IDX Responds to MSCI Report: Some Notes, but Many Positives

The Indonesia Stock Exchange (IDX) has spoken out regarding the latest MSCI 2026 Global Market Accessibility Review released on Friday (19/6/2026). IDX Acting President Director Jeffrey Hendrik assessed that the report still maintains many positive aspects of the Indonesian capital market, although there are several notes requiring improvement. “We certainly appreciate what has been conveyed, and it has also been part of our discussions so far. So, of course, we will continue to make improvements. One thing is certain, we believe the future will be better,” Jeffrey stated at the IDX Building in Jakarta. Regarding concerns that Indonesia could potentially be downgraded from emerging market to frontier market status in the next MSCI announcement on 23 June 2026, Jeffrey expressed optimism that Indonesia will remain in the emerging market group. “If we look at what was conveyed today, we have great hope that Indonesia will remain in the emerging market,” Jeffrey asserted. Furthermore, the IDX will resume regular communication and meetings with MSCI to clarify several points of concern. One issue to be discussed is the availability of information in English mentioned in the MSCI report. Jeffrey explained that, according to exchange regulations, all issuer financial reports are required to be available in two languages. Therefore, the IDX wants to obtain clarity on whether MSCI’s note refers to information provided by the exchange or also includes information from issuers and exchange members. According to him, this clarification is important so that corrective measures can be accurately targeted. He added that the various notes submitted by MSCI will become part of the ongoing capital market reform process. It is known that in MSCI’s annual cycle report, there were generally more rating upgrades than downgrades across the Emerging Markets group. However, a crucial spotlight for the domestic market is the decline in accessibility quality due to structural constraints, particularly concerning issues of share ownership transparency and alleged coordinated trading activities on the Indonesian bourse.