FTSE UK Index Series – Ground Rule Updates
22 December 2021
Consequent to the recently announced updates to the Listing Regime following the FCAs MarketEffectiveness consultation, FTSE Russell has considered the responses from its consultation on FTSE UK
Index Series eligibility criteria and would like to announce the following changes, effective at the March2022 index review.
·The minimum free float requirement for UK incorporated issuers will be reduced from 25% to10%·

The free float requirement for non-UK incorporated issuers will be reduced from greater than50% to a minimum of 25%·A security level minimum investable market capitalisation requirement will be introduced to theFTSE All-Share Index:
 Non-constituents will need an investable market capitalisation of more than £50m tobe considered for inclusion
 Existing constituents with an investable market capitalisation of less than £30m fortwo consecutive quarters* will be removed
 There will be no minimum investable market capitalisation requirement within theFTSE Fledgling Index*For the avoidance of doubt, the March 2022 index review will be the first occasion thatconstituents are tested for the minimum investable market capitalisation requirement. Therefore,
constituents may be deleted from the index consequent to failing the minimum investable market
capitalisation requirement at the June 2022 index review, at the earliest.

·Where a company with a Dual Class Share Structure (“DCSS”) has been admitted to the Premium
listing segment and therefore considered potentially eligible for FTSE UK Index Series inclusion,
the unlisted Specified Weighted Voting Rights Shares (“SWVRS”) will confer one vote per sharefor the purposes of the voting rights test.
 However, if enhanced voting power on all matters is triggered, per the guidelines set
out by the FCA, the enhanced voting power ratio will be used for the purposes of thetest
 The voting rights test will be applied to any potential new constituents on a quarterly
basis, and current constituents will be tested on an annual basis in conjunction withthe annual review in June Furthermore, if FTSE Russell becomes aware that the enhanced voting power has
been triggered which results in a constituent failing the voting rights requirement, theconstituent will be removed from the index at the following quarterly review.

The updates to the FTSE UK Series’ Ground Rules are available in the following document (v15.2), whichwill come into effect at the March 2022 index review: FTSE_UK_Index_Series_new.pdf

Based on the UK Monitored List as of 30 November 2021 (the rank date for the December 2021 review),

the indicative impact is provided below:
Security
Name

WAG
PaymentSolutions

OceanWilsons

SLF
Realisation
Fund CSedolCurrent UKIndex
Membership

ReasonPasses theupdated freefloat
requirementfor UK
incorporated
issuers
0655790
NonPotential
Passes theConstituent
addition to the updated free
FTSE
float
SmallCap,requirement
FTSE UK Allfor non-UK
Share
incorporated
issuers
BFXYHJ1
FTSE
Deletion
Fails theSmallCap,
minimum
FTSE UK Allinvestable
Share
marketcapitalisation
requirement(however,twoconsecutive
quarterly
fails will berequired totrigger
deletion)
Aggregated Impact of all Indicative Changes
BLGXWY7

NonConstituent

IndicativeIndex Impact(additions
subject tosatisfying allinclusion
criteria)
Potential
addition to theFTSE
SmallCap,FTSE UK AllShare

Index Weight Impact

SmallCap: +0.197% AllShare: +0.0065%

SmallCap: +0.197% AllShare: +0.0065%

SmallCap: -0.037% AllShare: -0.0012%

SmallCap: +0.357% AllShare: +0.0118%

Note: the longer-term impact will be largely guided by the number of companies who choose to list on
the Premium Segment consequent to the changes to the Listing Regime and satisfy the UK Series
inclusion criteria, going forward.
FTSE Russell will continue to monitor for any further developments to the Listing Regime, including future
consultations launched by the FCA, and will make further announcements in due course, if appropriate.
A copy of the current FTSE UK Index Series Ground Rules (v15.1) is also available using the following
link: FTSE_UK_Index_Series.pdf

Or on the FTSE Russell website: www.ftserussell.com

For further information please contact FTSE Russell Client Services at info@ftserussell.com or call:
Australia
Hong KongJapanLondon
New York+1800 653 680+852 2164 3333
+81 3 4563 6346
+44 (0) 20 7866 1810
+1866 551 0617

Alternatively please visit our website at www.ftserussell.com

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