MSCI Inc. (NYSE: MSCI), a leading provider of investment
decision support tools worldwide, including indices, portfolio risk
and performance analytics and corporate governance services,
announced today that the MSCI UAE Index and the MSCI Qatar Index
will maintain their Frontier Market status and will remain under
review for potential reclassification to Emerging Markets as part
of the 2012 Annual Market Classification Review.
As a reminder, MSCI extended the review period for the potential
reclassification of the MSCI Qatar Index and the MSCI UAE Index
from Frontier Market to Emerging Market status to December 2011,
following the implementation of new delivery versus payment (“DVP”)
models on the Qatar Exchange, Dubai Financial Market and Abu Dhabi
Securities Exchange in May 2011, in order to give additional time
for market participants to assess the effectiveness of these models
and for the regulators and the stock exchanges to address the
remaining concerns raised by international institutional
investors.
Regarding the UAE, the feedback received since June 2011 from
international institutional investors was very positive on the
introduction and seamless functioning of the new DVP model;
however, investors continue to stress significant concerns over the
effectiveness of this new framework to fully ensure the
safeguarding of their assets under certain circumstances. This is
in particular the case for failed trades where a forced sale of
assets, without the owner’s consent, remains a possibility. As a
result many international institutional investors and their
custodians continue to view the use of a dual account structure as
a requirement. The potential introduction of new regulations
allowing for securities borrowing and lending (“SBL”) agreements
and security short selling have been raised by market participants
as a possible way of resolving these issues. The Emirati regulator
(Securities and Commodities Authority - SCA) has already published
regulation drafts on these topics.
With respect to Qatar, stringent foreign ownership limits,
including on large companies, remain a major concern to
international institutional investors, as the availability of
shares to them is not only limited but also potentially very
volatile. No change was implemented or announced on this matter by
the Qatari regulators during the review period. Any change to the
status of the MSCI Qatar Index is conditional upon a meaningful
increase of foreign ownership limit levels applied to Qatari
companies resulting in increased foreign room. The feedback from
international institutional investors on the introduction of the
new DVP model in the Qatari equity market was, similarly to the
UAE, positive. The same concerns also exist related to the
persistent requirement for international investors to operate with
a dual account structure in order to offset the risk of forced
sales in the case of failed trades. The Qatari authorities are also
making progress on the potential introduction of regulations
governing SBL agreements and securities short selling, though MSCI
is unaware of any official communication from the Qatari regulator
on these topics.
MSCI’s next announcement on country classification decisions is
scheduled for June 2012, in the context of the 2012 MSCI Annual
Market Classification Review. Please note that in order for
regulatory developments in a market to have a positive impact on a
country classification decision, the regulations must be in place
long enough for market participants to assess the practical effect
of such new or modified regulations.
After posting the review announcement, MSCI will hold two press
conference calls to answer questions from the media. Note that
these press conference calls are restricted to journalists.
First Conference
Call
Date: Thursday, December 15, 2011
Time: 8:00am GMT/9:00am CET/11:00am
AST/12:00pm GST/4:00pm HKT/5:00pm JST
International Dial-In: +1-210-795-1098 Pass Code: MSCI
MARKET CALL Toll Free Numbers: US: 866-803-2143 Switzerland:
0800-001-296 Hong Kong: 800-900-592 UK: 0800-279-3953 UAE:
8000-35702379 Japan: 00531-12-1857
Second Conference
Call
Date: Thursday, December 15, 2011
Time: 8:00am EST/1:00pm GMT/2:00pm
CET/5:00pm AST/6:00pm GST
International Dial-In: +1-210-795-1098 Pass Code: MSCI
MARKET CALL Toll Free Numbers:
US: 866-803-2143
Switzerland: 0800-001-296 Hong Kong: 800-900-592 UK: 0800-279-3953
UAE: 8000-35702379 Japan: 00531-12-1857
Clients and other interested parties should contact MSCI Global
Client Service with any enquiries.
About MSCI
MSCI Inc. is a leading provider of investment decision support
tools to investors globally, including asset managers, banks, hedge
funds and pension funds. MSCI products and services include
indices, portfolio risk and performance analytics, and governance
tools.
The company’s flagship product offerings are: the MSCI indices
which include over 148,000 daily indices covering more than 70
countries; Barra portfolio risk and performance analytics covering
global equity and fixed income markets; RiskMetrics market and
credit risk analytics; ISS governance research and outsourced proxy
voting and reporting services; FEA valuation models and risk
management software for the energy and commodities markets; and
CFRA forensic accounting risk research, legal/regulatory risk
assessment, and due-diligence. MSCI is headquartered in New York,
with research and commercial offices around the world.
For further information on MSCI, please visit our web site
at www.msci.com
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