- The MSCI Bosnia Herzegovina Index, the MSCI Botswana Index, the MSCI Ghana Index, the MSCI Jamaica Index, the MSCI Trinidad & Tobago Index, the MSCI Ukraine Index, the MSCI Zimbabwe Index and the MSCI Palestine IMI are currently stand-alone country indexes and are not included in the MSCI Frontier Markets Index. The addition of these country indexes to the MSCI Frontier Markets Index is under consideration.
- The MSCI Saudi Arabia Index is currently a stand-alone country index (and not included in the MSCI Emerging Markets Index) but is part of the MSCI Gulf Cooperation Council (GCC) Countries Index
- The MSCI Pakistan Index is on the MSCI review list for a potential reclassification to Emerging Markets as part of the 2016 Annual Market Classification Review
- The MSCI Peru Index is on the MSCI review list for a potential reclassification to Frontier Markets as part of the 2016 Annual Market Classification Review
MSCI Annual Market Classification Review
During the Annual Market Classification Review, MSCI analyzes and seeks feedback on those markets it has placed under review for potential market reclassification. Every June, MSCI communicates its conclusions from the discussions with the investment community on the list of countries under review and announces the new list of countries, if any, under review for potential market reclassification in the upcoming cycle.
- The review is based on the criteria set forth in the MSCI Market Classification Framework.
- There are no country indexes currently under review for a potential reclassification to Developed Markets as part of the 2016 Annual Market Classification Review.
- List of markets currently under review for a potential reclassification as part of the 2016 Annual Market Classification Review:
- China A-shares (from Standalone to Emerging Markets)
- Pakistan (from Frontier to Emerging Markets)
- Peru (from Emerging to Frontier Markets)
- MSCI may announce the decision to include China A‐shares into Emerging Markets as soon as the issues it has outlined are resolved. This may happen outside the regular schedule of its Annual Market Classification Review.
- MSCI will communicate its final conclusions on the potential inclusion of Pakistan into Emerging Markets in June 2016
View the latest press release:
- MSCI Announces the Conclusions of the Consultation on the Potential Market Reclassification for the MSCI Peru Index - PDF
- MSCI Announces Results of the 2015 Annual Market Classification Review - English / Chinese
Treatment of Greece in the MSCI Indexes
On July 14, 2015, MSCI released a Q&A addressing commonly asked questions regarding the potential treatment of Greece in the MSCI Indexes in the event of prolonged market accessibility issues and/or a potential exit of the country from the eurozone.
Past market reclassifications:
Scroll the table to the right to see more
|Country Indexes||Market Reclassification||Date*|
|MSCI Ukraine Index||From Frontier Markets to Standalone||September 2015|
|MSCI Qatar Index||From Frontier to Emerging Markets||May 2014|
|MSCI UAE Index||From Frontier to Emerging Markets||May 2014|
|MSCI Greece Index||From Developed to Emerging Markets||November 2013|
|MSCI Morocco Index||From Emerging to Frontier Markets||November 2013|
|MSCI Trinidad & Tobago Index**||From Frontier Markets to Standalone||May 2011|
|MSCI Israel Index||From Emerging to Developed Markets||May 2010|
|MSCI Bangladesh Index||From Standalone to Frontier Markets||May 2010|
|MSCI Argentina Index||From Emerging to Frontier Markets||May 2009|
|MSCI Pakistan Index***||From Standalone to Frontier Markets||May 2009|
|MSCI Jordan Index||From Emerging to Frontier Markets||November 2008|
|MSCI Lithuania Index||From Standalone to Frontier Markets||November 2008|
|MSCI Serbia Index||From Standalone to Frontier Markets||November 2008|
|MSCI Sri Lanka****||From Standalone to Frontier Markets||November 2007|
|MSCI Venezuela Index*****||From Emerging to Standalone||May 2006|
|MSCI Greece Index||From Emerging to Developed Markets||May 2001|
|MSCI Portugal Index||From Emerging to Developed Markets||November 1997|
Scroll the table to the right to see more
*As of the close of the last business day of the month.
**Trinidad and Tobago was added to the MSCI Frontier Markets Index in May 2009
***Pakistan was removed from the MSCI Emerging Market Index in December 2008 and maintained as a standalone country index
****Sri Lanka was removed from the MSCI Emerging Market Index in June 2001 and maintained as a standalone country index
*****Index was discontinued on January 2, 2008
Every June MSCI releases its Global Market Accessibility Review that includes the assessment of a series of accessibility measures for all markets covered in the MSCI Indexes. The Global Market Accessibility Review aims to reflect international investors' experience in investing in a given market and provides a detailed assessment of market accessibility for each country market included in the MSCI Indexes.
The assessment is intended to serve as the basis for a comparison of countries' market accessibility levels across investment universes. This review aims also to serve as a tool for international institutional investors to better track the evolution of market accessibility in individual countries as well as for regulators to be informed of the areas perceived as not meeting international standards and for which some improvements may be welcomed.