Athens Exchange and Istanbul Stock Exchange jointly announced on September 28, the issue of a common index. The Greece & Turkey 30 Index (GT-30), which is a customized index will be calculated, maintained and distributed by STOXX Limited, the leading provider of European equity indexes.
The new Index will become an additional investment tool for retail and institutional investors, aiming to gain exposure to the upper and most liquid tier of the two markets. The Index aims to facilitate cross border access between the two markets. It is a high priority for both exchanges to create new products, such as Exchange Traded Funds (ETFs) and derivative products, based on this new index, which will be listed and traded on both markets.
The largest 15 stocks from each market will participate in the composition of the index, based on their full market capitalization in descending order. The number of stocks from the banking sector will be limited to 4 from each market. A capping factor of 10% will be applied to Index constituents.
The Index will be reviewed semiannually (March, September) as to its composition and four times per year (March, June, September and December) regarding capping factors.
The calculation of the new Index started on December 31, 2005 (the base date) with a start value of 1,000.00 points (the base value).