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New rules on stock indices released

By Shangguan Zhoudong (Chinadaily.com.cn)
Updated: 2007-06-19 13:39

TheShanghai Stock Exchange(SSE) yesterday released a newly-revised management regulation on stock indices, in a bid to better manage and operate indices, China Securities News reports.

The regulation, effective today, applies to a series of SSE indices including the SSE Composite Index, SSE Fund Index and Government Bond Index.

The SSE can set additional indices, modify and abolish stock indices, according to the regulation.

According to the regulation, the SSE is responsible for research, design, announcement and operation relating to its stock indices, and the SSE can also authorize other institutions to take charge of these works.

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Institutions and individuals who want to compile stock indices by means of SSE trading information should be approved by the SSE or institutions authorized by the SSE and sign an agreement with the exchange.

Institutions and individuals are not allowed to compile stock indices without the exchange's consent.

The rights and interests relating to SSE indices belong to the SSE, and any institutions and individuals using SSE indices to develop other derivatives should get approval from the exchange or authorized institutions.

The SSE and other authorized institutions will strive to maintain the timeliness, accuracy and completeness of these stock indices, but they won't bear any losses due to data blackouts, mistakes or other failures.

The SSE Composite Index, the earliest stock index compiled by the SSE and an authoritative statistical indicator widely adopted by domestic and overseas investors to measure the performance of the Chinese securities market, was launched in 1991.

Currently, the stock exchange has more than 10 indices to track the performance of equities, bonds and funds.