The criterion of a representativeness can be presented as follows: the closest correlation of the movement of rates of the other stocks of the same sector which did not get to an index, added with the minimum correlation between the movement of the share prices which got to the list.
The global tendencies characterizing change of a macroeconomic konyyuktura are caught by the indexes constructed on the basis of statistics of the movement of share prices of limited number of the most prestigious and reliable companies.
Control and order of modification of a calculation procedure. The general control and modification of a method of calculation of an index is carried out by the RTS Information committee. Control of correctness of calculation of an index according to the approved technique is provided to that initial information for calculation of an index is open and public.
The main selection criterion of stocks of corporations for drawing up the list of indexes - a representativeness (fluctuation in prices of this action has to reflect fluctuation in prices of all securities market or fluctuation in prices of actions of issuers of that sector of economy which representative is the issuer of the chosen action).
AvgBBid - average value of the best buying prices. Is defined on the basis of information of the &-LIST database as an arithmetic average of the best (maximum on the prices of 25% of quotations on purchase presented on the date of calculation.
Calculation of an index. The index on an estimated time () pays off as the relation of total market capitalization of actions (), included in the list for calculation of an index, to total market capitalization of the same actions for initial date () increased by value of an index for initial date ():
The committee on indexes regularly reconsiders its structure. The companies which actions are included in an index, can be excluded from calculations over time. It occurs for various reasons: or the firm is not a basic indicator on activity, characteristic for this branch any more, or the share of the branch in economy already changed the weight. There can be also other reasons, including information, for example in case of the publication of the insufficient reporting.
The RTS index pays off by results of work of system within one day. Control of correctness of calculation of an index, according to the approved technique, is provided to that initial information for calculation of an index is public and open. The general control and modification of a method of calculation of an index is carried out by Index committee situation about which it is approved by professional association of participants of stock market (PAUFOR). The index committee will organize independent check of correctness of calculation of an index according to the approved technique.
The index for the current n-date pays off, as the relation of total market capitalization of the issuers included in the list for calculation of an index to total market capitalization of the same elements for the previous date.
Any share & index pays off only in case on the date of calculation not less than three actions of listing have the quoted price. If this condition is not met, value of an index remains invariable.
For calculation basic data during the time which is beginning with time and coming to an end with time are used. is defined as a difference between and the settlement period. The size of the settlement period is defined by the RTS Information committee and makes currently 24 hours. In case gets on day off or the holiday, from time periods, are subtracted to equal 1 days until gets for the working day.
For the made research non-standard definition of capitalization in days of auction was required. Having the capitalization (and) counted in days of the secondary auction it is possible to find capitalization in day of auction as follows:
tools of the analysis and forecasting of a konyyuktura (as current tendencies and long-term changes). Consumers: professional participants of securities market, first of all investors and managing directors of portfolio investments.