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Index Change Advice – 20190124 FTSE JSE Ground Rules Instrument Eligibility and IPO
FTSE JSE Africa Index Series - Ground Rule Update
24 January 2019
FTSE Russell would like to inform clients of the following updates to the FTSE JSE Africa Index Series
Ground Rules which are effective immediately (updates highlighted in bold below):
Section 5: Periodic Review of Constituent Companies
5.3.4 A security will be inserted/deleted from the FTSE/JSE All Share index, FTSE/JSE Large & Mid Cap Index,
FTSE/JSE Large Cap Index, FTSE/JSE Mid Cap Index and FTSE/JSE Small Cap Index if it rises above/falls below
the position stated at the periodic review:
Index Auto Addition Auto Deletion
All Share 98.5% 99.5%
Large & Mid Cap 95% 97%
Large Cap 83% 87%
Mid Cap 95% 97%
Small Cap 98.5% 99.5%
Minimum Investable Market Capitalisation Requirement for the FTSE/JSE All Share Index
An instrument will be eligible for the FTSE/JSE All Share index provided the market capitalisation of its
available float is 1% or greater than the investable market capitalisation of the FTSE/JSE Small Cap Index on
review cut date (as described in Rule 5.1.1), and it qualifies in all other respects. Instruments meeting this
criteria will be ranked in accordance with Rule 5.3.5. Instruments failing this criteria will not be eligible for
the FTSE/JSE All Share Index.
A current constituent will be deleted from the FTSE/JSE All Share index should the investable market cap fall
to 0.2% or below relative to the FTSE/JSE Small Cap index investable market capitalisation on review cut date.
Section 6: Changes to Constituent Companies
6.4 New Issues
6.4.5 Variable and best effort IPOs* will not be considered for fast entry inclusion since FTSE/JSE would be:
? unable to confirm if the minimum free float requirement has been met; and
? unable to assign an accurate free float for the purposes of the index calculation.
Direct listing IPOs will be eligible for consideration for fast entry inclusion if there is confirmation, before the
close of trading on the first day of listing, of the number of shares that have been made available (e.g.
specific holders have publicly disclosed a commitment to sell a number of shares). If there is no disclosure
before the close of trading on the first day of listing, the company will not be considered as a potential fast
entry addition.
An updated copy of the FTSE JSE Africa Index Series Ground Rules (v6.1) is now available on the FTSE
Russell website: www.ftserussell.com
For further information please contact FTSE Russell Client Services at info@ftserussell.com or call:
Australia +1800 653 680
Hong Kong +852 2164 3333
Japan +81 3 4563 6346
London +44 (0) 20 7866 1810
New York +1866 551 0617
Alternatively please visit our website at www.ftserussell.com
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