Version 1.6 October 2012 GROUND RULES FOR THE MANAGEMENT OF THE FTSE GLOBAL BONDS INDEX SERIES
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1 Verson 1.6 Ocober 2012 GROUD RULES FOR THE MAAGEMET OF THE FTSE GLOBAL BODS IDEX SERIES
2 TABLE OF COTETS SECTIOS 1.0 Inroducon 1.1 The FTSE Global Bond Index Seres 1.2 These Ground Rules 1.3 Index Seres Objecves 1.4 Indces 1.5 Characerscs of he Index Seres 1.6 Index Mehodology 1.7 Capal Index 1.8 Toal Reurn Index 2.0 Elgbly of Secures 2.1 Elgbly of Bonds 2.2 Mnmal omnal Issuance of a Bond 3.0 Prce Sources 4.0 Perodc Changes o he Porfolo 4.1 Rebalancng he Indces 4.2 Addon of Consuens 4.3 Removal of Consuens 4.4 Aleraons o Consuens 4.5 Implemenaon of Changes n Porfolo 5.0 Amendmens and Excepons 6.0 Managemen Responsbles 6.1 FTSE Polcy Group 6.2 FTSE Global Bond Indces Commee 6.3 Commee Membershp 6.4 Secreary o he Polcy Group and Bond Indces Commees 6.5 FTSE 7.0 Furher Informaon APPEDICES A B FTSE Global Bond Index Seres Famly FTSE Global Bond Index Seres Calculaon Formulae Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 2 Verson 1.6 Ocober 2012
3 SECTIO ITRODUCTIO 1.1 The FTSE Global Bond Index Seres The FTSE Global Bond Index Seres was launched n 2002 and s owned by FTSE Inernaonal Lmed. I s a seres of fxed ncome ndces coverng he prncpal governmen bond markes and seleced corporae markes The seres currenly consss of four homogenously consruced bond famles: FTSE Global Governmen Bond Indces FTSE Global Pfandbref Indces FTSE Corporae Bond Indces FTSE Euro Emergng Markes Bond Indces A full ls of he ndces and sub ndces s avalable n Appendx A. 1.2 These Ground Rules Ths paper ses ou he Ground Rules for he managemen of he FTSE Global Bond Index Seres as adoped by he FTSE Polcy Group an ndependen group of marke parcpans There s a separae se of Ground Rules avalable for FTSE UK Gls. These can be accessed from Index Seres Objecves The objecve s o creae and manan a seres of ndces for he nernaonal bond markes for use as a benchmark by he global nvesmen communy. To acheve hs we have sough o esablsh he Index Seres as beng: Comprehensve Conssen Flexble Accurae Invesable Transparen Predcable Represenave User-drven 1.4 Indces All FTSE Global Bond ndces excep he FTSE Euro Emergng Markes Bond Indces are calculaed as real-me ndces and fxed a he end of each ndvdual counry s busness day. For he Eurozone a busness day s by defnon of he European Cenral Bank when he TARGET sysem s open for busness a TARGET busness day. The FTSE Euro Emergng Markes Bond Index s calculaed once a day only All ndces have he followng fve maury sub ndces: 3 years 5 years 5 7 years 7 10 years over 10 years Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 3 Verson 1.6 Ocober 2012
4 SECTIO 1 The sub ndces n whch each bond s assgned depends on he maury erm from he approprae selemen day (T+3) for rades performed on he frs busness day of he monh. Ths excludes Chna where he approprae selemen day s T+2 and Turkey where selemen s T+0 durng mornng radng and T+1 n he afernoon FTSE Serlng Corporae and Euro Corporae Bond Indces have he followng addonal subndces: Maury ICB Indusry Group 1-5 years Ol & Gas Basc Maerals 5-10 years Indusrals Consumer Goods 5-15 years Healh Care Consumer Servces years Telecommuncaons Servces Ules over 15 years Fnancals Technology Besdes he maury bands sub ndces he FTSE Corporae Bond Indces (Euro and Serlng) also cover he followng rang ndces: Sub Indces Rang Defnon Agency Equvalen Rangs Fch S&P Moodys AAA AAA AAA Aaa AA AA- o AA+ AA- o AA+ Aa3 o Aa1 A A- o A+ A- o A+ A3 o A1 BBB BBB- o BBB+ BBB- o BBB+ Baa3 o Baa1 For Corporae Bond Indces where Fch S&P and Moodys have appled dfferen rangs he lowes cred rang from he rang agences s used aken a he me of he monhly porfolo-rearrangemen. For new ssues he cred rang assgned on ssue s used. If hs s no avalable he long-erm cred rang of he ssuer wll be used n s place. To be elgble for Emergng Marke Bond Indces ssues wll need o have cred rang of BBB or hgher. Moreover where Fch S&P and Moodys have appled dfferen rangs he hghes cred rang from he rang agences s used aken a he me of he monhly porfolorearrangemen. For new ssues he cred rang assgned on ssue s used. If hs s no avalable he long-erm cred rang of he ssuer wll be used n s place A sub ndex whch begns a a laer me sars wh ndex values of a suable paren ndex as of he sub ndex sar dae. 1.5 Characerscs of he Index Seres FTSE Global Governmen Bond Indces conss only of ssues by cenral governmens n her home currences or for EMU counres n Euro FTSE Pfandbref Indces Only Jumbo Pfandbref bonds from German Issuers or ssues ha are comparable n srucure and qualy o he German Jumbo Pfandbref marke from oher EU counres n Euro currency are ncluded: Germany Pfandbref (Jumbo Pfandbref) eherlands Pfandbref (Covered Bond) Span Pfandbref (Cedulas Hpoecaras) Fnland Pfandbref (Covered Bond) France Pfandbref (Oblgaons Foncères) Luxembourg Pfandbref (Leres de gage) Ireland Pfandbref (Asse Backed Secures) Ausra Pfandbref (Pfandbref) UK Pfandbref (Asse Backed Secures) Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 4 Verson 1.6 Ocober 2012
5 SECTIO FTSE Euro Emergng Marke Bond Index Seres The elgble bonds are governmen secures from cenral saes and auhores cenral banks regons and ces from counres whch belong o he Emergng markes as defned by FTSE counry classfcaon (avalable from FTSE Corporae Bond Indces FTSE Euro and Serlng Corporae Bond Euro and Serlng ssues from corporae enes are ncluded. Ths excludes Governmen auhores or oher publc ssuers. The ndex also ncludes ssues of corporae enes wh a m. Each bond s classfed under he FTSE Indusry Classfcaon Benchmark sysem. on- Fnancals (headlne ndex less Banks) s calculaed as an addonal separae ndex. 1.6 Index Mehodology The purpose of he famly of FTSE Global Bond Indces s o measure he average performance ha holders of he relevan ypes of bonds experence over me. Ths s acheved by creang for each ndex a represenave porfolo of bonds and measurng her performance. A he end of each monh he consuens of he porfolo are revewed. A hs revew bonds may be removed or added o he ndex porfolo. I s assumed ha any rebalancng does no have a cos. The conens of a porfolo do no change durng any monh excep n exceponal crcumsances. The rules used n her consrucon broadly follow he EFFAS sandardzed ones for bond ndces. The formulae used are descrbed n Appendx B. 1.7 Capal Index (also known as he Prce Index or he Clean Prce Index) The capal ndex of all he lsed ndces n Appendx A are calculaed every busness day. Each capal ndex s an arhmecally weghed ndex based on he clean prce and weghed by he nomnal amoun ousandng. 1.8 Toal Reurn Index (also known as he Performance Index) A oal reurn ndex s calculaed for all he ndces. A oal reurn ndex akes no accoun he prce changes and neres accrual and paymens of each bond In addon o he Capal Index and Toal Reurn Index he followng fundamenals of bond ndces are also calculaed: Average Coupon Average Gross Redempon Yeld Average Tme o Maury Average (Macaulay) Duraon Average Modfed Duraon Average Convexy The sum of he nomnal value of all bonds n each ndex The number of bonds n each Index and The wegh of he ndex n relaon o s relevan aggregaed ndex (when applcable) In he case of FTSE Serlng Corporae Bond Indces sem-annual yelds are calculaed where approprae. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 5 Verson 1.6 Ocober 2012
6 SECTIO ELIGIBLE OF SECURITIES 2.1 Elgbly of Bonds All sragh bulle bonds denomnaed n he approprae currency and ssued by qualfyng ssuers maurng n one year or more are consdered for ncluson n he FTSE Global Bond Index Seres. For he Turksh Lra Governmen Bond Index boh bulle and zero coupon bonds are ncluded wh mnmum maury elgbly beng 6monhs or more Zero coupon bonds may be ncluded. Srppable bonds are ncluded n he ndces wh weghs whch assume ha hey have no been srpped. Excluded from he ndces are: Coupon srps and maury srps (separaed neres and capal repaymen secures) Parly-pad bonds Varable neres bonds (ncludng floang rae bonds) Index lnked bonds Callable puable and exendble bonds Converble bonds Bonds wh no fnal redempon dae Subordnaed or junor ssues The bonds mus have a curren marke quoaon o be ncluded. Governmen bonds radonally have far more prce quoes han corporae bonds. An ssue s generally no ncluded f here are prces avalable from only one marke maker For Jumbo Pfandbref he German Assocaon of Morgage banks VDH rules ha a mnmum of hree marke maker quoes mus be avalable a he me of ssue launch. If he number of prce conrbuors falls below hree afer some me hs does no auomacally lead o he excluson of he referrng bond from he Index porfolo. 2.2 Mnmum omnal Issuance of a Bond The mnmum nomnal ssuance of a bond for FTSE Global Governmen Bonds Index Seres s shown n he able: Counry/Regon Ausrala Canada Chna Denmark Eurozone Japan orway ew Zealand Poland Sweden Swzerland Uned Kngdom Uned Saes Turkey Mnmum Issuance 750 mllon AUD 750 mllon CAD 10 bllon CY 3750 mllon DKK 500 mllon EUR 50 bllon JPY 4000 mllon OK 1000 mllon ZD 1000 mllon PL 4000 mllon SEK 800 mllon CHF 1000 mllon GBP 500 mllon USD 1000 mllon TRY Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 6 Verson 1.6 Ocober 2012
7 SECTIO The mnmum ssuance of a bond for oher ndces s shown n he able: Bond Type FTSE Pfandbref FTSE Euro Corporae Bond FTSE Serlng Corporae Bond FTSE Euro Emergng Markes Bond Mnmum Issuance 500 mllon EUR 500 mllon EUR 100 mllon GBP 200 mllon EUR Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 7 Verson 1.6 Ocober 2012
8 SECTIO PRICE SOURCES 3.1 Prce Sources The desgn of he mehodology and avalably of he prce sources ensures a sngle prce for each bond n he ndex. FTSE apples qualy conrols o ensure each sngle prce n he ndex s unbased and represenave of he marke. The prces used for he calculaon of he ndces are based on daa sourced from Dealer Banks accessed va Reuers. To calculae he prce he arhmec mean beween bd and ask quoes (md prces) s used n he ndces. Every bond prce s subjec o a qualy conrol procedure ha was developed and s appled by FTSE. The prces are connually monored o ensure prces ha do no represen he marke are removed. In ceran crcumsances FTSE wll reserve her poson o drecly conac bond dealers o clarfy he prce and hen acon as requred. The ndces consss only of bonds ha have prce quoes and are hen flered hrough a qualy conrol process o ensure hey provde an accurae represenaon of he marke Isanbul Sock Exchange prces are used o calculae he Turksh Lra Governmen Bond Index. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 8 Verson 1.6 Ocober 2012
9 SECTIO PERIODIC CHAGE TO THE PORTFOLIOS 4.1 Rebalancng he Indces All FTSE Global Bond Indces are rebalanced every monh a he end of he monh and a he close of he las busness day. 4.2 Addon of Consuens ew ssues are ncluded n he ndces once a monh afer he close of he las busness day of he monh. 4.3 Removal of Consuens The bonds are removed from he ndces a he end of he monh afer he close of las busness day when he maury falls below one year or n he case of he Turksh Lra Governmen Bond Index when maury falls below 6 monhs If bonds are llqud.e. cease o have marke maker prces hey are removed from he ndces afer he close of he las busness day of he monh. 4.4 Aleraons o Consuens Aleraons o nomnal amouns ousandng are adjused a he close of las busness day of he monh. 4.5 Implemenaon of Changes n he Porfolo The research s made hree busness days before he monh end regardng whch bonds wll be par of he ndex n he nex perod. Ths s n accordance wh he ndex scheme and he ssue volume of hese bonds (rounded o he neares 1 mllon of he underlyng currency). The resdual lfe are all bonds whch on he frs radng day of he new monh have a full year (6 monhs for Turkey) or more o run as per he value dae plus hree days Bonds o be removed from he ndex e.g. because her resdual lfe a he begnnng of he nex monh s less han a year (6 monhs for Turkey) are reaed as sold a he fxng prce (defned as 4:30pm CET) on he las radng day of he old monh and renvesed unformly across he whole Index A Shorener s where a bond s moved a s fxng prce from one maury sub ndex o a shorer maury sub ndex. Ths occurs afer he close of he las busness day of he prevous monh when he remanng lfeme of hs bond s whn hs shorer lfe band ndex. I may occur ha some sub-ndces are only emporarly acve. When a bond n a maury band sub ndex s moved no s neghbourng sub ndex and no oher bond remans n ha porfolo he calculaons wll no longer be performed for he empy sub ndex. If a new ssue makes he re-acvaon of hs ndex necessary he new sarng value of hs sub ndex wll be amended o a value ha ncludes he marke changes occurred snce he sub ndex was de-acvaed ew ssues are bough a he fxng prce of he las radng day of he old monh and negraed no he ndex. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 9 Verson 1.6 Ocober 2012
10 SECTIO Changes o amouns n ssue are ncluded or removed by way of sale or purchase a he closng prce on he las radng day of he old monh provded ha he change amouns o a mnmum value of 1 mllon Euros or he respecve non-eur domesc currency over he prevous monh Afer he decsons o he porfolo changes have been made any removed or newly joned bonds are announced o he marke one day before he las busness day of he monh. These decsons are based on he nformaon avalable hree busness days before he las busness day of he monh. The ssuance applcable o bonds n he porfolo for he comng monh are also publshed If an ssuer fals o pay a coupon on he coupon dae (.e. n he even of defaul) wll be reaed as f s sold wh he laes prce consdered o be far and he proceeds renvesed n he ndex. In hs case he change of he ndex porfolo s no posponed unl nex monh-end All changes ake effec on he frs radng day of he new monh. Should counres have dfferen holday regulaons a he begnnng or end of a monh hs wll have no effec. The busness day of he local marke wll be employed (TARGET busness days apply n he Eurozone see Rule 1.4.1). Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 10 Verson 1.6 Ocober 2012
11 SECTIO AMEDMETS AD EXCEPTIOS 5.1 In he even ha he FTSE Global Bond Indces Commee or any Commee responsble for he operaon and admnsraon of he FTSE Global Bond Index Seres consder ha a change of prncple or excepons should be made o any of he Ground Rules he ssue mus be brough o he aenon of he Charman or Depuy Charman (or her depues) of he FTSE Global Bond Indces Commee who wll normally pu he maer o he full FTSE Global Bond Indces Commee for a decson. 5.2 If however he maer s urgen he Charman and Depuy Charman (or her depues) are collecvely empowered o auhorse an excepon on behalf of he FTSE Global Bond Indces Commee bu mus mmedaely nofy and subsequenly refer he maer o a meeng of he FTSE Global Bond Indces Commee. Where an excepon s graned o he Ground Rules under Rule 5.1 shall no be deemed o creae a preceden for fuure decsons of he FTSE Global Bond Indces Commee. Sgnfcan changes or excepons o hese Ground Rules can be auhorsed only by he FTSE Polcy Group. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 11 Verson 1.6 Ocober 2012
12 SECTIO MAAGEMET RESPOSIBILITIES 6.1 FTSE Polcy Group The FTSE Polcy Group advses on he creaon of new ndces and revews he ongong managemen of he FTSE famly of ndces. The FTSE Polcy Group ensures complance wh he sandards ha apply o all FTSE s Indces and assss n deermnng developmen prores. I approves major polcy maers and monors he acves of he oher Commees. Sgnfcan excepons and/or changes o he Ground Rules may be made only as permed by Secon 5. FTSE appon he Charman and Depuy Charman of he FTSE Polcy Group. 6.2 FTSE Global Bond Indces Commee The FTSE Global Bond Indces Commee s esablshed jonly by FTSE and he Faculy and Insue of Acuares. The Commee may approve changes o he Ground Rules as permed by Secon Commee Membershp The FTSE Polcy Group appons he Charman of he FTSE Global Bond Indces Commee. The Charman of hs commee wll be a member of he FTSE Polcy Group. The members of he Global Bond Indces Commee are apponed by s Charman n consulaon wh FTSE. The Depuy Charman s seleced by he Commee from s members. The Charman or n hs absence he Depuy Charman chars meengs of he Commee and represens ha commee ousde meengs. Subcommees are apponed from he Commee when addonal vewpons are requred by he Charman and Depuy Charman The Charman and Depuy Charman of he FTSE Global Bond Indces Commee are collecvely responsble for approvng any exceponal changes o he FTSE Global Bond Indces for he Governmen Secures a Commee meengs on advce from FTSE and as permed and as specfed by hese Ground Rules. Oher Commee members can depuse for he Charman and Depuy Charman n her absence. 6.4 Secreary o he Polcy Group and Bond Indces Commee Secreares o he FTSE Polcy Group and Global Bond Indces Commee are apponed by FTSE o suppor he work of he FTSE Polcy Group and he Global Bond Indces Commee. 6.5 FTSE FTSE s responsble for he operaon of he FTSE Global Bond Index Seres ncludng he daly calculaon of all he ndex values n accordance wh he Ground Rules. FTSE manans records of all he consuens and s responsble for he addon and deleon of bonds and changes of nomnal amouns n accordance wh he Ground Rules FTSE nforms he FTSE Global Index Seres Commee of all changes o consuens as soon as possble afer hey have occurred. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 12 Verson 1.6 Ocober 2012
13 SECTIO FURTHER IFORMATIO For furher nformaon on he FTSE Global Bond Index Seres Ground Rules please vs or e-mal nfo@fse.com who wll also welcome commens on hese Ground Rules. Conac deals can also be found on hs webse FTSE Inernaonal Lmed ( FTSE ). All rghs reserved. FTSE and Foose are rademarks of he London Sock Exchange Plc and are used by FTSE under lcence. FTSE Global Bond Indces s a servce mark of FTSE. The FTSE Global Bond Indces are operaed by FTSE and all rghs n and o he FTSE Global Bond Indces ves n FTSE. All nformaon s provded for nformaon purposes only. Every effor s made o ensure ha all nformaon gven n hs publcaon s accurae bu no responsbly can be acceped by FTSE her agens or employees for any errors or for any loss arsng from use of hs publcaon or he nformaon conaned heren. o par of hs publcaon may be reproduced sored n a rereval sysem or ransmed n any form or by any means elecronc mechancal phoocopyng recordng or oherwse whou he pror wren permsson of FTSE. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 13 Verson 1.6 Ocober 2012
14 APPEDIX A FTSE GLOBAL BOD IDEX SERIES FAMILY Calculaed FTSE Global Bond Index Seres The followng ndces are calculaed daly: Turksh Lra Governmen Bond Index FTSE Global Bond Index Seres See he ndces ncluded n he Global Bond Index Seres n he below dagram. FTSE Global Bond Index Seres Famly FTSE Global Governmen Bond Indces FTSE Global Asse Backed Bond Indces FTSE Corporae Bond Indces FTSE Euro Emergng Marke Bond Indces Aggregae Global Eurozone Europe (ex Eurozone) orh Amerca and Asa Pacfc FTSE Pfandbref Index Indces Sub Indces Ausrala Governmen Ausra Governmen Belgum Governmen Canada Governmen Denmark Governmen Fnland Governmen France Governmen Germany Governmen Greece Governmen Ireland Governmen Ialy Governmen Japan Governmen eherlands Governmen ew Zealand Governmen orway Governmen Poland Governmen Porugal Governmen Span Governmen Sweden Governmen Swzerland Governmen UK Governmen US Governmen Ausra Pfandbref Fnland Pfandbref France Pfandbref Germany Pfandbref Ireland Pfandbref eherlands Pfandbref Luxembourg Pfandbref Span Pfandbref UK Pfandbref Euro Corporae Serlng Corporae Euro Emergng Markes Maury: Maury: ICB Secors Maury: Rang: AAA AA A BBB Maury: Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 14 Verson 1.6 Ocober 2012
15 APPEDIX B FTSE GLOBAL BOD IDEX SERIES CALCULATIO FORMULAE The followng noaon s used n he followng calculaons. Z Z -1 Z 0 P A Y L D M X G value of creron Z a me value of creron Z a me (-1) nal value of creron Z clean prce of he h bond a me accrued neres o he normal selemen dae nomnal value of amoun ousandng redempon yeld o maury lfe o maury (Macaulay) duraon Modfed duraon Convexy value of any coupon paymen receved from he h bond for he assumed selemen dae a me or snce me (-1). If none he value = 0 Clean Prce Index (Capal Index) The clean prce (PI) or capal ndex s gven by: PI 0 = 100 PI = PI 1 P P where he summaons are over he bonds currenly n he ndex. Toal Reurn Index For a marke where secures do no go XD he oal reurn ndex (TR) s calculaed as follows: TR TR 0 = 100 = TR 1 ( P ( P + A 1 + A + G 1 ) ) 1 1 where he summaons are over he bonds currenly n he ndex. For markes where secures do go XD such as UK Governmen Bonds (Gl-edged Secures) he formulae have o be modfed as follows: TR = 100 TR 0 = TR 1 ( P ( P + A 1 + A + CP 1 + G + CP 1 ) ) 1 1 Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 15 Verson 1.6 Ocober 2012
16 APPEDIX B where he summaons are over he bonds currenly n he ndex and where CP s an amoun ha compensaes f necessary for he quoed prce no ncludng he nex coupon paymen. If he prce a me ncludes he nex coupon paymen hen CP = 0. If he prce a me s ex he nex coupon hen CP s he nex coupon paymen. Average Coupon The average coupon (CO) for an ndex s gven by: CO = C where he summaons are over he bonds currenly n he ndex. Average Gross Redempon Yeld The average gross redempon yeld (RY) s he average of he bond yelds weghed by boh her szes and her modfed duraons. RY = Y M M ( P ( P + A + A ) ) where he summaons are over he bonds currenly n he ndex. The yelds are usually compounded on an annual bass. However for hose markes where coupons are pad on a sem-annual bass sem-annual yelds are also shown. The relaonshp beween a sem-annual redempon yeld Y s and an annualzed yeld Y a s gven by: Y 1 + a Y = 1 + s Average Tme o Maury The average lfe (LF) or me o maury for an ndex s gven by: 2 LF = L where he summaons are over he bonds currenly n he ndex. Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 16 Verson 1.6 Ocober 2012
17 Ground Rules for he Managemen of he FTSE Global Bonds Index Seres 17 Verson 1.6 Ocober 2012 APPEDIX B Average (Macaulay) Duraon The average (Macaulay) duraon (DU) for an ndex s gven by: A P A P D DU ) ( ) ( + + = where he summaons are over he bonds currenly n he ndex. Average Modfed Duraon The average modfed duraon (MD) for an ndex s gven by: A P A P M MD ) ( ) ( + + = where he summaons are over he bonds currenly n he ndex. Average Convexy The average convexy (CX) of an ndex s gven by: A P A P X CX ) ( ) ( + + = where he summaons are over he bonds currenly n he ndex. omnal sze of Index The sum (SZ) of he nomnal values of all he bonds n an ndex s: = SZ where he summaons are over he bonds currenly n he ndex. Index Wegh The wegh (W) of he ndex j n relaon o he wegh of he All Bonds aggregae ndex s: 100 = j j SZ SZ W where he summaon s now over all he sub-ndces ha make up he aggregae ndex.
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