Mumbai, Nov 15(UNI) Merrill Lynch, one of the leading wealth management firm, today announced the introduction of the Merrill Lynch Global Emerging Markets Foreign Exchange index (ML GEM FX).
The aggregate index includes regional sub-indices, which has been designed as to be a proxy for emerging market growth and asset market performance.
The regional sub-indices include the ML Asia FX Index (ML AXE), the ML EMEA FX Index (ML EMEAFX) and the ML LatAm FX Index (ML LATAMFX), the company said here today in a statement.
In addition, it will also provide a representation of global emerging markets foreign exchange.
''Our fundamental analysis on emerging market currency valuation still shows that emerging market currencies remain cheap,and with the ML GEM FX Index we are seeking to track those currencies more effectively on a day-to-day basis.'', said Daniel Tenengauzer, head of Global Currency Strategy Research at Merrill Lynch.
The ML GEM FX Index will provide investors a broad exposure to emerging foreign exchange as well as it will replicate diversified exposure to U.S Dollars in emerging markets and regional exposure to the emerging markets of Asia, EMEA and LatAm, Mr Daniel added.