Stock market operator Euronext announced Monday the launch of country indices for Germany, Italy and Spain, adding major economies to the pan-European exchange.
The primary exchange in the eurozone already has indices in Paris, Amsterdam, Brussels and Lisbon. The country indices are composed of the 30 companies with the highest free float market capitalisation listed on each country's main markets.
The new indices are Euronext Germany Index GR (ENDEG), Euronext Italy Index (ENITI) and Euronext Spain Index (ENESI).
Euronext plans to use these indices to offer new derivative products which will be available in the third quarter this year.
"With this launch we are expanding our extensive offering of indices and derivatives, illustrating our successful combined business approach and our efforts to launch products that respond to the market’s needs," Euronext's head of information services Michael Hodgson said in a statement.
The new Euronext indices will be in direct competition with Frankfurt's DAX, Madrid's IBEX and Milan's FTSE Mib.