In terms of market capitalization, JSC VTB Bank is one of the largest companies in the Russian stock exchange, with its shares being, in various percentages, used as constituents to calculate a number of Russian and global indices reflecting stock exchange dynamics. Being a constituent of stock exchange indices is very important for any company since it reflects its large market capitalization, share liquidity and leadership position in an industry or region.
Moscow stock exchange (MICEX-RTS) where JSC VTB Bank shares are trading uses the Bank`s shares as constituents of their major indices, namely: MICEX Index, which is the broad indicator of most liquid stocks, MICEX 10 Index, featuring price performance of the 10 most liquid shares, MICEX Financials, — an industry index, and MICEX Large Cap, an index of the largest market capitalization companies.
London Stock Exchange where the Bank`s Global Depositary Receipts are trading uses VTB GDR quotation dynamics to calculate FTSE Russia IOB Index. It is of note that among the Index constituents JSC VTB Bank is the only company representing the Russian banking sector.
Standard and Poor`s — one of three world most powerful rating agencies — includes VTB GDRs in calculation of its emerging markets index. S&P Russia 10 Index is calculated based on the share performance of the 10 Russian companies with float-adjusted market capitalization above US$50 million listed on the London International Order Book (IOB).
Apart from stock exchange indices, VTB GDRs are used to calculate investment indices of MSCI Barra Rating Agency. MSCI Barra provides more than 100,000 indices covering equity dynamics of the developed, developing and emerging markets. A company`s weight in the Index is based on the aggregate market value of its free-floating shares. Being a constituent of the Rating is a sign of global recognition of the company and helps the Issuer strengthen its positive image among large institutional investors who rely on these indices when buying the relative stock. GDRs of JSC VTB Bank and some other Russian companies are used to calculate two of MSCI Barra indices that are most important for Russian companies, i.e. MSCI Emerging Markets and MSCI Russia.
The Wiener Boerse (Vienna Stock Exchange) — one of the world`s oldest exchanges - has the calculation and distribution of indices as important area of its business. Throughout the world, indices developed by Wiener Boerse AG are used as underlying assets for a multitude of financial products. The Russian Depositary Index (RDX) tracks in real-time the price movements of the most liquid depositary receipts on Russian shares traded on the London Stock Exchange. VTB GDRs are among these receipts.