MSCI released the results of the MSCI 2026 Market Classification Review, announcing the reclassification of Bulgaria from Standalone Market status to Frontier Market status. The decision follows a consultation launched in 2024 and reflects material improvements in liquidity and the completion of Bulgaria's transition to the euro on January 1, 2026. The reclassification will be implemented across all standard, custom, and derived MSCI Indexes coinciding with the May 2027 Index Review. Additionally, MSCI reminded investors of the upcoming reclassification of Greece from Emerging to Developed Market status, also effective at the May 2027 Index Review.

The review assessed the investability of several markets, acknowledging steps taken by Indonesia and Turkey to address shareholder transparency and coordinated trading concerns while noting the potential for future consultations if credible progress is not observed by the November 2026 MSCI Index Review. MSCI also welcomed the removal of floor prices in Bangladesh but cautioned that reintroduction could trigger a consultation on reclassifying the market to Standalone status. Ongoing monitoring of the Korean equity market's accessibility for international institutional investors continues, with specific focus on currency deliverability and operational flexibility.

Market Accessibility Criteria

The MSCI 2026 Global Market Accessibility Review provides a detailed assessment of market accessibility for each equity market included in the MSCI Indexes. The review evaluates the following five market accessibility criteria:

These criteria reflect areas that international institutional investors generally place strong emphasis on when evaluating investment accessibility of a market. MSCI uses 18 distinct accessibility measures to assess these five criteria, described in detail in the report.

Market Classification Framework

Market accessibility, along with economic development and size and liquidity, determine the classification of markets into Developed, Emerging, Frontier, and Standalone Markets. The classification of markets is a key input in the process of index construction as it determines the composition of the investment opportunity sets to be represented. "The MSCI Market Classification Framework determines whether a market is developed, emerging, or frontier based on the accessibility and investability that international institutional investors actually experience," said Raman Aylur Subramanian, Head of Market Classification and Taxonomies.

MSCI Inc. will host a Q&A webinar on June 25, 2026, to provide updates on its Private Assets business, including strategic priorities, recent product innovation, and AI-enabled capabilities. The event aims to offer insights into the company's growth strategies and technological advancements in the private assets sector.

The webinar will feature Luke Flemmer, Head of Private Assets, and Jeremy Ulan, Head of Investor Relations and Treasurer. Alex Kramm, Managing Director and Senior Equity Research Analyst at UBS, will moderate the session.

Scheduled for 9:30 AM Eastern Time, the virtual event will be accessible as a webcast and replay. Interested participants can view the session through the events and presentations section of MSCI’s Investor Relations homepage.

Key Participants

MSCI Inc. strengthens global markets by connecting participants across the financial ecosystem with a common language. Its research-based data, analytics, and indexes, supported by advanced technology, set standards for global investors. The company serves asset managers, private-market sponsors, hedge funds, wealth managers, banks, insurers, and corporates.