Stoxx Ltd. launched two new tickers to cover the Scandinavian and Nordic markets on July 1 in an exclusive pact with Helsinki's stock exchange.
The Dow Jones Stoxx Nordic covers 118 companies in Finland, Sweden, Norway and Denmark. All stocks in the broad index are taken directly from those currently in the Dow Jones Stoxx index of 620 companies.
Asubset blue-chip index of 30 companies, the Dow Jones Stoxx Nordic 30, was also launched. Its component stocks have a combined total market capitalization of EUR221 billion.
The first licensee signed up is HEX, compiler of the Helsinki stock market index, the HEX General.
Zurich-based Stoxx Ltd. is a joint venture party with the Swiss Exchange, Deutsche Borse, and SBF-Bourse de Paris, and Dow Jones & Co.
Regional Director for the U.K. and Ireland Scott Stark said he wasn't aware whether his competitors, FTSE International or MSCI Europe, have plans to launch Nordic regional indexes, but believes Stoxx has filled a void with this launch.
"HEX came to us, and suggested the index. They said there are investors who expressed an interest in this and we started developing the process nine months ago," Stark said.
Telecommunication technology giants Nokia Ab Oy (NOK) of Finland and L. M. Ericsson Telephone Co. (ERICY) of Sweden will be limited to 10% weightings within the blue-chip Nordic index.
Stark said there are no immediate plans to launch regional indexes on similar lines for the south European bourses or in as-yet uncharted territories such as eastern Europe. "It depends on investor demand," Stark said.