OJK Chief Reveals MSCI Only Highlights Information Flow Issue

The Financial Services Authority (OJK) has spoken out regarding the MSCI Global Market Accessibility Review 2026. The Executive Head of Capital Market, Derivatives, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that there is only one specific issue: information flow within the market infrastructure segment.

“Out of the five Market Accessibility segments, which consist of 18 measurements (criteria), the assessment results remain the same, except for one criterion, namely information flow in the market infrastructure segment,” Hasan explained in an official statement on Friday (19/06/2026).

Hasan elaborated that 10 out of the 18 criteria were rated “++” or double plus, the highest possible rating. This indicates alignment with global best practices and signifies that no issues exist in those areas. Meanwhile, 6 criteria were rated “+” or single plus, where continuous improvement is expected.

However, the criteria for Information Flow and Foreign Exchange Market Liberalisation Level were rated “-” or negative, indicating a concern that requires improvement.

“Regarding the information flow aspect, OJK views this feedback as part of a constructive evaluation process that aligns with the ongoing capital market reform agenda being implemented jointly by OJK, the Indonesia Stock Exchange, KSEI, KPEI, and all industry players,” he said.

At the same time, the regulator noted MSCI’s recognition of several improvements made by Indonesia, including a reduction in certain notes regarding the Foreign Exchange Market Liberalisation Level; however, the assessment result remains unchanged from last year’s output, indicating a need for further improvement.

“As a follow-up measure, we are continuing intensive coordination within OJK and with relevant authorities such as Bank Indonesia to ensure future progress, while maintaining governed risk mitigation and aligning with national macroprudential policies to prevent market volatility,” he stated.

Hasan emphasised that the direction of Indonesia’s capital market reforms is to continue strengthening transparency, identifying coordinated trading, and enhancing market competitiveness.

OJK noted that the results of the MSCI Global Market Accessibility Review 2026 show that, in general, the majority of Indonesia’s market accessibility aspects remain stable and have not undergone significant changes compared to the previous year, though there are clear directions for future capital market improvements.