Politics & Policy

The Myriad of Index Issues Affecting Global and Domestic Benchmarks

Nov. 20, 2024

Guests: Louis Bellucci, Head of Committee Management, Index Governance, S&P Dow Jones; Jean-Maurice Ladure, Managing Director, Global Head of Index Management Research, MSCI; Mike Perre, Principal, Portfolio Manager, The Vanguard Group; Catherine Yoshimoto, Americas Head of Equity Product at FTSE Russell

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

As has become tradition, each year at our annual portfolio management and market structure conference we include a panel with index providers from the Big 3, FTSE-Russell, MSCI and S&P Dow Jones. In our recent event, we added a portfolio manager from Vanguard's International Team, Michael Perre, to the discussion to provide a user's perspective on some of the hot button items for index benchmark providers. Topics covered in this discussion include recent consultations on domicile and capping, South Korea's as status a split country, the possibility it moves either to Emerging for FTSE or Developed for MSCI, and accountability for index provider errors that leave a footprint in the market. The panelists also discuss whether indexing is a crowded trade. Other participants include Catherine Yoshimoto from FTSE, Jean-Maurice Ladure from MSCI and Louis Bellucci from S&P.

Chapters:
2:22	Who Do Indexers Sell to if the Bubble Bursts?
14:12	S&P's Domicile Consultation
30:14	Accountability for Index Provider Errors
38:10	South Korea's Split Status
46:00	Is Indexing a Crowded Trade Yet?
49:30	Capping Benchmarks and RIC Rules

This podcast was recorded on November 7, 2024.

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.