MSCI Implements a Freeze on the MSCI Turkey Indexes
Key Highlights
- ➤MSCI freezes Turkish index changes effective immediately until further notice
- ➤Freeze blocks FIF and NOS increases, IMI additions, and upward size migrations
- ➤MSCI cites concerns over coordinated trading and unreliable Turkish free-float estimates
- ➤No sufficient progress by June 2027 could trigger Turkey’s downgrade to Frontier or Standalone status
- ➤MSCI will reassess Turkey indexes in its 2027 Annual Market Classification Review
MSCI announced that it will apply a freeze on certain index related changes for Turkish equity securities resulting from Index Reviews or corporate events, effective immediately and until further notice.
As part of the MSCI 2026 Market Classification Review, MSCI highlighted serious concerns raised by institutional investors about possible coordinated trading through fund holdings closely affiliated with certain smaller listed companies, which undermines the reliability of free float estimates and market integrity. MSCI noted that it would look for tangible and credible progress, including granular and timely disclosure of beneficial ownership, robust surveillance and enforcement against coordinated trading behavior, and a transparent rules-based framework for identifying and treating securities with structurally distorted free float.
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