STOCKHOLM, Sweden, Oct. 28, 2022 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced the launch of the Nasdaq Custom Basket Calculation Service (CBCS). The market introduction of CBCS is driven by growing demand for a simpler and more efficient way to manage proprietary indices, thematic baskets and ESG investments.
CBCS allows clients to design and set up baskets of stocks with custom characteristics such as currency, yield type, composition and weightings from a pre-approved universe of stocks. The calculated basket level and benchmark data are validated and distributed with the daily basket weight reports.
The service is the result of close collaboration between Nasdaq and S&P Global Market Intelligence, a provider of data and technology solutions for global markets.
“We are excited to see the launch of what will be the first major product delivery as part of a broader collaboration between the two companies. The combination of our service capabilities will offer enhanced administrative, compute and distribution services, to deliver a seamless end-to-end workflow and meet the demand for bespoke baskets,” said Christopher Hare, Executive Director at S&P Global Market Intelligence. “As we look forward to the next phase of the service, the ability to generate on-demand quoted exposure for equity portfolios will introduce an exciting shift in the trading vehicles available to consumers and the speed at which demand customers can be satisfied.”
With this new service, Nasdaq clients can now benefit from basket level calculation for each basket, managed and audited corporate actions such as stock splits, dividends, mergers and acquisitions and implementation of these changes in the baskets defined in a timely and precise manner.
“With CBCS, our customers benefit from a fully managed solution for custom basket calculations, an outsourced calculation service to avoid conflicts of interest by separating the calculation of the end user’s own company, and ‘a solution provided by the Nasdaq Authorized Reference Administrator and thereby ensures high data quality,” said James McKeone, VP European Data at Nasdaq. “To build on this momentum, we also aim to launch in the near future a solution allowing investors to create a custom basket futures contract as an alternative to OTC equity swaps.”
The service is available today for members of Nasdaq Stockholm AB or Nasdaq Clearing. For more information, please visit.
Clients can access this service through their brokers and dealers who are members of Nasdaq Stockholm AB and/or Nasdaq Clearing AB.
Nasdaq (Nasdaq: NDAQ) is a global technology company serving capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, Twitter @Nasdaq or www.nasdaq.com.
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