What criteria render an index "broad-based" or "narrow-based"? Depending who you ask, you're likely to receive a wide range of response. This is because, under the relevant U.S. securities, commodities, and tax laws, there are different definitions used. These differences reflect the historical positions taken by the relevant regulators, in light of the markets they were regulating, and the results that they were seeking to achieve.

To illustrate this diversity, we have prepared the table below. The table identifies how a number of different U.S. regulators view these issues, and the criteria that they apply.

To view the table click here