FTSE Russell Maintains Indonesia as Secondary Emerging Market

FTSE Russell maintained Indonesia's status as a Secondary Emerging market in its September fixed-income country classification announcement. The index provider is currently evaluating the effectiveness of capital market integrity reforms implemented by the Government of Indonesia, including expanded investor classification categories, minimum free float requirements, and enhanced shareholder disclosure.

This decision follows a period of stagnation where FTSE Russell postponed index changes for Indonesia during its March, June, and September 2026 reviews. The scrutiny stems from global concerns regarding the transparency and investability of Indonesia's capital markets, which have been among the worst performers in the Emerging Asia region.

To address these issues, the Government of Indonesia introduced improved market surveillance tools and disclosure rules. FTSE Russell intends to provide a further update on the status of these reforms before its final review in December.