Morgan Stanley Capital International (MSCI) recognizes Romania's capital market as an "Advanced Frontier Market"

Bucharest, 26 June 2025 - The Financial Supervisory Authority (ASF) welcomes Morgan Stanley Capital International's (MSCI) decision to include Romania in the "Advanced Frontier Market" category in its global capital market classification.

This recognition consolidates the upward trajectory of the domestic capital market and confirms the progress made in recent years in terms of liquidity, infrastructure, corporate governance, and accessibility for institutional investors.

The intermediate classification, positioned between the current status of "Frontier Market" and "Emerging Market" in the MSCI classification, represents a milestone in the medium- and long-term development strategy of the Romanian capital market. At the same time, it signals to international investors that the market is maturing and structural risks are decreasing, thus facilitating the attraction of capital to companies listed on the Bucharest Stock Exchange (BVB).

"Romania's recognition as an Advanced Frontier Market by MSCI confirms the sustained efforts of the authorities and market players to align with international standards. It is a step that strengthens global investors' confidence in the potential of the Romanian economy. The increase in stock market capitalization, the growth of institutional investor participation in the market, and the strengthening of governance mechanisms remain priorities for ASF," said Mr. Alexandru Petrescu, President of the Financial Supervisory Authority.

The status of "Advanced Frontier Market" will contribute to greater international visibility for the Romanian market, with direct potential for growth in trading volumes and access to capital market financing for companies.

"This decision is strategically important for Romania, as it strengthens the capital market's position as a sustainable source of financing for the economy and as a tool for attracting private capital. The role of ASF in this process has been to promote a stimulating and predictable regulatory framework by supporting market reforms and through constant dialogue with institutional investors, issuers, and international bodies," said Mr. Alexandru Petrescu.

About five years ago, Romania was promoted to Emerging Market status by global index provider FTSE Russell, a recognition that marked a key moment in the capital market's maturation process. The 2020 classification facilitated Romanian companies' access to international capital and contributed to increased visibility and liquidity on the Bucharest Stock Exchange, strengthening the conditions for obtaining similar recognition from MSCI.

ASF reaffirms its commitment to supporting the sustainable and transparent development of non-bank financial markets, for the benefit of the Romanian economy and all market participants. The non-bank financial sector accounts for around 12% of GDP and has an impact on 10 million Romanians.