MSCI plans to add a new non-operating company screening standard to its global indexes, which could remove companies such as MicroStrategy, now Strategy Inc. (MSTR), and Metaplanet (MTPLF) from related indexes. According to PANews, MSCI has opened the proposal for market feedback, with comments due by September 30 and a final decision scheduled for October 16.

The proposed rule would build on existing exclusions for funds and business development companies by adding two quantitative screens. First, MSCI would assess whether a company has sufficient operating assets based on its asset structure. Companies that fail that test would then be evaluated using five financial ratios: operating asset intensity, expense intensity, cash flow, the share of fair value changes, and capital dependence. A company would be deemed ineligible if it triggers four of the five measures.