1 The MSCI Standalone Market Indexes are not included in the MSCI Emerging Markets Index or MSCI Frontier Markets Index. However, these indexes use either the Emerging Markets or the Frontier Markets methodological criteria concerning size and liquidity.
2 The West African Economic and Monetary Union (WAEMU) consists of the following countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Currently the MSCI WAEMU Indexes include securities classified in Senegal, Ivory Coast and Burkina Faso.
3 MSCI Panama Index has been launched as a Standalone Market Index.
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.
- MSCI announced on June 20, 2017 that it will include 222 China A Large Cap shares in the MSCI Emerging Markets Index using a 2-step inclusion process. The first inclusion step would coincide with the May 2018 Semi-Annual Index Review followed by the second step which would take place as part of the August 2018 Quarterly Index review.
- Additional details on the China A shares inclusion
- Pro forma list of constituents for the MSCI China A International Large Cap Provisional Index
- MSCI has launched a consultation on a potential reclassification of the MSCI Saudi Arabia Indexes to Emerging Markets. MSCI also announced that it will retain the reclassification proposals for Argentina and Nigeria.
- List of markets under review for a potential reclassification:
- Saudi Arabia (from Standalone Market status to Emerging Markets) - more info and list of current constituents
- Argentina (from Frontier Markets to Emerging Markets) - more info
- Nigeria (from Frontier Markets to Standalone status) - more info
- MSCI will communicate its final conclusions on the potential inclusion of Saudi Arabia and Argentina into Emerging Markets in June 2018. In addition, MSCI will communicate its final conclusions on the potential exclusion of Nigeria from Frontier Markets as part of the November 2017 Semi-Annual Index Review.
VIEW THE LATEST PRESS RELEASE:
MSCI FRONTIER MARKETS 100 INDEX
In the context of the reclassification of Pakistan from Frontier Markets to Emerging Markets, the May 2017 Semi-Annual Index Review changes for the MSCI Frontier Markets 100 Index are being phased over four successive months up until the end of August 2017
MSCI has made available an indicative list of constituents and weights for the MSCI Frontier Markets 100 Index post implementation of the last phase - click here
POTENTIAL IMPACT OF BREXIT ON THE MSCI INDEXES
On June 9, 2016, MSCI released a Q&A addressing commonly asked questions regarding the potential impact on the MSCI Indexes in the event of the United Kingdom’s exit from the European Union (“Brexit”).
Past market reclassifications:
Scroll the table to the right to see more
|Country Indexes||Market Reclassification||Date*|
|MSCI Pakistan Index||From Frontier Markets to Emerging Markets||June 2017|
|MSCI WAEMU Index||From Standalone to Frontier Markets||November 2016|
|MSCI Bulgaria Index||From Frontier Markets to Standalone|| |
|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.