MICEX Reviewed Methodology for Calculation of Pension Indices
OREANDA-NEWS. November 23, 2012. Please be advised that the Directorate of the CJSC MICEX Stock Exchange has approved the new version of Methodology for Pension Indices Calculation which shall take effect on November 29, 2012. According to the new Methodology, the information about trading in Russian Federation government bonds (OFZ) shall be taken into account to determine the bond Subindex for calculating the Pension Indices. The methodology also limits the minimal relative weight of stocks which are included into Subindices. Therefore, the minimal relative weight of a share issue or a bond issue shall not be less than 0.5% of the aggregate weight. The reviewed Subindices Constituent Lists of shares and bonds compiled with regard to the modifications applied to the present Methodology will be published on December 03, 2012 and will come into force on December 18, 2012.
The Pension Indices are elaborated by the Moscow Exchange in cooperation with the National League of Management Companies. These are composite Indices of shares and bonds reflecting the following three investment strategies correlated with the type of assets: the conservative strategy (100% of bonds), the moderate strategy (80% of bonds and 20% of shares), the aggressive strategy (55% of bonds and 45% of shares).
The Indices calculation shall be performed a) by using the values of a bonds" Subindex which is determined based on the prices of transactions in Russian Federation government bonds (OFZ), Russian corporate, subfederal, municipal bonds, bonds of international financial organizations; and b) by using the values of a shares" Subindex determined on the base of the prices of transactions in shares of Russian issuers.
The Subindices Constituent Lists shall be reviewed once in three months. The initial Indices value is 1,000 points (as of December 28, 2007). The Indices are calculated every day.
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