- Launches a consultation on the potential reclassification of
the MSCI Nigeria Indexes from Frontier to Standalone Markets
status
- Notes the evolution of clearing and settlement cycles across
global markets
- Continues to monitor the market accessibility of the Sri
Lankan equity market
- Reminds of the ongoing restrictions impacting the
accessibility of the Russian 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 2022 Market Classification
Review.
“A significant portion of the deteriorations in market
accessibility ratings during this year’s review were caused by the
negative developments in Russia, which led to a complete
inaccessibility of its equity market to international institutional
investors. This resulted in the reclassification of the MSCI Russia
Indexes from Emerging Markets to Standalone Market status in March
2022,” said Dr. Dimitris Melas, Global Head of Index Research and
Product Development and Chairman of the MSCI Index Policy
Committee.
Consultation on Potential Reclassification of the MSCI
Nigeria Indexes to Standalone Markets Status
MSCI announced today the launch of a consultation on a proposal
for potential reclassification of the MSCI Nigeria Indexes from
Frontier Markets to Standalone Markets status.
Since March 2020, accessibility issues have persisted in the
Nigerian equity market. The repatriation of funds from investments
in the market remains extremely difficult for foreign investors due
to low liquidity in the Nigerian foreign exchange market. As a
result, market participants have continuously expressed concerns
related to the investability and replicability of the MSCI Nigeria
Indexes.
“There has been a continual and severe deterioration in the
ability to repatriate funds from Nigeria. As a result, since May
2020, a special treatment has been in place to reduce the number of
potential changes in the relevant MSCI Equity Indexes,” said Mr.
Craig Feldman, Global Head of Index Management Research and member
of the MSCI Index Policy Committee. “Given the prolonged nature of
the issues affecting the market’s accessibility, we have put forth
the consultation to reclassify the MSCI Nigeria Indexes from
Frontier Markets to Standalone Markets status.”
MSCI welcomes feedback from market participants on this
reclassification proposal until August 31, 2022.
Recent Developments in Securities’ Settlement Cycles
In 2022, India began transitioning its settlement cycle from T+2
to T+1. Additionally, both the US and Canada announced last year
their proposals to migrate to a shorter settlement cycle, from T+2
to T+1.
“Across selected equity markets, we have been observing that
clearing and settlement mechanisms are transitioning towards
shorter cycles,” said Mr. Feldman. “While in principle, investors
may benefit from shorter settlement cycles, it is important to
assess whether the ramifications of such changes introduce any
obstacles such as pre-funding requirements or additional
operational costs.”
MSCI continues to closely monitor these developments and their
potential impact and will release further communications as
warranted.
Market Accessibility in Sri Lanka
Amidst the ongoing economic crisis in Sri Lanka, and as a result
of a lack of liquidity in the foreign exchange market, fund
repatriation issues in the country’s equity market began to emerge
this year. In response to these developments, in May 2022, MSCI
introduced a special treatment to reduce the number of potential
changes in the MSCI Sri Lanka Indexes.
MSCI continues to welcome feedback on the level of market
accessibility of the Sri Lankan equity market and will consult with
market participants to gather feedback if there are any further
developments.
Deterioration in the Market Accessibility of the Russian
Equity Market
A number of significant developments have led to a material
deterioration in the accessibility of the Russian equity market.
These included sanctions from several jurisdictions, restrictions
on foreign investors’ ability to transact in securities on the
Moscow Stock Exchange, and deterioration in the convertibility of
the Russian Ruble into foreign currencies.
As a result, and following a consultation with the international
investment community, MSCI reclassified the MSCI Russia Indexes
from Emerging Markets to Standalone Markets status in March
2022.
MSCI will continue to monitor the developments in the Russian
equity market’s accessibility and will consult with market
participants if there are any relevant changes in the market’s
conditions.
-Ends-
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