Canada’s benchmark equity index gets rebranded today.

The name of the TSE 300 composite index will change to the S&P/TSX Composite index.

The number of companies which make up the index will no longer be fixed at 300, but will be allowed to float.

Initially, the index, administered by Standard & Poor’s, will still carry the same 300 companies it ended with on Tuesday.

However, with quarterly revisions, companies that don’t meet new size and liquidity requirements will be dropped while qualifying issues will move in. The first revision will occur at the end of May, with the changes showing up in June.

Along with the index shakeup, its sub-indices are also changing. The number of sub-indices will shrink by one to 13 under S&P’s Global Industry Classification Standard.

Glenn Doody, Director of Canadian Index Services for Standard & Poor’s, said, “We have looked at the GICS breakdowns into Sectors, Industry Groups, Industries and Sub-Industries to help us build indices that define the diverse nature of the Canadian economy.” He added, “Because the GICS system is designed to be global in nature, it will allow investors to compare Canadian sectors and industries with those in other markets around the world.”