You BRTs and TSTs out there (blog-reading traders and trade-support types) probably saw this Trader Update about the Russell indexes reconstitution taking place a week from today, but as a public service I like to call attention to the more important Updates. Because I know there's an absolute dearth of information coming at you every millisecond of every day from every direction, so you absolutely need to hear this from me too.
Plus, it keeps me employed.
But I digress. According to the update:
On June 29, 2009, the newly rebalanced Russell indices (Russell Global Index, Russell 1000® Index, Russell 2000® Index Russell 3000® Index and Russell Microcap® Index) will go into effect and will remain in place for the next 12-month period. The newly reconstituted indices will take effect after the close of the U.S. equity markets on Friday, June 26, 2009. The Russell Investment Group will use the NYSE Closing trades to price the NYSE-listed and NYSE Amex-listed securities added to the indices.
The Update includes a link to the Procedures memo, which includes MOC/LOC rules and communication and contingency scenarios. There's also, at no extra charge, a new Trading Near or on the Close FAQ.
As an additional public service to help you keep this big, annual market event in mind for the next week, starting today I'm giving you the first in a daily series of Great Russells in World History. Collect 'em all.
Today's inaugural Great Russell: Russell Goings, Jr., founder and chairman of First Harlem Securities, one of the first full-service African-American brokerage firms to own a seat on the NYSE.
Mr. Goings was here earlier this year to ring the Bell in celebration of the release of his first book of poetry, “The Children of Children Keep Coming: An Epic Griotsong.” A man worth reading about.
Got a favorite Russell to nominate? The comment box awaits below.
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