Moscow Exchange to change free float calculation method
The Index Committee of CJSC "MICEX Stock Exchange" has advised the Exchange to change the free float calculation methodology by including stocks represented by depositary receipts traded abroad into free-float.
Existing free-float methodology treats depositary receipts as floating securities provided that the following conditions are met:
- no restrictions are applied on shares acquisition upon exercising rights under the depositary receipts;
- number of shares represented by depositary receipts does not surpass substantially the domestic free float (at most by 1.5 times).
The Index Committee proposes that depositary receipts are always included in free float giving reasons that this makes the indices calculation more transparent, corresponds to international practice and allows presenting the most detailed structure of Russia's market from the global investment perspective.
It is expected that the new method will be employed beginning the June indices review (from June 17, 2013).
The table below demonstrates how the change in the free float calculation method will impact the Moscow Exchange Indices" constituents (the MICEX Index and RTS Index).
| No | Ticker | Name | Current free float |
New free float |
Weight in the index with current free float |
Weight in the index with new free float |
|---|---|---|---|---|---|---|
| 1 | GAZP | Gazprom, ordinary shares | 46% | 46% | 15.00% | 15.00% |
| 2 | SBER | Sberbank, ordinary shares | 48% | 48% | 14.04% | 14.04% |
| 3 | SBERP | Sberbank, preferred shares | 100% | 100% | 0.96% | 0.96% |
| 4 | LKOH | LUKOIL, ordinary shares | 57% | 57% | 14.43% | 14.43% |
| 5 | SNGS | Surgutneftegas, ordinary shares | 25% | 25% | 3.91% | 3.91% |
| 6 | SNGSP | Surgutneftegas, preferred shares | 73% | 73% | 1.94% | 1.94% |
| 7 | ROSN | Rosneft, ordinary shares | 12% | 12% | 4.72% | 4.72% |
| 8 | URKA | Uralkali, ordinary shares | 45% | 45% | 4.72% | 4.67% |
| 9 | MTSS | MTS, ordinary shares | 12% | 49% | 1.35% | 4.11% |
| 10 | NVTK | NOVATEK, ordinary shares | 18% | 27% | 3.67% | 4.11% |
| 11 | MGNT | Magnit, ordinary shares | 24% | 48% | 2.64% | 3.95% |
| 12 | GMKN | OJSC "MMC "NORILSK NICKEL", ordinary shares | 24% | 24% | 4.72% | 3.82% |
| 13 | RTKM | Rostelecom, ordinary shares | 43% | 43% | 3.16% | 2.36% |
| 14 | RTKMP | Rostelecom, preferred shares | 100% | 100% | 0.45% | 0.34% |
| 15 | TATN | Tatneft, ordinary shares | 32% | 32% | 2.92% | 2.18% |
| 16 | TATNP | Tatneft, preferred shares | 100% | 100% | 0.33% | 0.24% |
| 17 | VTBR | VTB Bank, ordinary shares | 25% | 25% | 3.01% | 2.25% |
| 18 | TRNFP | Transneft, preferred shares | 100% | 100% | 2.20% | 1.64% |
| 19 | BANE | Bashneft, ordinary shares | 12% | 12% | 0.87% | 0.72% |
| 20 | BANEP | BAshneft, preferred shares | 100% | 100% | 0.98% | 0.82% |
| 21 | AFKS | AFK SISTEMA , ordinary shares | 12% | 36% | 0.62% | 1.40% |
| 22 | MFON | Megafon, ordinary shares | 2% | 15% | 1.22% | |
| 23 | HYDR | RusHydro, ordinary shares | 34% | 34% | 1.53% | 1.14% |
| 24 | CHMF | Severstal, ordinary shares | 21% | 21% | 1.24% | 0.93% |
| 25 | FEES | FGC UES, ordinary shares | 21% | 21% | 1.04% | 0.78% |
| 26 | NLMK | NLMK, ordinary shares | 14% | 14% | 1.02% | 0.76% |
| 27 | IRAO | INTER RAO UES, ordinary shares | 18% | 18% | 0.82% | 0.62% |
| 28 | MTLR | Mechel, ordinary shares | 18% | 35% | 0.27% | 0.39% |
| 29 | MTLRP | Mechel, preferred shares | 90% | 90% | 0.27% | 0.20% |
| 30 | EONR | E.ON Rossiya, ordinary shares | 18% | 18% | 0.65% | 0.49% |
| 31 | PHST | Pharmstandard, ordinary shares | 18% | 41% | 0.28% | 0.48% |
| 32 | MOEX | Moscow Exchange, ordinary shares | 25% | 25% | 0.61% | 0.45% |
| 33 | MRKH | IDGC Holding, ordinary shares | 30% | 30% | 0.56% | 0.42% |
| 34 | RUALR | United Company RUSAL Plc, RDRs on shares | 8% | 8% | 0.56% | 0.42% |
| 35 | PHOR | FosAgro, ordinary shares | 10% | 17% | 0.32% | 0.40% |
| 36 | TRMK | TMK, ordinary shares | 5% | 28% | 0.39% | |
| 37 | LSRG | LSR Group , ordinary shares | 15% | 33% | 0.21% | 0.35% |
| 38 | ALRS | ALROSA, ordinary shares | 9% | 9% | 0.45% | 0.33% |
| 39 | NMTP | NCSP, ordinary shares | 30% | 30% | 0.41% | 0.31% |
| 40 | AFLT | Aeroflot, ordinary shares | 32% | 32% | 0.39% | 0.29% |
| 41 | DIXY | DIXY Group , ordinary shares | 33% | 33% | 0.38% | 0.28% |
| 42 | VSMO | VSMPO-AVISMA Corporation , ordinary shares | 29% | 29% | 0.37% | 0.28% |
| 43 | MAGN | MMK, ordinary shares | 5% | 14% | 0.11% | 0.24% |
| 44 | MSRS | MOESK, ordinary shares | 18% | 18% | 0.30% | 0.22% |
| 45 | MSTT | MOSTOTREST, ordinary shares | 30% | 30% | 0.28% | 0.21% |
| 46 | PIKK | PIK Group, ordinary shares | 31% | 39% | 0.20% | 0.19% |
| 47 | MVID | Company "M.video, ordinary shares | 26% | 26% | 0.25% | 0.19% |
| 48 | SVAV | Sollers , ordinary shares | 34% | 34% | 0.19% | 0.14% |
| 49 | MSNG | Mosenergo, ordinary shares | 15% | 15% | 0.17% | 0.13% |
| 50 | RASP | Raspadskaya, ordinary shares | 18% | 18% | 0.17% | 0.12% |
Dear visitor,
Please use our website feedback form to send us a suggestion or ask a question about this material. We would appreciate your comments on the matter and answer all questions.
For further information, please contact the Public Relations Department at (495) 363-3232.