NEW YORK, June 22, 2012 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the NASDAQ Closing Cross was used for the ninth consecutive year to rebalance NASDAQ-listed securities in the entire family of U.S. Russell indexes during their annual reconstitution. Approximately 687.9 million shares representing $9.5 billion were executed in the Closing Cross in 1.15 seconds across some 2,195 NASDAQ-listed stocks.
NASDAQ official closing prices (NOCPs) determined by the NASDAQ Closing Cross are widely used throughout the industry, by Russell Investments, Standard & Poor's, Dow Jones, and mutual funds across the country. The NASDAQ Closing Cross mechanism provides market participants with transparency and consistent prices with the dissemination of imbalances, indicative and likely clearing prices every five seconds via the Net Order Imbalance Indicator. NASDAQ OMX's INET technology platform processes accurate closing prices for the industry in microseconds.
"The NASDAQ Closing Cross generated accurate closing prices during one of the heaviest trading sessions of the year due to the speed and market integrity of NASDAQ OMX's INET technology platform," said Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at NASDAQ OMX.
He added, "The rebalance is a critical part of adapting important benchmarks to our ever-changing markets and NASDAQ OMX is proud to have participated for more than 10 years and be chosen as Russell's Closing Cross partner since 2004."
The Closing Cross brings together the buy and sell interest in specific NASDAQ, NYSE and NYSE Amex 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.
The Russell U.S. Indexes include only common stocks incorporated in the U.S., its territories, and certain countries or regions offering U.S. companies operational, tax, political or other financial benefits. All Russell U.S. indexes are subsets of the Russell 3000™ Index, which represents approximately 98% of the U.S. equity market. Russell U.S. 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). Today, more than $3.9 trillion in assets are benchmarked to the Russell Indexes.
Russell reconstitution day is usually one of the most highly anticipated and heaviest trading days in the U.S. equity market as asset managers seek to reconfigure their portfolios to reflect the composition of Russell's U.S. indexes. The index reconstitution process was completed today and the newly reconstituted index membership will take effect before markets open on Monday, June 25, 2012.
For more information about the NASDAQ Closing Cross, please visit http://www.nasdaqtrader.com/Trader.aspx?id=OpenClose.
About NASDAQ OMX
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 24 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.999% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6.2 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
About Russell Investments:
Russell Investments (Russell) is a global asset manager and one of only a few firms that offer actively managed multi-asset portfolios and services that include advice, investments and implementation. Working with institutional investors, financial advisors and individuals, Russell's core capabilities extend across capital markets insights, manager research, Indexes, portfolio implementation and portfolio construction.
Russell has about $155 billion in assets under management (as of 3/31/2012) and works with 2,400 institutional clients, more than 580 independent distribution partners and advisors, and individual investors globally. As a consultant to some of the largest pools of capital in the world, Russell has $2.4 trillion in assets under advisement (as of 12/31/11). It has four decades of experience researching and selecting investment managers and meets annually with more than 2,200 managers around the world. Russell traded more than $1.5 trillion in 2011 through its implementation services business. Russell calculates more than 80,000 benchmarks daily covering approximately 98% of the investable market globally, 83 countries and more than 10,000 securities. Approximately $3.9 trillion in assets are benchmarked to the Russell Indexes (as of 12/31/11).
Russell is headquartered in Seattle, Washington, USA. Russell has offices around the world including Amsterdam, Auckland, Beijing, Chicago, Frankfurt, London, Melbourne, Milan, New York, Paris, San Francisco, Seoul, Singapore, Sydney, Tokyo and Toronto. For more information about how Russell helps to improve financial security for people, visit www.russell.com or follow us @Russell_News.
Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company. Russell Investments is the owner of the trademarks, service marks and copyrights related to its respective indexes. Russell's indexes are unmanaged and cannot be invested in directly.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the NASDAQ Closing Cross. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
CONTACT: NASDAQ OMX Media Contacts: Robert Madden +1 646 441 5045 Robert.Madden@NASDAQOMX.com