Share trading platform Chi-X Europe and index provider Russell have released details of their joint venture, which was originally announced in March 2011.

The two partners’ new index range is called the Chi-X Europe Russell Index (CHERI) series. At launch, the series includes four indices, covering pan-European equity markets and those from Eurozone member countries only.

The CHERI PanEurope index includes large capitalisation stocks from developed European markets, with 216 securities across 14 countries and five currencies. The CHERI Eurozone index provides broad exposure to Eurozone markets, with 130 securities from ten countries. The CHERI 60 index is a subset of CHERI PanEurope, including the 60 biggest stocks only, while the CHERI 40 index is a subset of the CHERI Eurozone index, with 40 constituents.

The indices are designed to be tradable, according to the designers, with Chi-X Europe ensuring homogeneous pricing across the region.

The joint venture partners intend to compete with existing index providers in Europe, said Alasdair Haynes, chief executive of Chi-X Europe.

“We strongly believe that, until now, competition has been lacking in the pan-European indexing field,” said Haynes. “Our partnership with Russell changes that.”