsterdam.

4. The following do not qualify for inclusion in the Amsterdam Midkap index:

a. Investment institutions as referred to in the Investment Institutions (Supervision) Act (Wet toezicht beleggingsinstellingen);
b. Holding companies for securities listed on Euronext Amsterdam; c. Securities subject to a special listing regime; d. Securities listed less than eighty trading days; e. Securities listed on Euronext Amsterdam in the foreign shares category;
f. Other securities, companies or institutions as determined by the compiler. When ruling out securities from inclusion in the Amsterdam Midkap index the compiler will take into account the tradability and the settlement of the securities. When determining the tradability of a share the frequency with which the security is traded will be decisive. When determining proper settlement the extent to which short positions can be taken and settled in a security will be decisive.

1.5 In order to Qualify for inclusion in the index the turnover of a scurity on Euronext Amsterdam should at least be equal to 20 % of the total number of shares issued calculated over the course of the previous calendar year: This velocity is calculated on a monthly basis by dividing the number of shares traded by the outstanding number of shares. Then these monthly values are added to calculate the annual velocity. Moreover, in order to be included in the Amsterdam Midkap index, at least 25 % of the issued shares of a security should be freely available for trading (""free float") at Euronext Amsterdam. However, a security may nevertheless be included in the index if its free float, although less than 25 %, equals, or is greater than, the free float of the security which ranks 50th on Euronext Amsterdam in terms of free float market capitalisation.
1.6 Securities with more than one listing on Euronext Amsterdam will not be included more than once in the Amsterdam Midkap index. The form of listing with the highest level of value of turnover will be selected for the Amsterdam Midkap index. 1.7The securities included in the Amsterdam Midkap index are selected on the basis of value of turnover in these shares on Euronext Amsterdam.
1.8The weighting of each security in the index shall be determined on the basis of market capitalisation at the time the index is compiled or periodically adjusted. The market capitalisation will be adjusted in accordance with the following rules if part of the issued share capital of a security is not freely available for trading (i.e. the free float is restricted):


* If free float of a security is less than or equal to 50 % but greater than 25 %, 50 % of the market capitalisation will be taken into account for the purpose of determining the weight.
* If the free float of a security is less than or equal to 75 % but greater than 50 %, 75 % of the market capitalisation will be taken into account for the purpose of determining the weight.
* If the free float is greater than 75 %, the total market capitalisation will be taken into account for the purpose of determining the weight.


- If a security having a freefloat of less than 25 % is included in the index in accordance with article 1.5, 25 % of the market capitalisation will be taken into account for the purpose of determining the weight

The maximum weighting of a security in the index shall be 10% at the time of periodic adjustment.

In case of doubt the compiler will make the final decision.

.

1.9The weighting of each security will be expressed in the number of shares included in the Amsterdam Midkap index. The number of shares required according to the weighting shall generally be rounded off to the nearest whole number.

10. The Amsterdam Midkap index is equal to one hundredth of the total weighted prices in euros of the last known transactions in each of the 25 securities as published by Euronext Amsterdam, with due observance of the provisions of section 2.
11. In these rules the term shares is also taken to mean depository receipts for shares.

2. Calculation of the Amsterdam Midkap index

1. The value of the Amsterdam Midkap index is calculated using the share prices quoted on Euronext Amsterdam of all the securities included in the index.
2. The share prices are the prices of transactions concluded during regular daytime trading in officially listed shares on Euronext Amsterdam.
3. The prices used for the calculation are the most recently published prices for the trading day concerned. Prices not published immediately after a transaction are not used. No recalculation will take place if prices are cancelled unless the compiler of the Amsterdam Midkap index decides otherwise. 4. The Amsterdam Midkap index is recalculated every 15 seconds if the price of one of the securities included in the index changes during the previous 15 seconds.

5. The compiler of the Amsterdam Midkap index retains the right to delay the use of a new price if it believes that this price deviates from the previous price to such an extent that it is necessary to obtain confirmation of the new price from the officer of quotations of AEX-Effectenbeurs N.V., a subsidiary of Euronext Amsterdam.
6. The calculation of the value of the Amsterdam Midkap index will start thirty minutes after Euronext Amsterdam starts regular daytime trading in officially listed shares in accordance with its rules and regulations.
If no price has been fixed for a security on the trading day concerned, the last known price established during regular daytime trading in officially listed shares on Euronext Amsterdam will be used.
7. The opening value of the Amsterdam Midkap index is the value of the index calculated when the compiler of the Amsterdam Midkap index has received all the necessary prices. 8. If, for whatever reason, the compiler of the index has not received all the necessary prices within thirty minutes of Euronext Amsterdam starting official listing in regular daytime trading, the opening value of the index will still be calculated at that time if the known prices multiplied by their weighting represents at least 80% of the index.
9. If less than 80% of the value of the index is known thirty minutes after Euronext Amsterdam starts official listing in regular daytime trading, the opening value of the Amsterdam Midkap index will be calculated when the 80% threshold is reached.

10. The compiler of the Amsterdam Midkap index may calculate indicative pre-opening index values before publishing the opening value of the index.
11. The calculation of the value of the Amsterdam Midkap index will stop when Euronext Amsterdam stops official listing in regular daytime trading. The last calculated value of the index will be the closing value for that trading day.
12. Every month the compiler of the Amsterdam Midkap index will calculate a settlement price for financial products based on the index.
13. The settlement price of the Amsterdam Midkap index will be calculated as the average of the index value measured every fifteen seconds during the last twenty minutes preceding the calculation of the settlement price (including the time of calculation) Of the 81 index values the 12 highest and 12 lowest values will be ignored and the 57 remaining values will be used to calculate the settlement price with the result being rounded off to two decimal places.

3. Publication of the Amsterdam Midkap index

1. The current value of the Amsterdam Midkap index is published continuously.
2. The publication of the value of the Amsterdam Midkap index starts with the opening value. Publication will continue until the closing value for that day is published.
3. The publication of the value of the Amsterdam Midkap index can start thirty minutes after Euronext Amsterdam starts official listing in regular daytime trading. Index values published between that time and the publication of the opening value will be considered pre-opening index values.
4. The compiler of the Amsterdam Midkap index retains the right to delay the calculation of the opening value and the publication of the index values, or to suspend or discontinue the publication of the index values, if it believes that there are circumstances which prevent the correct calculation of the index.

4. Rules for the periodical adjustment of the Amsterdam Midkap index

1. The general aim of the compiler of the Amsterdam Midkap index when periodically adjusting the index is to ensure that the selection and the weighting of securities continues to meet the basic principles of the index (see section 1) and that the index continues to reflect as closely as possible the value of the underlying share portfolio.
2. Periodical adjustment to the selection and weightings of the securities will take place each year on the first trading day in March, unless less than 95% of the value of the index is known at that day. In that case, periodical adjustment to the selection and weightings of the securities will take place on the next trading day on which at least 95% of the value of the index is known. The periodical adjustment to the selection and weightings of the securities will be effective immediately after the end of regular daytime trading in officially listed shares. 3. Any changes to the selection of securities will be announced at least one month before the periodical adjustment is made. This is without prejudice to the right of the compiler of the Amsterdam Midkap index to revise the selection after the announcement of these changes in the event of a takeover or other unusual circumstances. Any adjustment to the market capitalisation as referred to in article 1.8 will also be announced. 4. Periodical adjustments to the selection and/or weightings of the securities included in the Amsterdam Midkap index shall never result in the index changing by more than 0.01 index points.

5. Periodical adjustment of the selection of securities

1. The selection of the securities included in the Amsterdam Midkap index will be adjusted periodically on the basis of the total value of turnover in these securities during the entire previous calendar year, as officially published by Euronext Amsterdam. After the securities for the Euronext Amsterdam index have been selected the remaining securities will be ranked for selection for the Amsterdam Midkap index. In order to Qualify for inclusion in the index the turnover of a security on Euronext Amsterdam should at least be equal to 20 % of the total number of shares issued calculated over the course of the entire previous calendar year: This velocity is calculated on a monthly basis by dividing the number of shares traded by the outstanding number of shares. Then these monthly values are added to calculate the annual velocity. A security is removed from the index if its free float, as defined in article 1.5 has become less than 20 %.
2. If Euronext Amsterdam has not officially published the value of turnover for the entire period, the adjustment will be based on the value of turnover extrapolated over a full calendar year. When extrapolating the value of turnover, the value of turnover for the first twenty trading days after the launch of the security will not be taken into consideration.

4.5.3 In the event of companies merging, being acquired or splitting up, the value of turnover of the securities issued by these companies will be adjusted as appropriate. For the purposes of these rules a split-up is taken to mean a legal demerger, a spin-off or another situation which the compiler deems similar. For the purposes of these rules a merger is taken to mean a situation in which the shares in the companies concerned are exchanged for shares in the company resulting from the merger.

The value of turnover will not be assigned if a division of an issuer is sold, either privately or otherwise. The value of turnover will be assigned if a spun-off division is listed on the stock market as an independent company.

The compiler will make the final decision if there is any doubt.

4. Rules for the periodical selection of securities in the index:

1. A list is drawn up of all securities qualifying for selection (see articles 1.3 to 1.6 inclusive). None of the securities which are or have been included in the AEX-index at the time of the periodical adjustment of that index will be taken into consideration
2. The unadjusted value of turnover is assigned to each security. 3. The adjustments to the value of turnover are made to the total value of turnover of these securities for the entire previous calendar year as officially published by Euronext Amsterdam (see articles 4.5.1 to 4.5.3 inclusive).
4. The ranking of these securities is then determined. 5. Securities with a ranking of 1 to 23 will be selected by definition, regardless of whether these securities are already included in the Amsterdam Midkap index.
6. The other securities are selected on the basis of the ranking of securities ranked 24 to 27 inclusive in the following manner:

a. If all these securities are already included in the Amsterdam Midkap index, the two securities with the highest value of turnover will be selected. The composition of the index will then be definitive.
b. If three of these securities are already included in the Amsterdam Midkap index and one security is not, the two securities already included in the index which have the highest value of turnover will be selected. The composition of the index will then be definitive.
c. If two of these securities are already included in the Amsterdam Midkap index and two securities are not, the two securities already included in the index will be selected. The composition of the index will then be definitive.
d. If one of these securities is already included in the Amsterdam Midkap index and three are not, the security already included in the Amsterdam Midkap index will be selected as will the security not included in the index that has the highest value of turnover. The composition of the index will then be definitive. e. If all these securities are not already included in the Amsterdam Midkap index, the two securities with the highest value of turnover will be selected. The composition of the index will then be definitive.

1. Securities ranked 28, 29 or higher will not be selected by definition, regardless of whether or not they are included in the Amsterdam Midkap index.

6. Periodical adjustment of the weighting of securities

1. The weighting of the securities included in the Amsterdam Midkap index is adjusted periodically on the basis of the market capitalisation of the issuers of these securities at the end of official listing in regular daytime trading, subject to the provisions of article1.8. An increase or decrease in free float will only lead to a weight adjustment as described in article 1.8 should the boundaries as laid down in article 1.8 be broken by more than 5 percentage points.The weighting of a security in the Amsterdam Midkap index at the time of the periodical adjustment shall not exceed 10%.
2. The closing prices on the day the periodical adjustment is made and the number of outstanding shares as most recently published by Euronext Amsterdam is used to calculate market capitalisation.

3. The new weighting for each security is expressed as the number of shares in the Amsterdam Midkap index. This figure will usually be rounded off to the nearest whole number.

Given the requirement that the value of the Amsterdam Midkap index should not be affected by this, the compiler of the Amsterdam Midkap index may subsequently change the number of shares for each security. The maximum permissible deviation after rounding off compared with the weighting before rounding off is 5%. Rounding off to the nearest number of whole shares could result in this maximum being exceeded. The compiler of the Amsterdam Midkap index therefore reserves the right to decide not to round off the number of shares to the nearest whole number but to round off to one or more decimal places where appropriate.

6. Final provisions for periodical adjustments

4.7 In cases which are not expressly covered in these rules, periodical adjustments will take place in the spirit of the aim set out in article 4.1.
All adjustments must comply with the requirement set out in article 4.4. The compiler of the Amsterdam Midkap index will submit all periodical adjustments which are not specifically covered in the rules to the supervisor of the Amsterdam Midkap index for approval.

5. Rules for the operational adjustment of the Amsterdam Midkap index

1. The aim of the compiler of the Amsterdam Midkap index when making operational adjustments is to ensure that the basic principles of the index (see section 1) are maintained and that the index continues to reflect as closely as possible the value of the underlying portfolio.
2. Operational adjustments to the selection and/or weighting of securities included in the Amsterdam Midkap index may not result in the index concerned changing by more than 0.01 index points.

3. Operational adjustment of the selection of securities

1. The composition of the portfolio on which the Amsterdam Midkap index is based may change as a result of decisions or events which affect one or more of the constituent securities.

5.3.2 If regular daytime trading in one of the securities included in the Amsterdam Midkap index stops or the security is no longer traded during regular daytime trading in officially listed shares, the compiler of the Amsterdam Midkap index will in the first instance use the last known price of the security concerned, subject to the provisions of section 2, but will also have the possibility of using prices which were not established during regular daytime trading in officially listed shares at Euronext Amsterdam.

5.3.3 If trading at Euronext Amsterdam is stopped or will stop in accordance with article 5.3.2, the following will apply:

a) in the event of a merger, acquisition or similar situation, the security in question will be replaced by the security that will continue to be traded during regular daytime trading in officially listed shares at Euronext Amsterdam, provided that this security complies with the requirements for inclusion in an index laid down in section 1 of these rules. If a bid is accepted during regular daytime trading hours this will result in the index being adjusted with effect from the next trading day. If a bid is accepted outside regular daytime trading hours this will result in the index being adjusted with effect from the second trading day after the bid was accepted. For the purposes of these rules a trading day is considered to be that part of the day during which regular daytime trading takes place at Euronext Amsterdam. b) in all cases other than those described in (a) above the security in question will be removed from the index, on the understanding that a transitional period to be determined by the compiler, subject to a maximum of three months, may apply, provided that the security in question continues to meet the requirements laid down in section 1 of these rules.

The removal of a security from the index will be announced at least three days in advance. The index will then temporarily consist of fewer than 25 securities until the next periodical adjustment.

5.3.4 If shares may be offered for exchange in connection with a merger or acquisition and this temporarily results in two listings at Euronext Amsterdam, the prices of the offered shares will be used, unless the compiler decides otherwise. In the event of a merger or acquisition involving two or more securities included in the Amsterdam Midkap index, the security that continues to be officially listed in accordance with article 5.3.3 (a) will be given the cumulative weighting of the securities included in the Amsterdam Midkap index before the merger or acquisition. The index will then temporarily consist of fewer than 25 securities until the next periodical adjustment. In the event of a merger or acquisition involving at least one security that is not included in the Amsterdam Midkap index, the security that continues to be officially listed in accordance with article 5.3.3 (a) will be given the original cumulative weighting of the securities included in the Amsterdam Midkap index. The index may then temporarily consist of fewer than 25 securities until the next periodical adjustment.

5.3.5 In the event that a company included in the Amsterdam Midkap index is split up, the securities resulting from the split, including the original security where appropriate, will continue to be included in the index unless one of these securities is ranked 24, 25 or higher on the basis of value of turnover for the last whole calendar year. The index may then temporarily consist of more than or fewer than 25 securities until the annual periodical adjustment takes place. For the purposes of these rules a split-up is taken to mean a legal demerger, a spin-off or another situation which the compiler deems to be similar.

5.3.6 Since the level of the index will remain unchanged after a security has been removed from the index as referred to in article 5.3.3 or 5.3.5, the entire weighting of the security will be assigned proportionately to the other constituent securities.

5.3.7 The new weighting for each security will be expressed as the number of shares in the index. This figure will usually be rounded off to the nearest whole number.

Given the requirement that the value of the Amsterdam Midkap index should not be affected by this, the compiler of the Amsterdam Midkap index may subsequently change the number of shares for each security. The maximum permissible deviation after rounding off compared with the weighting before rounding off is 5%. Rounding off to the nearest whole number of shares could lead to this maximum being exceeded. The compiler of the Amsterdam Midkap index therefore reserves the right to decide not to round off the number of shares to the nearest whole number but to round off to one or more decimal places where appropriate.

4. Operational adjustment of the weighting of securities

1. The composition of the portfolios on which the Amsterdam Midkap index is based may change as a result of steps taken by an issuer of securities included in the index.
2. In principle the Amsterdam Midkap index will not be adjusted to take account of periodical cash dividends on constituent securities, on the understanding that the compiler may decide to do otherwise. The compiler will in any event not use this power if this dividend is less than 10% of the closing price of the relevant share on Euronext Amsterdam on the last day that the share is traded cum dividend. If this power is used, the number of shares in the index will be adjusted so that the value of the index remains the same.
3. The Amsterdam Midkap index will not be adjusted for periodical dividends with stock options distributed on constituent securities. In this context a dividend with a stock option is also taken to mean a stock and/or cash dividend if the shareholders are able to opt for one of the dividends or a combination of them before the dividend is declared.

4. In the event of a stock dividend, bonus dividend or bonus issue, the number of shares of the security in question which are included in the Amsterdam Midkap index will be adjusted in such a way that the value of the index remains the same. To determine whether a bonus dividend exists the basic principle will be whether the company treats it as a bonus dividend and publishes it as such. The compiler will make the final decision if there is any doubt.

5. In the event of a rights issue the number of shares of the relevant security which are included in the Amsterdam Midkap index will be adjusted in such a way that the value of the index remains the same. The number of shares will be adjusted on the basis of the theoretical value of the rights issue as calculated by the compiler.

6. The procedure set out in article 5.4.5 will also be followed if a value can be attributed to a subscription right for convertible bonds, bonds with warrants or warrants with preferential rights for shareholders.

7. To ensure that the level of the index remains the same after a split-up as referred to in article 5.3.6, the weighting of the original security after a split-up will be adjusted as follows:


* If, after the split of the original security, none of the resulting securities, including the original security where appropriate, are included in the index, the existing weighting of the original security will be allocated proportionately to the other securities included in the index;

* If, after the split of the original security, only one of the resulting securities, including the original security where appropriate, is included in the index, the existing weighting of the original security will be allocated to this security;
* If, after the split of the original security, two or more of the resulting securities, including the original security where appropriate, are included in the index, the existing weighting of the original security will be allocated to these securities in proportion to the market capitalisation ratios of these securities at that moment.

7. If the issuer of a security included in the index changes its capital structure, old shares will be replaced by new shares. 8. In the event of a share split the number of shares in the security concerned will be multiplied by the factor used for the split at that time.
9. In the event that adjustments as referred to in articles 5.4.2 to 5.4.9 inclusive occur in combination, the number of shares in the constituent security in question will be adjusted so that the value of the relevant index remains the same. 10. The measures laid down in articles 5.4.2 to 5.4.10 inclusive will not be taken if the index would change by less than 0.01 index points as a result of the circumstances described in those articles.

5.5 Final provisions for operational adjustments

4. In cases which are not expressly covered in these rules, operational adjustments will take place in the spirit of the aim set out in article 5.1. Operational adjustments may also take place if, in the opinion of the compiler of the index, it is desirable to do so to maintain a fair and orderly market in derivatives on this index and/or this is in the best interests of the investors in these products and/or the proper functioning of the markets.

5. Final provisions

1. The board of directors of Euronext-Indices B.V., a subsidiary of Euronext Amsterdam N.V., acts as the compiler of the Amsterdam Midkap index.
The Indices Advisory Committee acts as adviser to the Compiler in the event of amendments to these rules and in all cases where the Compiler deems this desirable or necessary in connection with the performance of its work.
The Index Steering Committee acts as the supervisor of the Amsterdam Midkap index.
2. The compiler of the Amsterdam Midkap index is responsible for the day-to-day management of the Amsterdam Midkap index. The compiler of the Amsterdam Midkap index is also responsible for decisions regarding the interpretation of these rules. 3. In cases not covered by these rules but which require direct action, the compiler of the Amsterdam Midkap index will make a decision to the best of its ability and in the spirit of and in accordance with the aim of these rules. The decision will be submitted to the supervisor of the Amsterdam Midkap index at the earliest possible opportunity.
4. These rules may be supplemented, amended in whole or in part, revised or withdrawn at any time. Supplements, amendments, revisions and withdrawals may also lead to changes in the way the index is compiled or calculated or affect the Amsterdam Midkap index in another way.
The compiler of the Amsterdam Midkap index will submit all decisions regarding supplementing, amending, revising or withdrawing these rules to the Indices Advisory Committee for recommendations and subsequently to the supervisor of the Amsterdam Midkap index for approval. All decisions will be published immediately.
A period of at least three months should pass between the date a proposed change is published and the date this comes into effect, unless the change is not in conflict with the interests of an affected party.
No liability can be accepted for any losses resulting from supplementing, amending, revising or withdrawing the Rules for the Amsterdam Midkap index.
5. The compiler of the Amsterdam Midkap index will do everything within its power to ensure the accuracy of the composition, calculation, publication and adjustment of the Amsterdam Midkap index in accordance with relevant rules.

However, the compiler of the Amsterdam Midkap index and the supervisor of the Amsterdam Midkap index cannot accept any liability for any inaccuracy in share prices, calculations and the publication of the index, the information used for making adjustments to the index and the actual adjustments.

6. Euronext-Indices B.V. owns all intellectual and other property rights to the Amsterdam Midkap index, including the name, the composition and the calculation of the Amsterdam Midkap index.

7. Substitution of currency

6.7 If a currency is converted into another currency or if a unit of account, e.g. the ECU, is converted into a currency or ceases to exist as result of a change in legislation and another currency is introduced as a substitute currency, calculation of the Amsterdam Midkap index in these currencies shall (in the case of a legal obligation thereto) or may be fixed on the basis of the relevant legally established exchange rates with due regard to the laws governing the rounding off of such amounts. In the absence of a legally established exchange rate or rules for rounding off amounts, the aforementioned calculation shall be made in accordance with the method determined by the compiler in consultation with the supervisor of the Amsterdam Midkap index. In addition, the introduction of a currency may result in changes to the value of the Amsterdam Midkap index, the composition of the Amsterdam Midkap index, the selection and/or weighting of each security in the Amsterdam Midkap index or the settlement price. This provision shall apply accordingly during a transitional period in connection with the conversion of a currency or the conversion of unit of account into a currency.

© Amsterdam Exchanges / Pers en Public Affairs

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