Italy

ABN Amro has launched a new range of stock market indices, designed to outperform traditional benchmarks with the aid of market timing. The new indices, which will be independently calculated by Standard & Poor's, will be called the ABN Amro Alpha range.

The indices are based on the observation that investors tend to reduce risk in the approach to the end of the month or to public holidays such as Christmas. ABN Amro believes this is because traders usually have to report profits and losses at the end of these periods. They accordingly wish to "lock in" their gains.