MSCI Announces Results of the MSCI 2025 Market Classification Review

MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today the results of the MSCI 2025 Market Classification Review.

Select highlights of this year’s review includes MSCI:

• Extending the consultation on a potential reclassification of Bulgaria from Standalone to Frontier Market status
• Continuing to monitor the implementation and market adoption of measures to enhance the accessibility of the Korean equity market, to determine whether these measures have replicated the outcomes of fully operational offshore FX markets such as those found in Developed Markets
• Providing updates on the market classification status of Greece
• Continuing to monitor the market accessibility of the Bangladesh equity market

“MSCI is committed to ensuring that our market classifications reflect the evolving realities of global accessibility and investability,” said Raman Aylur Subramanian, Head of Index R&D. “In 2025, we have seen both progress and persistent challenges across markets, underscoring the importance of transparent, rules-based frameworks to guide our classification assessments. Our annual review continues to serve as a critical tool for dialogue with market participants and supporting greater transparency in capital markets worldwide.”

More information related to the MSCI 2025 Market Classification Review, including the results of the 2025 MSCI Global Market Accessibility Review, can be viewed at: www.msci.com/market-classification.

Extension of the consultation on potential reclassification of Bulgaria to Frontier Market status

MSCI will maintain Bulgaria’s classification as a Standalone Market and will extend its review for a potential reclassification to Frontier Markets status, with a decision to be announced in the MSCI 2026 Market Classification Review.

International institutional investors cited limited market liquidity, insufficient market information, and underdeveloped trading and post-trading infrastructure as accessibility issues in the market.

Additionally, the timing of Bulgaria’s Eurozone accession and Euro adoption were noted as key factors in determining the appropriate timing for a potential reclassification of Bulgaria to prevent any potential operational challenges.

MSCI continues to welcome feedback on this topic until March 31, 2026 and will announce its decision as part of the MSCI 2026 Market Classification Review.

Korea’s Market Accessibility