Nasdaq, Inc. (Nasdaq: NDAQ) today announced the Nasdaq Closing
Cross had a record day as it was used to rebalance Nasdaq-listed
securities in the entire family of Russell US Indexes, part of
global index provider FTSE Russell, during its annual
reconstitution. This year marks the 40th anniversary of the Russell
3000® Index and the 21st year that the Closing Cross has been used
to calculate the Russell Reconstitution.
2,899,191,109 shares, representing a record $95.257 billion,
were executed in the Closing Cross in 0.878 seconds across
Nasdaq-listed securities, representing the largest liquidity event
on the Nasdaq Stock Exchange for the Russell Reconstitution. The
new record compares with the second-highest trading day, which
represented $80.898 billion, executed in 1.974 seconds across
Nasdaq-listed securities during Russell's annual reconstitution in
2021.
“The Nasdaq Closing Cross has played an integral and innovative
role in the capital markets, enabling transparent price
facilitation for over two decades,” said Kevin Kennedy, Executive
Vice President of North American Trading Services at Nasdaq. "We
are incredibly proud to celebrate the 40th anniversary of the
Russell 3000® Index while also surpassing the record for notional
value of shares traded, and we look forward to continuing to set
the official closing price for all Nasdaq-listed securities for the
Reconstitution.”
“Russell indexes–now in their 40th year–continue to evolve to
reflect the dynamic US economy,” said Fiona Bassett CEO of FTSE
Russell. “Annual rebalancing plays a vital role in establishing
accurate benchmarks, ensuring they correctly mirror their
designated market segments and remain unbiased in terms of size and
style.”
The Closing Cross brings together buy and sell interests
executing all shares for each stock at a single price, one that
reflects the accurate supply and demand for these securities. The
technology reflects each symbol’s true supply and demand, providing
unparalleled insight into the market close.
All Russell US Indexes are subsets of the Russell 3000E™ Index,
which represents approximately 98% of the US equity market. Russell
US Indexes allow investors to track current and historical market
performance by specific market segment (large cap/small cap) or
investment style (growth/value/defensive/dynamic). Today,
approximately $10.5 trillion in assets are benchmarked to or
invested in products based on the Russell US Indexes.
Russell reconstitution day is one of the year’s most highly
anticipated and heaviest trading days in the US equity market, as
asset managers seek to reconfigure their portfolios to reflect the
composition of Russell's newly reconstituted US indexes. The index
reconstitution process was completed today, and the newly
reconstituted index membership will take effect when markets open
on Monday, July 1, 2024. Please visit our website for more
information on the Nasdaq Closing Cross.
Responding to the global growth in trading
volumes
Over the last two decades Nasdaq’s industry-leading technology
has provided the essential price discovery function that the prices
of FTSE Russell Reconstitution depends on. During that time the
Cross has reduced latency by over 86% while effectively keeping
pace with an increasing trade volume growth of over 450% and an
increasing dollar volume of over 950%.
This trend is representative of an extraordinary global growth
in trading volumes that has necessitated the enhanced development
and deployment of resilient technology in market systems. Nasdaq
has long invested to ensure it has the flexible and scalable
architecture necessary to manage ever greater volumes, and through
our Financial Technology division continues to build on an
extensive range of partnerships with infrastructure providers to
support their modernization journey.
Modernizing global capital markets infrastructure is critical to
maintaining overall system resilience and ensuring market operators
can both support and grow with the economies they underpin.
About NasdaqNasdaq (Nasdaq: NDAQ) is a leading
global technology company serving corporate clients, investment
managers, banks, brokers, and exchange operators as they navigate
and interact with the global capital markets and the broader
financial system. We aspire to deliver world-leading platforms that
improve the liquidity, transparency, and integrity of the global
economy. Our diverse offering of data, analytics, software,
exchange capabilities, and client-centric services enables clients
to optimize and execute their business vision with confidence. To
learn more about the company, technology solutions, and career
opportunities, visit us on LinkedIn, on X @Nasdaq, or
at www.nasdaq.com.
About FTSE Russell:FTSE Russell is a global
index leader that provides innovative benchmarking, analytics and
data solutions for investors worldwide. FTSE Russell calculates
thousands of indexes that measure and benchmark markets and asset
classes in more than 70 countries, covering 98% of the investable
market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $15.9
trillion is benchmarked to FTSE Russell indexes. Leading asset
owners, asset managers, ETF providers and investment banks choose
FTSE Russell indexes to benchmark their investment performance and
create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange
Group.
For more information, visit FTSE Russell.
Cautionary Note Regarding Forward-Looking
Statements The matters described herein contain
forward-looking statements that are made under the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements include, but are not limited to, statements about
Nasdaq and its products and offerings. We caution that these
statements are not guarantees of future performance. Actual results
may differ materially from those expressed or implied in the
forward-looking statements. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond Nasdaq's
control. These factors include but are not limited to factors
detailed in Nasdaq's annual report on Form 10-K, and periodic
reports filed with the U.S. Securities and Exchange Commission. We
undertake no obligation to release any revisions to any
forward-looking statements.
Nasdaq Media Contacts:Gabrielle Vennitti(914)
510-3354Gabrielle.Vennitti@nasdaq.com
FTSE Russell Media Contact:Simon Henrick+44
(0)20 7797 1222newsroom@lseg.com
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