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The Xinhua FTSE Index (FXI) lost a court case against the Shanghai Stock Exchange (SSE) yesterday over its use of stock data provided by the SSE to calculate the world's first index futures based on mainland shares, but said it would not be affected by the ruling.

 

Fredy Bush, co-chairman of the FXI, told the media that the company would continue calculating and licensing its suite of indexes for domestic and international investors despite the expiry of its contract with SSE InfoNet.

 

"Index providers such as MSCI, S&P/CITIC, Dow Jones obviously do not need a contract in China to calculate China equity indices and license investment products," she said.

 

"We believe we should be treated in the same way."

 

The FXI also said it would appeal to a higher court and file a complaint of unfair practice with the World Trade Organization.

 

Bush said the company would pay the US$20,000 penalty if it lost the case again. "But even with that, we would keep making the index futures."

 

The Shanghai Stock Exchange was unavailable for comment.

 

According to yesterday's verdict announced by the Shanghai Pudong New Area District People's Court, SSE InfoNet signed a contract with the FXI on December 29, 2005. The contract gave the FXI a year's access to the SSE's stock data but no rights to disseminate or use the data for other purposes.

 

The FXI announced in the middle of this year that it would launch China A50 Index Futures based on mainland shares on the Singapore Exchange in September.

 

The SSE sued the FXI in August. It accused the FXI of violating its intellectual property rights and demanded the contract be terminated and a US$20,000 penalty imposed.

 

The case is believed to be a battle for the right to provide information for the first index futures based on mainland shares.

 

A hearing was held early last month and a ruling was made yesterday in favour of the SSE.

 

(China Daily November 1, 2006)