Strategy (MSTR) has written a formal letter in response to MSCI's proposal to exclude companies whose digital asset holdings represent 50% or more of total assets from MSCI Global Investable Market Indexes. Led by Executive Chairman Michael Saylor, Strategy argued that digital asset treasury companies (DATs), including Strategy itself, are operating businesses that use digital assets as productive capital, not passive vehicles for tracking price movements. Strategy builds bitcoin backed credit instruments ...

Core Viewpoint - MSCI is contemplating the removal of digital asset treasury companies from its indexes, indicating a potential shift in the treatment of digital assets within traditional financial metrics [1] Group 1 - MSCI's decision could impact the visibility and credibility of digital asset treasury companies in the financial markets [1] - The potential removal reflects ongoing scrutiny and regulatory challenges faced by the digital asset sector [1] - This move may influence investor sentiment and allocation strategies towards digital assets [1]

Core Insights - Chainlink has partnered with FTSE Russell to bring its benchmarks on-chain through DataLink, marking the first time FTSE Russell's data will be available directly on blockchain networks [1][2] Group 1: Collaboration Details - The collaboration will enable FTSE Russell's index data, including Russell 1000, Russell 2000, Russell 3000, FTSE 100, WMR FX benchmarks, and FTSE Digital Asset Indices, to be accessible across more than 50 public and private blockchains [1][2] - This initiative opens opportunities for new tokenized financial products, bridging traditional finance with decentralized ecosystems [2][3] Group 2: Institutional Adoption - FTSE Russell's decision to publish index data on-chain reflects the increasing demand from financial institutions for reliable and regulated data sources in digital markets [3][4] - By utilizing Chainlink's oracle infrastructure, institutions and developers can create tokenized assets, ETFs, and advanced financial products [3][4] Group 3: DataLink Functionality - Chainlink's DataLink provides a turnkey solution for data providers to publish information directly onto blockchains without the need for new infrastructure [5][6] - The service ensures that data from established providers like FTSE Russell is authenticated, tamper-proof, and available 24/7, allowing DeFi protocols to access high-quality data similar to traditional financial systems [5][6] Group 4: Industry Impact - The collaboration is viewed as a "landmark moment" for both traditional finance and decentralized finance, enabling the development of data-driven financial products and tokenized assets [7]

Core Insights - FTSE Russell and StepStone Group have launched the FTSE StepStone Global Private Market Indices, marking a significant advancement in private market benchmarking [1][6] - The new indices provide daily data, addressing the need for timely and accurate private market performance metrics, which have historically suffered from reporting lags [2][4] Company Overview - FTSE Russell is a global leader in index provision, calculating thousands of indices that benchmark markets and asset classes in over 70 countries, covering 98% of the investable market globally [5][8] - StepStone Group is a global private markets investment firm managing approximately $723 billion in total capital, including $199 billion in assets under management as of June 30, 2025 [14] Product Features - The FTSE StepStone Global Private Market Indices utilize StepStone's proprietary data combined with FTSE Russell's indexing expertise to deliver a daily index series for private markets [6][4] - The indices include Daily Cash-Adjusted Indices and Daily Market Indices, providing a more granular and timely reflection of private market performance [7][6] Market Demand - There is a growing demand from investors for clear, daily benchmarks in private markets to enhance monitoring capabilities and integrate private market insights into total portfolio views [2][4] - The collaboration between FTSE Russell and StepStone aims to set a new standard for benchmarking, valuation, and modeling capabilities in private markets [4][3]

Core Insights - U.S. home prices are experiencing a slowdown, with the National Index showing a year-over-year increase of only 1.5%, the weakest gain in over two years, and below the 3% inflation rate [2][6][9] - The housing market is adjusting after a pandemic boom, with high mortgage rates above 6.5% impacting buyer demand and limiting transaction activity [5][9] Year-over-Year Summary - The S&P Cotality Case-Shiller U.S. National Home Price NSA Index reported a 1.5% annual gain for August, down from 1.6% in the previous month [6][9] - The 10-City Composite showed a 2.1% annual increase, down from 2.3%, while the 20-City Composite posted a 1.6% increase, down from 1.8% [6][9] Monthly Summary - In August, the National Index fell by 0.3%, with the 10-City and 20-City Composites both declining by 0.6% [10][9] - Nineteen out of twenty cities experienced price declines before seasonal adjustment, indicating broad weakness in the market [4][9] Regional Performance - New York led with a 6.1% annual gain, followed by Chicago at 5.9% and Cleveland at 4.7% [4][7] - Conversely, Tampa saw a decline of 3.3%, with other cities like Phoenix and Miami also experiencing losses of 1.7% [4][7] Market Dynamics - The combination of high financing costs and near-record high prices is limiting transaction activity, particularly in markets that saw sharp gains during the pandemic [5][9] - The adjustment in the housing market may lead to a more sustainable environment, but current conditions are causing homeowners to see their real equity erode [5][9]

Core Insights - S&P Dow Jones Indices has launched SPICE® IndexBuilder™, a self-service platform for designing, testing, and ordering custom indices, aimed at enhancing client-led innovation and reducing time-to-market [1][2]. Group 1: Product Features - SPICE IndexBuilder allows users to prototype, backtest, analyze, and order customized index solutions within a unified interface [1]. - The platform provides access to S&P DJI's extensive library of index attributes, enabling comprehensive customization of existing indices or bespoke solutions [6]. - Users can customize key parameters such as return types, currencies, weighting methodologies, and exclusions to align with specific investment strategies [6]. Group 2: Strategic Importance - The introduction of SPICE IndexBuilder reflects S&P DJI's commitment to empowering clients with professional-grade index creation tools, enhancing flexibility while ensuring data quality [2]. - Custom indexing is increasingly critical for investors implementing specific strategies, and this platform supports innovation across diverse asset classes and geographies [4][2]. Group 3: Operational Efficiency - The platform enables fast backtesting, allowing users to generate detailed historical performance analytics quickly, facilitating swift evaluation of index concepts [6]. - Clients can submit index creation requests with a single click once finalized, which accelerates the time-to-market for new indices [6].

Core Insights - The July 2025 results indicate a significant slowdown in the U.S. housing market, with national home prices rising only 1.7% year-over-year, down from 1.9% in June, marking one of the weakest annual increases in the past decade [2][9] - Home values have stagnated when adjusted for inflation, resulting in a real housing wealth decline for homeowners for the third consecutive month [2][8] - The housing market is experiencing a shift from the rapid price increases seen during the pandemic to more modest growth rates, aligning closer to inflation levels [8] Year-over-Year Performance - The S&P Cotality Case-Shiller U.S. National Home Price NSA Index reported a 1.7% annual gain for July, down from 1.9% in June [9] - The 10-City Composite increased by 2.3%, down from 2.7%, while the 20-City Composite posted a 1.8% gain, down from 2.2% [9][12] Geographic Trends - New York led major metros with a 6.4% annual gain in July, followed by Chicago at 6.2% and Cleveland at 4.5% [4][10] - Conversely, several Sun Belt and West Coast markets, such as Tampa and Phoenix, are experiencing declines, with Tampa down 2.8% and Phoenix down 0.9% year-over-year [4][10] Monthly Changes - The U.S. National Index saw a slight decline of 0.2% in July before seasonal adjustment, with 15 out of 20 major metros experiencing month-to-month price declines [5][11] - After seasonal adjustment, the National Index registered a decrease of 0.1%, indicating weak underlying demand even during peak buying season [5][11] Market Dynamics - High mortgage rates and affordability issues are constraining the housing market's recovery, with many previously booming areas now showing signs of cooling [7][8] - The ongoing rotation in regional performance suggests that markets with strong local economies and reasonable prices are outperforming those that have become unaffordable [4][8]

Core Viewpoint - S&P Dow Jones Indices is expanding into the private markets sector by launching the S&P Private Equity 50 Indices in collaboration with NewVest, aiming to meet the growing demand for data and benchmarks in this evolving asset class [1][2]. Group 1: Expansion into Private Markets - The S&P Private Equity 50 Indices will measure the performance of 50 of the largest available private equity funds over a year, providing insights into top funds in North American and European private equity [2][3]. - This initiative reflects S&P DJI's commitment to enhancing transparency and scalability in private markets, similar to its established benchmarks in public markets like the S&P 500 [2][3]. Group 2: Collaboration with NewVest - NewVest, a private markets index manager, will manage passively constructed private index portfolios targeting diversified exposure to major private markets funds globally [5]. - The collaboration aims to redefine private equity benchmarks as transparent and accountable, supporting initiatives like the U.S. effort to democratize access for 401(k) investors [2][5]. Group 3: Future Outlook - S&P DJI anticipates that private markets will increasingly play a significant role in portfolio construction and risk management, and is actively addressing the unique challenges within this space [3].

Core Points - S&P Dow Jones Indices is updating the market capitalization eligibility criteria for additions to the S&P Composite 1500 Indices effective July 1, 2025 [1] - The updated market capitalization ranges for the indices are as follows: S&P 500 will require a minimum of US$ 22.7 billion, S&P MidCap 400 will require between US$ 8.0 billion and US$ 22.7 billion, and S&P SmallCap 600 will require between US$ 1.2 billion and US$ 8.0 billion [5] - The criteria are reviewed quarterly to reflect current market conditions and are based on the three-month average cumulative total company level market capitalization of the S&P Total Market Index [1][5] Market Capitalization Ranges - Previous market capitalization eligibility criteria for S&P 500 was US$ 20.5 billion or more, S&P MidCap 400 was US$ 7.4 billion to US$ 20.5 billion, and S&P SmallCap 600 was US$ 1.1 billion to US$ 7.4 billion [5] - The updated criteria will now categorize companies into percentiles: S&P 500 at the 85th percentile, S&P MidCap 400 between the 85th and 93rd percentiles, and S&P SmallCap 600 between the 93rd and 99th percentiles [5] Additional Information - The U.S. Indices methodology document will be updated to reflect these changes, and historical market cap ranges dating back to 2007 can be found in Appendix A of the methodology [3] - S&P Dow Jones Indices is recognized as the largest global resource for index-based concepts, data, and research, with a significant amount of assets invested in their indices [3][4]