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1 In 1999, MSCI and Standard & Poorâs developed the Global Industry Classification Standard (GICS), seeking to offer an efficient investment tool to capture the breadth, depth and evolution of industry sectors.2  GICS is a four-tiered, hierarchical industry classification system.ho itâs for. GICS is a common global classification standard used by thousands of market participants across all major groups involved in the investment process: asset managers, brokers (institutional and retail), custodians, consultants, research teams and stock exchanges.