MSCI Inc. (NYSE: MSCI), a leading provider of research-based
indexes and analytics, announced today that it is closely
monitoring developments related to the concerted announcement by
three Indian stock exchanges, including the two principal
exchanges, of the imposition of anti-competitive measures
restricting the accessibility of the Indian equity market. MSCI is
evaluating the measures’ potential impact on existing financial
products and the future accessibility of the Indian equity market
for international institutional investors more generally.
In a clearly negative development for the accessibility of the
Indian equity market for international institutional investors, the
exchanges’ announcement made on February 9, 2018 would impose,
following the expiration of contractual notice periods, a set of
restrictions on the use of traded price data inconsistent with the
practices of any other market in MSCI’s Emerging Markets Index
series and could result in an unprecedented disruption of trading
in financial products in markets around the world.
In their press release, the National Stock Exchange, the
Bombay Stock Exchange and the Metropolitan Stock Exchange announced
that they will no longer provide stock exchange information to
any foreign exchange or trading platform for trading or settling
derivatives, and will no longer license or provide market data to
any index provider or its licensees for the creation of indexes or
derivative financial products based on such indexes that would be
traded or settled on a non-Indian exchange or trading platform
where the weight of Indian securities in the index is at least 25%.
The restriction would apply to all derivatives that are traded or
settled on a non-Indian exchange or trading platform, whether they
were issued by an exchange or by some other party. The announcement
also refers to the imposition of a written pre-approval restriction
on the issuance of certain ETFs and ETNs or similar products based
on indexes, but the full scope of the restriction is not yet
clear.
Based on the exchanges’ press release, we understand that the
exchanges do not seek to impose a precipitous or disorderly wind
down of the various products that would be affected in many markets
around the world. Nonetheless, given the breadth of the application
of the changes referred to in the announcement, we believe that if
the changes are put into effect, the result will be disruptive and
harmful to international institutional investors in Indian equities
whether accessing the market onshore or offshore.
Under MSCI’s Market Classification Framework, anti-competitive
measures restricting investors' access to derived stock exchange
information receive a negative score in the Competitive Landscape
category. This is because of their negative impact on international
institutional investors as the range of available financial
instruments may be significantly reduced, limiting ways for
cross-border investors to access a local market or to hedge an
exposure to a local market.
The introduction of restrictive measures that may result in a
material deterioration of the accessibility of an equity market is
reviewed carefully by MSCI in consultation with international
institutional investors and other market participants and could
lead to a change in market classification. As stated above, the
breadth of the restrictions announced by the Indian exchanges is
unprecedented in any equity market in the MSCI Emerging Markets
Index series. MSCI strongly suggests the Indian exchanges and their
regulator, the Securities and Exchange Board of India (SEBI),
reconsider this unprecedented anti-competitive action before it
leads to any unnecessary disruptions in trading or a potential
change in the market classification of the Indian market in the
MSCI Indexes.
MSCI welcomes feedback from market participants on the Indian
exchanges’ announcement and will continue to monitor the situation
and release further communications as warranted.
About MSCI
For more than 40 years, MSCI’s research-based indexes and
analytics have helped the world’s leading investors build and
manage better portfolios. Clients rely on our offerings for deeper
insights into the drivers of performance and risk in their
portfolios, broad asset class coverage and innovative research.
Our line of products and services includes indexes, analytical
models, data, real estate benchmarks and ESG research.
MSCI serves 99 of the top 100 largest money managers, according
to the most recent P&I ranking.
For more information, visit us at www.msci.com.
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