In a bid to capture business opportunities arising from Beijing's World Trade Organisation entry, global index provider FTSE has announced a joint venture with Xinhua Financial News to create an index that tracks China stocks. The announcement came a day after Hong Kong Exchanges and Clearing unveiled plans to launch futures and options contracts based on the Morgan Stanley Capital International (MSCI) China Free Index within three months, London-based FTSE and United States-based MSCI are leaders in the global stock indices market. Both are eyeing business opportunities arising from China's entry into the WTO. The index providers, whose revenues are linked to the popularity of their indices, are hoping the new indices will become benchmarks for fund managers. The indices also act as a basis for the trading of derivative products such as options and futures, as well as index-tracking funds. Xinhua Financial News, which offers financial news and real-time indices services, is a subsidiary of Xinhua News Agency. FTSE managing director Mark Makepeace said the joint venture, FTSE/Xinhua Index, will launch the indices early next year. All of the indices will be weighted based on their composite counters' free-float, or shares that can be freely traded in the market, he added. MSCI last Sunday announced that its indices would adopt the free-float calculation method.