On August 31, 2017 London Stock Exchange Group (“LSEG”) completed the acquisition of The Yield Book and Citi Fixed Income Indices businesses from Citi. The acquisition of this world-class fixed income analytics and index business enhances LSEG’s Information Services division, allowing FTSE Russell – a dedicated, independent global index specialist – to offer clients a comprehensive fixed income index family, broader multi-asset capabilities, and a deeper data and analytics service.
We believe this transaction will create additional choice, opportunities for innovation, and added value for a broad range of global users. Our combined capabilities will pave the way for a new generation of fixed income index and analytics solutions.
LSEG, Citi, and The Yield Book and Citi Fixed Income Indices businesses are working together to ensure a smooth and timely transition, prioritising the needs of clients and the continuity of business.
If you have any questions, please get in touch with your business contact and we will be happy to assist. Further information for clients is available in our Client FAQs.
A message from Mark Makepeace, CEO FTSE Russell and
Richard Burns, CEO The Yield Book
Introducing new names for the Citi Fixed Income Indices
Following London Stock Exchange Group's (“LSEG”) acquisition of The Yield Book and Citi Fixed Income Indices businesses from Citigroup, the names of the indexes will change from “Citi [Name of Index]” to “FTSE [Name of Index].” The index naming conventions will remain unchanged, only references to Citi will change to FTSE. For example, the “Citi World Government Bond Index” will become “FTSE World Government Bond Index.” Acronyms such as WGBI will not change.
Implementation and timing
Over the coming weeks, we will be working closely with our clients to ensure that we fully understand the impact of this change to their business. We are prioritizing the needs of clients and the continuity of business. Following this feedback period, we will announce the official rebranding date and provide detailed information about the new index names. At the official rebranding date, all indexes will be renamed and rebranded at the same time. Our goal with the rebranding is to provide clients and vendors with sufficient notice to minimize the impact on their business, and to give them the necessary time to prepare.
There will be no change to The Yield Book name. The Yield Book product will retain “The Yield Book” name, adding a light underline “by FTSE Russell” to the logo. The Yield Book’s products and services will continue to be supported by a highly experienced team and the analytics platform will continue to operate in the same way that it does today. As we integrate, we will enhance the platform with new capabilities to meet the needs of our customer base globally. More details on licensing the use of the logo will be made available.
The Yield Book’s highly respected analytics platform is operating in its third decade and serves approximately 350 institutions globally including investment management firms, banks, central banks, insurance companies, pension funds, broker-dealers, hedge funds and investment management firms. The Yield Book’s products offer analytical insights into a broad array of fixed income instruments with specific focus on mortgage, government, corporate and derivative securities. The Yield Book’s mortgage models, developed in collaboration with Citi’s mortgage quantitative analysis and research teams, are widely considered to be the industry standard. Further, LSEG and Citi have entered into a long-term partnership, by which each is committed to collaborating on future development and support of certain models and associated products. Citi will remain a significant customer of The Yield Book and a long term partner.
Citi Fixed Income Indices have been producing fixed income indexes for more than 30 years. These indexes, designed to appeal to a wide range of market participants, are widely followed and broadly published. The World Government Bond Index is among the most closely followed globally. Citi’s Fixed Income Indices have approximately 300 clients globally, including 200 buy-side fixed income asset managers and asset owners. From traditional market value-weighted benchmarks to innovative alternatively-weighted strategy indexes, the comprehensive family of indexes will join FTSE Russell’s existing portfolio of complementary indexes, broadening its multi-asset offering. The indexes will continue to be maintained based on existing design criteria and calculation methodologies, and will continue to align with regulatory requirements such as the IOSCO principles.