Jakarta, July 8 -- The Indonesia Stock Exchange (IDX) committed to defending its "emerging market" status after two major global index providers placed the country on separate watchlists for a potential downgrade to a frontier market.

"We will do our best to ensure that Indonesia, and the Indonesia Stock Exchange, remains a prominent emerging market, with various measures in place," IDX Director of Trading and Member Regulation Irvan Susandy stated on Wednesday.

S&P Dow Jones Indices placed Indonesia on its watchlist on Wednesday morning, citing concerns over market transparency. This followed a similar move by MSCI on June 24, which acknowledged Indonesia's recent capital market reforms but emphasized the need for consistent policy imp...