Bank of New York today launched the Bank of New York BRIC Select ADR index, which comprises select American depository receipts from Brazil, Russia, India and China, confirmed Christopher Sturdy, executive vice president of the bank's depository receipt division.
"The rationale behind it has been the clear interest that we have picked up from both the buy side and the sell side in these four markets," Mr. Sturdy said. "Then you add that to the strong flow of supply of issues from these markets."
He said interest has come from investors in Asia and Europe as well as North American investors.
The bank hopes to license the new index, which is subset of the bank's ADR index, for investment products, Mr. Sturdy added.
The index is market capitalization weighted and reviewed quarterly.