ICB CELEBRATES SUCCESSFUL FIRST YEAR
Over 50 notable financial institutions globally adopt new classification system
ICB set to become industry standard in 2006
New York, May 17, 2006 –
The Industry Classification Benchmark (ICB), the joint classification system launched by FTSE Group (FTSE) and Dow Jones Indexes, celebrates a series of business wins in a range of sectors within the financial services arena around the globe. Russell Investment Group is the latest organization to switch its classification system to ICB. ICB will replace the current FTSE Global Classification Universe that was previously available to users of Russell’s REDE system.
"At Russell we want to provide our clients a choice of classification systems and other investment tools," said Lori Richards, director, Russell Index Client Service. "The Industry Classification Benchmark offers them an amazing depth of data for global portfolio analysis."
ICB is now in use by major stock exchanges, data distributors, index providers, buy side and sell side institutions, custodians and media organizations globally. In total , over 50 global financial organizations have integrated ICB into their products and services, including NASDAQ, the New York Stock Exchange, UBS, Fitch Inc., FactSet, Telekurs, Thomson Financial, Markit Group, and the World Economic Forum, as well as media outlets including the Financial Times, The Wall Street Journal, CNBC and Dow Jones Newswires.
ICB offers broad, global coverage of companies and securities and classifies them based on revenue, not earnings. The structure is based on 10 industries, 18 supersectors, 39 sectors and 104 subsectors.
James Cemprola, Managing Director, ICB commented, “We identified a clear commercial demand for a flexible and viable global solution to existing classification systems. ICB has been developed specifically to meet that need, and we’re delighted with the rapid acceptance by the financial services industry. ICB is set to become the industry standard in 2006”.
More information about ICB is available at www.icbenchmark.com
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About Dow Jones Indexes
Dow Jones Indexes is part of Dow Jones & Company, which publishes the world's most vital business and financial news and information. Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages and the Dow Jones Global, Regional, Country and Sector Titans Indexes and is co-owner of the Pan-European Dow Jones STOXX Indexes. Together with Wilshire Associates, Dow Jones Indexes markets and licenses the Dow Jones Wilshire index family, which includes the Dow Jones Wilshire 5000 and its size, style, and sector indexes. Dow Jones Indexes also offers a number of specialty indexes including hedge fund, commodity and credit derivative indexes.
In addition to Dow Jones Indexes, Dow Jones & Company (NYSE: DJ; dowjones.com) publishes The Wall Street Journal and its international and online editions, Barron's and the Far Eastern Economic Review, Dow Jones Newswires, MarketWatch and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva and with Hearst of SmartMoney. Dow Jones also provides news content to CNBC and radio stations in the U.S.
About FTSE Group
FTSE Group is leader in the creation and management of indexes and related market data services. FTSE’s flagship index, the FTSE Global Equity Index Series (GEIS), covers 98% of the world’s total investable market capitalization and includes a broad range of traditional and alternative asset class indexes such as multinationals, style, socially responsible investment, real estate and hedge funds. Custom indexes are designed and created regularly to meet a wide variety of investment strategies for clients. FTSE also manages and calculates non-market capitalization weighted indexes, which offer investors an alternative way to benchmark performance.
FTSE has partnered with notable financial industry leaders in key regions to create unique and innovative products for the investment community, including NASDAQ, Dow Jones Indexes, NAREIT, Institutional Shareholder Services (ISS), and Research Affiliates (RAFI) in the US; Xinhua Financial Network of China, Nikkei of Japan (Nihon Keizai Shimbun, Inc), and the ASEAN stock exchanges in Asia; and Euronext, the London Stock Exchange, EPRA, and Global Wealth Associates in Europe. Partnerships with the Athens, Cyprus, Johannesburg, Luxembourg and Madrid stock exchanges round out FTSE’s global coverage of markets worldwide. Real-time FTSE indexes are calculated on systems managed by Reuters. Prices and FX rates used are supplied by Reuters.
Russell Investment Group, a global leader in multi-manager investing, provides investment products and services in 44 countries. Russell manages more than $167 billion in assets and advises clients worldwide representing more than $2.4 trillion. In addition, more than $3.8 trillion in assets are benchmarked to Russell indexes. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo.
ICB is the new global solution for industry classification. A joint effort of FTSE Group (FTSE) and Dow Jones Indexes, ICB is a comprehensive system for sector and industry analysis, facilitating the comparison of companies across four levels of classification. The system is supported by the ICB global database which contains over 40,000 companies and 45,000 securities worldwide. ICB has been adopted by stock exchanges, data distributors, index providers, buy side and sell side institutions, custodians and media organizations globally. For more information about ICB, visit www.icbenchmark.com.