Market Segmentation Survey 2008

8/6/2019 Market Segmentation Survey 2008

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2/68

Determine the weight of each of the following four tiers (large, medium, small, micromarket 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. WFE global level

2. regional levels, as well as

3. for each individual member who has answered the questions

Objectives of the survey


3/68

y 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 The same threshold levels were kept for this second survey.

y 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 (1)


4/68

y In addition to the number of domestic listed companies, 3 other market indicators were alsodistributed according to these 4 segments:

1. number of domestic listed companies

2. value of domestic share trading on the EOB; and

3. number of trades of domestic shares on EOB

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

1

Methodology (2)


5/68

2

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

Americas

Bermuda SE

BM&FBOVESPA

BuenosAires 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 ofIndia

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

TelAviv SE

Warsaw SE

Wiener Brse


6/68

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 numberof large marketcap 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 companiesgenerated 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


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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 3regions, 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 lesserextent 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 wasreinforced 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. 1)


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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

Main findings (cont. 2)


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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

General conclusions


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3

Distribution of domestic market capitalization at WFE level by market segment

(average data)

66,9%

20, %

,1%

5, %

In 2008

Large cap

id cap

mall cap

icro cap

,3%

1 ,2%

5,0% 3,5%

In 200


11/68

4

Distribution of the number of domestic listed companies at WFE level by market

segment (average data)

7,7%

18,5%

16,1%

57,7%

In 2008

arge cap

id cap

mall cap

icro cap

12. %

22.2%

19.1%

45.8%

In 2007


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Distribution of domestic share trading (EOB) at WFE level by market segment

(average data)

68,0%

19,6%

6,6%

5,7%

In 2007

63,7%

23,0%

7,3%6,0%

In 2008

arge ca

Mid ca

Small ca

Micro ca


13/68

6

Distribution of number of trades of domestic shares (EOB) at WFE level by market

segment (average data)

50,8%

23,4%

11,7%

14,2%

In 2007

47,2%

25,7%

10,3%

16,8%

In 2008

arge ca

id ca

mall ca

icro ca


14/68

WFE 2008 Domestic market

segmentation survey

Americas

October 2009


15/68

Distribution by market segment inAmericas (average data)

69,1%

22,1%

5,9%2,9%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment

11,6%

22,1%

17,4%

48,9%

Number of domestic companies listed by segment

56,2%

34,7%

5,2% 3,8%

Domestic share trading (EOB) by segment

54,8%

33,1%

6,8% 5,3%

Number of domestic equity trades

(EOB )by segment

58,7%

120,3%112,5%

100,6%

0%

20%

40%

60%

80%

100%

120%

140%

Turnover velocity by segment


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17/68

BM&FBOVESPA

16,8%

29,8%

20,4%

32,9%

Number mesti mpanies listedbysegment

87,8%

10,0% 1,7% 0,5%

7

arge cap

M8 9

cap

S@

all cap

M8

cro cap

Domesti market apitalizationbysegment

87,1%

10,6% 1,8% 0,5%

Domesti sharetrading OB bysegment

81,4%

13,7%2,9% 2,0%

Numberoftrades indomesti shares OB

bysegment

95,9%102,5% 101,9% 97,2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%110%

Turnovervelocitybysegment


18/68

BuenosAires Stock Exchange

65,1%

27,5%

5,3% 2,2%

Aarge ca

B

Ci

D

caE

SF

aG G

caE

Cicro ca

E


5,6%

19,6%

17,8%

57,0%

Number ofdomestic companies listed by segment

28,2%

55,8%

9,8%

6,2%

Domestic share trading (EO by segment

3,4%

16,1%14,7%

22,6%

0%

5%

10%

15%

20%

25%



19/68

Lima Stock Exchange

55,9%

30,3%

7,7%

6,0%

LaHge ca

I

Pi

Qca

I

Sm a R R ca S

T ic U o ca S


4,0%10,4%

13,4%

72,1%


27,8%

46,2%

9,8%

16,2%


29,7%

40,2%

12,0%

18,1%

Number oftrades in domestic shares (EO by segment

4,8%

14,8%12,4%

26,1%

0%

5%

10%

15%

20%

25%

30%



20/68

Mexican Stock Exchange

85,8%

12,6%1,3% 0,3%

V aW

ge ca X

Mi Y ca X

S

aa a

caX

MicW

o caX


21,6%

39,2%

18,4%

20,8%


81,7%

17,6%

0,6% 0,1%


67,1%

30,1%

1,8% 1,0%

Number of trades in domestic shares (EOB)

by segment

34,5%

50,6%

15,0%18,2%

0%5%

10%15%20%25%30%35%40%45%50%55%60%



21/68

NASDAQ OMX US

78,4%

17,3%

2,9% 1,3%

b c d e f g c h

Mi p q r s

S t r u u q r s

Mi q v

w

q r s

Domestic market capitalization by segmentDomestic market capitalization by segment

7,8%

28,7%

20,1%

43,3%

Number of domestic listed companies by segment

D st sh t n (EOB), nu b f qu ty t s, n tu n v v ty by s nt n t v b


22/68


23/68

Santiago Stock Exchange

73,7%

20,6%

4,6% 1,1%

a

ge ca

i

ca

S

a

ca

ic

o ca


11,9%

20,9%

20,9%

46,4%


80,8%

16,9% 1,6% 0,6%


75,7%

18,2%

2,6% 3,5%

Number of domestic equity trades (EOB) by

segment

25,0%

18,8%

8,1%

13,9%

0%

5%

10%

15%

20%

25%

30%

Tur v r v l it j s k l t


24/68

TSX Group

80,0%

11,8%

4,9%3,3%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment3,0m

6,6n

11,6n

78,8m

umber ofdomestic companies listed by segment

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


25/68


segmentation survey

Asia - Pacific

October 2009


26/68

Distribution by market segment inAsia-Pacific (average data)

64,6%

20,1%

8,6%

6,8%

Large cap

Mid cap

Small cap

Micro cap


5,6%

19,1%

17,7%

57,7%


59,8%

24,4%

9,1%6,7%


35,1%

26,7%

13,4%

24,8%


segment

104,8

145,5 o

169,7 o 185,7o

0 o

20o

40

60o

80o

100

120o

140o

160

180o

200o

Tur r


27/68

Australian Securities Exchange

83,9%

11,7%2,8% 1,7%

Large cap

Mid cap

Small cap

Micro cap


7,7%

16,6%

16,1%59,6%


88,2%

9,0%1,5% 1,3%


68,5%

21,7%4,4% 5,4%

Number of domestic equity trades (EOB)

by segment

97.4

7 .

.

72.

0

0

200

400

0

70

80

9000

Tu

v

v

l

i

z


28/68


29/68

Bursa Malaysia

62,9%22,1%

7,8%

7,2%

Large cap

Mid cap

Small cap

Micro cap


2,9% 8,9%

13,4%

74,8%


59,4%23,2%

10,3%

7,1%

Domestic share trading (E

B

by segment

73,1%

11,3%

9,5%6,0%

Number of domestic equity trades (E

B

by

segment

39,9%44,4%

55,1%

41,5%

0%

10%

20%

30%

40%

50%

60%

70%

Tur

over ve o

ty y seg e

t


30/68

Colombo Stock Exchange

0,0

27,7%

21 ,9%50,4%

Lar

ap

i ap

Small ap

i

r

ap

Domesti market apitalization b se ment

0,0

1,3% 3,8%

94,9%

Number of domesti ompanies listed b se ment

0,0%

48,3%

15,5%

36,2%

Tradin

value of domesti

s

ares (E B b

se

ment

0,0% 5,3% 6,7%

88 ,0%

Number of domesti

e

uit

trades (E B b

se

ment

0,0%

3

,4%

1,0% 1 ,2%

0%

10%

20%

30%

40%

50%

Tu rnover velo

ity by segment


31/68

Hong Kong Exchanges

87,8%

8,7% 2,2% 1,2%

Large cap

Mid cap

Small cap

Micro cap

Domesti

ma et ca itali

ation by segment

9,4%

17,3%

20,4%

52,9%


86,2%

11,2% 1,6% 1,0%


65,8%

24,0%

6,0% 4,2%

Number ofdomestic equity trades (EOB) by

segment

115,

151,5%

87,1%96,4%

0%

20%

40%

60%

80%

100%

120%

140%160%

Tu

n

v

v

l

i

s nt


32/68

Indonesia Exchange

65,2%

22,5%

7,5%4,8%

L


4,8%11,6%

17,7%

65,9%

umber of domestic companies listed by segment

58,9%

4,6%

1

,

%4,3%


34,

%

9,4%

1,1%

15,

%

umber of domestic equity trades (EO

by segment

89,3

108,1

160,7

88,5

0

20

40

60

80

100

120

140

160

180

Turno vervelo it se ent


33/68

Korea Exchange

74,

5,

5,

5,9

Large cap

Mid cap

S all cap

Micro cap

Domestic market capitalization by segment4,1% 7,6%

12,2%

76,1%


69,6%

19,8%

8,7% 1,9%

Domestic share trad ing (

OB ) by segment

14,6%

9,6%

7,6%

68,3%

Number ofdomestic equity trades ( OB) by

segment

1

,4

2 ,

357,3

,1

0

50

100

150

200

250

300

350

400

Turnover velo

it

b

se

ment


34/68

National Stock Exchange ofIndia

77,

,

4,3 ,3

Large cap

Mid cap

Small cap

Micro cap


6,6%

15,6%

17,1%

60,8%


72,4%

18 ,4%

6,1% 3,1%

Domestic share trading ( ) by segment

54,4%26,9%

11,4%

7,3%

Number ofdomestic equity trades (

) by

segment

101,

128,0%

156,0%145,2%

0%

20%

40%

60%

80%

100%

120%

140%

160%



35/68

New Zealand Exchange

27,1%

51,7%

17,3%

4,0%

Lar

cap

i cap

Small cap

icr cap


mber o

omesti

ompanies liste

b!

se"

ment

#

8$4

%

&

4$4

%

' $

(

%

) 0 0 1

Domesti 2 share tra 3 in 4 (E 5 B) b 6 se 4 ment

7 8 0 8 1

4' $

&

%

9 @ $8

%

A 0 ) 1

Number oB

3omesti

2e

Cuit

6tr a

3es (E

5B) b

6

se4

ment117,6%

36,3%

19,7%14,4%

0%10%20%30%40%50%60%70%80%90%

100%110%120%130%

TD E F

oG H E G H

loI

iP Q R Q S H T U H F P


36/68

Osaka Securities Exchange

72,V W

X 6,5 Y

6,` W

5,2%

Large cap

Mid cap

Small cap

Micro cap


80,a

b

9,9 b

5,2 bc

,d e

Domestic share trading (E f B) by segment

25,9b

2g

,8%19,5%

29,8%

Number ofequity trades (E f B) by

segment

201,0%

108,6%

149,7%161,0%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

220%

Turnover v elocity by segment

3,4%10,4%

17,1%

69,1%

Number of dome stic com panies liste d by segm ent


37/68

Philippine Stock Exchange

58,4%

26,2%

9,6%

5,h %

Lari p cap

qi

rcap

Sma s s cap

t icru cap


4,5%11,9%

16,8%

66,8%


4v

,5%

4 w ,9%

x

,9%

x

,x

%

Domesti y s are tradin

b

se

ment

16,9%

w6,

%14,

x

%

w ,

%

Number of domesti

e

uit

trades

b

se ment

16,5

39,7

19,6

31,9

0

5

10

15

20

25

30

35

4045

50

Turnovervelo it se ent


38/68

Singapore Exchange

74,

4,4%

20,2%

0,%

Large cap

Mid cap

Small cap

Micro cap


4,6%

67,0%

12,4%

16,0%


69,9%

3,8%

21,6%

4,7%


89,8% 82,8% 102, j %

842,0%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

Turnover velok

itl

m l

sen

ment


39/68

Shanghai Stock Exchange

82,2%

15,2%2,5% 0,1%

La o

ca

ca

Small ca

c

o ca

Dom m k on y gm nt

13,7%

5

,0%

30,4%

3,9%

Num of om ticcom nies isted ysegment

48,5%

41,7%

9,6% 0,3%

Domesticsh

etrading( z { B)|

ysegment

37,5%

47,9%

14,2%0,4%

Num|

erofdomesticequitytrades( z { B)|

y

segment

109,2 }

508,7

707,0

518,0 }

0

100}

200

~ 00}

400}

500}

00}

700

800}

Turno

er

elocity by segment


40/68

Shenzhen Stock Exchange

39,5%

45,9%

13,8%0,9%

Large cap

i cap

Small cap

icr

cap

Domestic market capitalization b y segment

,

,

,1

,1

mber o omestic companies liste by segment

,

,

1

,

1,

Domestic s are tra ing by segment

1

,

,

8,

,

mber o

omestic equity tra

es

by segment

113,6%

218,7%

258,6%

310,9%

0%

50%

100%

150%

200%

250%

300%

350%

Tur

o er velo it se

e

t


41/68

Taiwan Stock Exchange Corp.

69,0%

21,6%

6,8% 2,6%

Lar ca

i ca

Small ca

icr ca

Domesti market apitalization by segment

6,3%

24,0%

29,4%

40,4%

Number of domesti ompanies listed by segment

51,0%34,5%

11,5%

3,0%

Domesti

share trading (

) by segment

35,8%

40,8%

16,5%

6,9%

Number of domesti

equity trades (

) by

segment

164,6

356,0 375,8

255,2

0

50

100

150

200

250

300

350

400

T

r

o er eloc ity y seg e t


42/68

Stock Exchange ofThailand

56,4%25,6%

10,4%

7,6%

Large cap

Mid cap

Small cap

Micro cap


2,9% 9,0%

16,4%

71,8%


56, 5%19,9%

8,7%

14,8%

Dom estic share trad ing (EOB) by segm ent

22,0%

21,5%

15,2%

41,2%


segment

10 .0

80.0 8 .1%

201.9%

0%

50%

100%

150%

200%

250%

Tu nov

v

lo

i

seg en


43/68

Tokyo Stock Exchange

84 ,2%

12,9%2,3% 0,6%

Lar

ap

Mi

ap

S all ap

Mi r ap

Domesti mar et a italization se ment

16,7%

32,1%25,4%

25,9%

Num er ofdomesti om anies listed se ment

86 ,1%

11,3% 2,0% 0,6%

Domesti

share tradin

( B)

se

ment

193,8

165,6 16

,9

195,3

0

50

100

150

200

250

Tun

v rv l ci b s g n


44/68

October 2009


segmentation survey

Europe Middle East Africa


45/68


46/68

Amman Stock Exchange

62,2%

16,3%

11,7%

9,8%

Large cap

Mi

cap

S

all cap

Micro cap

D

s

r

z

s

1,9 6,

14,

77,1

Number f mes

mpanies is

ed by segment

,

15,4

16,5

59,

Number ofdomestic equity trades (EOB) by segment

25,9

26,1 17,5

0,5


31,6

121,2 112,9

235,3

0

50

100

150

200

250

Turno vervelo it se ment


47/68

Athens Stock Exchange

64,3

6,

4,8

4,8

Lar

e ca

M

ca

Small ca

M cr ca

Domesti market apitalization y segment

5

5 5

68

m er o omesti ompanies liste y segment

6 8

6 6

2

Domesti!

share tra " ing( # $ B)% y segment

6 8

25 &

8 6

8 9

' ( m % er o)

" omesti!

e0

( itytra " es ( # $ B)

1 y segment

131,1%

69,8%

55,5%

93,0%

0%

20%

40%

60%

80%

100%

120%

140%

Turnover velo2

it3

b3

se4

ment


48/68

BME

91,8%

4,8%0,7% 2,7%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitali5

ation by segment

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

94,3%

Number of domesticcompanies listed by segment

96,8%

2,4%

0,2% 0,5%


87,5%

10,3%

1,3% 0,9%

Number of domestic equity trades (EO B) by

segment

192,1%

92,8%

58,0%

35,6%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

Turnovervelo 6 it 7 8 7 se 9 @ ent


49/68

Borsa Italiana

88,8%

A

,B

%C,

D% B ,6%

L E FG

H I E P

Q R S I E P

S T E ll I E P

Q R I F o

I E P

Dom sticmar tcapitalization s g m n t

17,0%

31,3%21,8%

29,9%

Numb rofdom sticcompani slist dbys gm nt

9U

,9%

4,3% 0,V

% 0,3%

DomW

sticsharW

tradingX

Y

a

bbys

W

gmW

nt

78,8%

1c

,8%

2,9% 2,4%

Numb d rofdom d sticd e uitytrad d sf g h i p by

sW

gmW

nt

282,3 q

126,4

87,3 q

138,2 q

0

50

100

150 q

200q

250 q

300q

Turnovervelo r it s t s se u ment


50/68


51/68

Cypr t

5

5

9

j

k

Largel ap

Midlap

Smallmap

Microcap

Domesticmarketcapitalization segment

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

86,8%

Numberofdomesticcompanieslistedbysegment

49.8%

22.8%

11.1%

16.4%

Domesticsharetrading( n OB)bysegment

36,1%

22,7%

12,2%

29,0%

Numberofdomestic equitytrades(o

OB)by

segment

23,5%

110,7%

14,6%19,5%

0%10%20%30%40%50%60%70%80%90%

100%110%120%



52/68

Deutsche Brse

92,

,

,2% 0,z

%

Large capMid cap

{

mall cap

Micro cap

Domes|

icma } ~ e|

capi|

ali a|

ion by segmen|

13,4%

17,4%

1,9%

67,4%

Numbe ofdomes iccompanies lis ed by segmen

93,8%

5,6%0,4% 0,2%

Domes

ic shae

ading (EO

) by segmen

82,8%

14,1%

1,8% 1,3%

Numbeofdomes

ic equi

y

ades (EO

)

by segmen

242,3% 237,6%

74,0%

50,1%

0%

20%40%60%

80%

100%120%140%160%180%200%220%240%260%

Turnover velo it se ent


53/68

Egyptian Exchange

52,3%

33,6%

8,7%5,4%

Large capMid cap

Small cap

Micro cap


3,2

1

,

1 ,

3,


34,9

3 ,2

14,9

14,1


B) by segment

6,2

29,

2 ,3

36,

Number of domestic equity trades (E B) by

segment

64,8

104,6

166,1

252,0

0

50

100

150

200

250

300



54/68

Irish Stock Exchange

69,7%

27,1%

1,6% 1,6%

Larg apMi

ap

Smallap

Miro

ap


8,6%

31,

%

12,1%

48,3%


45,7%

34,4%

12,3%

7,6%

Domestic share trading ( ) by segment

38,4%

4 ,9%

11,5%

9,1%

Number ofdomestic equity trades ( ) by

segment

23,1

44,8

262,3

170,8

0

50

100

150

200

250

300

Turnove r ve locity by segment


55/68

Istanbul Stock Exchange

72,1%

19,7%

5,2% 3,1%

Lar

e ca

i

ca

Small ca

icr ca


5,7%17,0%

15,8%

61,5%


66,8%

13,6%

7,2%12,4%

Domesti share tradin ( B) b se ment

19,8%

17,2%

14,8%

48,1%

Number of domesti

equit

trades (

B) b

se

ment

162,7% 121,0%

2

5,8%

711,6%

0%

100%

200%

00%

00%

500%

600%

700%

800%

Tur

o

er

elocity

y segme t


56/68

Johannesburg Stock Exchange

76,2%

19, %

2,9% 1,6%

L

r

p i p

S

ll p

i r p

Do esti r et it liz tio se e t

9,5%

21,6%

14,8%

54 ,1%

Nu er of do esti o ies listed se e t

83,9%

14,1%1,5% 0,6%

Do esti sh re tr di ( B) se e t

69,1%

21,2%

4,6% 5,1%

Nu er of do est i equ it tr de s

(

B)

se

e

t

173,1

114,5

79,3

55,5

0

20

40

60

80

100

120

140

160180

200

Turnover ve locity by segment


57/68

Ljubljana Stock Exchange

20,2%

51,

%

18,

%

9,8%

Large capMid cap

Small cap

Micro cap

Domest

market

apitalization by segment

1,

11,

17,

,

mber of domestic companies listed by segment

41,

40,

13,5

4,5


33,

33,

17,

15,1%


segment

23,1

8,7 8,2 5,1

0

10

20

30

40

50

Turnover veoc

ty by segment


58/68

London Stock Exchange

88,4

8, ,

,4

La

ca

ca

mall ca

c

ca

Domesticma etcapitalizationbysegment

5,7 12,1

1,

,

umbe ofdomesticlistedcompaniesbysegment

,2

,

0,2

0,2

Domesticsha et ading(E

B)bysegment

2,4

1

,

1,0

0,4

umbe ofdomesticequity t ades(E B)by

segment

159,9

117,4

18,7 22,4

0

20

40

60

80

100

120

140

160

180

Tur

oer

elo

ity

y sege

t


59/68


60/68

Malta Stock Exchange

0,0%

74,9%

16,0%

9,1%

LargeR ap

MSd

Rap

T

mallRap

M S R roR ap


0,0%21,1%

21,1%

57,9%


0,0%

51,0%

36,7%

12,2%

Domestic share trading (E U B) by segment

0,0%

65,9%

15,0%

19,1%

Number of domestic equity trades (E V B) by

segment

0,0%

1,3%

4,4%

2,6%

0%

1%

2%

3%

4%

5%

6%

7%

8%9%

10%

TurnoverveloW

it X Y X se a

ent


61/68

Mauritius Stock Exchange

0,0%

43 ,b

%

25,b

%

30,4%

La c g d e a f

g h i

ea

f

p

q a r r s

a t

g h e c u

ea

f

Domestiv

marwet

v

apitalix

ationy

ysegment

0 0

7

12 8

82 6

Numberof

omestiv

v

ompanies listedbysegment

00

599

1 6

25

5

Domesti sharetrading(E B)bysegment

0 0

366

259

37

Numberofdomesti equitytrades(E B)by

segment

0,0

11,8

4,9

7,2

01 2 3

4 56

7

89

1011

12

Tur over velo it

se

e t


62/68

NASDAQ OMX Nordic Exchange

83,1%

12,2%2,9% 1,8%

Large capMid cap

Small cap

Micro cap

Domesti

market

apitali

ation

segment

8,5%

16,4%

17,3%

57,8%

Numberofdomesti listed ompaniesbysegment

89,9%

8,9% 0,7% 0,5%

Domesti j share trad ing (EO B)by segment

73,6%

20,5%2,5%

3,3%

Numberofdomestikequitytrades(EOB)

bysegment

200.9%

135.7%

44. % 49.7%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

220%

Tulnove

lvelo

m

in

o

o

seg

enn


63/68

NYSE Euronext Europe

91,4

6,7

1,3 0,6

Lar

e ca

Mi

ca

a

ca

Micrz

ca


13,8{

21,5{

19,9|

44,8{

Number ofdomesti } } ompanies listed b~

se

ment

97,3

2,4 0,2

0,1

Domesti

share tradin

(E B) b

se

ment

90,9

7,3

1,0 0,8

Number ofdomesti equit trades (E B)

b

se

ment

183,3

61,6

24,7 28,6

0

20

40

60

80

100

120

140

160

180

200

Turn v rv l i s gm n


64/68

Oslo Brs

77,2%

16,2%

3,9% 2,8%

Large ap

d

ap

Sall

ap

ro ap


5,3%

18,2%

17,2%

59,3%


79,7%

1 , %

5,1% 1,2%

Domestic share trading (EOB ) by segment

58,9%

2

,5%

1

,

%

,

%


segment

191,0159,7

245,0

78,7

0

50

100

150

200

250

300



65/68


66/68

TelAviv Stock Exchange

68,

8,6%

5,%

7,6%

Large capMid cap

Small cap

Micro cap


2,1%6,9%

8,4%

82,6%


66,6%

2

,0%

4,

% 4,1%


4

,

%

34,8%

9,1%

12,4%

Number ofdomestic equity trades (EOB)

by segment

86,0%

118,3%

66,2%

47,6%

0%

20%

40%

60%

80%

100%

120%

140%

Turno

er

elocity by segment


67/68

Warsaw Stock Exchange

61,8%

25,3%

6,4%6,4%

Large capMid cap

Small cap

Micro cap


2,

%1

,

%

11,1%

75,5%


7

,3%

15,

%

6,5%

7,6%


B) by segment

3

,5%

17,3%14,1%

3

,1%

Number ofdomestic equity trades (E

B)

by segment

64,4

34,9

57,0

67,4

0

10

20

30

40

50

60

70

80

Tu n v v l ity y s g nt


68/68

Wiener Brse

73,0%

21,7%

3,4% 1,8%

Large cap

Mid cap

Small cap

Micro cap


13,9%

,7%

16,8%

3,6%


77,2%

21,6%

0,8% 0,4%


B

by segment

65,3%

31,9%1,6% 1,2

%

Number of domestic equity trades (E

B

135,9128,2

29,5

29,6

0

20

40

60

80

100

120140

160

Turnovervelo it seg ent

Market Segmentation Survey 2008

Documents