The best and worst stock price index in the world

——Looking at the changes in the U.S. economy from the replacement of components of the Dow Jones Industrial Average

Institute of Financial Securities, Wuhan University of Science and Technology Professor Chang Dong Dengxin

The Dow Jones Industrial Average (DJIA) was born in 1896 and is compiled by Dow Jones. By the end of the 20th century, Dow Jones had compiled more than 3,000 stock price indexes, covering markets in 34 countries or regions around the world, and sample stocks covering more than 5,000 listed companies. However, most of the indexes were unknown. Only the Dow Jones Industrial Average has always been Recognized as the world's most well-known stock price index, the "Dow Jones Index" or "Dow Index" spoken by the news media and the public refers specifically to the DJIA.

Since the DJIA was born in the early days of American industrialization and grew along with American industrialization, its market position has continued to improve. In the era of industrialization, the performance of industrial companies was often directly linked to economic growth rates. When a company becomes less representative of the U.S. economy, or a broader economic transformation occurs, the components of the DJIA need to change accordingly. For example, a company that suffers a loss in market capitalization due to financial distress may be delisted from the DJIA.

In the post-industrial era, the Dow DJIA constituent stocks included financial stocks for the first time; in the Internet era, the Dow DJIA constituent stocks also absorbed new economy concept stocks. Currently, it tracks 30 stocks listed on the New York Stock Exchange. As a result, the Dow Jones Industrial Average (DJIA) has become the representative and barometer of the mainstream of the U.S. economy, and has become the most well-known, influential, and oldest stock index in the world today. Stock price index.

However, the DJIA has been criticized over the years. Some of the most compelling arguments include: The Dow Jones Industrial Average is a poor representation of the U.S. market because it only includes 30 large-cap companies, is not weighted by market capitalization, and is of questionable scientific quality.

(1) The representation of the DJIA constituent stocks in the Dow Jones Industrial Average is too small or insufficient. Relative to many other indexes, the Dow represents a very small portion of the overall stock market. In fact, there were nearly 10,000 stocks listed on the U.S. stock market at its peak. However, the Dow Jones only tracks 30 of them. For this reason, many investors prefer indexes with larger sample sizes, such as the S&P 500.

(2) The scientific nature of the DJIA compilation method is questionable. The compilation formula of DJIA is very simple, from the simple average of the initial 12 stock prices = SUM (12 component stock prices) / 12, to the so-called weighted average of today’s 30 stock prices = SUM (30 component stock prices) )/Dow Jones divisor, it is clear that stocks with higher stock prices have a larger weight in the index. Therefore, a higher priced component will have a greater impact on the index value. The original value of the Dow Jones divisor in 1928 was 16.67, and its latest value is 0.14748071991788.

On May 26, 1896, the Dow Jones Industrial Average (DJIA) was born. The index was 40.94 points that day. On February 12, 2020, the Dow DJIA hit a record high of 29,568 points. During this period, the U.S. stock market experienced After 5 major stock market crashes, DJIA constituent stocks have experienced 52 changes, all of which reflect the rise and fall of the U.S. stock market over the past century.

1. The DJIA constituent stocks were initially set to 12, and the industrial coverage was very narrow (1896-1916)

The early constituent stocks of the Dow Jones Index were mainly distributed in railways, cotton, and natural gas. , sugar, tobacco and petroleum industries. On May 26, 1896, the Dow Jones Industrial Average (DJIA) was officially born. Initially, there were 12 constituent stocks. They were: American Cottonseed Oil Company, Distilling & Cattle Feeding, North American Company, American Sugar Products Company, General Electric (GE), Tennessee Coal and Railroad Company, American Tobacco Company, Laclede Gas Company, American Leather Company (preferred stock), Chicago Gas Light and Coca-Cola Company, National Lead, and American Rubber Company.

Judging from the industry affiliation of these 12 constituent stocks, they were all the most representative industrial companies at the time. Among them, GE was fortunate to be the first constituent stock when DJIA was founded. This batch of constituent stocks mainly comes from major manufacturing companies in the United States' "Western Development" and early industrialization.

By the end of 1915, DJIA constituent stocks had been adjusted a total of 11 times, during which GE experienced a process of "three in and two out". In September 1898, GE, a component stock of DJIA, was replaced by the American Plastic Company. This was the first time that GE withdrew from a component stock.

On April 21, 1899, four DJIA constituent stocks were withdrawn: American Spirits Manufacturing, Laclede Gas Company, Standard Rope and Twine Company, and American Tobacco Company; at the same time, four new constituent stocks were introduced: : Federal Steel Company, U.S. Steel and Wire Company, GE, Continental Tobacco Company. Among them, GE entered the constituent stocks for the second time after half a year.

On April 1, 1901, 5 DJIA constituent stocks were withdrawn: American Cottonseed Oil Company, Federal Steel Company, Pacific Cruise Line, U.S. Steel and Wire Company, GE; 5 newly included DJIA constituent stocks They are: U.S. Copper Mining Company, U.S. International Paper Company preferred stock, U.S. Refining Company, U.S. Steel Company, U.S. Steel Company preferred stock. This is the second time GE has withdrawn from its constituent stocks.

On November 7, 1907, the Tennessee Coal, Iron and Railroad Company, a component of DJIA, withdrew and was replaced by GE. This was the third time that GE entered the component stock. Since then, GE has never withdrawn from the DJIA stock until 110 years later, on June 26, 2018, GE finally withdrew from the DJIA stock.

In addition to GE, GM (General Motors) is also one of the companies with the longest history of DJIA constituent stocks. On March 16, 1915, General Motors (GM) entered the DJIA component stock for the first time.

The period from 1880 to 1920 was the early stage of industrialization in the United States, and it was also a period of rapid transition between primary and secondary industries in the United States. In particular, the large-scale development of railway construction provided a strong stimulus to the heavy industry sector and accelerated the development of the western region. The rapid expansion of cultivated land and the adoption of advanced agricultural technologies greatly improved agricultural output and agricultural efficiency in the United States. At the same time, a series of emerging industrial sectors, such as electricity, petroleum, chemicals, and automobile manufacturing, have also developed in the United States. In 1890, U.S. industrial production ranked first in the world; in 1900, the length of U.S. railways exceeded the combined length of railways in Western European countries; in 1913, U.S. industrial products accounted for more than one-third of the world's total, more than those of Britain, Germany, and France. The total number of Japan and the four countries is even greater. In January 1906, DJIA exceeded the 100-point mark for the first time.

2. DJIA constituent stocks increased to 20, and industrial coverage expanded (1916-1928)

On October 4, 1916, DJIA constituent stocks increased from 12 to 20 for the first time. increased to 20. Among them, 4 constituent stocks were withdrawn this time: GM, National Lead, Peoples Gas Light and Coke, and U.S. Steel Company (preferred stock); as many as 12 newly introduced constituent stocks were introduced this time: American Beet Sugar Company, Deutsche Beet Sugar Company, Texas Company, American Can Company, Baldwin Locomotive Company, American Locomotive Company, Utah Copper Company, B.F. Goodrich, Western Union Telegraph Company, Republic Steel Company, Westinghouse Electric Company, American Telephone and Telegraph Company, Studebaker Motor Company. Among them, American Telephone and Telegraph Company (later AT&T) entered the stock market for the first time, while GM exited the stock market for the first time.

On January 22, 1924, DJIA stocks were first introduced to DuPont (E.I. du Pont de Nemours & Company); on February 6, 1924, Standard Oil Company of California (later Chevron ) Entering DJIA constituent stocks for the first time. On August 31, 1925, DuPont and Standard Oil of California withdrew from the stock market at the same time, but GM entered the stock market for the second time. Later, GM served as a DJIA component stock for 84 years. On June 8, 2009, GM finally withdrew from the DJIA component stock.

Between 1916 and the end of 1927, DJIA constituent stocks were adjusted a total of 9 times. Obviously, most of the newly added constituent stocks during this period were heavy and chemical industry stocks, which represented the rapid advancement of industrialization in the United States.

From 1914 to 1918, the First World War was provoked by the world hegemon Britain and the European hegemon Germany. Europe was the main battlefield. As many as 34 countries participated in the war, and nearly 1 billion people were killed. Involved in the war, the number of direct participants reached 70 million, 10 million were killed, and 20 million were injured. The war severely weakened the economic and military strength of almost all participating countries, with the exception of the United States. During World War I, American industry, especially military production, developed rapidly. During the war, the total value of industrial products increased by one and a half times, and sectors related to military production grew even faster. For example, steel production increased by 90%, automobile production more than doubled, and the total tonnage of the merchant fleet tripled. many. The total foreign trade volume increased by more than one and a half times, with exports more than tripling.

In 1920, the United States produced nearly 80 million tons of steel, accounting for more than 60% of the world's total ferrous metal production. Among them, the United States' steel production is three and a half times more than that of the United Kingdom and 13 times more than France. From 1916 to 1920, the United States accounted for 66.8% of the world's oil production.

The United States was the upstart of World War I. By the end of the war, it had gone from being heavily indebted to becoming a creditor to all countries, from a capital-importing country to a capital-exporting country, from a debtor country to a creditor country. During this period, the United States' gold reserves more than doubled. By the end of the war, the United States had mastered one-third of the world's gold reserves. The United States emerged from World War I as the new world hegemon.

After World War I, from 1923 to 1929, the American economy experienced another "Coolidge Boom." In 1923, the U.S. industrial production index rose 42% compared with the pre-war level. Since then, U.S. industry has experienced unprecedented development and industrial output has surged. In the six years from 1923 to 1929, the amount of steel melted and cast exceeded the combined steel output of Britain, France, and Germany; automobile production reached 5.315 million units, an increase of 36%; the machine manufacturing industry increased by 53%, and the processing manufacturing industry increased by 14%; chemical, Industrial output such as aviation, radio and man-made fibers also doubled compared with 1923; foreign trade volume reached 5.241 billion U.S. dollars, surpassing the United Kingdom to occupy the first place in the world; in 1929, U.S. capital exports more than tripled compared with pre-war levels. From 1919 to 1929, the total foreign loans of the United States exceeded the total foreign loans of all other capitalist countries. The process of concentration of production and capital accelerated, and during the period of stability many large banks merged. A Great Depression (economic crisis) crept in among Americans' self-confidence and arrogance.

3. DJIA constituent stocks are fixed at 30, and financial stocks were shortlisted for the first time (1928-1999)

On October 1, 1928, DJIA constituent stocks increased from 20 to 30, this number of constituent stocks has remained to this day. Six constituent stocks were withdrawn this time: American Automobile and Foundry Company, American Telephone and Telegraph Company, American Rubber Company, American Locomotive Company, American Drug Store, and Western Union Telegraph Company. At the same time, 16 new constituent stocks were introduced: General Railway Signaling Company, B.F. Goodrich, Standard Oil Company of New Jersey (the predecessor of Exxon), International Nickel Mining Company, Texas Gulf Sulfur Company, Union Carbide Company, and Atlantic Refining Corporation, Nash Motor Company, Bethlehem Steel, North American Corporation, Victor Record Player Company, Chrysler, Westinghouse Electric Company, Postum Corporation, RCA, Wright Aeronautics. This is the first time that AT&T has withdrawn from the stock market, and it is also the first time that Exxon and Chrysler have entered the stock market.

Between 1928 and the end of 1997, DJIA constituent stocks were adjusted a total of 19 times. Among them, the batches of adjustments to the constituent stocks involving major well-known companies are as follows:

On July 18, 1930, Standard Oil of California entered the DJIA constituent stocks for the second time.

On May 26, 1932, American Tobacco B, Drug Incorporated, Procter & Gamble Company, Loew's, Nash Motor Company, International Shoe ), IBM (International Business Machines) and The Coca-Cola Company replaced Liggett & Myers, Mack Trucks, United Air Transport, Paramount Publix, Broadcasting Company ( Radio Corporation, Texas Gulf Sulfur, National Cash Register and Hudson Motor. This is the first time that the Dow DJIA has changed its constituent stocks on a large scale. Procter & Gamble, IBM, and Coca-Cola are all three companies that have entered the DJIA component stocks for the first time, but as of May 2020, these three stocks are still components of the Dow DJIA.

On November 20, 1935, Coca-Cola withdrew from the DJIA constituents for the first time, while DuPont entered the DJIA constituents for the second time.

On March 4, 1939, IBM withdrew from the DJIA stock for the first time, while AT&T entered the stock for the second time.

On August 9, 1976, Minnesota Mining and Manufacturing Company (the predecessor of 3M) entered the DJIA constituent stocks for the first time. Standard Oil Company of New Jersey changes its name to Exxon Corporation.

On June 29, 1979, Chrysler withdrew from the DJIA stock for the first time. At the same time, Merck entered the DJIA stock for the first time, and IBM entered the DJIA stock for the second time.

On August 30, 1982, American Express Company entered the DJIA component stock for the first time.

This is also the first time that the Dow DJIA has included financial stocks as its constituent stocks.

On October 30, 1985, McDonald's entered the DJIA component stocks for the first time, and Standard Oil of California changed its name to Chevron.

On March 12, 1987, Boeing entered the DJIA constituent stocks for the first time, and Coca-Cola entered the DJIA constituent stocks for the second time.

On May 6, 1991, Caterpillar, J.P. Morgan, and Walt Disney became DJIA constituent stocks for the first time. JP Morgan is the second financial stock included in the Dow Jones Industrial Average DJIA. In 1991, American Telephone and Telegraph changed its name to AT&T.

On March 17, 1997, four companies, Hewlett-Packard, Travelers, Johnson & Johnson, and Wal-Mart, entered the DJIA constituent stocks for the first time at the same time. . This is the second time in the history of the Dow Jones Industrial Average that the number of constituent stocks has been adjusted at one time.

On April 6, 1998, Citibank merged with Travelers. On October 19, 1998, Travelers Group was renamed Citigroup (Citigroup Incorporated), which was included in the DJIA component stocks of the Dow Jones Industrial Average. The third financial stock.

On January 4, 1999, the Aluminum Company of America was renamed Alcoa Co., Ltd.

During this period, the capitalist world experienced three major disasters:

(1) The Great Depression of the 1930s (1929 to 1939). In September 1929, the Dow reached a high of 381 points. In June 1932, the Dow fell to 43 points. During this period, the U.S. GNP fell by half, the unemployment rate reached 25%, more than 10,000 banks closed down, the wealth of the United States disappeared overnight, and the streets and alleys were filled with long lines of poor people waiting for rice porridge. Until 1939, the United States had not completely emerged from the shadow of the Great Depression.

(2) World War II (1939 to 1945). Related to the evaluation of Roosevelt's New Deal, there are also different opinions on whether World War II was the reason why the United States came out of the Great Depression. In the early days of World War II, relying on the experience of profiting from World War I, the United States still used "neutrality" as an excuse to try again to sit on the mountain and watch the tigers fight, watch the fire from the other side, and wait for the time to come back to reap the benefits. Until December 7, 1941, Japan attacked Pearl Harbor in the United States, and the Americans were forced to join the war. On January 1, 1942, 24 countries led by the United States formed an anti-fascist alliance. In August 1945, the United States dropped two atomic bombs that had just been successfully tested on Hiroshima and Nagasaki, Japan. Japan announced its unconditional surrender, ending World War II.

The Second World War lasted for 8 years. The war spread to the territories of 40 countries in three continents, Asia, Europe and Africa. The only one that survived was the Americas; 61 countries and 4/5 of the world's population were involved. In the war, 110 million people participated in the war, and more than 50 million people died, of which 27 million died on the battlefield. Wealth losses reached 4 trillion US dollars. As a result of World War II, Germany, Italy and Japan were defeated miserably. Although Britain and France won, they were still defeated. After the war, Western Europe was in ruins.

Although the United States sacrificed the lives of 300,000 soldiers for the war, the scourge of the war did not affect the American mainland. Compared with other allies, the United States paid the smallest price in the war, but gained the most from the war. During World War II, the U.S. economy developed rapidly. From 1939 to 1945, the U.S. gross national product grew by more than 50%. The war allowed one-third of Americans to enter the middle class. At the end of the war, the United States became the most powerful country in the world. It controlled two-thirds of the world's gold reserves and established an international monetary system centered on the U.S. dollar. At the same time, the United States relied on its strong economic strength and technological advantages during the war to build the world's first-class navy, land and air forces, monopolized the atomic bomb, and the United States quickly emerged as a world super military power. With the help of World War II, the United States finally established its hegemony and dominance in the world.

Not only did the United States make a fortune from World War II, but the Marshall Plan to aid Europe after the war continued to benefit the U.S. economy. The Cold War with the Soviet Union greatly stimulated the United States' strategic expansion. In March 1956, the Dow Jones Industrial Average broke through the 500-point mark for the first time.

(3) Capitalist stagflation (1970s). Since the early 1970s, Western countries have once again experienced a comprehensive crisis stage. On the one hand, economic growth is slow or stagnant, resulting in massive unemployment; on the other hand, inflation is intensifying and prices continue to rise. These two aspects conditions coexist at the same time. Stagflation has become increasingly serious since the late 1970s and early 1980s. In November 1972, the Dow Jones Industrial Average broke through the 1,000-point mark for the first time. In December 1974, the Dow Jones Industrial Average plummeted to 577 points.

In the mid-to-late 1980s, the world capitalist economy emerged from stagflation and regained its vitality. In January 1987, the Dow Jones Industrial Average broke through 2,000 points for the first time, reaching a peak of 2,746 points in August of the same year. In October of the same year, the stock market crash broke out, and the Dow Jones Industrial Average plummeted to 1,616 points.

Since the stock market crash in 1987, the world economy has begun to enter the new era of the Internet economy, and the U.S. stock market has simultaneously entered a slow bull market that has lasted for more than ten years. In July 1990, the Dow Jones Industrial Average exceeded 3,000 points for the first time. In February 1995, the Dow Jones Industrial Average broke 4,000 points for the first time. It broke 5,000 points for the first time in November 1995. It broke 6,000 points for the first time in October 1996. It broke 7,000 points for the first time in February 1997. It broke 8,000 points for the first time in July 1997. In 1998 It broke 9,000 points for the first time in April, 10,000 points for the first time in March 1999, and 11,000 points for the first time in May 1999. At this time, the Internet bubble had reached its peak, and another stock market crash was about to come.

4. DJIA constituent stocks were expanded to NASDAQ for the first time (1999 to present)

On November 1, 1999, the Dow DJIA introduced 4 new constituent stocks: Microsoft (Microsoft), Intel, Home Depot, and SBC Communications, as well as Chevron, Sears, Roebuck, American Carbide, and Goodyear Tire and Rubber Company, have withdrawn from the constituent stocks. Among them, two constituent stocks, Microsoft and Intel, are both from the NASDAQ market. This is the first time that DJIA has selected constituent stocks from NASDAQ. Chevron has withdrawn from the constituent stocks for the second time. At the same time, it is also the first time that Home Depot has entered the DJIA constituent stocks. This is the third time in the history of the Dow Jones Industrial Average that the number of constituent stocks has been adjusted at one time.

On December 1, 1999, Exxon changed its name to Exxon Mobil; on December 2, 1999, AlliedSignal Incorporated changed its name to Honeywell International after acquiring Honeywell International.

On January 2, 2001, J.P. Morgan merged with Chase. On January 27, 2003, J.P. Morgan changed its name to JP Morgan Chase; on April 8, 2002, Minnesota Mining & Manufacturing changed its name to 3M Company. .

In 2003, Mobil and Exxon merged to form Exxon Mobil; AlliedSignal was renamed Honeywell International; Philip Morris was renamed Altria Group; Minnesota Mining & Manufacturing was renamed 3M Company.

On April 8, 2004, American International Group (AIG) became the fourth financial stock to be selected as a component stock of the Dow Jones Industrial Average DJIA. However, after the financial tsunami, it was withdrawn from the Dow Jones Industrial Average on September 22, 2008. DJIA constituent stocks are removed.

In 2008, Kraft Foods, a giant processed food company, entered the Dow Jones Industrial Average (DJIA), replacing the insurance company American International Group (AIG). In 2012, Kraft management decided to split the company into two independent companies, and it was removed from the DJIA component of the Dow Jones Industrial Average in the same year.

On June 1, 2009, General Motors officially filed for bankruptcy protection with the US government. The US government will provide a total of US$30 billion in aid to the reorganized GM. On the same day, Dow Jones Indexes announced that Cisco Systems and Travelers Companies would replace General Motors and Citigroup and become components of the DJIA. Cisco is the third stock from NASDAQ to be included in the DJIA component of the Dow Jones Industrial Average; Travelers Property & Casualty Insurance Group is the fifth financial stock to be included in the DJIA component of the Dow Jones Industrial Average.

In 2013, Alcoa was replaced by Nike as a component stock of the Dow Jones Industrial Average DJIA.

In 2008, Bank of America entered the Dow DJIA component stocks for the first time. It was the sixth financial stock to enter the Dow DJIA component stocks. However, it was replaced by the investment bank Goldman Sachs in 2013. Goldman Sachs was the seventh financial stock to enter the DJIA component of the Dow Jones Industrial Average.

Before 2013, HP’s business had been losing money. In 2013, Visa replaced HP as a constituent stock of the Dow Jones Industrial Average DJIA. Visa is the eighth financial stock to be included in the DJIA component of the Dow Jones Industrial Average.

On March 18, 2015, Apple was included in the Dow Jones Industrial Average DJIA for the first time, replacing AT&T.

Apple is the fourth stock from NASDAQ to become a component of the Dow Jones Industrial Average DJIA.

In 2018, General Electric (GE) was removed from the DJIA component stocks of the Dow Jones Industrial Average. The components of the Dow Jones Industrial Average DJIA through 2018. Drugstore chain Walgreens Boots Alliance Inc. replaced it. Walgreens Boots Alliance is the fifth stock from NASDAQ to be included in the DJIA component of the Dow Jones Industrial Average.

In 2015, Dow Chemical (Dow) and DuPont (DuPont) announced that the two companies’ boards of directors unanimously approved a definitive agreement under which the two companies will merge and then spin off are three independent companies. At the end of 2017, DuPont and its chemical product competitor Dow Inc. officially merged, and the merged company was called DowDuPont (stock code: DWDP). The company plans to spin off into industry-leading, publicly traded companies in the agriculture, materials science and specialty products sectors, with the spin-off expected to occur within 18 months.

In 2019, Dow Chemical completed its separation from DuPont. Dow executives rang the bell to open the market on the New York Stock Exchange and began normal trading under the "DOW" stock code, replacing DuPont at the same time. (DWDP) is a component stock of the Dow Jones Industrial Average DJIA.

On June 9, 2019, Raytheon Company and United Technologies Corporation announced a merger of equals in an all-stock transaction that will create a defense/aerospace giant. The combined company will be called Raytheon Technologies Corporation, and the merger is expected to be completed in the first half of 2020. In April 2020, United Technologies' stock was officially renamed to Raytheon Technologies, and its stock code was changed from the original UTX to RTX, and it will continue to remain a component stock of the Dow Jones Industrial Average DJIA.

As of May 11, 2020 (Monday), among the 30 constituent stocks of the Dow DJIA, except for the 5 "new economy concept stocks" from NASDAQ, the remaining 25 constituent stocks are from On the New York Stock Exchange, among them, there are 5 financial stocks, and the others are basically major US manufacturing companies.

Attachment: A brief history of Dow Jones Company

The century-old history of the rise and fall of Dow Jones Company reflects that it is indeed not easy for a century-old brand. The Wall Street Journal and the Dow Jones Index, which it created a century ago, now belong to different new owners. The former belongs to US News Corporation and the latter belongs to CME Group.

Dow Jones was founded in November 1882. The company is located next to the New York Stock Exchange. Dow Jones's first business was the compilation of stock price indexes. On July 3, 1884, Dow Jones began to calculate indicators of stock price changes. At that time, most of the sample stocks used were railroad company stocks, with 11 constituent stocks in total, which later became the Dow Jones Transportation Index (DJTA). These 11 constituent stocks include 9 railway companies (including 1 preferred stock), 1 telegraph company, and 1 cruise company.

In July 1889, Dow Jones & Company founded The Wall Street Journal. On May 26, 1896, the Dow Jones Industrial Average (DJIA) was born. The index was 40.94 points that day. It was calculated using the simple arithmetic average method based on the stock prices of 12 representative industrial companies such as General Electric (GE). . It later became the most famous stock price index in the world.

At its peak in the 20th century, Dow Jones compiled more than 3,000 stock price indexes, covering markets in 34 countries or regions around the world, and sample stocks covering more than 5,000 listed companies. However, most of the indexes were unknown. Only the Dow Jones Industrial Average (DJIA) has become the world's most well-known stock price index. People are accustomed to calling it the Dow Jones Index, or "Dow" for short.

From the 1920s to 2007, Dow Jones was 64% controlled by the Bancroft family, but in 2007 News Corp acquired Dow Jones and its Wall Street Journal.

In February 2010, News Corporation transferred 90% of its equity in the Dow Jones Index business to the Chicago Board Options Exchange Group (CME Group) for US$607.5 million.