Iman Rachman, chief executive officer of the Indonesia Stock Exchange (IDX), speaks to members of the media in Jakarta, Indonesia, on Friday, Jan 30, 2026. Rachman said he will step down following a two-day market rout sparked by MSCI Inc.'s warning of a possible downgrade. Indonesian stock exchange CEO Iman Rachman resigned on Friday, following a rout that saw the country's share market lose $84 billion over the past two days on concerns over a possible downgrade by index provider MSCI. In a release, the Indonesian Stock Exchange said Rachman had stepped down, taking responsibility for "recent market condition," without elaborating. MSCI on Tuesday warned of a potential downgrade of the country to "frontier" market status, from emerging market by MSCI, highlighting concerns over trading transparency.