Index provider Dow Jones is hoping to replicate the success of its famous US benchmark with the introduction of European and Asian versions.

The Europe Dow and the Asia Dow will track 30 blue-chip equities in each region, following the principles of the 115-year old Dow Jones Industrial Average (DJIA), the widely quoted benchmark for US share prices.

By contrast with the DJIA, however, the new indices will use a methodology of equally weighting constituents, with an annual rebalancing each September. The Dow Jones Industrial Average uses price-weighting, where a company’s index weight is determined by the absolute level of its share price, subject to adjustment by a “divisor”.

The selection of index constituents will—in common with the DJIA—be the responsibility of a three-person averages committee, made up of the managing editor of The Wall Street Journal, the head of the Dow Jones index research team and the head of research at CME Group. Dow Jones Indexes is majority owned by CME Group, which controls 90% of the company. The remaining 10% is owned by News Corporation.

Component stocks for the new indices must be publicly traded equity securities from Western Europe and the Asia/Pacific region. While stock selection is not governed by quantitative rules, a stock typically is added to the indices only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors, said Dow Jones.