The S&P Frontier Broad Market Index (BMI) measures the performance of 35 relatively small and illiquid markets excluding the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the U.A.E. The country indices include all publicly listed equities representing an aggregate of at least 80% of the market capitalization available in each market. Standard & Poor's analyses potential frontier markets investor interest and accessibility for investor interest and accessibility. A market's turnover, number of listings, and whether it has attracted a minimum amount of foreign investor interest are considered.
Index constituents exhibit the following characteristics:
- Market Coverage – 22 markets
- Weighting – Market capitalization
- Public Float – Adjusted for available shares
- Reconstitution – Based on index inclusion criteria
Index Governance and Policy
Standard & Poor's leads a Global Advisory Panel that meets at least once a year to consult on all major methodological issues impacting the S&P Global Indices, including the S&P Emerging Market Index series. The panel members are made up of a diverse group of users and interested parties, including highly acclaimed academics, plan sponsors, and consultants, as well as industry leading active and passive investment managers. This medium serves to provide feedback to Standard & Poor's from market participants in an unbiased, professional manner, allowing S&P to continuously evolve its index methodology as required.
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