MSCI Will Include the MSCI Saudi Arabia Index in the MSCI
Emerging Markets Index
MSCI Will Reclassify the MSCI Argentina Index to Emerging
Markets Status
MSCI to Consult on the Potential Reclassification of the MSCI
Kuwait Index to Emerging Markets Status
MSCI Inc. (NYSE:MSCI), a leading provider of indexes and
portfolio construction and risk management tools and services for
global investors, announced today that beginning in June 2019, it
will include the MSCI Saudi Arabia Index in the MSCI Emerging
Markets Index, the MSCI ACWI Index, and other global and regional
indexes as applicable. This decision follows the implementation in
the Saudi Arabia equity market of a number of regulatory and
operational enhancements which effectively increased the opening of
the market to international institutional investors. The proposal
for inclusion received the support of the vast majority of
international institutional investors that participated in the
consultation.
MSCI will include the MSCI Saudi Arabia Index in the MSCI
Emerging Markets Index, representing on a pro forma basis a weight
of approximately 2.6% of the index with 32 securities, following a
two-step inclusion process. The first inclusion step will coincide
with the May 2019 Semi-Annual Index Review. The second step will
take place as part of the August 2019 Quarterly Index Review.
Additionally, MSCI announced the reclassification of the MSCI
Argentina Index from Frontier Markets to Emerging Markets status.
This decision followed the broad acceptance of the reclassification
proposal by market participants that took part in the consultation.
In particular, international institutional investors expressed
their confidence in the country’s ability to maintain current
equity market accessibility conditions, which is a key factor in
MSCI’s classification framework. However, in light of the most
recent events impacting the country’s foreign exchange situation,
MSCI also clarifies that it would review its reclassification
decision were the Argentinian authorities to introduce any sort of
market accessibility restrictions, such as capital or foreign
exchange controls.
The MSCI Argentina Index will be included in the MSCI Emerging
Markets Index coinciding with the May 2019 Semi-Annual Index
Review. MSCI will continue to restrict the inclusion in the index
to only foreign listings of Argentinian companies, such as American
Depositary Receipts, as the feedback from international
institutional investors stated that higher liquidity across the
domestic market is needed before considering a shift from offshore
to onshore listings. MSCI will reevaluate this decision as
liquidity conditions on the Buenos Aires Stock Exchange continue to
improve.
“By supporting the inclusion of Saudi Arabia and Argentina in
Emerging Markets, international institutional investors confirmed
that they are now able and ready to access and operate in these
markets,” said Sebastien Lieblich, MSCI Managing Director and
Global Head of Equity Solutions. “These inclusions will result in
the expansion of the global investment opportunity set and allow
for greater diversity in the MSCI Emerging Markets Index, which is
important to investors.”
Mr. Lieblich added, “International investors were impressed by
the speed of change in the accessibility of the Saudi Arabian
equity market and the level of commitment that the Capital Market
Authority (CMA) and the Saudi Stock Exchange (Tadawul) have
demonstrated. Their expectation now is that the current
privatization effort in Saudi Arabia will continue to grow the
investable opportunity set available to them and hence, all other
things being equal, contribute to an increased weight of Saudi
Arabia in the Emerging Markets Index in the future.”
Over the past three years, the CMA and Tadawul have implemented
several enhancements that further opened the domestic equity market
to international institutional investors. Following the
introduction of a regulation for qualified foreign financial
institutions by the CMA in 2015, the means of access to the equity
market evolved from indirect holdings using derivative instruments,
such as P-notes and/or SWAPs, to direct holdings. This regulation
has since been enhanced twice by the CMA, reflecting feedback from
international institutional investors. Tadawul implemented a
complete overhaul of its operating model, including the
introduction of T+2 settlement and delivery versus payment, in
April 2017. This important change was aimed at more closely
aligning Tadawul’s operating model with international best
practices and further easing access to the Saudi Arabian equity
markets for international institutional investors. The exchange
continued its enhancement efforts with the introduction of a new
closing price mechanism on May 27, 2018, moving from a value
weighted average pricing to a closing auction.
MSCI already calculates the MSCI Saudi Arabia Index, a
standalone index, using Emerging Markets thresholds as per the MSCI
Global Investable Market Indexes methodology. This index can serve
as the basis for a pro forma index which is part of the MSCI ACWI
Index Series. MSCI will also launch the MSCI Argentina Provisional
Index, as well as a number of global and regional provisional
indexes, including the MSCI Emerging Markets Provisional Indexes,
by September 1, 2018. These indexes will serve to manage the
implementation of the inclusion of Saudi Arabian and Argentinian
stocks in investors’ portfolios on the schedule of their choosing.
The list of provisional indexes to be launched will be communicated
in the coming weeks. The list of constituents of the MSCI Saudi
Arabia Index, as well as the simulated list of constituents of the
MSCI Argentina Index, using Emerging Markets Index thresholds have
been made available on
https://www.msci.com/market-classification.
In addition, MSCI announced that it will include the MSCI Kuwait
Index in its 2019 Annual Market Classification Review for a
potential reclassification from Frontier Markets to Emerging
Markets status.
MSCI also notes the successful effective implementation of the
first inclusion phase of China A shares in the MSCI Emerging
Markets Index. Feedback gathered from international institutional
investors since June 1, 2018, highlight that the implementation was
smooth and no major concerns were raised. As a reminder, the second
implementation phase will coincide with the upcoming August 2018
Quarterly Index Review.
Finally, MSCI today also released the 2018 Global Market
Accessibility Review for the 84 markets it covers.
Each June, MSCI communicates its conclusions, based on
discussions with the international investment community, on the
list of markets under review. At that time, it also announces
markets to be reviewed for potential market reclassification in the
upcoming cycle.
About MSCI
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to the most recent P&I ranking.
For more information, visit us at www.msci.com.
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