Bank of New York switches ADR index to free float

US - The Bank of New York (BNY) is to convert the BNY ADR Index from a full market capitalization to a free-float adjusted system.

Says David Moran, president of Dow Jones Indexes: "This new relationship allows us to leverage our expertise in index calculation and is a significant confirmation of the Dow Jones indexes free-float methodology,"

Joseph Velli, senior executive vice president and head of BNY's Worldwide Securities Services Sector, adds: “By using free-float adjusted shares, our indices are reflective of the trend followed by many other index providers who have converted or are in the process of converting to this new methodology.”

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