EFTA Document EFTA01377071

CIO Insights -August 2016 Glossary 19 Global Industry Classification Standard The Global Industry Classification Standard was developed by Standard and Poor's and Morgan Stanley Capital International (MSCI) to define equities sectors. Liquidity Liquidity refers to the degree to which an asset or security can be bought or sold in the market without affecting the asset's price and to the ability to convert an asset to cash quickly. MSCI AC World Index The MSCI AC World Index captures