Indonesian Stock Exchange CEO Resigns Amidst $84 Billion Market Rout

• Iman Rachman, CEO of the Jakarta Stock Exchange, resigned on January 30, taking responsibility for recent market conditions.
• The resignation follows an $84 billion market rout and a significant drop in the Jakarta Composite index.
• The Jakarta Composite index fell over 7% and trading was halted after MSCI warned of a potential downgrade from "Emerging Market" to "frontier market."
• MSCI's concerns include the low free float in large Indonesian companies, with control concentrated among a few individuals.
• Rachman expressed hope that his resignation would lead to improvements in the capital markets.

Why It Matters: Indonesian stock exchange CEO resigns after an $84 billion market rout and potential MSCI downgrade.