The last trading day of May is dubbed “MSCI Friday”. That is when the all-important global sharemarket index dumps some stocks in favour of others to reflect their relative rise and fall.
The trading volumes are typically larger than usual as the trillions of dollars of capital tethered to these benchmarks are rebalanced to reflect the quarterly changes.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
