It is still small with very few liquid stocks.

The index compromises the 15 largest and most liquid stocks traded on the exchange.

However, with a smaller capitalised and less liquid stock the margin is likely to be at least 10% if not a lot higher.

Under this measure, a highly liquid stock is one that experiences a small price change for a given level of trading volume.

The index represents the biggest and most liquid stocks traded in individual countries.

On even the most liquid stocks, that information can be very unilluminating.

The first used only very large, liquid stocks, and was for 1990 trading.

"A lot of managers have decided that the benefits of having a liquid stock are not worth the cost," he said.

The liquid stock is ready to be used.

"It narrowed spreads to a sixteenth in the most liquid stocks."