Liquid Index Series January 2025 Quarterly Review

A number of quantitative features are sampled for each constituent market over the last quarter, to monitor liquidity and index health. The order books of constituent markets retained their depth, as did the average number of transactions per day.

Based on the quantitative factors above, the constituent trust factors for each index (BLX, ELX and XRPLX) have been recalculated for the next quarter, with no material differences from last quarter.

The BNC Governance Committee has accepted these updated trust factors and the recommendation of the BNC Index team to remove LMAX as a constituent for operational reasons. The changes will be implemented on Tuesday 21st January, 2025, 00:00:00 UTC.

Please see the below public release for full details on this announcement.