The base value of the Euronext 100 Index is 1000 as at 31 December 1999. Daily historical values are available. The Euronext 100 Index ground rules ensure that the constituents of the index can be viewed as the largest and most liquid stocks traded on Euronext. Each stock undergoes a screening process whereby only liquid stocks are included in the selection of the investment universe. Each stock must reach a trade velocity ratio of 20% per annum. This means that each stock must experience turnover in over 20% of its issued shares over the course of the rolling one-year analysis period.

The Euronext 100 Index is reviewed quarterly. The quarterly review process ensures the index accurately represents the underlying market at Euronext. The review process runs size and liquidity analysis on investment universe to ensure the current constituents comply with the index ground rules, and also in order to recognise any important additions and deletions to the index caused by performance changes. The stocks in the Euronext 100 Index represent 80% (Euro 1.177 bln) of the total market capitalisation of the investment universe (Euro 1.477 bln) as at 31 December 2002.

Each stock within the Euronext 100 Index is allocated a sector classification. The sector classification system facilitates sector breakdown analysis of the Euronext market.

The Next 150 Index is a market capitalisation weighted index of the 150 next largest stocks following the selection of the Euronext 100 Index. The Next 150 Index represents the large to mid capitalisation segment of listed stocks at Euronext. The Next 150 index is weighted as follows:

Country breakdown as at 31 December 2002

The Next 150 Index ground rules ensure that the constituents of the index can be viewed as representative of the large to mid capitalisation stocks traded on Euronext. Each stock undergoes a screening process whereby ill-liquid stocks are removed from the selection of the investment universe. Each stock must reach a trade velocity ratio of 20% per annum.

The Next 150 Index is reviewed quarterly. The quarterly review process ensures the index accurately represents the underlying market at Euronext. The review process runs size and liquidity analysis on investment universe to ensure the current constituents comply with the index ground rules, and also in order to recognise any important additions and deletions to the index caused by performance changes. The stocks of the Next 150 index represent 6% of the total market capitalisation of the investment universe (Euro 2,420 bln) as at 31 December 2000.

Each stock within the Next 150 Index is allocated a sector classification. The sector classification system facilitates sector breakdown analysis of the Euronext market.

Euronext aims to create two market segments in its Euronext List — NextEconomy and NextPrime — that will be launched in January 2002.

The NextEconomy segment consists of companies whose core business lies in new technologies while NextPrime comprises companies from traditional sectors of the economy.

The creation of the NextEconomy and NextPrime segments meets the needs of investors seeking greater transparency and liquidity. It raises the profile of companies wishing to increase their visibility with investors by complying with a number of additional rules for disclosure and liquidity.

For investors, these two segments constitute an additional, quality-based criterion for selecting companies, as choosing a company that is a member of one of the segments ensures them a high level of financial transparency consistent with the most exacting international standards.

NextEconomy and NextPrime are particularly designed for small and mid caps. The segments do not replace the existing regulated stock markets, and listed companies are free to join them on a voluntary basis by signing an inclusion agreement with the exchange.

Financial transparency requirements
Admission to one of the two segments gives companies the opportunity to enhance investor relationships by complying with a series of requirements. These supplementary requirements are consistent with international standards.

The main requirements which companies must undertake to respect are:

• publish quarterly financial reports (2004)
• adopt international accounting standards (or reconcile existing information with those standards) (2004)
• publish financial documents in English (2002)
• announce a schedule for publications and meetings (2002)
• hold at least two analysts' meetings per year (2002)
• publish key financial information on their website (2002)

Liquidity requirements
To ensure the liquidity that investors are looking for, all the stocks that join NextEconomy and NextPrime are traded continuously. Where necessary, the presence of a liquidity provider is obligatory.

Admission to NextEconomy and NextPrime is a guarantee of additional visibility
Euronext will actively seek to raise the profile of companies choosing to be admitted to NextPrime and NextEconomy. In addition to creating specific indices, the exchange undertakes to committed to enhance companies' investor visibility.

A specific section of the Euronext website featuring detailed corporate and financial information has been created for the companies in the NextEconomy and NextPrime segments. Other tools are being developed to help promote the two segments, including advertising campaigns, special roadshows, and investor guidebooks.

Euronext aims to create two market segments in its Euronext List — NextEconomy and NextPrime — that will be launched in January 2002.

The NextEconomy segment consists of companies whose core business lies in new technologies while NextPrime comprises companies from traditional sectors of the economy.

The creation of the NextEconomy and NextPrime segments meets the needs of investors seeking greater transparency and liquidity. It raises the profile of companies wishing to increase their visibility with investors by complying with a number of additional rules for disclosure and liquidity.

For investors, these two segments constitute an additional, quality-based criterion for selecting companies, as choosing a company that is a member of one of the segments ensures them a high level of financial transparency consistent with the most exacting international standards.

NextEconomy and NextPrime are particularly designed for small and mid caps. The segments do not replace the existing regulated stock markets, and listed companies are free to join them on a voluntary basis by signing an inclusion agreement with the exchange.

Financial transparency requirements
Admission to one of the two segments gives companies the opportunity to enhance investor relationships by complying with a series of requirements. These supplementary requirements are consistent with international standards.

The main requirements which companies must undertake to respect are:

• publish quarterly financial reports (2004)
• adopt international accounting standards (or reconcile existing information with those standards) (2004)
• publish financial documents in English (2002)
• announce a schedule for publications and meetings (2002)
• hold at least two analysts' meetings per year (2002)
• publish key financial information on their website (2002)

Liquidity requirements
To ensure the liquidity that investors are looking for, all the stocks that join NextEconomy and NextPrime are traded continuously. Where necessary, the presence of a liquidity provider is obligatory.

Admission to NextEconomy and NextPrime is a guarantee of additional visibility
Euronext will actively seek to raise the profile of companies choosing to be admitted to NextPrime and NextEconomy. In addition to creating specific indices, the exchange undertakes to committed to enhance companies' investor visibility.

A specific section of the Euronext website featuring detailed corporate and financial information has been created for the companies in the NextEconomy and NextPrime segments. Other tools are being developed to help promote the two segments, including advertising campaigns, special roadshows, and investor guidebooks.

The 29th April 2003, FTSE Group ("FTSE"), the leading global index provider, and Euronext, the first international cross-border cash and derivatives exchange, launched FTSEurofirst, a new tradable set of European indices.

Market consultation shows a real need for an alternative to the currently available tradable European indices. FTSE and Euronext, co-owners of the indices, decided to join forces in a partnership that combines world-class index development expertise and distribution capability through Euronext and through Euronext.liffe, the international derivatives business of Euronext.

The FTSEurofirst series comprises two new indices:

• FTSEurofirst 80  - which covers the current Eurozone and provides a basket of 80 stocks, FTSEurofirst 100 which provides a pan-European selection of 100 stocks, using only two currencies and offering a much easier way to trade across borders in Europe.

Futures and options on the new indices will be listed on Euronext.liffe in the next few months.

• Description

More info on vendor codes, contacts, top constituents, country & sectorial breakdown,
please download the factsheet document , or visit the www.ftseurofirst.com website, under the " Indices description " section.

• Methodology

To know how those indices work, please dowload the methodology, visiting the www.ftseurofirst.com website, under the " Methodology & Rules" section.

• Research

To know all the details of those indices and the answers to the investors needs, please dowload the research document, or visit the www.ftseurofirst.com website, under the " Research" section.

• Press releases

• Derivatives

 Introducing FTSEurofirst 80 and FTSEurofirst 100 futures and options

• Full info

To get all the info on those new indices,
Please visit : www.ftseurofirst.com

The BEL20® Index is a real-time index reflecting the continuous price evolution of the 20 most liquid Belgian shares listed on Euronext Brussels and serves as Blue-chip index for Euronext Brussels. The weight of the index constituents is based on their marketcapitalisation adjusted for free float by using a free float banding system. This free float is a measure ( in %) for the part of the listed shares of the company that are available to the public for trading. The basis was set at 1000 on 30.12.1990. The index is published continuously but the official closing price is only published after 5.40 pm.

The best-known index of Euronext Amsterdam, the AEX index®, is made up of the 25 most active securities in the Netherlands. This index provides a fair representation of the Dutch economy.

The FTSE Eurotop 100 index tracks the performance of 100 leading securities in euro zone countries, Sweden, Switzerland and the UK that are listed on the nine most important European exchanges. It provides investors with information about pan-European economic trends at a glance. Amsterdam Exchanges lists options on the FTSE Eurotop 100.

The SBF80 is made up of the SBF120 stocks not included in the CAC40 index, which are the most traded on the continuous segments. It provides a useful measure of their performance which often differs significantly from that of the CAC40 index.

The SBF120 components are actively traded stocks providing a more broadly instrument for equity investment beyond the narrow circle of the CAC40 sample. A prime purpose is naturally to offer a benchmark for investment funds focusing on shares.

The base value is 1 000 at December 31, 1990.

As with other major international stock market indices, the purpose of the SBF 250 is to represent the movement of the overall market as well as its economic components.  The SBF 250 index thus serves as a long-term benchmark for managers of French equity funds, whether diversified across the entire market or specialised in a given sector. It is needed by economists, financial analysts and issuers as a comparative valuation tool. 

The MIDCAC index tracks stocks of medium-size companies. The performance of such stocks is not adequately reflected in the SBF250 index since they account for a relatively low proportion of the total market capitalization.
The MIDCAC includes 100 medium-size stocks which are among the most liquid stocks listed on Premier Marché and Nouveau Marché, while the SECOND MARCHE index focuses on this specific market.
The index serves as benchmark for funds specializing in this type of stocks. The index is not based on the interconnected hierarchy of the CAC40/SBF120/SBF250. Some of its components may be included in the SBF120 and SBF250 indexes.

The base value is 1000 at December 31, 1990.

The SBF-FCI index is a sample of convertible bonds which represent at least 70% of the total capitalization of this specific market. It offers a benchmark for funds specializing in convertible bonds that none of the traditional indexes could reflect because of their hybrid nature.
The SBF-FCI is calculated on the basis of opening and closing prices.

The base value is 1 000 at December 31, 1990.

The Amsterdam Midkap index® consists of the 25 most active mid cap securities traded in Amsterdam.

The Bel 20® Return Private Index is the same as the BEL20® price index but takes into account the reinvestment of NET dividends. The Return Private Index is a benchmark for private investors through which they can measure what they gained from their investments. It is calculated once a day on the basis of the closing prices of its constituents and published after 5.40 pm.

The Bel 20® Return Institutional Index was created for institutional investors. It is identical to the BEL20® Return Private Index, except for the reinvestment of dividends, for which it takes into account the GROSS dividends. It is published after 5.40 pm.

The BAS index is an "All shares" index representing the evolution of the Euronext Brussels Market as a whole. The Index is based on the closing prices of all Belgian shares listed on the fixing and continuous segment, of the First and the Second Market. The shares are weighted according to their daily market capitalization. However, companies having a free float of 5% or less will be taken out of the index with free float being a measure ( in %) for the part of the issued shares of the company that are available to the public for trading. The BAS index has two versions, Price and Return. The basis of both the Price and Return Index is 01.01.1980 = 1000. The indexes are calculated once a day at the closing of the market and are published after 5.40 pm. The only difference between a Price Index and a Return Index is that the price index does not take into account the reinvestment of NET dividends.

This index is made up of stocks whose free-float market capitalization lies between the level of the Bel20 index multiplied by EUR 5,000 and the Bel20 multiplied by EUR 50,000. Free-float velocity must be at least 10%, and the weight of individual shares is capped at 10%. The BEL Small index is composed of 46 companies having an average market capitalization of EUR 126 million, with a minimum of around EUR 30 million.
The BEL Small return index is the return version of BEL small index and takes into account the re-investment of net dividends.
Review will occur quarterly at the end of February, May, August and November for application at the beginning of April, July, October and January, respectively.

The BEL Mid return index is made up of stocks not included in the BEL20 index, having a higher free float market capitalisation than the level of the BEL 20 index multiplied by EUR 50,000, and a free-float velocity of at least 10%. No single stock may represent more than 10% of this index.
The BEL Mid return index includes 33 companies. It thus covers a wide range of representative and diversified mid-caps, with an average market capitalization of EUR 1.1 billion and a minimum of around EUR 200 million. The BEL Mid return index is the return version of BEL Mid index and takes into account the re-investment of net dividends. Review will occur quarterly at the end of February, May, August and November, for application at the beginning of April, July, October and January, respectively.

The NOUVEAU MARCHE index is designed to be representative of the general trends of all stocks listed on the growth segment of Euronext Paris. It is an All share index , that means that all securities listed on this segment are components of the NOUVEAU MARCHE index.

The base value is 1000 at December 31, 1997.

The SECOND MARCHE sample is open, with the number of stocks included varying to reflect the market development. These two indexes serve as benchmarks for funds specialising in this type of stocks.
The index is not based on the interconnected hierarchy of the CAC40/SBF120/SBF250. Some of the components may be included in the SBF120 and SBF250 indexes.

The base value is 1000 at December 31, 1990.

The Amsterdam Exchanges All-Share index® is our broad benchmark index. It contains all the shares listed on Euronext Amsterdam market (see the index rules for exceptions).

The CSFB European Technology Index is a flight-weighted index, based on the last trade prices of shares of all eligible companies listed on the official markets of the relevant European Exchanges. The Index has a base date of 1 April 1999 with a starting value of 100. The Index contains 50 stocks. The Index is structured in such a way that it can be considered to represent general trends in all eligible stocks in the European technology market. The Index is designed to reflect the stock performance of companies engaged in specific aspects of the European technology. The Index uses a flight weighting methodology to best reflect the way institutional funds actually invest. The European technology market is defined as companies within the following markets:

• Austria
• Belgium
• Denmark
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Luxembourg
• Netherlands
• Norway
• Portugal
• Spain
• Sweden
• Switzerland
• United Kingdom

The country of the primary listing of the stock is the determinant for country allocation.

The Index includes only securities that are traded within Europe. The company must be listed on an official European stock exchange.

In order to qualify for inclusion in the Index, companies must derive 50% of their revenue from relevant technology based activities. The secondary objective of the Index is to create an appropriate balance between each industry sector and sub-sector, and to approximate the holdings of technology-focused investment funds. Companies engaged in technology based activities come from the following industry sectors:

• Telecommunications equipment
• Software
• Semi-conductors and semi-conductor capital equipment
• IT Services
• Internet
• Diversified technology companies

The sector classification will in general be performed in accordance with the FTSE classification rules, but could be overruled by the Index Advisory Committee.

The composition of the Index will be partially based on market capitalisation. Of the 50 stocks in the Index, the first 30 will be the largest eligible companies based on the average of daily market capitalization values on the trading days in the month prior to re-balancing. The remaining 20 stocks will be selected by the compiler from the universe of eligible stocks to represent the sub-sectors within the technology sector.

Holding companies are excluded from the Index. Holding companies are defined as companies that have more than 50% of their net assets invested in the securities of other listed companies.

Each company that is included in the Index is allocated a flight. Each flight banding determines the weight of each stock in the Index, which is used at the re-balancing date.

The weighting of each security will be expressed in the number of shares included in the Index. The number of shares required according to the weighting shall generally be rounded off to four significant digits after the decimal.

The flight system takes the following form:

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

The EuroMTS Index was formerly the CNO Etrix and was acquired by EuroMTS from the French Bond Market Association (Comité de Normalisation Obligataire, or “CNO”) in January 2003. 

It is the first independent, transparent, real-time and tradable government bond index for the European investment community. The index is produced by EuroMTS and is promoted by MTSNext, a joint venture between EuroMTS and Euronext, and benefits from the advice of a committee of market participants (the “Advisory Committee”). 

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com.

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

The EuroMTS Index was formerly the CNO Etrix and was acquired by EuroMTS from the French Bond Market Association (Comité de Normalisation Obligataire, or “CNO”) in January 2003.

It is the first independent, transparent, real-time and tradable government bond index for the European investment community. The index is produced by EuroMTS and is promoted by MTSNext, a joint venture between EuroMTS and Euronext, and benefits from the advice of a committee of market participants (the “Advisory Committee”).

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

The EuroMTS Index was formerly the CNO Etrix and was acquired by EuroMTS from the French Bond Market Association (Comité de Normalisation Obligataire, or “CNO”) in January 2003.

It is the first independent, transparent, real-time and tradable government bond index for the European investment community. The index is produced by EuroMTS and is promoted by MTSNext, a joint venture between EuroMTS and Euronext, and benefits from the advice of a committee of market participants (the “Advisory Committee”).

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

The EuroMTS Index was formerly the CNO Etrix and was acquired by EuroMTS from the French Bond Market Association (Comité de Normalisation Obligataire, or “CNO”) in January 2003.

It is the first independent, transparent, real-time and tradable government bond index for the European investment community. The index is produced by EuroMTS and is promoted by MTSNext, a joint venture between EuroMTS and Euronext, and benefits from the advice of a committee of market participants (the “Advisory Committee”).

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

It is the first independent, transparent, real-time and tradable government bond index for the European investment community. The index is produced by EuroMTS and is promoted by MTSNext, a joint venture between EuroMTS and Euronext, and benefits from the advice of a committee of market participants (the “Advisory Committee”).

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

La gamme des indices EuroMTS est constituée d'une série d'indices libellés en Euros qui mesurent la performance du marché des emprunts d'Etat de la zone Euro. Cette famille d'indices est composée d'un indice global et de six sous indices : de maturité de 1 à 3 ans,  de 3 à 5 ans , de 5 à 7ans , de 7 à 10ans, de 10 à 15 ans et de 15 ans et +.

Les indices EuroMTS  sont dotés de qualités fondamentales dont la transparence, la réplicabilité, l'homogénéité, la représentativité et l'indépendance. Ils sont calculés selon une méthodologie claire et transparente établie par EuroMTS et un comité consultatif composé de représentants des principaux émetteurs, des banques d'investissement et de gestions institutionnelles.

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com

EuroMTS and Euronext have joined forces to deliver the first genuinely independent and transparent pan-European government bond indices, collectively known as the EuroMTS Index [EMTX] .

The introduction of the EuroMTS Index, based on real time tradable prices, brings the transparency and efficiencies of standardised and independent indices long enjoyed by the equity markets to the bond markets.

EMTX is designed to ensure optimal transparency, replicability, homogeneity and representativeness of the euro-denominated government bond market, creating a valuable instrument for investors, banks and analysts.

It is the first independent, transparent, real-time and tradable government bond index for the European investment community. The index is produced by EuroMTS and is promoted by MTSNext, a joint venture between EuroMTS and Euronext, and benefits from the advice of a committee of market participants (the “Advisory Committee”).

The index is calculated and disseminated every 30 seconds between 1000CET and 1730CET using bid prices of the underlying bonds trading on MTS.  MTS is the main trading system for Eurozone government securities with over 2500 trading screens connecting  more than 250 market participants and daily trading volumes exceeding Eur70bn in value.

MTSNext is a joint venture between EuroMTS and Euronext created to manage, develop and promote the EuroMTS index, the first independant, transparant bond index, tradable in real time on the euro zone.

For more information, please click on www.euromtsindex.com

Introduced in January 2003, the SIIC regime has boosted interest in the real-estate segment of the stock market. The Euronext IEIF “SIIC France” index comprises all listed real-estate investment companies having elected for SIIC treatment, making it possible to closely monitor their performance. It also helps investors, fund managers and issuers to measure performance and make comparisons with other companies in the real-estate industry.

The BAS index is an "All shares" index representing the evolution of the Euronext Brussels Market as a whole. The Index is based on the closing prices of all belgian shares listed on the fixing and continuous segment, of the First and the Second Market. The shares are weighted according to their daily market capitalisation. However, companies having a free float of 5% or less will be taken out of the index with free float being a measure ( in %) for the part of the issued shares of the company that are available to the public for trading.The BAS index has two versions, Price and Return. The basis of both the Price and Return Index is 01.01.1980 = 1000. The indexes are calculated once a day at the closing of the market and are published after 5.40 pm. The only difference between a Price Index and a Return Index is that the price index does not take into account the reinvestment of NET dividends.

The BAS index is an "All shares" index representing the evolution of the Euronext Brussels Market as a whole. The Index is based on the closing prices of all belgian shares listed on the fixing and continuous segment, of the First and the Second Market. The shares are weighted according to their daily market capitalisation. However, companies having a free float of 5% or less will be taken out of the index with free float being a measure ( in %) for the part of the issued shares of the company that are available to the public for trading.The BAS index has two versions, Price and Return. The basis of both the Price and Return Index is 01.01.1980 = 1000. The indexes are calculated once a day at the closing of the market and are published after 5.40 pm. The only difference between a Price Index and a Return Index is that the price index does not take into account the reinvestment of NET dividends.

This index is a real-time basket index composed of "South African Gold Mines" trading on Euronext Brussels. The shares in the basket are weighted on the basis of their market capitalisation. The basis of the index was set at 1000 on 30.12.1993. The index is calculated and published continuously but the closing price is published after 5.40 pm.

The Belgian Continuous Return Index encompasses all Belgian shares trading on the continuous segment of Euronext Brussels, including the BEL20® constituents. On the basis of their market capitalisation, the shares are given a weight in the index. The basis was set at 1000, on 01.01.1980. The official opening and closing values are published after 5.40 pm. This index is a Return Index and takes into account the reinvestment of NET dividends.

Stock market indices are essential for portfolio management, serving as benchmarks for measuring performance and tools for controlling market risks.

Indices are constructed to be representative of an entire market, a single sector or a population of specific stocks. For its component companies, an index is a vehicle for reaching a broad customer base comprising investors, investment managers and analysts.
To meet the needs of derivatives markets while providing suitable benchmarks for managing equity portfolios, Euronext has developed a consistent range of capitalisation-weighted indices calculated in the form of price indices and return indices. Euronext itself computes and publishes the index values.

In 2003 Euronext started to rethink its approach, with the aim of raising the profile and liquidity of medium-capitalisation stocks. This led to the creation of a single regulated market in which stocks are listed in alphabetical order, with each stock also being identified by its capitalisation: large, medium or small. The revised listing format will be inaugurated in Paris in February 2005 before being rolled out in all Euronext markets. At the same time, new mid-cap indices will be created to meet investor needs and round out the range of existing indices.

The new range of Euronext indices has benefited from this overhaul. Liquidity – a key criterion for investors who trade the component stocks – is now given greater consideration in selecting the stocks that make up each index. In all the indices, capitalisation weights are now adjusted to reflect the free float (1),  in line standard international practice.

The new range consists of six indices – CAC 40®, CAC Next20, SBF 80, SBF 120, CAC Mid100 and CAC IT20 – that are calculated every 30 seconds between 9 am and 5.30 pm; and five indices – CAC AllShares, SBF 250, CAC Small90, CAC Mid&Small190 and CAC IT® – that are calculated twice a day, on opening and closing prices.

This family comprises 4 existing indices (CAC 40, SBF 80, SBF 120, SBF 250 and CAC IT ex-IT CAC) and six new indices (CAC Mid100, CAC Small90, CAC Mid&Small190, CAC AllShares, CAC Next20 and CAC IT20). Excepted the CAC AllShares index which will be launched in a second step at 1st July 2005, these new indices will be available from January 3rd, 2005. The other indices like the Second marché, the Nouveau marché, MidCAC and ITCAC 50 indices will be calculated in parallel but their calcul will stop end of June.

(1) Free float is the proportion of shares freely available to the investing public.

The stocks selection follows four steps :

• Step 1 : CAC AllShares index eligible stocks selection
  The first step consists on excluding low liquid stocks by elimination stocks with annual velocity ratio less than 5%. After this exclusion, it counts about 500 “eligible” stocks. This sample (without capitalisation restriction) represents the CAC AllShares index.
  
  
• Step 2 : SBF 250 index stocks selection
  From this sample about 500 stocks, the first 250 largest capitalisations (without “holding” companies) are selected. They represent the SBF 250 index.
  
  
• Step 3 : "Tradable" (CAC 40 + CAC Next20) stocks selection
  These 250 stocks are then ranked by the free float adjusted capitalisation and the turnover. The first 60 ranked companies (including the CAC 40 components) are then determined. The “penny” stocks are also excluded from the eligible stocks.
  The 20 stocks not included in the CAC 40 index are extracted from this sample and make the CAC Next20 index.
  
  
• Step 4 : Mid and Small Caps indices selection
  The CAC Mid&Small 190 sample is given by the 250 stocks sample minus the 60 stocks of CAC 40 and CAC Next20 indices components. The first 100 largest capitalisations of the 190 stocks represent the CAC Mid100 index, and the last 90 capitalisations represent the CAC Small90 index.
  

• CAC Mid100 index (Base 3000 31/12/2002)
  The CAC Mid100 index comprises the 100 next-largest capitalisations after the 60 biggest stocks that make up the CAC 40 and CAC Next20 indices. Component stocks must have annual turnover of at least 5%.
  By construction, the CAC Mid100 index is included in the SBF 250. The value of the index is updated every 30 seconds.
  
  
• CAC Small90 index (Base 3000 31/12/2002)
  The CAC Small90 index is made up of the 90 smallest capitalisations in the SBF 250. The way the indices are constructed means that these stocks are the next-largest after those in the CAC Mid100.
  Like the CAC Mid100, the SmallCaps 90 index is included in the SBF 250. The value of the index is calculated twice daily, at the market opening and close.
  See also composition and historical dataCAC Mid&Small190 index (Base 3000 31/12/2002)
  The CAC Mid&Small190 index combines the CAC Mid100 and CAC Small90 indices. Its value is calculated twice daily, at the market opening and close.
  
  
• CAC Next20 index (Base 3000 31/12/2002)
  The CAC Next20 index represents the next twenty most representative stocks, measured by free-float capitalisation and liquidity, after the forty stocks in the CAC 40 index. CAC Next20 stocks are thus candidates for promotion to the CAC 40 index.
  Stocks are selected for the CAC Next20 index from among the top sixty stocks ranked by free-float capitalisation and trading value in the universe of eligible stocks listed on Euronext Paris. Thus, twenty stocks not included in the CAC 40 index are extracted from that sample to make the CAC Next20 index.
  Like the CAC 40, the CAC Next20 index is calculated every 30 seconds, so all its component stocks must be continuously quoted. It is weighted by free-float market capitalisation, with a 15% ceiling.
  
  
• CAC IT20 index (Base 3000 31/12/2002)
  The CAC IT20 index contains the most representative stocks from the CAC IT index in terms of size and volume. It plays the same role for tech stocks as the CAC 40 does for the market as a whole. As with the CAC 40 and CAC Next20, stocks in the CAC IT20 are free-float weighted, with a 15% weighting cap.
  
  
• CAC AllShares index  (Base 3000 31/12/2002)
  The CAC AllShares index comprises all stocks listed on Euronext Paris with annual turnover of more than 5%, irrespective of market capitalisation. At end-June 2004, the CAC AllShares index comprised 522 stocks.
  This index will be launched from end of june 2005.
  

The Index Steering Committee

Euronext Paris indices are supervised by the Index Steering Committee (ISC). The ISC is tasked with managing the index samples and making sure they are reliable and representative. The Committee brings a threefold guarantee of expertise, independence and transparency.
The Index Steering Committee was set up when the CAC 40 was launched. It operates independently of Euronext and can thus act freely in the interests of the market and investors. Chaired by Jean-François Théodore, the ISC comprises the following members:

• Michel Didier: Rexecode
• Pierre-Olivier Cousseran: Banque de France
  Christian Gouriéroux: Institut National de la Statistique et des Études Économiques (national statistics institute, INSEE)
• Bertrand Jacquillat: Associés en Finance
• Patrice de Larrard: Société Française des Analystes Financiers (investment analysts' society, SFAF)
• Jacques Lereboullet
• Benoît de Juvigny: Autorité des Marchés Financiers (French securities regulator, AMF)
• Jean-Guy de Wael: Financial analyst
  

The ISC meets at least four times a year. Its decisions on sample adjustments are disclosed in press releases published immediately after Committee meetings; they do not take effect for at least four weeks.
The chair of the ISC may consult the members or convene an extraordinary meeting if circumstances so require, notably in the case of exceptional events affecting component stocks.
Committee meetings are held after the market close to prevent manipulation in stocks that might be included in or excluded from the samples. The meeting schedule is not made public.
Review procedures depend on the type of index. Euronext uses two index types :

• Tradable indices: CAC 40, CAC Next20 and CAC IT20
• Benchmark indices: SBF 80, SBF 120, SBF 250, CAC Mid100, CAC Small90, CAC Mid&Small190, CAC AllShares, CAC IT and the sector indices.
  Tradable indices are reviewed quarterly, with component stocks examined in terms of eligibility and selection criteria. Benchmark indices are reviewed annually. However, stocks deleted from the indices following corporate actions are replaced by the ISC at its quarterly meetings.
  

ISIN	Index	Composition / Nb Values	Launch date	Free Float	Cap	Calculation mode	Base	Base date	Historical data since
FR0003500008	CAC 40	40		Yes	15%	Continuous	1000	31/12/1987	31/12/1987
FR0003999473	SBF 80	80		Yes*	-	Continuous	1000	31/12/1990	31/12/1990
FR0003999481	SBF 120	120		Yes*	-	Continuous	1000	31/12/1990	31/12/1990
FR0003999499	SBF 250	250		Yes*	-	Open/Close	1000	31/12/1990	31/12/1990
FR0003501980	CAC IT	Open		Yes*	15%*	Open/Close	1000	30/12/1998	30/12/1998
INDICES WHICH ARE ABOUT TO DISAPPEAR
FR0003999556	Nouveau Marché	Open		No		To disappear **	1000	31/12/1997	28/03/1996
FR0003999515	Second Marché	Open		No		To disappear **	1000	31/12/1990	31/12/1990
FR0003999507	MidCAC	100		No		To disappear **	1000	31/12/1990	31/12/1990
FR0003501998	ITCAC50	50		No		To disappear **	1000	30/12/1998	30/12/1998
NEW INDICES
QS0010989109	CAC Next20	20	03/01/2005	Yes	15%	Continuous	3000	31/12/2002	30/12/1998
QS0010989117	CAC Mid100	100	03/01/2005	Yes	-	Continuous	3000	31/12/2002	30/12/1998
QS0010989125	CAC Small90	90	03/01/2005	Yes	-	Open/Close	3000	31/12/2002	30/12/1998
QS0010989133	CAC Mid&Small190	190	03/01/2005	Yes	-	Open/Close	3000	31/12/2002	30/12/1998
QS0010989091	CAC IT20	20	03/01/2005	Yes	15%	Continuous	3000	31/12/2002	30/12/1998
QS0010989141	CAC AllShares	Open	01/07/2005	No	-	Open/Close	3000	31/12/2002	30/12/1998

*    Change relatively to the current methodology (effective at January 3, 2005)
**   Calculation of these indices will be stopped at the end of June 2005

The VX1 Indice

The VX1 indice is the at the money implied volatility  indice of CALL Options with 1 month maturity based on the CAC 40®  indice.

The V1X Indice

The V1X indice is the at the money implied volatility  indice of PUT Options with 1 month maturity based on the CAC 40® indice.

The VX6 Indice

The VX6 indice is the at the money implied volatility  indice of CALL Options with 6 months maturity based on the CAC 40® indice

The V6X Indice

The V6X indice is the at the money implied volatility  indice of PUT Options with 6 months maturity based on the CAC 40® indice.

The MX1 Indice

The MX1 indice is the implied volatilities indices VX1 and V1X average.

The MX6 Indice

The MX6 indice is the implied volatilities indices VX6 and V6X average.

Consistent with its range of local midcap indices, Euronext Brussels launches the new BEL Mid index, with component stocks selected on the basis of both liquidity and free float.

The BEL Mid index is made up of stocks not included in the BEL20 index, having a higher free float market capitalisation than the level of the BEL 20 index multiplied by EUR 50,000, and a free-float velocity of at least 10%. No single stock may represent more than 10% of this index.

The BEL Mid index includes a variable number of companies. It thus covers a wide range of representative and diversified mid-caps, with an average market capitalization of EUR 1.1 billion and a minimum of around EUR 200 million.
The level of the former Belgian Midcap return index at 31 December 2004 (= 2631.03)  is the base of this new price version of this index.

Review will occur quarterly at the end of February, May, August and November, for application at the beginning of April, July, October and January, respectively.

As with the BEL 20 and BEL Mid indices, BEL Small index components are selected on the basis of liquidity and free float capitalization.

This index is made up of stocks whose free-float market capitalization lies between the level of the Bel20 index multiplied by EUR 5,000 and the Bel20 multiplied by EUR 50,000. Free-float velocity must be at least 10%, and the weight of individual shares is capped at 10%.

The BEL Small index is composed of 46 companies having an average market capitalization of EUR 126 million, with a minimum of around EUR 30 million.
The level of the current Belgian Smallcap return index at 31 December 2004 (= 4999.83)  is the base of this new price version of this index.

Review will occur quarterly at the end of February, May, August and November for application at the beginning of April, July, October and January, respectively.

In the context of its plans to improve the visibility and encourage liquidity of small and mid cap stocks traded on its markets, Euronext has launched a new index for the most active small cap companies listed on Euronext Amsterdam : the Amsterdam Small Cap Index (AScX). This new index which was launched on Wednesday 2 March 2005, meeting the demand of market participants.

The Amsterdam Small Cap Index is made up of the 25 most traded small caps. The AScX is a natural extension of the successful AEX index, which is made up of the 25 most traded Blue Chips in Amsterdam, and the Amsterdam Midkap index, which also hosts 25 equities.

The rules of the Amsterdam Small Cap Index are consistent with the rules of the AEX and Amsterdam Midkap indices, which means that companies are selected on the basis of value of turnover and weightings assigned on the basis of their free float market capitalization. The index is adjusted once a year. All index rules are objective and transparent.

The companies mentioned in the appendix have been selected for the AScX on the basis of value of turnover. Their total market value amounts to 12.1 billion as of 31 January 2005. An indicative calculation based on historical performance indicates that in the period from July 2000 to December 2004 the return on the AScX would have been 25% above the return on the AEX index during.

The CAC 40 index is the main benchmark for Euronext Paris. Tracking a sample of Blue Chip stocks, its performance is closely correlated to that of the market as a whole. The index contains 40 stocks selected among the top 100 market capitalisation and the most active stocks listed on Euronext Paris, and is the underlying asset for options and futures contracts. The base value is 1,000 at December 31, 1987.

Free float figures of CAC 40 index components as of 01/09/2009

Euronext Paris indices are supervised by the Index Steering Committee (ISC, le Conseil Scientifique in French). The ISC is tasked with managing the index samples and making sure they are reliable and representative. The Committee brings a threefold guarantee of expertise, independence and transparency.
The Index Steering Committee was set up when the CAC 40 was launched. It operates independently of Euronext and can thus act freely in the interests of the market and investors.

=> Excel document

=> Excel document

=> Notice nr 2005-4376 - list and composition of Euronext Paris sector indices based on new «ICB» classification (cancel and replace notice nr 2005-4286)

=> Euronext Indices Informs : List and composition of Sector Indices based on new ICB classification for
     Euronext sector indices based on new ICB classification    
     Euronext Amsterdam
     Euronext Brussels     
     Euronext Lisbon
     Euronext Paris       

=> Comparison FTSE sectorial indices / ICB sectorial indices

=> ICB Q & A

Euronext Paris
Fabrice LAGUILLIEZ +33 (0)1 49 27 18 76
flaguilliez@nyx.com

• Avis Nr 2006-2768 (24 October 2006) : Changes in the adjustment rules of Euronext Paris indices

Representing all the companies listed on Alternext, the Alternext index will be a valuable tool for investors specialising in small and midcap stocks. It will also act as an additional element in the promotion of Alternext-listed companies within the wider financial community.

Due to the fact that it is becoming increasingly important for companies to have their employees involved in their shareholdings, Euronext and the "Fédération Française des Associations d’Actionnaires Salariés et d’Anciens Salariés (FAS)" are jointly launching, on the 4th of December, the first employee shareholding index in the world: Euronext FAS IAS.

The Euronext FAS IAS index is composed of all SBF 250 stocks having a significant percentage of employee shareholding, that is at least 3% of the company’s stocks is owned by more than 1/4 of the employees.

This new index allows an exhaustive monitoring of companies whose employees own part of the capital and also offers to investors, portfolio managers and issuers, the means of evaluating these companies’ market performance and comparing it to that of other companies.

The FTSEurofirst indices are a series of European tradable indices that were launched on 29 April 2003 by Euronext and FTSE Group, the world’s leading stock market index provider. They combine a high level of liquidity, wider coverage, and a more accurate representation of the market to create a range of indices that are ideally suited for trading in European equities.

The FTSEurofirst series is made up of three main indices: the FTSEurofirst 80 index, a sample of 80 stocks from the FTSE Eurozone index which covers the current euro zone; the FTSEurofirst 100 index, a pan-European selection of 100 stocks from the FTSE Developed Europe index; and the FTSEurofirst 300 index, which consists of the 300 highest value stocks by market capitalisation from the FTSE Developed Europe index. In addition, several other indices, in particular sector indices (FTSEurofirst Supersectors indices), are calculated on the basis of a sample of stocks from the FTSEurofirst 300 index.

For further information on FTSEurofirst indices, please visit  www.ftseurofirst.com 

The FTSEurofirst 80 index is a tradable index that covers the euro zone and thus occupies an important position in the FTSEurofirst series. It was created to reflect the market performance of the euro zone stock markets as accurately as possible. It uses a sample that, although restricted, is still wider (80 stocks) than any other existing index, and its methodology takes a wider representation of sectors into account. Its major advantages are:

• better correlation with the benchmark indices of the euro zone,
• a lower tracking error in relation to the benchmark indices of the euro zone,
• innovative management of the sample that limits the number of changes to the sample while maintaining its high level of quality. 

In short, the FTSEurofirst 80 index is more reliable than the other euro zone tradable indices because its performance is a more accurate picture of global euro zone market performance over both the very short and the very long term.

FTSEurofirst Indices - Survey

The FTSEurofirst 80 index was launched in association with Euronext and is managed by FTSE Group.

FTSE Group is a world leader in the creation and management of stock market indices. With offices in London, Frankfurt, Hong Kong, Madrid, Paris, New York, San Francisco, and Tokyo, FTSE Group has clients in 77 countries. The group manages and develops such world-renowned stock market indices as the FTSE All-World Index, the FTSE 100, the FTSE4Good indices, and the recently launched FTSE Global Style Index series. FTSE has signed an agreement with Dow Jones Indices to develop the Industry Classification Benchmark (ICB), a unified classification system for international investors.

The FTSE Equity Indices Committee is charged with supervising and managing the underlying management policies of the FTSEurofirst indices. This committee is in turn supervised by the FTSE Policy Group, an independent committee that determines major policy issues. The FTSE European/Middle East/Africa Regional Committee is responsible for reviewing the FTSEurofirst index.

The major dates for FTSEurofirst 80 index management are as follows:

• Annual review:
  o      meeting of FTSE European/Middle East/Africa Regional Committee on the Wednesday following the first Friday in September,
  o      effective implementation of the annual review on the first trading day following the third Friday in September;
  
  
• Free-float review: quarterly review with application after close of trading on the third Friday of March, June, September, and December;
• Review of number of shares: quarterly review with application after close of trading on the third Friday of March, June, September, and December.

Since the 1st December 2006 FTSEurofirst 80 Index Futures are listed on the Paris segment of Euronext.liffe, the derivatives branch of Euronext. Options contracts will be available in 2007.

Fact sheet - >
FTSEurofirst website - > http://www.ftseurofirst.com/derivatives.aspx

The FTSEurofirst 80 index is used by the financial industry as a representative underlying index for the euro zone.

Consequently, it is among the major indices used in France for structured products (guaranteed capital funds) that are distributed by branches of the major banks (Crédit Agricole, Banque Postale, Caisse d’Epargne, CM-CIC). It is also coming into use on other European markets such as Portugal and Greece.

Many listed products are also based on the FTSEurofirst 80 index. The following are listed on Euronext:

• ETFs issued by Lyxor (Lyxor FTSEurofirst 80 - FR0007085501 - listed on Euronext Paris) and BGI (iShares FTSEurofirst 80 - IE0004855221 - listed on Euronext Paris and Euronext Amsterdam),
• structured funds issued by SGAM (SGAM ETF Flexible FTSEurofirst 80 Mini - FR0010301523, SGAM ETF Flexible FTSEurofirst 80 Size - FR0010303875, SGAM ETF Leveraged FTSEurofirst 80 - FR0010301531, listed on Euronext Paris),
• warrants and turbos issued by Société Générale and listed on Euronext Paris, a certificate issued by Grupo Santander and listed on Euronext Lisbon.

A total of more than 60 financial products have been launched in Europe, most of them in the past two years.

Euronext and Institut de l'Epargne Immobilière et Foncière (IEIF) have joined forces to produce a new index with a view to raising the profile of the listed real-estate sector in Europe. Set for launch on 4 June, the index will be called Euronext IEIF REIT Europe.

Component stocks of the Euronext IEIF REIT Europe are a selection of the most representative Real Estate Investment Trusts* (REITs) in Europe, chosen for their market capitalization and liquidity. Investors, fund managers and issuers will be able to use the index to track European real estate companies that have opted for REIT status and assess the relative performance of the sector and individual companies.

Designed by Euronext and IEIF, the Euronext IEIF REIT Europe is consistent with Euronext's index methodology. It will be calculated and disseminated by Euronext through its dedicated subsidiary, Euronext Indices BV. The Scientific Index Committee will track the reliability and representative nature of the sample, taking into account the specific features of the real-estate sector.

The Euronext IEIF REIT Europe will be calculated continuously every 15 seconds from 9.00 to 17.35. Its base will be 1000 on 31/12/2002, with historical data available from then and its components revised every quarter.

At present the index counts 24 European companies, of which 16 are currently listed on Euronext. Together these represent total capitalization of €106 billion and float of €83 billion. The index has risen 34% in the past year.

The Euronext IEIF REIT Europe rounds out the range of European and international indices already available on Euronext. These include the Euronext IEIF SIIC France index, which since 5 April 2004 has allowed investors to track the performance of real-estate companies opting for tax-transparent SIIC (Sociétés d'Investissements Immobiliers Cotées) status under French law.

• Press release (08/03/2007)
• Methodology (March 2007)

• Historical compositions (December 2006)

• from 31/12/2002 to 01/06/2007

• What does IEIF mean?

• What are the criteria for integrating the Euronext IEIF REIT Europe Index constituents?

• What does REIT mean?

• How many REIT regimes exist in Europe?

• Since when has the REIT regime been implemented in Europe?

• What is the distribution by country of the Euronext IEIF REIT Europe Index?

• How many constituents are there in the Index?

• Who is the biggest constituent of the Euronext IEIF REIT Europe Index?

• What is Euronext's interest in building this index?

• What is IEIF's interest in building this index?

• What is the interest of real estate markets in having such an index?

• What is the performance of this index, compared to other indices?

• Since when has the Euronext IEIF REIT Europe index been calculated?

• Are there any funds or structured products based on this index?

• How is the Euronext IEIF REIT Europe index managed?

• At what frequency is the index disseminated?

• IEIF : Hélène Bédon-Rouanet, (+33) 1.44.82.63.37, helene.bedonrouanet@ieif.fr
• EURONEXT : Fabrice Laguilliez, (+33) 1.49.27.18.76, indexeurope@nyx.com

• Covered call indices track the performance of a strategy that combines taking a long position in the index with the sale of an out of the money call option on the same index. This offers scope to outperform the index in a context of downward to moderately upward market trends with reduced volatility.
• Protective put indices track the performance of a strategy that combines taking a long position in the index with the purchase of an out of the money put option. This gives investors exposure to the index while at the same covering them against the risk of a significant downturn in the market.

• Press release : EN - FR - NL
• Notice Nr 2007-117 (19/06/2007)
• Methodology
  • CAC 40 Covered Call
  • AEX Covered Call
  • CAC 40 Protective Put
  • AEX Protective Put
• FAQ : Covered Call (ENG) - Covered Call (NL) - Protective Put (ENG) - Protective Put (NL)

• Back history (31/12/1999 - 18/06/2007): Covered Call - Protective Put
• Statistics
  • CAC 40 Covered Call
  • AEX Covered Call
  • CAC 40 Protective Put
  • AEX Protective Put

• Press release (VAEX, VBEL and VCAC indices): EN - FR - NL
• Press release (FTSE 100 Volatility index): EN - FR
• Methodology : EN

• Back history (01/2000- 23/07/2008): Volatility indices (VCAC, VAEX, VBEL and VFTSE)

On 14 February 2008, NYSE Euronext launched a listed private equity index. Constituents are private equity funds with a minimum market capitalisation of €300 million listed Euronext. The Private Equity index will initially be used exclusively for benchmarking purposes. However, NYSE Euronext could consider launching a tradable version at a later stage.

Traditionally private equity investments took place through non-listed funds. In recent years however, we have seen private equity companies coming to the market to gain access to capital as well as to meet investor requirements for more transparency and liquidity. A private equity index will help increase visibility of the private equity companies listed on our exchange, and is part of the “Spotlight on Private Equity” plan. It will also serve to draw new private equity funds to our markets. Additionally, it will be a tool for investors to track performance of listed PE, since listed PE gives investors the opportunity to invest in a sector which as traditionally only accessible for very large investors.

The index will be comprised of private equity companies with a listing on NYSE Euronext’s European markets. In order to be eligible these companies will have to fulfil certain requirements regarding size, liquidity and activity. The index will initially be designed as a benchmark index, but may be accompanied by a tradable index at a later stage.

1. The value of listed participations should not exceed 30% of total value. Listed participations can be held no longer that 5 years.
2. At least 2/3 of participations should be in non-listed companies. Please note that “Non-listed" also includes companies listed on non-regulated markets such as Alternext or Marché Libre.
3. The minimum market cap for eligibility is set at € 300 mio.

Newly listed PE companies are eligible for inclusion one month after listing.

The NYSE Euronext Iberian Index™ is designed to be underlying for Exchange Traded Products (ETPs) by providing investors with an opportunity to track to performance of the Iberian Peninsula listed securities.

• Leverage indices track the performance of a strategy which doubles exposure to an underlying index with the support of short-term financing. In situations where the market is rising, they enable investors to earn a positive return, multiplying that of the underlying index.
• Short indices track the performance of a strategy which reverses exposure to the underlying index by combining a short position on the underlying index and exposure to a risk-free money-market instrument. When the market is falling, they offer a return that is positive and the inverse of the decline in the underlying index.
• XBear indices track the performance of a strategy similar to that of Short indices with multiple inverse exposure to changes in the underlying index.

• AEX Short executive presentation (2009)
• AEX Leverage executive presentation (2009)
• CAC 40 Short executive presentation (2009)
• CAC 40 Leverage executive presentation (2009)

• Back history (Leverage, XBear and Short indices): from 31/12/2002 to 16/04/2008

• CAC 40 High Dividend
• AEX High Dividend
• BEL High Dividend
• PSI High Dividend

The Low Carbon 100 Europe® Index is an index weighted by free-float market capitalization designed to measure the performance of the 100 largest¹ European companies having the lowest carbon (CO2) intensity in their respective sectors or homogeneous sub-sectors.
¹ In terms of free float market capitalization

• effective from 22 October 2008

• from 29/12/2006 to 10/10/2008 (Low Carbon 100 Europe® - Low Carbon 100 Europe Net Total Return - Low Carbon 100 Europe Gross Total Return)

• Rules effective from December 18, 2008

• X3 Leverage indices track the performance of a strategy that trebles exposure to an underlying index with the support of short-term financing. Thus, the X3 Leverage indices enable investors to earn a daily return that trebles that of the underlying index minus the financing cost embedded in the strategy.
• Double Short indices track the performance of a strategy that combines a double inverse exposure to an underlying index with the exposure to a risk-free money market instrument. Thus, the Double Short index reflects a strategy that yields, on a daily basis, the double inverse performance of an underlying index.
• Triple Short indices track the performance of a strategy that combines a treble inverse exposure to an underlying index with the exposure to a risk-free money market instrument. Thus, the Triple Short index reflects a strategy that yields, on a daily basis, the treble inverse performance of an underlying index.

• Press release: EN - FR

• Back history (X2 Short, X3 Short and X3 Leverage indices): from 31/12/2002 to 03/02/2009

• Back history (AEXDI index) from 24/12/2007 to 03/08/2009
• Back history (CACDI index) from 15/12/2000 to 13/07/2009