MSCI is set to upgrade the Greek capital market from emerging market to developed market status, more than a decade after it was downgraded in June 2013.
Raman Aylur Subramanian
The move follows input from various firms on both the buy- and sell-side, and aligns with MSCI’s ongoing market classification review process for Greece, acknowledging the progress of the Athens Stock Exchange, and broader Greek capital market.
The reclassification is set to come into effect at MCSI’s May 2027 index review, and will cover standard, custom and derived indexes.
“Greece’s path from emerging market back to developed market status reflects both the progress achieved by the Greek market authorities and the evolving view among global institutional investors that developed markets Europe operates as a cohesive investment region,” said Raman Aylur Subramanian, head of market classification and taxonomies at MSCI.
“Market participants recognised that Greece’s market infrastructure has converged with developed European standards and meets the criteria for developed markets. This reclassification decision follows sustained market reforms and dialogue between market authorities, the investment community and MSCI.”
Specifically, the upgrade is expected to enhance institutional investor participation in Greek markets, as well as boost the international positioning of the Athens Stock Exchange in the global investment landscape.
As part of the implementation plan, Greece will also be added to the developed Europe single market index construction process for determining the MSCI Greece indexes.
Snapshots of the simulated MSCI Europe indexes incorporating Greece will also be provided as part of the review, to support market participants in the transition.
Yianos Kontopoulos, chief executive of the Athens Exchange Group, said: “Following today’s decision by MSCI, the Athens Stock Exchange takes another important step toward its final reclassification as a developed market. This milestone reflects a strong and growing vote of confidence in the growth trajectory and institutional maturity of the Greek capital market.”
The move also follows Euronext’s acquisition of the Athens Stock Exchange in November 2025, which integrates the Euronext’s trading and post-trade technology into a combined group, with a cross-border clearing framework.
As part of the acquisition, Euronext will also establish a new Group-level support and technology centre in Athens to support the firm’s business lines and ensure the development of its network.