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MSCI logo [REUTERS]
South Korea has been denied entry into the Morgan Stanley Capital International (MSCI) Developed Markets Index yet again. The country wasn’t even placed on the watch list, which comprises potential additions to the index.
MSCI published the findings from its "2025 Annual Market Classification Review" on their website on Tuesday. This group categorizes international stock markets into three groups: developed, emerging, and frontier. These classifications act as crucial standards for professional investment managers and affect how money moves between different markets.
Currently grouped alongside China, Indonesia, Malaysia, and Brazil as an emerging market, Korea maintained its classification without alterations.
In the 2025 market accessibility assessment, MSCI noted that they would track whether South Korea implements the required adjustments to achieve developed-market status.
The report stated that "MSCI will assess whether these steps have duplicated the results seen in completely functional offshore foreign exchange markets, similar to those in developed markets."
MSCI recognized South Korea’s advancements in regulation and technology, including lifting bans designed to curb unlawful short selling and other unethical trade behaviors. Nevertheless, they pointed out that although market actions have rebounded, investors still worry about the heavy load of adhering to regulations and the potential for sudden changes in rules.
“Just a reminder, for potential reclassification consultations, all concerns must be resolved, full implementation of reforms should occur, and market participants need sufficient time to comprehensively assess the impact of these modifications,” according to the review.
On June 20, South Korea improved its ranking for short-selling accessibility from "minus" to "plus" according to an independent market access review. Nonetheless, various aspects like currency conversion capabilities, investor enrollment processes, account establishment procedures, clearance mechanisms, settlement protocols, and the range of available financial products necessitate further enhancements.
For a nation to qualify for inclusion in the MSCI Developed Markets Index, it needs to stay on the observation list for a minimum of one year initially. In 1992, South Korea was categorized as an emerging market. It got placed on the observation list in 2008; however, it was removed from consideration again in 2014 because of inadequate openness of its markets.
Since Korea didn't make the cut once more this year, the next chance for consideration will arrive in June 2026.
Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY HYEON YE-SEUL [kim.minyoung5@joongang.co.kr]