Mostly True, But Incomplete: FTSE and MSCI Did Fast-Track Aramco — Just Not at Full Weight
“FTSE and MSCI fast-tracked Saudi Aramco's inclusion within 5-10 days after its IPO in 2019”
The argument in brief
The claim that FTSE and MSCI included Saudi Aramco in their indexes within 5-10 days of its December 2019 IPO is broadly accurate — both acted within 5-6 days. But the inclusion was phased, meaning Aramco did not immediately receive its full index weight, and the process bypassed standard waiting periods that normally run 30 to 90 days.
Data: FTSE Russell and MSCI announcements, December 2019
Why it spread
The claim resonates because it taps into genuine and reasonable skepticism about whether powerful, state-backed entities get special treatment from institutions that are supposed to be neutral. When a claim confirms something people already suspect — that the rules bend for the biggest players — it travels fast, even when the full picture is more complicated.
The claim is mostly true but leaves out a critical detail. Both FTSE Russell and MSCI did fast-track Saudi Aramco into their major global indexes within days of its December 11, 2019 IPO — FTSE on day five, MSCI on day six — which falls squarely within the 5-10 day window cited. So the timeline is right. What the claim skips over is that this was not a full, immediate inclusion.
According to Bloomberg, the inclusion was phased, meaning Aramco entered the indexes at a limited weight that was built up over time rather than reflecting its full market capitalization from day one. That distinction matters for investors and for understanding what the fast-track actually delivered.
What makes this genuinely notable is the contrast with normal practice. FTSE Russell typically requires a waiting period of around 90 days before a new listing can join its indexes. MSCI's standard window is roughly 30 days. Both providers justified skipping those periods by pointing to Aramco's extraordinary size — at the time of its IPO it was briefly the world's most valuable listed company. Reuters confirmed both providers cited the exceptional scale of the listing as grounds for the exception.
The Financial Times reported that the decision was controversial. Critics argued the expedited process was driven by commercial and political pressure — not by the index providers' own stated methodology. Whether or not that is true, the fast-track was a real and significant departure from standard rules, and that context is missing from the original claim.
This kind of half-accurate claim is worth watching for because it takes a real event and strips away the nuance that changes its meaning. The fast-track happened — but framing it as a clean, complete inclusion within days obscures the phased reality and the legitimate debate about whether global index providers applied their rules consistently.
Sources
- MSCI Official Announcement
MSCI announced it would include Saudi Aramco in its indexes on an expedited basis following its IPO on December 11, 2019, with inclusion effective December 17, 2019 — six days after listing, which falls within the 5-10 day window claimed.
- FTSE Russell Official Statement
FTSE Russell announced a fast-track inclusion of Saudi Aramco into its indexes, including the FTSE Global Equity Index Series, effective December 16, 2019 — five days after the December 11 IPO listing, consistent with the 5-10 day claim.
- Reuters
Reuters reported that both MSCI and FTSE Russell confirmed expedited inclusion of Aramco into their global indexes within days of its December 11, 2019 IPO, with both index providers citing the exceptional size of the listing as justification for bypassing standard waiting periods.
- Financial Times
The Financial Times noted that the fast-track inclusion was unusual and controversial, as standard index inclusion rules typically require a waiting period of weeks to months. Critics argued the expedited process was driven by commercial and political pressure rather than standard methodology.
- Bloomberg
Bloomberg reported that while the fast-track inclusion did occur within roughly 5-6 days of the IPO for both FTSE and MSCI, the inclusion weights were initially limited and phased, meaning full index weight was not achieved immediately — adding nuance to the claim.