BSE adds S&P brand to Sensex, other indices; inks strategic pact
New Delhi: Premier bourse BSE has roped in Standard and Poor's to use the S&P brand for Sensex and other indices such as BSE 200 and BSE 100, a week after the expiry of the global financial major's pact with rival exchange NSE.
"BSE and S&P Dow Jones Indices announced today a strategic partnership to calculate, disseminate, and licence the widely followed suite of BSE indices," BSE said in a statement Tuesday.
The partnership would allow S&P Dow Jones Indices to further implement its South Asia growth strategy. It also permits S&P Dow Jones Indices to have a fourth major operational hub by which to support clients globally after operations in Hong Kong, London and New York.
As of December 31, 2011, more than USD 1.5 trillion is directly indexed to S&P Dow Jones Indices' family of stock market indices.
The deal with BSE comes soon after the expiry of the licencing arrangement between India Index Services & Products (IISL), a joint venture of NSE and S&P-owned Crisil.
S&P's, last week, ended its licencing agreement for benchmark indices of the National Stock Exchange (NSE), pursuant to which the bourse can not use S&P name for any of its products.
"Effective today, each of the BSE indices will be co-branded "S&P" including the BSE Sensex, BSE 200 and BSE 100," the 137-year old exchange said in statement.
Besides, these indices would join S&P Dow Jones Indices? other iconic financial market indicators such as the S&P 500, the Dow Jones Industrial Average, the S&P/TSX 60, and the S&P/ASX 200 in providing global investors with must-have views of the overall health and direction of the world's financial markets.
"We expect our partnership with S&P Dow Jones Indices will help BSE raise the growing global acceptance of the Sensex and other BSE index benchmarks, and help BSE achieve a leadership position in the index derivatives space," BSE MD and CEO Ashish Chauhan said.
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