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Informative Notice – 20241125 FTSE_JSE Index Harmonisation Phase 2 Consultation
To: Market Participants
From: FTSE/JSE Index Team
Date: 4 November 2023
Subject: FTSE/JSE Index Harmonisation Phase 2 Consultation
1. Executive Summary
The Index Harmonisation project has expedited the natural convergence of the FTSE/JSE Core (Vanilla) indices with
the FTSE/JSE Shareholder Weighted (Swix) indices. The first phase of the project was to align the methodologies,
adopting the Swix weighting methodology in both index series, which was executed successfully on 18 March
2024. Phase 2 of the project involves decommissioning the Swix indices, which each now have a vanilla counterpart
with identical weightings. FTSE/JSE intends to formally announce the decommissioning date during December
2024 and is proposing a final termination date of 31 December 2025. This consultation aims to obtain additional
information from index subscribers regarding any follow up concerns around the termination process or proposed
date.
In line with the intention to streamline indices and the data provision for index constituent and index valuations
data, FTSE/JSE further intends to terminate the legacy FTSE/JSE SA Listed Property Index (SAPY/J253) and the
FTSE/JSE Capped Property Index (PCAP/J254). The designated benchmarks in the listed property sector are the
FTSE/JSE All Property Index (ALPI/J803) and the FTSE/JSE Tradable Property Index (PROP/J800).
2. Proposal for Consultation
FTSE/JSE proposes the termination of all legacy Swix indices together with their associated data products and
licensing arrangements with effect from start of business on 2 January 2026. Intraday prices and end of day data
products will be published up to and including 31 December 2025.
FTSE/JSE further proposes the termination of the legacy SAPY and PCAP indices on the same dates.
The full set of indices impacted by this consultation are included in the Appendix A.
FTSE/JSE intends to provide a full year's notice for this termination, with a final binding termination notice to be
published during December 2024.
There will be no changes to the index codes and index names of the vanilla indices, such as the ALSI, FTSE/JSE Top
40 Index (TOPI/J200), etc. Index users who make use of the SWIX indices, such as the FTSE/JSE Shareholder
Weighted Top 40 Index (DTOP/J400) will be required to switch into the vanilla equivalent index on the effective
date, which is the J200 in this example.
3. Responding to the Consultation
FTSE/JSE requests that respondents furnish the following information when responding to the consultation:
1. Name of responding organisation.
2. List of FTSE/JSE indices earmarked for termination and how they are used by the organisation:
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Underlying FTSE/JSE Index Type of Usage Reference Value
(Allocation Mandate, Performance Total aggregate value of assets or
Benchmark, Tracking Fund, contracts that reference the index
Financial Contract or other)
3. Detail any impacts the proposed timelines would have on your operations together with an estimate of the
associated costs.
4. In the event that your organisation is not able to align with the proposed timelines, provide details on the
underlying reasons and proposed mitigations
Please provide your feedback to the consultation in writing by 17:00 on Monday, 25 November 2024 to
indices@jse.co.za
FTSE/JSE would also like to meet with market participants to discuss any further comments, suggestions or
concerns. Please contact us at the email address provided above, should you wish to arrange a meeting in this
regard.
This document is not confidential and should be distributed as widely as possible to all stakeholders.
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Appendix A: List of indices to be decommissioned by December 2025
Index code Index
J253 SA Listed Property
J254 Capped Property
J400 Shareholder Weighted Top 40
J403 Shareholder Weighted All Share
J430 Capped Shareholder Weighted Top 40 Index
J433 Capped Shareholder Weighted All Share Index
JN43 Shareholder Weighted All Share Net TRI
JN430 Capped Shareholder Weighted Top 40 Net TRI
JN433 Capped Shareholder Weighted All Share Net TRI
JNX4 Shareholder Weighted All Top 40 Net TRI
JSZ0 SWIX Resource 10
JSZ1 SWIX Industrial 25
JSZ2 SWIX Financial 15
JSZ3 SWIX Financial and Industrial 30
JSZ4 SWIX SA Resources
JSZ5 SWIX SA Industrials
JSZ6 SWIX SA Financials
JSZ7 SWIX SA Financials and Industrials
JW0010 SWIX Technology
JW0015 SWIX Telecommunications
JW0020 SWIX Health Care
JW0030 SWIX Financials
JW0035 SWIX Real Estate
JW0040 SWIX Consumer Discretionary
JW0045 SWIX Consumer Staples
JW0050 SWIX Industrials
JW0055 SWIX Basic Materials
JW0060 SWIX Energy
JW0065 SWIX Utilities
JX1011 SWIX Software and Computer Services
JX1012 SWIX Technology Hardware and Equipment
JX1511 SWIX Telecommunications Equipment
JX1512 SWIX Telecommunications Service Providers
JX2011 SWIX Health Care Providers
JX2012 SWIX Medical Equipment and Services
JX2013 SWIX Pharmaceuticals and Biotechnology
JX3011 SWIX Banks
JX3021 SWIX Finance and Credit Services
JX3022 SWIX Investment Banking and Brokerage Services
JX3023 SWIX Mortgage Real Estate Investment Trusts
JX3024 SWIX Closed End Investments
JX3031 SWIX Life Insurance
JX3032 SWIX Non-life Insurance
JX3511 SWIX Real Estate Investment and Services
JX3512 SWIX Real Estate Investment Trusts
JX4011 SWIX Automobiles and Parts
JX4021 SWIX Consumer Services
JX4022 SWIX Household Goods and Home Construction
JX4023 SWIX Leisure Goods
JX4024 SWIX Personal Goods
JX4031 SWIX Media
JX4041 SWIX Retailers
JX4051 SWIX Travel and Leisure
JX4511 SWIX Beverages
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Index code Index
JX4512 SWIX Food Producers
JX4513 SWIX Tobacco
JX4521 SWIX Personal Care, Drug and Grocery Stores
JX5011 SWIX Construction and Materials
JX5021 SWIX Aerospace and Defense
JX5022 SWIX Electronic and Electrical Equipment
JX5023 SWIX General Industrials
JX5024 SWIX Industrial Engineering
JX5025 SWIX Industrial Support Services
JX5026 SWIX Industrial Transportation
JX5511 SWIX Industrial Materials
JX5512 SWIX Industrial Metals and Mining
JX5513 SWIX Precious Metals and Mining
JX5521 SWIX Chemicals
JX6011 SWIX Oil, Gas and Coal
JX6012 SWIX Alternative Energy
JX6511 SWIX Electricity
JX6512 SWIX Gas, Water and Multi-utilities
JX6513 SWIX Waste and Disposal Services
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Date: 04-11-2024 12:00:00
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