MSCI will reclassify the MSCI Kuwait Index to Emerging
Markets status, subject to availability of omnibus account
structures and same National Investor Number (NIN) cross trades for
international investors
MSCI to consult on the potential reclassification of the MSCI
Iceland Index to Frontier Markets status
MSCI Inc. (NYSE:MSCI), a leading provider of critical decision
support tools and services for the global investment community,
announces today that it will reclassify the MSCI Kuwait Index to
Emerging Markets status, subject to omnibus account structures and
same National Investor Number (NIN) cross trades being made
available for international institutional investors before the end
of November 2019. MSCI will communicate its final decision by
December 31, 2019.
“Kuwait’s Market Development Project has set the path for the
seamless implementation of numerous regulatory and operational
enhancements in the Kuwaiti equity market. These enhancements have
significantly increased the accessibility level of the Kuwaiti
equity market for international institutional investors and
resulted in broad positive feedback from these investors on our
reclassification proposal,” said Sebastien Lieblich, Global Head of
Equity Solutions and Chairman of the MSCI Equity Index
Committee.
Mr. Lieblich added, “During the consultation, international
institutional investors highlighted the criticality of omnibus
account structures and same NIN cross trade capabilities to avoid
frictions in their investment process. We welcome the Capital
Market Authority’s public commitment to deliver these market
features by November 2019. We will closely monitor their
implementation before making the final decision.”
On June 12, 2019 the Capital Market Authority publicly announced
that omnibus structures, as well as same NIN cross trading will be
made available to international institutional investors no later
than November 2019. Currently, only local licensed entities are
allowed to trade using omnibus accounts and same NIN trading is
available for only certain exempt ‘non-discretionary’ local
accounts. Assuming the above-mentioned market features are
delivered by November 2019, MSCI would include the MSCI Kuwait
Index in the MSCI Emerging Markets Index in one step coinciding
with the May 2020 Semi‐Annual Index Review. This would lead to an
inclusion of nine stocks in the MSCI Emerging Market Index having a
pro forma index weight of approximately 0.5%. The constituent list
of the pro forma MSCI Kuwait Index as of April 17, 2019, based on
the MSCI Emerging Markets Index thresholds, has been made available
on https://www.msci.com/market-classification.
The implementation of Kuwait’s Market Development Project,
started in 2017, has brought numerous enhancements to the
infrastructure of the market that have significantly opened the
domestic equity market to international institutional investors.
Among these enhancements were the removal of foreign ownership
restrictions on listed banks and simplification of requirements for
investor registration. In addition, the settlement cycle in the
Kuwaiti equity market moved to T+3 for both local and foreign
investors, a new delivery versus payment (DvP) settlement provision
was introduced and a proper failed trade management process was
initiated. The Project is expected to continue with the planned
introduction of a central clearing counterparty and availability of
stock swaps, stock lending and short selling facilities, among
other improvements. These enhancements have now been reflected in
the MSCI 2019 Global Market Accessibility Review report available
at https://www.msci.com/market-classification.
MSCI also announces today the launch of a consultation to
potentially reclassify the MSCI Iceland Index from Standalone
Markets to Frontier Markets status. MSCI welcomes feedback from
market participants on this proposal prior to October 31, 2019 and
will announce the results of this consultation on or before
November 29, 2019.
Finally, MSCI is announcing today that, if the MSCI Peru Index
falls short of the required three constituents for the Emerging
Markets, it will immediately launch a consultation to potentially
reclassify the MSCI Peru Index from Emerging Markets status to
Frontier Markets status. The MSCI Peru Index currently includes the
minimum of three constituents.
About MSCI
MSCI is a leading provider of critical decision support tools
and services for the global investment community. With over 45
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effective portfolios. We create industry-leading research-enhanced
solutions that clients use to gain insight into and improve
transparency across the investment process. To learn more, please
visit www.msci.com.
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