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ARTICLE · 01 DECEMBER 1997

Discussion On Indices After Euro Conversion Still Going Strong

Amsterdam Exchanges NV
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NetherlandsAntitrust/Competition Law
The AEX-index is based on a basket of 25 Dutch shares. The prices of these shares, individually weighted, are reflected in the index. The AEX-index currently stands at approximately 900.

When the euro is launched, the shares will be listed in euros. This means that if the conversion rate is 2.20 (1 euro = Dfl 2.20) ABN AMRO shares, which form part of the AEX-basket and currently stand at around Dfl 40, will appear on the price board at E18.18.

Since all share prices will be divided by the conversion rate, it could be expected that the value of the index would also be divided by that rate. There are two possible ways of treating the index.

1. Keep the index at its current 900 points. This would mean adjusting the associated basket by the conversion rates. Indices would then continue to be listed at pre-euro levels. Currently, a one-point move in the index equals Dfl 100. If the level is to remain unchanged, this would become E100.

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