MSCI（MSCI.N）周四冻结了对其土耳其股票指数的某些变更，称需要更多时间评估市场改革，并警告称，如果到2027年中期未取得足够进展，可能会被降级。
MSCI (MSCI.N) on Thursday froze certain changes to its Turkey equity indexes, saying it needed more time to assess market reforms and warning of a potential downgrade if sufficient progress was not made by mid-2027.
土耳其股票市场因自由流通股计算以及部分股票涉嫌协调交易而受到投资者审查。
Turkey's equity market has faced investor scrutiny over free-float calculations and suspected coordinated trading in some stocks.
MSCI的决定使土耳其的新兴市场地位保持不变，但未来降级为边际市场地位可能会引发跟踪MSCI新兴市场指数的基金抛售。
MSCI's decision leaves Turkey's emerging-market status unchanged, but a future downgrade to frontier-market status could trigger selling by funds that track the MSCI Emerging Markets Index.
该冻结立即生效，并将一直持续到另行通知，影响源自指数审查以及涉及土耳其证券的公司事件所产生的变更。
The freeze took effect immediately and will remain in place until further notice, affecting changes stemming from index reviews and corporate events involving Turkish securities.
MSCI表示，该决定是在其2026年市场分类审查期间提出的担忧之后作出的，担忧涉及“通过与某些较小上市公司关系密切的基金持股进行可能的协调交易”。该指数提供商表示，此类活动可能会削弱自由流通股估计的可靠性以及更广泛的市场完整性。
MSCI said the decision followed concerns raised during its 2026 Market Classification Review over "possible coordinated trading through fund holdings closely affiliated with certain smaller listed companies." Such activity could undermine the reliability of free-float estimates and broader market integrity, the index provider said.
MSCI表示：“机构投资者需要看到针对协调交易的可信且持续的执法，以及能够独立验证土耳其证券自由流通股的披露标准。”
"Institutional investors will need to see credible and sustained enforcement against coordinated trading, and disclosure standards that enable independent verification of the free float of Turkish securities," MSCI said.
土耳其符合全球机构投资者规模和流动性要求的股票池相对较小，资本集中在少数几只股票中，增加了对自由流通股计算和交易活动的审查。
Turkey has a relatively small pool of stocks that meet the size and liquidity requirements of global institutional investors, concentrating capital in a handful of names and increasing scrutiny of free-float calculations and trading activity.
基准BIST 100（.XU100）指数有望连续第五周下跌，且较5月的历史收盘高点下跌超过20%。
The benchmark BIST 100 (.XU100) is on track for a fifth straight weekly decline and is down more than 20% from its record closing high in May.
在冻结期间，MSCI将不会提高外资纳入因素或其指数中使用的股票数量，不会将证券加入MSCI土耳其可投资市场指数，也不会在规模细分指数之间进行上调迁移。
Under the freeze, MSCI will not increase foreign inclusion factors or the number of shares used in its indexes, add securities to the MSCI Turkey Investable Market Index, or make upward migrations across size-segment indexes.
MSCI表示，如果到2027年6月仍未出现明显进展，该公司可能会采取进一步措施，包括就将土耳其从新兴市场类别下调至前沿市场或独立市场类别的可能性征询各方意见。
MSCI said that if sufficient progress was not evident by June 2027, it could take further steps, including consulting on a potential downgrade of Turkey from emerging-market to frontier- or standalone-market status.
MSCI还将继续听取市场参与者的反馈，并密切监测各项监管及执法措施的实际成效。
It will continue seeking feedback from market participants and monitoring the effectiveness of regulatory and enforcement measures.
标准普尔道琼斯指数公司也于7月份发出警告称，由于市场透明度不足及其他相关问题，土耳其存在从新兴市场类别被下调至前沿市场类别的风险。
S&P Dow Jones Indices (SPGI.N) also warned in July that Turkey risked a downgrade to frontier-market status from emerging-market status over market transparency and other concerns.