The CNBC/FTSE Global 300 Index

This morning, CNBC was discussing their new global index, creted in partnership with the FTSE. This was the first I heard of it; it has apparently been trading since September 1.

Why did CNBC create an index? And, why go with FTSE, when they are half owned by Dow Jones? I'll assume DJ didn't want the co-branding relationship, but that's just a guess.

Here's the overview:

The index will maintain a fixed number of constituents, which are derived from the FTSE Global Equity Index Series (incorporating developed and emerging markets).
The index comprises the largest 15 stocks by full market capitalization from each of the 18 Industry Classification Benchmark Supersectors (using FTSE All Cap Developed Index), as well as the 30 largest stocks from the emerging markets (using FTSE Emerging All Cap Index).

Top 10 holdings are the mega caps: Exxon, GE, Microsoft, Citigroup, BP, B of A, HSBC, Pfizer, J&J, P&G. US companies make up 52% of the index, UK firms another ~12%, with Japan just over 7.3%.

I'll see if I can dig up something more specific later today . . .