As of September 23rd 2019, out of the 65 countries in the STOXX index universe, 25 are classified as developed markets, and 21 are classified as emerging markets. A full list of countries including their classification can be found under the dedicated country classification section of the STOXX website: https://www.stoxx.com/country-classification.
There will be no changes in the classification of the 65 countries in the STOXX index universe.
Luxembourg will be classified as a developed market and captured in the Watch List following a STOXX governance decision and in line with section 4.3 of the STOXX Index Methodology Guide.
The STOXX market classification model relies on a completely rules-based and transparent methodology, and is the first such concept to exclude any subjective decisions from the process. The six criteria for the classification of a country as a developed marked include macroeconomic data, market cap, market liquidity, free currency convertibility on onshore and offshore markets, restrictions on capital flows, and governance based on political stability, control of corruption and regulatory quality. The data source for the diverse criteria are highly renowned and independent global organizations (i.e. World Bank, Thomson Reuters and PricewaterhouseCoopers).