The Equatorial Dst Ring‐Current Index, Dst, distributed internationally by the World Data Center C2 for Geomagnetism (Faculty of Science, Kyoto University) is widely used in geophysics as an indicator of geomagnetic storm behavior. At the recent Chapman Conference on Magnetic Storms held at the Jet Propulsion Laboratory in Pasadena, Calif., from February 11 to 16, 1996, three of the conference summary speakers formally announced that the Dst index should not be considered to be a simple representation of the ring current of a storm because other sources significantly contribute to that index formulation. This assertion went unchallenged by those in attendance. Such understanding represents a major change from the traditional belief that the index is a direct result of the geomagnetic storm‐time growth and recovery of a Saturnlike ring of particles encircling the Earth. This old model is indeed beautiful, but inherently wrong and inadequate for the many uses to which Dst has been assigned over the years. The paragraphs below describe some of the backgrou nd for this new viewpoint and suggest how the characteristic storm shape may arise.