JP Morgan revising definition of emerging markets

JP Morgan is working on revising how it defines emerging markets, in a move that would affect how its widely used EM bond indices are calculated, say sources. The GBI-EM Global Diversified index tracks $883 billion in face value of local-currency sovereign debt, and the EMBI Global Diversified Index $274 billion of US dollar-denominated sovereign debt. The planned revision is unlikely to mean significant changes to the index series. Rather, it is thought the bank's motiv…