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WFE 2008 Domestic market segmentation survey

October 2009

Objectives of the survey

Determine the weight of each of the following four tiers (large, medium, small, micro market caps) in each single exchange in terms of market capitalization, number of listed companies, share trading value and number of trades Identify the segments which contribute the most to exchange business and revenues Analyze the liquidity of each segment, using the turnover velocity ratios In the following slides, results are displayed at: 1. 2. 3. WFE global level regional levels, as well as for each individual member who has answered the questions

Methodology (1)

Domestic market cap was split into listed companies classes according to their relative size and thresholds into 4 segments: 1 - Large market cap segment: domestic companies with a market cap over USD 1.3 bn 2 - Mid market cap segment: domestic companies with a market cap comprised between USD 200 m and 1.3 bn 3 - Small market cap segment: domestic companies with a market cap comprised between USD 65 m and 200 m 4 Micro market cap segment: domestic companies with a market cap less than USD 65 m

y y

The same threshold levels were kept for this second survey. Important change in the methodology between the previous survey: only EOB trading was considered for 2008 while total trading was used for the first study

Methodology (2)

In addition to the number of domestic listed companies, 3 other market indicators were also distributed according to these 4 segments: 1. 2. 3. number of domestic listed companies value of domestic share trading on the EOB; and number of trades of domestic shares on EOB

Turnover velocities were calculated by using the yearly average ratio between share trading value of each segment and its relative market cap

Study is based on 47 answers received from the following members:


Americas
Bermuda SE BM&FBOVESPA Buenos Aires SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext US Santiago SE TSX Group

Asia - Pacific
Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia Exchange Korea Exchange NSE of India New Zealand Exchange Osaka SE Philippine SE Shanghai SE Singapore Exchange Taiwan SE Corp. Thailand SE Tokyo SE

EMEA
Amman SE Athens Exchange BME Borsa Italiana Budapest SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Luxembourg SE Malta SE Mauritius SE NASDAQ OMX Nordic Ex. NYSE Euronext Europe Oslo Bors SIX Swiss Exchange Tel Aviv SE Warsaw SE Wiener Brse

Main findings
Segmentation of market cap at WFE level Logically, market cap of WFE exchanges was dominated by the large market cap segment (67% in 2008) down from 75% in 2007, reflecting the effect of the crisis Second relevant point to be noted: more than half listings (micro cap companies 58%) represented only 5.4% of total market cap

Segmentation of listing at WFE level Number of micro cap domestic companies listed on WFE exchanges was by far the largest (58% in 2008) while the number of large market cap companies was the lowest (8%) The core of listing was composed of small and micro cap companies (74%) while mid-sized companies registered a quite stable share at approx. 18%

Segmentation of share turnover at WFE level Not surprisingly, large cap companies generated the largest part of domestic share trading (64% in 2008) despite a decrease v. 2007 (70%) following the same evolution than market cap Mid cap equities represented almost one quarter (23%) of total EOB trading while small & micro cap segments had a non negligible share (7% and 6% respectively)

Segmentation of number of trades at WFE level Not surprisingly, trading of large companies generated the largest number of trades (47%) It is however of remarkable relevance to note the relatively high number of trades generated by the micro cap equities (17%) especially when compared to their share trading in value (6%)

Main findings (cont. 1)


Segmentation of number of trades at WFE level (cont.) The same remark applies to mid and small cap segments which also generated a high number of trades (26% and 10.3% respectively). Added together, the mid, small & micro cap segments generated more trades than the large cap one (53% v. 47%)

Segmentation in Americas region level In total market cap segmentation: highest part of large cap segment (69%) across the 3 regions, and less importance of small & micro cap segments In trading value segmentation: the preeminence of large cap shares trading (78% in 2007 v. 56% in 2008) has been contested by the rise of mid cap stocks trading (18% in 2007 v. 35% in 2008) and at a lesser extent by the rise of small & micro cap stocks trading

Segmentation in Asia-Pacific region The drop in market cap of large companies was less important than at WFE level (65% in 2008 v. 70% in 2007); the traditional importance in the region of mid, small and micro market caps was reinforced in 2008 Relatively small number of large cap companies in listings: 5.6% against 8% at WFE level, 12% in Americas and 7.5% in EMEA; more than half listings (58%) is represented by micro caps (the highest level across the three regions) In trading value segmentation: quite surprisingly and contrary to other regions, large cap companies trading remained stable and even gain some parts (from 56% to 59% in 2008) while other segments showed quite similar percentages of total trading

Main findings (cont. 2)


Segmentation in EMEA The direct effect of the general share price decline triggered a noticeable reduction of large companies in total market cap (from 78% in 2007 to 67% in 2008). Most importantly, the number of large cap companies was reduced by half between 2007 & 2008 (from 15% to 8%). In consequence, the part of mid (21%), small (7%) and micro (6%) cap segments surged significantly in 2008 Similar evolution can be observed in trading: decrease in both value and volume of large cap stocks (from 78% in 2007 to 68% in 2008 for value) and surge in value and volume of mid, small and micro stocks

General conclusions
The market segmentation survey clearly indicates the direct effects of the crisis with: Important decline of the relative weight of the large cap segment in all areas in  domestic market cap  Number of domestic listed companies  Share trading value  Number of trades The other 3 market segments (mid, small, micro) have seen their importance rising in trading. This is especially well described by their importance in number of trades (in 2008, trades of these 3 segments represented more than 50% of total domestic trades) These effects can be observed in all regions across WFE, although with varying intensity Turnover velocity ratios confirm the focus put on mid, small and micro caps companies trading

While in 2007, turnover velocity of Micro caps was very important, in 2008 the highest velocity was found in the trading of mid and small caps, more than to micro and large caps

Distribution of domestic market capitalization at WFE level by market segment (average data)
In 2008
5, %
,1%

In 200
5,0%
3,5%

20, %

1 ,2%

66,9%

Large cap

id cap icro cap

,3%

m all cap

Distribution of the number of domestic listed companies at WFE level by market segment (average data)
In 2008
7,7% 45.8%
18,5%

In 2007
12. %

22.2%

57,7%

16,1%
arge cap
id cap

mall cap
icro cap

19.1%

Distribution of domestic share trading (EOB) at WFE level by market segment (average data)
In 2008

In 2007
5,7% 6,6%

6,0% 7,3%

23,0%

19,6%

63,7%

68,0%

Micro ca

Small ca

Mid ca

arge ca

Distribution of number of trades of domestic shares (EOB) at WFE level by market segment (average data)
In 2008
16,8%

In 2007
14,2%

10,3%
47,2%

11,7%

50,8%

25,7%

icro ca

 

m all ca

id ca

arge ca

  

23,4%

WFE 2008 Domestic market segmentation survey Americas

October 2009

Distribution by market segment in Americas (average data)


Domestic market capitalization by segment
5,9%
2,9% 48,9% 22,1%

Number of domestic companies listed by segment


11,6%

22,1%

Large cap Mid cap

Small cap 69,1%


Micro cap

17,4%

Domestic share trading (EOB) by segment


5,2% 3,8%

Number of domestic equity trades (EOB)by segment


6,8% 5,3%
140%

Turnover velocity by segment


120,3%

120%
100%

112,5% 100,6%

80%
58,7%

56,2% 34,7%
33,1%

54,8%

60%

40%
20% 0%

Bermuda Stock Exchange


Domestic market capitalization by segment
Number of domestic listed companies by segment
0,0%
12,5%

Domestic share trading (EOB) by segment


,
,0

Number of trades in domestic shares (EOB) by segment


,3

'3 01

0,0

 

 )

4 3

( (

'1 '2

'% '& ' '0

'

0,0

0,0

'%

$ #

"!

65 4

 

' 2%

' &%

 

4 ,3


, Lar e cap i cap Small cap icr cap

  
,

0,0

18,8%

68,8%

Turnover velocity by segment


0

,3

BM&FBOVESPA
Domesti market apitalization by segment
10,0% 1,7% 0,5%

Number
32,9%

mesti

mpanies listed by segment


16,8%

29,8%
M

87,8%

S all cap M cro cap

Domesti share trading


10,6%

OB by segment

1,8% 0,5%

Number of trades in domesti shares by segment 2,0% 2,9% 13,7%

87,1%

8 @ 98

arge cap cap

20,4%

OB
110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Turnover velocity by segment


95,9%
102,5% 101,9%

97,2%

81,4%

Buenos Aires Stock Exchange


Domestic market capitalization by segment
5,3%
27,5% 65,1% 2,2% 57,0%

Number of domestic companies listed by segment


5,6%

19,6%

Domestic share trading (EO


6,2% 9,8%

by segment

28,2%
20% 16,1% 15%

55,8%

E C E GG F E DC A
i ca a ca i cro ca

a rge ca

17,8%

Turnover velocity by segment


25%

22,6%

14,7%

10%
5% 0% 3,4%

Lima Stock Exchange


Domestic market capitalization by segment
6,0%
7,7%

Number of domestic companies listed by segment


4,0% 10,4%

13,4%

55,9% 30,3%

Domestic share trading (EO


16,2%

by segment

Number of trades in domestic shares (EO by segment


18,1%
30%

27,8%
9,8%

12,0%

46,2%

S U T S RR I QP H

40,2%

La g e ca i ca Sm a ca i c o ca

72,1%

Turnover velocity by segment


26,1%

29,7%

25% 20%

15% 10% 4,8%


5% 0%

14,8%
12,4%

Mexican Stock Exchange


Domestic market capitalization by segment
12,6%

Number of domestic companies listed by segment


20,8% 21,6%

1,3%

0,3%

18,4%

Mi ca

85,8%

Mic o ca

Domestic share trading (EOB) by segment


0,6% 0,1% 17,6%

Number of trades in domestic shares (EOB) by segment


1,8% 30,1% 1,0%
60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 67,1% 10% 5% 0%

81,7%

X W X aa ` X Y WV
a ca

a ge ca

39,2%

Turnover velocity by segment

50,6%

34,5%

15,0%

18,2%

NASDAQ OMX US

Domestic market capitalization by segment


2,9%

Number of domestic listed companies by segment


7,8% 43,3% 28,7%

1,3%

17,3%

78,4%

M S M

st

sh

n (EOB), nu b

f qu ty t

s, n tu n v

srq wvqi srq uur t srq pi hcg fedcb


v ty by s nt n t v b

20,1%

NYSE Euronext US
Domesti market apitali ation
4, %

segment

Number of omesti listed ompanies by segment


19,8% 33, % 15,4%

0,4%

0, %

94,9%

Domesti share trading EOB by segment


1,0% 10,8% 0,2%

Number of equity trades EOB by segment


3,1%
20,8% 1,3%
700% 600% 500% 400% 300% 200%

8 ,9%

y yx
ro

r e

31,3%

Turnover velocity by segment


633,0%
633,1% 524,9%

247,3%

74,8%

100% 0%

Santiago Stock Exchange


Domestic market capitalization by segment
4,6%
20,6% 1,1%

Number of domestic companies listed by segment


11,9%

46,4%
20,9%

73,7%

1,6%
16,9%

0,6%

30% 25,0%

18,2%

25%
20% 15% 10% 5% 8,1% 18,8% 13,9%

80,8%

75,7%

0%

eg l kg i j i h f g g f e

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB) by segment 3,5% 2,6%

d
Tur

a g e ca i ca S a ca i c o ca

20,9%

v rv l

it

TSX Group

Domestic market capitalization by segment


4,9% 11,8% 3,3%

umber of domestic companies listed by segment


6,6 11,6

Large cap Mid cap Small cap Micro cap

Domestic share trading (EOB), number of equity trades, and turnover velocity by segment are not available

80,0%

78,8

3,0

WFE 2008 Domestic market segmentation survey

Asia - Pacific

October 2009

Distribution by market segment in Asia-Pacific (average data)


Domestic market capitalization by segment
6,8% 8,6%

Number of domestic companies listed by segment


5,6% 19,1%

Large cap Mid cap 20,1% 64,6% Small cap Micro cap 17,7%

57,7%

Domestic share trading (EOB) by segment


6,7%

Number of domestic equity trades (EOB) by segment


24,8%

Tur

r
169,7

9,1%

104,8

59,8% 24,4% 13,4% 26,7%

145,5

o o

o o

o o o o

200 180 35,1% 160 140 120 100 80 60 40 20 0

185,7

Australian Securities Exchange


Domestic market capitalization by segment
2,8% 11,7%
16,6%

Number of domestic companies listed by segment


7,7%

1,7%

83,9%

Large cap Mid cap Small cap Micro cap

59,6%

16,1%

Domestic share trading (EOB) by segment


9,0%

Number of domestic equity trades (EOB) by segment


4,4% 21,7%

Tu
00 90 80 70 0 0 40 0 20 0 0

1,5%

1,3%

5,4%

97.4 7 . . 72.

88,2%

68,5%

uq sz ysx vw vu tr s p s rqp
v v l i

Bombay Stock Exchange


Domesti mar et a italization
15,2

se ment

m er of omesti

om anies liste

se ment

76,5

Lar ap Mi ap S all ap Mi r ap
m er of e it tra e s se m ent

12,

5 7

2 ,1

2 5

32,0

48,

55,2

1 ,

88,6

120 110 100 90 80 70 60 50 40 30 20 10 0

Domestic share trading value (EOB) by segment

Turnover veloci by segment


110,1

9 ,0

~

4,5

|}

3,

1,

4,2

5,0

Bursa Malaysia
Domestic market capitalization by segment
7,2%
7,8%

Number of domestic companies listed by segment


2,9% 8,9% 13,4%

Large cap Mid cap Small cap 22,1% 62,9% Micro cap

74,8%

10,3%

7,1% 11,3%

9,5%

6,0%

23,2%

59,4%

73,1%

Domestic share trading (E B by segment

Number of domestic equity trades (E B by segment


70% 60%

Tur over ve o t y y seg e t

55,1% 39,9%
44,4% 41,5%

50%
40% 30% 20% 10%

0%

Colombo Stock Exchange


Domesti market apitalization b se ment

Number of domesti

ompanies listed b se ment


1,3% 3,8%

27,7%

50,4%

Small ap
21,9% ir ap

Tradin value of domesti s ares (E B b se m ent

0,0%

36,2% 48,3%

Turnover velo i ty by segment Number of domesti e uit trades (E B b se m ent 0,0% 5,3% 50% 6,7% 3 ,4%
40% 30%

10% 0,0%

15,5%

88,0%

0%

20%

Lar

ap

ap

94,9%

0,0

0,0

1 ,0%

1 ,2%

Hong Kong Exchanges


Domesti ma e t ca itali ation by segment
8,7% 2,2% 1,2%

Domestic share trading (EOB) by segment 11,2% 1,6% 1,0%

Number of domestic equity trades (EOB) by segment

Tu n v
160% 140% 120% 100% 80% 60% 40% 20% 115,

6,0%
24,0%

4,2%

86,2%

65,8%

0%

Number of domestic companies listed by segment


9,4% 17,3%

Large cap Mid cap Small cap Micro cap

20,4% 52,9%

87,8%

v l

nt

151,5%

87,1%

96,4%

Indonesia Exchange
Domestic market capitalization by segment
7,5% 22,5% 4,8%

umber of domestic companies listed by segment


4,8% 11,6%

17,7%

65,2%

4,3%

34, %

1,1%

4,6%

58,9%

9,4%

89,3

1 , %

180 160 140 120 100 80 60 40 20 0

108,1

Domestic share trading (EO

by segment

u mber of domestic equity trades (EO by segment 15, %

65,9%

Turnover velo it

se

e nt

160,7

88,5

Korea Exchange
Domestic market capitalization by segment
Number of domestic companies listed by segment
4,1%
7,6% 12,2% 5,

8,7%
19,8%

1,9%

300

2
1

150
100

50

69,6%

68,3%

7,6% 200

9,6%

250

,4

Domestic share trading ( O B) by segment

Number of domestic equity trades ( O B) by segment 400 14,6% 350

Turnover velo it b se ment


357,3

74,


Large cap Mid cap S all cap Micro cap

5,

76,1%

5,9

,1

National Stock Exchange of India


Domestic market capitalization by segment

Number of domestic companies listed by segment


6,6%

6,1% 18,4%

3,1%
11,4%

7,3%

72,4%

26,9%

54,4%

Domestic share trading (

) by segment


77, Large cap Mid cap Small cap Micro cap


60,8% Number of domestic equity trades ( segment ) by
160% 140% 120% 100% 80% 60% 40% 20% 0%

4,3

,3

15,6%

17,1%

Turnover velocity by segment


156,0% 145,2% 128,0%

101,

New Zealand Exchange


 1)0A 4 6 C 2
4

Domesti market apitalization b se ment


4,0%
17,3%

m ber o

omesti

ompanies liste b se ment

27,1%

51,7%

44

84

%&$'

% $@9

1 087

%$#

1 0)

130% 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

117,6%

P F H U T HS Q R Q P I H G E H G F E D

3B

Domesti share tra in (E B ) b se m ent

Number o

o mesti e u it tra es (E B ) b se m ent

 

Lar cap i cap Small cap icr cap

lo i

36,3% 19,7% 14,4%

 

"

! 

 



4 6

5 4 3

%($' 2

% $ &

Osaka Securities Exchange


Domestic market capitalization by segment
Num be r of dom e stic com panie s liste d by se gm e nt
3,4% 10,4% 17,1%

80,

19,5%

2 ,8%

ba

9,9

5,2

ed c

29,8%

Domestic share trading (E B) by segment

WV

Y X
Large cap
Mid cap Small cap 72,
69,1%

6,5

W`
Micro cap Number of equity trades (E B ) by segment 25,9
220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
201,0%

6,

5,2%

Turnover velocity by segment

149,7%

161,0%

108,6%

Philippine Stock Exchange


Domesti market apitalization b se ment
5, %

Number of domesti ompanies listed b se ment


4,5% 11,9%

9,6%

26,2% 58,4%

4 ,5%

4 ,9%

14, %

6, %

16,5

19,6

40 35 30 25 20 15 10 5 0

,9%

16,9%

, %

45

, %

Domesti s are tradin

b se ment

50

39,7

fe d

Number of domesti e u it trades se m ent

u t ss rq pi

16,8%

Lar cap i cap Sma cap icr cap

66,8%

Turnover velo it

se

ent

xx y

31,9

Singapore Exchange
Domestic market capitalization by segment
0, %

Number of domestic companies listed by segment


16,0% 12,4%
Large cap Mid cap

20,2% 4,4%

74,

Domestic share trading (EOB) by segment 4,7% 21,6%


900% 800%
700%

Turnover velo it

3,8%

600% 500% 400% 300% 89,8% 82,8% 100% 0% 200%

69,9%

n lm l k

hg

4,6%

Small cap Micro cap

67,0%

se m ent
842,0%

102, %

Shanghai Stock Exchange


Dom
15,2% 30,4%

m k
2,5% 0,1%

on y

gm nt

Num

of om tic com nies isted y segment


3,9% 13,7%

ca ca Small ca c ca La 82,2%

700

48,5%

500 400

00

47,9%

100

41,7%

200

109,2

} ~ } } } 

37,5%

00

9,6%

0,3%

{z

{z

Domestic sh e trading (

B) y segment

800

Num er of domestic equity trades ( segment 0,4% 14,2%

B) y

Turno er elocity by segment


707,0 508,7
518,0

r vo ts r r uts r q po |

5 ,0%

yx

Shenzhen Stock Exchange


Domestic market capitalization by segment

mber o

omestic companies liste by segment

39,5%

45,9%
Domestic s a re tra ing 1 , by segment

8,

1,

m ber o

o mestic equity tra es by segment


, 1 ,

Tur o er velo it
350% 300%

250%
200%

218,7%

150%
100%

113,6%

50%

0%

Large cap i cap Small cap icr cap

,1

13,8%

0,9%

,1

se

e t
310,9%

258,6%

Taiwan Stock Exchange Corp.


Domesti market apitalization by segment
6,8% 21,6%
2,6%

Number of domesti ompanies listed by segment


6,3%

40,4%

24,0%

69,0% Domesti share trading ( 11,5%

16,5%

35,8%

250
200 150 100

34,5%

51,0%

40,8%

50

164,6

300

350

3,0%

400

356,0

375,8

) by segment

Number of domesti equity trades ( segment 6,9%


) by

Lar ca i ca Small ca icr ca

29,4% T r o er elocity y seg e t

255,2

Stock Exchange of Thailand


Domestic market capitalization by segment
7,6% 10,4% 16,4%

Number of domestic companies listed by segment


2,9% 9,0%

Large cap Mid cap

25,6%

Small cap Micro cap


56,4% 71,8%
Do m estic share trad in g (EOB) b y seg m en t
1 4 ,8 %

250% 201.9% 200% 150% 10 .0 100% 80.0 8 .1%

8,7%

21,5%
19,9%

50% 0%

56,5%

15,2%

Number of domestic equity trades (EOB) by segment 22,0% 41,2%

Tu nov

v lo i

seg en

Tokyo Stock Exchange


Domesti mar et a italization
2,3%
12,9% 0,6% 25,9%

se ment

Num er of domesti

om anies listed
16,7%

se ment

Lar ap Mi ap S all ap Mi r ap 84,2%

Domesti share tradin (


2,0%

B)

se ment
250

11,3%

0,6%

100

86,1%

50

150

165,6

16 ,9

200

193,8

25,4%

32,1%

Tu n v r v l c i

b s g

195,3

WFE 2008 Domestic market segmentation survey

Europe Middle East Africa

October 2009

Distribution by market segment in EMEA region (average data)


Domestic market capitalization by segment
6,5% 20,5% Large cap 5,5%

Number of domestic companies listed by segment


7,5

Small cap
67,5%

Micro cap

Domestic share trading (EO by segment

Number of domestic equity trades (EO by segment


140%

52,1

6 ,4

23,2

1 ,6

9,4

6,7

6,3

15,4

61,3

Tu n

120% 100% 80% 60%

116,0% 82,5% 71,0% 86,8%

40%
20%

0%

Mid cap

14,6

16,7

Amman Stock Exchange


9,8% 1,9

16,3%
62,2%

Large cap Mi cap S all cap Micro cap

17,5

26,1

59,

16,5

50 0

100

31,6

150

0,5

25,9

15,4

200

121,2

112,9

250

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB) by segment

77,1

Turnover velo it

se m ent
235,3

11,7%

Number f

mes

mpanies is ed by segment
6, 14,

Athens Stock Exchange


Domesti market apitalization y segment
6,

m er o

omesti

ompanies liste

5

y segment
 
55

 &

68

25

  

 

  

  

66

86

  

 

 

140% 120%

131,1%

89

100%

68

80% 60%
40% 20% 0%

69,8%

55,5%

3 3 2

$#

"

"

% ('

$#

Domesti share tra ing (

B ) y segment

m er o

o mesti e ity tra es ( y segment

(0 !

64,3

Lar e ca M ca Small ca M cr ca

68

B)

Turnover velo it b se m ent

 

"

4,8

4,8

93,0%

BME
Domestic market capitali ation by segment
4,8% 0,7% 2,7%

0,5% 2,4% 0,2%

10,3%

1,3%

0,9%

87,5% 96,8%

200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%

192,1%

92,8%
58,0% 35,6%

@9

78 7 6

Domestic share trading (EOB) by segment

Number of domestic companies listed by segment


1,8% 2,3% 1,6%

Large cap Mid cap Small cap Micro cap 91,8% 94,3%

Number of domestic equity trades (EOB) by segment

Turnover velo it

se

ent

Borsa Italiana
Dom stic mar
, % , %

t capitalization
,6%

s gm nt

Numb r of dom stic compani s list d by s gm nt


29,9%
17,0%

88,8%

100

78,8%
9 ,9%

50 0

150

126,4
87,3

200

1 ,8%

250

4,3% 0, % 0,3%

2,9%

2,4%

300

282,3

st s r

p i h gf d

W W ed d

Dom stic shar trading

by s gm nt

Numb r of dom stic u ity trad s s gm nt

PEI FIRQ PEI ET PEI SRQ PEI H GFE

b ` a YX

DC V W

BA W

ll o

31,3%
21,8%

by

Turnover velo it

se m ent

138,2

Budapest Stock Exchange


Domesti mar et a italization
3,7% 2,5%

se ment

um er of domesti

om anies listed
10,0%

se ment

10,8%
12,5%

Lar ap Mi ap S all ap Mi r ap 82,9%

15,0%

1,7%

0,9% 1,4%

um er of domesti e uit trades (E B) se ment


2,5% 9,0%

4, %

,7%

95,9%

Domesti share tradin (E B )

se m ent

x xy x wv

62,5%

Turnover velocity by segment


200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%

172,7%

84,7% 37,4%

23,5%

Cypr
ik gfj

t
segment

Domestic market capitalization

Number of domestic companies listed by segment


1,5% 0,7% 11,0%

16.4%
29,0% 36,1%

11.1% 49.8%
12,2%

22.8%

22,7%

Domestic share trading ( OB) by segment


n

Number of domestic equity trades ( O B) by segment


120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

110,7%

23,5%

14,6%

ts

qr q p

d e

ih g f

Large ap Mid ap Small ap Micro cap 5

l m

86,8%
Turnover velo it se ent

19,5%

Deutsche Brse
Domes ic ma e capi ali a ion by segmen
vx w
5,6% ,
,2% 0, %

0,4% 0,2%

82,8%
93,8%

260% 240% 220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%

242,3%

237,6%

74,0% 50,1%

Domes ic sha e

ading (EO ) by segmen

vu

92,

Numbe of domes ic equi y by segmen 1,8% 1,3% 14,1%

|
Large cap Mid cap mall cap Micro cap

~}

Numbe of domes ic companies lis ed by segmen


13,4%

17,4%

1,9%

67,4%

ades (EO )

Turnover velo it

se

ent

Egyptian Exchange
Domestic market capitalization by segment
8,7% 5,4%

Number of domestic companies listed by segment


1 ,

52,3% Large cap Mid cap Small cap Micro cap 1 ,

33,6%

3,

100

2 ,3

3 ,2

50

14,9

29,

200
150

34,9

36,

250

166,1 104,6
64,8

14,1

6,2

300
252,0

Domestic share trading (E B) by segment

Number of domestic equity trades (E B) by segment

Turnover velo it

se

ent

3,2

Irish Stock Exchange


Domestic market capitalization by segment
1,6% 27,1%
31, %

Number of domestic companies listed by segment


8,6%
48,3%

1,6%

Larg ap Mi ap Small ap Mi ro ap 69,7%

12,1%

150

4 ,9%

34,4%

50

23,1

100

44,8

200

12,3%

45,7%

11,5%

38,4%

250

7,6%

9,1%

Domestic share trading (

) by segment

Number of domestic equity trades ( segment

) by
300

Turnover velocity by segment

262,3

170,8

Istanbul Stock Exchange


Domesti market apitalization b se ment
5,2%
19,7% 3,1%

Number of domesti

ompanies listed b se ment


5,7%

17,0%

72,1%

7,2% 13,6%

12,4%

19,8%

800%

700%

48,1%
17,2%

600% 500%

00%
00% 162,7% 121,0% 2 5,8%

200%

66,8% 14,8%

100% 0%

Domesti share tradin (

B ) b se m ent

Number of domesti equit trades ( se m ent

B) b


61,5%
Tur o er elocity y segme t
711,6%

Lar e ca i ca Small ca icr ca

15,8%

Johannesburg Stock Exchange


Do esti
2,9% 19, %

r et
1,6%

it liz tio

se

e t

Nu

er of do esti

ies listed
9,5%

se

e t

76,2%

14,1%

4,6%

5,1%

21,2%

69,1% 83,9%

1,5%

0,6%

Do esti sh r e tr d i

B)

se

e t

Nu

21,6%

L r p i p S ll p ir p

54,1%
14,8%

e r of do e sti equit tr d es se e t ( B)
200 180 160 140 120 100 80 60 40 20 0

Turnover velocity by segment

173,1 114,5
79,3

55,5

Ljubljana Stock Exchange


1,
20,2%

9,8%

11,

17,

Large cap

Mid cap Small cap Micro cap


51, %

20

40,

33,

10

17,

30

41,

13,5

4,5

15,1% 33,

50
40

23,1

8,7

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB) by segment

Turnover ve o c t y by segment

8,2

18, %


5,1

Domest market apitalization by segment

mber of domestic companies listed by segment

London Stock Exchange

12,1

1 ,

,2

2,4

   

1 ,

0,2

0,2

1,0

0,4

Domestic sha e t ading (E B) by segment

u mbe of domestic equity t a des (E B ) by segment

Tur o er elo ity y seg e t


180 160 140 120 100 80 60 40 20 0

159,9 117,4

18,7



   

88,4

La

ca ca mall ca c ca

22,4

8,

,4

Domestic ma et capitalization by segment

umbe of domestic listed companies by segment


5,7

Luxembourg Stock Exchange


Dome ti market apitali ation b
9,3 1,3 0,1

35,3

32,4

95,1

F F

69,1

1,0

3,5

11,9
17,8

1,4

0,1

1,3

F F F F F

E D C9

3 5 B A 7 98 @

56 5

Dome t i

h are tradin b

e ment

Number of dome t i e u it trade E B b e ment

Turnover velo it
10 9 8 7 6 5 4 3 2 1 0

2,9

QP HI H G

89,2

14,7

se

ent

2,9
1,7

Lar ca i ca a ca icr ca

! ' " ! && %$ ! #" ! 

2 (1

e ment

Number of dome ti ompanie li ted b e ment


17,6

 0

7 58 7

 )

 ) (

Malta Stock Exchange


Domestic market capitalization by segment
9,1% 16,0% 0,0%

Number of domestic companies listed by segment


0,0% 21,1%

Large ap M d ap mall ap M ro a p

74,9%

12,2%

0,0%

19,1%
15,0%

0,0%

51,0%
65,9% 36,7%

Domestic share trading (E B ) by segment

Number of domestic equity trades (E B) by segment


10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%

Turnover velo it

1,3%
0,0%

a` XY X W

R RS R R ST

21,1%

57,9%

se

ent

4,4% 2,6%

Mauritius Stock Exchange


Domesti mar et apitali ation y segment
0,0%

Number of omesti

30,4%
43, %

12 8

82 6

25, %

00

00

25 9

1 6

59 9

0,0

4,9

25 5

37

36 6

12 11 10 9 8 7 6 5 4 3 2 1 0

Domesti share trading (E B ) by segment

Number of domesti equity trades (E B) by segment

Tur o ver velo it


11,8

ed

f e ucehg t s rr q p f e ihg f ed c

La g

a a

se e t
7,2

00

vv

v w

ompanies listed by segment

NASDAQ OMX Nordic Exchange


Domesti market apitali ation
2,9% 12,2%

1,8%

83,1%

8,9%

0,7%

0,5% 20,5%

2,5%

3,3%

73,6% 89,9%

220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%

200.9%

Domesti share trading (EOB) by segment

Number of domesti equity trades (EOB) by segment

Tu nove velo i

seg en

135.7%

44. %

n q

op on m

ih

segment

Number of domesti listed ompanies by segment


8,5% 16,4%

Large cap Mid cap Small cap Micro cap

17,3% 57,8%

49.7%

NYSE Euronext Europe

13,8 44,8

21,5

Lar e ca Mi ca a ca Micr ca

7,3

97,3

90,9

24,7

2,4

0,1

0,2

1,0

0,8

Domesti share tradin (E B) b se ment

Number of domesti equit trades (E B ) b se ment

Turn v r v l
200 180 160 140 120 100 80 60 40 20 0 183,3

91,4

19,9

s gm n

61,6

28,6

v z t yy x w v u t s

6,7

1,3

0,6

}}

Domesti market apitalization b se ment

Number of domesti

ompanies listed b se ment

 ~

Oslo Brs
Domestic market capitalization by segment
3,9% 16,2% 2,8%

Number of domestic companies listed by segment


5,3%
18,2%

Large ap d ap S all ap ro ap 77,2%

Domestic share trading (EOB) by segment 5,1% 1,2%

Number of domestic equity trades (EOB) by segment

200

150 100

2 ,5%
78,7

79,7%

58,9%

50

250

191,0 159,7

1 , %

1 , %

17,2% 59,3%

Turnover velocity by segment


300
245,0

, %

SIX Swiss Exchange


Domestic market capitalization by segment
4,8% 1,0%

Number of domestic companies listed by segment


25,1

30,5

94,1%

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB) by segment

Tu n v
180 160 140 120 100 80 60 40 20 0

97,3

91,8

2,4

6,7

0,0

0,3

1,3

0,2

153,7

v l

73,9

L r i m ll i r

27,4

s gm n
46,6
45,0

0,2%

17,0

Tel Aviv Stock Exchange


Domestic market capitalization by segment
5, %

Number of domestic companies listed by segment


2,1% 6,9%

7,6%

8 ,6% Large cap Mid cap Small cap Micro cap

4, %

4,1% 9,1%

140%

12,4%

120%

2 ,0%

4 , %

100% 80% 60% 40%

86,0% 66,2%

66,6%

34,8%

20% 0%

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB) by segment

8,4%

68,

82,6%
Turno er elocity by segment
118,3%

47,6%

Warsaw Stock Exchange


Domestic market capitalization by segment
6,4% 6,4%

Number of domestic companies listed by segment

25,3%
Large cap Mid cap

Small cap Micro cap


61,8%

75,5%

40 30

7 ,3%

20

14,1%

17,3%

10
0

15, %

60
50

34,9

3 ,1%

3 ,5%

6,5%

70

64,4

57,0

7,6%

80
67,4

Domestic share trading (E B ) by segment

Number of domestic equity trades (E B ) by segment

Tu n v

v l

ity y s g

2, %

1 , %
11,1%

nt

Wiener Brse
Domestic market capitalization by segment
3,4%
21,7% 1,8%

Number of domestic companies listed by segment


13,9%

Large cap Mid cap Small cap Micro cap 73,0%

16,8%

21,6%

0,8%

0,4% 31,9%

1,6%

1,2%

140

120
100

80
60

65,3%
77,2%

40
20

Domestic share trading (E B by segment

Number of domestic equity trades (E B

160

135,9

128,2

29,5

Turnover velo it

seg ent

3,6%

,7%

29,6