OREANDA-NEWS. July 19, 2011. Russia’s leading stock exchange, the MICEX, has expanded its family of indices with publication of the MICEX Innovation Index (MICEX INNOV).

MICEX INNOV includes shares in companies, currently seven, admitted to trading in the exchange’s Market for Innovations and Investments, which MICEX and RUSNANO created cooperatively in 2009. The companies are ARMADA, DIOD Company (environmental technologies and -food), Don Radio Components Factory, Human Stem Cell Institute, O2TV, Russian Navigation Technologies, and Pharm-Sintez. To be included in the MICEX Innovation Index, a company must have an acceptable proportion of shares freely traded in the organized market, that is, a free-float coefficient of 10 percent or greater and capitalization of not less than 300 million rubles.

The MICEX INNOV index limits the maximum weight of shares of one issuer to 30 percent, which is consistent with Russian law on maximum allowable weight of one issuer’s shares in an index used as the basis for index funds.

Rules for calculating the MICEX Innovation Index became effective on July 13, 2011, and provide for quarterly review of the composition of the index. MICEX has established December 29, 2009, as the start date for calculation of the MICEX INNOV index. It set the initial value of the index at 1,000 points. For effective use of the new index, MICEX prepared a retrospective calculation of the values of the Innovative Index from the start date calculation to the date of official publication.