Swiss stock exchange will not touch leading index SMI
Published: Thursday, Dec 7th 2023, 18:30
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The stock exchange operator SIX will not change the way in which the SMI benchmark index and other indices are calculated and composed. Following a consultation with market participants, the Swiss stock exchange is refraining from any reform until further notice.
This means that the Swiss Market Index (SMI) will continue to comprise 20 stocks in the future, SIX explained in a press release on Thursday evening. Market feedback was "clearly" against the transfer of ten stocks from the broad SMIM index to the SMI. The abolition of a minimum turnover rule was also rejected.
SIX "will not pursue the idea of a rule change for its Swiss share indices", the press release continued. The exchange operator is refraining from implementing the proposed measures "at the present time".
However, SIX is not ruling out a new attempt at reform. It will continue to monitor the development of the stock market and the regulatory environment. If necessary, it will be consulted again.
The survey of market participants, in which SIX received around 200 responses, was conducted until November 7. SIX had expected various advantages from expanding the SMI to 30 stocks. For example, it would provide a more complete representation of the Swiss equity market.
The SMI has consisted of 20 securities since September 2007. Until then, there was only an upper limit of 30 securities. In actual fact, the number of SMI stocks fluctuated between 18 and 29.
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