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Markit Index Standard Treatment Index Manual / 7 May 2021

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Markit Index Standard Treatment Index Manual / 7 May 2021 Markit Index Standard Treatment Index Manual / 7 May 2021 Copyright © 2021 IHS Markit Ltd T180614 Markit Index Standard Treatment | CA003 1 Introduction..................................................................................................4 2 Terminology and Notation........................................................................... 5 3 Divisor Methodology....................................................................................8 4 Dividend Points Calculation........................................................................ 9 5 Indices Conversion to Different Currencies.............................................. 10 6 Corporate Actions Treatment Specifications............................................. 11 6.1 General rules of corporate actions treatment....................................11 6.1.1 Price Return, Net Return and Gross Return index adjustments................................................................................... 11 6.1.2 Corporate actions implementation date.................................... 11 6.2 Cash Dividends ................................................................................ 11 6.2.1 Regular Cash Dividend.............................................................11 6.2.1.1 Definition .......................................................................... 11 6.2.1.2 Treatment ......................................................................... 12 6.2.2 Special Cash Dividend..............................................................13 6.2.2.1 Definition .......................................................................... 14 6.2.2.2 Treatment ......................................................................... 14 6.2.3 Capital Return........................................................................... 16 6.2.3.1 Definition .......................................................................... 16 6.2.3.2 Treatment ......................................................................... 16 6.2.4 Dividend Taxation......................................................................17 6.3 Merger............................................................................................... 18 6.3.1 Definition ...................................................................................18 6.3.2 Treatment ................................................................................. 18 6.4 Spin-off.............................................................................................. 20 6.4.1 Definition....................................................................................20 6.4.2 Treatment.................................................................................. 20 6.5 Exchange...........................................................................................24 6.5.1 Definition....................................................................................24 6.5.2 Treatment.................................................................................. 24 6.6 Conversion........................................................................................ 26 6.6.1 Definition....................................................................................26 6.6.2 Treatment.................................................................................. 26 6.7 Stock Dividend.................................................................................. 28 6.7.1 Definition....................................................................................28 6.7.2 Treatment.................................................................................. 28 6.8 Stock Split and Reverse Stock Split................................................. 32 6.8.1 Definition....................................................................................32 6.8.2 Treatment.................................................................................. 32 6.9 Rights Issue...................................................................................... 33 6.9.1 Definition....................................................................................33 6.9.2 Treatment.................................................................................. 34 Copyright © 2021 IHS Markit Ltd | 2 T180614 Markit Index Standard Treatment | CA003 6.10 Suspension......................................................................................37 6.10.1 Definition..................................................................................37 6.10.2 Treatment................................................................................ 37 6.11 Delisting........................................................................................... 38 6.11.1 Definition..................................................................................38 6.11.2 Treatment.................................................................................38 6.12 Write-Up/Off of Capital....................................................................39 6.12.1 Definition..................................................................................39 6.12.2 Treatment ............................................................................... 39 6.13 Redenomination.............................................................................. 39 6.13.1 Definition .................................................................................39 6.13.2 Treatment................................................................................ 39 A Withholding Tax (last updated in April, 2020)...........................................40 B Overall Eligible Exchanges.......................................................................46 Copyright © 2021 IHS Markit Ltd | 3 T180614 Markit Index Standard Treatment | CA003 1 Introduction IHS Markit uses transparent and standard rules for index calculation and corporate event treatments. This ensures that index users can easily replicate IHS Markit’s indices in order to support investments and trading activities. The scope of the Markit Index Standard Treatment document is to define the core corporate events and their standard treatment for indices calculated and maintained by IHS Markit. The treatment described in this document is IHS Markit’s recommendation based on market standards and what is deemed to be the best practice as well as the simplest and the most practical approach. Copyright © 2021 IHS Markit Ltd | 4 T180614 Markit Index Standard Treatment | CA003 2 Terminology and Notation Closing Number of Shares ( ) The total outstanding number of stock shares represented in the index on the business day . Closing Share Price ( ) Actual market price of stock as at day on the close of the index session represented in index currency. If the close market price for the day is not defined on the market, the latest available share price is taken for index calculations. Closing Weighting factor ( ) Security-level weighting factor that defines the portion of number of shares that is included in security market value calculation on the business day . Weighting factor may be based on the share investability specifications such as security free float and ownership restriction, but also on the index specific capping rules. Constituent Market Value ( ) Market capitalisation of an individual index constituent included in the index total market capitalisation calculation. Market value is a product of the constituent share price represented in the index currency, the constituent number of shares and the constituent weighting factor. Both closing and opening values of the constituent market value shall be defined for index calculations. Corporate Action A corporate action (or a corporate event) is a legal activity carried out by a company that changes the corporate structure or alters the financial condition of the company. Corporate actions may directly impact a company’s number of shares and/or the share price. A constituent’s index membership and its weight in the index can be impacted by corporate actions. Custodian bank fee ( ) Custodian bank fee on depository receipts dividends. Date ( ) Date is the index calculation time. Each index session has an opening and a closing component denoted as and , respectively. Date is defined as the current index session, where for instance is the previous index session and is the next index session. Effective Date The date on which the corporate action is applied to the index calculation. Eligible stock exchange Stock exchange that is eligible for an index according to index methodology. Only securities listed on eligible stock exchanges are considered for index inclusion. The Table 1: provides the list of eligible stock exchanges. Ex-Date The first date on which a listed security is considered without entitlement to participate in the capital change event. For example, for a dividend event, this is the date from which the seller and not buyer of a stock is entitled to a dividend. After the ex-date, a listed security is said to trade ex-dividend, meaning the dividend is excluded. Gross Dividend Amount ( ) The value of dividend (before tax) scheduled to be paid for holding 1 unit of stock with the ex-date on day , represented in the index currency. Copyright © 2021 IHS Markit Ltd | 5 T180614 Markit Index Standard Treatment | CA003 Gross total return index ( ) Index that measures market performance including gross income from cash distributions. Gross dividend points ( ) Cumulated amount of gross dividends
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