Nasdaq announced the Nasdaq Closing Cross was used for the 20th consecutive year to rebalance Nasdaq-listed securities in the entire family of Russell US Indexes, part of leading global index provider FTSE Russell, during its annual reconstitution. Approximately 2.55 billion shares representing $61.7 billion were executed in the Nasdaq Closing Cross in 0.86 seconds across Nasdaq-listed securities.
“Today represents twenty years of partnership between Nasdaq and FTSE Russell in the annual Russell Rebalance,” said Kevin Kennedy, Executive Vice President of North American Trading Services at Nasdaq. “Over the past twenty years we have facilitated the crossing of hundreds of billions of dollars across thousands of symbols. Nasdaq is proud that our transparent price discovery technology has served as part of the trusted fabric of the Russell Reconstruction.”
“We’re proud to commemorate the 35th annual Russell Reconstitution,” said Arne Staal, CEO of FTSE Russell. “The annual reconstruction serves as a vital benchmark for investors and market participants and is essential in assuring our Russell US Indexes maintain accurate market representation on the continuously evolving diverse segments of the US equity markets.”
The Closing Cross brings together the buy and sell interest for Nasdaq, NYSE and NYSE MKT stocks, and executes all shares for each stock at a single price, one that reflects the true supply and demand for these securities. All nationally listed securities are eligible for the Nasdaq Closing Cross.
All Russell US Indexes are subsets of the Russell 3000® Index, which represents approximately 98% of the US equity market. Russell US Indexes allow investors to track current and historical market performance by specific market segment (large cap/small cap) or investment style (growth/value/defensive/dynamic). Approximately $12.1 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes.
Russell Reconstitution day is one of the year’s most highly anticipated and heaviest trading days in the US equity market, as asset managers seek to reconfigure their portfolios to reflect the composition of Russell’s newly-reconstituted US indexes. The index reconstitution process was completed today, and the newly reconstituted index membership will take effect when markets open on Monday, June 26, 2023.
Please visit our website for more information on the Nasdaq Closing Cross.
Source: Nasdaq
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