European stock index compiler Stoxx Ltd. is launching a series of index subclasses.
A total of 19 indexes now cover 653 companies listed on European bourses. The subindexes will more closely match the business activities of their component stocks.
'From the end of the first quarter of 1999, we plan to have 35 to 40 subindex (classes). We've taken the Dow Jones' 122 industry groups used in the U.S., sought the 68 which apply to industries in Europe, and narrowed it further,' said Stoxx Managing Director Michael Schanz.
Dow Jones Stoxx is an index product of Stoxx Ltd., a Zurich-based venture of the Swiss Exchange, Deutsche Boerse AG, SBF-Bourse de Paris and Dow Jones & Co.