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Posts Tagged ‘London Stock Exchange’

Constituent lists for indices

3 July 2015 1 comment

Where can I find constituent lists for the S&P500 stock index, FTSE100 stock index and other indices?

Current constituent lists:

  • Look at the London Stock Exchange website to see lists of FTSE indices.  Click on an index name and then choose Constituents.
  • Look at the London Stock Exchange website to see selected non-UK indices.  Click on an index name and then choose Constituents.

For additional information on finding current and historical index constituents using Bloomberg and Datastream, see this post on historical index constituents.

Initial Public Offering (IPO)

For Initial Public Offering (IPO) information, including prospectuses, there are many sources, including:

  • PI Navigator
    Include IPO Prospectus in search criteria ( Example )
  • Bloomberg
    • Use Function CF (Company Filings) or CFS (Company Filings) to find prospectus or specific SEC form, e.g. 424B4 Search)
    • Use function IPO to get summary statistics on IPOs worldwide, data on individual IPOs, Bloomberg world IPO indices, and IPO news.
  • The London Stock Exchange provides various statistics including New Issues and IPO Summary spreadsheet.
  • Jay Ritter has an excellent web page of IPO data including data files from the appendices of several IPO papers.
  • The US Securities and Exchange Comission (SEC) has information on company registrations (required prior to IPO on US exchange) (See Researching IPOs on SEC site.)
    Company SEC filings can be accessed through the Search EDGAR facility

All UK listed companies (part 3)

11 June 2013 9 comments

Thomson ReutersIn part 2 we used Thomson Reuters Datastream to move from all currently listed UK companies (part 1) to including delisted/dead companies. It became surprisingly complicated so a review seems appropriate.

Three possible ways to get a list of all listed UK companies:

  1. Datastream Search for all equities on the London Stock Exchange, major security and primary quote. (TYPE = ‘EQ’ and EXDSCD = ‘LN’ and MAJOR = ‘Y’ and ISINID = ‘P’) DS-LN-EQ-MP  (No of securities/companies 7428 – 4 June 2013)
  2. Datastream constituent lists FBRIT (UK active cos) and DEADUK (UK dead cos) FBRIT + DEADUK (No of securities/companies 10208 – 28 May 2013)
  3. Datastream constituent list WSCOPEUK (UK companies in Worldscope) WSCOPEUK (No of securities/companies 5015 – 28 May 2013)

Comparing the results of these three lists.

Overlap of lists on UK companies

Overlap of lists on UK companies

Many companies in DS-LN-EQ-MP and FBRIT+DEADUK are not in WSCOPEUK because it does not cover pre-1985 and coverage for the late 1980s looks incomplete.

The Datastream consituent lists FBRIT + DEADUK  include investment trusts, and companies on other exchanges e.g. ICAP Sec & Der.E  (formerly UK Plus), that are excluded from DS-LN-EQ-MP.

The 755 companies only in WSCOPEUK includes over 600 investment trusts, and companies on other exchanges.

(click to expand)

(click to expand)

The 193 companies in WSCOPEUK and DS-LN-EQ-MP but not FBRIT+DEADUK appear to be mostly unquoted but with accounting data in Worldscope. Most don’t have a SEDOL code.

The 690 companies only in DS-LN-EQ-MP also appear to be mostly unquoted, but without accounting data in Worldscope. Only 56 have a SEDOL code.

Using Thomson Reuters Datastream to get all listed UK companies there are the expected problems of how to deal with foreign companies listing in the UK and investment trusts. If accounting data is needed then the historic data available is less than for the price (financial market) data. This review also shows that there is a problem with unquoted companies. These are included in Datastream, and Worldscope, probably because they are traded over the counter (OTC).

The best alternative to Thomson Reuters Datastream for getting a historical listing of companies listed on the London Stock Exchange the London Share Price Database (LSPD). This is a specialist research database (programming required) and only includes monthly price data. For more details see Jan 2011 post Finding UK listed companies – try LSPD.

 

All UK listed companies (part 2)

After looking at all currently listed UK companies (part 1) we can now look at producing a list that includes delisted/dead companies. (Note that delisted/dead companies may still exist but their shares are no longer actively traded.)

Thomson Reuters Datastream has worldwide coverage and includes a number of pre-defined constituent lists that can be used as a starting point.

DS-WS-datadefn-issue14WSCOPEUK is a list of UK companies that are also covered by the Worldscope company accounts database. On 28 May 2013 WSCOPEUK contains 5015 securities (a few companies issue multiple securities).

However, as with the list of current UK companies from the London Stock Exchange (LSE), there are a number of filters that we might want to apply.

205 securities are not listed on the LSE – most of these are on ICAP Sec & Der.E  (formerly UK Plus) exchange, some have no value for EXNAME. 169 securities are not the major security of the company. 86 securities are not the primary listing of the security.

  1. All securities on WSCOPEUK on 28 May 2013 – No of securities 5015
  2. Securities on LSE, that are major and primary (EXDSCD = ‘LN’ and MAJOR = ‘Y’ and ISINID = ‘P’ – No of securities/companies 4670
  3. Securities/companies that are not Investment Trusts or Closed-End Funds (TYPE = ‘EQ’) – No of securities/companies 4055
  4. Of these 4055 securities/companies, 2732 are dead/suspended  and 1323 are active securities/companies – 517 on LSE Main market and 806 on LSE AIM market (Datastream variable REMK identifies AIM listed companies but only if they are active)

One potential limitation of WSCOPEUK is that it only includes companies that delisted/died in 1985 or later. Indeed the data for early years looks sparse – it has 7 companies that died in 1985 and 11 companies that died in 1986.

Datastream also has the constituent lists FBRIT (Research UK active) and DEADUK. Using the same filters as above – first FBRIT

  1. All securities on FBRIT (active securities) on 28 May 2013 – No of securities 1640
  2. Securities on LSE, that are major and primary (EXDSCD = ‘LN’ and MAJOR = ‘Y’ and ISINID = ‘P’ – No of securities/companies 1595
  3. Securities/companies that are not Investment Trusts or Closed-End Funds (TYPE = ‘EQ’) – No of securities/companies 1549
  4. Of these 1549 securities/companies, 39 suspended, 563 LSE Main Market, 947 LSE AIM market

Now DEADUK

  1. All securities on DEADUK (dead securities) on 28 May 2013 – No of securities 8568
  2. Securities on LSE, that are major and primary (EXDSCD = ‘LN’ and MAJOR = ‘Y’ and ISINID = ‘P’ – No of securities/companies 5353
  3. Securities/companies that are not Investment Trusts or Closed-End Funds (TYPE = ‘EQ’) – No of securities/companies 5082
  4. Of these 5082 securities/companies, 4872 died after 31 Dec 1984, 678 died in 1985 and 150 died in 1986.

As in part 1 the number of companies depends on how you choose to define “UK listed companies” and the time period that you are considering.

One major advantage of using Thomson Reuters Datastream in this investigation is that the companies can be identified using codes (in this case the Datastream dscode) rather than names so getting further data is easier.

overview companies in wscopeuk (click to expand)

overview companies in wscopeuk (click to expand)

Looking at the Datastream Navigator summary data for WSCOPEUK it is clear that this constituent list includes unquoted companies for which there is no share price data, and there are many UK listed companies where Datastream has share price data but no accounting data in Worldscope. Having discovered while writing this post that there are more issues here than expected further analysis is postponed to part3.

The analysis of Datastream’s coverage of UK companies was done using the Datastream Navigator advanced search, and a DS request table to get static data about all members of constituent lists WSCOPEUK, FBRIT and DEADUK – see screenshot for example results.

 

All UK listed companies (part 1)

Researchers often want a list of  “all UK companies” as a first step in creating a sample set. At this stage first check that we really mean “all UK listed companies”  (also known as public or quoted companies).

UK-icon[For all UK public and private companies there is the FAME database, but research requests for just listed/public companies are more common.]

Now to keep things simple in this part one we shall refine this a little more to:

all UK listed companies that are currently on the London Stock Exchange (LSE)

This eliminates UK companies that choose to list on foreign exchanges (Manchester United is listed in New York). It is easier to first consider current companies. [current and historical companies we leave for part 2].

The London Stock Exchange website includes a “List of All Companies” spreadsheet in its companies and issuers statistics section. Taking the 30 April 2013 sheet, there may be several further refinements to consider.

  1. All companies on the London Stock Exchange at 30 April 2013 – No of Companies 2,457
  2. Only companies with ordinary shares – eliminates those with only Depository Receipts, Fixed Interest and Warrants – No of Companies 2,162
  3. Remove Investment Trusts – LSE uses the ICB (Industry Classification Benchmark) – remove where Group indicates company is an Investment Trust – Group  is 8995, 8985, 8671, 8672, 8674, 8675 (see ICB details below) – No of Companies 1,717
  4. Restrict to LSE Main Market and not the International Main Market – No of Companies 540
LSEcompanies

LSE list of all companies (click to expand)

The removal of Investment Trusts is quite common –  sometimes research involves other sector specific restrictions and there are a variety of industry/sector codes that can be used. The removal of Depository Receipts and the International Main Market eliminates companies that have a secondary listing on the LSE to make their shares more accessible to UK investors.

The LSE “List of All Companies” spreadsheet is a good way of illustrating the restrictions that might be added to get the “UK listed companies” required for a specific research analysis. However, it is not ideal as it only provides company names. You cannot load a list of companies into a database using their names you need a list of company identifiers (recognised by the database that you wish to use).

Databases use identifiers because companies can change their name over time, and because names can differ slightly between databases.

ICB details for those interested – the detailed ICB structure is available on the ICB structure page  – 8995 Nonequity Investment Instuments, 8985 Equity Investment Instruments, 8671 Industrial and Office Real Estate Investment Trusts, 8672 Retail Real Estate Investment Trusts, 8674 Diversified Real Estate Investment Trusts, 8675 Speciality Real Estate Investment Trusts.