Nasdaq Launches Nasdaq Custom Basket Calculation Service in collaboration with S&P Global Market Intelligence
STOCKHOLM, Sweden, Oct. 28, 2022 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced the launch of Nasdaq Custom Basket Calculation Service (CBCS). The introduction of CBCS to the market is driven by the increasing demand for a simpler and more efficient way of managing proprietary indexes, thematic baskets, and ESG investments.
CBCS allows clients to design and set up equity baskets with customized features such as currency, return type, composition, and weights from a pre-approved universe of stocks. The calculated basket level and reference data is validated and distributed along with daily basket weight reports.
The service is a result of a close collaboration between Nasdaq and S&P Global Market Intelligence, a provider of data and technology solutions to global markets.
“We are thrilled to see the launch of what is to be the first major product delivery in a wider collaboration between the two firms. Combining our service capabilities will offer enhanced administrative, calculation and distribution services, to provide a seamless, end- to- end workflow and address the demand for bespoke baskets,” said Christopher Hare, Executive Director at S&P Global Market Intelligence. “As we look forward to the next stage in the service, the ability to generate on-demand listed exposure for equity portfolios will introduce an exciting change in the trading vehicles available to consumers, and to the speed at which the customer demand can be satisfied.”
Through the new service, Nasdaq clients can now benefit from the calculation of the basket level for each basket, managed and verified corporate actions such as stock splits, dividends, mergers and acquisitions and the implementation of these changes into the defined baskets in a timely and accurate way.
“With CBCS, our clients get a fully managed solution for custom basket calculations, an outsourced calculation service to avoid conflict of interest by separating the calculation from the end-user’s own business, and a solution which is provided by Nasdaq’s licensed benchmark administrator and thereby ensures a high quality of data,” said James McKeone, VP Head of European Data at Nasdaq. “To build onto this momentum, we also aim to in the near future launch a solution enabling investors to create a forward contract on customized baskets as an alternative to OTC equity swaps.”
The service is available today to Nasdaq Stockholm AB or Nasdaq Clearing members. For more information, please visit.
Clients can access this service via their brokers and dealers that are members of Nasdaq Stockholm AB and/or Nasdaq Clearing AB.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.
Media Contacts
Nasdaq
Helle Mayor
Mobile: +45 9132 4030
[email protected]
S&P Global Market Intelligence
Sabrina Mayeen
+44 (0)20 7176 0495
[email protected]
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