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Informative Notice – 20230215 FTSE JSE Ground Rule Update Depositary Receipts
FTSE JSE Africa Index Series: Ground Rule Update
15 February 2023
FTSE Russell would like to inform clients of the following Ground Rule update to the FTSE JSE Africa
Index Series Ground Rules, which impacts Depositary Receipts (DR’s) in the SWIX Free Float
calculation and is effective at the March 2023 index review.
Appendix C – Methodology for Shareholder Weighted Indices
New Rule
12.1 Shareholder Weighted Index Calculation
The SWIX free float is based on the portion of listed share capital, on the South African share register, in
dematerialised form. This information is obtained from Strate (Strate is the authorised Central Securities
Depository for the electronics settlement of all financial instruments in South Africa).
An average of the total holdings on the South African share register, in the 3 months prior to the review
month, with a one month lag, is used to calculate the SWIX free float. In the event that this figure is not
available, the FTSE/JSE company free float is used.
In addition all securities deemed not available for local trade, but included on the South African share
register will be subtracted from the free float number calculated as per above.
Old Rule
12.1 Shareholder Weighted Index Calculation
The SWIX free float is based on the portion of listed share capital, on the South African share register, in
dematerialised form. This information is obtained from Strate (Strate is the authorised Central Securities
Depository for the electronics settlement of all financial instruments in South Africa).
An average of the total holdings on the South African share register, in the 3 months prior to the review
month, with a one month lag, is used to calculate the SWIX free float. In the event that this figure is not
available, the FTSE/JSE company free float is used.
In addition all securities deemed not available for local trade, but included on the South African share
register will be subtracted from the free float number calculated as per above. This will initially include
holdings confirmed to back a listed, sponsored Depositary Receipt (DR) program.
An updated copy of the FTSE JSE Africa Index Series Ground Rules (Version 8.2) is now available from
FTSE Russell: mailto:info@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 6441 1430
London +44 (0) 20 7866 1810
New York +1866 551 0617
Alternatively please visit our website at www.ftserussell.com
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Date: 15-02-2023 05:30:00
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