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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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.