TD Securities’ Peter Haynes outlines the timeline for SpaceX index inclusion

Summary

Peter Haynes from TD Securities discusses the fast-track rules for including SpaceX and other mega-cap IPOs into major indices. He explains the differences between index providers, notably S&P's proposed waiver of its profitability test for such companies. Haynes argues benchmarks should be representative of the universe of stocks. The conversation focuses on index inclusion mechanics and timelines, with no specific trade recommendations.

• Peter Haynes is Head of Index and Market Structure Research at TD Securities.
• The discussion covers fast-track rules for mega-cap IPOs like SpaceX entering indices.
• Nasdaq and other providers may include such stocks 5-15 days after IPO pricing.
• S&P is an outlier, proposing a six-month eligibility window and waiving profitability tests.
• Haynes argues the profitability test is outdated for mega-cap companies.
• No specific investment advice or trade recommendations are given.
• The focus is on index construction and market structure policy.
• Spacex IPO size could make it the 10th largest US company by market cap.