MSCI Country Classification Review 2026 Announcement

Research evidence excerpt

MSCI Country Classification Review 2026 Announcement

J P M O R G A N Global Markets Strategy

23 June 2026

MSCI Country Classification

Review 2026

Announcement

• MSCI announced the results of its Annual Market Classification Review after Global Quantitative and Derivatives

the US market close on June 23, 2026. Strategy

Min Moon AC

• Bulgaria will be reclassified from Standalone to Frontier Market status in one (1-212 ) 272-8456

step during the May 2027 Index review. MSCI highlighted the following min.k.moon@jpmorgan.com

improvements: J.P. Morgan Securities LLC

Pankaj Gupta, CFA

• Improved BSE liquidity/turnover (44-20)pankaj.gupta2@jpmorgan.com7134-5483

• More securities meeting Frontier size/liquidity requirements J.P. Morgan Securities plc

• Euro adoption was completed on Jan 1, 2026 with trading/post-trading Vivek G Shah

fully euro-denominated (44-20) 7134-4084

vivek.g.shah@jpmorgan.com

• Indonesia and Turkey are under assessment, flagged for shareholder J.P. Morgan Securities plc

transparency and coordinated trading issues that can distort free float and Joanne Cheung

(852) 2800-8596

weaken price reliability for index replication. MSCI will monitor progress in joanne.cy.cheung@jpmorgan.com

these markets through the November 2026 Index Review and, if sufficient J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

progress is not evident, MSCI may launch a consultation on the appropriate Morgan Broking (Hong Kong) Limited

treatment. Priyanka Saraf

(1-212) 270-1410

• Bangladesh - MSCI confirms that floor prices have been removed from all priyanka.saraf@jpmorgan.com

affected securities in Bangladesh and welcomes the change. If floor prices are J.P. Morgan Securities LLC

reimposed, MSCI may launch a consultation on potentially reclassifying