French daily data: Euronext indexes
Question 1
Are dividend payments taken into consideration for the adjusted daily rates?
Yes, dividend payments are taken into account in the daily-adjusted rates.
Question 2
There are days missing in the listing. Are these “no-trading” days?
Yes, they correspond to days when no trading occurred.
Question 3
Why do certain cvlbdm codes have two ISIN codes?
ISIN codes can change, but we felt it important to retain the Euronext information in its original form. Codes assigned by the Société Interprofessionnelle de COmpensation des VAleurs Mobilières (SICOVAM) change progressively as stocks listings evolve and change in regard to the old coding system proposed by the Répertoire Général Alphabétique (RGA). The major inconvenience of these coding systems is their structural instability. When a stock goes from a secondary market to a monthly settlement market, the value code number changes. When there is a capital operation requiring a title change (a regrouping for instance), the value code also changes and two quote lines exist simultaneously. A new value code is associated with the “new” stock, the one created by the capital operation (post regrouping), and the old code stays fixed to the old stock (pre re-grouping) that continues to be traded after the re-regrouping. Additionally, value codes can be assigned again after a lag time of variable length.
Question 4
Why at any given moment is there a significant difference between the number of quote lines and the number of cvalbdm codes?
There are secondary quote lines that result from specific operations. Following the issuing of new stocks, a secondary line is created between the issue date (operation date) and the integration date of the newly listed stocks. Other operations, like take over bids and the share exchange offer, division of a stock and the issue of voting certificates also give rise to temporary secondary lines. Likewise, new stock issues that are consecutive with the exercise of stock subscription coupons or of convertible bond "conversion" options results in creation of secondary lines.
Example: Total or partial assimilation of a quote line by another line. This operation assumes a division of the social capital into several categories of stocks, each of which can thereafter be quoted. This translates into an increase in the number of stocks in the receiving line and a reduction of assets in the emitting line.
Why at any given moment is there a significant difference between the number of quote lines and the number of cvalbdm codes?
Example: Total or partial assimilation of a quote line by another line. This operation assumes a division of the social capital into several categories of stocks, each of which can thereafter be quoted. This translates into an increase in the number of stocks in the receiving line and a reduction of assets in the emitting line.
