(Vienna) Today, ATX committee reviewed the calculation parameters for Austrian indices according to its index rules. For the real estate company BUWOG AG the free float factor increases from 0.7 to 0.8 due to the notification on the sale of shareholdings to institutional investors. After the takeover offer of Airports Group Europe S.à.r.l., the free float factor for the Vienna airport Flughafen Wien AG decreases from 0.3 to 0.2. The free float factor represents the portion of a company’s shares that are in the hands of a multitude of public investors and tradable on the stock exchange. It also impacts the weighting of a stock in an index. The changes will become effective on 20 June 2016. The next orderly review of the ATX composition is scheduled for 6 September 2016.
With respect to the half-yearly review of the ATX composition, the ATX committee resolved a new calculation method. For the calculation of the "capitalised free-float", the methodology will include a VWAP on a monthly basis instead of a single reference day. The volume weighted average price (VWAP) is calculated by dividing each stock's total turnover value in the month of February or August by its total turnover volume during the same period. This new calculation method equalizes peak values, making the calculation of the Vienna Stock Exchange’s indices even more objective. The changes enter into effect immediately.
According to "The Rules for the Austrian Indices of the Vienna Stock Exchange", the inclusion or exclusion of stocks from the Austrian indices is reviewed twice a year (March and September). The decision on new additions to the index is based on the daily average trading volume and the free float capitalisation of companies. The Vienna Stock Exchange reviews the calculation parameters (number of shares, free float factors, representation factors) in the index on a quarterly basis. Once a month, the ATX Watchlist is published. Representatives of institutional investors, financial institutions, that issue financial products on the indices, trading members of the Vienna Stock Exchange, academics advisors and the Vienna Stock Exchange contribute their know-how to the Index Committee, which approves the index rules.
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Julia Resch, Wiener Börse AG
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julia.resch(a)wienerborse.at
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