FTSE Russell Equity Country Classification March 2020

FTSE Russell has published the results of its March interim country classification review of equity markets. A summary of the updates can be found below.

View the full document here:

  • Argentina: possible reclassification from Frontier to Unclassified effective in one tranche from September 2020, subject to existing capital controls not being removed by 28 September 2020
  • Peru: reclassification from Secondary Emerging to Frontier market status, effective in one tranche from September 2020
  • Romania: reclassification from Frontier to Secondary Emerging market status, effective in one tranche from September 2020 subject to a minimum of two Romanian securities meeting the FTSE Global All Cap Index eligibility screens
  • Tanzania: reclassification from Unclassified to Frontier market status, effective in one tranche from September 2020
  • Vietnam: Vietnam was added to the Watch List in September 2018 for possible reclassification to Secondary Emerging market status. FTSE Russell continues to engage with the Vietnam market authorities as they implement reforms aimed at developing the capital market. Vietnam is retained on the Watch List as a Frontier market and will be reviewed for possible reclassification as a Secondary Emerging market, within the FTSE Country Classification scheme at the Annual Review in September 2020.

The FTSE Equity Country Classification process involves the assessment of markets against 21 criteria, known as the FTSE Quality of Markets matrix. These criteria are regularly reviewed and in January 2020, several changes were introduced. A full explanation of these changes, which have not resulted in country classification changes at the March interim review, can be found here:


FTSE Russell will publish the results of its Fixed Income Country Classification interim review after US market close on 2 April 2020. The next annual FTSE Russell country Classification review for equity and fixed income markets will be in September 2020.