Index Providers in the Global Financial Market

Tomasz Miziołek

doi:10.18778/0208-6018.335.10

Authors

Tomasz Miziołek University of Łódź, Faculty of Economics and Sociology, Department of Finance and International Investments

DOI:

https://doi.org/10.18778/0208-6018.335.10

Keywords:

financial indexes, index providers, international financial market

Abstract

Index providers are important participants of the contemporary global financial market. This group comprises of diverse entities – e.g. stock exchanges, financial institutions (particularly banks and asset management companies), analytical and research companies as well as financial data providers. The role of index providers increases primarily along with systematically growing importance of index investment instruments. Their decisions significantly affect the allocation of capital, mainly on a microeconomic and macroeconomic scale.

Downloads

Download data is not yet available.

References

Arslanalp S., Tsuda T. (2015), Emerging‑Market Portfolio Flows: The Role of Benchmark‑Driven Investors, IMF Working Paper, WP/15/263.

Authers J. (2015), Investing: The index factor, “Financial Times”, August 16, https://www.ft.com/content/40bb7c10–419f–11e5–9abe–5b335da3a90e#axzz4HR9UpTr2 [accessed: 3.03.2017].

Broby D. (2007), A Guide to Equity Index Construction, Risk Books, London.

Chan K., Kot H.W., Tang G.Y.N. (2013), A comprehensive long‑term analysis of S&P 500 index additions and deletions, “Journal of Banking and Finance”, vol. 37, issue 12, pp. 4920–4930.

Chen H., Noronha G., Singal V. (2004), The Price Response to S&P 500 Index Additions and Deletions: Evidence of Asymmetry and a New Explanation, “The Journal of Finance”, vol. LIX, no. 4, pp. 1901–1930.

Davis C. (2017), Why hasn’t indexing taken root in Canada? Big banks, incentives, and backward self‑regulation are to blame, “Manager Research Observer”, January 2017, pp. 26–30, http://video.morningstar.com/ca/MstarObserver17Q1.pdf?utm_source=tr.im&utm_medium=no_referer&utm_campaign=tr.im%2F1mqZF&utm_content=direct_input [accessed: 4.03.2017].

Dunham L.M., Simpson T.H. (2010), Do Index Fund Managers Trade Opportunistically Around Index Changes? An Empirical Examination of S&P Index Funds, “The Journal of Index Investing”, vol. 1, no. 3, pp. 58–64.

https://us.spindices.com/ [accessed: 4.03.2017].

https://www.bats.com/europe/equities/ [accessed: 3.03.2017].

http://www.etfgi.com/ [accessed: 4.03.2017].

http://www.ftserussell.com/ [accessed: 4.03.2017].

http://www.icbenchmark.com/ [accessed: 7.03.2017].

http://www.indexindustry.org/ [accessed: 4.03.2017].

http://www.morningstar.com/ [accessed: 3.03.2017].

https://www.msci.com/ [accessed: 4.03.2017].

http://www.theinvestmentassociation.org/ [accessed: 7.03.2017].

https://www.stoxx.com/ [accessed: 4.03.2017]

Makepeace M. (2016), 2016 Trends: Global Index Providers Play Important Role in World Markets, http://www.ftserussell.com/blog/2016‑trends‑global‑index‑providers‑play‑important‑role‑world‑markets [accessed: 6.03.2017].

Miziołek T. (2014), Samoindeksowanie na rynku finansowym, “Studia Ekonomiczne. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach”, no. 186, pp. 278–286.

Novick B., Goldstein R., Evans P., Perlowski J., Clement M., Rosenblum A. (2016), The role of third party vendors in asset management, BlackRock, London.

Raddatz C., Schmukler S.C., Williams T. (2014), International Asset Allocations and Capital Flows. The Benchmark Effect, World Bank, Policy Research Working Paper 6866.

Schilling H. (1996), The International Guide to Securities Market Indices, International Publishing and Fitzroy Deaborn Publishers, Chicago.

Verstein A. (2013), Index Theory: The Law, Promise, And Failure of Financial Indices, Lecturer and Other Affiliate Scholarship Series, Paper 7, Yale Law School.