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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.

 

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 14, 2016 that Pakistan will be reclassified from Frontier Markets to Emerging Markets coinciding with the May 2017 Semi-Annual Index Review.
    - Pro forma list of constituents for the MSCI Provisional Pakistan Indexes
    - Simulated list of constituents for the MSCI Frontier Markets 100 Index (ex Pakistan)
  • MSCI will retain the China A-shares inclusion proposal as part of the 2017 Market Classification Review. MSCI does not rule out a potential off-cycle announcement should further significant positive developments occur ahead of June 2017.
  • List of markets currently under review for a potential reclassification as part of the 2017 Annual Market Classification Review:
    - China A-shares (from Standalone to Emerging Markets) - more info
    - Argentina (from Frontier Markets to Emerging Markets) - more info
  • MSCI will communicate its final conclusions on the potential inclusion of Argentina into Emerging Markets in June 2017.
  • MSCI has launched a consultation on a potential reclassification of the MSCI Nigeria Index to Standalone market status as part of the November 2016 Semi-Annual Index Review due to liquidity issues on the foreign exchange market. MSCI will announce its decision by the end of September 2016. - more info

View the latest press release:
  • MSCI Announces Results of the 2016 Annual Market Classification Review - English / Chinese

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”).

General Q&A


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.

General Q&A


Past market reclassifications:

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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

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*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


MSCI Global Market Accessibility Review

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.

View the June 2016 MSCI Global Market Accessibility Review

Index country membership

View the MSCI Index Definitions document, covering MSCI Regional Equity Indexes, MSCI Index Variants and Definition of Terms for MSCI Indexes.

Access the Index Country Membership tool.

MSCI Market Classification Framework

The classification of markets is a key input in the process of index construction as it drives the composition of the investment opportunity sets to be represented.

MSCI Country Classification Standard

Easy access to the MSCI country classifications for the MSCI universe of equity securities.

MSCI Global Market Accessibility Review

Country Comparison covering Developed Markets, Emerging Markets, Frontier Markets and Standalone Markets for June 2016.

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