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Products May 19, 2009
BNY Mellon Unveils American Depository Receipts Index
The Bank of New York Mellon launched The Bank of New York Mellon Classic ADR Index and 34 subindexes, including two market, three regional, 10 sector and 19 country indexes, the bank announced.
Reported by Fred Schneyer
The Bank of New York Mellon Classic ADR Index comprises all American depositary receipts (ADR), New York Shares, and Global Registered Shares that trade on the New York Stock Exchange, NYSE Alternext US, NASDAQ, and over-the-counter (OTC), according to a news release.
All indexes are calculated on a continuous basis throughout the trading day, are capitalization-weighted and adjusted for free-float, using Dow Jones’ current methodology.
“Institutional and retail investors alike can no longer ignore this segment of the ADR universe, thanks to the recent U.S. SEC rule amendment regarding unsponsored American depositary receipts and the fact that more than $1 billion of these new programs have been issued since October 2008,” said Michael Cole-Fontayn, chief executive officer of The Bank of New York Mellon’s Depositary Receipt Division, in the release.
According to the bank, the Classic ADR Index expands the investable constituents of the Bank of New York Mellon ADR Index.
More information is available at www.bnymellondrindex.com.