MSCI to Consult on Proposed Changes to the Security Eligibility Rules for the MSCI Brazil Index
14 Maio 2012 - 7:32AM
Business Wire
MSCI Inc. (NYSE: MSCI), a leading provider of investment
decision support tools worldwide, announced today that it is
opening a consultation with the investment community on a proposed
change to the security eligibility rules for the MSCI Brazil Index.
In particular, MSCI is proposing to replace the local
BM&FBOVESPA (“BVMF”) listing of constituent companies by the
corresponding liquid ADR listing on NYSE if available. MSCI would
maintain the local listing on BVMF for constituent companies with
no liquid ADR listings on NYSE.
This proposed change in treatment for the MSCI Brazil Index
would represent an exception to the MSCI Global Investable Market
Index methodology that in general gives preference to local
listings over foreign listings for index inclusion. This proposed
change follows a letter from and subsequent discussions with BVMF
informing MSCI that it may require the termination of the supply of
real time stock market information to MSCI unless MSCI agrees to
BVMF’s new market terms by June 14, 2012. Such termination would
affect the listing of exchange traded funds and listed futures and
options contracts based on MSCI indices that contain BVMF-listed
securities where a real time index is necessary, such as in the US.
The proposed agreement contains a number of highly unreasonable and
unprecedented provisions, among which are restrictions on MSCI’s
right to license its indices and a requirement that it license
certain of its indices to BVMF. As a matter of policy and
principle, MSCI is strongly opposed to restraints of trade such as
these and refuses to aid BVMF in its attempts to restrict the
Brazilian and global markets.
Although the current issues with BVMF do not affect MSCI’s right
to use BVMF end of day prices, MSCI believes that to ensure a
reliable supply of price data it is prudent to consider the
inclusion of NYSE listed ADRs in the MSCI Brazil Index. We note
that MSCI regularly receives requests from international
institutional investors to change its current methodology and
replace local listings of Brazilian securities with their
respective NYSE listed ADRs.
In addition to the proposed change described above, MSCI will
extend its existing offering of end of day and real time indices
calculated based solely on US listed ADRs for Brazilian securities.
These indices could serve as alternative benchmarks for financial
products such as exchange traded funds that include Brazilian
securities.
This consultation may or may not lead to any changes to the MSCI
Global Investable Market Index methodology. MSCI has prepared a
consultation document that is available on its web site at
http://www.msci.com/products/indices/consultations/
Please note that the May 2012 Semi-Annual Index Review will be
unaffected by this proposed change of methodology.
-Ends-
About MSCI
MSCI Inc. is a leading provider of investment decision support
tools to investors globally, including asset managers, banks, hedge
funds and pension funds. MSCI products and services include
indices, portfolio risk and performance analytics, and governance
tools.
The company’s flagship product offerings are: the MSCI indices
with approximately USD 7 trillion estimated to be benchmarked to
them on a worldwide basis1; Barra multi-asset class factor models,
portfolio risk and performance analytics; RiskMetrics multi-asset
class market and credit risk analytics; MSCI ESG (environmental,
social and governance) Research screening, analysis and ratings;
ISS governance research and outsourced proxy voting and reporting
services; FEA valuation models and risk management software for the
energy and commodities markets; and CFRA forensic accounting risk
research, legal/regulatory risk assessment, and due‐diligence. MSCI
is headquartered in New York, with research and commercial offices
around the world.
1As of June 30, 2011, based on eVestment, Lipper and Bloomberg
data.
For further information on MSCI, please visit our web site
at www.msci.com
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