OJK: Indonesian Capital Market Remains Resilient, Reforms Continue to Strengthen

The statement by Hasan Fawzi, Chief Executive of Capital Market, Derivative Finance and Carbon Exchange Supervision at the OJK, responds to the MSCI Global Market Accessibility Review 2026. The results of the MSCI market accessibility review, announced on Friday morning (19/6), affirm the direction of Indonesian Capital Market reforms to continuously strengthen the quality of transparency, identification of coordinated trading, and market competitiveness. The OJK observes that the MSCI Global Market Accessibility Review 2026 results show that, in general, the majority of Indonesia’s market accessibility aspects remain well-maintained and have not experienced significant changes compared to the previous year, though there are also notes for future capital market improvement. In brief, out of 5 Market Accessibility segments, comprising 18 Measurements (criteria), the assessment results remain the same, except for only 1 criterion, namely Information Flow in the Market Infrastructure segment. 10 out of 18 criteria were rated ++ (double plus, the highest criterion), indicating alignment with global best practices and no issues, 6 criteria are still rated + (single plus) where continued improvement is expected, whilst the Information Flow and Foreign Exchange Market Liberalization Level criteria were rated - (negative), indicating a concern requiring improvement. Regarding the Information Flow aspect mentioned above, we view this input as part of a constructive evaluation process and in line with the capital market reform agenda currently being jointly implemented by the OJK, the Indonesia Stock Exchange, KSEI, KPEI, and all industry players. At the same time, we also note MSCI’s recognition of several improvements Indonesia has made, including a reduction in some notes regarding the Foreign Exchange Market Liberalization Level, although the assessment result remains the same as last year’s output, requiring improvement. As a follow-up step, we continue to conduct intensive coordination internally within the OJK and with relevant authorities such as Bank Indonesia to ensure future improvements while still paying attention to governed risk mitigation and in line with national macroprudential policies to prevent market volatility. In recent months, various reform initiatives have been undertaken to strengthen the quality, integrity, and competitiveness of the Indonesian capital market, including through improving the quality of share ownership data, strengthening information disclosure, developing a beneficial ownership reporting framework, enhancing surveillance and trading supervision capacity, and refining various regulations to support transparency and investor protection. Based on feedback from market participants and global index providers such as MSCI and FTSE, the various reforms currently being implemented have received acknowledgement and are already being used as variables in determining index constituents or investment portfolio policies. As previously released in May 2026, Global Index Providers will continue to gather feedback from clients and local and international market participants, including mutual fund managers, brokers, and hedge funds, to validate the effectiveness of the Indonesian capital market reform policies that have been issued. The OJK believes that strengthening market transparency, market integrity, and information quality is a continuous process requiring collaboration from all stakeholders. Therefore, the results of this review will serve as an important reference in determining future programme priorities to further enhance the confidence of both domestic and international investors in the Indonesian capital market. Going forward, the OJK will continue to strengthen engagement and constructive dialogue with MSCI, FTSE Russell, and various global index providers and international investors to ensure that the various reforms that have been and are being implemented can be comprehensively understood by the global investment community. Indonesia’s strong economic fundamentals and the synergy of all stakeholders form an important foundation to continuously improve the competitiveness and credibility of the Indonesian capital market. We view MSCI’s input as part of a constructive improvement process. With the consistency of ongoing reforms, we are optimistic that the quality and competitiveness of the Indonesian capital market will continue to strengthen in the future.