Dow Jones & Co. and FTSE Group officially launched the Industry Classification Benchmark, their joint global classification system, confirmed James Cemprola, ICB managing director. ICB covers 40,000 companies and 45,000 securities around the world and has been adopted by financial exchanges, index calculators and financial services companies, Mr. Cemprola said.
Indexes calculated by Dow Jones' index division have been converted to ICB; indexes calculated by FTSE will be converted during the year.
"We feel ICB provides a global solution for the broader investment community, whether an exchange or investment manager," Mr. Cemprola said. "It gives them the option of looking at a global structure and a consistent classification system. If you're a large investment house that wants to have consistency across global sectors, and consistency across your indexes and your industries, based on consistent methodologies, we're able to bring that type of coverage."