MSCI Inc. (NYSE: MSCI), a leading provider of research-based
indexes and analytics, announced today announced today that it
intends to follow its Global Investable Market Indexes (GIMI)
Methodology and implement the May 2020 Semi-Annual Index Review
(SAIR) as scheduled. MSCI will continue to monitor market
conditions in the coming weeks and will consider postponing or
canceling the May 2020 SAIR only if warranted by extreme market
conditions. Our ongoing market monitoring framework aims to
continually assess the potential impact of market conditions on
regular Index Reviews along three key dimensions: Market
Functioning, Market Liquidity and Data Availability. MSCI’s current
assessment of these three dimensions is as follows:
Market Functioning
While the COVID-19 pandemic resulted in a number of market
disruptions, the majority of global equity markets are functioning
normally. As of April 7, 2020, Bangladesh, Jordan, Palestine and
Sri Lanka are the only markets where stock exchanges remain closed.
In addition, certain markets are currently operating with reduced
trading hours, while others have introduced temporary short selling
bans. The current impact of these instances on the MSCI Indexes and
the forthcoming May 2020 SAIR is not significant.
Market Liquidity
MSCI continuously monitors the liquidity of global equity
markets. To ensure the investability and replicability of MSCI
Indexes, MSCI applies liquidity screening criteria as required by
the relevant index maintenance methodologies. Current global equity
market liquidity conditions are sufficient for the implementation
of the forthcoming May 2020 SAIR.
Data Availability
MSCI continues to collect and analyze company and market data
required to conduct the May 2020 SAIR. To date, neither the quality
nor the availability of this data has been significantly affected
as a result of the COVID-19 pandemic.
MSCI welcomes feedback from market participants on the
implementation of the May 2020 SAIR.
As a reminder, MSCI is scheduled to announce on May 12, 2020 the
results of the May 2020 SAIR for the MSCI Global Investable Market
Indexes and on May 19, 2020 for the MSCI Factor, ESG, Thematic and
Capped Indexes, which will be implemented at the close of May 29,
2020, effective June 1, 2020.
MSCI will provide further communication on the implementation of
the May 2020 SAIR as appropriate.
About MSCI
MSCI is a leading provider of critical decision support tools
and services for the global investment community. With over 45
years of expertise in research, data and technology, we power
better investment decisions by enabling clients to understand and
analyze key drivers of risk and return and confidently build more
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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