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The ASX has recently announced its plan to launch a new S&P technology index, to track the performance of listed tech companies. The index will be known as the S&P All Technology Index (the “S&P AllTech” for short) and launches on 21 February 2020.

The S&P AllTech aims to boost the liquidity and visibility of ASX-listed technology companies, promoting Australia as an attractive international venue for technology shares. It will also create a useful benchmark for the technology industry, and give more clarity to investors tracking and investing in the tech sector. 

This new index is widely seen as a “little sister” to the famous Nasdaq technology index. The Nasdaq’s onerous listing requirements prevent companies valued at less than $1 billion from listing on the stock exchange, with smaller late-stage tech companies left with fewer financing options. With the S&P AllTech, the ASX is hoping to attract tech companies seeking to complete IPOs valued in the tens to hundreds of millions. 

The S&P AllTech will launch with 45 companies, including the celebrated WAAX group of Australia’s leading tech companies (WiseTech Global, Afterpay Touch Group, Altium Limited, Appen Limited, and Xero Limited). Developed in collaboration with S&P, the index is based on the Global Industry Classification Standard criteria, which requires data backdated at least two years.

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