- Reclassifies the MSCI Argentina Index from Emerging to
Standalone Markets status
- Launches a consultation on the potential reclassification of
the MSCI Pakistan Index from Emerging to Frontier Markets
status
- Warns on the potential negative implications of further
restrictions on the Availability of Investment Instruments in a few
Emerging Markets
- Continues to monitor the Market Accessibility of the
Nigerian equity market
MSCI Inc. (NYSE: MSCI), a leading provider of critical decision
support tools and services for the global investment community,
announced today the results of the MSCI 2021 Market Classification
Review.
“It is positive to see that most of the markets which imposed
temporary accessibility restrictions to mitigate the impact of the
COVID-19 pandemic have returned to normal operations,” said Dr.
Dimitris Melas, Global Head of Index Research and Product
Development and Chairman of the MSCI Index Policy Committee. “For
the markets that continue to maintain some measure of restrictions
due to COVID-19, with no explicit guidelines on when such
restrictions will be lifted, their Market Accessibility assessment
may be affected negatively.”
MSCI Argentina Index reclassification to Standalone Markets
status
MSCI announced today that it will reclassify the MSCI Argentina
Index from Emerging Markets to Standalone Markets status in one
step coinciding with the November 2021 Semi‐Annual Index Review.
“Since September 2019, international institutional investors have
been subject to the imposition of capital controls in the Argentina
equity market,” said Craig Feldman, Global Head of Index Management
Research and member of the MSCI Index Policy Committee. “Despite
the fact that the MSCI Argentina Index remains replicable given
that only foreign listings are eligible for inclusion to the index,
the prolonged severity of capital controls with no resolution is
not in line with the Market Accessibility criteria of the MSCI
Emerging Markets Index. This has led to the reclassification of the
MSCI Argentina Index from Emerging Markets to Standalone Markets
status.” The accessibility report for Argentina is now reflected in
the MSCI 2021 Global Market Accessibility Review report available
at https://www.msci.com/market-classification.
Consultation on potential reclassification of the MSCI
Pakistan Index to Frontier Markets status
MSCI announced today the launch of a consultation on a proposal
for potential reclassification of the MSCI Pakistan Index from
Emerging Markets to Frontier Markets status in one step coinciding
with the November 2021 Semi-Annual Index Review.
Although the Pakistani equity market meets the requirements for
Market Accessibility under the classification framework for
Emerging Markets, it no longer meets the standards for Size and
Liquidity. More specifically, index continuity rules, as described
in section 2.4 of the MSCI Global Investable Market Indexes
Methodology, have been applied since the November 2018 Semi-Annual
Index Review to artificially maintain the required three
constituents in the MSCI Pakistan Index. Additionally, since the
November 2019 Semi-Annual Index Review, there have been no
securities in the MSCI Pakistan equity universe that meet Emerging
Markets Size and Liquidity criteria within the MSCI Market
Classification Framework.
MSCI welcomes feedback from market participants on this
reclassification proposal until August 31, 2021 and will announce
the results of the consultation on or before September 7, 2021.
Implications of Further Deterioration in the Availability of
Investment Instruments
Low ratings continue to persist for the Availability of
Investment Instruments in the Market Accessibility criteria for
Brazil, China (A shares), India, Korea and Turkey. Global market
participants expect that stock exchanges should not directly or
indirectly restrict the Availability of Investment Instruments
domestically or globally. However, some exchanges restrict use of
their data to create certain derivative works such as indexes and
investment instruments based on such indexes (including ETFs,
futures and options contracts listed on any exchange in the world,
and other types of funds and derivative instruments). As a
reminder, any anti-competitive policy put forth by any exchange in
any market in the world that restricts the Availability of
Investment Instruments and results in deterioration of the
accessibility of an equity market could potentially lead to a
downgrade in market classification. Exchanges and regulators should
note that anti-competitive policies or practices that restrict the
availability of indexed investment instruments have become
increasingly problematic to global investors.
Market Accessibility in Nigeria
Market Accessibility issues continue to be significantly
problematic within the Nigerian equity market. The repatriation of
funds from investments in Nigerian equities remains extremely
difficult for foreign investors due to low liquidity in the
Nigerian foreign exchange market.
While MSCI will continue to apply the special treatment that has
been in place since May 2020 to reduce the number of potential
changes in relevant indexes, the absence of significant and timely
improvement in this market may result in the reclassification of
the MSCI Nigeria Index to Standalone Markets status.
MSCI continues to welcome feedback on the level of Market
Accessibility of the Nigerian equity market and would consult with
market participants about the details and timing of the
implementation of any reclassification.
-Ends-
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We create industry-leading research-enhanced solutions that clients
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