MSCI Flags Concerns, OJK Vows Continued Capital Market Reform

The Financial Services Authority (OJK) has confirmed it will continue reforms to strengthen the transparency, integrity, and competitiveness of the Indonesian capital market. This follows the results of the MSCI Global Market Accessibility Review 2026, which highlighted several aspects requiring improvement.

Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, stated that the MSCI review showed most accessibility aspects for the Indonesian market remain stable with no significant changes compared to the previous year. However, there are notes for future improvement.

Based on the MSCI assessment, 10 out of 18 criteria received a ‘++’ rating, indicating alignment with global best practices. Six criteria received a ‘+’ rating, suggesting further enhancement is needed. Two criteria received negative ratings: Information Flow in the Market Infrastructure segment and Foreign Exchange Market Liberalization level.

Hasan stated that the feedback on Information Flow aligns with the capital market reform agenda currently being implemented by OJK together with the Indonesia Stock Exchange (BEI), the Indonesian Central Securities Depository (KSEI), and the Indonesian Clearing and Guarantee Corporation (KPEI), as well as industry players.

OJK also noted MSCI’s recognition of several improvements made by Indonesia, including a reduction in notes regarding foreign exchange market liberalisation. Nonetheless, this aspect is still considered to require further improvement.