On March 26, Dow Jones Indexes launched without fanfare the first of its Extra Liquid Series indexes to cover the Canadian equities market. Known as the Dow Jones Extra Liquid Canada Index, it appears on both Reuters' and Bloomberg's electronic financial information services and is published daily in The Wall Street Journal.
Like the planned Asia Pacific series, (see story p. 55), it is intended to serve as the base for derivative products intended to replicate the movements of, in this case, the Canadian market. The new index consists of 40 key Canadian stocks, chosen for high liquidity, broad market representation, low turnover and other qualities important to the derivatives marketplace, not least of them difficulty of market manipulation. The index was set at 1000 as of the close of trading on Dec. 31, 1998, and by late April had risen to over 1140.