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Dow Jones Newswires is to adopt the Industry Classification Benchmark (ICB) as its classification standard for identifying industry groups in its news content.
Every company has a place in the ICB, which is a four-tier, hierarchical industry classification structure centred on a rules-based methodology for placing entities within sectors launched in January 2005 by Dow Jones Indexes and FTSE Group.
From 18 February 2006, Dow Jones Newswires' clients and users will have the opportunity to access the market's most innovative and flexible industry classification structure. ICB, a standard used by stock exchanges, index providers, and publishing and media organizations world-wide, will complement and upgrade the range of search codes available in Dow Jones Newswires' currently used classification system, which also includes codes for news topics, regions and other categories.
Since its launch, ICB is quickly establishing itself as the market's preferred classification system. It is designed to offer the financial industry a unified and comprehensive means of classifying 40,000 companies and 45,000 securities around the world. It allows users to monitor broad trends, focus on small market niches, and also perform qualitative and quantitative analysis.
'We have chosen to align our classification to the ICB standard as it represents a truly efficient modernization of the search tools we give our clients for finding the articles that matter to them about industries and the companies in them,' says Robert Prinsky, senior editor and executive director at Dow Jones Newswires.
James Cemprola, managing director of ICB, adds: 'ICB offers comprehensive global coverage and an innovative classification structure that appeals to clients across the investment community. It serves as a versatile tool and will bring a tremendous amount of expertise and value to Dow Jones Newswires and its users.'
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