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FTSE Russell announce major overhaul of their ICB Universe

Effective July 1, 2019 FTSE Russell enhanced their standard ICB Universe product with a new ICB classification structure. Included is a fundamental change to the ICB methodology, the ICB code structure and feed formats. All firms using FTSE ICB codes should be aware of these significant changes and be preparing accordingly. Partnering with RIMES can facilitate the transition through the provision of forward-looking test files delivered in parallel to existing production feeds.

What is changing?

An example of some of the changes include:

ICB code character length: Changing from four digits at each level to two, four, six and eight digits to reflect ICB Industry, Supersector, Sector and Subsector levels, respectively.
Significant additional enhancements across the entire ICB structure, including:

Current ICB Structure New ICB Structure
10 Industries
19 Supersectors
41 Sectors
114 Subsectors
11 Industries
20 Supersectors
45 Sectors
173 Subsectors

Splitting of Financial Data & Systems Subsector into three Subsectors across Financials and Industrials.
Consumer Goods and Consumer Services reorganized and replaced with Consumer Discretionary and Consumer Staples.
Creation of new Marijuana Producers Subsector.


Transition Timeline

September 2020

Russell Indexes will switch from Russell Global Sectors (RGS) to the new ICB structure effective September 21.  Other index families that currently use ICB as its classification system will also switch to the new structure this fall including STOXX and NASDAQ.

March 2021

FTSE branded indexes migrating to the new version of ICB will do so in coordination with its semi-annual index review effective March 22, 2021.

RIMES facilitates the transition process

As firms gear up to manage the changes required throughout their systems, RIMES can help facilitate the process by providing parallel feeds with the new preview and proforma ICB files from both FTSE Russell and other vendors carrying ICBs. As well as sourcing and managing the live feeds, RIMES can work with you to make them available where and when necessary in the required formats.

The benefits of partnering with RIMES through the transition process include:

1. Reduction in the cost and effort involved in sourcing and transforming the new ICB feeds into the required format.
2. Allowing a straightforward way to run parallel feeds during the transition process as it proceeds.
3. Access to RIMES expertise to manage any questions or issues around the new data sets.

RIMES support for FTSE Russell ICB Changes

RIMES Services

Preview feeds: New parallel ICB files are available now.
Pro forma headline indices: New parallel ICB files are available now.
Impact analysis tools: Templates to compare old versus new classifications and percentage shifts.  Customizable reporting is also available.

RIMES can facilitate the management and processing of the parallel running of FTSE Russell, and affected ICB licensed index carriers, as new files are made available. We provide the option to subscribe to fit-for-purpose historical, sample, preview and proforma data until the migration is complete.

For more information on our historical and proforma services to facilitate the migration, please contact us.