MSCI welcomes opening of Saudi equity market to foreign investment

10/06/2015 18:56 AST

MSCI states that it expects this development to contribute to the further expansion of the global investment opportunity set available to institutional investors.

Because the opening up of the Saudi equity market is a very recent development, however, MSCI will monitor the effectiveness of the opening of the market and gather feedback from international investors before considering a proposal to include the MSCI Saudi Arabia Index in the MSCI Emerging Markets Index. MSCI reflects regulatory changes in its accessibility assessment only after investors have fully absorbed the changes and are able to provide meaningful feedback.

In particular, MSCI will be seeking feedback from market participants on (1) the newly introduced Rules for Qualified Foreign Financial Institutions Investment and the related registration process, (2) potential constraints resulting from the stringent 20 per cent foreign ownership level applied to listed securities on the Saudi Stock Exchange, (3) prefunding requirements resulting from the T+0 settlement cycle imposed for equities on the Saudi Stock Exchange and (4) a requirement for investors to operate with segregated custody and trading accounts to mitigate the risk deriving from local brokers having unlimited access to trading accounts.

On June 1, 2015, MSCI launched MSCI Saudi Arabia Indexes as standalone indexes based on the MSCI Emerging Markets Index construction methodology.


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