Market Leadership

Analyzing the Jam Packed Calendar of Upcoming Index Events

Jun. 01, 2026

Guests: Karl Schneider, Senior Portfolio Manager, State Street Investment Management and Jeremy Lai, Portfolio Trader, TD Securities

Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities

In Episode 80, we are joined by two benchmark experts, Karl Schneider, Senior Portfolio Manager at State Street Investment Management, and Jeremy Lai, Portfolio Trader at TD Securities. In this episode, Karl and Jeremy discuss all aspects of index provider decisions to fast-track mega-cap IPOs into benchmarks, including S&P's proposal which remains an outlier and the need to have flexible inclusion rules for both new additions and large lock up share releases. Jeremy outlines the details making May 29 the largest MSCI rebalance in history, while Karl addresses the busy calendar of events in June including the inclusion of the first of many mega-cap IPOs and the need to ensure there is enough broker capital to satisfy the expected demands of the passive community. Jeremy finishes up with some trading advice to fundamental investors who might want to take advantage of some of the market activity from indexers.

Chapters:
3:45	Mega-Cap Index Inclusion – Trade-off between Representation and Investability
7:01	S&P Remains Outlier in Mega-Cap Fast Track Process
19:11	Why Lock Up Release for SpaceX is More Important than Inclusion?
28:24	Sector and Style Decisions
32:56	Why May 29 Represents Largest MSCI Rebalance in History?
38:47	Domestic Benchmarks, Redomicile and Teck debate in Canada
48:24	The Busy Index Calendar – Is the market able to handle this activity?
56:27	Advice to Fundamental Investors on Trading Around Index Events

This podcast was recorded on May 14, 2026.

Full transcription

Full transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Peter Haynes

Managing Director and Head of Index and Market Structure Research, TD Securities

Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Biography

Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.