MSCI Global Market Accessibility Review 2026 Results Released, OJK Responds

The Financial Services Authority (OJK) considers the results of the MSCI Global Market Accessibility Review 2026 to be constructive input for strengthening the quality and competitiveness of Indonesia’s capital market. Morgan Stanley Capital International officially retained Indonesia in the Emerging Market group based on the review. However, MSCI downgraded Indonesia’s information flow criteria assessment to a negative level, reflecting issues with ownership data transparency and market activity deemed still limited. Additionally, foreign exchange market limitations were cited as a barrier for investors, noting the absence of an efficient offshore market and remaining restrictions in the onshore market. MSCI also extended its review of the Indonesian market in April, then in May removed six companies, mostly linked to conglomerate groups, from its indices, which subsequently put further pressure on the stock market. Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance and Carbon Exchange Supervision at OJK, stated that the majority of Indonesia’s market accessibility aspects remain intact and did not experience significant changes compared to the previous year’s assessment. Of the 18 criteria assessed by MSCI, 10 criteria received a ‘++’ rating indicating alignment with global best practices, while six criteria received a ‘+’ rating and two criteria still received a ‘-’ rating. According to Hasan, one change in this year’s assessment occurred in the Information Flow aspect within the Market Infrastructure segment. OJK noted MSCI’s recognition of several improvement measures undertaken by Indonesia, including the Foreign Exchange Market Liberalization Level aspect, although further enhancement is still required. Hasan said OJK continues to coordinate with various parties, including Bank Indonesia, to ensure improvement measures proceed in line with financial system stability and national macroprudential policy. Going forward, OJK will continue to strengthen dialogue with MSCI, FTSE Russell and global investors to ensure Indonesia’s capital market reforms are comprehensively understood by the international investment community.