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IPE special report May 2018

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Bats Europe launches Brexit indices

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Stock exchange Bats Europe has launched two benchmark indices designed to reflect the impact of Brexit on UK companies.

They were created by splitting the Bats UK 100 Index, which tracks the top 100 UK-listed companies based on market capitalisation, into two groups. The first lists the 50 companies that derive the largest portions of their revenues from the UK, and the second lists the 50 companies that have the least revenue exposure to the UK.

They form the “Bats Brexit High 50” and “Bats Brexit Low 50” indices.

By facilitating an analysis of the difference in performance between those two groups of companies, the indices “are designed to act as barometers for assessing how Brexit is impacting UK companies”, according to Bats.

Mark Hemsley, president of Europe for CBOE, which recently acquired Bats, said: “The UK’s triggering of Article 50 is expected to lead to fundamental changes in the way businesses and capital markets behave prior to and subsequent to the UK’s separation from the European Union.

“We are pleased to provide the marketplace with benchmark indices that are designed to gauge investor sentiment towards UK companies during this critical time.”

Bats said that since the UK EU referendum in June, the Bats 100 UK Index is up over 16% in price performance. The Bats Brexit High 50 Index is nearly flat, up just 0.8%, and the Bats Brexit Low 50 Index is up over 23%.

Bats is providing the indices free of charge.

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