LONDON - Jan. 19, 2005 â MSCI, a leading provider of international equity, US equity, fixed income and hedge fund indices, and Standard & Poor's (S&P), a leading provider of independent research, indices and ratings, announced today that NOREX, the strategic alliance between the Nordic and Baltic stock exchanges, will adopt the Global Industry Classification Standard (GICSÂ®) as its official security classification standard effective January 18, 2005. NOREX is comprised of the following eight exchanges: Oslo BÃ¸rs, Copenhagen Stock Exchange, Stockholm Stock Exchange, Iceland Stock Exchange, Helsinki Stock Exchange, Riga Stock Exchange, Tallinn Stock Exchange and Vilnius Stock Exchange. The Oslo BÃ¸rs, Copenhagen Stock Exchange and Stockholm Stock Exchange have been using the GICS since 2001.
The GICS was jointly developed by S&P and MSCI in 1999 in response to the global financial communityâs need for a more accurate, complete and standard industry classification system. There has been broad adoption of the GICS by investors worldwide, including top buy-side and sell-side firms, distributors and retail firms.
"In evaluating industry classification systems, there was no other choice that came close to the transparent, methodological approach of the GICS and the superior level of granularity," said Jukka Ruuska, chairman of NOREX and president of OMX Exchanges. "Additionally, because GICS was developed by both MSCI and S&P, the two leading index providers, we felt it was important to adopt the already established global industry standard."
"We are delighted that all of the NOREX exchanges will be adopting the GICS," said Baer Pettit, managing director of MSCI. "This will enable investors to use this state-of-the-art classification standard to make consistent industry comparisons of the stocks traded on the NOREX exchanges."