The McGraw-Hill Companies and CME Group have unveiled S&P Dow Jones Indices, which the company claims to be the world's largest provider of financial market indices.

According to the company, S&P Dow Jones Indices computes more than 830,000 indices, publishes benchmarks that provide the basis for 575 ETFs across the globe with $387bn in assets invested, and serves as the DNA for $1.5 trillion of the world’s indexed assets.

McGraw-Hill chairman, president and chief executive officer Harold McGraw III said S&P Dow Jones Indices represents the next generation of investing and a great partnership between the future McGraw-Hill Financial and the CME Group.

"More assets are directly invested in products based upon our indices than any other index provider in the world, and that is the byproduct of our extraordinary leadership, adaptive platforms and distinctive product offerings," said McGraw III.

CME Group executive chairman and president Terry Duffy said, "Building on our long-term partnership with McGraw-Hill, this new JV will create new risk management index products and trading opportunities for both our institutional and retail customers around the world. In addition, this transaction diversifies CME Group’s revenue base and creates value for our shareholders."

Alexander Matturri, executive managing director of S&P Indices, has been named chief executive officer of S&P Dow Jones Indices and Lou Eccleston, president of S&P Capital IQ, will chair the company’s seven-member Board.

McGraw-Hill has contributed its S&P Indices business and the CME Group /Dow Jones joint venture contributed the Dow Jones Indexes business to create S&P Dow Jones Indices.

McGraw-Hill owns 73% of S&P, CME Group owns 24.4% through its affiliates, and Dow Jones & Company indirectly owns 2.6%.

As per the agreement, the new company will be part of the new McGraw-Hill Financial Company, after the bifurcation of The McGraw-Hill Companies into two public companies.

Under the terms of the agreement, S&P Dow Jones Indices will get some profit from CME Group’s equity index product complex, which includes CME Group revenue from the listing, trading and clearing of equity index-based futures, swaps and options on futures and swaps.