WFE2012 Final

A NETWORK OF 58 GlObAl mEmbERs Abu DhAbi sEcuRiTiEs ExchANGE + AmmAN sTOcK ExchANGE + AThENs ExchANGE + AusTRAliAN sEcuRiTiEs ExchANGE + bERmuDA sTOcK ExchANGE + bm&FbOVEsPA + bmE sPANish ExchANGEs + bOlsA DE cOmERciO DE buENOs AiREs + bOlsA DE cOmERciO DE sANTiAGO + bOlsA DE VAlOREs DE cOlOmbiA + bOlsA DE VAlOREs DE limA + bOlsA mExicANA DE VAlOREs + bORsA isTANbul + bOuRsE DE cAsAblANcA + bOuRsE DE luxEmbOuRG + bsE iNDiA + buRsA mAlAysiA + chicAGO bOARD OPTiONs ExchANGE + chiNA FiNANciAl FuTuREs ExchANGE + cmE GROuP + cOlOmbO sTOcK ExchANGE + cyPRus sTOcK ExchANGE + DAliAN cOmmODiTy ExchANGE + DEuTschE böRsE + ThE EGyPTiAN ExchANGE + GRETAi sEcuRiTiEs ExchANGE + hONG KONG ExchANGEs AND clEARiNG + iNDONEsiA sTOcK ExchANGE + iNTERcONTiNENTAlExchANGE + iNTERNATiONAl sEcuRiTiEs ExchANGE + iRish sTOcK ExchANGE + JAPAN ExchANGE GROuP + JOhANNEsbuRG sTOcK ExchANGE + KOREA ExchANGE + lONDON sTOcK ExchANGE GROuP + mAlTA sTOcK ExchANGE + mOscOW ExchANGE + muscAT sEcuRiTiEs mARKET + NAsDAQ Omx GROuP + NATiONAl sTOcK ExchANGE OF iNDiA + NysE EuRONExT + OslO bøRs + PhiliPPiNE sTOcK ExchANGE + sAuDi sTOcK ExchANGE (TADAWul) + shANGhAi FuTuREs ExchANGE + shANGhAi sTOcK ExchANGE + shENzhEN sTOcK ExchANGE + siNGAPORE ExchANGE + six sWiss ExchANGE + sTOcK ExchANGE OF mAuRiTius + sTOcK ExchANGE OF ThAilAND + TAiWAN FuTuREs ExchANGE + TAiWAN sTOcK ExchANGE + TEl-AViV sTOcK ExchANGE + Tmx GROuP + WARsAW sTOcK ExchANGE + WiENER böRsE + zhENGzhOu cOmmODiTy ExchANGE = WORLD FEDERATION OF EXCHANGES 2012 ANNuAl REPORT & sTATisTics

* The name has been changed to borsa istanbul as of 3 April 2013 but as this Report was conducted, the name was still İstanbul Menkul Kıymetler Borsası.

The WFE is the association of 58 regulated exchanges around the world. We develop and promote standards in markets.

WFE ASSOCIATESThe Associates group was established to involve independent SROs, clearinghouses, registries, depositories and other actors judged to provide critical infrastructure support to the exchange environment.

WFE has 2 Associates:

1. Depositary Trust & Clearing corporation (DTcc)

2. The Options clearing corporation

Abu Dhabi securities ExchangeAmman Stock ExchangeAthens ExchangeAustralian securities ExchangeBermuda Stock ExchangeBM&FBOVESPA S.A.bmE spanish Exchangesbolsa de comercio de buenos Airesbolsa de comercio de santiagobolsa de Valores de colombiabolsa de Valores de limabolsa mexicana de Valoresbourse de casablancabourse de luxembourgbsE limitedBursa MalaysiaCBOE Holdings, Inc.china Financial Futures Exchange cmE GroupColombo Stock ExchangeCyprus Stock ExchangeDalian Commodity ExchangeDeutsche börse AGThe Egyptian ExchangeGreTai Securities Markethong Kong Exchanges and clearingIndonesia Stock ExchangeintercontinentalExchange icEinternational securities Exchange - isE

Irish Stock Exchangeİstanbul Menkul Kıymetler Borsası*Japan Exchange GroupJohannesburg Stock ExchangeKorea ExchangeLondon Stock Exchange GroupMalta Stock Exchangemoscow ExchangeMuscat Securities MarketNAsDAQ OmxNational Stock Exchange of India LimitedNysE EuronextOslo børsPhilippine Stock ExchangeSaudi Stock Exchange (Tadawul)shanghai Futures ExchangeShanghai Stock ExchangeShenzhen Stock Exchangesingapore Exchangesix swiss ExchangeStock Exchange of MauritiusStock Exchange of ThailandTaiwan Futures Exchange (TAiFEx)Taiwan Stock Exchange Corp.Tel-Aviv Stock ExchangeTMX Group Inc.Warsaw Stock ExchangeWiener börse AGZhengzhou Commodity Exchange

WFE 2012 ANNUAL REPORT & STATISTICS – 1

Every effort has been made to ensure that the information in this document is accurate at the time of printing, but the WFE cannot accept any responsibility for errors or omissions. WFE commissions articles on capital market policy and practices for publication in Focus and for website posting. The views of the authors do not necessarily reflect those of this Federation or its member exchanges. For reproduction or citation, please contact the WFE.

WFE 2013. All rights reserved.

CONTENTS

ThE WOrld FEdEraTiON OF ExChaNgES

2 Letter from the Chairman

3 Letter from the CEO

5 2013 Board of Directors

6 2012 General Assembly and Annual Meeting

10 2012 WFE Award for Excellence

12 WFE Focus in 2012

21 Affiliates and Correspondents

22 WFE Enhances Its Statistics Database

26 2012 WFE Market Highlights

52 WFE Audited Financial Statements 2012

2012 markET STaTiSTiCS

62 Equity Markets

88 Fixed-Income

98 Derivatives

115 Indicators

121 Alternative & SME

132 Other Markets

140 Foreign Exchange Rates

142 Statistics Definitions & Examples

2 – WFE 2012 ANNUAL REPORT & STATISTICS

address the issues with OTC and exchange-traded derivatives that were highlighted in the 2010 study. The report also aims to contribute to the current discussion by proposing new international standards.

According to WFE global statistics, 2012 was a very challenging year for exchanges as the volumes of all products traded on WFE members were significantly down: -22.5% for equity transactions (USD 49 trillion) and -20% for derivatives (14.9 billion of equity and interest rate contracts traded). Meanwhile, the only growth indicator was market capitalization. After the sharp decline observed during the summer of 2011, it recovered in 2012 by growing 15%, returning to its end-of-2010 level. The number of listed companies remained stable in 2012 at 46 332.

With that, I would like to thank my fellow Board Members, their staff and everyone at the WFE Secretariat and everyone who has contributed to the WFE’s restructuring and its work and operation. I am proud to have served as Chairman during this challenging period and overseen the completion of the reform process.

it has been my honor to serve as Chairman of the World Federation of Exchanges for the past two years. my tenure as WFE Chair coincided with a significant time in WFE’s history – the restructuring of the WFE with the objective of increasing its impact on global financial policy, including greater visibility for the point of view of member exchanges.

Tremendous efforts have been made by members of the Federation, the Board of Directors, and the various committees to develop new statutes which support the creation of a new WFE structure. With this restructuring, the WFE Board decided to create the chief executive officer (CEO) and chief operating officer (COO) positions. At its General Assembly in Taipei in October 2012, the WFE approved the new statutes unanimously.

lETTEr FrOm ThE ChairmaN

The revised organizational structure will enable the new WFE to enhance its profile and advocacy role and provide stronger leadership on global regulatory and policy issues. A more influential WFE will contribute to the key role played by regulated exchanges in capital formation, development of economies and creation of employment.

With the world’s financial system under unprecedented stress since 2008, it is important to remind policy makers and all stakeholders of the unique role of regulated exchanges at every opportunity. We cannot emphasize enough the exchanges’ contribution to capital formation, economic development and jobs creation.

In September 2012, the WFE reaffirmed its support of regulatory action in the global derivatives market following the publication of new study. The report, “The New Global Risk Transfer Market: Transformation and the Status Quo”, by the TABB Group, describes how regulatory reform is resulting in significant shifts in product selection across the global risk transfer market.

During and immediately following the global financial crisis in 2008, the WFE vigorously advocated for reform and regulation of the OTC derivatives markets, which were identified as having made significant contributions to the financial turmoil. This latest report provides an updated assessment on the changes in market structure and how new regulations

hON. rONald arCulliChairman, Hong Kong Exchanges and Clearing


With so much of our varied business models questioned, challenged, spoken about by our clients and officials and commentators, it is crucial for exchange leaders to come together under the WFE umbrella to be vocal with our own positions on issues facing the industry and to get those arguments out to our client bases and the public officials.

An ongoing and overarching objective of the WFE is to promote the unique role of exchanges in facilitating capital formation and risk management to support economic growth. Besides their unique value proposition in market structure which ensure efficient price discovery and market integrity, exchanges have other specificities:

• Self Regulatory Organization (SRO) responsibilities, with particular reference to market surveillance, trading rules, disciplinary measures against members and listing standards,

Since June 2012, i am very happy to be a member of the World Federation of Exchanges` family again as its Chief Executive Officer this time, after many years of serving as a member of the WFE Board.

lETTEr FrOm ThE CEO

As Chairman Ronald Arculli elaborated earlier in this publication, the General Assembly in Taipei, October 2012, was a turning point in the restructuring of WFE (see page 2) into a more pro-active player in shaping regulation as the advocate of the industry and a more effective coordinator of member activities.

My goal is to expand and enhance WFE’s services and advocacy for well-regulated exchanges, particularly during this period of rapid global economic transformation, and to lead the WFE in articulating the unified global exchange viewpoint about industry regulatory issues. I will continue to facilitate coordination between WFE members, to maintain a high level of visibility for WFE initiatives among policymakers, regulators and academics. I also would like to thank Mr. Thomas Krantz, my predecessor, for his 15 years of outstanding service to this Federation.

hüSEyİN ErkaN


• The public role of exchanges in promoting fair practices among investors, listed companies, and other market participants,

• As the facilitator of capital flows to companies to help them grow and thus, help achieve economic growth with job creation in the countries they operate.

WFE has a long-standing commitment to bringing the world’s regulated exchanges together in order to improve the quality of markets. Over the last couple of years, we have seen deterioration in the market quality, due to the unleveled playing field which has resulted in lack of transparency, regulatory arbitrage, fragmentation, dark pools, etc. in the market place.

If we take fragmentation and transparency, many instruments traded today on and off exchanges are the same and substitutable in an economic sense that to have the information and transparency on one without the other is disruptive

to fair and efficient price discovery. Exchanges do not see the benefit, for the public good, of requiring some market participants to disclose, but not others, for that which fulfills, essentially, the same investment or risk management purpose.

To ensure investor confidence, it seems imperative for public authorities to assure that all platforms trading the same instruments be subject to the same standards, regardless of their actual licensed status. In order to restore credibility to the marketplaces there must be equivalent standards for all participants. In many markets where member exchanges operate, the WFE considers that the various structures and rules in place no longer work together to assure fair treatment and efficiency for investors and issuers.

A relationship which is critical for both listed companies and exchange operators is the contractual tie between issuers and their primary listing venues. This relationship has

been all too often overlooked in today’s market structure debates. Many member exchanges are hard pressed to answer corporate treasurers’ valid questions as to what is happening with the trading of their company’s securities.

With regard to dark pools, the regulators should ensure that the market share of dark pools is not hindering or eroding the quality of price formation processes on transparent markets.

The exchanges are regulated to be structured in such a way to provide neutral trading operations, independent of the interests of any one constituency. Neutrality is crucial for equality of access and treatment.

WFE is committed to tackle these market structure issues in the future with the help of more research and active participation in the debates with the regulators.


2013 BOard OF dirECTOrS

Officers

Chairman Andreas PreussDeutsche Börse AG

Edemir PintoBM&FBOVESPA

Chow Chung KongHong Kong Exchanges and Clearing

Tony WeeresingheLondon Stock Exchange

Duncan NiederauerNYSE Euronext

Vice Chairman Thomas KloetTMX Group

Phupinder GillCME Group

Gui MinjieShanghai Stock Exchange

Nicky Newton-KingJohannesburg Stock Exchange

Meyer S. FrucherNASDAQ OMX

Chairman of the Working Committee Ravi NarainNational Stock Exchange of India

William J. BrodskyChicago Board Options Exchange

Atsushi SaitoTokyo Stock Exchange

Ibrahim M. TurhanIstanbul Stock Exchange

Luiz TellezBolsa Mexicana de Valores

Bongsoo KimKorea Exchange

Urs RüegseggerSIX Swiss Exchange

americas

asia - Pacific

Europe - middle East - africa

at large


On 15 October 2012 in Taipei, the general assembly of the World Federation of Exchanges approved new statutes that alter the structure of the organization from a secretariat to a corporate body. Chairmen and Chief Executives from more than 50 of the world’s leading exchanges gathered in Taipei this week for the 52nd WFE general assembly and annual meeting and officially ratified a new structure for the organization. This assembly represents the largest and most widely attended gathering of global exchange leaders.

The General Assembly has also elected and approved new board members and officers, led by the new Chairman Andreas Preuss, Deputy CEO of Deutsche Börse Group and CEO of Eurex, and Vice Chairman Thomas A. Kloet, CEO of TMX Group. Chairman of the Working Committee will be Ravi Narain, Managing Director and CEO of the National Stock Exchange of India. The new board officers serve two-year terms.

Under the new statutes, positions of Chief Executive Officer (CEO) and Chief Operating Officer (COO) have been created. Hüseyin Erkan, who was appointed the new Secretary General of the WFE in June, will become the Chief Executive Officer, and the Deputy Secretary General, Peter Clifford, will become the Chief Operating Officer.

“Our industry is facing an unprecedented overhaul driven by regulatory initiatives and changing market structures. I am looking forward to increase the voice of exchanges in this new environment. Todays approved new setup will allow WFE and its member

exchanges to work more effectively with regulators and policymakers to facilitate well-functioning markets, safety and integrity and financial stability,“ said the new chairman Andreas Preuss.

The WFE plans to utilize its vast network of exchanges to promote a consistent, engaging dialogue surrounding the world’s most pressing market issues. “Tremendous efforts have been made by members of the Federation, the Board, and the various committees to develop the new statutes which support the creation of a new WFE structure,” said Ron Arculli, who served as WFE Chairman for the past two years. “With this restructuring, the WFE Board decided to create the chief executive officer and chief operating officer positions. The process to fill these positions started last November, with the creation of the Selection and Transition Committees to reform the existing WFE structure. The revised organizational structure will enable the new WFE to enhance its profile and advocacy role and provide stronger leadership on global regulatory and policy issues. I would like to thank everyone who has contributed to the reform. I am proud to have served as Chairman during this reform period and overseen the completion of this process.” Mr. Arculli is Director of the Hong Kong Exchanges and Clearing.

Mr. Erkan, who will assume his role as CEO following the General Assembly, said: “The WFE’s new statutes empower the organization to be a more active participant in global market issues. I look forward to working with exchanges throughout the globe and aim to expand our presence in the financial

WOrld FEdEraTiON OF ExChaNgES uNvEilS NEW STaTuTES aT 52Nd gENEral aSSEmBly

From left to right:Ronald Arculli, Richard DuFour

At the General Assembly, WFE Chairman Arcullli presented a gesture of gratitude to Richard DuFour of CBOE in recognition of his outstanding work for the WFE.

2012 gENEral aSSEmBly aNd aNNual mEETiNg


• M&A: Good will and bad faith moderated by Jeremy Grant, Financial Times; with panelists Thomas A. Kloet, Chief Executive Officer, TMX Group; Ravi Narain, Managing Director and Chief Executive Officer, NSE India; Kaivan Shakib, Managing Director/Head Financial Technology & Securities, Merrill Lynch; and Sandy Meyer Frucher, Vice Chairman, NASDAQ OMX.

• Asia: Where the markets are moderated by Chi Schive, Chairman, Taiwan Stock Exchange Corp.; with panelists Atsushi Saito, President & CEO, Tokyo Stock Exchange; and Stephen Po, Senior Director, Securities & Futures Commission, Hong Kong.

• The year of the Regulator: moderated by Ronald Gould, Managing Director, Promontory Financial Group, with panelists Luis Téllez, Chairman & CEO, Bolsa Mexicana de Valores; Hans-Ole Jochumsen, Executive Vice President, NASDAQ OMX; Masamichi Kono, Chairman of the IOSCO Board of Directors; and Rupert Thorne, Deputy Secretary General, Financial Stability Board.

• Developing Markets: moderated by Hüseyin Erkan, CEO, WFE; with panelists Abdullah Al-Suweilmy, Chief Executive Officer, Saudi Stock Exchange (Tadawul); Hans B. Sicat, President & CEO, Philippine Stock Exchange; José A. Martinez Zugarramurdi, Chief Executive Officer, Bolsa de Comercio de Santiago; Karim Hajji, CEO, Casablanca Stock Exchange; Mohamed Omran, Chairman; and Juan Pablo Cordoba, Chief Executive Officer, Bolsa de Valores de Colombia.

world.” Mr. Erkan previously served as Chairman and CEO of the Istanbul Stock Exchange.

annual meeting agenda

The keynote speaker is Wu Tang-Chieh, Vice Chairman of the Taiwan Financial Supervisory Commission. Topics being reviewed by exchange industry leaders at the Annual Meeting include:

• Core Business Drivers: A crash course moderated by William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange; with panelists Andreas Preuss, Deputy Chief Executive Officer, Deutsche Börse AG; Elmer Funke Kupper, Managing Director and CEO, Australian Securities Exchange; Ian Cohen, Managing Director, COO Equities Asia and Chief Strategy Officer Global Equities, HSBC; Anna Ewing, Executive Vice President Global Market Technology and CIO, NASDAQ OMX; Dominique Cerutti, President and Deputy CEO, NYSE Euronext.

• Special Session ESG: moderated by Peter Clifford, COO, WFE; with panelists Nicky Newton-King, CEO of Johannesburg Stock Exchange, Edemir Pinto, CEO of BM&FBOVESPA; and Paul Abberley, Chief Executive of Aviva.

• Good Derivatives: moderated by Nandini Sukumar, Bloomberg News; with panelists Magnus Böcker, Chief Executive Officer, Singapore Exchange; and Gary Katz, President and CEO, International Securities Exchange. Richard Sandor, Chairman and CEO, EFP.

This year’s “WFE Award for Excellence” is being presented to Environmental Financial Products (EFP) Chairman and CEO Dr. Richard Sandor in recognition of his pioneering work at the epicenter of the environmental and financial markets for more than four decades.

New WFE member Exchanges

The WFE General Assembly approved the membership of Abu Dhabi Securities Exchange, China Financial Futures Exchange, Dalian Commodity Exchange, Muscat Securities Market, Shanghai Futures Exchange, Zhengzhou Commodity Exchange. With this, WFE membership includes 59 regulated exchanges.

WFE Elects 2013 Board of directors

The General Assembly also elected its new Board of Directors for 2013, to be led by Mr. Preuss of Deutsche Börse and Eurex as Chairman; Mr. Kloet of TMX Group as Vice Chairman; and Mr. Narain of NSE as Chairman of the Working Committee. A list of the new directors is on page 5.

WFE annual meeting 2013

The next WFE Annual Meeting will be hosted by the Mexican Stock Exchange on 28-30 October 2013.

ThE WFE PlaNS TO uTilizE iTS vaST NETWOrk OF ExChaNgES TO PrOmOTE a CONSiSTENT, ENgagiNg dialOguE SurrOuNdiNg ThE WOrld’S mOST PrESSiNg markET iSSuES.


On 15 October 2012, aSEaN Exchanges, a collaboration of the seven stock exchanges of aSEaN, today unveiled several key milestones in the development of the aSEaN asset class. The announcement was made by the seven CEOs of the aSEaN Exchanges at a press conference at the World Federation of Exchanges 52nd general assembly and annual meeting today.Ito Warsito, Chief Executive Officer, Indonesia Stock Exchange said, “ASEAN Exchanges has made significant progress in meeting several key milestones in our effort to promote the integration of the ASEAN capital market.

“We are focused on delivering on our four implementation pillars which are: driving cross border collaboration; streamlining access to ASEAN; creating ASEAN centric products and implementing targeted promotional initiatives”, continued Mr. Ito.

Speaking with one voice, the seven CEOs of the ASEAN Exchanges unveiled the newly enhanced ASEAN Exchanges website - www.aseanexchanges.org - that provides aggregated ASEAN market data and analytics in a single location.

Dr. Tran Dac Sinh, Chairman of Hochiminh Stock Exchange, offered, “The newly enhanced website is a clear testament to the strength of the ASEAN Exchanges collaboration, which has set a strategy of working with best-in-class partners from around the world to raise the profile of the ASEAN asset class.”

Tran Van Dzung, Chief Executive Officer, Hanoi Stock Exchange agreed, saying, “With a collective market capitalisation of USD 2.0 trillion, there are opportunities in our markets and, the exchanges of Vietnam, are actively collaborating with the 5 other exchanges and to build the ASEAN asset class and are eager to connect our markets when conditions permit.”

Working with best-in-class partners is a key strategy of ASEAN Exchanges in delivering on the goal to create an ASEAN asset class. Continuing on the strength of their partnership with Thomson Reuters, a series of ASEAN-centric Reuters Instrument Codes or more widely known as RICs was developed.

The ASEAN Exchanges and FTSE partnership also delivered on a key milestone today with the unveiling of the FTSE/ASEAN Indices Weekly Report that will be available on the ASEAN Exchanges website.

The enhanced ASEAN Exchanges website features aggregated ASEAN content allowing investors to view the performance of the seven ASEAN exchanges individually as well as providing a single, integrated view of the ASEAN market.

Hans B. Sicat, President and Chief Executive Officer, The Philippine Stock Exchange, “The ASEAN Exchanges website can do what geography cannot – let the world see the ASEAN capital market in a single page.”

aSEaN ExChaNgES uNvEilS kEy milESTONES iN ThE dEvElOPmENT OF ThE aSEaN aSSET ClaSS

From left to right:Magnus Bocker, Charamporn Jotikasthira, Hüseyin Erkan,Tajuddin Atan


region’s growth opportunities, but its significance extends far beyond just a link that connects our Exchanges. Indeed, the greater significance lies in the power of networking engendered; the creation of a network of exchanges, brokers and investors across three of the largest markets in ASEAN.”

Magnus Bocker, Chief Executive Officer, Singapore Exchange, said, “Today, 31 Brokers from across Malaysia, Singapore and Thailand – including the 5 biggest regional brokers - are connected on the ASEAN Trading Link. These brokers can now offer investors seamless access across the connected ASEAN markets. In time, this infrastructure could beget more liquidity, benefitting investors and markets of this region.”

Speaking at the ASEAN Exchanges press conference, Hüseyin Erkan, CEO of the World Federation of Exchanges, commended members of the ASEAN Exchanges on the successful rollout of the ASEAN Trading Link, saying, “The ASEAN Trading Link stands as a true testament of the strength and determination of the ASEAN Exchanges members to have accomplished this significant milestone. ASEAN Exchanges has set a new benchmark for exchange collaboration amidst a globally connected and competitive marketplace.”

The website is built around the ASEAN Stars, the 180 ASEAN blue-chip stocks which represent the 30 most exciting companies of each ASEAN country as ranked by investability in terms of market capitalisation and liquidity.

ASEAN Exchanges created history today when The Stock Exchange of Thailand became the third member to connect to the ASEAN Trading Link. Bursa Malaysia and Singapore Exchange were the first two member exchanges to connect on the ASEAN Trading Link last month.

At the launch, Charamporn Jotikasthira, President, The Stock Exchange of Thailand, shared what the launch means for the ASEAN capital market, stating:

“For the first time ever, with Bursa Malaysia, Singapore Exchange and now The Stock Exchange of Thailand connected, investors now have a single entry-point access to three of the largest equity markets of ASEAN. Together the three markets offer investors easier access to over 2 200 listed companies with a market capitalisation of USD 1.4 trillion, which accounts for nearly 70% of the total market capitalisation of ASEAN.”

Tajuddin Atan, Chief Executive Officer, Bursa Malaysia also explained the significance of the ASEAN Trading Link: “It is no doubt that the ASEAN Trading Link is an excellent conduit to tap into the

About ASEAN Exchanges

ASEAN Exchanges is a collaboration of seven exchanges from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The collaboration aims to promote the growth of the ASEAN capital market by driving cross border collaboration, streamlining access to ASEAN, creating ASEAN centric products and implementing targeted promotional initiatives.

aSEaN ExChaNgES iS a COllaBOraTiON OF SEvEN ExChaNgES FrOm iNdONESia, malaySia, ThE PhiliPPiNES, SiNgaPOrE, ThailaNd aNd viETNam.


On 18 September 2012, the WFE announced that the recipient of the WFE Award for Excellence this year will be Dr. Richard Sandor, chairman and CEO of Environmental Financial Products LLC (EFP). Dr. Sandor was selected for this Award in recognition of his work at the epicenter of environmental and financial markets for more than four decades.

The WFE Award for Excellence is presented annually in recognition of an outstanding contribution to the advancement of regulated exchange markets. The Award salutes innovation and improvement in the exchange industry’s operations, which leads to greater understanding and better usage of the world’s capital markets.

While serving as vice president and chief economist of the Chicago Board of Trade (CBOT) in the early 1970’s, Dr. Sandor was instrumental in the creation of interest rate futures. In 1992, Dr. Sandor was honored by the City of Chicago for his contribution to the creation of financial futures and his recognition as the “father of financial futures.” In the early 90s, he was Chairman of the CBOT’s Clean Air Committee, which developed the first spot and futures markets for sulfur dioxide emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. He also served as the originator and co-author of the catastrophe and crop insurance futures and options contracts.

In 1998, Dr. Sandor founded EFP, the company that was the incubator of the Climate Exchange family of Exchanges, a closely integrated group of businesses focused on creating and operating environmental markets worldwide.

Ahead of the launch of the world’s first voluntary, legally binding greenhouse gas cap-and-trade system through the Chicago Climate Exchange (CCX) in 2003, Dr. Sandor was chosen by TIME Magazine as one of its “Heroes for the Planet.” He continued this innovative work by developing the Chicago Climate Futures Exchange (CCFE) in 2004, which then became the world’s leading futures exchange for environmental products. In 2005, Dr. Sandor founded the European Climate Exchange (ECX), Europe’s leading exchange operating in the European Union Emissions Trading Scheme and the benchmark for world carbon prices. Dr. Sandor was again recognized as one of TIME Magazine’s “Heroes of the Environment” in 2007 for his work as the, “Father of Carbon Trading.”

“The WFE chose to honor Dr. Richard Sandor with the WFE Award for Excellence for his momentous innovations in financial futures and environmental financial products,” said Hüseyin Erkan, Secretary General of the WFE. “The work he completed at the Chicago Board of Trade forty years ago was a turning point in the financial world. Dr. Sandor’s contributions to the financial and environmental markets have been instrumental in the development of the industry.”

FiNaNCial FuTurES aNd ENvirONmENTal markETS PiONEEr dr. riChard SaNdOr TO rECEivE 2012 WFE aWard FOr ExCEllENCE

2012 WFE aWard FOr ExCEllENCE

From left to right:William J. Brodsky, Richard Sandor


financial exchanges and key capital market participants to join leaders in business and government in examining issues impacting global capital markets.

His recent book, “Good Derivatives: A Story of Financial and Environmental Innovation,” tells the story of how financial innovation has been a positive force in the last four decades. The book highlights that if properly designed and regulated, “good derivatives” can open vast possibilities to address a variety of global problems.

Dr. Sandor is a Distinguished Professor of Environmental Finance at Guanghua School of Management at Peking University and a Lecturer in Law and Economics at the University of Chicago Law School. He has previously taught at the University of California Berkeley, Stanford University, Columbia University Graduate School of Business and at the Kellogg Graduate School of Management at Northwestern University.

“I am truly honored and privileged to receive the WFE’s Award for Excellence. It means a lot to me because my career as an inventor has been in regulated and transparent markets. All products I have been involved in have brought more transparency, greater access to capital and, in the case of the environment, measurable reductions and improvements. This organization and its Exchange members represent these principles.” said Dr. Sandor. “Regulated, transparent exchanges are performing flawlessly through difficult economic times. They will continue to have an important role in helping people manage risk and sustain economic growth in places such as China, India and Latin America.”

The WFE Award for Excellence will be presented to Dr. Sandor on 16 October 2012, during a ceremony at the WFE Annual Meeting in Taipei, hosted by the Taiwan Stock Exchange. The WFE Annual Meeting is a forum for regulated

Previous recipients of the WFE Award for Excellence include 2011 beneficiary Mervyn King, Chairman of the International Integrated Reporting Committee (IIRC), who received the Award in recognition of his work in leading national commissions on corporate governance reform. Demutualization pioneer Bengt Ryden received the Award in 2010 for his groundbreaking judgment and business leadership throughout the public policy review in Sweden from 1988-1992. In 2009, the first WFE Award for Excellence was given to Baruch College Professor Robert A. Schwartz for his innovative work in market structure.

“rEgulaTEd, TraNSParENT ExChaNgES arE PErFOrmiNg FlaWlESSly ThrOugh diFFiCulT ECONOmiC TimES. ThEy Will CONTiNuE TO havE aN imPOrTaNT rOlE iN hElPiNg PEOPlE maNagE riSk aNd SuSTaiN ECONOmiC grOWTh iN PlaCES SuCh aS ChiNa, iNdia aNd laTiN amEriCa.”


WFE FOCuS iN 2012

January 2012: 2011 aftermath

May 2012: Shaping the future of Europe’s financial markets

September 2012: WFE 52nd Annual Meeting

February 2012: Clearing at the crossroads

June 2012: Sustainable stock exchanges

October 2012: Providing support and stability for OTCD markets

March 2012: Investing in long term growth of SMEs

July 2012: Measuring the new normal

November 2012: Exchange Traded Funds (ETFs) Trading

April 2012: Reform and innovation in Chinese capital markets

August 2012: Getting ready for the WFE 52nd Annual Meetings

December 2012: Best wishes for 2013


WFE would like to thank all the contributors (in alph. order):

Iain Anderson Director and Chief Corporate Counsel Incisive Media

William Brodsky Chairman and Chief Executive Officer CBOE Holdings

Kevan Cowan President, TSX Markets and Group Head of Equities TMX Group China Securities Regulatory Commission

Alex Frino Chief Executive Officer & Professor of Finance Capital Markets CRC Ltd. University of Sydney

Deborah Fuhr Partner ETFGI

Louise Gardiner ESG Specialist IFC

Joseph Garowski President & Chief Operating Officer Rosenblatt Securities

Laurent Grillet-Aubert Senior Economist AMF

Mayiz Habbal, Phd Founder & Chief Executive Officer Capital Market Leaders Group LLC.

Matthew Harrison SVP/Head of Research & Corporate Development HKEx

Samantha Jagdessi Project Manager Sustainable Returns Project

Tom Kloet Chief Executive Officer TMX Group

Karel Lannoo Chief Executive Centre for European Policy Studies

Oliver Linton Cambridge University

Duncan L. Niederauer Chief Executive Officer NYSE Euronext

Maureen O’Hara Cornell University

Rhodri Preece, CFA Director, Capital Markets Policy CFA Institute

Xavier Rolet Chief Executive London Stock Exchange Group

Nicholas Ronalds President RhoFinancial Consulting

Verena Ross Executive Director ESMA

E. Paul Rowady, Jr. Senior Analyst Tabb Group

Richard L. Sandor Chairman and Chief Executive Officer Environmental Financial Products LLC

Justin SchackManaging Director and Head of Market Structure Analysis

Rosenblatt Securities

Chi Schive Chairman Taiwan Stock Exchange

Dan Siddy Founder and Director Delsus Limited

Greg Wojciechowski President & Chief Executive Officer Bermuda Stock Exchange

J.P. Zigrand London School of Economics


Summary

Member Exchanges’ Financial figures and market indicators

2001 - 2011 FiNaNCial FigurES (uSd BilliON)

2004 - 2011 EquiTy markET iNdiCaTOrS (uSd BilliON)

2004 - 2011 dErivaTivES markET iNdiCaTOrS (milliON ETd CONTraCTS)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011 / 2010

% change

2011 / 2010

const. USD

Total revenues 7.29 8.29 9.57 10.7 11.2 14.6 22.7 26.3 26.8 27.7 28.5 3.0% 4.4%

Total costs 5.75 6.60 7.82 7.9 7.7 8.0 10.9 14.3 14.8 14.3 14.1 -1.4% 0.04%

Net income 2.00 1.59 1.75 1.9 2.6 4.1 8.8 5.4 6.9 8.5 10.3 21.6% 23.7%

EBITDA - - - - - - - - - 13.3 13.4 0.4% 1.8%

Equity 8.28 11.77 13.49 18.5 16.2 19.3 37.3 62.0 70.4 75.1 77.6 3.3% 5.4%

Net profit margin (1) 27.4% 19.2% 18.3% 18.2% 22.7% 27.8% 38.7% 20.5% 25.7% 30.7% 36.2% 18.1% -

ROE (2) 24.2% 13.5% 13.0% 10.5% 15.7% 21.0% 23.5% 8.7% 9.8% 11.3% 13.3% 17.7% -

(1) Net income/Total revenues (2) Net income/Equity

2004 2005 2006 2007 2008 2009 2010 2011 2011 / 2010const. USD

Market capitalization 34 606 38 766 49 092 55 471 29 759 47 661 54 949 47 508 -13.5%

Share trading volume (EOB) 33 226 43592 55 285 80 419 82 782 58 299 59 588 59 223 -0.6%

WFE global average index 15.0% 10.0% 23.8% 18.3% -41.9% 44.9% 11.0% - -

Number of listed companies 28 151 30 192 34 741 35 725 36 261 38 899 39 192 39 814 1.6%

2004 2005 2006 2007 2008 2009 2010 2011 2011 / 2010const. USD

Equity 6 127 6 863 7 747 10 898 11 638 12 061 13 776 15 662 13.7%

Interest rate 2 247 2 518 3 184 3 858 3 191 2 457 3 180 3 463 8.9%

Currency 104 177 279 452 574 991 2 526 3 143 24.4%

Commodity 611 716 976 1 321 1 159 2 280 2 950 2 751 -6.0%

Other 0 0 0 1 30 73 127 191 50.1%

Total 9 089 10 275 12 186 16 530 16 593 17 861 22 535 25 210 11.9%

WFE 2011 COST aNd rEvENuE SurvEy


• Equity volumes in USD remained stable despite the peak of activity observed in August and the number of trades decreased by 5%;

• The market share of exchanges continued to be eroded especially in Europe.

In that context, trading revenues from cash markets continued to decrease (-5.1%).

The activity on primary markets was also not very dynamic. The total numbers of listed companies only increased by 1.5% and listing revenues were 1.6% up.

Conversely, derivative markets continued to experience vivid growth of volumes (+14% for equity derivatives and +9% for interest rate derivatives) and thus trading and clearing fees from derivatives continued to increase significantly (+9.3%) which contributed to the 3% growth of total revenues.

Another driver for total revenues growth were the “other services” that include post-trade services for cash markets (+5.9% in constant USD), market data revenues (+3.8% in constant USD) and IT sales and services (+8.7% in constant USD).

Looking only at the total net income for the industry can be quite

2011 Cost and revenue key Conclusions

• Total revenues reached USD 28.5 bn, a higher increase than in 2010 (+4.4% in constant USD terms against +1.9% in 2010) but still modest compared to growth rates observed between 2002 and 2008.

• Total costs remained stable in constant USD terms (-1.4% when taking into account exchange rates movements).

• Profitability increased for the third consecutive year:

- Net income was up 22% at USD 10.3 billion.

- Average net profit margin was 36% (against 31% in 2010 and 26% in 2009).

• But this increase is largely due to exceptional items:

- EBITDA was flat in 2011 (+0.45%).

- The increase of EBIT (+9.2%) and EBT (+14.2%) are largely explained by exceptional factors.

• Listed exchanges improved their net income by 34%.

• Trading and clearing fees from derivatives continued to increase significantly (+9.3%) while revenues from cash markets decreased again (-5.1%).

In 2011, the general environment was still unfavorable for the development of exchanges’ cash markets worldwide:

• Domestic market capitalization declined significantly (-13.5%) for almost all WFE members;

misleading. The 21.6% increase is largely due to either exceptional profits recorded by two exchanges in 2011 (CME Group and LSE Group) or an exceptional loss recorded in 2010 and which did not re-occur in 2011 (DBAG). Altogether those three exceptional items amount to USD 1 728 million and distort figures very significantly. Starting from EBITDA and going down to the bottom line provides a more accurate picture of the financial health of the industry in 2011:

As noted in the report, even if total revenues are still growing (indicating the potential for further expansion) and if costs are under control – slightly decreasing though stable in constant USD terms – (indicating the willingness to preserve profitability), EBITDA is mostly flat probably signaling higher pressures on operating profit.

This year report includes a focus on share buyback. In total, the top 10 exchanges by revenues spent USD 1 066 million in share repurchase in 2011. Another focus covers the goodwill recorded by the top 10 exchanges by revenues. In total it amounts to USD 31 473 million, in some cases still representing a relative significant amount despite some write-off recorded in the previous years.

TOTal rEvENuES rEaChEd uSd 28.5 BN, a highEr iNCrEaSE ThaN iN 2010 (+4.4% iN CONSTaNT uSd TErmS agaiNST +1.9% iN 2010) BuT STill mOdEST COmParEd TO grOWTh raTES OBSErvEd BETWEEN 2002 aNd 2008.

2011 2011 / 2010% change

Total revenues 28 636 3.0%

Total costs 14 154 -1.4%

EBITDA 13 379 0.4%

EBIT 12 311 9.2%

EBT 12 898 14.2%

Net income 10 345 21.6%


WFE 2011 dOmESTiC markET SEgmENTaTiON SurvEy1) introduction

The market segmentation survey has been conducted yearly since 2007 by the WFE. The 2011 study was released in July 2012, and available on the Federation’s website (http://world-exchanges.org/reports/studies-and-surveys). For each market segment, WFE members were asked to provide, the number of listed companies, the number of trades, the market capitalization and the value of Electronic Order Book share trading.

At a worldwide level, there is no harmonized definition for large-cap, mid-cap, small-cap and micro-cap and the generally accepted definitions vary significantly from one geographical region to another. For example, in the United States large-cap are generally understood as being companies with a market capitalization higher than USD 10 billion whereas in Europe, the lower threshold used for defining large-

cap is rather USD 1.3 billion. The US thresholds could not be suitable for smaller exchanges.

The WFE market segmentation survey has the advantage of defining fixed thresholds that allow for comparisons among various exchanges and over time even if the results have to be interpreted with cautious due to threshold effects. The segments are defined as follows:

• large-cap: market cap > USD 1.3 bn

• mid-cap: USD 1.3 bn > market cap > USD 200 m

• small-cap: USD 200 m > market cap > USD 65 m

• micro-cap: market cap < USD 65 m

In 2011, for all WFE members taken as a whole, mid, small and micro-cap were accounting for 88% of the total number of listed companies, 46% of the number of trades, 12% of the market capitalization and 22% of the value of share trading.

2) The role of Exchanges in Financing micro Cap

Exchanges have an important role to play in national economies by financing SMEs. SMEs cannot only be defined by a market capitalization threshold but one can consider that the micro-cap segment as defined by WFE is mainly including SMEs.

Several comparison elements serve to demonstrate that micro-cap as defined by the WFE market segmentation survey are more or less corresponding to SMEs sector:

1) In the United States, the Securities and Exchange Commission (SEC) uses the thresholds of USD 75 million of public equity float for defining “Small Reporting Companies”: under this threshold, financial disclosure requirements are scaled and streamlined. This threshold is close to the one used by the WFE (USD 75 million).

SharE OF EaCh markET SEgmENT iN EaCh iNdiCaTOr FOr WFE mEmBErS1

1 Excluding: Bolsa de Comercio de Buenos Aires, Bolsa de Valores de Colombia, TMX Group Inc., Australian Securities Exchange, Bursa Malaysia, Singapore Exchange, Tokyo Stock Exchange Group, BME Spanish Exchanges and MICEX-RTS.

Micro48%

Micro7%Small

7%

Large 12%

Mid 23%

Mid 32%

Mid 9% Mid

18%

Small & Micro 2%

Small & Micro 4%

Large 54%

Large 89%

Large 78%

Small17%

Number of listed

companies

Marketcapitalization

Number of trades

Share trading value


2) The European Commission defines SMEs with, among others, a total balance sheet inferior to USD 54 million (EUR). In Europe, SMEs as defined by the European Commission might therefore be included in the Micro Cap segment with bigger companies generally called intermediate size companies.

3) When comparing the number of Micro Cap and the number of companies in Alternative and SMEs markets on each exchange, we can see that in most cases micro-cap seem to correspond to those companies listed in a market dedicated to SMEs.

As already mentioned, micro-cap are very important for exchanges, as they represent, at a global level, about half of the total number of listed companies. The share of micro-cap in the total number of listed companies varies from one exchange to another depending on the size of the country and due to the fact that some exchanges, more than the others, specialized in the financing of SMEs. For example, in 2011, the weight of Micro Cap in the number of companies was significantly higher in EAME and Asia Pacific (respectively 54% and 51%) than in the United States (21%) and was very important in Canada (72%).

When the markets are decreasing, as was the case in the past few years, it is normal, due to threshold effects that the number of large cap decreases and the number of micro-cap increases. Thus, it is difficult from one year to another to interpret the evolution of the number of micro-cap. Nevertheless, if we look at the evolution of the number of listed companies on each market segment on a longer period of time (2007-2011) and in parallel with the evolution of the average market capitalization value (total market capitalization / number of listed companies), we can see that in Asia - Pacific and Americas, the growth of the total number of listed companies was mainly driven by micro-cap, small-cap and mid-cap.

miCrO-CaP arE vEry imPOrTaNT FOr ExChaNgES, aS ThEy rEPrESENT, aT a glOBal lEvEl, aBOuT halF OF ThE TOTal NumBEr OF liSTEd COmPaNiES.

WEighT OF miCrO-CaP iN ThE TOTal NumBEr OF liSTEd COmPaNiES iN 2011

TMX

Gro

upLi

ma

Berm

uda

Buen

os A

ires

Sant

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NA

SDA

QBM

&FB

OV

ESPA

BMV

NYS

EBS

EC

olom

boG

reTa

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saka

Burs

a M

alay

sia

Thai

land

KRX

NSE

SGX

Phili

ppin

eIn

done

sia

HKE

XTa

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Toky

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angh

aiSh

enzh

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mm

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then

sBu

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ELj

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Mau

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Börs

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alta

LSE

Gro

upO

MX

Nor

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Joha

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MIC

EX-R

TSO

slo

Euro

next

Wie

ner

Cas

abla

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Iris

hLu

xem

bour

gSI

XTa

daw

ulTo

tal W

FE

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Americas Asia - Pacific EAME


ParallEl EvOluTiON OF NumBEr OF liSTEd COmPaNiES aNd avEragE markET CaPiTalizaTiON2

Num

ber

of li

sted

com

pani

es

5 000 2.5

2.0

1.5

1.0

0.5

0.0

Americas

2007 2011

1 000

0

4 000

3 000

2 000

Ave

rage

mar

ket

capi

taliz

atio

n (U

SD b

n)

Num

ber

of li

sted

com

pani

es

10 000 1.0

0.8

0.6

0.4

0.2

0.0

Asia - Pacific

2007 20110

9 000

8 000

7 000

6 000

5 000

4 000

3 000

2 000

1 000

Ave

rage

mar

ket

capi

taliz

atio

n (U

SD b

n)

Num

ber

of li

sted

com

pani

es

4 000 1.5

1.0

0.5

0.0

EAME

2007 20110

3 000

2 000

1 000

Ave

rage

mar

ket

capi

taliz

atio

n (U

SD b

n)

Number of micro cap Number of small cap Number of middle cap Number of large cap Market capitalization

Total number of listed companies between 2007 and 2011

Americas +15% Asia - Pacific +14% EAME -13%

2 Excluding: Bolsa de Valores de Colombia, Australian Securities Exchange, GreTai Securities Market, Osaka Securities Exchange, Amman Stock Exchange, BME Spanish Exchanges, Bourse de Casablanca, Bourse de Luxembourg, Deutsche Börse, Ljubljana Stock Exchange, Malta Stock Exchange, Moscow Interbank Currency Exchange, Saudi Stock Exchange (Tadawul) and SIX Swiss Exchange.

3) mid-cap in asia - Pacific region

It is also interesting to note, in the WFE market segmentation survey, the importance of mid-cap in Asia - Pacific region. The weight of mid-cap in the total number of listed companies is not significantly higher in Asia - Pacific (22%) than in the two other regions (33% in Americas

and 18% in EAME). Nevertheless, in 2011, they accounted for a significantly higher share of number of trades and value of share trading suggesting that they were more actively traded.

This higher activity on mid-cap is largely influenced by Shenzhen Stock Exchange, where mid-cap accounted

for 79% of the total number of listed companies in 2011 but on other Asian exchanges such as, Shanghai Stock Exchange, Korea Exchange or National Stock Exchange of India, the number of trades per listed mid-cap is also much higher than on other exchanges.

mid-CaP COmPaNiES iN aSia - PaCiFiC aCCOuNTEd FOr a SigNiFiCaNTly highEr SharE OF NumBEr OF TradES aNd valuE OF SharE TradiNg.


WEighT OF mid-CaP iN EaCh iNdiCaTOr iN 2011

Number of listed companies Market capitalization Number of trades Value of share trading

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

Americas Asia - Pacific EAME


highlighTS FrOm ThE iOma, ThE WFE dErivaTivES CONFErENCE

Global leaders of derivatives exchanges and clearing houses assembled 16-17 April for the 29th IOMA Conference, the Annual Derivatives Conference hosted by the WFE, to focus on the commercial and technological developments impacting derivatives markets. The Conference also introduced the full annual IOMA survey on derivatives market statistics. The preliminary findings released on March 1, highlighted that 25 billion derivative contracts were traded on exchanges worldwide in 2011 - an increase from the 22 billion traded in 2010. Between 2006 and 2011, the number of derivative contracts traded on exchange has more than doubled. While last year’s growth rate (+12%) remains high, it is lower than the one observed in 2010 (+25%).

The Conference also featured a number of panel discussions that highlighted the significance of regulated derivatives exchanges and clearinghouses to the global financial system. Topics most current to the trading landscape, such as transparent public pricing and reliable systems for risk transfer and management was addressed in sessions.

IOMA exchanges have already played a major role in reducing financial instability by supporting the G20’s work since its Pittsburgh summit to promote more extensive use of the public marketplaces and clearing houses. The exchanges are

committed to transforming the derivatives trading industry in order to ensure that risk can be properly priced, managed and remunerated. Additionally, IOMA members have been active in OTC trade matching and trade reporting for several years now, and have successfully netted trillions of dollars of contracts.

Jorge Alegria, IOMA Chairman and Chief Executive Officer of the Mexican Derivatives Exchange (MexDer), believes the stellar lineup of participants will offer a unique perspective on the important changes in the derivative space. “The topics that we are discussing have major implications in the derivatives industry, and the debate about trading on- or off-exchanges,” explains Alegria, “Exchanges have operated without problems throughout the series of crises that beset the world’s financial system since 2007, offering standardized products and liquidity to their customers in reliable, efficient and fair regulated markets.”

Alegria welcomed IOMA delegates on Monday 16 April shortly after a keynote address from Mark Hoban, Member of Parliament and Financial Secretary to the British Treasury. Sessions also focused on the global risk transfer market, the clearinghouse competitive landscape, and the measures that need to be taken in the aftermath of MF Global.

2012 iOma aNNual dErivaTivES CONFErENCE


aFFiliaTES aNd COrrESPONdENTS

affiliates

Bahrain BourseBeirut Stock ExchangeBourse des Valeurs Mobilières de TunisBourse Régionale des Valeurs Mobilières S.A.Bucharest Stock ExchangeCayman Islands Stock ExchangeDubai Financial MarketHoChiMinh Stock ExchangeKarachi Stock Exchange LtdKazakhstan Stock ExchangeNairobi Securities Exchange LtdNamibian Stock ExchangePalestine ExchangePort Moresby Stock Exchange Ltd.Qatar ExchangeThe Nigerian Stock ExchangeUkrainian Exchange

Correspondents

Asia Pacific Exchange LimitedBaku Interbank Currency ExchangeBarbados Stock ExchangeBelarusian Currency and Stock ExchangeBolsa de Comercio de RosarioBolsa de Valores de Panama S.A.Bolsa Nacional de Valores, S.A.Bratislava Stock ExchangeBulgarian Stock ExchangeChittagong Stock Exchange Ltd.CNSX Markets Inc.Dhaka Stock Exchange LtdDubai Gold & Commodities ExchangeDutch Carribbean Securities Exchange N.V.Ghana Stock ExchangeGlobal Board of TradeHanoi Stock ExchangeJamaica Stock ExchangeKuwait Stock ExchangeLibyan Stock MarketLusaka Stock Exchange LtdMCX Stock Exchange Ltd.Montenegro Stock ExchangeMulti Commodity Exchange of India Ltd.Pakistan Mercantile Exchange LimitedPFTS Stock ExchangeSingapore Mercantile ExchangeTokyo Financial Exchange Inc.Zagreb Stock Exchange

As of March 2013


started collecting and publishing statistics from its members. But those figures were either only available on paper or were spread out among various sources.

All the statistics existing have now been consolidated into a single database. The WFE database now includes over 300 indicators, with the oldest ones starting in 1975.

The statistics are available on a monthly basis (1990 – present) and on an annual basis (1975 – present). Customized queries can be run on monthly or annual series. The results of the queries are provided as a csv file allowing users to rearrange the statistics according to their needs. A user friendly interface with dropdown menus allows performing the queries easily:

WFE is proud to announce the completion of a major enhancement of its statistics. until recently, statistics were only available from 2003 onwards on a monthly basis and from 1990 for annual statistics for selected indicators whereas some historical series have started in 1975 when WFE

WFE ENhaNCES iTS STaTiSTiCS daTaBaSE


EvOluTiON OF ThE markET CaPiTalizaTiON1 SiNCE 1975

45

40

35

30

25

20

15

10

5

0

70

60

50

40

30

20

10

0

Americas Asia - Pacific Europe - Africa - Middle East

1990

1990

2010

2010

2012

2012

1985

1985

2005

2005

1980

1980

2000

2000

1975

1975

1995

1995

USD

tri

llion

1 For exchanges that were already members of WFE in 1975

EvOluTiON OF WFE mEmBErS’ glOBal markET CaPiTalizaTiON SiNCE 1975

All WFE members WFE members since 1975

USD

tri

llion


BrEakdOWN OF WFE TOTal markET CaPiTalizaTiON By rEgiON

63%25%

12%

27%

31%

42%

1975 2012


EvOluTiON OF ThE NumBEr OF NEWly liSTEd COmPaNiES1 SiNCE 1975

2 500

2 000

1 500

1 000

500

0


1990 2010 20121985 20051980 20001975 1995

1 For exchanges that were already members of WFE in 1975


NumBEr OF EquiTy dErivaTivE CONTraCTS TradEd ON-ExChaNgE SiNCE 1994

16

14

12

10

8

6

4

2

0


1997 20112006 2007 2008 2009 2010 20121996 20051995 2000 2001 2002 2003 200419991994 1998

WFE would like to thank IODS which has helped digitalize all the data available since 1975 and IFS which has integrated the new statistics into the existing database.

Disclaimer:While the World Federation of Exchanges (WFE) made every effort to check that the data are accurate and complete, it does not accept liability for any errors or omissions. WFE shall not be liable for any claims or losses of any nature arising directly or indirectly from use of the data. Please note that some technical footnotes available in the monthly statistics published by WFE are not available here in the raw data uploaded with the query tool. In order to explain some breaks in the time series or other statistical issues, the user will probably have to consult those footnotes in the monthly tables published by the WFE or in the WFE annual report. Statistics definitions are also publicly available in the annual report or on WFE website.

For reproduction, citation, distribution and transmission of any data please contact the Secretariat. It is otherwise strictly prohibited. The WFE will always have to be quoted when the statistics are used by a third party.

Access to the database is confirmation that you have understood and accepted these terms of usage.

Billi

ons

of c

ontr

acts


2012 WFE markET highlighTS

2012 was a very challenging year for exchanges: the volumes of all products traded on WFE members were significantly down: -22.4% for equity transactions (uSd 49 tn) and -15% for derivatives (21 bn of contracts traded). Cash markets continued to suffer from the relative disaffection for equities; derivatives markets were affected from the continued low interest rate environment and the significant decrease of volatility, both factors reducing hedging needs.

The other products traded by WFE exchanges also experienced very sharp declines of turnover value:

• ETFs: -28.6% (USD 10.9 tn)• Securitized derivatives: -43.1%

(USD 653 bn)• Bonds: -24.9% (USD 24.8 tn)

On a more positive note, the only indicator growing was the market capitalization. After the sharp decline observed in 2011 during the summer, it recovered in 2012 with a 15% growth rate, getting back to its end-of 2010 level. Number of listed companies remain stable at 46 396 (-0.7%).

EquiTy markETSMarket capitalization USD 55 tn +15%

In 2012, the global market capitalization recovered with a 15% growth rate to USD 54 672 m. This growth rate was nevertheless not sufficient to reach again the levels observed during the first months of 2011.

The best performance in 2012 was observed in the Americas (+17.2%) followed by Asia - Pacific (+15%) and EAME (+11.6%).

In the Americas, the growth was mainly driven by the US exchanges that increased 19% while Canada increased slightly less (8%) and contrasted trends were observed in Latin American countries.

In Asia - Pacific, the highest growth rates were observed in Thailand (+45%), Philippine (+39%), Singapore (+28%), Hong Kong (+25%) and India (+25%) and relatively lower growth rates occurred in mainland China and Japan (respectively +8% and +5%).

In EAME, Africa Middle East region experienced a 20% growth rate, the Eurozone increased 14% while the LSEG in the UK rose 4%.

Number of listings 46 396 -0.7%

In 2012, the total number of listed companies on WFE exchanges was steady (-0.7%): -0.4% in Americas, +1.3% in Asia - Pacific and -1.9% in EAME.

Value of share trading USD 49 tn -22.4%

Despite the good performance of market capitalization in 2012, Electronic Order Book (EOB) turnover value declined by 22.4%. All the regions were affected by this trading volumes drop: EAME (-24%), Americas (-23.2%) and Asia Pacific (-20%).


dOmESTiC markET CaPiTalizaTiON vS EOB SharE TradiNg

90 000

80 000

70 000

60 000

50 000

40 000

30 000

20 000

10 000

0

201220112009 2010200820072006200520042003

Domestic Market Cap EOB share trading

USD

tri

llion

The sharp increase in EOB share trading value in 2007 is partially due to a methodological change by the US stock exchanges.


Number of EOB trades 9 814 m -13%

The global number of trades also decreased significantly in 2012, but in Asia Pacific and EAME, the decrease was less pronounced than for the value of share trading.

In 2012, the average transaction size at WFE level decreased from USD 8 560 to 8 110. The EAME region experienced the sharpest

decline (-15%) from USD 13 530 in 2011 to 11 500 in 2012, on a year average basis. The Asia - Pacific region also recorded a drop in its value of trades; it receded from USD 5 410 in 2011 to 4 830 in 2012, a decline of 10.7%. The fact that average transaction size in Asia - Pacific is still below the WFE average may indicate a very active retail market. Americas was the only region to register an increase of 3.7% in value of trades; it surged from USD 8 460 in 2011 to 8 770 in 2012.

avEragE valuE OF TradES (WEighT By SharE TradiNg valuE iN uSd)

2009 2010 2011 2012

18 000

16 000

14 000

12 000

10 000

8 000

6 000

4 000

2 000

0

Amer

icas

Asia -

Pacif

icEA

ME

WFE


EquiTy aNd ir dErivaTivES Number of contracts traded 21 bn -15%

For the first time since 2004, the number of equity derivative contracts traded on exchanges decreased in 2012 (-15%). Index products were the most affected: -36.4% for stock index options, -19.3% for ETF options, and -14.9% for stock index futures.

This significant decrease in stock index options was partly explained by the sharp decrease of number of index options traded on Korea Exchange following the multiplication by five of the size of the newly listed contracts on KOSPI 200 since March 2012. Excluding Korean index options, the decline in stock index options was -9.4%. And the overall decline in equity and IR derivatives was -11%.

This decline in equity derivatives mirror the one in the value of cash equities traded and is also probably explained by the significant decrease in volatility observed in 2012. Volatility indices decreased significantly in 2012, except in Japan, to end the year at relatively low levels.

• S&P 500 Volatility (VIX): - 23% (13.02)

• EURO STOXX 50 Volatility: -33.6% (21.35) and FTSE100 Volatility Index: -19.7% (18.05)

• Nikkei Stock Average Volatility Index: + 4.5% (22.45) and HSI Volatility Index: -30.2% (17.19)

The volume of Interest Rate options and futures traded also decreased significantly in 2012 (-15%). Factors generically seen as unfavorable for interest rates derivatives (low interest rates environments, no economic growth and credit expansion) continue to prevail in certain regions and could explain that trend.

ETd EquiTy dErivaTivES (BilliONS OF TradEd CONTraCTS)

ETd iNTErEST raTE dErivaTivES (BilliONS OF TradEd CONTraCTS)

Index and ETF Single stock

16

14

12

10

8

6

4

2

0

4

3

2

1

0

2004 20042005 20052006 20062007 20072008 20082009 20092010 20102011 20112012 2012


OThEr PrOduCTSBonds (cash markets)

Turnover value USD 24.8 tn -25%

After two years of significant increase, bond trading also declined in 2012 (-25%).

ETFs

Turnover value USD 10.9 tn -28.6%

Listings 7 714 +12%

A sharp decrease (-28.6%) on the turnover realized in 2012. The decrease was mainly due to US exchanges performance (-29%) which represents approximately 90% of the WFE total turnover.

Securitized derivatives

Turnover value USD 653 bn -43%

Listings 1 261 760 +16%

Securitized derivatives listings continued to grow (+16%), but overall volumes declined sharply (-43.1%)

aFTEr TWO yEarS OF SigNiFiCaNT iNCrEaSE, BONd TradiNg dECliNEd iN 2012 (-25%).


1. dOmESTiC EquiTy markET CaPiTalizaTiON

rEgiONal aNd TOTal WFE dOmESTiC EquiTy markET CaPiTalizaTiON PErFOrmaNCES aT yEar-ENd 2012 COmParEd TO yEar-ENd 2011

largEST dOmESTiC EquiTy markET CaPiTalizaTiONS aT yEar-ENd 2012 aNd 2011

Time zone USD billion end-2012

USD billion end-2011

% change in USD

Americas 23 193 19 789 17.2%

Asia - Pacific 16 929 14 716 15.0%

Europe - Africa - Middle East 14 550 13 033 11.6%

Total WFE 54 672 47 538 15.0%

Exchange USD billion end-2012

USD billion end-2011

% change in USD

% change in local currency

1 NYSE Euronext (US) 14 086 11 796 19.4% 19.4%

2 NASDAQ OMX (US) 4 582 3 845 19.2% 19.2%

3 Tokyo Stock Exchange Group 3 479 3 325 4.6% 17.6%

4 London Stock Exchange Group 3 397 3 266 4.0% 2.4%

5 NYSE Euronext (Europe) 2 832 2 447 15.8% 14.0%

6 Shanghai Stock Exchange 2 832 2 258 25.4% 25.2%

7 Hong Kong Exchanges 2 547 2 357 8.1% 7.0%

8 TMX Group 2 059 1 912 7.7% 5.3%

9 BM&FBOVESPA 1 486 1 185 25.5% 23.6%

10 Australian Securities Exchange 1 387 1 198 15.7% 14.3%


dOmESTiC EquiTy markET CaPiTalizaTiON By TimE zONES

zOOm ON 2012 - mONThly dOmESTiC EquiTy markET CaPiTalizaTiON By TimE zONES

25

20

15

10

5

0

25

20

15

10

60

50

40

30

20

10

0

60

50

40

30

20

10

0

WFE Total Americas Asia - Pacific Europe - Africa - Middle East

WFE Total Americas Asia - Pacific Europe - Africa - Middle

20122011

Dec 12

2009

Oct 12

2010

Nov 12

2008

Sep 12

2007

Aug 12

2006

Jul 12

2005

Jun 12

2004

May 12

2003

Apr 12

2002

Mar 12

2001

Feb 12

2000

Jan 12

Tota

l by

geog

raph

ical

zon

e -

USD

tri

llion

To

tal b

y ge

ogra

phic

al z

one

- U

SD t

rilli

on

Tota

l WFE

- U

SD t

rilli

on

Tota

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- U

SD t

rilli

on

WFE total (USD trillion) 54.747.547.7 54.932.560.850.640.836.830.622.826.530.9

NOTES: WFE membership has increased over the decade. Historical series were not adjusted.


variaTiONS iN 2012 dOmESTiC markET CaPiTalizaTiON By mEmBEr – iN uSd (COmPariSON OF ENd-dECEmBEr 2012 WiTh ENd-dECEmBEr 2011)

6050403020% 0-40 10-30 -20 -10

İMKBThailand SE

Philippine SEAthens Exchange

Colombia SEMexican Exchange

Warsaw SEGretai Securities Market

Singapore ExchangeDeutsche Börse

BSE IndiaHong Kong Exchanges

Lima SENational Stock Exchange India

Wiener BörseEgyptian Exchange

Bermuda SENYSE Euronext (US)

NASDAQ OMX Korea Exchange

NASDAQ OMX Nordic ExchangeBursa Malaysia

Santiago SENYSE Euronext (Europe)

Australian Securities ExchangeTaiwan SE

Johannesburg SE SIX Swiss Exchange

Muscat Securities MarketBudapest SE

Saudi Stock Market - TadawulOslo Børs

Indonesia SEShenzhen SEShanghai SETMX Group

Abu Dhabi Securities ExchangeMoscow Exchange

Malta SETokyo SE GroupLuxembourg SE

London SE GroupTel-Aviv SE

Ljubljana SEIrish SE

BM&FBOVESPAAmman SE

BME Spanish ExchangesOsaka Securities Exchange

Mauritius SECasablanca SE

Colombo SEBuenos Aires SE

Cyprus SE


2. SharE TradiNg valuE

rEgiONal aNd TOTal WFE ElECTrONiC OrdEr BOOk SharE TradiNg valuE PErFOrmaNCES iN 2012 COmParEd WiTh 2011

largEST ExChaNgES By valuE OF SharE TradiNg iN ThE ElECTrONiC OrdEr BOOk iN 2012 aNd 2011

Time zone USD billion Jan-Dec 2012

USD billion Jan-Dec 2011

% change in USD

Americas 25 675 33 440 -23.2%

Asia - Pacific 14 302 17 888 -20.0%

Europe - Africa - Middle East 8 949 11 757 -23.9%

Total WFE 48 925 63 084 -22.4%

Exchange USD billion 2012

USD billion2011

% change in USD


1 NYSE Euronext US 13 443 18 027 -25.4% -25.4%

2 NASDAQ OMX US 9 784 12 724 -23.1% -23.1%

3 Tokyo Stock Exchange Group 3 472 3 986 -12.9% -12.2%

4 Shanghai Stock Exchange 2 600 3 670 -29.2% -30.8%

5 Shenzhen Stock Exchange 2 370 2 844 -16.6% -18.5%

6 London Stock Exchange Group 2 192 2 826 -22.4% -16.0%

7 NYSE Euronext Europe 1 576 2 125 -25.8% -19.7%

8 Korea Exchange 1 517 2 023 -25.0% -23.9%

9 TMX Group 1 356 1 541 -12.0% -10.8%

10 Deutsche Börse 1 274 1 751 -27.2% -21.2%


ElECTrONiC OrdEr BOOk SharE TradiNg valuE By TimE zONES

6

5

4

3

2

1

0

10

8

6

4

2

0


O 08 O 09 O 10 O 11 O 12J 08 J 09 J 10 J 11 J 12A 08 A 09 A 10 A 11 A 12J 08 J 09 J 10 J 11 J 12

Tota

l by

geog

raph

ical

zon

e -

USD

tri

llion

Tota

l WFE

- U

SD t

rilli

on

zOOm ON 2012 - mONThly EvOluTiON OF ElECTrONiC OrdEr BOOk SharE TradiNg valuE By TimE zONE

3.0

2.5

2.0

1.5

1.0

0.5

0.0

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0


Dec 12Oct 12 Nov 12Sep 12Aug 12Jul 12Jun 12May 12Apr 12Mar 12Feb 12Jan 12

Tota

l by

geog

raph

ical

zon

e -

USD

tri

llion

Tota

l WFE

- U

SD t

rilli

on


variaTiONS iN 2012 ElECTrONiC OrdEr BOOk SharE TradiNg valuE By mEmBEr – iN uSd (COmPariSON OF ThE PEriOd JaNuary - dECEmBEr 2012 WiTh ThE SamE PEriOd OF 2011)

8050 60 70403020% 0-70 10-30-40-50-60 -20 -10

109.0Muscat Securities MarketSaudi Stock Market - Tadawul

Bermuda SEPhilippine SE

Egyptian Exchange Colombia SEThailand SE

Mexican ExchangeIrish SELima SE

BM&FBOVESPA Bursa Malaysia

Johannesburg SE Singapore Exchange

National Stock Exchange IndiaAbu Dhabi Securities Exchange

İMKBTMX Group

Tokyo SE GroupIndonesia SE

Luxembourg SEShenzhen SESantiago SE

Malta SECasablanca SE

Australian Securities ExchangeLondon SE Group

NASDAQ OMX Hong Kong Exchanges

Taiwan SE Corp.Osaka Securities Exchange

Korea ExchangeBSE India

NYSE Euonext (US)NYSE Euronext (Europe)Gretai Securities Market

Deutsche Börse NASDAQ OMX Nordic Exchange

Ljubljana SEShanghai SEAmman SE

BME Spanish ExchangesWarsaw SE

Buenos Aires SESIX Swiss ExchangeMoscow Exchange

Tel-Aviv SEOslo BørsCyprus SE

Athens ExchangeMauritius SEBudapest SE

Wiener BörseColombo SE


3. NumBEr OF TradES iN EquiTy SharES & avEragE valuE OF TradES

rEgiONal aNd TOTal WFE ElECTrONiC OrdEr BOOk NumBEr OF TradES iN 2012 COmParEd TO 2011

largEST ExChaNgES By NumBEr OF TradES iN EquiTy SharES iN ThE ElECTrONiC OrdEr BOOk iN 2012 aNd 2011

Time zone in thousand Jan-Dec 2012

in thousand Jan-Dec 2011

% change

Americas 3 041 420 3 892 973 -21.9%

Asia - Pacific 5 811 097 6 291 192 -7.6%

Europe - Africa - Middle East 961 652 1 100 666 -12.6%

Total WFE 9 814 169 11 284 831 -13.0%

Exchange in thousand Jan-Dec 2012

in thousand Jan-Dec 2011

% change

1 National Stock Exchange India 1 406 498 1 384 112 1.6%

2 NYSE Euronext (US) 1 374 539 1 832 922 -25.0%

3 NASDAQ OMX 1 268 037 1 702 750 -25.5%

4 Korea Exchange 1 218 992 1 191 124 2.3%

5 Shenzhen SE 935 565 1 030 324 -9.2%

6 Shanghai SE 925 550 1 273 277 -27.3%

7 BSE India 355 586 393 223 -9.6%

8 Tokyo SE Group 349 546 340 644 2.6%

9 London SE Group 222 029 237 939 -6.7%

10 TMX Group 215 796 222 777 -3.1%


rECENT EvOluTiON OF ElECTrONiC OrdEr BOOk NumBEr OF TradES iN EquiTy SharES By TimE zONES

900

800

700

600

500

400

300

200

100

0

1 300

1 200

1 100

1 000

900

800

700

600

500

400

300

200

100

0


O 08 O 09 O 10 O 11 O 12J 08 J 09 J 10 J 11 J 12A 08 A 09 A 10 A 11 A 12J 08 J 09 J 10 J 11 J 12

Tota

l by

geog

raph

ical

zon

e -

USD

mill

ion

Tota

l WFE

- U

SD m

illio

n avEragE valuE OF TradES (WEighTEd By TradiNg valuE)

Time zone USD 2012 average

USD 2011 average

% change

Americas 8 770 8 460 3.7%

Asia - Pacific 4 830 5 410 -10.7%


Total WFE 8 110 8 560 -5.3%


variaTiONS iN 2012 ElECTrONiC OrdEr BOOk NumBEr OF TradES iN SharE By mEmBEr (COmPariSON OF ThE PEriOd JaNuary - dECEmBEr 2012 WiTh ThE SamE PEriOd OF 2011)

8050 60 70403020% 0-60 10-30-40-50 -20 -10

Mexican Exchange Saudi Stock Market - Tadawul

Bermuda SEPhilippine SE

BM&FBOVESPAThailand SE

Luxembourg SEEgyptian Exchange

Indonesia SEColombia SE

Tokyo SE GroupKorea Exchange

Irish SENational Stock Exchange India

Johannesburg SE Cyprus SE

TMX GroupAustralian Securities Exchange

Athens ExchangeOslo Børs

London SE GroupMuscat Securities Market

Abu Dhabi Securities ExchangeShenzhen SE

BSE IndiaBursa Malaysia

BME Spanish ExchangesSantiago SE

Hong Kong ExchangesNASDAQ OMX Nordic Exchange

NYSE Euronext (Europe) Taiwan SE Corp.

Gretai Securities MarketMauritius SE

Warsaw SEMoscow Exchange

Deutsche BörseBuenos Aires SE

SIX Swiss ExchangeİMKB

NYSE Euronext (US)NASDAQ OMX

Tel-Aviv SEMalta SE

Amman SEShanghai SE

Casablanca SEWiener BörseBudapest SE

Lima SELjubljana SEColombo SE


4. BrOad EquiTy markET iNdEx PErFOrmaNCES amONg WFE mEmBErS

TOP 10 PErFOrmiNg BrOad markET iNdExES laST yEar, iN lOCal CurrENCy TErmS

Exchange % change2012/2011

1 İMKB 52.6%

2 Egyptian Exchange 50.8%

3 Stock Exchange of Thailand 35.8%

4 Athens Exchange 33.4%

5 Philippine Stock Exchange 33.0%

6 National Stock Exchange India 31.8%

7 BSE India 31.2%

8 Warsaw Stock Exchange 26.2%

9 Deutsche Börse 24.8%

10 Johannesburg Stock Exchange 22.7%

w

TOP 5 PErFOrmiNg BrOad markET iNdExES laST yEar, iN lOCal CurrENCy TErmS

AMERICAS % change2012/2011

1 Mexican Exchange 19.9%

2 Colombia Stock Exchange 16.2%

3 NASDAQ OMX US 15.9%

4 Buenos Aires Stock Exchange 13.5%

5 NYSE Euronext US 12.9%

BrOad EquiTy markET iNdEx PErFOrmaNCES By TimE zONE


ASIA - PACIFIC % change2012/2011

1 Stock Exchange of Thailand 35.8%

2 Philippine Stock Exchange 33.0%

3 National Stock Exchange India 31.8%

4 BSE India 31.2%

5 Hong Kong Exchanges 21.7%

EUROPE - AFRICA - MIDDLE EAST % change2012/2011

1 İMKB 52.6%

2 Egyptian Exchange 50.8%

3 Athens Exchange 33.4%

4 Warsaw Stock Exchange 26.2%

5 Deutsche Börse 24.8%

iNdEx PErFOrmaNCE gaiNS By TimE zONES

Time zone Average performance in 2012 vs 2011 in local currency

Average performance in 2012 vs 2011 in USD

Americas 12.3% 12.5%

Asia - Pacific 14.7% 13.1%

Europe - Africa - Middle East 13.4% 16.1%

WFE Average 13.3% 13.8%

WFE member exchange broad equity market indexes, weighted by market capitalization decreased by 13.3% on average in local currency in 2012 compared to 2011, and by 13.8% on average in US dollar terms.


variaTiONS iN 2012 BrOad markET iNdExES – iN lOCal CurrENCy TErmS (COmPariSON OF ENd-dECEmBEr 2012 WiTh ENd-dECEmBEr 2011)

605040302010-20 -10% 0

İMKBEgyptian Exchange

Thailand SEAthens Exchange

Philippine SENational Stock Exchange India

BSE IndiaWarsaw SE

Deutsche BörseJohannesburg SE

Hong Kong ExchangesWiener Börse

Osaka Securities ExchangeMexican Exchange

Singapore ExchangeTokyo SE Group

SIX Swiss ExchangeIrish SE

NYSE Euronext BrusselsNYSE Euronext Paris

NASDAQ OMX Nordic Exchange Colombia SE

NASDAQ OMXBuenos Aires SE

Australian Securities ExchangeIndonesia SE

NYSE Euronext (US) London SE

Borsa ItalianaGretai Securities Market

Abu Dhabi Securities ExchangeKorea ExchangeBursa Malaysia

Taiwan SE Corp.NYSE Euronext Amsterdam

Ljubljana SENYSE Euronext Lisbon

BM&FBOVESPA Budapest SE

Oslo BørsSaudi Stock Market - Tadawul

Lima SEMoscow Exchange

Santiago SETel-Aviv SE

Bermuda SETMX Group

Malta SEShanghai SE

BME ValenciaShenzhen SE

Luxembourg SEMuscat Securities Market

BME Barcelona Amman SEBME Bilbao

BME Madrid Colombo SEMauritius SE

Casablanca SECyprus SE -61.2


5. valuE OF BONd TradiNg

rEgiONal aNd TOTal WFE BONd TradiNg valuE PErFOrmaNCES iN 2012 COmParEd TO 2011

largEST ExChaNgES By TOTal valuE OF BONdS TradEd, iN 2012 iN uSd TErmS

Time zone USD billion Jan-Dec 2012

USD billion Jan-Dec 2011

% change in USD

Americas 1 051 1 185 -11.3%

Asia - Pacific 1 892 1 523 24.2%


Total WFE 24 773 32 975 -24.9%


USD billion2011

% change in USD


1 BME Spanish Exchanges 9 514 17 345 -45.2% -40.6%

2 London SE Group 4 571 5 386 -15.1% -8.1%

3 NASDAQ OMX Nordic Exchange 3 023 2 666 13.4% 22.8%

4 Johannesburg SE 2 801 2 883 -2.9% 10.0%

5 Korea Exchange 1 228 746 64.6% 66.9%

6 Colombia SE 837 913 -8.3% -11.1%

7 İMKB 519 512 1.4% 7.9%

8 Oslo Børs 502 592 -15.2% -11.9%

9 GreTai Securities Market 352 520 -32.3% -32.1%

10 Moscow Exchange 334 298 12.1% 18.6%


6. SECuriTizEd dErivaTivES: NumBEr OF liSTiNgS aNd TurNOvEr By rEgiON iN 2012 & 2011

TOP 5 ExChaNgES By valuE OF SECuriTizEd dErivaTivES TradEd iN uSd TErmS iN 2012

Time zone Number of listings at end 2012

Number of listings at end 2011

USD billion Turnover 2012


% change

Americas 183 156 0.6 1.1 -42.1%

Asia - Pacific 23.279 24.026 483.0 883.6 -45.3%

Europe - Africa - Middle East 1.238.298 1.062.512 169.7 264.2 -35.8%

Total WFE 1.261.760 1.086.694 653.3 1.148.9 -43.1%


USD billion 2011

% change

1 Hong Kong Exchanges 410.0 576.0 -28.8%

2 Deutsche Börse 65.3 96.4 -32.2%

3 Korea Exchange 53.5 288.4 -81.5%

4 SIX Swiss Exchange 34.2 58.9 -42.0%

5 NYSE Euronext (Europe) 23.1 42.4 -45.6%


7. ETFS: NumBEr OF liSTiNgS aNd TurNOvEr By rEgiON iN 2012 & 2011

TOP 5 ExChaNgES By valuE OF ETFS TradEd iN uSd TErmS iN 2011

Time zone Number of listings at end 2012

Number of listings at end 2011



% change

Americas 2 433 2 270 9 970.2 14 003.7 -28.8%

Asia - Pacific 685 589 341.5 336.5 1.5%

Europe - Africa - Middle East 4 596 4 056 649.6 1 005.7 -35.4%

Total WFE 7 714 6 915 10 961.3 15 345.9 -28.6%


USD billion 2011

% change

1 NASDAQ OMX 6 564.4 8 992.9 -27.0%

2 NYSE Euronext (US) 3 189.8 4 797.0 -33.5%

3 London SE Group 260.2 325.1 -20.0%

4 Deutsche Börse 175.2 306.0 -42.7%

5 Korea Exchange 120.4 109.8 9.7%


8. dErivaTivES markETS

vOlumE OF ExChaNgE TradEd dErivaTivES (ETd) WOrldWidE (milliONS OF CONTraCTS TradEd)

2012 2011 2012/2011

Single Stock Options 3 995 4 063 -1.7%

Single Stock Futures 1 024 1 122 -8.7%

Stock Index Options 3 636 5 717 -36.4%

Stock Index Futures 2 243 2 636 -14.9%

ETF Options 1 382 1 713 -19.3%

ETF Futures 0.3 0.8 -59.6%

Total Equity 12 281 15 252 -19.5%

STIR Options 379 481 -21.2%

STIR Futures 1 224 1 427 -14.2%

LTIR Options 171 168 +2.0%

LTIR Futures 1 161 1 381 -16.0%

Total Interest Rate 2 934 3 457 -15.1%

Currency Options 287 296 -3.0%

Currency Futures 2 142 2 845 -24.7%

Total Currency 2 429 3 141 -22.7%

Commodity Options 191 171 +11.1%

Commodity Futures 3 051 2 581 +18.2%

Other Commodity Derivatives 0.2 0.1 +140.5%

Total Commodity 3 242 2 753 +17.8%

Other Options 117 112 +4.4%

Other Futures 122 90 +35.3%

Other Derivatives 102 170 -40.0%

Total "Other" 341 372 -8.4%

Grand Total 21 227 24 975 -15.0%


TOP 10 ExChaNgES By NumBEr OF SiNglE STOCk OPTiONS CONTraCTS TradEd iN 2012

TOP 10 ExChaNgES By NumBEr OF SiNglE STOCk FuTurES CONTraCTS TradEd iN 2012

Exchange Millions of contracts traded Notional Value (USD bn) Open Interest (‘000 contracts)

2012 2012/2011 2012 2012/2011 2012 2012/2011

1 BM&FBOVESPA 929 11% 1 311 -21% 10 831 -19%

2 NASDAQ OMX (US markets) 644 -8% NA NA NA NA

3 NYSE Euronext (US markets) 595 -6% 162 11% NA NA

4 Chicago Board Options Exchange 494 -4% 5 352 71% 170 282 -14%

5 International Securities Exchange (ISE) 457 6% NA NA NA NA

6 Eurex 215 -22% 745 -26% 32 794 -19%

7 Australian Securities Exchange 140 29% 322 -17% 12 320 23%

8 NYSE Liffe (European markets) 113 -25% 339 -36% 15 959 -33%

9 Boston Options Exchange (TMX Group) 95 3% NA NA NA NA

10 National Stock Exchange of India 57 72% 310 65% 178 72%

Others 256 -11% 404 -26% 28 220 -9%

Total 3 995 -2% 8 945 18% NA NA


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 NYSE Liffe (European markets) 247 -2% 718 -23% 4 923 33%

2 Moscow Exchange 241 -33% 91 -43% 1 511 4%

3 Eurex 196 13% 512 -37% 4 906 50%

4 National Stock Exchange of India 153 -5% 792 -9% 1 093 6%

5 Korea Exchange 100 68% 53 67% 780 143%

6 Johannesburg Stock Exchange 29 -43% 31 11% 2 898 -12%

7 MEFF 21 -23% 21 -49% 1 307 -33%

8 Athens Exchange 13 73% 3 -15% 337 17%

9 LSE Group 6 -50% 18 -62% 236 -14%

10 One Chicago 5 43% NA NA NA NA

Others 12 0% 22 8% 615 7%

Total 1 024 -9% 2 261 -23% 18 607 15%

NB: Dividend trades included for US exchanges


TOP 10 ExChaNgES By NumBEr OF STOCk iNdEx OPTiONS CONTraCTS TradEd iN 2012

TOP 10 ExChaNgES By NumBEr OF STOCk iNdEx FuTurES CONTraCTS TradEd iN 2012


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 Korea Exchange 1 575 -57% 272 -31% 663 -71%

2 National Stock Exchange of India 820 -6% 4 125 -17% 2 006 9%

3 Eurex 383 -18% 13 103 -22% 31 001 -20%

4 BSE Limited 235 - 1 167 - 36 -74%

5 Chicago Board Options Exchange 194 -13% 26 784 -3% 10 419 -15%

6 TAIFEX 109 -14% 1 378 -22% 870 34%

7 CME Group 59 -2% 6 153 -7% 2 175 41%

8 Tel-Aviv Stock Exchange 57 -34% 1 692 -42% 323 15%

9 JPX (Osaka Securities Exchange) 49 8% NA NA 3 179 57%

10 NYSE Liffe (European markets) 39 -25% 2 508 -24% 3 970 1%

Others 118 4% 3 032 -4% 6 633 55%

Total 3 636 -36% 60 214 -11% 61 274 -10%


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 CME Group 589 -22% 40 801 -19% 3 571 5%

2 Eurex 383 -21% 18 810 -27% 3 531 -4%

3 Moscow Exchange 323 -15% 947 -27% 657 65%

4 Japan Exchange Group, Inc. (Osaka Securities Exchange)

150 9% 3 717 1% 1 068 37%

5 National Stock Exchange of India 112 -28% 530 -36% 407 -27%

6 China Financial Futures Exchange 105 108% 12 034 77% 221 128%


8 Singapore Exchange 67 -3% NA NA 1 086 50%

9 BM&FBOVESPA 64 26% 1 014 -7% 275 12%

10 Korea Exchange 62 -28% 7 087 -30% 113 38%

Others 304 -16% 13 925 -17% 3 396 -5%

Total 2 243 -15% 104 418 -16% 15 602 7%


TOP 5 ExChaNgES By NumBEr OF ETF OPTiONS CONTraCTS TradEd iN 2012

TOP 5 ExChaNgES By NumBEr OF ShOrT TErm iNTErEST raTE* dErivaTivES CONTraCTS TradEd iN 2012


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 NYSE Euronext (US markets) 379 -20% 50 -40% NA NA

2 NASDAQ OMX (US markets) 357 -25% NA NA NA NA

3 Chicago Board Options Exchange 312 -15% 3 138 -5% 70 109 -15%

4 International Securities Exchange (ISE) 277 -18% NA NA NA NA

5 Boston Options Exchange (TMX Group) 50 6% NA NA NA NA

Others 7 7% 14 -5% 856 11%

Total 1 382 -19% 3 203 -6% NA NA


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 CME Group 574 -26% 603 697 -28% 18 126 -20%


3 BM&FBOVESPA 502 9% 26 333 -29% 47 594 46%

4 MexDer 27 -15% 205 -19% 6 604 -70%

5 NASDAQ OMX Nordic Exchanges 27 1% NA NA 1 481 -20%

Others 61 -15% 62 878 -15% 1 842 -13%

Total 1 602 -16% 1 157 157 -28% 93 301 -4%

v* Original term to maturity of underlying being equal to or less than 12 months (treasury bills, deposits etc)


TOP 5 ExChaNgES By NumBEr OF lONg TErm iNTErEST raTE* dErivaTivES CONTraCTS TradEd iN 2012

TOP 10 ExChaNgES By NumBEr OF CurrENCy dErivaTivES CONTraCTS TradEd iN 2012


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 CME Group 650 -13% 70 787 -14% 7 349 21%

2 Eurex 470 -25% 78 518 -25% 4 171 2%

3 Australian Securities Exchange 65 8% 6 694 7% 827 18%

4 Korea Exchange 43 14% 4 110 16% 246 14%

5 NYSE Liffe (European markets) 39 9% 6 178 7% 366 13%

Others 66 68% 21 144 22% 1 931 79%

Total 1 332 -14% 187 431 -14% 14 890 19%


2012 2012/2011 2012 2012/2011 2012 2012/2011/11

1 National Stock Exchange of India 868 -11% 880 -11% 4 103 72%

2 MCX-SX 571 -33% 580 -32% 1 386 44%

3 Moscow Exchange 413 56% 430 49% 3 336 118%

4 CME Group 214 -8% 26 702 -15% 1 833 15%

5 BM&FBOVESPA 120 -1% 6 020 -2% 1 775 -4%

6 Tokyo Financial Exchange Inc. 60 -56% NA NA 542 -31%

7 Korea Exchange 55 -23% 553 -23% 751 24%

8 Rofex 50 -7% 51 -8% 1 280 -53%

9 Johannesburg Stock Exchange 17 23% 15 9% 1 145 32%

10 Turkish Derivatives Exchange 12 -35% 13 -36% 77 -29%

Others 48 -88% 813 -37% 1 302 -10%

Total 2 429 -23% 36 057 -14% 17 531 18%

* Original term to maturity of underlying being greater than 12 months (treasury bonds, corporate bonds, Eurobonds etc)


TOP 10 ExChaNgES By NumBEr OF COmmOdiTy dErivaTivES CONTraCTS TradEd iN 2012

TOP 10 OThEr dErivaTivES CONTraCTS TradEd iN 2012


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 CME Group 806 -2% 805 523 -2% 36 840 -14%

2 Dalian Commodity Exchange 633 119% 5 287 102% 2 265 43%

3 Multi Commodity Exchange of India 389 12% NA NA 978 45%

4 Shanghai Futures Exchange 365 19% 7 077 5% 1 242 16%

5 Zhengzhou Commodity Exchange 347 -15% 2 756 -47% 1 142 22%

6 ICE Futures Europe 272 4% 26 643 1% 5 820 49%

7 ICE Futures U.S. 165 208% NA NA NA NA

8 London Metal Exchange 160 9% NA NA 1 892 -9%

9 Tokyo Commodity Exchange (TOCOM) 25 -20% 959 -21% 354 9%

10 NYSE Liffe (European markets) 23 11% 410 0% 1 358 14%

Others 57 -15% 416 -6% 3 037 21%

Total 3 242 18% 849 071 -1% 54 928 -7%


2012 2012/2011 2012 2012/2011 2012 2012/2011

1 Chicago Board Options Exchange - Volatility index options 111 13% 197 -17% 6 398 106%

2 Australian Securities Exchange - CFDs 102 -40% 2 -48% 4 756 -19%

3 Johannesburg SE - Can-Do, IDX, IDX dividend and dividend futures 79 24% NA NA 6 663 14%

4 CBOE Futures Exchange (CFE) - Volatility index futures 24 98% 424 45% 334 165%

5 ICE Futures Europe - Carbon emission futures 8.5 25% NA NA NA NA

6 Eurex - Equity Index Dividend and Single Stock Dividend Futures 5.6 9% 47 -27% 1 467 23%

7 Eurex - Volatility index futures 3.9 106% 13 63% 224 229%

8 BM&FBOVESPA - Volatility Options (Stock Index, IR Index and Currency) 2.0 -83% 59 -92% NA NA

9 Eurex - Volatility index options 1.4 160% 5 133% 172 230%

10 Eurex - Dividend options 1.3 60% 16 35% 724 45%

Others 2.8 25% 8 -8% 1 077 38%

Total 341 -8% 771 -43% 21 815 24%


WFE audiTEd FiNaNCial STaTEmENTS 2012rEvENuE aNd ExPENSES - yEar ENdEd dECEmBEr 31, 2012(stated in thousands of euros)

2012 2011

gENEral rEvENuES

Member dues 3 135 2 993

Associate, affiliate & correspondent dues 101 165

50th anniversary book reinvoicing 14

Other operating revenues 25 43

Total general revenues 3 261 3 215

OPEraTiNg ExPENSES

Salaries & social charges 3 207 1 662

Events (including annual meeting) 460 511

IOMA annual conference 88 103

Office costs 465 358

Management consulting 104 153

Travel 271 284

Publications 330 285

Anniversary book preparation costs (note 9) 0 25

Anniversary book purchase costs & provision (note 9) 0 (18)

Website 62 27

Public relations agency 150 102

Members dues written off, and depreciation 0 0

Post, telephone & internet 41 44

Amortization (note 4) 48 26

Miscellaneous 21 17

Retirement costs (note 5) 135 (4)

Total operating expenses 5 382 (3 575)

NET OPERATING SURPLUS (2 121) (360)

FiNaNCial iNCOmE

Net profit on disposal of investments available for sale (note 2) 2 17

Other financial revenues 69 96

Total financial income 71 113

FiNaNCial ChargES

Depreciation for foreign exchange 3 6

Total financial charges 3 6

NET FINANCIAL INCOME 68 107

EXCEPTIONAL RESULT 0 0

Corporate tax (on time deposits) 11 7

EXCESS OF REVENUE OVER EXPENSES (2 064) (260)


BalaNCE ShEET - dECEmBEr 31, 2012(stated in thousands of euros)

2012 2011

aSSETS

Cash 1 2

Bank accounts 18 45

Investments available for sale (note 3) 6 070 7 826

Receivables 3 149

Prepaid expenses 57 60

Current assets 6 149 8 082

Net fixed assets (note 4) 24 62

Loans 2 3

Deposits of guarantee 45 32

Long term assets 71 97

TOTAL ASSETS 6 220 8 179

liaBiliTiES

Accrued payroll and social charges 617 458

Accrued expenses 72 173

Other liabilities and prepaid income 0 58

Current liabilities 689 689

PrOviSiONS

Retirement provision (note 5) 569 465

Provisions 569 465

mEmBErS' EquiTy

Operational reserve 915 915

Reserve funds 4 047 6 110

Members’ Equity 4 962 7 025

TOTAL LIABILITIES & MEMBERS’ EQUITY 6 220 8 179


SurPluS - yEar ENdEd dECEmBEr 31, 2012(stated in thousands of euros)

ChaNgES iN CaSh rESOurCES - yEar ENdEd dECEmBEr 31, 2012(stated in thousands of euros)

Reserve Funds Operational Reserve Total

December 31, 2011 6 110 915 7 025

2012 Excess of expenses over revenue (2 064) (2 064)

December 31, 2012 4 047 915 4 962

2012 2011

OPEraTiONSExcess of revenue over expenses (2 064) (260)

Amortization 48 26

Retirement provision 104 (35)

WFE 50th anniversary book provision 0 (56)

Allowance for doubtful accounts 0 (34)

Changes in other assets and liabilities 150 69

SOURCES OF CASH (1 762) (290)

FiNaNCiNg 0 0

iNvESTmENT

Long term assets 22 17

Long term investments 0 0

iNCrEaSE iN CaSh (1 784) (307)

Cash position, beginning of year 7 873 8 180

CASH POSITION, END OF YEAR 6 089 7 873

CaSh POSiTiON

Cash 1 2

Bank accounts 18 45

Short term investments 6 070 7 826

6 089 7 873

The operational reserve was established in the early 1990s to segregate an amount of funds from operating losses. In this way, in the event of an emergency leading to the closure of the Federation, some money would still be on hand to meet many current business obligations for members, including a last General Assembly, and to wind down the Secretariat by paying for the redundancy costs of personnel. These expenses would partially be covered, though actual final costs are hard to estimate beforehand.

The reserve funds are the retained operating surpluses.


NOTES TO FiNaNCial STaTEmENTS - dECEmBEr 31, 2012

These statements are established as a free translation of the French statements into English presentation. In particular, they were summarised, and notes to financial statements reduced to major points.

1. gOvErNiNg STaTuTES aNd NaTurE OF OPEraTiONS

The World Federation of Exchanges is a not-for-profit organization incorporated under the provisions of the 1901 French Law on Associations. The purpose of the Federation is to contribute to the development, support and promotion of organized and regulated securities and derivatives markets.

Nine persons were employed during 2012.

2. aCCOuNTiNg POliCiES

There have been no changes in accounting policies in the current year.

The financial statements have been prepared in accordance with generally accepted accounting principles in France, in particular the historical cost. There is a difference between the French GAAP and IFRS (IAS 39).

To realign reporting with IFRS (IAS 39), all trust funds were sold and repurchased at the end of the year in order to re-establish their cost base.

The Federation is a tax-free association. However, as an exception for these entities, some revenues are submitted to a “corporate tax.” This concerns exclusively revenues collected from time deposits. Therefore a tax was calculated and posted, amounting to EUR 11 k. A tax is pending on accrued revenues, amounting to a further EUR 1.4 k, and it is not registered as an expense.

Depreciation

Fixed assets (over EUR 500 since October 2011) are depreciated over their estimated useful lives according to the following methods and annual rates:

Methods Years

Software Straight-line 1

Office furniture

Straight-line 5 or 10

Improvements to the office

Straight-line 5

Computer equipment

Straight-line 3

Office equipment

Straight-line 1, 3 or 5

As the end of the lease for the Rue de Rivoli premises is scheduled for 30 June 2013 (decision made in 2012), a complementary amortization was done on the remaining improvements to the office for the period after this date (EUR 25k).

Investments available for sale

The “investments available for sale” are stated at cost. The historical cost of investments sold during the financial year is accounted for using the first-in-first out method (FIFO).

The Federation switched its investment valuation procedures in 2002 to align them with International Financial Reporting Standards (IFRS) by selling and repurchasing the same positions at the end of the financial year. No repurchasing was done in 2012. During the year, money was repositioned on passbooks which interest rates are presently much higher.

Time deposits – Passbooks

With very low money-market rates, the Board agreed with the CEO’s proposal to maintain a large part of the cash investments in time deposits and passbooks, blocking in rates which were, in retrospect, relatively attractive. Accrued interest was recorded at end-2012.


3. iNvESTmENTS

iNvESTmENTS availaBlE FOr SalE aNd OThEr dEPOSiTS(stated in thousands of euros)

5. rETirEmENT PrOviSiON

This provision amounts to EUR 569 k as of 31 December 2012 (EUR 465 k as of 31 December 2011), and includes two related items. The first is the pension commitments to a previous Secretary General, and the second is a sum paid by the employer in the event that current employees arrive at the age of retirement while still on the payroll of WFE, as is usual under French labor law.

4. FixEd aSSETS

(stated in thousands of euros)

Quantity Balance sheet (historical cost)

Valuation (quotation) Potential gain or loss

HSBC investments available for sale 0 0 0 0

Time deposits at HSBC France SA 1 000 1 000

Other Deposit 72 72

Other savings (passbooks) 4 970 4 970

Accrued int. on time deposits and savings 28 28

Financial investments 6 070 6 070 0

Software Office furniture Improvements Computer equipment

Office equipment

Total

Cost at 31 December 2011 29 49 84 58 24 244

Additions 1 1 8 0 10

Disposals 2 20 22

Cost at 31 December 2012 30 50 82 46 24 232

Accumulated depreciation at 31 December 2011 28 37 50 50 17 182

Additions 2 5 31 5 5 48

Disposals 2 20 22

Accumulated depreciation at 31 December 2012 30 42 79 35 22 208

Net book amount at 31 December 2011 1 12 34 8 7 62

Net book amount at 31 December 2012 0 9 2 11 2 24


The pension commitments of a previous Secretary General represent EUR 271 k, and have been estimated according to her life expectancy and actuarial assumptions. The pension commitments of the present employees stand at EUR 298 k. So far, this provision was valued according to the French Law, staff turnover, life expectancy, salary increase, and actuarial assumptions. Since December 2012, the Federation has formalized its adherence to the collective agreement of the financial markets industry. As a result, the provision has been estimated according to this agreement from now on. In addition to the yearly impact, the change in valuation of past rights is also posted in operational result for 2012 only.

Actuarial assumptions are highly sensitive to the long-term interest rate applied; the assumptions made are significant for the final result. Due to the effects of this inherent sensitivity, and of the different parameters that can be taken for the age of departure in retirement, the present value could vary by as much as EUR 70 k from the figure stated on the balance sheet.

6. CONTiNgENT liaBiliTiES

Some WFE staff contracts include contractual obligations in addition to legal compensation for unilateral termination by the WFE or in case of significant changes in the functioning of the WFE. These contractual indemnities are mainly estimated between 6 months and 2 years’ gross wages. As of 31 December 2012, no event triggering the implementation of these provisions has occurred, therefore, no provision has been recorded.

7. iOma / iOCa

With the affiliation formally established in October 2002 between WFE and the International Options Markets Association (IOMA), the Federation provides secretariat services to this closely related industry body. IOMA/IOCA members not already belonging to WFE through an existing exchange membership have become affiliates or members in the interval.

In 2010, WFE received the totality of IOMA reserve funds, which were posted in the WFE profit and loss statement as a subsidy (EUR 78 k). In return, WFE used these funds for organizing the IOMA annual meeting, and registered the corresponding expenses. This collection was a one-off event.

Since then, IOMA bank account has been closed and all events and revenues linked to IOMA activity are directly posted in WFE accounts.

8. BaNk dEPOSiT BlOCkEd iN FavOr OF WFE

UN embargo and the French Government directives accordingly made it impossible for the Federation to accept payment from the Tehran Stock Exchange for membership services rendered from 2008 to 2011. Its dues were instead paid into an account open at an Iranian bank in Paris, supervised by the Bank of France, and blocked in favor of WFE. These funds could be transferred to WFE at any time at its request. The association decided, however, to record a provision of 50% of these funds, in case of government policy change.

Finally, in consultation with the French authorities, WFE recovered these funds in February 2012.

9. WFE 50th aNNivErSary BOOk

For its 50th anniversary, the Federation’s Board of Directors commissioned a book on the role of exchanges in global economic growth these past five decades. In 2009, some expenses were incurred to prepare the writing of this book. The last preparatory expenses were incurred in 2011, and so was the cost of printing. In signing the contract with Oxford University Press, WFE committed itself to buy 6 000 copies at 50% below the public price. Half of these books were bought in 2010, and most of those were reinvoiced to members or professional partners at the WFE’s purchase cost. The remainder of the WFE’s commitment had been provisioned in the 2011 accounts in the amount of EUR 56 k as a matter of prudence, because WFE was not certain of when or if they might be resold. In 2011, as the last invoices were received from Oxford Press, the provision was used to cover real costs. The net result on books for 2011 was a slight surplus amounting to EUR 6.6 k and was due to further sales that were not anticipated. In 2012, nothing more was posted.

10. SuBSEquENT EvENTS

Following a strategy presentation at the General Assembly in Taipei for a possible presence in London, the WFE Board of Directors decided on 10 January 2013 to open an office in London mid-2013 and also mentioned that the Paris office might be closed by 1 January 2014, subject to a total cost analysis and members’ approval.


STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS

(For the year ended 31 December 2012)

WORLD FEDERATION OF EXCHANGES176, rue de Rivoli 75001 PARIS

Sirs,

In compliance with the assignment entrusted to us by your annual General Meeting, we hereby report to you, for the year ended 31 December 2012, on:

• the audit of the accompanying financial statements of the World Federation of Exchanges;• the justification of our assessments;• the specific verifications and information required by law.

These financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial statements based on our audit.

I - OPINION ON THE FINANCIAL STATEMENTS

We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures, using sample techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Federation as at 31 December 2012 and of the results of its operations for the year then ended in accordance with French accounting principles.

II - JUSTIFICATION OF OUR ASSESSMENTS

In accordance with the requirements of article L.823-9 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you that the assessments we made relate in particular to the accounting principles followed and significant estimates adopted.

These assessments were made as part of our audit of the financial statements, taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report.

III - SPECIFIC VERIFICATIONS AND INFORMATION

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French law.

We have no matters to report regarding the fair presentation and the consistency with the financial statements of the information given in the management report and the documents addressed to the members with respect to the financial situation and the financial statements.

Neuilly-sur-Seine, 12 July 2013

The statutory auditorPricewaterhouseCoopers Audit

Pierre Clavié

This is a free translation into English of the statutory auditors’ report issued in the French language, and is provided solely for the convenience of English-speaking readers. The statutory auditors’ report

includes information specifically required by French law in all audit reports, whether qualified or not, and this is presented below the opinion on the financial statements. This information includes an

explanatory paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the

financial statements taken as a whole and not to provide separate assurance on individual account captions, or on information taken outside of the financial statements.

This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.


ThE SElF-dEClarEd, uNaudiTEd 2012 STaTEmENT By ThE WOrld FEdEraTiON OF ExChaNgES WiTh rESPECT TO ENvirONmENTal, SOCial aNd gOvErNaNCE (ESg) maTTErS. The only real impact that the World Federation of Exchanges can hope to achieve with regard to ESG issues is in the thought-leadership it may provoke, and through whatever influence it may wield among actors in the capital markets, first among those amongst the exchanges themselves.

It is clear that the environmental impact of a handful of full-time employees at a secretariat in Paris will not move the needle on areas of major concern such as carbon emissions and clean water although steps have been taken to lower our energy consumption, reduce printing and decrease travel. However, this is not an excuse to ignore the any possible improvements in our comportment with regard to respect for our customers, our employees, the environment, and our engagement with the wider world.

The Environment

There are an increasing number of opportunities to speak out on the issues. 2012 was particularly rich in such occasions, as environmental risks seep into mainstream investors’ consciousness.

For example, the RIO +20 in June saw several WFE members join together to urge a coordinated effort with the WFE that would focus on disclosure standards and education. (http://unctad.org/en/pages/PressRelease.aspx?OriginalVersionID=74). Following up, Dr. James Gifford, Executive Director from UN PRI addressed the WFE Working

The WFE is truly global in its representation, and introducing such major changes to such institutions is not easy. In an effort to improve transparency, and improve the representation of all members in decision making, the WFE Board of Directors decided at the Annual Meeting to lead a review of the WFE’s own governance. The WFE Governance Committee is to examine and recommend improvements on issues such as the selection of Board members, and other administrative procedures.

Exchanges historically have played an important role in Corporate Governance, and the rules for listed companies have been perennial agenda item since the WFE was created over 50 years ago. While the regulatory role has been taken away from some exchanges, limiting their direct influence in this area, most exchanges still play an important role in governance standard setting in education. Supporting these efforts, the WFE is an active member of the International Corporate Governance Network, and the WFE Chief Operating Officer serves on the ICGN Integrated Business Reporting Committee.

Social

The link between social issues and capital markets has not been as clearly developed as that with corporate governance, but investors were unfortunately reminded by several high profile incidents in 2012 that highlighted the risks to reputation and finances in this regard.

Closer to home, the WFE is pleased to benefit from the 99 years of cumulative service from its 9 full time employees, averaging a 11 years. Their dedication and commitment to our work, in times of transition, is highly valued.

Committee in September 2012, and Paul Abberley, Chief Executive of Aviva Investors one of the drivers of the Sustainable Stock Exchange Initiative took part in the WFE Annual Meeting in October to focus the minds of the worlds’ exchange leaders on what practical next steps can be achieved. This work is set to continue in 2013.

Since 2004, the WFE has monitored and encouraged the efforts among investor groups, UN agencies and expert groups all innovating at the crossroads of finance and environmental issues. The 2012 WFE Award for Excellence was presented in October to Dr. Richard Sandor. Among his notable achievements was a market based solution to acid rain, and more recently the establishment of carbon trading markets. For those who believe that free markets have a vocation beyond personal wealth management, and can improve the living standard for society in general, such examples are classic cases. (http://www.world-exchanges.org/insight/reports/financial-futures-and-environmental-markets-pioneer-dr-richard-sandor-receive-2012)

Dr. Sandor joins the ranks of Mervyn King the 2011 Award for Excellence recipient for his work on Integrated Reporting that seeks to make more evident the link between financial results and a sustainable strategy.

Our Governance

To increase its effectiveness in raise its visibility, the WFE appointed its first CEO, Hüseyin Erkan in October. (During his years as Chairman and CEO of the Istanbul Stock Exchange, ISE was one of the first exchanges to sign the UN PRI and engaged in several initiatives to promote ESG in Turkey.)

2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples + 2012 Market statistics + equity Markets + Fixed incoMe + derivatives + indicators + alternative sMe + other Markets + Foreign exchange rates + statistics deFinitions & exaMples

WFE 2012 annual report & statistics – 61

contEnts

EQUItY markEts63 1.1 domestic market

capitalization64 1.2 Market capitalization of

domestic shares newly listed and delisted

65 1.3 number of listed companies66 1.4 number of newly listed and

delisted companies68 1.5 value of share trading -

electronic order book trades69 1.5 negotiated deals70 1.5 value of share trading -

reported trades71 1.6 number of trading days,

average daily turnover value, and average value of trades

72 1.7 number of trades in equity shares and number of shares traded (electronic order book)

73 1.7 number of trades in equity shares and number of shares traded (negotiated deals)

74 1.7 number of trades in equity shares and number of shares traded (reported trades)

75 1.7.1 number of trading participants

76 1.8 turnover velocity of domestic shares

77 1.9 Market concentration - 5% most capitalized and most traded domestic companies

78 1.9 Market concentration - 10 most capitalized and most traded domestic companies

79 1.10 a investment flows - number of new companies listed

80 1.10 B investment flows - channeled through the exchange

82 1.11 number of securitized derivatives listed at year-end, trading value and number of trades

84 1.12 number of etFs listed at year-end, trading value and number of trades

86 1.13 number of investment funds listed at year-end, trading value and number of trades

FIxEd-IncomE89 2.1 value of bonds listed90 2.2 number of bond issuers91 2.3 number of bonds listed92 2.4 number of new bonds listed93 2.5 total value of bond trading94 2.5 value of bond trading -

electronic order book 95 2.5 value of bond trading -

negotiated deals 96 2.6 number of trades in bonds97 2.7 investment flows - new

capital raised by bonds

dErIvatIvEs99 3.1 single stock options100 3.2 single stock Futures101 3.3 stock index options102 3.4 stock index Futures103 3.5 etF options104 3.6 etF Futures105 3.7 stir options106 3.8 stir Futures107 3.9 ltir options108 3.10 ltir Futures109 3.11 currency options110 3.12 currency Futures111 3.13 commodity options112 3.14 commodity Futures113 3.14 B other commodity

derivatives113 3.15 other options114 3.16 other Futures114 3.17 other derivatives

IndIcators116 4.1 Broad stock market indexes117 4.2 Blue chip indexes118 4.3 number of companies

distributing dividends, amounts of dividends paid and yields for the official / main market

119 4.3 number of companies distributing dividends, amounts of dividends paid and yields for alternative / sMe markets

120 4.4 average of price earning ratios, inflation rates

121 4.5 interest rates122 4.6 stock markets’ significance in the national economy

altErnatIvE & smE124 5.1 domestic market

capitalization 125 5.2 number of companies with

shares traded126 5.3 number of newly listed

companies and delistings127 5.4 value of share trading -

electronic order book 128 5.4 value of share trading -

negotiated deals 129 5.4 value of share trading -

reported trades 130 5.5 investment flows - new

capital raised by shares 131 5.6 Market indexes

othEr markEts133 6.1 domestic market

capitalization 134 6.2 number of listed companies135 6.3 number of newly listed

companies and delistings136 6.4 value of share trading 137 6.5 investment flows - new

capital raised by shares 138 6.6 value of bond trading 139 6.7 Broad market indexes

ForEIgn ExchangE ratEs140 the us dollar against other

currencies141 the us dollar against other

currencies



EQUItY 1.1domEstIc markEt capItalIzatIon (Usd mIllIons)

Exchange

End 2012

End 2011

% change 2012/2011 (in USD)

% change 2012/2011 (in local currency)

amErIcasBermuda se 1 486.9 1 232.3 20.7% 20.7%

BM&FBovespa 1 227 447.0 1 228 936.2 -0.1% 9.6%

Buenos aires se 34 254.8 43 579.8 -21.4% -10.2%

colombia se 262 101.3 201 295.5 30.2% 18.7%

lima se 102 616.7 81 878.2 25.3% 18.6%

Mexican exchange 525 056.7 408 689.8 28.5% 19.5%

nasdaq oMx 4 582 389.1 3 845 131.6 19.2% 19.2%

nyse euronext (us) 14 085 944.1 11 795 575.5 19.4% 19.4%

santiago se 313 325.3 270 289.1 15.9% 6.9%

tMx group 2 058 838.7 1 912 121.9 7.7% 5.3%

Total region 23 193 460.5 19 788 729.9 17.2%

asIa - pacIFIcaustralian securities exchange 1 386 874.0 1 198 187.4 15.7% 14.3%

Bse india 1 263 335.5 1 007 182.9 25.4% 29.4%

Bursa Malaysia 466 587.6 395 623.8 17.9% 13.8%

colombo se 16 974.0 19 437.0 -12.7% -2.1%

gretai securities Market 59 849.9 46 798.1 27.9% 22.7%

hong kong exchanges 2 831 945.9 2 258 035.2 25.4% 25.2%

indonesia se 428 222.6 390 106.9 9.8% 16.7%

korea exchange 1 179 419.5 996 139.9 18.4% 10.0%

national stock exchange india 1 234 492.0 985 269.4 25.3% 29.3%

osaka securities exchange 202 167.8 215 375.8 -6.1% 5.5%

philippine se 229 316.6 165 066.4 38.9% 30.1%

shanghai se 2 547 203.8 2 357 423.3 8.1% 7.0%

shenzhen se 1 150 172.3 1 054 685.0 9.1% 7.9%

singapore exchange 765 078.0 598 272.7 27.9% 20.5%

taiwan se 735 292.6 635 505.8 15.7% 11.0%

thailand se 389 756.3 268 488.8 45.2% 40.7%

tokyo se group 3 478 831.5 3 325 387.8 4.6% 17.6%

Total region 1 16 928 859.9 14 716 341.0 15.0%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 67 950.7 63 355.8 7.3% 7.3%

amman se 26 967.5 27 183.0 -0.8% -0.7%

athens exchange 44 876.5 33 778.9 32.9% 30.8%

BMe spanish exchanges 995 088.5 1 030 987.6 -3.5% -5.0%

Budapest se 20 760.2 18 773.0 10.6% 0.7%

casablanca se 52 479.8 60 087.9 -12.7% -13.8%

cyprus se 1 995.8 2 853.3 -30.1% -31.1%

deutsche Börse 1 486 314.8 1 184 500.2 25.5% 23.6%

egyptian exchange 59 182.0 48 849.7 21.2% 27.9%

İMKB 2 315 197.5 197 074.5 59.9% 51.1%

irish se 108 989.2 108 393.2 0.5% -1.0%

Johannesburg se 907 723.2 789 037.1 15.0% 20.9%

ljubljana se 6 474.8 6 325.9 2.4% 0.8%

london se group 3 396 504.9 3 266 418.1 4.0% 2.4%

luxembourg se 70 338.4 67 627.4 4.0% 2.4%

Malta se 3 631.5 3 428.9 5.9% 4.3%

Mauritius se 7 180.1 7 845.1 -8.5% -4.7%

Moscow exchange 825 340.5 770 609.0 7.1% 1.9%

Muscat securities Market 30 291.3 26 863.3 12.8% 12.8%

nasdaq oMx nordic exchange 995 719.2 842 100.9 18.2% 16.4%

nyse euronext (europe) 2 832 188.5 2 446 767.5 15.8% 14.0%

oslo Børs 242 764.9 220 936.4 9.9% 2.5%

saudi stock Market - tadawul 373 374.8 338 873.3 10.2% 10.2%

six swiss exchange 1 233 438.9 1 089 519.4 13.2% 10.8%

tel-aviv se 161 855.5 156 938.6 3.1% 0.6%

Warsaw se 177 408.4 138 244.2 28.3% 15.7%

Wiener Börse 106 036.8 85 269.5 24.4% 22.4%

Total region 14 550 074.1 13 032 641.7 11.6%

WFE TOTAL 54 672 394.4 47 537 712.6 15.0%

information note: 1 asia - pacific total region excludes osaka se and nse india to avoid double counting with tokyo se and Bombay se respectively data combine the main and alternative / sMes market capitalizations. 2 İMKB: İstanbul Menkul Kıymetler Borsasır: revisedaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.

Johannesburg se: market capitalization includes all listed companies, comprising also foreign companies, and exclude convertibles and investment funds osaka se: market capitalization figures exclude issues in which most volumes take place in tokyo, and include Jasdaq singapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listings

64 – WFE 2012 annual report & statistics

EQUItY 1.2markEt capItalIzatIon oF domEstIc sharEs nEWlY lIstEd and dElIstEd (Usd mIllIons)Exchange Market capitalization of new listings Market capitalization of delistings

End 2012 End 2011 End 2012 End 2011

amErIcasBermuda se 0.0 0.0 0.0 2.9

BM&FBovespa 6 631.9 14 469.1 36 900.8 30 686.5

Buenos aires se 0.0 25.0 603.0 1.7

colombia se 202.8 271.4 2 168.8 1 162.6

lima se 2 934.7 218.8 37.4 6.1

Mexican exchange 7 977.3 2 592.0 1 882.1 34 637.8

nasdaq oMx 215 809.7 102 271.2 107 985.1 137 832.9

nyse euronext (us) 142 851.0 154 795.8 288 648.0 303 918.0

santiago se 3 967.7 2 988.6 1 148.7 1 064.2

tMx group 10 762.3 26 921.6 49 115.8 56 448.7

asIa - pacIFIcaustralian securities exchange 4 593.8 10 615.0 19 131.7 72 286.8

Bse india 13 331.1 5 077.1 4 822.5 2 669.8

Bursa Malaysia 26 709.5 9 470.7 8 543.5 13 231.5

colombo se 705.2 1 923.1 r 10.9 0.0

gretai securities Market 3 684.0 3 956.9 440.8 879.2

hong kong exchanges 39 041.8 104 224.2 13 856.6 4 582.7

indonesia se 4 890.5 10 534.6 160.8 648.9

korea exchange 3 954.2 22 309.3 r 1 546.1 7 176.6 r

national stock exchange india 24 613.6 82 249.3 4 470.8 321.4

osaka securities exchange 650.7 2 588.3 7 174.4 7 178.3

philippine se 3 791.0 1 032.8 2 947.6 203.9

shanghai se 50 322.1 104 919.1 3 621.6 3 647.4

shenzhen se 57 362.8 146 026.5 1 803.5 11 911.7 r

singapore exchange 12 420.0 16 680.0 r 3 788.0 11 159.1 r

taiwan se corp. 4 230.9 10 070.9 690.2 7 128.0

thailand se 4 128.1 9 401.6 504.3 8 672.9

tokyo se group 18 870.9 27 070.2 33 264.1 57 353.1

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 0.0 282.7 31.4 0.0

amman se 33.9 176.8 48.3 355.4

athens exchange 0.0 0.0 88.4 3 270.0

BMe spanish exchanges 37 809.8 48 992.6 2 403.1 24 471.0 r

Budapest se 20.4 9.8 105.4 166.0

casablanca se 8.3 163.0 0.0 40.1

cyprus se 174.6 82.4 136.1 107.6

deutsche Börse 17 004.3 4 997.7 r 11 979.7 29 307.9 r

egyptian exchange 392.8 94.7 r 410.7 41.3 r

İMKB 1 1 856.6 3 441.0 2 480.4 10.0

irish se 0.0 6.5 1 312.3 240.0

Johannesburg se 967.7 3 514.0 2 149.8 1 475.2

ljubljana se 21.8 282.1 48.2 127.2

london se group 263 741.5 87 996.3 71 947.8 144 315.9

luxembourg se 100.2 3 346.6 477.6 118.9

Malta se 2.0 0.0 0.0 0.0

Mauritius se 786.8 9.3 450.9 0.6

Moscow exchange 28 177.3 59 527.0 14 481.9 26 827.9

Muscat securities Market 1 503.5 189.6 2.6 4 020.8

nasdaq oMx nordic exchange 1 550.4 2 765.2 4 748.8 12 570.4

nyse euronext (europe) 20 449.6 26 657.1 21 601.8 235 408.3

oslo Børs 918.7 3 339.8 7 554.7 1 843.5

saudi stock Market - tadawul 6 427.2 1 686.5 na na

six swiss exchange 4 300.8 660.9 63.4 38.3

tel-aviv se 427.2 1 249.8 2 708.0 4 441.9

Warsaw se 4 397.9 8 730.3 4 351.3 936.3

Wiener Börse 0.0 475.4 47.5 1 481.2

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available r: revisedaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.cyprus se: domestic market capitalization of new listings refers to the emerging companies Market (alternative/sMe market)

singapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listingstel-aviv se: the 2012 domestic market capitalization of delistings is for end-2011, and the 2011 data is for end-2010


EQUItY 1.3nUmbEr oF lIstEd companIEs

Exchange

2012 2011

Total Domestic companies

Foreign companies


Foreign companies

amErIcasBermuda se 50 13 37 40 13 27

BM&FBovespa 364 353 11 373 366 7

Buenos aires se 107 101 6 105 99 6

colombia se 82 76 6 83 79 4

lima se 277 214 63 254 202 52

Mexican exchange 136 131 5 133 128 5

nasdaq oMx 2 577 2 287 290 2 680 2 383 297

nyse euronext (us) 2 339 1 815 524 2 308 1 788 520

santiago se 245 225 20 267 229 38

tMx group 3 970 3 874 96 3 945 3 845 100

Total region 10 147 10 188

asIa - pacIFIcaustralian securities exchange 2 056 1 959 97 2 079 1 983 96

Bse india 5 191 5 191 0 5 112 5 112 0

Bursa Malaysia 920 911 9 940 932 8

colombo se 287 287 0 272 272 0

gretai securities Market 638 621 17 607 595 12

hong kong exchanges 1 547 1 459 88 1 496 1 472 24

indonesia se 459 459 0 440 440 0

korea exchange 1 784 1 767 17 1 816 1 799 17

national stock exchange india 1 665 1 664 1 1 640 1 639 1

osaka securities exchange 1 177 1 176 1 1 229 1 228 1

philippine se 254 252 2 253 251 2

shanghai se 954 954 0 931 931 0

shenzhen se 1 540 1 540 0 1 411 1 411 0

singapore exchange 776 472 304 773 462 311

taiwan se corp. 840 783 57 824 772 52

thailand se 558 558 0 545 545 0

tokyo se group 2 304 2 294 10 2 291 2 280 11


EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 66 63 3 67 64 3

amman se 243 243 0 247 247 0

athens exchange 265 262 3 272 269 3

BMe spanish exchanges 3 200 3 167 33 3 276 3 241 35

Budapest se 52 51 1 54 52 2

casablanca se 77 76 1 76 75 1

cyprus se 101 101 0 106 106 0

deutsche Börse 747 665 82 746 670 76

egyptian exchange 235 234 1 232 231 1

İMKB 1 271 270 1 264 263 1

irish se 50 42 8 55 48 7

Johannesburg se 387 338 49 395 347 48

ljubljana se 61 61 0 66 66 0

london se group 2 767 2 179 588 2 886 2 288 598

luxembourg se 293 25 268 298 27 271

Malta se 22 22 0 21 21 0

Mauritius se 61 60 1 64 63 1

Moscow exchange 293 292 1 284 283 1

Muscat securities Market 115 115 0 114 114 0

nasdaq oMx nordic exchange 751 722 29 773 743 30

nyse euronext (europe) 1 073 939 134 1 112 969 143

oslo Børs 228 184 44 238 194 44

saudi stock Market - tadawul 158 158 0 150 150 0

six swiss exchange 268 238 30 280 246 34

tel-aviv se 549 532 17 593 576 17

Warsaw se 867 844 23 777 757 20

Wiener Börse 99 84 15 105 88 17


WFE TOTAL 46 396 46 398

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: data exclude investment fundsaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.hong kong exchanges: foreign companies are companies incorporated overseas and which have a majority of their business outside hong kong and china

osaka se: figures exclude issues in which most volumes take place in tokyo and include Jasdaqsingapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listings


EQUItY 1.4nUmbEr oF nEWlY lIstEd and dElIstEd companIEs

Exchange

Newly listed companies

2012 2011


Foreign companies Total Domestic companies

Foreign companies


BM&FBovespa 13 9 4 15 15 0

Buenos aires se 4 4 0 1 1 0

colombia se 3 2 1 4 1 3

lima se 20 14 6 11 6 5


nasdaq oMx 158 139 19 151 124 27

nyse euronext (us) 137 108 29 144 109 35

santiago se 23 7 16 9 r 9 0

tMx group 206 202 4 369 350 19

Total region 611 769

asIa - pacIFIcaustralian securities exchange 73 61 12 121 108 13

Bse india 53 53 0 39 39 0

Bursa Malaysia 17 17 0 28 28 0

colombo se 17 17 0 31 31 0

gretai securities Market 42 37 5 52 51 1

hong kong exchanges 64 61 3 101 93 8

indonesia se 23 23 0 25 25 0

korea exchange 33 31 2 79 r 77 2

national stock exchange india 43 43 0 94 r 94 0

osaka securities exchange 17 17 0 16 16 0

philippine se 7 7 0 6 6 0

shanghai se 26 26 0 39 39 0

shenzhen se 129 129 0 243 243 0

singapore exchange 22 15 7 24 10 14

taiwan se corp. 22 14 8 48 27 21

thailand se 18 18 0 12 12 0

tokyo se group 69 69 0 50 50 0

Total region 675 1 008


amman se 1 1 0 2 2 0


BMe spanish exchanges 42 42 0 88 87 1

Budapest se 1 1 0 6 6 0


cyprus se 0 0 0 0 0 0

deutsche Börse 25 12 13 216 29 187

egyptian exchange 11 11 0 8 r 8 0

İMKB 1 16 16 0 25 25 0

irish se 1 0 1 2 1 1

Johannesburg se 18 17 1 16 12 4

ljubljana se 0 0 0 2 2 0

london se group 124 88 36 164 r 121 43

luxembourg se 8 1 7 21 2 19

Malta se 1 1 0 0 0 0

Mauritius se 3 3 0 1 1 0

Moscow exchange 15 15 0 96 96 0

Muscat securities Market 2 2 0 1 1 0


nyse euronext (europe) 27 22 5 45 40 5

oslo Børs 4 3 1 13 8 5


six swiss exchange 3 3 0 0 0 0

tel-aviv se 3 2 1 11 10 1

Warsaw se 106 103 3 204 198 6

Wiener Börse 2 0 2 4 3 1

Total region 436 961

WFE TOTAL 1 722 2 738

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not availabler: revisednote: excluding investment fundsaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.

hong kong exchanges: foreign companies are companies incorporated overseas and which have a majority of their businesses outside hong kong and chinalima se: 2012 domestic figure include a company which previously listed only bonds. Foreign companies listed under a special modality are not includedsingapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listings


Delisted companies

2012 2011

Total Domestic companies Foreign companies Total Domestic companies Foreign companies

2 0 2 6 1 5

25 25 0 25 24 1

2 2 0 2 2 0

3 2 1 6 6 0

3 3 0 5 3 2

18 4 14 17 6 11

261 233 28 249 220 29

114 86 28 141 112 29

10 10 0 7 r 7 0

175 164 11 230 224 6

613 688

96 86 10 112 108 4

17 17 0 30 30 0

36 36 0 43 43 0

2 2 0 0 0 0

11 11 0 8 8 0

13 12 1 18 17 1

4 4 0 5 5 0

70 68 2 71 r 69 2

8 8 0 1 1 0

67 67 0 61 61 0

6 6 0 6 6 0

3 3 0 2 2 0

1 1 0 1 1 0

19 11 8 34 12 22

6 3 3 8 7 1

5 5 0 8 8 0

56 55 1 52 51 1

420 460

1 1 0 0 0 0

5 5 0 32 32 0

8 8 0 21 21 0

116 116 0 145 144 1

3 3 0 4 2 2

0 0 0 1 1 0

5 5 0 5 5 0

51 45 6 32 28 4

10 10 0 6 r 6 0

2 2 0 1 1 0

6 6 0 6 3 3

12 10 2 17 17 0

5 5 0 7 7 0

244 198 46 245 r 197 48

13 3 10 12 3 9

0 0 0 0 0 0

4 4 0 1 1 0

19 19 0 20 20 0

0 0 0 2 2 0

40 38 2 38 37 1

64 55 9 60 55 5

13 10 3 17 7 10

na na na na na na

12 11 1 11 11 0

47 46 1 31 30 1

7 7 0 12 r 12 0

7 3 4 8 7 1

694 734

1 727 1 882


EQUItY 1.5valUE oF sharE tradIng - ElEctronIc ordEr book tradEs (Usd mIllIons)Exchange 2012 2011 % change

2012/2011 (in USD)

% change 2012/2011

(in local currency)Total Domestic

companiesForeign

companiesTotal Domestic

companiesForeign

companies

amErIcasBermuda se 37.9 29.3 8.7 25.2 18.7 6.5 50.6% 50.6%

BM&FBovespa 871 657.2 868 632.4 3 024.8 925 687.1 921 442.0 4 245.1 -5.8% 10.5%

Buenos aires se 2 175.8 1 571.1 604.6 3 277.7 2 549.7 728.0 -33.6% -26.7%

colombia se 39 440.1 31 628.4 7 811.6 36 821.6 27 121.5 9 700.1 7.1% 3.9%

lima se 6 043.2 5 115.1 928.1 6 243.9 5 071.4 1 172.5 -3.2% -7.4%

Mexican exchange 126 188.8 118 231.7 7 957.1 120 631.5 111 695.7 8 935.8 4.6% 10.3%

nasdaq oMx 9 784 204.0 8 992 180.0 792 024.0 12 723 520.0 11 557 100.0 1 166 420.0 -23.1% -23.1%

nyse euonext (us) 13 442 720.0 12 383 100.0 1 059 620.0 18 027 080.0 16 332 300.0 1 694 780.0 -25.4% -25.4%

santiago se 45 741.5 45 719.6 21.9 55 080.3 55 075.0 5.3 -17.0% -16.4%

tMx group 1 356 421.1 1 342 985.8 13 435.3 1 541 147.2 1 522 005.9 19 141.4 -12.0% -10.8%

Total region 25 674 629.5 33 439 514.6 -23.2%

asIa - pacIFIcaustralian securities exchange 936 584.2 905 195.6 31 388.6 1 194 162.6 1 148 857.1 45 305.5 -21.6% -21.1%

Bse india 109 459.9 109 459.9 0.0 146 501.5 146 501.5 0.0 -25.3% -14.9%

Bursa Malaysia 124 245.6 122 877.8 1 367.9 135 524.1 135 103.8 420.3 -8.3% -7.7%

colombo se 1 664.8 1 664.8 0.0 4 932.6 4 932.6 0.0 -66.2% -60.9%

gretai securities Market 99 740.9 95 979.7 3 761.2 135 413.9 135 284.4 129.5 -26.3% -26.1%

hong kong exchanges 1 106 086.0 1 076 103.1 29 982.9 1 444 711.7 1 434 380.8 10 330.9 -23.4% -23.7%

indonesia se 94 467.3 94 467.3 0.0 109 191.0 109 191.0 0.0 -13.5% -7.4%

korea exchange 1 517 495.8 1 513 446.0 4 049.8 2 022 639.7 2 015 546.4 7 093.3 -25.0% -23.9%

national stock exchange india 522 396.4 522 396.4 0.0 584 140.3 584 140.3 0.0 -10.6% 1.8%

osaka securities exchange 142 904.5 142 869.5 35.0 189 279.9 189 246.2 33.7 -24.5% -23.9%

philippine se 34 813.0 34 810.4 2.7 27 755.4 27 752.3 3.1 25.4% 22.1%

shanghai se 2 599 746.1 2 599 746.1 0.0 3 670 155.7 3 670 155.7 0.0 -29.2% -30.8%

shenzhen se 2 370 263.4 2 370 263.4 0.0 2 843 614.3 2 843 614.3 0.0 -16.6% -18.5%

singapore exchange 255 928.5 na na 284 289.2 na na -10.0% -10.6%

taiwan se corp. 678 209.6 641 439.7 36 769.9 887 520.4 858 314.5 29 205.9 -23.6% -23.4%

thailand se 235 768.5 235 768.5 0.0 222 111.9 222 111.9 0.0 6.1% 7.6%

tokyo se group 3 471 883.7 3 471 716.1 167.6 3 986 203.9 3 985 894.8 309.1 -12.9% -12.2%

Total region 14 301 658.2 17 888 148.1 -20.0%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 6 017.2 6 002.9 14.4 6 745.0 6 733.8 11.2 -10.8% -10.8%

amman se 2 726.9 2 726.9 0.0 3 898.5 3 898.5 0.0 -30.1% -30.1%

athens exchange 15 866.8 14 762.2 1 104.6 27 119.4 24 745.8 2 373.6 -41.5% -36.6%

BMe spanish exchanges 852 007.5 846 308.2 5 699.3 1 222 071.7 1 214 293.3 7 778.4 -30.3% -24.5%

Budapest se 10 855.0 10 849.6 5.4 19 147.6 19 131.6 15.9 -43.3% -37.0%

casablanca se 3 456.8 3 436.3 20.5 4 365.9 4 351.8 14.1 -20.8% -15.5%

cyprus se 288.4 288.4 0.0 483.7 483.7 0.0 -40.4% -35.4%

deutsche Börse 1 274 083.3 1 223 807.9 50 275.3 1 750 853.3 1 694 603.7 56 249.7 -27.2% -21.2%

egyptian exchange 17 821.9 17 807.8 14.1 15 906.5 15 879.8 26.7 12.0% 14.6%

İMKB 1 357 640.5 357 504.2 136.3 405 135.8 404 753.1 382.7 -11.7% -6.1%

irish se 9 248.2 9 178.1 70.1 8 912.9 8 799.7 113.2 3.8% 12.4%

Johannesburg se 334 965.9 234 793.1 100 172.8 370 191.7 251 798.1 118 393.5 -9.5% 2.4%

ljubljana se 391.0 391.0 0.0 551.5 551.5 0.0 -29.1% -23.2%

london se group 2 192 066.6 1 908 958.3 283 108.3 2 825 653.6 2 434 983.9 390 669.6 -22.4% -16.0%

luxembourg se 131.7 112.5 19.1 156.6 132.2 24.5 -15.9% -9.0%

Malta se 43.2 43.2 0.0 52.5 52.5 0.0 -17.8% -11.0%

Mauritius se 300.2 300.2 0.0 522.8 522.8 0.0 -42.6% -39.6%

Moscow exchange 334 922.3 334 699.5 222.9 514 706.4 514 361.2 345.2 -34.9% -31.1%

Muscat securities Market 2 663.4 2 663.4 0.0 1 274.3 1 274.3 0.0 109.0% 109.0%

nasdaq oMx nordic exchange 585 533.8 547 839.2 37 694.6 825 453.4 771 400.8 54 052.6 -29.1% -23.2%

nyse euronext (europe) 1 575 568.9 1 571 349.4 4 219.4 2 125 421.5 2 119 320.6 6 100.9 -25.9% -19.7%

oslo Børs 146 086.9 115 138.5 30 948.4 244 686.6 198 186.8 46 499.8 -40.3% -38.0%

saudi stock Market - tadawul 511 309.9 511 309.9 0.0 291 642.3 291 642.3 0.0 75.3% 75.3%

six swiss exchange 584 320.0 581 069.1 3 250.9 882 225.1 879 144.9 3 080.2 -33.8% -29.9%

tel-aviv se 49 280.6 49 280.6 0.0 81 862.0 81 862.0 0.0 -39.8% -35.3%

Warsaw se 58 193.9 57 678.9 515.0 85 592.7 84 609.8 982.9 -32.0% -25.9%

Wiener Börse 23 334.3 23 145.2 189.1 42 153.1 41 770.3 382.8 -44.6% -40.0%

Total region 8 949 125.0 11 756 786.5 -23.9%

WFE TOTAL 48 925 412.6 63 084 449.3 -22.4%

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: the sale & purchase of a share are counted as one transactionFigures converted with year-average exchange ratesr: revisedna: not available

australian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.osaka se: figures exclude the issues in which most volumes take place in tokyo and include Jasdaq


EQUItY 1.5nEgotIatEd dEals (Usd mIllIons)

Exchange 2012 2011 % change 2012/2011Total Domestic

companiesForeign


companiesForeign

companies

amErIcaslima se 927.5 690.9 236.6 915.3 778.1 137.2 1.3%

nasdaq oMx 14 694 560.0 13 367 700.0 1 326 860.0 16 189 990.0 14 524 400.0 1 665 590.0 -9.2%

nyse euonext (us) 1 304 319.1 1 304 300.0 19.1 1 301 635.8 1 301 620.0 15.8 0.2%

santiago se 70.0 64.7 5.3 1 383.5 1 375.2 8.4 -94.9%

Total region 15 999 876.5 17 493 924.7 -8.5%

asIa - pacIFIcaustralian securities exchange 151 100.2 145 910.6 5 189.7 202 438.9 194 625.8 7 813.1 -25.4%

Bse india 1 381.2 1 381.2 0.0 1 306.4 1 306.4 0.0 5.7%

Bursa Malaysia 7 135.4 7 072.1 63.3 7 110.3 7 095.7 14.6 0.4%

gretai securities Market 323.1 295.3 27.8 434.0 434.0 0.0 -25.6%

indonesia se 24 539.3 24 539.3 0.0 30 487.9 30 487.9 0.0 -19.5%

korea exchange 20 641.7 20 535.4 106.2 21 455.0 21 424.3 30.6 -3.8%

osaka securities exchange 6 721.0 6 721.0 0.0 6 535.2 6 535.2 0.0 2.8%

philippine se 7 277.3 7 277.3 0.0 5 140.2 5 140.2 0.0 41.6%

shanghai se 8 958.4 8 958.4 0.0 10 493.7 10 493.7 0.0 -14.6%

shenzhen se 11 881.0 11 881.0 0.0 11 011.6 11 011.6 0.0 7.9%

taiwan se corp. 9 016.8 8 055.3 961.6 7 730.4 7 408.2 322.2 16.6%

thailand se 12 438.9 12 438.9 0.0 9 630.5 9 630.5 0.0 29.2%

tokyo se group 412 050.1 412 049.5 0.6 384 294.5 384 293.0 1.5 7.2%

Total region 673 464.4 698 068.7 -3.5%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 10.7 10.7 0.0 39.2 39.2 0.0 -72.6%

amman se 66.1 66.1 0.0 122.7 122.7 0.0 -46.2%

athens exchange 794.5 793.5 1.0 2 470.9 2 444.2 26.7 -67.8%

BMe spanish exchanges 208 192.8 208 192.8 0.0 314 114.4 314 114.4 0.0 -33.7%

Budapest se 12.2 12.2 0.0 237.9 237.4 0.5 -94.9%

casablanca se 2 059.9 2 059.9 0.0 1 995.9 1 995.9 0.0 3.2%

cyprus se 5.9 5.9 0.0 16.5 16.5 0.0 -64.4%

deutsche Börse 26 851.9 25 675.4 1 176.6 123 185.5 97 225.4 25 960.2 -78.2%

egyptian exchange 3 254.1 3 254.1 0.0 889.5 889.5 0.0 265.8%

İMKB 1 5 035.9 5 035.9 0.0 131.1 131.1 0.0 3742.4%

irish se 14 849.2 14 573.6 275.6 16 019.0 15 660.4 358.6 -7.3%

Johannesburg se 84 961.4 66 702.2 18 259.2 83 739.2 65 591.1 18 148.1 1.5%

london se group 717 378.3 423 335.5 294 042.9 666 186.4 375 294.6 290 891.8 7.7%

Moscow exchange 35 513.2 35 446.4 66.8 38 392.2 38 303.4 88.8 -7.5%

nasdaq oMx nordic exchange 48 645.7 46 490.4 2 155.3 69 247.9 66 154.9 3 093.0 -29.8%

nyse euronext (europe) 68 127.8 68 039.2 88.6 151 948.8 151 876.1 72.7 -55.2%

oslo Børs 17 440.3 13 216.9 4 223.3 15 728.7 11 644.2 4 084.4 10.9%

saudi stock Market - tadawul 3 133.8 3 133.8 0.0 1 357.2 1 357.2 0.0 130.9%

six swiss exchange 5 125.2 5 105.1 20.1 8 670.4 8 651.7 18.7 -40.9%

tel-aviv se 5 510.5 5 510.5 0.0 9 270.1 9 270.1 0.0 -40.6%

Warsaw se 6 543.6 6 533.5 10.1 11 725.4 11 681.6 43.8 -44.2%

Total region 1 253 513.0 1 515 488.7 -17.3%

WFE TOTAL 17 926 853.9 19 707 482.1 -9.0%

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: the sale & purchase of a share are counted as one transactionaustralian se: include investment fundsFigures converted with year-average exchange rates


EQUItY 1.5valUE oF sharE tradIng - rEportEd tradEs (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not availableaustralian se: include investment fundsnotes: the sale & purchase of a share are counted as one transactionFigures converted with year-average exchange rates


companiesForeign


companiesForeign

companies

asIa - pacIFIc

hong kong exchanges 122 615.4 116 860.5 5 754.9 106 463.0 105 196.8 1 266.2 15.2%

Total region 122 615.4 106 463.0 15.2%

EUropE - aFrIca - mIddlE EastBudapest se 2.3 2.3 0.0 9.7 9.7 0.0 -76.2%

cyprus se 0.0 0.0 0.0 307.6 307.6 0.0 -

deutsche Börse 90 096.8 59 035.8 31 061.1 258 719.4 169 358.3 89 361.1 -65.2%

İMKB 1 3.1 3.1 0.0 4.3 4.3 0.0 -28.0%

ljubljana se 47.5 47.5 0.0 85.7 85.7 0.0 -44.6%

london se group 689 739.3 152 318.3 537 420.9 764 438.7 149 243.7 615 195.0 -9.8%

Moscow exchange 313 151.0 313 130.4 20.6 10 167.2 10 167.2 0.0 2980.0%

nasdaq oMx nordic exchange 9 540.5 9 402.3 138.1 23 054.7 22 849.2 205.5 -58.6%

nyse euronext (europe) 1 421 622.6 700 481.5 721 141.1 1 642 803.0 737 642.9 905 160.1 -13.5%

oslo Børs 206.9 180.6 26.3 224.5 207.0 17.4 -7.8%

six swiss exchange 42 093.1 41 173.1 920.0 50 537.1 50 000.0 537.1 -16.7%

Total region 2 566 502.9 2 750 351.8 -6.7%

WFE TOTAL 2 689 118.3 2 856 814.8 -5.9%


EQUItY 1.6nUmbEr oF tradIng daYs, avEragE daIlY tUrnovEr valUE, and avEragE valUE oF tradEs

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: the sale & purchase of a share are counted as one transactionna: not availableaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.osaka se: figures exclude the issues in which most volumes take place in tokyo

Exchange Number of trading days Average daily turnover value EOB(USD millions)

Average value of trades EOB(USD thousands)

2012 2011 2012 2011 2012 2011

amErIcasBermuda se 243 239 0.2 0.1 13.7 14.9

BM&FBovespa 246 249 3 543.3 3 717.6 5.4 7.7

Buenos aires se 241 245 9.0 13.4 3.5 4.2

colombia se 244 245 161.6 150.3 45.0 43.7

lima se 251 252 24.1 24.8 25.5 17.7

Mexican exchange 248 257 508.8 469.4 6.5 11.2

nasdaq oMx 250 252 39 136.8 50 490.2 7.7 7.5

nyse euronext (us) 250 252 53 770.9 71 536.0 9.8 9.8

santiago se 247 252 185.2 218.6 23.2 24.7

tMx group 250 250 5 425.7 6 164.6 6.3 6.9

asIa - pacIFIcaustralian securities exchange 253 252 3 701.9 4 738.7 6.1 7.4

Bse india 251 247 436.1 593.1 0.3 0.4

Bursa Malaysia 245 245 507.1 553.2 5.8 5.7

colombo se 242 239 6.9 20.6 0.9 1.1

gretai securities Market 250 247 399.0 548.2 2.9 3.3

hong kong exchanges 247 246 4 478.1 5 872.8 7.5 8.6

indonesia se 246 247 384.0 442.1 3.2 3.9

korea exchange 248 248 6 118.9 8 155.8 1.2 1.7

national stock exchange india 251 247 2 081.3 2 364.9 0.4 0.4

osaka securities exchange 248 245 576.2 772.6 na na

philippine se 244 249 142.7 111.5 6.1 6.7

shanghai se 243 244 10 698.5 15 041.6 2.8 2.9

shenzhen se 243 244 9 754.2 11 654.2 2.5 2.8

singapore exchange 251 253 1 019.6 1 123.7 na na

taiwan se corp. 250 247 2 712.8 3 593.2 3.9 4.3

thailand se 245 244 958.8 910.3 4.6 5.1

tokyo se group 248 245 13 999.5 16 270.2 9.9 11.7

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 251 250 24.0 27.0 23.3 23.8

amman se 251 247 10.9 15.8 2.8 3.0

athens exchange 249 251 63.7 108.0 2.6 4.2

BMe spanish exchanges 256 257 3 328.2 4 755.1 21.1 26.8

Budapest se 246 252 44.1 76.0 6.7 8.2

casablanca se 251 252 13.8 17.3 22.1 20.2

cyprus se 247 249 1.2 1.9 1.8 3.0

deutsche Börse 254 257 5 016.1 6 812.7 12.2 13.6

egyptian exchange 245 207 72.7 76.8 2.9 2.9

İMKB 1 252 253 1 419.2 1 601.3 4.7 4.0

irish se 254 253 36.4 35.2 8.2 8.1

Johannesburg se 250 249 1 339.9 1 486.7 12.5 14.0

ljubljana se 246 250 1.6 2.2 7.4 6.6

london se group 253 256 8 664.3 11 037.7 9.9 11.9

luxembourg se 252 252 0.5 0.6 12.0 16.5

Malta se 246 250 0.2 0.2 7.5 6.8

Mauritius se 247 247 1.2 2.1 6.5 9.4

Moscow exchange 255 248 1 313.4 2 075.4 3.3 4.2

Muscat securities Market 249 246 10.7 5.2 8.1 3.5

nasdaq oMx nordic exchange 254 256 2 305.3 3 224.4 7.7 9.2

nyse euronext (europe) 256 257 6 154.6 8 270.1 8.8 10.1

oslo Børs 250 253 584.3 967.1 6.9 10.9

saudi stock Market - tadawul 251 248 2 036.7 1 175.1 12.1 11.4

six swiss exchange 250 254 2 337.3 3 473.3 20.4 24.0

tel-aviv se 245 244 201.1 335.5 4.4 5.5

Warsaw se 249 251 233.7 341.0 4.7 5.7

Wiener Börse 247 248 94.5 170.0 6.6 8.5


Exchange Number of trades in equity shares (EOB)(in thousands)

Number of shares traded(in millions)

2012 Total 2011 Total 2012 Total 2011 Total


BM&FBovespa 160 067.6 119 491.5 518 577.9 880 157.2

Buenos aires se 615.8 783.6 2 253.7 3 194.2

colombia se 877.4 842.5 708.7 5 688.7

lima se 236.9 353.4 5 422.5 4 524.5

Mexican exchange 19 279.0 10 817.4 59 778.6 55 474.7

nasdaq oMx 1 268 037.1 1 702 749.6 274 187.8 357 011.4

nyse euronext (us) 1 374 538.6 1 832 922.0 391 927.2 533 873.7

santiago se 1 969.2 2 233.9 na na

tMx group 215 796.0 222 777.4 160 551.0 169 770.9 r

Total region 3 041 420.3 3 892 972.8 1 413 420.2 2 009 701.7

asIa - pacIFIcaustralian securities exchange 154 356.7 160 348.3 405 127.0 579 571.8 r

Bse india 355 585.8 393 222.6 58 837.1 64 392.9

Bursa Malaysia 21 562.1 23 867.8 314 919.5 315 623.2

colombo se 1 857.4 4 579.4 9 691.2 24 543.7

gretai securities Market 33 864.6 40 503.3 77 035.7 98 477.1 r

hong kong exchanges 147 945.0 168 524.3 2 113 303.8 2 953 185.8

indonesia se 29 836.2 27 920.2 792 899.2 928 535.2

korea exchange 1 218 992.0 1 191 124.0 266 321.8 221 703.0 r

national stock exchange india 1 406 498.0 1 384 112.0 173 236.7 149 434.1

osaka securities exchange na na 18 906.2 23 531.1

philippine se 5 744.3 4 122.7 1 012 886.0 1 018 993.5

shanghai se 925 550.0 1 273 276.9 1 894 893.9 2 119 387.1

shenzhen se 935 564.8 1 030 323.5 1 385 970.6 1 271 150.3 r

singapore exchange na na 467 605.0 305 705.0

taiwan se corp. 172 885.0 205 300.5 527 282.0 657 144.0

thailand se 51 309.1 43 322.3 1 121 685.7 906 058.2

tokyo se group 349 546.0 340 643.9 475 333.4 490 434.5

Total region 5 811 097.0 6 291 191.7 11 115 934.7 12 127 870.6

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 258.6 283.3 16 350.1 15 820.7

amman se 974.6 1 317.8 2 358.6 3 998.6

athens exchange 6 169.8 6 441.8 11 702.0 7 598.5

BMe spanish exchanges 40 474.1 45 673.3 195 990.3 161 072.2

Budapest se 1 629.6 2 333.6 1 074.6 1 388.9

casablanca se 156.6 215.7 142.4 135.0

cyprus se 161.0 163.4 1 732.7 627.4

deutsche Börse 104 489.6 129 154.0 69 491.7 77 719.8

egyptian exchange 6 185.1 5 513.8 32 685.2 16 515.5 r

İMKB 1 76 864.1 101 192.7 154 025.1 190 833.2

irish se 1 121.1 1 101.3 4 537.7 4 172.2

Johannesburg se 26 790.0 26 377.7 49 695.2 58 133.7

ljubljana se 53.1 83.3 19.1 12.0

london se group 222 029.0 237 938.5 541 491.9 586 079.0 r

luxembourg se 11.0 9.5 102.0 112.0

Malta se 5.8 7.7 28.9 21.3

Mauritius se 46.3 55.6 182.4 210.2

Moscow exchange 100 673.5 122 385.2 12 843 109.2 11 696 143.7

Muscat securities Market 328.8 359.0 4 319.2 2 366.2

nasdaq oMx nordic exchange 76 181.4 89 738.0 60 302.2 68 606.0

nyse euronext (europe) 178 282.9 210 739.5 117 506.0 114 288.2

oslo Børs 21 057.7 22 413.8 31 421.0 45 477.6

saudi stock Market - tadawul 42 104.9 25 546.4 81 994.4 48 092.4 r

six swiss exchange 28 633.3 36 734.8 15 886.3 18 824.1

tel-aviv se 11 134.7 14 956.9 96 024.3 276 797.3

Warsaw se 12 320.5 14 970.6 35 511.6 35 662.6

Wiener Börse 3 514.8 4 959.4 1 500.9 2 149.1

Total region 961 651.6 1 100 666.5 14 369 184.9 13 432 857.6

WFE TOTAL 9 814 168.9 11 284 831.0 26 898 539.8 27 570 430.0

EQUItY 1.7nUmbEr oF tradEs In EQUItY sharEs and nUmbEr oF sharEs tradEd (ElEctronIc ordEr book)

1 İMKB: İstanbul Menkul Kıymetler Borsasır: revisedna: not available note: the sale & purchase of a share are counted as one transactionaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.

colombia se: the decrease in the number of shares traded in 2012 is due to a stock-split in the listed company coltejer. the split factor was 1 to 10 000 Moscow exchange: the large number of shares traded on Moscow exchange is due to a wide variance of stock prices of the different companies. there are many stocks, also among blue chips, with small price (less than one ruble) that leads to large number of shares traded lima se: number of shares traded includes adrsosaka se: figures exclude the issues in which most volumes take place in tokyo


Exchange Number of trades in equity shares(in thousands)



amErIcaslima se 10.3 10.0 625.3 445.1

nasdaq oMx 1 205 093.9 1 264 215.2 489 760.9 555 981.8

nyse euronext (us) 214 597.4 191 279.8 40 128.9 42 078.9

santiago se 0.03 0.1 na na

Total region 1 419 701.7 1 455 505.1 530 515.1 598 505.7

asIa - pacIFIcaustralian securities exchange 252.4 338.2 25 861.1 33 852.8 r

Bse india 0.2 1.6 655.0 865.4

Bursa Malaysia 7.2 7.5 15 582.0 13 608.7

gretai securities Market 0.3 0.3 296.4 240.7

indonesia se 104.8 102.9 260 862.9 275 014.7

korea exchange 23.0 19.7 773.9 736.6

osaka securities exchange na na 394.8 358.6

philippine se 1.0 0.6 30 233.1 37 602.2

shanghai se 0.0 0.8 7 251.2 8 295.1

shenzhen se 4.7 3.4 7 241.0 5 215.3

taiwan se corp. 2.9 2.3 8 024.0 4 879.0

thailand se 16.7 13.9 28 709.9 16 233.0

tokyo se group na na 54 609.5 46 371.0

Total region 413.2 491.1 440 494.8 443 273.3

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 0.2 0.4 39.4 35.0

amman se 0.02 0.05 24.6 72.0

athens exchange 0.7 1.3 180.2 310.8

BMe spanish exchanges 176.0 201.7 na na

Budapest se 0.3 0.1 2.8 17.0

casablanca se 0.1 0.1 61.0 49.2

cyprus se 0.01 0.02 43.7 63.3

deutsche Börse 235.7 8 595.2 1 734.2 22 665.3

egyptian exchange 7.6 11.3 162.7 376.6 r

İMKB 1 22.0 15.0 8 911.0 128.2

irish se 90.6 107.1 7 437.0 7 697.1

Johannesburg se 144.5 126.5 10 655.7 11 422.9

london se group 9 381.0 6 550.6 306 091.7 267 712.9 r

Moscow exchange 481.8 189.0 2 116 793.8 653 998.9

nasdaq oMx nordic exchange 633.7 606.7 8 349.1 7 378.4

nyse euronext (europe) 162.8 212.7 2 724.9 4 553.8

oslo Børs 40.2 45.9 4 549.8 3 541.1

saudi stock Market - tadawul 0.3 0.4 550.6 170.9 r

six swiss exchange 2.4 6.2 175.0 147.0

tel-aviv se 60.4 61.9 18 512.1 23 784.7

Warsaw se 4.2 4.4 2 056.5 2 371.1 r

Total region 11 444.7 16 736.6 2 489 055.7 1 006 496.3

WFE TOTAL 1 431 559.5 1 472 732.9 3 460 065.6 2 048 275.3

EQUItY 1.7nUmbEr oF tradEs In EQUItY sharEs and nUmbEr oF sharEs tradEd (nEgotIatEd dEals)

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: the sale & purchase of a share are counted as one transactionaustralian se: include investment fundsna: not available


Exchange Number of trades in equity shares(in thousands)



asIa - pacIFIc

hong kong exchanges 8 282.1 5 502.0 na na

Total region 8 282.1 5 502.0

EUropE - aFrIca - mIddlE Eastathens exchange 0.1 0.1 69.3 287.0 r

Budapest se 0.0 0.1 0.3 5.6

cyprus se 0.2 0.02 21.3 6.1

deutsche Börse 1 087.6 1 494.7 5 180.3 12 623.4

İMKB 1 248.9 288.0 0.0 0.0

ljubljana se 0.1 0.1 0.7 1.6 r

london se group 4 571.0 4 492.4 39 661.8 30 675.6 r

Moscow exchange 736.6 25.5 15 914 292.3 265 556.9

nasdaq oMx nordic exchange 713.0 1 060.9 987.6 1 060.3

nyse euronext (europe) 2 354.3 1 220.5 428.2 1 158.1

oslo Børs 10.9 11.5 37.0 31.3

six swiss exchange 465.2 210.0 1 176.2 955.7

Total region 10 187.9 8 803.8

WFE TOTAL 18 470.0 14 305.8

EQUItY 1.7nUmbEr oF tradEs In EQUItY sharEs and nUmbEr oF sharEs tradEd (rEportEd tradEs)

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: the sale & purchase of a share are counted as one transactionaustralian se: include investment fundsna: not available


EQUItY 1.7.1nUmbEr oF tradIng partIcIpants

1 İMKB: İstanbul Menkul Kıymetler Borsasıaustralian securities exchange: 2011 data included participants engaged in clearing and settlement onlyosaka se: for 2012, the number of derivatives trading participants includes 5 Fx trading participants; for 2011, the number of equity trading participants includes 2 ipo trading participants and number of derivatives trading participants includes 4 Fx trading participants

singapore exchange: the number of trading participants in the equity market is composed of dealers, remisiers, and brokers (individuals); the number of trading participants in the derivatives market are registered representatives na: not available r: revised

Exchange 2012 2011

Equity market Bond market Derivatives market Equity market Bond market Derivatives market


BM&FBovespa 83 61 63 87 63 68

colombia se 25 115 30 26 113 29

lima se 26 11 0 25 8 0


nyse euronext (us) 525 na na 591 na na

santiago se 72 103 0 70 104 0

asIa - pacIFIcaustralian securities exchange 350 0 0 596 0 0

Bse india 1 362 142 926 1 057 134 316

Bursa Malaysia 222 63 20 210 na 20

colombo se 28 1 0 28 1 0

gretai securities Market 1 084 93 30 1 088 90 37

hong kong exchanges 550 na 185 534 na 182

korea exchange 60 27 61 61 27 61

national stock exchange india 1 349 2 255 1 233 1 344 2 069 1 225

osaka securities exchange 92 73 85 101 99 94

philippine se 184 0 0 184 0 0

shanghai se 384 114 162 377 115 162

shenzhen se 133 116 0 134 115 0

singapore exchange 4 148 na 830 4 336 na 879

taiwan se corp. 1 171 1 171 1 171 1 170 1 170 1 170

thailand se 38 52 41 38 43 41

tokyo se group 92 92 126 101 101 137


amman se 60 60 0 60 60 0


BMe spanish exchanges 107 na 42 115 na 47

Budapest se 26 21 21 27 20 21


cyprus se 17 9 0 17 10 0

egyptian exchange 148 148 0 149 149 0

İMKB 1 99 123 36 103 128 0

irish se 20 17 0 22 16 0

Johannesburg se 61 98 226 60 50 226

ljubljana se 23 23 0 27 27 0

london se group 472 43 72 491 42 78

luxembourg se 30 30 0 30 30 0

Malta se 13 13 0 13 13 0

Mauritius se 11 11 0 10 10 0

Moscow exchange 599 599 150 634 634 210


nyse euronext (europe) na na na na na na

oslo Børs 56 16 20 56 17 20


six swiss exchange 119 na na 127 na na

tel-aviv se 29 29 20 28 28 18

Warsaw se 59 59 35 58 58 35

Wiener Börse 89 89 14 89 89 12


EQUItY 1.8tUrnovEr vElocItY oF domEstIc sharEs

1 İMKB: İstanbul Menkul Kıymetler Borsasıaustralian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.Johannesburg se: share trading and market capitalization used to compute the velocity ratio include all companiessingapore exchange: share trading and market capitalization used to compute the velocity ratio include all companies

Exchange 2012 Average 2011 Average

amErIcasBermuda se 2.0% 1.5%

BM&FBovespa 67.8% 67.1%

Buenos aires se 4.3% 5.6%

colombia se 12.3% 12.9%

lima se 5.1% 6.3%

Mexican exchange 22.8% 24.4%

santiago se 14.8% 19.0%

tMx group 65.5% 77.1%

asIa - pacIFIcaustralian securities exchange 65.3% 94.2%

Bse india 8.4% 12.8%

Bursa Malaysia 26.5% 32.9%

colombo se 9.9% 24.7%

gretai securities Market 162.9% 280.9%

hong kong exchanges 38.0% 63.6%

indonesia se 21.5% 27.0%

korea exchange 134.4% 194.2%

national stock exchange india 41.3% 52.4%

osaka securities exchange 65.4% 90.7%

philippine se 15.6% 16.6%

shanghai se 103.2% 159.5%

shenzhen se 208.5% 276.2%

singapore exchange 34.1% 45.9%

taiwan se corp. 88.6% 131.2%

thailand se 61.1% 80.2%

tokyo se group 92.4% 123.7%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 8.8% 10.6%

amman se 10.1% 14.3%

athens exchange 33.6% 68.0%

BMe spanish exchanges 86.9% 109.4%

Budapest se 52.8% 84.4%

casablanca se 6.7% 6.8%

cyprus se 14.8% 15.7%

deutsche Börse 84.1% 132.8%

egyptian exchange 28.8% 32.2%

İMKB 1 113.9% 183.2%

irish se 8.6% 7.5%

Johannesburg se 35.7% 42.1%

ljubljana se 6.2% 8.1%

london se group 57.4% 69.2%

luxembourg se 0.2% 0.2%

Malta se 1.2% 1.4%

Mauritius se 4.1% 6.5%

Moscow exchange 41.2% 61.0%

Muscat securities Market 8.8% 9.5%

nasdaq oMx nordic exchange 56.2% 85.1%

nyse euronext (europe) 56.7% 80.4%

oslo Børs 49.3% 83.6%

saudi stock Market - tadawul 136.9% 86.0%

six swiss exchange 48.0% 76.0%

tel-aviv se 31.4% 48.8%

Warsaw se 33.9% 52.9%

Wiener Börse 22.3% 45.5%


EQUItY 1.9markEt concEntratIon - 5% most capItalIzEd and most tradEd domEstIc companIEs

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: Market concentration of 5% of the largest companies by market capitalization compared with total domestic market capitalization and trading valuena: not available australian se: include investment fundsBMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.korea exchange: 2011 market capitalization data include preferred stocks

Exchange 2012 2011

5% market value

5% trading value

Number of companies

5% market value

5% trading value

Number of companies

amErIcasBermuda se 47.2% 42.1% 1 52.0% 33.5% 1

BM&FBovespa 62.0% 50.0% 18 62.4% 57.1% 18

Buenos aires se 49.1% 70.2% 5 56.1% 53.1% 5

colombia se 63.9% 64.3% 4 60.8% 70.0% 4

lima se 61.4% 69.7% 11 61.6% 64.2% 10

Mexican exchange 53.4% 61.2% 8 54.0% 54.4% 6

nasdaq oMx 75.1% 96.4% 115 73.7% 71.0% 120

nyse euronext (us) 55.3% 97.5% 115 57.3% 90.6% 114

santiago se 46.2% 59.1% 11 47.5% 55.0% 11

tMx group 85.7% 77.6% 198 81.6% 84.1% 202

asIa - pacIFIcaustralian securities exchange 85.5% 87.7% 98 83.1% 87.2% 99

Bse india 88.7% 75.9% 255 89.2% 71.8% 252

Bursa Malaysia 74.6% 71.2% 46 74.1% 68.3% 47

colombo se 48.8% 52.2% 14 44.2% 30.9% 14

gretai securities Market 38.8% 53.4% 32 38.9% 50.3% 30

hong kong exchanges 73.2% 71.1% 75 72.7% 74.9% 74

indonesia se 60.9% 60.3% 23 61.2% 63.4% 22

korea exchange 76.3% 56.2% 89 75.6% 64.0% 90

national stock exchange india 71.6% 72.1% 81 70.9% 68.5% 72

osaka securities exchange 66.1% 77.3% 59 67.7% 82.3% 61

philippine se 50.7% 48.2% 13 48.6% 51.7% 13

shanghai se 59.3% 29.0% 47 59.8% 25.7% 46

shenzhen se 34.2% 26.6% 77 32.9% 28.5% 71

singapore exchange 37.7% 43.7% 24 36.1% 41.8% 23

taiwan se corp. 60.9% 54.7% 39 62.3% 49.9% 39

thailand se 66.0% 58.7% 28 68.8% 67.3% 27

tokyo se group 60.4% 63.0% 115 58.0% 64.0% 113

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 58.7% 53.4% 3 54.5% 47.7% 3

amman se 73.4% 47.8% 12 73.2% 49.2% 12

athens exchange 62.8% 87.4% 13 65.2% 84.0% 13

BMe spanish exchanges na na na na na na

Budapest se 66.8% 79.9% 3 70.5% 87.5% 3

casablanca se 49.3% 45.3% 4 49.4% 47.0% 4

cyprus se 76.2% 95.3% 6 72.6% 97.7% 6

deutsche Börse 77.9% 85.8% 35 77.9% 84.3% 35

egyptian exchange 51.4% 60.6% 12 49.9% 48.6% 12

İMKB 1 54.6% 44.8% 14 55.5% 48.6% 14

irish se 44.7% 53.2% 2 63.2% 55.7% 3

Johannesburg se 32.6% 42.2% 17 34.1% 43.3% 18

ljubljana se 58.8% 69.6% 3 58.3% 73.7% 3

london se group 80.1% 86.3% 109 83.2% 87.4% 114

luxembourg se 37.8% 22.3% 1 42.1% 17.5% 1

Malta se 28.6% 34.5% 1 29.6% 41.3% 1

Mauritius se 40.8% 64.3% 4 38.8% 63.3% 4

Moscow exchange 62.9% 90.9% 15 72.4% 98.6% 16

Muscat securities Market 31.7% 34.5% 6 35.9% 54.1% 6

nasdaq oMx nordic exchange 64.1% 76.6% 37 67.5% 70.2% 37

nyse euronext (europe) 70.2% 74.3% 47 71.4% 76.1% 48

oslo Børs 75.0% 69.7% 9 75.6% 93.3% 10

saudi stock Market - tadawul 52.2% 31.0% 8 53.2% 29.9% 8

six swiss exchange 73.7% 77.1% 12 69.8% 83.6% 13

tel-aviv se 72.2% 77.4% 27 72.7% 76.9% 30

Warsaw se 82.5% 91.2% 43 80.6% 89.6% 38

Wiener Börse 49.2% 66.2% 6 37.9% 55.8% 6


EQUItY 1.9markEt concEntratIon - 10 most capItalIzEd and most tradEd domEstIc companIEs

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: Market concentration of 10 largest companies by market capitalization compared with total domestic market capitalization and trading valuena: not available australian se: include investment funds

Exchange 2012 2011

Market cap. of top 10 companies

Turnover value oftop 10 companies

Market cap. of top 10 companies

Turnover value oftop 10 companies

amErIcasBermuda se 81.1% 98.5% 97.8% 100.0%

BM&FBovespa 52.1% 38.8% 53.1% 47.7%Buenos aires se 68.5% 83.4% 70.1% 71.1%colombia se 81.8% 88.1% 79.1% 92.6%

lima se 58.9% 67.8% 61.6% 64.2%

Mexican exchange 58.9% 58.6% 65.9% 62.1%

nasdaq oMx 37.6% 54.9% 38.1% 36.9%

nyse euronext (us) 16.3% 26.4% 18.0% 24.4%

santiago se 43.8% 56.4% 45.0% 52.0%

tMx group 25.4% 20.1% 40.1% 24.8%

asIa - pacIFIcaustralian securities exchange 47.1% 42.4% 43.6% 41.8%

Bse india 27.6% 88.1% 30.8% 20.1%

Bursa Malaysia 36.8% 36.4% 37.1% 36.5%

colombo se 42.1% 48.0% 36.9% 25.4%

gretai securities Market 20.1% 28.7% 21.7% 29.4%

hong kong exchanges 36.4% 28.3% 37.3% 30.5%

indonesia se 43.7% 40.0% 44.3% 44.8%

korea exchange 37.7% 20.4% 35.2% 21.4%

national stock exchange india 28.2% 26.9% 31.4% 27.6%

osaka securities exchange 40.1% 49.4% 42.4% 59.6%

philippine se 42.0% 41.2% 41.2% 43.8%

shanghai se 37.6% 11.5% 39.7% 9.1%

shenzhen se 11.3% 7.5% 10.9% 7.5%

singapore exchange 26.3% 31.3% 25.7% 28.6%

taiwan se corp. 36.0% 31.4% 37.1% 25.7%

thailand se 43.6% 32.0% 47.2% 38.8%

tokyo se group 18.4% 15.4% 17.0% 16.6%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 79.4% 84.8% 77.6% 84.3%

amman se 71.4% 42.9% 71.2% 43.7%

athens exchange 56.6% 83.5% 59.7% 80.1%

BMe spanish exchanges 41.2% 88.4% 37.2% 86.2%

Budapest se 96.3% 99.3% 95.6% 97.8%

casablanca se 70.6% 72.3% 70.4% 74.9%

cyprus se 89.3% 98.0% 82.1% 99.6%

deutsche Börse 46.4% 51.5% 45.1% 50.8%

egyptian exchange 48.0% 56.4% 46.2% 45.4%

İMKB 1 42.6% 47.3% 44.9% 43.6%

irish se 84.6% 93.4% 88.0% 89.0%

Johannesburg se 24.4% 32.9% 25.2% 12.1%

ljubljana se 78.1% 92.9% 80.9% 94.2%

london se group 31.0% 30.9% 35.1% 35.8%

luxembourg se 95.3% 97.0% 95.0% 91.4%

Malta se 92.2% 93.4% 92.6% 97.7%

Mauritius se 59.8% 83.4% 56.6% 85.7%

Moscow exchange 60.7% 83.1% 62.1% 96.0%

Muscat securities Market 39.8% 52.0% 43.1% 68.0%

nasdaq oMx nordic exchange 32.8% 36.4% 36.8% 44.2%

nyse euronext (europe) 37.8% 31.3% 39.2% 31.9%

oslo Børs 76.6% 76.3% 75.6% 93.3%

saudi stock Market - tadawul 56.8% 34.9% 58.2% 32.8%

six swiss exchange 70.8% 71.8% 64.4% 67.5%

tel-aviv se 53.7% 53.1% 54.5% 55.6%

Warsaw se 54.6% 70.8% 53.3% 68.2%

Wiener Börse 63.5% 82.1% 61.7% 78.1%


EQUItY 1.10 aInvEstmEnt FloWs - nUmbEr oF nEW companIEs lIstEd

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available BMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.

Exchange

2012 2011

Number of new companies listed through IPOs

Number of other new companies listed

Number of new companies listed through IPOs

Number of other new companies listed

Domestic companies

Foreigncompanies


Foreigncompanies


Foreigncompanies


Foreigncompanies

Total

amErIcasBM&FBovespa 3 1 4 2 1 3 11 0 11 1 0 1

Buenos aires se 1 0 1 1 0 1 1 0 1 0 0 0

colombia se 2 1 3 0 0 0 1 2 3 1 0 1

lima se 0 0 0 14 6 20 0 0 0 6 5 11

Mexican exchange 7 0 7 0 0 0 3 0 3 2 56 58

nasdaq oMx 75 0 75 na na na 73 0 73 na na na

nyse euronext (us) 72 7 79 47 20 67 52 17 69 37 18 55

santiago se 3 0 3 2 0 2 5 0 5 8 34 42

tMx group 154 0 154 8 0 8 219 0 219 na na na

Total region 326 101 384 168

asIa - pacIFIcaustralian securities exchange 48 9 57 13 3 16 98 9 107 10 4 14

Bse india 21 0 21 0 0 0 107 0 107 0 0 0

Bursa Malaysia 17 0 17 133 0 133 28 0 28 126 0 126

colombo se 6 0 6 11 0 11 13 0 13 17 0 17

gretai securities Market 37 5 42 0 0 0 51 1 52 0 0 0

hong kong exchanges 58 2 60 4 0 4 77 4 81 16 4 20

indonesia se 23 0 23 0 0 0 25 0 25 1 0 1

korea exchange 31 2 33 0 0 0 71 2 73 0 0 0

national stock exchange india 11 0 11 33 0 33 33 0 33 92 0 92

osaka securities exchange 14 0 14 3 0 3 16 0 16 3 0 3

philippine se 5 0 5 2 0 2 5 0 5 1 0 1

shanghai se 25 0 25 105 0 105 38 0 38 0 0 0

shenzhen se 129 0 129 0 0 0 243 0 243 0 0 0

singapore exchange 13 9 22 4 2 6 13 9 22 0 0 0

taiwan se corp. 11 8 19 0 0 0 27 21 48 0 0 0

thailand se 18 0 18 0 0 0 10 0 10 2 0 2

tokyo se group 29 0 29 40 0 40 20 0 20 30 0 30

Total region 531 353 921 306

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 0 0 0 0 0 0 3 0 3 0 0 0

amman se 0 0 0 1 0 1 0 0 0 2 0 2

athens exchange 0 0 0 0 0 0 0 0 0 0 0 0

BMe spanish exchanges 5 0 5 37 0 37 1 0 1 81 1 82

Budapest se 0 0 0 1 0 1 0 0 0 6 0 6

casablanca se 1 0 1 0 0 0 3 0 3 0 0 0

cyprus se 0 0 0 0 0 0 0 0 0 0 0 0

deutsche Börse 6 5 11 4 10 14 17 12 29 12 175 187

egyptian exchange 0 0 0 10 0 10 0 0 0 9 0 9

İMKB 1 4 0 4 0 0 0 6 0 6 0 0 0

irish se 0 0 0 0 0 0 2 0 2 0 0 0

Johannesburg se 0 0 0 9 2 11 1 0 1 13 3 16

ljubljana se 0 0 0 0 0 0 0 0 0 2 0 2

london se group 57 17 74 25 16 41 68 17 85 52 26 78

luxembourg se 0 3 3 1 4 5 2 18 20 0 1 1

Malta se 1 0 1 0 0 0 0 0 0 0 0 0

Mauritius se 1 0 1 5 0 5 0 0 0 0 0 0

Moscow exchange 0 0 0 0 0 0 2 0 2 3 0 3

Muscat securities Market 2 0 2 1 0 1 1 0 1 0 0 0

nasdaq oMx nordic exchange 13 0 13 0 1 1 21 2 23 1 2 3

nyse euronext (europe) 15 2 17 7 3 10 18 3 21 22 2 24

oslo Børs 1 0 1 2 1 3 6 1 7 2 4 6

saudi stock Market - tadawul 0 0 0 0 0 0 0 0 0 0 0 0

six swiss exchange 3 0 3 0 0 0 0 0 0 0 0 0

tel-aviv se 0 0 0 2 1 3 8 0 8 2 1 3

Warsaw se 103 3 106 0 0 0 198 6 204 0 0 0

Wiener Börse 0 0 0 0 2 2 1 0 1 2 1 3

Total region 242 145 417 425

WFE TOTAL 1 099 599 1 722 899


EQUItY 1.10 bInvEstmEnt FloWs - channElEd throUgh thE ExchangE (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available BMe: including investment companies listed (open-end investment companies) that differ from investment funds included in table 1.3.2 because of their legal status and that cannot be distinguished from other listed companies.

Exchange

2012

IPOs Already listed companies

Newlyissued shares

Alreadyissued shares

Total Newlyissued shares


Total

amErIcasBM&FBovespa 1 468.7 537.6 2 006.3 10 529.2 569.3 11 098.5

Buenos aires se 0.9 0.0 0.9 0.0 262.2 262.2

colombia se 354.1 0.0 354.1 0.0 150.8 150.8

lima se 43.6 0.0 43.6 1 358.1 0.0 1 358.1

Mexican exchange 0.0 0.0 0.0 1 732.5 6 514.5 8 247.0

nasdaq oMx na na 23 848.1 na na na

nyse euronext (us) na na 20 699.7 na na 103 544.5

santiago se 622.0 0.0 622.0 5 062.5 0.0 5 062.5

tMx group 4 027.1 0.0 4 027.1 21 366.6 30 794.5 52 161.1

Total region 51 601.8 181 884.7

asIa - pacIFIcaustralian securities exchange 3 208.0 4 207.3 7 415.3 0.0 0.0 0.0

Bse india 6.5 0.5 7.0 0.0 0.5 0.5

Bursa Malaysia 7 454.6 0.0 7 454.6 2 852.9 0.0 2 852.9

colombo se 13.5 0.0 13.5 56.7 27.8 84.6

gretai securities Market 386.5 0.0 386.5 386.0 0.0 386.0

hong kong exchanges 11 434.8 175.5 11 610.3 27 763.6 0.0 27 763.6

indonesia se 1 080.7 0.0 1 080.7 1 912.1 0.0 1 912.1

korea exchange na na 1 119.4 0.0 0.0 0.0

national stock exchange india 1 121.4 0.0 1 121.4 na na 12 028.4

osaka securities exchange na na 84.6 0.0 0.0 0.0

philippine se 570.0 0.0 570.0 na na 4 634.5

shanghai se 0.0 0.0 0.0 16 032.7 0.0 16 032.7

shenzhen se 11 119.4 0.0 11 119.4 21 353.7 0.0 21 353.7

singapore exchange 3 601.5 0.0 3 601.5 924.1 231.7 1 155.7

taiwan se corp. 453.2 0.0 453.2 2 251.5 0.0 2 251.5

thailand se 502.9 0.0 502.9 3 812.5 3 567.7 7 380.3

tokyo se group 400.2 8 640.0 9 040.2 23 473.6 2 255.3 25 729.0

Total region 55 580.7 123 565.5

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 0.0 0.0 0.0 0.0 0.0 0.0

amman se 3.5 86.0 89.5 107.6 105.2 212.7

athens exchange 0.0 0.0 0.0 na na 126.2

BMe spanish exchanges na na 212.5 na na 36 806.6

Budapest se na na 27.3 na na 35.8

casablanca se 0.0 3.1 3.1 875.8 18.1 893.9

cyprus se 0.0 0.0 0.0 0.0 0.0 0.0

deutsche Börse na na 2 997.3 na na 1 876.9

egyptian exchange 0.0 0.0 0.0 22.7 146.8 169.4

İMKB 1 67.3 132.5 199.8 3 232.4 2 519.8 5 752.1

irish se 0.0 0.0 0.0 na na 575.2

Johannesburg se 0.0 0.0 0.0 5 939.5 3 780.0 9 719.5

ljubljana se 0.0 0.0 0.0 0.0 21.3 21.3

london se group na na na na na na

Malta se na na 19.4 na na 0.4

Mauritius se 6.5 0.0 6.5 130.4 na 130.4

Moscow exchange 0.0 0.0 0.0 na 0.0 0.0

Muscat securities Market 649.4 0.0 649.4 450.4 0.0 450.4

nasdaq oMx nordic exchange 0.0 0.0 0.0 0.0 0.0 0.0

nyse euronext (europe) na na 1 538.7 na na 62 535.2

oslo Børs na na 381.5 na na 2 227.1

saudi stock Market - tadawul 1 420.2 0.0 1 420.2 1 963.0 na 1 963.0

six swiss exchange na na 3 804.0 0.0 0.0 0.0

tel-aviv se 0.0 0.0 0.0 1 053.2 0.0 1 053.2

Warsaw se na na 1 133.5 na na 1 413.4

Wiener Börse 0.0 0.0 0.0 na na 673.6

Total region 12 482.5 126 636.5

WFE TOTAL 119 665.0 432 086.7


2011


Newlyissued shares




Total

3 025.0 1 360.6 4 385.5 31 712.8 1 520.7 33 233.5

6.4 0.0 6.4 43.4 0.0 43.4

21.8 0.0 na 0.0 3 776.0 na

0.0 0.0 0.0 251.9 0.0 251.9

779.5 5 651.5 na 0.0 0.0 na

na na 10 957.8 na na na

na na 28 040.3 na na 83 290.2

1 018.3 0.0 1 018.3 2 575.7 0.0 2 575.7

na na 6 700.7 na na 34 864.7

51 109.0 154 259.3

na na 16 181.3 na na 34 548.1

na na na na na na

2 178.1 2 713.1 4 891.2 0.0 0.0 0.0

294.9 0.0 294.9 274.2 0.0 274.2

346.7 0.0 346.7 473.1 0.0 473.1

27 401.6 5 988.3 33 389.8 29 638.2 0.0 29 638.2

2 236.9 0.0 2 236.9 4 709.3 0.0 4 709.3

na na 3 849.2 0.0 0.0 0.0

547.4 1 320.0 1 867.4 na na 9 250.5

na na 216.8 0.0 0.0 0.0

209.0 0.0 209.0 na na 2 276.8

15 733.3 0.0 15 733.3 33 892.5 0.0 33 892.5

28 073.7 0.0 28 073.7 43 480.3 0.0 43 480.3

7 012.0 635.6 7 647.5 0.0 881.3 881.3

1 128.5 0.0 1 128.5 3 604.4 0.0 3 604.4

159.1 0.0 159.1 1 285.7 744.2 2 030.0

1 400.5 348.1 1 748.6 17 117.4 2 174.7 19 292.1

117 974.0 184 350.6

170.4 0.0 170.4 0.0 0.0 0.0

0.0 81.1 81.1 67.9 0.0 67.9

0.0 0.0 0.0 na na 4 635.9

na na 26 335.7 na na 26 423.9

0.0 39.6 39.6 0.0 84.1 84.1

27.1 24.6 51.6 1 164.0 0.0 1 164.0

0.0 0.0 0.0 na na 682.4

na na 2 071.6 na na 1 241.4

0.0 0.0 0.0 225.8 810.3 1 036.1

223.4 337.4 560.8 1 787.3 17.8 1 805.1

na na 6.9 na na 14 153.9

0.1 0.0 0.1 9 672.4 2 443.4 12 115.8

0.0 0.0 0.0 109.2 194.6 303.8

na na na na na na

0.0 0.0 0.0 na na 5.6

0.0 0.0 0.0 43.4 na 43.4

702.3 0.0 702.3 na 4 268.0 4 268.0

51.8 0.0 51.8 18.0 0.0 18.0

0.0 0.0 0.0 na na 92.2

na na 214.2 0.0 0.0 20 363.5

na na 1 159.6 na na 6 435.4

460.5 0.0 460.5 1 188.7 na 1 188.7

0.0 0.0 0.0 0.0 0.0 0.0

205.1 0.0 205.1 1 635.0 0.0 1 635.0

na na 3 188.1 na na 805.0

na na 511.9 na na 1 249.8

35 811.4 99 818.8

204 894.3 438 428.7


EQUItY 1.11nUmbEr oF sEcUrItIzEd dErIvatIvEs lIstEd at YEar-End, tradIng valUE and nUmbEr oF tradEs

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: the sale & purchase of a share are counted as one transactiontrading values have been converted with year-average exchange ratesna: not available

Exchange Number of securities listed at year-end

Trading value Electronic order book

(USD millions)

Trading value Negotiated deals

(USD millions)

Trading value Total

(USD millions)

2012 Total 2011 Total 2012 Total 2011 Total 2012 Total 2011 Total 2012 Total 2011 Total

amErIcasMexican exchange 109 63 na na na na 181.9 111.5

tMx group 74 93 na na na na 461.5 999.9

Total region 183 156 643.3 1 111.3

asIa - pacIFIcaustralian securities exchange 5 594 4 370 na na na na 3 462.7 3 651.0

Bursa Malaysia 477 292 1 441.3 1 719.5 3.7 5.1 1 445.0 1 724.6

hong kong exchanges 4 961 4 928 409 979.1 576 053.8 5.6 4.6 409 984.7 576 058.4

korea exchange 3 896 7 155 53 461.9 288 401.3 0.0 0.0 53 461.9 288 401.3

singapore exchange 264 246 na na na na 4 537.0 5 798.5

taiwan se corp. 7 742 6 869 7 841.1 6 965.8 0.0 0.0 7 841.1 6 965.8

thailand se 345 166 2 215.1 930.2 12.1 29.9 2 227.2 960.1

Total region 23 279 24 026 482 959.6 883 559.7

EUropE - aFrIca - mIddlE EastBMe spanish exchanges 6 599 4 236 984.9 2 175.7 0.0 0.0 984.9 2 175.7

Budapest se 63 59 324.9 396.1 0.0 0.0 324.9 396.1

deutsche Börse 1 152 372 975 717 26 703.4 38 834.2 38 616.9 57 546.2 65 320.3 96 380.4

İMKB 1 327 105 3 013.7 2 777.3 0.0 0.0 3 013.7 2 777.3

Johannesburg se 91 86 75.4 170.9 0.0 0.0 75.4 170.9

london se group 5 753 5 141 12 414.1 16 034.3 4 840.2 4 405.0 17 254.3 20 439.3

luxembourg se 7 544 8 346 0.0 0.0 0.0 0.0 0.0 0.0

nasdaq oMx nordic exchange 2 214 2 608 493.7 1 326.4 64.7 2.8 558.4 1 329.2

nyse euronext (europe) 24 569 24 787 23 946.0 42 139.0 50.3 303.4 23 996.4 42 442.3

oslo Børs 140 179 598.8 945.4 2.9 9.0 601.6 954.5

six swiss exchange 32 496 34 820 28 039.7 50 020.3 6 139.5 8 909.3 34 179.2 58 929.6

tel-aviv se 440 432 20 703.0 33 883.2 2 391.6 3 803.8 23 094.7 37 687.0

Warsaw se 411 206 27.8 118.6 0.0 0.2 27.8 118.8

Wiener Börse 5 279 5 790 258.8 426.5 0.0 0.0 258.8 426.5

Total region 1 238 298 1 062 512 169 690.4 264 227.7

WFE TOTAL 1 261 760 1 086 694 653 293.4 1 148 898.8


Number of trades Electronic order book

(in thousands)

Number of trades Negotiated deals

(in thousands)

Number of tradesTotal

(in thousands)

2012 Total 2011 Total 2012 Total 2011 Total 2012 Total 2011 Total

na na na na 2.5 2.2

na na na na 137.7 256.9

140.2 259.1

na na na na 307.0 309.0

267.1 534.4 0.0 0.0 267.2 534.4

31 896.1 37 174.2 0.5 0.7 31 896.6 37 174.9

27 928.2 98 990.3 0.0 0.0 27 928.2 98 990.3

na na na na 555.3 880.5

8 341.3 10 922.4 0.0 0.0 8 341.3 10 922.4

2 191.8 1 415.7 0.3 0.4 2 192.1 1 416.1

71 487.7 150 227.6

na na na na na na

205.4 262.8 0.0 0.0 205.4 262.8

1 901.9 2 904.9 2 781.0 3 277.2 4 682.8 6 182.1

1 309.3 1 358.2 0.0 0.0 1 309.3 1 358.2

43.3 75.6 0.0 0.0 43.3 75.6

1 166.2 1 445.1 41.8 64.7 1 208.1 1 509.8

0.0 0.0 0.0 0.0 0.0 0.0

173.7 387.8 0.0 0.0 173.7 387.8

3 942.7 5 324.5 0.0 0.4 3 942.8 5 324.9

50.6 87.8 0.0 0.0 50.6 87.8

871.0 1 349.8 26.2 30.7 897.2 1 380.5

1 549.4 2 527.2 3.3 3.9 1 552.7 2 531.0

19.5 31.9 0.0 0.0 19.5 31.9

17.2 30.8 0.0 0.0 17.2 30.8

14 102.5 19 163.2

85 730.4 169 649.9


EQUItY 1.12nUmbEr oF EtFs lIstEd at YEar-End, tradIng valUE and nUmbEr oF tradEs

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: the sale & purchase of a share are counted as one transactiontrading values have been converted with year-average exchange ratesna: not available

Exchange Number of ETFs listed at year-end


(USD millions)


(USD millions)

Trading value Total

(USD millions)


amErIcasBM&FBovespa 15 10 14 515.2 7 272.5 0.0 0.0 14 515.2 7 272.5

colombia se 1 1 765.3 212.4 0.0 0.0 765.3 212.4

lima se 8 4 14.9 0.2 0.0 0.0 14.9 0.2

Mexican exchange 455 426 na na na na 115 230.5 90 323.5

nasdaq oMx 96 87 2 889 547.6 4 308 801.6 3 674 886.6 4 684 108.2 6 564 434.2 8 992 909.8

nyse euronext (us) 1 370 1 342 2 964 135.0 4 496 509.9 225 681.4 300 524.6 3 189 816.4 4 797 034.5

santiago se 105 87 47.4 48.0 0.0 0.0 47.4 48.0

tMx group 383 313 na na na na 85 396.6 115 892.5

Total region 2 433 2 270 9 970 220.5 14 003 693.4

asIa - pacIFIcaustralian securities exchange 68 53 5 807.1 7 731.2 na na 5 807.1 7 731.2

Bse india 29 28 435.7 368.6 0.0 0.0 435.7 368.6

Bursa Malaysia 5 5 32.0 91.4 30.4 3.1 62.3 94.4

gretai securities Market 2 2 13.2 40.4 0.0 0.0 13.2 40.4

hong kong exchanges 100 77 65 929.6 69 168.5 1 388.6 916.4 67 318.3 70 084.9

indonesia se 3 2 0.7 0.2 0.1 0.0 0.8 0.3

korea exchange 135 106 120 407.5 109 810.4 0.0 0.0 120 407.5 109 810.4

national stock exchange india 32 31 2 589.3 3 510.5 0.0 0.0 2 589.3 3 510.5

osaka securities exchange 18 16 16 126.5 19 757.4 14 649.9 4 922.8 30 776.4 24 680.2

shanghai se 29 23 48 025.8 41 854.7 90.3 201.2 48 116.2 42 055.9

shenzhen se 18 14 27 850.8 23 323.1 0.0 156.0 27 850.8 23 479.1

singapore exchange 91 90 na na na na 4 149.2 7 922.6

taiwan se corp. 21 18 9 035.1 11 906.1 91.4 355.7 9 126.6 12 261.8

thailand se 11 8 258.1 309.7 194.5 6.0 452.5 315.7

tokyo se group 123 116 16 921.1 26 224.3 7 456.5 7 933.8 24 377.6 34 158.1

Total region 685 589 341 483.5 336 514.1

EUropE - aFrIca - mIddlE Eastathens exchange 3 3 13.9 31.7 0.8 1.1 14.7 32.9

BMe spanish exchanges 73 75 3 531.6 4 879.2 0.0 0.0 3 531.6 4 879.2

Budapest se 1 1 1.7 5.3 0.0 0.6 1.7 5.9

deutsche Börse 1015 899 168 551.8 272 819.5 6 683.7 33 193.5 175 235.6 306 013.0

İMKB 1 16 12 4 608.2 5 182.2 0.0 0.0 4 608.2 5 182.2

irish se 1 1 6.7 9.6 0.4 2.0 7.1 11.6

Johannesburg se 38 31 2 730.6 4 977.4 144.9 366.4 2 875.5 5 343.8

london se group 1 828 1 530 158 119.0 220 501.0 102 079.3 104 616.0 260 198.3 325 117.0

luxembourg se 95 63 0.0 0.0 0.0 0.0 0.0 0.0

nasdaq oMx nordic exchange 67 63 14 357.6 20 960.3 5 411.4 7 460.4 19 768.9 28 420.7

nyse euronext (europe) 667 690 79 460.4 160 490.7 13 508.5 37 015.2 92 968.9 197 505.9

oslo Børs 15 15 7 787.1 15 239.8 942.4 1 344.9 8 729.5 16 584.7

saudi stock Market - tadawul 3 3 21.8 30.9 0.0 0.0 21.8 30.9

six swiss exchange 749 645 57 989.8 85 436.0 23 552.9 30 962.0 81 542.7 116 397.9

Warsaw se 3 2 66.7 88.0 1.9 8.4 68.6 96.3

Wiener Börse 22 22 5.6 58.4 0.0 0.0 5.6 58.4

Total region 4 596 4 056 649 578.6 1 005 680.5

WFE TOTAL 7 714 6 915 10 961 282.5 15 345 888.0



(in thousands)


(in thousands)


(in thousands)


992.6 577.7 0.0 0.0 992.6 577.7

2 387.0 936.0 0.0 0.0 2 387.0 936.0

0.1 0.0 0.0 0.0 0.1 0.0

na na na na 709.0 546.9

131 998.9 240 955.2 100 277.0 124 548.0 232 275.9 365 503.2

118 540.5 220 741.8 14 949.5 14 944.1 133 490.0 235 685.8

1.3 1.3 0.0 0.0 1.3 1.3

na na na na 7 569.3 8 670.3

377 425 611 921

na na na na na na

591.7 599.4 0.0 0.0 591.7 599.4

0.2 6.2 0.0 0.0 0.2 6.2

34 893.2 85 292.8 0.0 0.0 34 893.2 85 292.8

2 088.7 2 513.2 42.5 0.0 2 131.2 2 513.2

2.1 0.5 0.0 0.0 2.1 0.5

30 350.4 30 507.6 0.0 0.0 30 350.4 30 507.6

3 698.9 4 137.0 0.0 0.0 3 698.9 4 137.0

na na na na na na

4 360.1 4 361.9 0.0 0.2 4 360.1 4 362.1

3 065.7 2 402.9 0.0 0.2 3 065.7 2 403.0

na na na na 149.3 187.5

1 587.6 1 571.1 0.1 0.1 1 587.7 1 571.2

105.7 150.8 0.2 0.0 105.9 150.8

na na na na na na

80 936 131 731

1.8 2.1 0.0 0.0 1.8 2.1

na na na na na na

0.2 0.6 0.0 0.0 0.2 0.6

1 855.2 2 299.7 16.4 166.3 1 871.6 2 465.9

309.1 304.4 0.0 0.0 309.1 304.4

0.3 0.4 0.1 0.1 0.4 0.5

87.6 102.4 0.2 0.2 87.8 102.5

3 823.7 4 799.5 375.8 324.7 4 199.5 5 124.3

0.0 0.0 0.0 0.0 0.0 0.0

594.8 883.0 4.1 6.0 598.9 889.0

1 703.8 2 633.2 2.4 14.4 1 706.2 2 647.6

332.5 625.6 0.5 0.6 333.0 626.2

1.7 2.3 0.0 0.0 1.7 2.3

788.2 973.1 11.6 10.2 799.8 983.2

7.3 8.7 0.0 0.0 7.3 8.7

0.4 1.5 0.0 0.0 0.4 1.5

9 918 13 159

468 279 756 811


EQUItY 1.13nUmbEr oF InvEstmEnt FUnds lIstEd at YEar-End, tradIng valUE and nUmbEr oF tradEs

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: the sale & purchase of a share are counted as one transactiontrading values have been converted with year-average exchange ratesBMe: excluding investment companies listed (open-end investment companies) that are included in tables 1.1, 1.2, 1.3, 1.3.1, 1.4 and 1.5 related to listed companies.na: not available

Exchange Number of investment funds listed at year-end


(USD millions)


(USD millions

Trading value Total

(USD millions)


amErIcasBM&FBovespa 92 70 2 213.9 929.5 0.0 0.0 2 213.9 929.5

Buenos aires se 5 4 0.0 0.0 0.0 0.0 0.0 0.0

lima se 7 7 20.4 21.5 0.0 0.0 20.4 21.5

Mexican exchange 649 628 na na na na 1 227.2 1 223.6

nasdaq oMx 31 29 na na na na 95 676.9 95 139.4

nyse euronext (us) 477 492 49 101.5 na 1 394.8 na 50 496.3 46 740.0

santiago se 114 126 1 157.0 1 026.1 0.0 0.0 1 157.0 1 026.1

tMx group 88 86 na na na na 2 683.6 3 041.1

Total region 1 463 1 442 153 475.4 148 121.1

asIa - pacIFIcBursa Malaysia 22 6 1 049.9 575.8 371.1 89.9 1 421.0 665.7

colombo se 1 1 0.2 1.2 0.0 0.0 0.2 1.2

hong kong exchanges 11 11 7 672.6 6 678.7 1 025.3 521.7 8 697.9 7 200.4

korea exchange 5 6 82.6 62.2 0.0 0.0 82.6 62.2

national stock exchange india 1 061 1 233 1.5 14.1 0.0 0.0 1.5 14.1

osaka securities exchange 3 4 3.6 3.4 0.1 0.0 3.7 3.4

shanghai se 12 13 2 293.3 3 136.8 15.0 0.8 2 308.3 3 137.5

shenzhen se 210 137 50 599.7 30 052.8 135.5 189.6 50 735.2 30 242.4

taiwan se corp. 1 1 3.3 11.7 9.4 5.3 12.7 17.0

thailand se 4 5 17.5 15.8 0.0 0.0 17.5 15.8

tokyo se group 37 34 30 593.3 26 410.5 9 647.9 9 676.7 40 241.3 36 087.1

Total region 1 367 1 451 103 521.9 77 447.0

EUropE - aFrIca - mIddlE Eastathens exchange 4 6 37.4 57.5 57.3 20.8 94.7 78.3

BMe spanish exchanges 3 015 3 083 na na na na na na

Budapest se 85 70 22.7 29.3 0.0 0.0 22.7 29.3

cyprus se 9 11 6.5 3.8 0.3 0.3 6.7 4.1

deutsche Börse 2 836 2 802 1 223.3 2 121.1 4 822.8 6 720.4 6 046.1 8 841.5

egyptian exchange 3 3 0.0 0.3 0.0 0.0 0.0 0.3

İMKB 1 18 27 1 226.1 1 902.3 9.2 0.0 1 235.3 1 902.3

Johannesburg se 15 14 2 150.1 2 437.6 415.9 659.5 2 566.0 3 097.1

ljubljana se 1 1 2.3 22.4 0.0 0.8 2.3 23.2

london se group 25 26 162.8 287.3 0.0 24.0 162.8 311.3

luxembourg se 6 342 6 440 10.5 8.4 0.0 0.0 10.5 8.4

Mauritius se 27 23 61.9 61.6 0.0 0.0 61.9 61.6

Moscow exchange 442 397 2 639.5 na 457.1 na 3 096.5 1 176.3

Muscat securities Market 2 2 0.0 0.0 0.0 0.0 0.0 0.0

nasdaq oMx nordic exchange 434 430 7 382.9 7 900.6 29 762.7 31 351.5 37 145.6 39 252.1

nyse euronext (europe) 198 189 14 540.5 20 476.0 3.0 15.4 14 543.4 20 491.4

six swiss exchange 26 24 5 458.1 5 084.6 1 076.7 1 007.8 6 534.7 6 092.4

Warsaw se 58 60 17.3 43.7 0.4 13.5 17.7 57.2

Wiener Börse 1 0 0.0 0.1 0.0 0.0 0.0 0.1

Total region 13 541 13 608 71 547.1 81 427.0

WFE TOTAL 16 371 16 501 328 544 306 995



(in thousands)


(in thousands)


(in thousands)


393.0 502.4 0.0 0.0 393.0 502.4

na na 0.0 0.0 0.0 0.0

0.2 0.2 0.0 0.0 0.2 0.2

na na na na 877.0 834.2

na na na na 20 104.6 20 040.4

11 709.0 na 381.8 na 12 090.8 11 733.5

3.7 2.9 0.0 0.0 3.7 2.9

na na na na 448.0 404.2

14.8 99.8 0.0 0.2 14.8 100.0

0.8 2.9 0.0 0.0 0.8 2.9

1 226.0 1 005.8 76.7 43.8 1 302.7 1 049.6

50.8 72.3 0.0 0.0 50.8 72.3

0.8 1.8 0.0 0.0 0.8 1.8

na na na na na na

1 292.1 1 521.3 0.0 0.0 1 292.1 1 521.3

12 652.2 8 431.2 0.04 0.05 12 652.3 8 431.2

3.7 4.8 0.0 0.0 3.7 4.8

3.2 4.0 0.0 0.0 3.2 4.0

na na na na na na

28.4 19.8 0.0 0.0 28.4 19.8

na na na na na na

9.2 8.5 1.0 0.0 10.2 8.5

4.0 3.6 0.0 0.0 4.0 3.6

110.8 174.9 119.9 139.2 230.7 314.1

0.0 0.002 0.0 0.0 0.0 0.002

1 661.3 3 069.4 0.0 0.0 1 661.3 3 069.4

259.0 284.5 1.7 1.6 260.6 286.0

1.7 11.6 0.0 0.0 1.7 11.6

52.3 51.0 0.0 0.01 52.3 51.0

0.2 0.1 0.0 0.0 0.2 0.1

19.4 13.8 0.0 0.0 19.4 13.8

56.0 na 2.6 na 58.6 41.7

0.0 0.0 0.0 0.0 0.0 0.0

314.5 345.6 1 486.8 1 549.5 1 801.3 1 895.1

237.0 306.3 0.0 0.1 237.0 306.4

175.1 154.0 1.8 1.0 176.9 155.0

9.8 19.0 0.0 0.0 9.8 19.0

0.0 0.0 0.0 0.0 0.0 0.0



Exchange 2012 2011

Total Domestic,private sector

Domestic,public sector

Foreign Total Domestic,private sector


Foreign

amErIcasBermuda se 7 360.0 353.0 975.0 6 032.0 4 552.0 353.0 500.0 3 699.0

BM&FBovespa 53 314.6 48 777.1 4 537.5 0.0 65 434.7 59 960.8 5 473.9 0.0

Buenos aires se 107 431.4 3 685.5 103 745.9 0.0 106 021.9 2 923.1 103 098.7 0.0

lima se 19 541.0 6 829.8 12 581.3 129.9 17 523.9 6 553.6 10 827.4 142.9

Mexican exchange 54 733.2 na na na 71 423.5 na na na

santiago se na na na na 305 920.0 298 694.3 7 225.8 0.0

tMx group 17 925.3 0.0 17 885.9 39.4 14 907.2 0.0 14 864.1 43.1

asIa - pacIFIcBse india 20 763.6 na na na 56 491.9 na na na

Bursa Malaysia 1 073.4 1 073.4 0.0 0.0 1 273.8 1 273.8 0.0 0.0

colombo se 0.6 0.6 0.0 0.0 23.9 23.6 0.2 0.0

gretai securities Market 256 595.6 86 572.5 169 919.8 103.3 224 095.6 70 617.9 153 378.6 99.1

hong kong exchanges 114 023.4 64 456.3 34 629.4 14 937.7 75 821.6 35 346.1 24 953.3 15 522.2

indonesia se 104 563.1 19 451.2 85 111.9 0.0 96 010.4 16 208.3 79 802.1 0.0

korea exchange 1 206 083.3 309 042.8 897 040.6 0.0 1 043 115.6 r 261 267.8 781 500.6 347.2

national stock exchange india 895 773.7 64 140.8 831 541.7 91.3 783 150.0 52 485.1 730 570.8 94.2

osaka securities exchange 8 116 314.6 2 659.5 8 113 655.1 0.0 8 685 236.5 3 248.6 8 681 987.9 0.0

shanghai se 1 122 897.0 224 837.0 898 060.0 0.0 900 588.7 121 823.1 778 765.6 0.0

shenzhen se 26 497.0 25 773.9 723.0 0.0 16 106.7 15 285.6 821.2 0.0

taiwan se corp. 169 919.8 0.0 169 919.8 0.0 153 769.9 0.0 153 769.9 0.0

thailand se 188 515.0 22 635.9 165 879.1 0.0 153 644.0 r 20 345.6 133 298.4 0.0

tokyo se group 8 125 212.7 8 936.9 8 113 655.1 2 620.7 8 695 621.7 13 633.8 8 681 987.9 0.0

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 283.0 283.0 0.0 0.0 285.7 285.7 0.0 0.0

amman se 12 555.6 16.9 12 538.7 0.0 11 901.3 22.6 11 878.7 0.0

athens exchange 84 962.6 1 113.0 82 531.2 1 318.4 302 245.1 1 752.6 299 194.3 1 298.2

BMe spanish exchanges 2 091 791.7 1 160 414.0 931 377.7 0.0 1 984 565.8 1 145 521.2 839 044.5 0.0

Budapest se 53 605.9 5 394.8 48 211.1 0.0 44 043.0 4 847.2 39 195.8 0.0

casablanca se 1 573.0 1 433.7 139.4 0.0 1 622.9 1 370.4 130.9 121.6

cyprus se 8 829.9 2 408.7 6 421.2 0.0 9 706.9 2 467.4 7 239.5 0.0

deutsche Börse 27 309 801.5 2 048 866.4 2 832 892.0 22 428 043.2 27 311 501.9 r 2 162 293.8 2 801 094.5 22 348 113.7

egyptian exchange 51 178.7 1 320.6 49 858.1 0.0 40 435.9 2 020.1 38 415.8 0.0

İMKB 1 284 495.4 15 064.7 222 910.3 46 520.4 251 099.2 r 6 476.2 200 443.2 44 179.8

irish se 118 937.0 na 118 937.0 na 94 110.4 r na 94 110.4 na

Johannesburg se 185 870.5 48 441.8 136 367.9 1 060.8 163 252.2 41 122.7 121 014.7 1 114.8

ljubljana se 16 790.6 1 249.0 15 532.7 8.9 18 770.9 1 468.9 17 285.9 16.1

luxembourg se 8 275 240.4 0.0 6 592.0 8 268 648.5 8 090 442.2 0.0 5 192.8 8 085 249.4

Malta se 7 656.7 1 294.3 6 362.4 0.0 7 144.7 1 218.2 5 926.5 0.0

Mauritius se 65.6 65.6 0.0 0.0 1.0 1.0 0.0 0.0

Moscow exchange 279 506.0 120 725.5 158 516.2 264.3 223 225.4 92 677.6 101 298.0 29 249.8

Muscat securities Market 2 029.0 652.7 1 376.3 0.0 1 396.1 538.9 857.1 0.0

oslo Børs 177 794.4 88 626.1 88 718.3 449.9 144 583.6 69 654.2 74 073.1 856.4

saudi stock Market - tadawul 118.1 118.1 0.0 0.0 481.3 481.3 0.0 0.0

six swiss exchange 651 911.7 199 836.1 135 936.2 316 139.4 618 618.3 175 225.1 130 456.6 312 936.6

tel-aviv se 219 730.6 96 576.9 123 153.8 na 192 823.6 85 922.6 106 901.0 na

Warsaw se 192 097.3 10 642.7 181 130.6 324.1 153 306.6 r 7 147.4 145 874.2 285.1

Wiener Börse 439 807.5 100 138.4 239 754.8 99 914.3 428 400.6 102 893.7 222 200.4 103 306.5

FIxEd-IncomE - 2.1valUE oF bonds lIstEd (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available r: revisedamman se: notional valueathens se: notional valueBermuda se: notional valueBMe (spanish exchanges): notional valueBse india: notional valuedeutsche Börse: notional valueegyptian exchange: notional valuegretai securities exchange: notional valuehong kong exchanges: notional value

İMKB: notional valueJohannesburg se: notional valuekorea exchange: notional valueMoscow exchange: notional valueMuscat sM: notional valueosaka se: notional value. data include Jasdaq santiago se: notional valuetaiwan se: notional valuetokyo se group: notional valuetMx group: notional value. Bond data represent debentures and concern toronto exchange only Wiener Börse: notional value


Exchange 2012 2011





Foreign

amErIcasBermuda se 21 1 1 19 13 1 1 11

BM&FBovespa 93 89 4 0 130 124 6 0

Buenos aires se 185 153 31 1 165 134 30 1

colombia se 178 154 19 5 174 151 18 5

lima se 61 59 1 1 63 61 1 1

Mexican exchange 267 na na na 266 na na na

santiago se 149 136 9 4 141 132 9 0

tMx group 127 0 126 1 123 0 122 1


asIa - pacIFIcBse india 299 299 0 0 249 249 0 0

Bursa Malaysia 27 27 0 0 29 29 0 0

colombo se 17 16 1 0 16 r 15 1 0


hong kong exchanges 93 65 11 17 57 33 8 16

indonesia se 100 99 1 0 97 96 1 0

korea exchange 637 582 55 0 674 619 54 1

national stock exchange india 278 171 106 1 253 r 156 96 1

osaka securities exchange 3 2 1 0 4 3 1 0

shanghai se 831 825 6 0 452 415 37 0

taiwan se corp. 3 0 3 0 3 0 3 0

thailand se 32 17 15 0 38 21 17 0

tokyo se group 17 15 1 1 21 20 1 0


EUropE - aFrIca - mIddlE Eastamman se 5 2 3 0 5 2 3 0

athens exchange 6 4 1 1 6 4 1 1

Budapest se 14 13 1 0 14 13 1 0

casablanca se 28 23 4 1 24 20 3 1

cyprus se 10 9 1 0 11 10 1 0

deutsche Börse 2 630 280 44 2 306 2 449 251 41 2 157

egyptian exchange 11 10 1 0 11 10 1 0

İMKB 1 60 58 1 1 23 21 1 1

irish se 3 702 681 4 3 017 3 650 651 5 2 994

Johannesburg se 122 100 16 6 134 114 15 5

ljubljana se 19 16 2 1 20 r 17 2 1

london se group 1 651 996 12 643 1 366 r 740 14 612

luxembourg se 2 366 0 1 2 365 2 408 0 1 2 407

Malta se 24 23 1 0 26 25 1 0

Mauritius se 3 3 0 0 2 1 1 0

Moscow exchange 351 307 39 5 344 306 35 3

Muscat securities Market 3 2 1 0 1 1 0 0

nyse euronext (europe) na na na na 632 367 145 120

oslo Børs 157 139 16 2 137 118 15 4

saudi stock Market - tadawul 5 5 0 0 5 5 0 0

six swiss exchange 442 115 21 306 418 105 19 294

tel-aviv se 326 311 1 14 359 r 339 1 19

Warsaw se 135 121 12 2 84 71 11 2

Wiener Börse 274 140 14 120 253 150 14 89


WFE TOTAL 16 111 15 652

FIxEd-IncomE - 2.2nUmbEr oF bond IssUErs

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available r: revised


Exchange 2012 2011





Foreign

amErIcasBM&FBovespa 237 221 16 na 253 235 18 na

Buenos aires se 1 574 1 249 325 na 1 390 1 092 298 0

colombia se 660 436 215 9 625 401 215 9

lima se 507 475 30 2 530 498 30 2

Mexican exchange 743 na na na 569 na na na

tMx group 210 0 210 0 206 0 206 0


asIa - pacIFIcBse india 2 744 2 744 na na 2 065 2 065 0 0

Bursa Malaysia 27 27 0 0 33 33 0 0

colombo se 178 58 120 na 181 62 119 0

gretai securities Market 1 189 1 187 0 2 1 240 1 141 97 2


korea exchange 10 247 5 628 4 619 na 9 797 5 282 4 513 2

national stock exchange india 5 838 2 403 3 434 1 5 128 1 909 3 218 1


shanghai se 953 762 191 na 630 417 213 0

shenzhen se 372 181 191 na 321 108 213 0

singapore exchange 1 317 na na na 1 134 na na na

taiwan se corp. 100 0 100 0 96 0 96 0

thailand se 646 98 548 na 633 99 534 0

tokyo se group 325 17 305 3 323 23 300 0


EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 1 1 0 0 1 1 0 0

amman se 161 2 159 na 148 2 146 0


BMe spanish exchanges 5 449 4 943 484 22 4 914 4 419 466 29

Budapest se 186 165 21 0 158 135 23 0

casablanca se 48 42 6 0 48 42 5 1

cyprus se 72 22 50 0 63 20 43 0

deutsche Börse 22 172 9 701 1 208 11 263 22 463 10 625 1 124 10 714

egyptian exchange 148 16 132 na 151 16 135 0

İMKB 1 268 192 52 24 120 42 53 25

irish se 20 270 4 423 36 15 811 21 095 4 952 29 16 114

Johannesburg se 1 452 1 244 154 54 1 172 971 154 47

ljubljana se 60 41 18 1 69 44 23 2

london se group 19 490 11 830 224 7 436 18 419 11 188 227 7 004

luxembourg se 27 839 0 3 27 836 29 243 0 2 29 241

Malta se 123 45 78 0 113 45 68 0

Mauritius se 3 3 na na 2 1 1 0

Moscow exchange 944 792 127 25 812 672 122 18

Muscat securities Market 13 8 5 na 12 8 4 0

nasdaq oMx nordic exchange 6 006 4 824 436 746 5 627 4 494 448 685

nyse euronext (europe) 4 165 na 480 3 685 4 485 na 456 4 029

oslo Børs 1 384 1 300 62 22 1 211 1 122 65 24

saudi stock Market - tadawul 6 6 na na 8 8 0 0

six swiss exchange 1 550 488 127 935 1 498 447 110 941

tel-aviv se 672 638 34 na 718 685 33 0

Warsaw se 361 288 67 6 246 202 38 6

Wiener Börse 3 623 2 908 259 456 3 635 3 028 164 443

Total region 116 497 116 498

WFE TOTAL 144 940 142 147

FIxEd-IncomE - 2.3nUmbEr oF bonds lIstEd

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available


Exchange 2012 2011





Foreign

amErIcasBermuda se 15 0 1 14 10 0 0 10

BM&FBovespa 42 36 6 0 36 36 0 0

Buenos aires se 917 722 195 0 878 695 183 0

colombia se 35 35 0 0 30 r 27 3 0

lima se 72 70 2 0 58 57 1 0

Mexican exchange 124 31 91 2 139 41 92 6

santiago se 109 103 6 0 131 128 3 0

tMx group 42 0 42 0 45 0 41 4


asIa - pacIFIcBse india 1 033 1 033 0 0 769 769 0 0

Bursa Malaysia 5 5 0 0 6 6 0 0

colombo se 16 16 0 0 9 9 0 0



indonesia se 167 125 42 0 136 103 33 0

korea exchange 3 691 2 128 1 563 0 3 548 r 2 110 1 438 0

national stock exchange india 1 753 1 079 674 0 1 371 r 797 574 0


shanghai se 470 423 47 0 185 139 46 0

shenzhen se 126 79 47 0 84 38 46 0

singapore exchange 389 na na na 290 na na na

taiwan se corp. 13 0 13 0 12 0 12 0

thailand se 111 20 91 0 62 8 54 0

tokyo se group 42 2 37 3 42 3 39 0


EUropE - aFrIca - mIddlE Eastamman se 94 0 94 0 77 0 77 0


Budapest se 100 92 8 0 89 76 13 0

casablanca se 6 5 1 0 6 4 2 0

cyprus se 45 43 2 0 10 6 4 0

deutsche Börse 4 335 1 770 280 2 285 4 117 2 050 216 1 851

egyptian exchange 16 2 14 0 9 2 7 0

İMKB 1 194 180 13 1 51 32 17 2

irish se 2 431 398 11 2 022 2 515 552 0 1 963

Johannesburg se 896 813 43 40 733 683 28 22

ljubljana se 2 2 0 0 9 6 2 1

london se group 2 797 1 787 51 959 3 221 r 1 939 39 1 243

luxembourg se 5 274 0 1 5 273 5 921 0 0 5 921

Malta se 123 5 118 0 96 3 93 0

Mauritius se 2 2 0 0 2 1 1 0

Moscow exchange 293 253 35 5 245 210 29 6

Muscat securities Market 4 2 2 0 1 1 0 0

nyse euronext (europe) 3 489 51 3 438 0 5 857 42 5 815 0

oslo Børs 229 220 9 0 166 158 7 1

saudi stock Market - tadawul 0 0 0 0 2 2 0 0

six swiss exchange 272 na na na 272 na na na

tel-aviv se 47 37 9 1 62 52 7 3

Warsaw se 157 140 17 0 119 106 12 1

Wiener Börse 623 363 125 135 574 458 13 103


WFE TOTAL 31 022 32 391

FIxEd-IncomE - 2.4nUmbEr oF nEW bonds lIstEd

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available r: revised


Exchange 2012 2011 % change 2012/2011

(in USD)

% change 2012/2011

(in local currency)





Foreign

amErIcasBM&FBovespa 747.5 697.2 50.3 0.0 162.1 114.2 47.8 0.0 361.3% 441.5%

Buenos aires se 37 218.1 859.4 36 358.7 0.0 32 341.9 974.3 31 367.6 0.0 15.1% 27.1%

colombia se 836 772.6 122 101.9 713 897.5 773.2 912 731.1 176 832.7 734 897.2 1 001.1 -8.3% -11.1%

lima se 517.0 507.5 8.6 0.9 610.5 558.8 45.4 6.2 -15.3% -18.9%

Mexican exchange 211.9 na na na 339.8 na na na -37.6% -34.2%

santiago se 169 954.5 64 526.6 105 427.8 0.0 232 180.8 93 739.7 138 441.1 0.0 -26.8% -26.3%

tMx group 5 932.2 0.0 5 932.2 0.0 6 324.2 0.0 6 324.2 0.0 -6.2% -4.9%

Total region 1 051 353.8 1 184 690.3 -11.3%

asIa - pacIFIcaustralian securities exchange 2 783.6 na na na 975.9 na na na 185.2% 186.9%

Bse india 19 874.8 na 19 079.6 na 20 160.0 na na na -1.4% 12.3%

Bursa Malaysia 180.4 180.4 0.0 0.0 196.7 196.7 0.0 0.0 -8.2% -7.7%

colombo se 0.6 0.6 0.0 0.0 24.6 24.3 0.3 0.0 -97.4% -97.0%

gretai securities Market 351 884.8 49 913.2 301 964.7 6.9 519 936.1 40 565.6 478 891.3 479.2 -32.3% -32.1%

hong kong exchanges 357.2 na na na 108.4 0.1 108.3 0.0 229.6% 228.6%

korea exchange 1 227 814.5 6 465.0 1 221 349.5 0.0 746 021.9 5 782.6 740 239.3 0.0 64.6% 66.9%

national stock exchange india 137 765.4 18 472.1 119 293.4 0.0 123 074.6 15 024.6 108 050.1 0.0 11.9% 27.5%

shanghai se 127 212.0 110 516.2 16 695.8 0.0 98 271.6 77 040.7 21 230.9 0.0 29.4% 26.5%

shenzhen se 22 369.3 22 232.5 136.8 0.0 11 572.9 11 417.5 155.4 0.0 93.3% 88.9%

thailand se 7.0 7.0 0.0 0.0 25.8 25.8 0.0 0.0 -72.7% -72.3%

tokyo se group 1 565.8 1 565.8 0.0 0.0 3 092.3 3 092.3 0.0 0.0 -49.4% -49.0%

Total region 1 891 815.5 1 523 460.8 24.2%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 40.1 40.1 0.0 0.0 23.3 23.3 0.0 0.0 71.7% 71.7%

amman se 0.0 0.0 0.0 0.0 0.8 0.8 0.0 0.0 - -

athens exchange 10.3 0.3 0.0 9.9 23.2 0.3 0.0 22.9 -55.7% -52.0%

BMe spanish exchanges 9 513 560.2 3 313 014.1 6 200 546.1 0.0 17 345 421.5 7 613 444.7 9 731 976.8 0.0 -45.2% -40.6%

Budapest se 25.1 17.1 8.0 0.0 1 449.6 34.6 1 415.0 0.0 -98.3% -98.1%

casablanca se 880.6 807.8 36.4 36.4 1 066.6 886.0 48.2 132.4 -17.4% -11.9%

cyprus se 29.1 28.7 0.4 0.0 40.0 39.3 0.7 0.0 -27.1% -21.1%

deutsche Börse 44 135.8 8 102.4 24 155.4 11 878.0 67 609.4 12 128.1 39 701.9 15 779.4 -34.7% -29.3%

egyptian exchange 6 288.3 11.2 6 277.1 0.0 5 267.4 144.8 5 122.6 0.0 19.4% 22.2%

İMKB 1 519 368.2 9 951.8 470 924.8 38 491.7 511 969.2 4 854.8 456 616.8 50 497.6 1.4% 7.9%

irish se 43 304.9 0.0 43 304.9 0.0 45 597.1 0.0 45 597.1 0.0 -5.0% 2.9%

Johannesburg se 2 800 642.1 100 057.7 2 700 191.5 392.9 2 883 407.6 71 674.1 2 811 484.9 248.5 -2.9% 10.0%

ljubljana se 71.4 34.6 36.8 0.0 83.3 27.7 55.7 0.0 -14.3% -7.2%

london se group 4 571 039.1 93 588.5 4 352 713.3 124 737.3 5 386 112.1 104 328.3 4 939 411.4 342 372.4 -15.1% -8.1%

luxembourg se 440.4 0.0 14.6 425.8 201.9 0.0 28.7 173.2 118.2% 136.3%

Malta se 820.8 60.8 760.0 0.0 660.2 48.0 612.3 0.0 24.3% 34.6%

Mauritius se 1.4 1.4 0.0 0.0 1.0 1.0 0.0 0.0 40.1% 47.3%

Moscow exchange 334 071.0 170 185.2 162 690.5 1 195.4 298 091.4 175 387.5 121 387.6 1 316.3 12.1% 18.6%

Muscat securities Market 105.0 31.5 73.5 0.0 26.6 26.6 0.0 0.0 294.9% 294.8%

nasdaq oMx nordic exchange 3 023 492.2 1 728 862.8 1 225 482.1 69 147.3 2 665 920.5 1 496 695.4 1 119 623.7 49 601.4 13.4% 22.8%

nyse euronext (europe) 15 850.0 na 5 209.8 10 640.2 13 040.7 na 2 584.9 10 455.8 21.5% 31.6%

oslo Børs 502 188.9 73 068.7 428 464.2 656.0 592 004.8 63 692.3 527 840.3 472.3 -15.2% -11.9%

saudi stock Market - tadawul 118.9 118.9 0.0 0.0 482.4 482.4 0.0 0.0 -75.3% -75.3%

six swiss exchange 200 548.6 45 306.8 57 808.5 97 433.3 200 248.2 42 062.7 55 066.5 103 119.0 0.1% 6.1%

tel-aviv se 251 799.4 55 282.0 196 517.4 na 246 102.6 49 429.6 196 672.9 na 2.3% 10.0%

Warsaw se 933.7 760.3 172.1 1.3 856.6 595.1 261.5 0.0 9.0% 18.8%

Wiener Börse 152.6 121.0 6.4 25.3 914.9 860.9 8.0 46.0 -83.3% -81.9%

Total region 21 829 918.1 30 266 622.8 -27.9%

WFE TOTAL 24 773 087.4 32 974 773.9 -24.9%

FIxEd-IncomE - 2.5total valUE oF bond tradIng (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: converted with year-average exchange ratesthe sale & purchase of a share are counted as one transactionna: not available -: not applicable


Exchange 2012 2011 % change 2012/2011

(in USD)Total Domestic,

private sectorDomestic,

public sectorForeign Total Domestic,


public sectorForeign

amErIcasBM&FBovespa 284.0 233.7 50.3 0.0 148.0 100.2 47.8 0.0 91.9%

Buenos aires se 12 699.3 402.9 12 296.3 0.0 9 570.9 448.8 9 122.1 0.0 32.7%

colombia se 836 772.6 122 101.9 713 897.5 773.2 912 731.1 176 832.7 734 897.2 1 001.1 -8.3%

lima se 31.0 30.9 0.0 0.1 95.6 92.9 0.0 2.7 -67.6%

santiago se 103 198.8 27 992.5 75 206.3 0.0 113 816.8 33 320.1 80 496.8 0.0 -9.3%

Total region 952 985.6 1 036 362.4 -8.0%

asIa - pacIFIcBse india 795.2 795.2 0.0 0.0 914.9 914.9 0.0 0.0 -13.1%

Bursa Malaysia 108.3 108.3 0.0 0.0 119.5 119.5 0.0 0.0 -9.4%

colombo se 0.6 0.6 0.0 0.0 24.6 24.3 0.3 0.0 -97.4%

gretai securities Market 5 058.3 5 058.3 0.0 0.0 6 519.0 6 519.0 0.0 0.0 -22.4%

hong kong exchanges 328.5 0.0 328.5 0.0 106.7 0.1 106.6 0.0 207.9%

korea exchange 1 227 814.5 6 465.0 1 221 349.5 0.0 746 021.9 5 782.6 740 239.3 0.0 64.6%

national stock exchange india 709.8 673.8 36.0 0.0 936.2 343.0 593.2 0.0 -24.2%

shanghai se 111 167.6 97 364.8 13 802.8 0.0 86 758.3 67 481.7 19 276.6 0.0 28.1%

shenzhen se 14 185.4 14 176.0 9.4 0.0 7 999.7 7 959.1 40.5 0.0 77.3%

thailand se 5.5 5.5 0.0 0.0 22.8 22.8 0.0 0.0 -75.9%

tokyo se group 925.8 925.8 0.0 0.0 1 867.2 1 867.2 0.0 0.0 -50.4%

Total region 1 361 099.4 851 290.8 59.9%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 40.1 40.1 0.0 0.0 23.3 23.3 0.0 0.0 71.7%

amman se 0.0 0.0 0.0 0.0 0.8 0.8 0.0 0.0 -

athens exchange 10.3 0.3 0.0 9.9 21.5 0.3 0.0 21.2 -52.2%

BMe spanish exchanges 53 615.6 1 942.7 51 672.9 0.0 118 920.7 1 627.3 117 293.4 0.0 -54.9%

Budapest se 16.3 16.3 0.0 0.0 1 449.6 34.6 1 415.0 0.0 -98.9%

casablanca se 372.7 348.3 0.0 24.3 585.4 454.7 23.6 107.1 -36.3%

cyprus se 28.9 28.4 0.4 0.0 39.1 38.4 0.7 0.0 -26.2%

deutsche Börse 24 235.7 4 833.7 13 539.3 5 862.7 21 786.7 3 429.9 14 343.2 4 013.6 11.2%

İMKB 1 199 556.5 4 045.2 195 400.7 110.6 283 795.4 1 926.6 281 794.3 74.5 -29.7%

ljubljana se 71.4 34.6 36.8 0.0 83.3 27.7 55.7 0.0 -14.3%

london se group 422 475.8 17 464.8 387 075.0 17 936.0 291 361.7 17 275.3 257 917.0 16 169.4 45.0%

luxembourg se 440.4 0.0 14.6 425.8 201.9 0.0 28.7 173.2 118.2%

Malta se 820.8 60.8 760.0 0.0 660.2 48.0 612.3 0.0 24.3%

Mauritius se 1.4 1.4 0.0 0.0 1.0 1.0 0.0 0.0 40.0%

Moscow exchange 78 557.8 45 797.4 32 416.8 343.6 88 077.4 55 077.8 32 656.7 342.9 -10.8%

Muscat securities Market 105.0 31.5 73.5 0.0 26.6 26.6 0.0 0.0 294.9%

nasdaq oMx nordic exchange 12 362.1 3 860.2 8 343.7 158.1 12 526.6 4 151.5 8 226.6 148.5 -1.3%

nyse euronext (europe) 15 829.4 na 5 207.2 10 622.2 12 166.9 na 2 396.2 9 770.7 30.1%

oslo Børs 25 405.5 0.0 25 405.5 0.0 23 420.4 0.0 23 420.4 0.0 8.5%

saudi stock Market - tadawul 33.1 33.1 0.0 0.0 64.4 64.4 0.0 0.0 -48.7%

six swiss exchange 42 093.0 10 829.2 6 649.5 24 614.3 49 702.1 10 982.4 9 941.9 28 777.8 -15.3%

tel-aviv se 205 957.7 50 007.8 155 949.9 0.0 208 582.9 46 812.6 161 770.3 0.0 -1.3%

Warsaw se 515.1 344.3 169.5 1.3 411.4 164.7 246.7 0.0 25.2%

Wiener Börse 152.6 121.0 6.4 25.3 914.9 860.9 8.0 46.0 -83.3%

Total region 1 082 697.2 1 114 824.4 -2.9%

WFE TOTAL 3 396 782.2 3 002 477.5 13.1%

FIxEd-IncomE - 2.5valUE oF bond tradIng - ElEctronIc ordEr book (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: converted with year-average exchange ratesthe sale & purchase of a share are counted as one transactionna: not available


Exchange 2012 2011 % change 2012/2011

(in USD)Total Domestic,


public sectorForeign Total Domestic,


public sectorForeign

amErIcasBM&FBovespa 463.5 463.5 0.0 0.0 14.1 14.1 0.0 0.0 3190.9%

Buenos aires se 24 518.8 456.5 24 062.3 0.0 22 771.1 525.5 22 245.5 0.0 7.7%

lima se 486.0 476.6 8.6 0.8 514.9 465.9 45.4 3.5 -5.6%

santiago se 66 755.7 36 534.1 30 221.6 0.0 118 364.0 60 419.7 57 944.3 0.0 -43.6%

Total region 92 224.0 141 664.0 -34.9%

asIa - pacIFIcBse india 19 079.6 0.0 19 079.6 0.0 19 245.1 0.0 19 245.1 0.0 -0.9%

Bursa Malaysia 72.2 72.2 0.0 0.0 77.2 77.2 0.0 0.0 -6.5%

gretai securities Market 346 826.6 44 855.0 301 964.7 6.9 513 417.1 34 046.5 478 891.3 479.2 -32.4%

hong kong exchanges 28.7 0.0 28.7 0.0 1.7 0.0 1.7 0.0 1609.6%

national stock exchange india 137 055.7 17 798.2 119 257.4 0.0 122 138.4 14 681.6 107 456.8 0.0 12.2%

shanghai se 16 044.4 13 151.3 2 893.0 0.0 11 513.4 9 559.0 1 954.3 0.0 39.4%

shenzhen se 8 183.9 8 056.4 127.4 0.0 3 573.3 3 458.4 114.9 0.0 129.0%

thailand se 1.5 1.5 0.0 0.0 3.0 3.0 0.0 0.0 -48.2%

tokyo se group 640.0 640.0 0.0 0.0 1 225.1 1 225.1 0.0 0.0 -47.8%

Total region 527 932.5 671 194.1 -21.3%

EUropE - aFrIca - mIddlE Eastathens exchange 0.0 0.0 0.0 0.0 1.7 0.0 0.0 1.7 -

BMe spanish exchanges 9 459 944.6 3 311 071.4 6 148 873.2 0.0 17 226 500.8 7 611 817.4 9 614 683.3 0.0 -45.1%

Budapest se 2 537.7 232.7 2 305.0 0.0 0.0 0.0 0.0 0.0 -

casablanca se 507.9 459.4 36.3 12.1 481.2 431.3 24.6 25.4 5.5%

cyprus se 0.3 0.3 0.0 0.0 0.8 0.8 0.0 0.0 -68.7%

deutsche Börse 19 900.1 3 268.6 10 616.1 6 015.4 45 822.7 8 698.2 25 358.7 11 765.8 -56.6%

İMKB 1 319 812.1 5 906.6 275 524.1 38 381.5 228 173.7 2 928.1 174 822.5 50 423.1 40.2%

irish se 43 304.9 0.0 43 304.9 0.0 45 597.1 0.0 45 597.1 0.0 -5.0%

Johannesburg se 2 800 642.1 100 057.7 2 700 191.5 392.9 2 883 407.6 71 674.1 2 811 484.9 248.5 -2.9%

london se group 4 148 562.0 76 123.7 3 965 638.3 106 800.1 5 094 749.1 87 051.6 4 681 495.9 326 201.6 -18.6%

Moscow exchange 255 513.2 124 387.7 130 273.6 851.8 210 014.0 120 309.7 88 730.9 973.4 21.7%

nasdaq oMx nordic exchange 3 011 130.6 1 725 003.2 1 217 138.2 68 989.2 2 653 393.8 1 492 543.8 1 111 397.0 49 453.0 13.5%

nyse euronext (europe) 20.7 na 2.6 18.1 873.8 na 188.7 685.0 -97.6%

oslo Børs 476 782.8 73 068.7 403 058.1 656.0 568 583.6 63 692.3 504 419.0 472.3 -16.1%

saudi stock Market - tadawul 85.8 85.8 0.0 0.0 418.0 418.0 0.0 0.0 -79.5%

six swiss exchange 158 455.5 34 477.6 51 158.9 72 819.0 150 546.1 31 080.3 45 124.6 74 341.2 5.3%

tel-aviv se 45 841.7 5 274.2 40 567.6 0.0 37 519.6 2 617.0 34 902.6 0.0 22.2%

Warsaw se 418.6 416.0 2.6 0.0 445.2 430.4 14.8 0.0 -6.0%

Total region 20 743 460.6 29 146 528.7 -28.8%

WFE TOTAL 21 363 617.1 29 959 386.9 -28.7%

FIxEd-IncomE - 2.5valUE oF bond tradIng - nEgotIatEd dEals (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: converted with year-average exchange ratesthe sale & purchase of a share are counted as one transaction


FIxEd-IncomE - 2.6nUmbEr oF tradEs In bonds

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: the sale & purchase of a share are counted as one transactionna: not available -: not applicable

Exchange Total number of trades(in thousands)

Electronic order book trades(in thousands)

Negotiated deals(in thousands)


amErIcasBM&FBovespa 2.7 3.2 2.7 2.1 0.0 1.1

Buenos aires se 732.7 632.3 493.0 399.0 239.7 233.3

colombia se 662.6 938.5 662.6 938.5 - -

lima se 1.3 1.3 0.0 0.1 1.3 1.3

Mexican exchange 2 484.6 2 630.0 2 484.6 2 630.0 - -

santiago se 303.1 351.9 198.4 224.5 104.7 127.4

tMx group 256.5 215.6 na na na na

Total region 4 443.4 4 772.8

asIa - pacIFIcBse india 212.1 223.5 205.6 219.2 6.6 4.3

Bursa Malaysia 64.5 59.8 64.4 59.8 0.11 0.04

colombo se 0.0 0.1 0.0 0.1 - -

hong kong exchanges 40.8 9.7 40.7 9.7 0.1 -

korea exchange 3 518.5 2 514.8 3 518.5 2 514.8 - -

national stock exchange india 287.1 334.4 260.8 313.6 26.3 20.8

shanghai se 2 555.0 2 010.1 2 543.0 2 002.0 12.0 8.1

shenzhen se 1 164.0 810.3 1 161.7 809.4 2.3 0.9

thailand se 0.1 0.2 0.1 0.2 - -

Total region 7 842.2 5 962.8

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 59.0 35.0 59.0 35.0 0.0 0.0

athens se 1.6 3.1 1.6 3.1 - -

BMe spanish exchanges 1 772.3 1 146.5 37.2 20.9 1 735.1 1 125.7

Budapest se 1.0 2.6 0.9 2.6 0.1 0.0

casablanca se 0.1 0.1 0.1 0.1 0.04 0.04

cyprus se 5.3 5.3 5.3 5.3 - -

deutsche Börse 771.2 819.7 674.1 347.4 97.1 472.3

egyptian exchange 1.2 2.1 - - - -

İMKB 1 625.0 663.4 284.5 361.3 340.5 302.1

irish se 23.7 30.7 - - 23.7 30.7

Johannesburg se 397.8 369.1 - - 397.8 369.1

ljubljana se 1.9 2.7 1.9 2.7 - -

london se group 6 954.0 5 243.1 6 548.0 4 826.3 406.0 416.8

luxembourg se 5.0 1.3 5.0 1.3 - -

Malta se 9.6 9.6 9.6 9.6 - -

Mauritius se 0.3 1.3 0.3 1.3 - -

Moscow exchange 441.4 435.5 364.1 365.4 77.3 70.1

Muscat securities Market 0.4 0.6 0.4 0.6 0.0 0.0

nasdaq oMx nordic exchange 144.0 122.3 144.0 122.3 na na

nyse euronext (europe) 675.0 641.5 674.9 640.4 0.1 1.2

oslo Børs 29.1 27.4 1.7 2.2 27.3 25.1

six swiss exchange 563.7 544.0 481.0 468.3 82.7 75.7

tel-aviv se 6 378.2 5 837.0 6 348.7 5 809.1 29.5 27.9

Warsaw se 42.6 30.2 42.3 30.0 0.2 0.2

Wiener Börse 9.3 17.4 9.3 17.4 - -

Total region 18 912.6 15 991.4

WFE TOTAL 31 198.2 26 727.0


FIxEd-IncomE - 2.7InvEstmEnt FloWs - nEW capItal raIsEd bY bonds (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: converted with year-average exchange ratesna: not available r: revised

Exchange 2012 2011





Foreign

amErIcasBermuda se 3 123.0 0.0 475.0 2 648.0 1 925.0 0.0 0.0 1 925.0

BM&FBovespa 6 429.7 4 720.8 1 708.9 0.0 4 749.5 4 749.5 0.0 0.0

colombia se 5 655.2 5 655.2 0.0 0.0 4 767.2 4 346.6 420.6 0.0

lima se 3 015.4 1 388.7 1 626.8 0.0 1 527.2 r 1 083.7 443.5 0.0

santiago se 3 934.6 3 482.7 368.9 83.0 4 216.1 4 120.7 95.4 0.0

tMx group 2 695.4 0.0 2 695.4 0.0 3 847.4 0.0 3 847.4 0.0

Total region 24 853.4 21 032.4

asIa - pacIFIcBse india 2 630.8 2 630.8 0.0 0.0 22 878.0 r 22 878.0 0.0 0.0

Bursa Malaysia 287.7 287.7 0.0 0.0 512.1 512.1 0.0 0.0

colombo se 97.3 97.3 0.0 0.0 9.0 9.0 0.0 0.0

gretai securities Market 44 917.7 21 582.2 23 335.4 0.0 40 953.0 19 880.0 21 073.0 0.0

hong kong exchanges 44 000.1 31 456.3 12 003.8 540.0 19 598.9 10 768.5 6 498.2 2 332.2

indonesia se 28 459.5 7 395.6 21 063.9 0.0 23 867.0 5 243.8 18 623.2 0.0

korea exchange 508 680.7 111 289.1 397 391.7 0.0 489 656.6 r 108 752.9 380 903.7 0.0

national stock exchange india 247 124.9 23 188.9 223 936.0 0.0 215 335.3 20 025.6 195 309.6 0.0

osaka securities exchange 5 195.2 2 760.4 na 2 434.8 1 402.1 1 402.1 na 0.0

shanghai se 346 298.0 115 393.5 230 904.5 0.0 255 506.5 35 786.5 219 719.9 0.0

shenzhen se 165 736.3 11 094.9 154 641.4 0.0 168 192.5 12 372.8 155 819.7 0.0

singapore exchange 147 146.9 na na na 120 984.4 na na na

taiwan se corp. 23 335.4 0.0 23 335.4 0.0 21 752.8 0.0 21 752.8 0.0

thailand se 18 180.3 5 439.1 12 741.1 0.0 12 478.7 1 406.2 11 072.5 0.0

tokyo se group 69 700.9 69 700.9 na na 69 949.8 69 949.8 na na

Total region 1 651 791.6 1 463 076.7

EUropE - aFrIca - mIddlE Eastamman se 8 262.5 0.0 8 262.5 0.0 5 466.8 0.0 5 466.8 0.0

athens exchange 0.0 0.0 0.0 0.0 6 045.8 43.4 4 671.1 1 331.3

Budapest se 23 026.6 2 735.5 20 291.1 0.0 23 357.2 2 930.0 20 427.2 0.0

casablanca se 105.9 88.4 17.4 0.0 110.3 41.3 69.1 0.0

cyprus se 10 065.8 1 290.8 8 775.0 0.0 4 697.3 1 395.2 3 302.1 0.0

deutsche Börse 517 803.2 na na na 686 635.0 7 033.4 536 453.2 143 148.3

egyptian exchange 17 314.9 120.5 17 194.4 0.0 6 982.0 129.3 6 852.7 0.0

İMKB 1 88 242.5 25 032.4 58 355.3 4 854.8 78 907.9 10 429.7 66 511.8 1 966.4

irish se 15 122.4 0.0 15 122.4 0.0 0.0 0.0 0.0 0.0

Johannesburg se 75 918.2 36 219.0 39 022.2 677.0 28 448.5 26 553.7 1 504.0 390.8

ljubljana se 51.0 51.0 0.0 0.0 4 384.3 100.9 4 270.8 12.6

luxembourg se 1 529 193.4 0.0 1 290.8 1 527 902.5 1 279 154.6 0.0 0.0 1 279 154.6

Malta se 2 233.4 102.7 2 130.7 0.0 2 354.5 84.4 2 270.1 0.0

Mauritius se 49.2 49.2 0.0 0.0 34.9 34.9 0.0 0.0

Moscow exchange 65 420.8 38 189.1 26 491.2 740.5 77 229.1 31 288.8 45 735.8 204.5

Muscat securities Market 787.4 138.1 649.4 0.0 2.8 2.8 0.0 0.0

oslo Børs 100 924.4 26 818.5 74 105.8 0.0 105 289.1 32 145.2 73 144.0 0.0

saudi stock Market - tadawul 0.0 0.0 0.0 0.0 1 479.9 1 479.9 0.0 0.0

six swiss exchange 87 620.6 79 108.9 8 511.7 na 73 440.8 r 67 115.6 6 325.2 na

tel-aviv se 31 723.7 10 156.0 21 407.8 159.9 29 409.2 11 122.8 18 051.1 235.3

Warsaw se 37 586.0 2 066.2 35 519.8 0.0 34 044.7 3 364.9 30 408.1 271.8

Wiener Börse 62 443.7 15 744.0 27 688.0 19 011.6 75 238.5 26 987.0 23 362.9 24 888.6

Total region 2 673 895.5 2 522 713.4

WFE TOTAL 4 350 540.5 4 006 822.4



dErIvatIvEs - 3.1sInglE stock optIons

oF WhIch otc tradEs rEgIstErEd bY thE ExchangE

(1) including Flex options(2) size of the contracts divided by 10 in May 2011(3) excluding repos

Exchange Volume traded(Number of contracts)

Notional value(USD millions)

Open Interest(Number of contracts)

Notional Outstanding Amounts

(USD millions)

Number of trades Option premium(USD millions)

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 929 284 637 838 325 494 1 311 491 1 650 986 10 831 015 13 436 474 11 059 15 495 30 995 234 22 273 514 29 507 37 187Bolsa de comercio de Buenos aires

42 988 781 42 186 092 na na 783 926 500 652 na na 383 442 472 349 147 211

Boston options exchange (tMx group)

94 526 688 91 956 130 na na na na na na na na 17 463 18 146

chicago Board options exchange (1) 494 302 994 516 137 672 5 351 850 3 123 810 170 281 627 198 126 396 507 610 na 48 245 616 40 132 605 138 479 105 753

international securities exchange (ise)

457 082 239 431 111 381 na na na na na na na na na na

Mexder 477 525 446 547 51 99 44 478 69 015 11 17 284 400 6 3Montréal exchange (tMx group)

24 200 766 24 211 857 87 175 98 213 2 611 022 3 173 582 9 441 5 800 964 751 1 190 290 2 530 3 193

nasdaq oMx (us markets)

644 208 698 697 352 033 na na na na na na 49 422 931 48 195 356 302 445 238 906

nyse euronext (us markets)

594 617 579 634 144 955 na na na na na na 53 856 086 51 044 886 161 945 146 482

Total region 3 281 689 907 3 275 872 161

asIa - pacIFIcaustralian securities exchange (2) 140 439 020 108 860 114 321 570 386 257 12 320 032 10 053 334 na na na 2 390 794 na 28 176

Bse limited 45 908 36 644 203 253 1 113 8 na na 6 641 9 598 4 nahong kong exchanges and clearing

55 141 693 73 309 376 134 945 190 679 3 903 430 5 251 548 8 744 9 152 na na na 9 101

Japan exchange group, inc. (osaka securities exchange)

46 322 1 218 762 na na 1 675 5 877 na na 1 4 4 101

Japan exchange group, inc. (tokyo stock exchange)

375 102 595 660 996 1 515 59 019 30 120 142 83 na na 31 48

korea exchange 0 2 0 0 0 0 na na 0 2 na 0national stock exchange of india

57 221 005 33 172 963 309 714 187 302 177 657 103 258 1 024 444 40 546 889 25 447 845 5 763 3 515

taiFex 113 134 130 558 292 240 2 690 2 682 7 3 59 269 52 839 6 3

Total region 253 382 184 217 324 079

EUropE - aFrIca - mIddlE East

athens exchange (3) 35 955 64 238 31 77 5 873 6 689 41 96 666 1 160 10 21

eurex 214 919 755 275 330 936 745 315 1 006 498 32 794 129 40 351 701 110 410 133 355 2 297 621 3 103 914 35 068 47 764Johannesburg stock exchange

9 783 374 11 327 943 342 450 1 294 575 1 318 534 na na na 6 808 na 450

lse group 49 287 774 59 382 086 88 466 136 111 7 051 838 8 467 171 na na 393 422 466 916 4 165 5 649

MeFF 34 507 360 29 410 340 37 665 47 160 8 261 020 8 898 024 8 790 11 737 71 363 78 148 2 086 2 532

Moscow exchange 5 865 454 8 411 748 2 501 4 520 316 868 62 791 na na na 309 605 na 139nasdaq oMx nordic exchanges

28 553 656 29 836 598 43 992 51 284 3 403 402 2 926 931 na na 612 780 749 942 na na

nyse liffe (european markets)

112 840 693 150 562 241 338 797 531 675 15 959 210 23 781 759 na na 2 571 610 3 392 272 24 494 38 463

oslo Børs 3 361 910 4 131 255 5 093 6 495 379 798 293 126 598 419 20 060 27 926 126 252tel-aviv stock exchange

480 262 827 348 1 482 3 956 50 277 30 704 177 90 17 679 35 395 151 274

Wiener Börse 313 682 499 139 686 1 304 48 957 64 953 44 47 na na na 47

Total region 459 949 875 569 783 872

WFE TOTAL 3 995 021 966 4 062 980 112





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 112 583 324 136 780 462 386 276 500 912 na na na na 74 738 84 665 na nanyse liffe (european markets) (otc)

22 872 846 25 959 449 90 398 142 933 1 801 535 3 373 069 na na 9 793 13 736 11 925 18 094


dErIvatIvEs - 3.2sInglE stock FUtUrEs

(1) excluding repos





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBolsa de valores de colombia 53 959 32 563 384 86 3 607 1 228 20 3 4 420 692

Mexder 35 839 63 711 10 13 0 5 629 0 1 25 269

one chicago 5 150 363 3 599 917 na na na na na na na na

Total region 5 240 161 3 696 191

asIa - pacIFIcBse limited 170 421 163 222 1 003 1 078 0 27 628 na na 16 658 30 974

hong kong exchanges and clearing 322 715 444 014 1 046 1 527 19 516 11 277 55 24 na na

korea exchange 100 490 960 59 966 166 53 431 31 930 780 244 321 251 55 na 6 967 023 4 638 217

national stock exchange of india 153 122 207 160 878 260 791 764 866 218 1 093 228 1 029 721 6 414 4 326 120 540 988 123 301 535

taiFex 4 670 750 2 471 605 13 144 5 526 81 105 40 672 293 129 2 520 053 1 141 459

thailand Futures exchange (tFex) 2 168 037 1 578 092 na na 154 366 9 514 na na 351 087 376 249

Total region 260 945 090 225 501 359

EUropE - aFrIca - mIddlE Eastathens exchange (1) 13 046 535 7 553 643 2 670 3 155 337 378 288 882 13 857 26 814 549 996 417 109

Budapest stock exchange 609 797 806 061 2 159 4 012 34 212 30 198 134 86 36 156 52 783

eurex 196 072 416 174 271 102 512 371 810 752 4 906 244 3 279 773 10 752 10 212 34 757 88 350

Johannesburg stock exchange 28 892 202 50 769 051 31 346 28 320 2 898 435 3 287 538 na na na 286 378

lse group 6 052 101 12 013 346 17 733 46 512 235 545 272 540 na na 16 783 31 128

MeFF 21 245 876 27 578 789 21 452 41 794 1 306 987 1 947 938 1 326 2 547 38 523 83 360

Moscow exchange 241 480 871 362 770 119 90 676 158 643 1 511 186 1 455 641 na na na 55 612 915

nasdaq oMx nordic exchanges 1 979 581 4 012 218 2 396 3 906 113 771 259 644 na na 8 485 15 577

nyse liffe (european markets) 246 541 679 250 441 783 717 629 932 901 4 922 532 3 712 327 na na 11 541 15 360

oslo Børs 1 645 446 1 938 080 1 231 2 124 200 038 183 419 155 188 5 138 6 386

Warsaw stock exchange 540 330 737 742 1 032 2 513 8 197 6 545 16 7 311 661 515 354

Wiener Börse 215 4 430 1 30 0 0 0 0 na na

Total region 758 107 049 892 896 364

WFE TOTAL 1 024 292 300 1 122 093 914





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 195 577 489 171 416 429 510 337 796 283 na na na na 19 510 17 323

nyse liffe (european markets) (otc) 240 967 143 246 424 775 695 855 921 514 1 677 220 1 455 474 na na 10 395 11 076



dErIvatIvEs - 3.3stock IndEx optIons





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 9 858 235 6 401 638 325 978 224 717 317 204 502 328 15 049 19 389 108 485 36 037 5 624 3 980Boston options exchange (tMx group)

36 892 107 691 na na na na na na na na 59 228

chicago Board options exchange

193 608 495 222 403 57526 784

25527 488

49010 419 161 12 202 515 1 441 924 na 4 859 654 4 823 675 377 810 520 593

cMe group 59 141 790 60 625 194 6 153 222 6 589 250 2 174 504 1 537 185 234 247 167 194 3 553 554 3 864 897 na na

ice Futures u.s. 67 776 158 299 5 439 12 356 5 928 8 053 na na na na na nainternational securities exchange (ise)


Mexder 42 653 65 631 1 276 1 893 2 276 5 300 77 141 1 136 1 506 22 26Montréal exchange (tMx group)

314 631 93 151 4 753 7 000 99 837 12 510 693 860 4 516 4 541 126 155


8 513 289 5 682 541 na na 233 752 109 882 na na 1 155 573 657 786 563 7 108


3 611 344 3 883 936 na na na na na na 349 065 235 672 6 763 7 580

Total region 280 707 422 307 026 741

asIa - pacIFIcaustralian securities exchange

11 943 573 10 745 015 563 656 528 779 640 433 433 479 na na na 8 511 na 8 028

Bse limited 234 568 615 392 508 1 167 434 2 107 35 869 137 935 8 na 12 211 493 23 675 5 125 naBursa Malaysia derivatives (BMd)

5 493 16 3 0 16 na na na na na na na

hong kong exchanges and clearing

16 787 385 15 426 409 1 682 623 1 779 848 881 779 357 913 84 063 33 239 na na na na


48 763 723 45 192 519 na na 3 179 067 2 031 140 na na 4 808 995 4 992 943 61 501 63 959


22 683 21 342 2 228 2 345 5 267 2 704 476 278 na na 77 97

korea exchange 1 575 394 249 3 671 662 258 271 806 394 651 662 967 2 303 903 na na 214 340 527 339 990 644 271 806 394 651national stock exchange of india

819 528 329 870 923 298 4 124 797 4 966 406 2 006 322 1 839 187 10 830 7 997 193 304 456 212 696 318 37 191 55 681

singapore exchange 4 169 599 2 091 076 na na 1 394 618 392 674 na na na na na na

taiFex 108 773 711 126 390 420 1 377 862 1 763 252 869 583 648 731 11 509 7 566 36 635 408 40 778 423 9 980 13 947thailand Futures exchange (tFex)

54 057 107 993 na na 1 569 955 na na 31 797 58 988 na na

Total region 2 820 011 417 4 742 952 854

EUropE - aFrIca - mIddlE East

athens exchange (1) 223 406 328 391 405 1 350 3 177 3 796 1 126 5 124 17 350 26 345 26 65Budapest stock exchange

0 22 0 0 0 0 0 0 0 4 na na

eurex 382 644 407 468 383 99713 102

50016 896

60531 000 577 38 800 124 1 086 852 1 341 664 11 029 755 6 869 070 327 471 502 626

Johannesburg stock exchange

4 225 710 4 610 236 4 262 4 934 736 655 766 799 na na na 12 118 na 4 934

lse group 3 176 426 3 832 194 143 678 234 015 198 757 195 098 na na 568 173 775 114 3 095 5 056

MeFF 4 206 058 2 198 967 40 971 29 359 569 200 370 546 6 167 4 514 168 703 176 787 1 195 970

Moscow exchange 33 957 361 35 396 023 98 242 122 577 607 948 445 258 na na na 3 864 974 na 3 389nasdaq oMx nordic exchanges

9 625 030 12 485 788 150 360 185 633 870 769 602 405 na na 423 804 580 364 na na


38 584 584 51 286 053 2 508 410 3 297 609 3 969 595 3 933 189 na na 4 173 205 6 107 810 46 212 58 725

oslo Børs 802 028 711 546 5 434 4 807 34 783 31 249 245 194 8 919 9 200 72 72tel-aviv stock exchange

57 423 608 87 156 313 1 692 041 2 893 038 323 163 281 383 10 267 7 977 19 126 729 27 986 733 17 520 28 826

Warsaw stock exchange

743 974 947 841 2 519 7 950 25 127 29 902 122 110 163 673 199 983 61 108

Wiener Börse 24 887 28 332 12 19 3 862 2 387 105 57 na na na 37

Total region 535 637 479 667 365 703

WFE TOTAL 3 636 356 318 5 717 345 298

(1) excluding repos






(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 246 040 683 326 159 282 7 701 848 11 704 833 na na na na 147 895 195 350 na nanyse liffe (european markets) (otc)

11 889 594 13 248 761 1 087 300 1 205 086 949 354 1 388 670 na na 9 898 11 519 26 675 27 613

BM&FBovespa (otc) 154 236 191 537 na 7 027 98 274 121 175 na na na 841 na na


dErIvatIvEs - 3.4stock IndEx FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 64 422 665 50 959 747 1 013 907 1 085 779 275 499 246 864 7 813 7 354 17 724 937 13 229 075

Bolsa de valores de colombia 611 563 15 13 53 39 1 1 199 157

cMe group 588 508 170 755 496 422 40 801 435 50 204 477 3 570 957 3 397 604 305 324 274 816 170 382 818 210 172 155

elx 818 664 16 757 954 na na na na na na na na

ice Futures u.s. 33 590 322 44 260 972 2 700 264 3 357 769 363 940 419 013 na na na na

Mexder 1 060 760 1 231 048 32 113 35 372 62 511 77 656 2 104 2 063 151 704 146 412

Montréal exchange (tMx group) 3 960 064 4 329 724 526 528 631 660 147 471 131 335 20 112 18 762 2 047 410 2 256 120

one chicago 0 37 410 na na na na na na na na

Total region 692 361 256 873 073 840

asIa - pacIFIcaustralian securities exchange 10 078 540 12 239 629 1 099 110 1 384 717 272 676 216 613 na na na 4 757 190

Bse limited 8 913 815 2 474 882 42 680 12 827 31 380 293 134 0 na 4 416 674 1 394 479

Bursa Malaysia derivatives (BMd) 2 132 340 2 482 314 53 888 60 090 30 550 23 505 na na na na

china Financial Futures exchange 105 061 825 50 411 860 12 034 382 6 786 667 220 722 96 886 27 051 10 894 na na

hong kong exchanges and clearing 46 383 244 50 229 356 4 027 771 4 568 552 330 167 199 335 34 148 17 286 na naJapan exchange group, inc. (osaka securities exchange)

149 986 181 137 199 290 3 717 203 3 675 697 1 067 511 778 908 na na 9 815 921 10 001 017Japan exchange group, inc. (tokyo stock exchange)

17 354 128 15 321 449 1 478 459 1 511 403 456 334 386 035 43 021 34 816 na na

korea exchange 62 430 642 87 274 500 7 086 514 10 184 455 112 812 81 702 1 402 na 32 292 220 39 556 192

national stock exchange of india 112 292 325 155 713 851 530 206 828 126 406 859 559 818 2 140 2 272 45 243 236 58 645 445

singapore exchange 66 772 111 68 831 646 na na 1 086 425 723 635 na na na na

taiFex 43 035 923 53 795 012 1 525 454 2 091 534 94 632 114 445 3 790 3 940 54 371 773 67 851 982

thailand Futures exchange (tFex) 4 034 651 4 316 437 na na 36 925 22 421 na na 2 260 671 2 340 110

tokyo Financial exchange inc. 1 720 082 1 006 156 na na 43 296 14 347 na na na na

Total region 630 195 807 641 296 382

EUropE - aFrIca - mIddlE Eastathens exchange (1) 1 530 866 2 484 813 2 735 9 198 30 838 15 230 11 166 24 133 151 703 293 446

Budapest stock exchange 799 939 1 881 620 663 1 922 40 398 48 310 34 35 162 063 328 301

eurex 382 935 863 486 325 501 18 809 750 25 909 550 3 530 775 3 693 191 149 315 131 940 49 935 674 60 314 150

Johannesburg stock exchange 15 751 752 18 242 398 486 021 558 586 325 327 424 447 na na na 1 731 941

lse group 9 881 501 10 821 763 636 686 876 970 122 520 162 679 na na 6 530 019 7 011 555

MeFF 7 171 995 8 384 019 477 911 753 679 57 729 73 684 5 379 5 176 3 662 717 4 478 889

Moscow exchange 322 870 350 381 827 369 947 057 1 299 112 656 762 398 409 na na na 139 495 284

nasdaq oMx nordic exchanges 32 637 547 37 462 176 505 372 596 571 531 852 490 801 na na 8 334 416 9 922 551

nyse liffe (european markets) 83 901 448 97 094 576 5 552 373 6 945 319 1 277 634 1 063 954 na na 37 232 191 40 712 186

oslo Børs 5 017 556 6 809 915 33 993 45 256 79 479 125 772 559 779 222 277 338 276

tel-aviv stock exchange 71 033 54 925 2 022 1 762 5 933 8 212 188 217 716 594

turkish derivatives exchange 48 765 770 54 627 364 209 904 238 641 189 179 150 152 na na na na

Warsaw stock exchange 9 091 088 13 671 721 64 270 117 207 90 422 105 454 764 663 2 506 075 3 735 624

Wiener Börse 371 638 342 162 19 479 20 645 52 384 59 533 1 587 1 369 na na

Total region 920 798 346 1 120 030 322

WFE TOTAL 2 243 355 409 2 634 400 544

(1) excluding repos





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 69 875 333 79 224 357 2 394 443 2 985 779 na na na na 99 450 126 683

nyse liffe (european markets) (otc) 7 824 288 7 609 729 558 455 604 726 192 576 128 442 na na 9 128 9 431



dErIvatIvEs - 3.5EtF optIons





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 1 540 039 2 018 403 448 719 110 191 132 483 31 39 1 262 2 421 14 31Boston options exchange (tMx group)

50 424 293 47 615 460 na na na na na na na na 6 963 8 905


311 770 208 368 350 819 3 137 963 3 306 896 70 109 293 82 047 238 557 046 na 11 004 059 11 971 077 42 804 63 914

international securities exchange (ise)


Mexder 391 620 2 121 0 0 0 0 0 99 2 2 0Montréal exchange (tMx group)

4 405 451 3 866 689 7 935 7 297 612 929 560 461 1 108 1 024 40 302 51 711 236 223


356 504 713 474 650 548 na na na na na na 14 721 136 23 094 216 62 205 98 392


378 523 627 476 048 002 na na na na na na 15 429 476 19 493 820 50 377 84 034

Total region 1 380 895 338 1 711 448 992

asIa - pacIFIchong kong exchanges and clearing

939 852 1 015 692 5 839 6 294 128 531 77 946 891 438 na na na 21


74 223 13 034 na na 890 295 na na na na 14 2


19 375 5 111 23 6 1 288 105 1 0 na na 1 0

Total region 1 033 450 1 033 837

EUropE - aFrIca - mIddlE Easteurex 66 321 62 623 83 839 842 197 8 1 89 208 2 51Johannesburg stock exchange

3 149 2 268 0 0 1 624 0 na na na na na na


WFE TOTAL 1 381 998 258 1 712 547 720






(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 65 400 60 912 78 802 na na na na 11 51 na na


dErIvatIvEs - 3.6EtF FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasMexder 0 511 0 0 0 0 0 0 0 19

Total region 0 511

EUropE - aFrIca - mIddlE Easteurex 14 5 0 0 0 0 0 0 10 5

Johannesburg stock exchange 340 547 841 474 173 174 31 394 13 252 na na na na

Total region 340 561 841 479

WFE TOTAL 340 561 841 990


dErIvatIvEs - 3.7stIr optIons





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 125 147 020 105 152 618 8 893 667 18 177 179 28 411 587 16 739 698 1 907 777 2 213 197 20 465 21 389 6 661 6 173

cMe group 140 535 609 196 622 806 144 787 029 209 723 858 9 795 046 14 690 109 9 978 030 17 543 037 1 695 129 1 619 164 na naMontréal exchange (tMx group)

493 047 635 046 493 343 643 998 55 150 66 605 55 388 65 408 1 019 1 388 42 141

Total region 266 175 676 302 410 470


6 788 54 202 7 044 56 572 0 902 0 0 20 82 0 0

tokyo Financial exchange inc.

1 500 35 547 1 874 44 753 1 500 11 350 1 735 14 752 na na na na


EUropE - aFrIca - mIddlE Easteurex 0 100 003 0 137 847 0 0 0 0 0 22 na nanasdaq oMx nordic exchanges

735 500 1 345 300 na 196 251 0 450 000 na na na 155 na na


111 699 284 176 739 000 134 876 790 227 387 789 11 483 488 10 722 618 na na 80 168 92 623 0 0

Total region 112 434 784 178 184 303

WFE TOTAL 378 618 748 480 684 522






(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 0 100 000 0 137 844 na na na na 0 19 na naBM&FBovespa (otc) (1) 2 125 53 402 na 3 889 118 0 na na na 8 na na

(1) Flexible spot index ir options


dErIvatIvEs - 3.8stIr FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa (1) 376 915 813 356 444 284 17 439 675 18 956 316 19 182 317 15 957 208 871 195 777 378 1 371 600 974 260

Bolsa de valores de colombia 161 611 738 83 38 232 na 4 949 na na 25 35 646

cMe group 432 984 170 576 595 344 458 909 614 626 197 124 8 331 173 8 086 910 10 149 023 10 412 632 84 645 511 114 375 430

Mexder 27 106 616 31 895 985 205 231 254 602 6 603 946 22 017 817 53 072 167 511 8 473 14 947

Montréal exchange (tMx group) 20 804 317 20 865 769 20 817 407 21 159 891 451 821 407 248 453 772 399 929 931 863 936 209

nyse euronext (us markets) 8 193 209 11 752 482 na na na na na na na na

Total region 866 004 286 998 165 602

asIa - pacIFIcaustralian securities exchange 26 520 540 29 985 862 35 592 550 43 096 689 916 032 1 011 317 790 962 883 120 1 158 928 908 910

Bursa Malaysia derivatives (BMd) 50 946 92 775 16 269 30 341 9 819 16 194 na na na na

hong kong exchanges and clearing 160 659 26 105 0 49 0 8 na na

national stock exchange of india 12 215 195 0 844 0 0 0 0 3 2 409

singapore exchange 22 365 59 250 na na 3 629 4 882 na na na na

taiFex 14 27 4 7 1 0 0 0 22 48

thailand Futures exchange (tFex) 27 176 na na 0 2 na na 4 85

tokyo Financial exchange inc. 4 745 486 7 201 901 5 928 152 9 066 978 395 954 533 328 457 936 693 174 na na

Total region 31 339 550 37 555 845

EUropE - aFrIca - mIddlE Easteurex 66 360 125 557 21 302 56 241 8 000 5 858 2 631 1 882 1 998 5 306

Johannesburg stock exchange na 134 609 na 437 na 54 671 na na na 189

nasdaq oMx nordic exchanges 26 213 469 25 206 820 na 2 992 330 1 481 220 1 402 674 na na na 7 335

nyse liffe (european markets) 300 107 021 365 801 898 329 167 087 440 858 327 6 169 885 5 003 110 na na 48 193 164 56 611 060

Total region 326 386 850 391 268 884

WFE TOTAL 1 223 730 686 1 426 990 331

(1) including di x us dollar Fra


dErIvatIvEs - 3.9ltIr optIons





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBolsa de comercio de Buenos aires

6 287 714 4 361 889 na na 45 547 105 664 na na 81 793 76 242 62 67


0 9 0 0 0 0 0 na 0 4 0 0

cMe group 87 297 642 77 388 644 9 047 969 8 007 472 2 252 989 1 637 260 246 734 170 680 667 185 637 286 na naMontréal exchange (tMx group)

4 767 8 775 477 890 913 1 181 92 0 10 8 0 0

Total region 93 590 123 81 759 317


3 018 690 3 196 381 313 240 333 617 570 304 2 0 10 551 8 607 2 2


2 283 839 1 853 672 4 074 825 3 288 298 15 954 12 455 26 356 22 792 na na 3 827 4 316

Total region 5 302 529 5 050 053

EUropE - aFrIca - mIddlE Easteurex 71 873 776 80 873 827 12 021 779 13 675 111 1 343 713 1 497 134 224 205 243 465 390 688 378 507 na naJohannesburg stock exchange

431 019 96 947 76 23 108 869 43 940 na na na 189 na na

nasdaq oMx nordic exchanges

34 550 19 000 na 2 772 0 0 na na na 23 na na


0 2 050 0 336 0 0 na na 0 17 0 0

tel-aviv stock exchange 0 449 0 14 0 51 0 0 0 60 0 0

Total region 72 339 345 80 992 273

WFE TOTAL 171 231 997 167 801 643






(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 61 149 496 68 698 249 10 176 625 11 585 110 na na na na 69 642 70 645 na na


dErIvatIvEs - 3.10ltIr FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 17 464 33 545 2 125 3 975 273 1 236 26 148 323 432

Bolsa de valores de colombia 137 732 174 263 20 753 25 048 1 319 519 187 67 10 775 16 218

cMe group 562 285 084 669 049 690 61 739 192 74 122 813 5 096 339 4 439 172 613 653 514 150 98 218 020 132 714 991

Mexder 3 672 471 5 839 429 32 701 55 962 119 790 197 731 964 1 515 8 473 11 872

Montréal exchange (tMx group) 10 176 618 7 953 448 1 025 447 812 605 252 215 189 169 25 443 18 602 3 187 469 2 240 981

nyse euronext (us markets) 3 581 587 3 422 942 na na na 34 371 na na na na

Total region 579 870 956 686 473 317

asIa - pacIFIcaustralian securities exchange 61 492 898 56 703 480 6 380 917 5 918 326 826 316 702 443 99 704 81 613 2 724 532 1 891 133Japan exchange group, inc. (tokyo stock exchange)

8 897 349 6 890 944 15 893 686 12 227 100 77 841 72 070 128 881 132 345 na na

korea exchange 42 773 176 37 643 887 4 109 804 3 541 071 245 985 216 062 24 683 na 2 565 900 2 391 290

national stock exchange of india 0 47 0 0 0 0 0 0 0 47

singapore exchange 898 538 759 707 na na 25 015 21 465 na na na na

taiFex 1 0 0 0 0 0 0 0 2 0

thailand Futures exchange (tFex) 0 253 na na 0 0 na na 0 101

Total region 114 061 962 101 998 318

EUropE - aFrIca - mIddlE Easteurex 398 471 786 549 257 142 66 495 821 91 527 214 2 826 855 2 572 344 478 503 413 413 40 696 276 48 959 848

Johannesburg stock exchange 1 962 237 1 078 654 30 949 18 103 244 442 151 003 na na na 3 161

MeFF 45 238 18 5 840 3 354 2 46 na 7 683 5

Moscow exchange 21 240 884 148 851 57 342 305 823 274 7 023 na na na 964

nasdaq oMx nordic exchanges 6 177 633 6 612 657 na 953 853 214 989 241 334 na na na 22 500

nyse liffe (european markets) 38 906 358 35 529 237 6 178 233 5 750 336 366 278 324 713 na na 10 403 908 8 965 589

turkish derivatives exchange 20 313 0 2 0 0 na na na na

Total region 466 804 156 592 626 872

WFE TOTAL 1 160 737 074 1 381 098 507





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

eurex (otc) 32 696 574 41 768 397 5 346 479 6 841 389 na na na na 51 704 68 375



dErIvatIvEs - 3.11cUrrEncY optIons





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 9 422 497 11 136 468 474 145 560 857 630 085 674 849 32 384 32 729 13 327 13 465 4 785 8 537

cMe group 10 458 884 9 866 679 1 498 688 1 498 838 493 879 353 232 68 656 49 262 1 116 655 1 117 423 na na

ice Futures u.s. 19 610 41 793 1 586 3 199 2 435 2 538 na na na na na nainternational securities exchange (ise)

35 139 112 127 na na na na na na na na na na

Mexder 1 673 422 16 4 100 111 1 1 161 70 0 0Montréal exchange (tMx group)

5 235 16 947 52 172 619 954 6 9 413 950 1 3


223 309 494 087 na na na na na na na 43 570 na 216

rofex 11 358 4 182 1 0 4 150 1 713 0 0 6 27 na na

Total region 20 177 705 21 672 705

asIa - pacIFIcMcx-sx 14 142 577 0 14 506 0 98 731 0 100 0 1 005 000 0 106 0national stock exchange of india

237 062 966 252 807 126 240 213 251 914 1 447 091 757 192 1 447 759 3 579 336 2 496 229 1 648 1 319

united stock exchange of india

431 783 7 718 412 418 7 458 0 0 0 0 1 819 47 853 na na

Total region 251 637 326 260 525 538

EUropE - aFrIca - mIddlE EastBudapest stock exchange 58 300 36 725 69 46 8 600 8 750 9 10 178 163 na naJohannesburg stock exchange

3 901 649 1 818 261 61 460 455 394 503 494 na na na 645 na na

Moscow exchange 1 999 699 877 699 2 065 919 334 482 77 807 na na na 17 701 na 16nyse liffe (european markets)

181 873 179 573 2 348 2 474 23 240 10 191 na na 7 468 7 862 30 42

tel-aviv stock exchange 9 183 479 10 792 306 93 724 109 506 255 462 574 911 26 5 944 451 067 536 762 2 763 4 440

Total region 15 325 000 13 704 564

WFE TOTAL 287 140 031 295 902 807






(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011BM&FBovespa (otc) (1) 70 150 514 642 na 25 052 36 810 33 337 na na na 1 229 na na

(1) Flexible u.s. dollar options


dErIvatIvEs - 3.12cUrrEncY FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa 110 910 451 110 523 036 5 545 908 5 587 504 1 144 927 1 173 456 60 184 62 099 4 100 883 4 050 563

Bolsa de valores de colombia 437 736 587 909 14 498 20 384 4 229 8 477 131 310 19 956 28 753

cMe group 203 302 545 222 467 404 25 203 267 29 873 963 1 338 760 1 246 544 144 706 140 692 115 184 470 131 603 112

ice Futures u.s. 7 401 112 9 102 896 510 050 593 585 90 755 101 556 na na na na

Mexder 9 841 497 7 214 173 99 241 72 352 574 178 388 431 5 753 3 899 5 792 3 350

rofex 50 467 707 54 504 442 51 482 56 033 1 275 999 2 721 146 1 335 2 818 28 355 33 826

Total region 382 361 048 404 399 860

asIa - pacIFIchong kong exchanges and clearing 20 277 0 2 028 na 3 673 0 367 0 na naJapan exchange group, inc. (osaka securities exchange)

6 246 760 10 552 396 72 560 125 976 131 996 103 328 na na 586 805 1 143 987

korea exchange 54 506 045 71 221 596 552 607 718 602 751 222 605 224 7 593 na 2 629 316 4 213 297

Mcx-sx 556 719 589 850 129 060 565 240 858 553 1 287 379 961 299 1 335 992 24 077 717 23 386 733

national stock exchange of india 631 266 655 726 871 152 639 291 730 840 2 655 804 1 630 462 2 699 1 660 18 256 370 16 691 282

tokyo Financial exchange inc. 60 459 825 136 658 356 na na 542 264 789 692 na na na na

united stock exchange of india 8 693 441 344 599 938 9 278 347 193 11 405 31 370 12 32 374 365 3 577 572

Total region 1 317 912 592 2 140 032 498

EUropE - aFrIca - mIddlE EastBudapest stock exchange 4 408 474 6 057 083 5 451 7 632 171 153 197 130 212 241 21 566 29 127

Johannesburg stock exchange 13 038 541 11 918 682 15 330 13 723 689 209 361 067 na na na 36 937

Moscow exchange 410 545 200 263 679 978 427 715 286 725 3 001 976 1 453 440 na na na 14 659 109

nyse liffe (european markets) 1 210 3 280 31 89 126 187 na na 295 780

tel-aviv stock exchange 21 153 133 809 244 1 443 23 9 911 0 111 119 870

turkish derivatives exchange 12 311 601 18 898 683 12 999 20 449 77 463 108 517 na na na na

Warsaw stock exchange 960 935 199 490 1 671 2 241 24 130 3 276 27 37 219 742 138 980

Total region 441 287 114 300 891 005

WFE TOTAL 2 141 560 754 2 845 323 363


dErIvatIvEs - 3.13commodItY optIons

Exchange - Products Volume traded(Number of contracts)




(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa - agricultural and Metal

1 622 479 1 209 291 7 288 2 663 73 026 222 813 904 2 602 201 880 9 403 0 0

cMe group - agricultural. energy and Metal

140 629 167 141 567 290 140 629 167 141 567 290 14 542 737 17 002 636 900 341 1 036 708 8 236 012 6 671 108 na na

ice Futures canada - agricultural

166 660 100 919 34 31 8 585 8 522 na na na na na na

ice Futures u.s. - agricultural + energy since oct. 2012

25 593 283 12 980 608 na na na 1 123 490 na na na na na na

nyse euronext (us markets) - Metal

93 1 742 na na na 50 na na na na na na

rofex - agricultural and Metal

90 894 28 198 10 6 30 558 5 000 1 0 2 270 2 063 na na

Total region 168 102 576 155 888 048

asIa - pacIFIcaustralian securities exchange - energy

15 812 16 303 8 116 6 325 4 485 1 230 40 24 628 708 na 0

taiFex - Metal 75 925 101 708 768 976 676 685 7 7 41 329 51 734 9 10


EUropE - aFrIca - mIddlE Easteurex - Metal and energy options

41 584 26 610 2 379 2 554 733 1 541 48 168 2 433 3 182 26 48

ice Futures europe - energy

11 440 944 3 429 632 29 613 13 278 1 920 689 977 492 na na na na na na

Johannesburg stock exchange - agricultural

466 770 352 034 665 522 61 953 63 526 na na na 37 296 na na

london Metal exchange - Metal

6 437 234 7 957 491 na na 368 113 369 560 na na na na na na

Moscow exchange - energy and Metal

272 238 246 129 507 459 17 938 10 939 na na na 16 809 na 0

nyse liffe (european markets) - agricultural

3 696 976 3 463 530 2 661 3 101 577 482 545 247 na na 30 815 38 868 1 328 1 365

Total region 22 355 746 15 475 426

WFE TOTAL 190 550 059 171 481 485


Exchange - Products

Volume traded(Number of contracts)




(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011cMe group (otc) - energy and Metal

44 571 463 46 888 211 2 578 271 3 196 031 na na na na na na na na


dErIvatIvEs - 3.14commodItY FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa - agricultural and Metal 1 125 307 2 064 054 20 011 41 340 19 345 36 837 308 635 309 699 570 960

Bolsa de valores de colombia - energy 5 470 202 17 2 334 71 na na 474 78cMe group - agricultural, energy and Metal

664 893 445 677 288 736 664 893 445 677 288 736 22 297 664 25 866 122 1 275 748 1 485 086 330 511 467 328 799 168

ice Futures canada - agricultural 4 872 500 4 653 582 53 618 52 991 135 483 134 936 na na na naice Futures u.s. - agricultural + energy since oct. 2012

139 767 326 40 742 899 na na na 1 025 802 na na na na

nasdaq oMx (us markets) - Metal 518 360 1 388 na na na na na na 10 607 94

nyse euronext (us markets) - Metal 1 799 141 3 655 545 na na na 9 570 na na na na

rofex 471 045 463 732 3 366 3 079 31 286 16 699 179 109 47 730 50 052

Total region 813 452 594 728 870 138

asIa - pacIFIcaustralian securities exchange 127 887 198 500 12 754 16 203 38 841 38 593 3 912 3 003 18 042 20 733Bursa Malaysia derivatives (BMd) - agricultural

7 460 107 5 871 132 171 709 140 780 173 649 112 720 na na na na

dalian commodity exchange - agricultural

633 042 976 289 047 000 5 287 388 2 616 862 2 265 275 1 580 328 na na na na

hong kong exchanges and clearing - Metal

2 3 716 0 6 0 0 0 0 na na

korea exchange - agricultural and Metal 22 655 188 259 122 920 121 91 na na 3 820 40 558

Mcx - agricultural, energy and Metal 388 655 694 346 137 956 na na 978 146 675 171 na na na nashanghai Futures exchange - agricultural, energy and Metal

365 329 379 308 239 140 7 076 751 6 738 220 1 242 174 1 070 010 na na na na

singapore exchange - agricultural, energy and Metal

236 382 253 514 na na 14 084 17 785 na na na na

taiFex - Metal 62 454 105 841 1 267 2 094 627 512 13 10 66 893 120 379thailand Futures exchange (tFex) - energy and Metal

3 805 018 4 024 165 na na 34 056 23 560 na na 1 491 556 1 656 318

tocoM - agricultural, energy, Metal and commodity index

25 478 757 31 662 920 959 328 1 210 648 353 513 323 553 na na na na

Zhengzhou commodity exchange - agricultural

347 091 533 406 439 457 2 755 863 5 182 566 1 142 206 935 600 9 009 8 660 na na

Total region 1 771 312 844 1 392 171 600

EUropE - aFrIca - mIddlE EastBudapest stock exchange - agricultural 4 496 5 318 144 177 280 221 9 4 1 062 1 452

eurex - agricultural, energy and Metal 595 122 552 170 57 949 80 128 297 271 337 855 27 706 36 220 na na

ice Futures europe - energy 260 326 859 257 786 702 26 613 550 26 439 045 3 899 216 2 928 494 na na na naJohannesburg se - agricultural, energy and Metal

2 532 674 2 152 059 61 619 53 983 92 583 92 522 na na na 273 348

london Metal exchange - Metal 153 201 477 138 487 658 na na 1 524 344 1 716 740 na na na na

lse group - energy 3 363 3 575 1 318 1 207 1 441 1 259 na na 585 480

MeFF - commodity Forwards 8 548 817 3 756 413 571 280 1 709 602 1 322 433 na na 1 109 372Moscow exchange - agricultural, energy and Metal

20 660 766 36 764 175 29 854 57 081 325 024 79 845 na na na 2 793 293

nyse liffe (european markets) - agricultural

19 240 172 17 265 995 406 992 406 510 780 361 642 029 na na 5 967 361 5 145 379

turkdex - agricultural, energy and Metal

1 397 073 761 270 2 532 1 947 7 914 7 432 na na na na

Total region 466 510 819 457 535 335

WFE TOTAL 3 051 276 257 2 578 577 073





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011cMe group (otc) - agricultural, energy and Metal

61 030 897 68 709 688 3 211 772 5 325 424 na na na na na na

singapore exchange (otc) - agricultural 0 2 355 na na 0 95 na na na na

MeFF (otc) - commodity Forwards 8 548 817 3 756 413 571 280 1 709 602 1 322 433 na na 1 109 372



dErIvatIvEs - 3.14 b

dErIvatIvEs - 3.15

othEr commodItY dErIvatIvEs

othEr optIons




Number of trades Option premium (USD millions)

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

singapore exchange (otc) - swaps 238 756 101 648 na na na 11 857 na na na na





(USD millions)


2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBM&FBovespa - volatility (stock index, ir index and currency)

1 961 679 11 391 125 59 359 721 676 0 0 0 0 1 157 3 019 31 131 0

cBoe Futures exchange (cFe) - volatility index options

259 4 617 0 11 0 2 0 na 86 379 na na

chicago Board options exchange - volatility index options

110 742 803 97 989 938 197 124 237 135 6 398 120 3 100 922 11 529 na 1 190 569 1 386 592 15 523 16 106

Total region 112 704 741 109 385 680

asIa - pacIFIcJpx (tokyo stock exchange) - reit options

39 125 385 88 1 655 340 1 1 na na 3 0

Total region 39 125 385

EUropE - aFrIca - mIddlE Easteurex - volatility index options

1 437 759 553 463 5 209 2 240 171 759 52 018 596 236 na 800 na 152

eurex - dividend options 1 290 153 804 612 16 453 12 157 723 750 500 504 9 441 6 839 na 882 688 542eurex - commodity index options

830 761 30 28 830 0 30 0 na na na na

ice Futures europe - carbon emissions options

825 201 786 463 na na na na na na na na na na

Johannesburg stock exchange - can-do options

723 964 567 128 na na 258 038 145 016 na na na 497 na 144

Total region 4 277 907 2 712 427

WFE TOTAL 117 021 773 112 098 492


dErIvatIvEs - 3.16othEr FUtUrEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBolsa de valores de colombia - inflation Future

391 0 54 0 na 0 na na 33 0

cBoe Futures exchange (cFe) - volatility index futures

23 892 203 12 040 074 423 641 291 187 333 893 125 959 428 840 na 8 474 497 5 328 411

Total region 23 892 594 12 040 074

asIa - pacIFIchong kong exchanges and clearing - dividend index futures

205 579 64 250 547 161 50 848 38 730 na na na na

hong kong exchanges and clearing - volatiliy index

1 526 0 20 na 8 0 na na na na

Jpx (osaka securities exchange) - volatiliy index

12 959 0 33 0 1 739 0 na na 3 302 0

Jpx (tokyo stock exchange) - reit index and dividend index

183 900 112 507 1 032 779 146 362 41 140 405 125 na na

singapore exchange - Forward Freight agreements

97 488 90 578 na na na 16 278 na na na na

singapore exchange - dividend index Futures

147 021 62 653 na na 52 743 24 720 na na na na

Total region 648 473 329 988

EUropE - aFrIca - mIddlE Easteurex - volatility index futures 3 901 530 1 889 492 13 106 8 039 224 061 68 088 672 292 na 60 112eurex - equity index dividend and single stock dividend

5 636 633 5 185 669 46 769 63 747 1 467 179 1 189 115 8 446 7 814 na 77 793

eurex - carbon emission futures 143 391 81 048 1 411 1 662 67 977 12 306 603 116 na 2 973

eurex - commodity index Futures 96 175 90 178 3 880 3 649 5 484 3 005 246 110 na naice Futures europe - carbon emission futures

8 487 041 6 783 898 na na na na na na na na

Johannesburg se - can-do, idx, idx dividend and dividend

78 735 993 63 306 173 na 5 210 6 662 852 5 850 154 na na na 208 574

lse group - dividend Futures 183 588 212 705 15 12 180 020 149 835 na na 24 45nyse liffe (european markets) - dividend index futures

100 922 128 527 314 380 241 392 251 315 na na 615 956

singapore exchange (otc) - Forward Freight agreements

97 488 90 578 na na na 16 278 na na na na

Total region 97 382 761 77 768 268

WFE TOTAL 121 923 828 90 138 330

dErIvatIvEs - 3.17othEr dErIvatIvEs





(USD millions)

Number of trades

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

BM&FBovespa - rollover 10 972 36 641 273 1 683 67 500 95 750 3 368 4 814 1 368 1 178

rofex - cFds dollar and gdp warrants 25 039 766 11 1 3 652 670 3 1 659 0

australian securities exchange - cFds 101 740 653 169 640 756 1 743 3 333 4 756 443 5 896 760 61 59 66 905 86 381

WFE TOTAL 101 776 664 169 678 163



IndIcators - 4.1broad stock markEt IndExEs

Exchange Name of Index 2012 High Date 2012 Low Date 2012 Year-end

2011Year-end

% change end 2012/2011

amErIcasBermuda se rg/Bsx index p 1 110.98 Jul 02 965.89 Mar 04 1 090.82 1 044.65 4.4%

BM&FBovespa Bovespa index r 68 394.33 Mar 13 52 481.44 Jun 05 60 952.08 56 754.08 7.4%Buenos aires se general index r 164 018.92 dec 28 131 192.54 May 17 164 018.92 144 517.98 13.5%colombia se igBc p 15 460.97 May 02 12 735.77 Jan 02 14 715.84 12 665.71 16.2%lima se general index (igBvl) r 24 051.62 apr 02 19 282.92 aug 02 20 629.35 19 473.31 5.9%

Mexican exchange ipc compMx p 345.74 dec 18 284.47 Jan 13 345.53 288.11 19.9%

nasdaq oMx nasdaq composite p 3 183.95 sep 14 2 648.36 Jan 04 3 019.51 2 605.15 15.9%

nyse euronext (us) nyse composite p 8 516.00 dec 20 7 286.00 Jun 04 8 443.51 7 477.03 12.9%

santiago se igpa p 22 297.06 apr 02 19 990.10 aug 02 21 070.28 20 129.80 4.7%

tMx group s&p/tsx composite p 12 740.47 Feb 28 11 280.64 May 18 12 433.53 11 955.09 4.0%

asIa - pacIFIcaustralian securities exchange asx/s&p all ordinaries p 4 685.27 dec 28 4 033.41 Jun 04 4 664.59 4 111.00 13.5%

Bse india Bse-500 index p 7 604.62 dec 19 5 785.83 Jan 02 7 581.57 5 778.68 31.2%

Bursa Malaysia FBM eMas p 11 438.14 dec 31 10 357.34 Jan 04 11 438.14 10 489.07 9.0%

colombo se all share price index p 6 074.87 Jan 02 4 737.75 Jun 06 5 643.00 6 074.42 -7.1%

gretai securities Market gretai index p 120.47 Mar 03 92.05 Jan 02 103.29 93.89 10.0%

hong kong exchanges s&p/hkex large cap index p 27 110.52 dec 20 21 822.38 Jun 04 27 082.16 22 252.19 21.7%

indonesia se Jakarta composite index p 4 375.17 nov 26 3 654.58 Jun 04 4 316.69 3 821.99 12.9%

korea exchange kospi p 2 049.28 apr 03 1 769.31 Jul 25 1 997.05 1 825.74 9.4%

national stock exchange india s&p cnx 500 p 4 755.30 dec 19 3 602.50 Jan 02 4 743.45 3 597.75 31.8%

osaka securities exchange 300 stock price index p 914.55 Mar 19 714.00 Jun 04 897.99 744.70 20.6%

philippine se pse index p 5 832.83 dec 26 4 397.08 Jan 02 5 812.73 4 371.96 33.0%

shanghai se sse composite index p 2 478.38 Feb 27 1 949.46 dec 04 2 269.13 2 199.42 3.2%

shenzhen se sZse composite index p 1 010.46 Mar 13 734.28 dec 03 881.17 866.65 1.7%

singapore exchange Ftse straits times index p 3 191.80 dec 28 2 646.35 Jan 02 3 167.08 2 646.35 19.7%

taiwan se corp. taiex p 8 144.04 Mar 02 6 894.66 Jun 04 7 699.50 7 072.08 8.9%

thailand se set index p 1 397.19 dec 27 1 036.21 Jan 04 1 391.93 1 025.32 35.8%

tokyo se group topix p 872.42 Mar 27 695.51 Jun 04 859.80 728.61 18.0%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange adi p 2 705.93 nov 12 2 293.10 Jan 17 2 630.86 2 402.28 9.5%

amman se ase 100 p 2 033.63 apr 12 1 852.48 Jul 31 1 957.60 1 995.13 -1.9%

athens exchange athex composite price index p 912.70 dec 27 476.36 Jun 05 907.90 680.42 33.4%

BMe spanish exchanges Barcelona Bcn global-100 p 688.75 Feb 09 454.61 Jul 23 644.24 649.00 -0.7%

BMe spanish exchanges Bilbao Bolsa Bilbao 2000 p 1 443.33 Feb 09 974.81 Jun 04 1 331.00 1 366.61 -2.6%

BMe spanish exchanges Madrid general index (igBM) p 901.45 Feb 09 597.07 Jul 23 824.70 857.65 -3.8%

BMe spanish exchanges valencia igBv index p 914.30 dec 21 829.60 nov 13 904.45 887.82 1.9%

Borsa italiana Ftse italia MiB storico p 14 059.00 Mar 19 10 750.00 Jul 25 13 512.00 12 259.00 10.2%

Budapest se Bux r 19 900.88 Feb 06 15 978.64 May 30 18 173.20 16 974.24 7.1%

casablanca se Masi Float p 11 520.62 Feb 08 9 094.90 oct 19 9 359.19 11 027.65 -15.1%

cyprus se cse general price index p 385.85 Jan 31 84.53 sep 03 114.86 295.94 -61.2%

deutsche Börse cdax p 382.72 dec 20 300.66 Jun 05 380.03 304.60 24.8%

egyptian exchange egx 30 index p 5 969.39 sep 26 3 627.80 Jan 05 5 462.42 3 622.35 50.8%

İMKB 1 İMKB 100 p 78 579.08 dec 28 49 836.98 Jan 09 78 208.44 51 266.62 52.6%

irish se iseq overall index p 3 396.67 dec 31 2 889.87 Jan 06 3 396.67 2 901.82 17.1%

Johannesburg se Ftse/Jse all share index p 39 489.62 dec 28 10 669.00 Jul 04 39 250.34 31 985.67 22.7%

ljubljana se sBi top p 639.03 dec 27 501.27 aug 24 635.51 589.58 7.8%

london se Ftse all share p 3 122.32 dec 19 2 732.65 Jun 01 3 093.00 2 751.00 12.4%

luxembourg se lux general price index p 922.06 Feb 09 729.14 Jun 01 845.19 831.89 1.6%

Malta se Mse index p 3 272.80 oct 29 2 922.38 apr 20 3 211.91 3 094.80 3.8%

Mauritius se seMdex p 1 893.72 Jan 05 1 653.98 nov 19 1 732.06 1 888.38 -8.3%

Micex Micex index p 1 631.15 Mar 14 1 256.55 May 23 1 474.72 1 402.23 5.2%

Muscat securities Market MsM 30 index p 6 003.66 apr 19 5 358.29 Jul 31 5 760.84 5 695.12 1.2%

nasdaq oMx nordic exchange oMx nordic all share- pi p 195.57 dec 27 162.63 Jun 04 194.85 167.61 16.3%

nyse euronext amsterdam aax all share index p 534.25 dec 20 449.84 Jun 04 529.00 488.83 8.2%

nyse euronext Brussels Bas p 8 982.48 sep 21 7 395.15 Jun 04 8 764.68 7 493.50 17.0%

nyse euronext lisbon psi general r 2 357.92 dec 20 1 847.50 Jun 13 2 334.18 2 167.44 7.7%

nyse euronext paris sBF 250 p 2 750.64 dec 27 2 224.21 Jun 01 2 728.50 2 344.44 16.4%

oslo Børs oslo Bors Benchmark price index p 461.10 sep 14 371.80 Jun 04 259.41 243.83 6.4%

saudi stock Market - tadawul tadawul all share index (tasi) p 7 930.58 Mar 04 6 370.16 Jan 17 6 801.22 6 417.73 6.0%

six swiss exchange swiss performance index (spi) r 6 410.86 dec 11 5 325.76 Jun 04 6 290.52 5 343.52 17.7%

tel-aviv se general share index r 931.93 dec 11 819.51 Jun 03 881.27 842.92 4.5%

Warsaw se Wig r 47 920.75 dec 19 36 653.28 Jun 05 47 460.59 37 595.44 26.2%

Wiener Börse Wiener Börse index (WBi) p 934.27 dec 19 755.75 Jan 09 928.30 764.56 21.4%

1 İMKB: İstanbul Menkul Kıymetler Borsasıp: price index r: return index


IndIcators - 4.2blUE chIp IndExEs

Exchange Name of Index 2012 High

Date 2012 Low

Date 2012 Year-end

2011Year-end

% change end

2012/2011

Average % volatility

in 2012

Average % volatility

in 2011

amErIcasBM&FBovespa iBrx 50 r 9 619.73 Mar 14 7 849.91 Jun 05 9 096.20 8 279.42 9.9% 15.4% 14.8%

Buenos aires se Burcap index r 9 983.86 Jan 25 7 684.92 May 17 9 777.50 8 696.53 12.4% 22.6% 26.5%colombia se colcap p 1 835.82 oct 29 1 577.71 Jan 02 1 832.75 1 571.55 16.6% 13.8% 15.8%lima se indice selectivo Bvl (isBvl) r 33 965.72 apr 03 27 413.01 Jan 02 31 000.60 27 335.20 13.4% 15.5% 32.1%

Mexican exchange price & quotations index (ipc) p 43 825.97 dec 18 36 548.56 Jan 13 43 705.83 37 077.52 17.9% 17.0% 15.1%

nasdaq oMx nasdaq 100 p 2 864.03 sep 19 2 321.96 Jan 03 2 660.93 2 277.83 16.8% na na

nyse euronext (us) nyse us 100 p 6 389.00 oct 17 5 559.00 Jun 04 6 210.77 5 584.42 11.2% na na

santiago se ipsa p 4 694.86 apr 02 4 103.95 sep 05 4 301.38 4 161.29 3.4% 9.3% 13.3%

tMx group s&p/tsx 60 p 725.21 Feb 28 640.57 May 18 713.72 680.87 4.8% na na

asIa - pacIFIcaustralian securities exchange s&p/asx 50 p 4 754.72 dec 28 4 010.06 Jun 04 4 732.65 4 076.45 16.1% na na

Bse india sensex p 19 486.80 dec 06 15 517.92 Jan 02 19 426.71 15 454.92 25.7% 0.9% 1.3%

Bursa Malaysia composite (FBMklci) p 1 688.95 dec 31 1 504.22 Jan 04 1 688.95 1 530.73 10.3% na na

colombo se Milanka index p 5 645.95 sep 28 4 198.26 Jun 06 5 119.09 5 229.16 -2.1% 2.5% 1.9%

gretai securities Market gretai 50 index p 156.16 Mar 03 118.79 nov 21 130.10 122.36 6.3% na 20.6%

hong kong exchanges hang seng index p 22 666.59 dec 28 18 185.59 Jun 04 22 656.92 18 434.39 22.9% 21.0% 21.0%

indonesia se lq 45 index p 755.63 oct 18 615.72 Jun 04 735.04 673.51 9.1% 14.0% 16.8%

korea exchange krx 100 p 4 446.12 apr 03 3 834.26 Jul 25 4 266.15 3 879.12 10.0% na na

national stock exchange india s&p cnx nifty p 5 930.90 dec 06 4 636.75 Jan 02 5 905.10 4 624.30 27.7% 0.9% 1.3%

osaka securities exchange 250 adjusted stock price average p 17 954.53 Mar 19 14 558.82 Jun 04 17 680.02 15 585.64 13.4% na na

shanghai se sse 180 index p 5 808.99 May 04 4 596.73 dec 04 5 550.09 5 009.29 10.8% 1.3% 1.3%

shenzhen se sZse 100 r 3 746.10 May 07 2 749.01 dec 03 3 273.44 3 168.23 3.3% 11.5% 10.8%

singapore exchange Ftse straits times index p 3 191.80 dec 28 2 646.35 Jan 02 3 167.08 2 646.35 19.7% na na

taiwan se corp. Ftse tWse taiwan 50 index p 5 605.77 Feb 29 4 743.14 Jul 26 5 390.93 4 961.72 8.7% 19.2% 18.3%

thailand se set 50 index p 951.29 dec 27 724.43 Jan 16 945.39 718.40 31.6% 17.9% 22.0%

tokyo se group topix core 30 p 461.63 Mar 27 362.60 Jun 04 458.77 368.78 24.4% na na

EUropE - aFrIca - mIddlE Eastathens exchange Ftse/athex large cap p 349.37 Feb 13 169.88 Jun 05 309.68 264.91 16.9% 51.8% 40.7%

BMe spanish exchanges ibex 35 p 8 967.40 Feb 09 5 905.30 Jul 23 8 167.50 8 566.30 -4.7% 29.7% 24.9%

Borsa italiana Ftse MiB p 17 133.00 Mar 19 12 363.00 Jul 24 16 273.00 15 090.00 7.8% 31.9% 26.8%

Budapest se Bux r 19 900.88 Feb 06 15 978.64 May 30 18 173.20 16 974.24 7.1% 18.0% na

casablanca se Ftse cse Morocco 15 p 11 524.60 Feb 08 9 310.64 oct 19 9 619.81 10 935.62 -12.0% na na

cyprus se Ftse/cyse 20 p 134.85 Jan 31 34.56 sep 03 44.40 104.60 -57.6% na na

deutsche Börse dax 30 r 7 672.10 dec 20 5 969.40 Jun 05 7 612.39 5 898.35 29.1% 23.1% 22.6%

egyptian exchange dJ egx egypt titans 20 index p 1 303.71 sep 26 818.12 Jan 05 1 211.41 816.77 48.3% 1.6% 1.7%

İMKB 1 İMKB 30 p 98 230.35 dec 28 59 965.39 Jan 09 97 728.24 61 698.29 58.4% 22.0% 26.7%

irish se iseq 20 p 548.31 dec 31 467.15 Jan 05 548.31 468.57 17.0% na na

Johannesburg se Ftse/Jse top 40 p 35 042.41 dec 28 10 337.00 Jul 04 34 795.50 28 469.81 22.2% na na

ljubljana se sBi top p 639.03 dec 27 501.27 aug 24 635.51 589.58 7.8% 15.4% 16.2%

london se Ftse 100 p 5 965.58 Jan 23 5 260.19 apr 04 5 898.00 5 337.00 10.5% 16.8% 19.3%

luxembourg se luxx price index p 1 276.28 Mar 19 1 051.19 Jun 01 1 248.00 1 135.10 9.9% 21.0% 18.5%

Mauritius se seM-7 p 350.80 Jan 05 318.32 nov 14 337.28 350.33 -3.7% 1.6% 2.3%

Micex Micex 10 index p 3 744.57 Mar 05 2 987.29 May 23 3 394.58 3 213.13 5.6% na na

nasdaq oMx nordic exchange oMx nordic 40 - pi p 1 069.48 dec 11 869.13 Jun 04 1 060.83 899.75 17.9% na na

nyse euronext amsterdam aex 25 p 346.60 dec 20 283.07 Jun 04 342.71 312.47 9.7% 19.4% 17.9%

nyse euronext Brussels Bel 20 p 2 500.66 dec 19 2 049.25 Jun 04 2 475.81 2 083.42 18.8% 20.7% 19.7%

nyse euronext lisbon psi 20 p 5 746.47 dec 20 4 408.73 Jun 13 5 655.15 5 494.27 2.9% 20.8% 20.1%

nyse euronext paris cac 40 p 3 674.26 dec 27 2 950.47 Jun 01 3 641.07 3 159.81 15.2% 24.4% 23.0%

oslo Børs oBx index r 430.40 sep 14 342.20 Jun 04 410.30 357.60 14.7% na na

six swiss exchange swiss Market index (sMi) p 6 973.69 dec 11 5 713.34 Jun 04 6 822.44 5 936.23 14.9% 13.3% 20.1%

tel-aviv se ta 25 r 1 244.51 dec 11 1 040.61 Jun 03 1 185.60 1 085.59 9.2% na na

Warsaw se Wig 20 p 2 602.51 dec 19 2 035.80 May 24 2 582.98 2 144.48 20.4% 16.2% 22.1%

Wiener Börse atx p 2 427.37 dec 19 1 854.79 Jan 09 2 401.21 1 891.68 26.9% 26.4% 23.6%

1 İMKB: İstanbul Menkul Kıymetler Borsasıp: price index r: return index


IndIcators - 4.3nUmbEr oF companIEs dIstrIbUtIng dIvIdEnds, amoUnts oF dIvIdEnds paId and YIElds For thE oFFIcIal / maIn markEt

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available Bombay se: dividend yields are based on Bse 500 index

Exchange Number of listed companies distributing

dividends

Total amount of net dividend paid (in USD mil)

Total amount of gross dividend paid (in USD mil)

Gross dividend yield (%) Net dividend yield (%)

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBermuda se 13 13 na na na na 4.13 4.04 4.13 4.04

BM&FBovespa 295 276 17 386.2 21 532.9 na na na na na na

Buenos aires se 49 54 10 225.7 25 019.4 na na na na 2.46 6.68

colombia se 66 63 10 780.5 5 991.1 na na na na na na

lima se 110 108 na na 4 201.9 3 284.4 4.09 4.01 na na

Mexican exchange 62 63 na na 9 832.7 11 436.6 0.79 0.93 na na

santiago se 165 179 10 413.2 10 154.3 10 413.2 10 154.3 3.32 3.76 3.32 3.76

tMx group 955 915 na na na na na na na na

asIa - pacIFIcaustralian securities exchange 512 495 na na na na na na na na

Bse india 1 636 1 529 na na 19 830.0 16 130.2 1.57 1.63 na na

Bursa Malaysia 484 501 13 086.7 12 002.2 14 290.7 13 308.2 3.22 3.43 2.95 3.10

colombo se 176 161 na na na na 2.36 1.75 na na

gretai securities Market 422 398 na na 2 705.3 2 719.0 4.52 5.81 na na

hong kong exchanges 731 776 77 677.6 73 460.1 na na na na 2.75 3.27

indonesia se 211 188 11 656.3 8 123.9 13 404.8 9 342.5 3.13 2.39 2.72 2.08

Japan exchange group - tokyo 1 879 1 857 na na na na 2.16 2.46 na na

philippine se 112 103 na na 4 301.9 3 951.1 1.91 2.44 na na

shanghai se 590 519 56 912.9 45 797.7 63 415.2 51 307.8 2.23 2.18 2.49 1.94

shenzhen se 810 670 10 610.6 8 825.3 11 789.5 9 805.9 1.17 1.05 1.05 0.94

taiwan se corp. 550 606 na na 30 023.8 35 616.3 4.12 5.65 na na

thailand se 312 319 na na 11 488.3 9 456.7 2.98 3.55 na na

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 39 40 2 913.2 2 750.6 2 913.2 2 750.6 4.29 4.34 4.29 4.34

amman se 74 78 na na 1 179.1 857.4 4.37 3.15 na na

athens exchange 28 43 na na 757.5 1 133.2 1.68 3.20 na na

BMe spanish exchanges 83 114 na na na na 6.90 7.60 na na

Borsa italiana 126 143 na na 17 401.6 22 068.3 na na na na

Budapest se 15 15 na na 500.3 454.1 2.40 2.40 na na

casablanca se 64 76 2 090.8 2 141.5 2 323.1 2 379.4 4.43 3.96 3.98 3.56

cyprus se 20 32 na na 38.9 289.1 0.01 9.80 na na

deutsche Börse 326 349 37 335.6 37 611.5 50 698.2 51 085.3 2.55 2.34 1.88 1.73

egyptian exchange 103 115 2 594.0 3 266.4 2 594.0 3 266.4 8.56 10.40 8.56 10.40

İMKB 1 96 95 5 041.2 4 998.7 5 822.1 5 159.0 2.75 2.70 2.38 2.62

irish se 17 16 na na 1 956.3 1 157.1 2.76 1.95 na na

Johannesburg se 504 278 18 812.0 17 676.2 na na na na 2.72 2.96

ljubljana se 21 25 na na 241.7 195.3 3.73 3.09 na na

luxembourg se 12 16 2 562.7 2 904.1 3 014.9 3 416.6 4.31 5.08 3.67 4.32

Malta se 10 12 108.2 96.4 162.5 141.9 4.47 3.28 2.98 2.52

Mauritius se 36 33 na na 266.3 174.0 3.39 3.04 na na

oslo Børs 94 105 na na 12 624.5 10 939.3 4.48 4.99 na na

saudi stock Market - tadawul na 78 na 11 197.9 na 11 197.9 na 3.3 na 3.3

tel-aviv se 167 221 na na 4 985.1 6 298.4 3.10 3.40 na na

Warsaw se 135 126 5 894.7 4 576.1 7 277.4 5 649.6 4.19 4.10 3.39 3.33

Wiener Börse 53 47 2 232.2 2 368.2 2 889.5 3 110.3 3.34 2.63 2.58 2.00


IndIcators - 4.3nUmbEr oF companIEs dIstrIbUtIng dIvIdEnds, amoUnts oF dIvIdEnds paId and YIElds For altErnatIvE / smE markEts

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available

Exchange Number of listed companies distributing

dividends

Total amount of net dividend paid (in USD mil)

Total amount of gross dividend paid (in USD mil)

Gross dividend yield (%) Net dividend yield (%)

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

amErIcasBuenos aires se 2 1 0.4 0.3 na na na na na na

tMx group 30 60 na na na na na na na na

asIa - pacIFIcBse india 2 0 na na 0.1 0.0 0.20 - na na

Bursa Malaysia 28 33 44.5 34.1 44.5 35.6 2.17 1.97 2.16 1.90

hong kong exchanges 22 27 56.4 81.5 na na na na 0.56 0.75

philippine se 2 2 na na 0.11 0.10 0.75 0.59 na na

shenzhen se 301 165 1 264.2 774.9 1 404.6 861.0 1.00 0.73 0.90 0.66

thailand se 53 45 na na 65.9 57.9 1.61 2.46 na na

EUropE - aFrIca - mIddlE Eastathens exchange 1 2 na na 0.1 0.5 0.03 0.24 na na

Borsa italiana 6 5 na na 10.8 12.7 na na na na

cyprus se 1 1 na na 5.4 4.2 0.02 0.62 na na

deutsche Börse 46 38 194.4 128.0 263.9 173.8 1.40 0.50 1.03 0.37

egyptian exchange 4 2 3.6 na 3.6 na 21.40 5.50 21.40 5.50

İMKB 1 9 5 22.6 5.1 26.6 5.9 0.51 0.13 0.43 0.12

irish se 6 6 na na 51.8 41.2 0.14 0.08 na na

Johannesburg se 13 17 57.2 31.5 na na na na 0.58 0.79

luxembourg se 1 1 11.4 7.7 13.4 9.1 2.94 2.17 2.50 1.84

Mauritius se 42 41 na na 123.3 32.7 3.25 2.49 na na

oslo Børs 5 4 na na 15.8 23.5 0.43 1.36 na na

Warsaw se 40 29 14.1 12.6 17.5 15.6 0.56 0.62 0.45 0.50


IndIcators - 4.4avEragE oF prIcE EarnIng ratIos, InFlatIon ratEs

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available r: revisede: estimatedegyptian exchange: per concerns the most active companies only (190 at the end of 2012 & 181 at the end of 2011)national se of india: per is based on s&p cnx 500 index tokyo se: per figures concern tse 1st section only

Exchange 2012 2011 2012 2011

Price earning ratio Inflation rate %


BM&FBovespa 14.5 13.5 5.8 5.1Buenos aires se 9.0 8.8 10.8 9.5colombia se na 16.5 2.8 3.7lima se na na 2.7 4.7Mexican exchange 20.6 18.7 3.6 3.8nasdaq oMx na na 2.1 3.2

nyse euronext (us) na na 2.1 3.2

santiago se 19.2 16.1 1.5 4.4

tMx group 18.5 14.3 0.8 2.4 r

asIa - pacIFIcaustralian securities exchange na na 2.2 3.1

Bse india na 16.2 9.3 8.9

Bursa Malaysia 15.1 14.3 1.6 3.2

colombo se 15.9 15.8 7.6 6.7

gretai securities Market 28.1 17.2 r 1.9 1.4

hong kong exchanges 10.5 9.7 3.7 5.7

indonesia se 14.4 12.5 4.3 3.8

korea exchange 12.9 10.9 2.2 4.0

national stock exchange india 18.4 15.6 9.3 8.9

osaka securities exchange na na 0.0 -0.3

philippine se 21.6 17.8 r 3.2 4.6 r

shanghai se 12.3 13.4 2.6 5.4

shenzhen se 22.0 23.1 2.6 5.4

singapore exchange 13.4 10.3 4.6 5.2

taiwan se corp. 23.6 15.8 1.9 1.4

thailand se 18.3 12.1 3.0 3.8

tokyo se group 21.6 15.5 0.0 -0.3

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 7.9 14.2 na na

amman se 15.6 22.6 4.8 4.4

athens exchange 3.2 7.0 1.1 2.4

BMe spanish exchanges 13.7 9.3 2.9 2.4

Borsa italiana na na 3.1 2.8 r

Budapest se 14.2 7.9 5.0 5.1

casablanca se 14.4 15.9 r 1.3 0.9

cyprus se na na 3.1 3.5 r

deutsche Börse na na 2.0 2.3

egyptian exchange 12.4 10.5 4.7 9.6

İMKB 1 12.5 11.9 6.2 10.5

irish se 28.5 14.2 1.2 2.5

Johannesburg se 17.0 15.0 5.7 5.0

ljubljana se na na 2.7 2.0

luxembourg se 12.0 18.9 2.3 3.2

Malta se na na 2.4 2.7

Mauritius se 11.3 11.3 3.2 6.5

Moscow exchange na na na 6.1

nasdaq oMx nordic exchange na 13.6 0.9 2.6

oslo Børs na na 1.4 0.2

saudi stock Market - tadawul 12.8 12.3 4.6 4.9 r

six swiss exchange na na -0.7 0.2

tel-aviv se 24.2 18.7 1.6 2.2

Warsaw se 12.7 9.7 3.7 4.3

Wiener Börse 11.7 14.1 2.4 3.3


IndIcators - 4.5IntErEst ratEsin the exchange’s Jurisdiction, short and long terMs interest rates Were as FolloWs

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available r: revisedsource: exchange members

Exchange 2012 year-end 2011 year-end 2012 year-end 2011 year-end

3-month money market rates % Yield on current 10 years gov. bonds %

amErIcasBermuda se na na 4.07 5.60

BM&FBovespa 7.06 10.90 4.15 5.44Buenos aires se na 12.75 1.28 1.92colombia se 5.06 4.98 na 7.63

lima se 5.05 4.96 4.09 6.04

Mexican exchange 4.26 4.49 5.52 6.46

santiago se na 5.77 2.53 2.55 r

asIa - pacIFIcaustralian securities exchange 3.07 4.51 3.27 3.70

Bse india 8.92 9.84 8.05 8.52

Bursa Malaysia 3.21 3.22 3.50 3.70

colombo se 13.20 9.71 14.75 9.00

gretai securities Market 0.90 0.86 r 1.17 1.29 r

hong kong exchanges 0.50 0.33 1.10 2.46

indonesia se 5.02 5.27 5.17 5.98 r

korea exchange 2.87 3.56 3.16 3.79 r

national stock exchange india 8.92 9.84 8.05 8.52

osaka securities exchange 0.31 0.34 0.78 0.97

philippine se 0.56 2.25 4.05 5.66

shanghai se 3.90 5.47 3.35 3.31

shenzhen se 3.90 5.47 3.35 3.31

singapore exchange 0.38 0.38 1.30 1.63

taiwan se corp. 0.88 0.89 1.21 1.38

thailand se 2.87 3.28 3.55 3.28

tokyo se group 0.31 0.34 0.78 0.97

EUropE - aFrIca - mIddlE Eastamman se 5.70 5.20 na na

athens exchange 0.19 1.36 na 25.68

BMe spanish exchanges 0.19 1.36 5.26 5.27

Borsa italiana 0.19 1.36 4.50 7.00

Budapest se 5.41 7.35 6.10 8.93

casablanca se 3.19 3.29 4.45 4.14 r

cyprus se 0.19 1.36 6.00 6.50

deutsche Börse 0.19 1.36 na 1.86

egyptian exchange 12.96 13.95 na na

İMKB 1 5.79 7.46 r 6.55 9.71

irish se 0.19 1.36 5.13 8.10

Johannesburg se 5.13 5.60 6.95 7.93

ljubljana se 0.75 5.42 5.81 4.97

luxembourg se 0.19 1.36 1.12 2.12

Malta se 0.19 1.36 na na

Mauritius se 3.44 3.32 na na

Moscow exchange na 7.22 na na

nasdaq oMx nordic exchange 1.29 2.64 1.53 1.62

nyse euronext amsterdam 0.19 1.36 na na

nyse euronext Brussels 0.19 1.36 na na

nyse euronext lisbon 0.19 1.36 na na

nyse euronext paris 0.19 1.36 na na

oslo Børs 1.83 2.89 2.17 2.36

six swiss exchange 0.01 0.05 0.66 1.48

tel-aviv se 3.25 4.25 3.85 4.25

Warsaw se 4.13 4.98 3.73 5.89

Wiener Börse 0.19 1.36 3.04 3.05


IndIcators - 4.6stock markEts’ sIgnIFIcancE In thE natIonal EconomY (Usd bIllIons)

source: iMF website and exchange membersna: not available * 2012 gdp data are iMF estimated data; they will be updated next year - 2011 gdp data have been revised according to reflect new iMF data* gdp = gross domestic product 1 İMKB: İstanbul Menkul Kıymetler Borsası

2 singapore exchange and Jse market capitalization data include also foreign listed companies3 london se group figures include data from italy and united kingdom4 nasdaq oMx nordic exchange figures include data from denmark, estonia, Finland, iceland, latvia, lithuania, and sweden5 nyse euronext (europe) figures include data from Belgium, France, netherlands and portugalall gdp figures are subject to change. they are at current prices

Exchange 2012* 2011*

GDP* Domestic market capitalization

% GDP* Domestic market capitalization

%

amErIcasBermuda se na 1.5 - na 1.2 -

BM&FBovespa 2 425.1 1 227.4 50.6% 2 492.9 1 228.9 49.3%Buenos aires se 474.8 34.3 7.2% 444.6 43.6 9.8%colombia se 365.4 262.1 71.7% 327.6 201.3 61.4%lima se 200.3 102.6 51.2% 177.2 81.9 46.2%Mexican exchange 1 162.9 525.1 45.2% 1 154.0 408.7 35.4%nasdaq oMx 15 653.4 4 582.4 29.3% 15 075.7 3 845.1 25.5%

nyse euronext (us) 15 653.4 14 085.9 90.0% 15 075.7 11 795.6 78.2%

santiago se 268.3 313.3 116.8% 248.4 270.3 108.8%

tsx group 1 770.1 2 058.8 116.3% 1 739.0 1 912.1 110.0%

asIa - pacIFIcaustralian securities exchange 1 542.1 1 386.9 89.9% 1 486.9 1 198.2 80.6%

Bse india 1 946.8 1 263.3 64.9% 1 826.8 1 007.2 55.1%

Bursa Malaysia 307.2 466.6 151.9% 287.9 395.6 137.4%

colombo se 59.8 17.0 28.4% 59.2 19.4 32.9%

gretai securities Market 466.1 59.8 12.8% 466.4 46.8 10.0%

hong kong exchanges 258.0 2 831.9 1097.9% 243.7 2 258.0 926.7%

indonesia exchange 894.9 428.2 47.9% 846.5 390.1 46.1%

korea exchange 1 151.3 1 179.4 102.4% 1 116.2 996.1 89.2%

national stock exchange india 1 946.8 1 234.5 63.4% 1 826.8 985.3 53.9%

osaka securities exchange 5 984.4 202.2 3.4% 5 866.5 215.4 3.7%

philippine se 240.7 229.3 95.3% 224.8 165.1 73.4%

shanghai se 8 250.2 2 547.2 30.9% 7 298.1 2 357.4 32.3%

shenzhen se 8 250.2 1 150.2 13.9% 7 298.1 1 054.7 14.5%

singapore exchange 2 267.9 765.1 285.5% 259.8 598.3 230.2%

taiwan se corp. 466.1 735.3 157.8% 466.4 635.5 136.3%

thailand se 377.0 389.8 103.4% 345.7 268.5 77.7%

tokyo se group 5 984.4 3 478.8 58.1% 5 866.5 3 325.4 56.7%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange 361.9 68.0 18.8% 342.0 63.4 18.5%

amman se 31.4 27.0 86.0% 28.9 27.2 94.1%

athens exchange 255.0 44.9 17.6% 299.3 33.8 11.3%

BMe spanish exchanges 1 340.3 995.1 74.2% 1 479.6 1 031.0 69.7%

Budapest se 128.8 20.8 16.1% 140.3 18.8 13.4%

casablanca se 97.2 52.5 54.0% 99.3 60.1 60.5%

cyprus se 22.4 2.0 8.9% 24.7 2.9 11.5%

deutsche Börse 3 366.7 1 486.3 44.1% 3 607.4 1 184.5 32.8%

egyptian exchange 255.0 59.2 23.2% 235.7 48.8 20.7%

İMKB 1 783.1 315.2 40.3% 774.3 197.1 25.5%

irish se 204.7 109.0 53.2% 221.2 108.4 49.0%

Johannesburg se 2 390.9 907.7 232.2% 408.7 789.0 193.1%

ljubljana se 45.4 6.5 14.3% 50.3 6.3 12.6%

london se group 3 4 414.2 3 396.5 76.9% 4 630.0 3 266.4 70.5%

luxembourg se 55.3 70.3 127.2% 59.6 67.6 113.5%

Malta se 8.4 3.6 43.2% 8.9 3.4 38.4%

Mauritius se 11.9 7.2 60.2% 11.3 7.8 69.6%

Moscow exchange 1 953.6 825.3 42.2% 1 850.4 770.6 41.6%

Muscat securities Market 80.0 30.3 37.9% 72.7 26.9 37.0%

nasdaq oMx nordic exchange 4 1 180.0 995.7 84.4% 1 247.4 842.1 67.5%

nyse euronext (europe) 5 4 038.1 2 832.2 70.1% 4 368.6 2 446.8 56.0%

oslo Børs 499.8 242.8 48.6% 485.4 220.9 45.5%

saudi stock Market - tadawul 657.0 373.4 56.8% 597.1 338.9 56.8%

six swiss exchange 622.9 1 233.4 198.0% 660.8 1 089.5 164.9%

tel-aviv se 246.8 161.9 65.6% 243.7 156.9 64.4%

Warsaw se 470.4 177.4 37.7% 514.5 138.2 26.9%

Wiener Börse 391.5 106.0 27.1% 418.4 85.3 20.4%



Exchange Name of the market 2012 2011 % change 2012/2011

amErIcasBM&FBovespa organized otc market 28 400.8 29 766.4 -4.6%

Buenos aires se pyme Board 25.0 27.9 -10.4%

tMx group tsx venture 40 931.2 48 115.5 -14.9%

Total region 69 357.1 77 909.8 -11.0%

asIa - pacIFIcBse india small & Medium enterprises 52.4 - -

Bursa Malaysia ace Market 2 267.8 2 023.8 12.1%

hong kong exchanges growth enterprise Market 10 114.8 10 891.4 -7.1%

korea exchange kosdaq 101 927.9 92 008.3 10.8%

national stock exchange india emerge 27.2 - -

osaka securities exchange Jasdaq 106 651.1 110 298.6 -3.3%

philippine se sMe Board 14.3 16.3 -12.2%

shenzhen se chinext 140 141.0 118 109.2 18.7%

singapore exchange sgx catalist 3 552.7 4 123.7 -13.8%

thailand se Market for alternative investment (mai) 4 097.9 2 354.3 74.1%

tokyo se group Mothers 13 032.5 15 844.8 -17.7%

Total region 381 879.6 355 670.4 7.4%

EUropE - aFrIca - mIddlE Eastathens exchange alternative Market (en.a) 196.7 213.8 -8.0%

BMe spanish exchanges MaB expansion 683.3 552.7 23.6%

Borsa italiana aiM italia 625.7 452.8 38.2%

Borsa italiana Mercato alternativo del capitale (Mac) 191.7 340.2 -43.7%

cyprus se emerging companies Market 803.6 663.0 21.2%

deutsche Börse entry standard 16 492.2 16 317.0 r 1.1%

egyptian excange nilex 164.2 167.5 -2.0%

İMKB 1 second national Market 5 241.2 4 405.4 19.0%

irish se enterprise securities Market 38 113.4 49 036.0 r -22.3%

Johannesburg se alternative exchange 958.8 1 416.5 -32.3%

Johannesburg se development capital Market 6.4 7.3 -12.4%

Johannesburg se venture capital Market 9.8 12.6 -22.7%

london se group aiM 99 752.1 96 688.9 r 3.2%

luxembourg se euro MtF 457.5 418.9 9.2%

Malta se alternative companies list 6.2 6.6 -6.6%

Mauritius se development & enterprise Market 765.3 1 178.2 -35.0%

nasdaq oMx nordic exchange First north 3 676.5 2 972.3 23.7%

nyse euronext (europe) nyse alternext 8 152.7 7 163.0 13.8%

oslo Børs oslo axess 1 594.5 1 905.2 -16.3%

Warsaw se newconnect 3 585.8 2 508.3 r 43.0%

Wiener Börse second regulated Market and third Market (MtF) 1 322.6 1 268.7 4.3%

Total region 182 800.1 187 694.8 -2.6%

WFE TOTAL 634 036.7 621 275.0 2.1%

altErnatIvE & smE 5.1domEstIc markEt capItalIzatIon (Usd mIllIons)

1 İMKB: İstanbul Menkul Kıymetler Borsasınote: excluding investment fundsnational se of india: the “emerge” platform started on 31 august 2012singapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listings


Exchange Name of the market 2012 2011


Foreigncompanies


Foreigncompanies

amErIcasBM&FBovespa organized otc market 125 56 69 99 59 40

Buenos aires se pyme Board 2 2 0 2 2 0

lima se Bvl venture exchange 17 0 17 14 0 14

tMx group tsx venture 2 491 2 491 0 2 444 2 444 0


asIa - pacIFIcBse india small & Medium enterprises 12 12 0 0 0 0

Bursa Malaysia ace Market 112 112 0 119 119 0

hong kong exchanges growth enterprise Market 179 179 0 170 170 0

korea exchange kosdaq 1 005 993 12 1 031 r 1 019 12

national stock exchange india emerge 2 2 0 0 0 0

osaka securities exchange Jasdaq 922 921 1 964 963 1

philippine se sMe Board 2 2 0 2 2 0

shenzhen se chinext 355 355 0 281 281 0

singapore exchange sgx catalist 139 104 35 136 100 36

thailand se Market for alternative investment (mai) 81 81 0 73 73 0

tokyo se group Mothers 185 183 2 178 176 2


EUropE - aFrIca - mIddlE Eastathens exchange alternative Market (en.a) 14 14 0 14 14 0

BMe spanish exchanges MaB expansion 22 22 0 17 17 0

Borsa italiana aiM italia 18 18 0 14 14 0

Borsa italiana Mercato alternativo del capitale (Mac) 9 9 0 10 10 0

Budapest se Beta 23 0 23 10 0 10

cyprus se emerging companies Market 17 15 2 9 7 2

deutsche Börse entry standard 183 155 28 134 r 118 16

egyptian exchange nilex 22 22 0 19 19 0

İMKB 1 second national Market 77 77 0 61 61 0

irish se enterprise securities Market 23 20 3 25 23 2

Johannesburg se alternative exchange 63 54 9 66 59 7

Johannesburg se development capital Market 2 2 0 3 3 0

Johannesburg se venture capital Market 3 3 0 3 3 0

london se group aiM 1 096 870 226 1 143 918 225

luxembourg se euro MtF 233 5 228 232 5 227

Malta se alternative companies list 1 1 0 1 1 0

Mauritius se development & enterprise Market 47 47 0 49 49 0

nasdaq oMx nordic exchange First north 126 122 4 134 129 5

nyse euronext (europe) nyse alternext 180 168 12 180 169 11

oslo Børs oslo axess 34 23 11 38 27 11

Warsaw se newconnect 429 428 1 351 350 1

Wiener Börse second regulated Market and third Market (MtF) 26 17 9 30 23 7


WFE TOTAL 8 277 8 056

altErnatIvE & smE 5.2nUmbEr oF companIEs WIth sharEs tradEd

1 İMKB: İstanbul Menkul Kıymetler Borsası-: not applicabler: revisednational se of india: the “emerge” platform started on 31 august 2012singapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listings


Exchange Name of the market Newly listed companies Delisted companies

2012 2011 2012 2011

Total Domestic co’s

Foreignco’s


Foreignco’s


Foreignco’s


Foreignco’s

amErIcasBM&FBovespa organized otc market 31 1 30 23 3 20 5 4 1 5 5 0

Buenos aires se pyme Board 0 0 0 1 1 0 0 0 0 0 0 0

lima se Bvl venture exchange 5 0 5 4 0 4 2 0 2 2 0 2

tMx group tsx venture 153 153 0 216 216 0 54 54 0 145 r 145 0


asIa - pacIFIc

Bse indiasmall & Medium enterprises

12 12 0 0 0 0 0 0 0 0 0 0

Bursa Malaysia ace Market 3 3 0 11 11 0 6 6 0 5 5 0

hong kong exchanges growth enterprise Market 12 12 0 13 13 0 3 3 0 12 12 0

korea exchange kosdaq 21 20 1 57 r 56 1 48 47 1 56 r 54 2

national stock exchange india

emerge 2 2 0 0 0 0 0 0 0 0 0 0

osaka securities exchange Jasdaq 17 17 0 18 18 0 59 59 0 53 53 0

philippine se sMe Board 0 0 0 0 0 0 0 0 0 0 0 0

shenzhen se chinext 74 74 0 128 128 0 0 0 0 0 0 0

singapore exchange sgx catalist 8 7 1 12 5 7 2 2 0 4 1 3

thailand seMarket for alternative investment (mai)

10 10 0 7 7 0 0 0 0 1 1 0

tokyo se group Mothers 27 27 0 12 12 0 9 9 0 8 8 0

Total region 186 258 127 139

EUropE - aFrIca - mIddlE Eastathens exchange alternative Market (en.a) 0 0 0 0 0 0 0 0 0 0 0 0

BMe spanish exchanges MaB expansion 5 5 0 5 5 0 0 0 0 0 0 0

Borsa italiana aiM italia 5 5 0 4 4 0 1 1 0 1 1 0

Borsa italianaMercato alternativo del capitale (Mac)

2 2 0 3 3 0 3 3 0 1 1 0

Budapest se Beta 13 0 13 10 0 10 0 0 0 0 0 0

cyprus seemerging companies Market

5 5 0 3 3 0 0 0 0 0 0 0

deutsche Börse entry standard 16 7 9 4 r 3 1 5 5 0 3 r 2 1

egyptian exchange nilex 5 5 0 4 r 4 0 3 3 0 3 3 0

İMKB 1 second national Market 17 17 0 32 32 0 1 1 0 2 2 0

irish seenterprise securities Market

1 0 1 2 1 1 3 3 0 2 2 0

Johannesburg se alternative exchange 4 2 2 3 1 2 5 5 0 3 3 0

Johannesburg se development capital Market

0 0 0 0 0 0 0 0 0 1 1 0

Johannesburg se venture capital Market 0 0 0 0 0 0 0 0 0 1 1 0

london se group aiM 73 49 24 90 67 23 124 97 27 142 r 117 25

luxembourg se euro MtF 6 0 6 19 0 19 5 0 5 7 0 7

Malta se alternative companies list

0 0 0 0 0 0 0 0 0 0 0 0

Mauritius sedevelopment & enterprise Market

1 1 0 0 0 0 3 3 0 1 1 0

nasdaq oMx nordic exchange

First north 9 9 0 19 17 2 15 15 0 10 9 1

nyse euronext (europe) nyse alternext 14 12 2 33 33 0 14 13 1 8 8 0

oslo Børs oslo axess 1 1 0 9 4 5 6 5 1 4 0 4

Warsaw se newconnect 89 89 0 172 172 0 11 11 0 6 6 0

Wiener Börsesecond regulated Market and third Market (MtF)

2 0 2 2 1 1 7 3 4 4 1 3

Total region 268 414 206 199

WFE TOTAL 643 916 394 490

altErnatIvE & smE 5.3nUmbEr oF nEWlY lIstEd companIEs and dElIstIngs

1 İMKB: İstanbul Menkul Kıymetler Borsası-: not applicabler: revisednational se of india: the “emerge” platform started on 31 august 2012singapore exchange: include domestic companies, foreign companies with a primary listing, and foreign companies with a secondary listing but with the majority of their trading taking place on the exchange. Foreign listings are defined as companies whose principal business is made outside singapore. data exclude inactive secondary foreign listings


altErnatIvE & smE 5.4

1 İMKB: İstanbul Menkul Kıymetler Borsasınotes: the sale & purchase of a share are counted as one transactiontotals include investment fundsFigures converted with year-average exchange ratesna: not available national se of india: the “emerge” platform started on 31 august 2012



Foreigncompanies


Foreigncompanies

amErIcasBM&FBovespa organized otc market 1 984.6 1 880.5 104.2 338.2 322.8 15.3

Buenos aires se pyme Board 0.2 0.2 0.0 0.2 0.2 0.0

lima se Bvl venture exchange 248.0 0.0 248.0 514.0 0.0 514.0

tMx group tsx venture 23 621.4 23 621.4 0.0 43 129.1 43 129.1 0.0

Total region 25 854.2 43 981.5

asIa - pacIFIcBse india small & Medium enterprises 6.1 6.1 0.0 - - -

Bursa Malaysia ace Market 4 126.0 4 126.0 0.0 2 369.0 2 369.0 0.0

hong kong exchanges growth enterprise Market 4 113.6 4 113.6 0.0 7 679.0 7 679.0 0.0

korea exchange kosdaq 468 996.2 465 993.1 3 003.2 503 243.5 498 706.7 4 536.9

national stock exchange india emerge 3.4 3.4 0.0 - - -

osaka securities exchange Jasdaq 61 331.3 61 296.3 35.0 66 886.5 66 852.8 33.7

philippine se sMe Board 0.3 0.3 0.0 0.12 0.12 0.0

shenzhen se chinext 366 819.8 366 819.8 0.0 290 294.2 290 294.2 0.0

singapore exchange sgx catalist 6 323.3 na na 2 821.9 r na na

thailand se Market for alternative investment (mai) 8 385.5 8 385.5 0.0 4 521.2 4 521.2 0.0

tokyo se group Mothers 40 080.4 40 063.0 17.4 55 487.0 55 430.9 56.1

Total region 960 186.0 933 302.4

EUropE - aFrIca - mIddlE Eastathens exchange alternative Market (en.a) 1.1 1.1 0.0 0.1 0.1 0.0

Borsa italiana aiM italia 49.0 49.0 0.0 38.0 38.0 0.0

Borsa italiana Mercato alternativo del capitale (Mac) 1.0 1.0 0.0 1.4 1.4 0.0

Budapest se Beta 29.6 0.0 29.6 6.5 0.0 6.5

cyprus se emerging companies Market 0.7 0.7 0.0 62.1 62.07 0.0

deutsche Börse entry standard 1 286.5 1 165.7 120.7 1 557.3 r 1 350.1 207.2

egyptian exchange nilex 40.5 40.5 0.0 32.2 32.2 0.0

İMKB 1 second national Market 15 221.8 15 221.8 0.0 12 557.2 12 557.2 0.0

irish se enterprise securities Market 94.3 94.2 0.1 135.1 135.0 0.1

Johannesburg se alternative exchange 75.9 55.9 20.0 139.2 130.5 8.7

Johannesburg se development capital Market 0.3 0.3 0.0 0.1 0.1 0.0

Johannesburg se venture capital Market 0.5 0.5 0.0 0.6 0.6 0.0

london se group aiM 20 972.3 13 095.7 7 876.6 19 530.5 r 13 746.6 5 783.9

luxembourg se euro MtF 15.7 0.7 15.0 26.9 4.9 22.1

Malta se alternative companies list 1.3 1.3 0.0 18.2 18.2 0.0

Mauritius se development & enterprise Market 27.4 27.4 0.0 28.6 28.6 0.0

nasdaq oMx nordic exchange First north 5 257.8 4 818.5 439.3 2 135.2 999.0 1 136.2

nyse euronext (europe) nyse alternext 1 641.4 1 600.1 41.3 2 500.5 2 474.2 26.3

oslo Børs oslo axess 849.3 281.3 568.0 1 354.8 447.8 907.0

Warsaw se newconnect 353.0 352.8 0.2 626.7 626.6 0.1

Wiener Börse second regulated Market and third Market (MtF) 22.9 7.8 15.2 84.1 32.7 51.3

Total region 45 942.4 40 835.3

WFE TOTAL 1 031 982.5 1 018 119.2

valUE oF sharE tradIng - ElEctronIc ordEr book (Usd mIllIons)



notes: the sale & purchase of a share are counted as one transactiontotals include investment fundsFigures converted with year-average exchange ratesna: not available



Foreigncompanies


Foreigncompanies

asIa - pacIFIc

Bursa Malaysia ace Market 116.7 116.7 0.0 90.5 90.5 0.0

korea exchange kosdaq 2 051.7 2 044.7 7.0 1 456.7 1 447.2 9.5

osaka securities exchange Jasdaq 2 434.8 2 434.8 0.0 2 591.4 2 591.4 0.0

shenzhen se chinext 2 977.5 2 977.5 0.0 2 459.8 2 459.8 0.0

thailand se Market for alternative investment (mai) 26.7 26.7 0.0 38.4 38.4 0.0

tokyo se group Mothers 837.7 837.7 0.0 981.1 981.1 0.0

EUropE - aFrIca - mIddlE Eastathens exchange alternative Market (en.a) 1.0 1.0 0.0 0.9 0.9 0.0

Borsa italiana aiM italia 5.9 5.9 0.0 1.4 1.4 0.0

Borsa italiana Mercato alternativo del capitale (Mac) 0.0 0.0 0.0 0.1 0.1 0.0

deutsche Börse entry standard 101.7 97.5 4.3 629.1 r 530.5 98.6

irish se enterprise securities Market 208.4 206.2 2.2 368.6 368.1 0.6

Johannesburg se alternative exchange 29.7 2.6 27.1 50.2 50.0 0.1

Johannesburg se development capital Market 0.02 0.02 0.0 0.0 0.0 0.0

Johannesburg se venture capital Market 0.02 0.023 0.000 0.01 0.00 0.0

london se group aiM 51 635.0 39 629.8 12 005.2 66 427.3 r 53 540.3 12 887.0

nasdaq oMx nordic exchange First north 215.4 214.0 1.4 198.0 184.1 13.8

nyse euronext (europe) nyse alternext 85.6 85.2 0.4 129.4 128.7 0.7

oslo Børs oslo axess 532.9 213.8 319.1 957.7 230.7 726.9

Warsaw se newconnect 50.1 50.1 0.0 32.4 32.4 0.0

valUE oF sharE tradIng - nEgotIatEd dEals (Usd mIllIons)



notes: the sale & purchase of a share are counted as one transactiontotals include investment fundsFigures converted with year-average exchange rates



Foreigncompanies


Foreigncompanies

amErIcastMx group tsx venture 8 680.2 8 680.2 0.0 13 484.9 13 484.9 0.0

asIa - pacIFIcBursa Malaysia ace Market 0.6 0.6 0.0 0.4 0.4 0.0

hong kong exchanges growth enterprise Market 211.2 211.2 0.0 412.2 412.2 0.0

EUropE - aFrIca - mIddlE Eastlondon se group aiM 1.9 1.9 0.0 8.8 8.8 0.0

nasdaq oMx nordic exchange First north 8.3 8.3 0.0 19.9 19.4 0.4

nyse euronext (europe) nyse alternext 24.4 24.4 0.0 7.5 na na

valUE oF sharE tradIng - rEportEd tradEs (Usd mIllIons)


altErnatIvE & smE 5.5InvEstmEnt FloWs - nEW capItal raIsEd bY sharEs (Usd mIllIons)


IPOs Already listed companies IPOs Already listed companies

Newlyissued shares








Total

amErIcasBuenos aires se pyme Board 0.0 0.0 0.0 0.0 0.0 0.0 6.4 0.0 6.4 0.0 0.0 0.0

tMx group tsx venture 150.0 0.0 150.0 5 831.3 0.0 5 831.3 295.2 0.0 295.2 9 984.9 0.0 9 984.9

Total region 150.0 5 831.3 301.6 9 984.9

asIa - pacIFIcBse india small & Medium enterprises 15.6 0.0 15.6 0.0 0.0 0.0 - - - - - -

Bursa Malaysia ace Market 21.1 0.0 21.1 54.7 0.0 54.7 69.4 0.0 69.4 80.3 0.0 80.3

hong kong exchanges growth enterprise Market 136.8 8.5 145.2 516.3 na 516.3 151.0 20.5 171.4 799.7 na 799.7

korea exchange kosdaq 243.6 0.0 243.6 na na na 1 207.4 0.0 1 207.4 na na na

national stock exchange india emerge 8.2 0.0 8.2 0.0 0.0 0.0 - - - - - -

osaka securities exchange Jasdaq 84.6 48.7 133.4 265.4 0.0 265.4 216.8 81.5 298.2 592.9 0.0 592.9

philippine se sMe Board 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

shenzhen se chinext 5 577.5 0.0 5 577.5 300.2 0.0 300.2 12 273.1 0.0 12 273.1 29.7 0.0 29.7

singapore exchange sgx catalist na na 49.9 na na 123.0 na na 76.6 na na 307.7

thailand seMarket for alternative investment (mai)

73.9 0.0 73.9 11.7 13.0 24.7 37.4 0.0 37.4 21.9 23.7 45.6

tokyo se group Mothers 253.2 174.9 428.1 110.6 0.0 110.6 113.7 0.0 113.7 389.4 0.0 389.4

Total region 6 696.5 1 394.9 14 247.3 2 245.3

EUropE - aFrIca - mIddlE Eastathens exchange alternative Market 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Borsa italiana aiM italia 11.7 0.9 12.6 4.8 0.0 4.8 81.9 0.7 82.5 0.0 0.0 0.0

Borsa italianaMercato alternativo del capitale (Mac)

0.4 0.0 0.4 0.0 0.0 0.0 1.4 0.0 1.4 0.0 0.0 0.0

cyprus se emerging companies Market 0.0 0.0 0.0 0.2 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0

deutsche Börse entry standard 33.9 0.0 33.9 132.9 0.0 132.9 100.0 0.0 100.0 179.1 0.0 179.1

egyptian exchange nilex 0.0 0.0 0.0 3.3 1.8 5.1 0.0 0.0 0.0 0.0 0.0 0.0

İMKB 1 second national Market 87.0 9.9 96.9 66.6 0.0 66.6 180.9 14.5 195.4 162.0 0.0 162.0

irish se enterprise securities Market 0.0 0.0 0.0 175.1 330.3 505.4 7.0 0.0 7.0 10 366.6 0.0 10 366.6

Johannesburg se alternative exchange & venture capital Market

0.0 0.0 0.0 309.5 79.1 388.7 0.1 0.0 0.1 150.6 99.0 249.6

london se group aiM na na 1 125.6 na na 969.2 na na 4 008.9 na na 5 896.1

Mauritius se development & enterprise Market 0.0 0.0 0.0 3.3 0.0 3.3 0.0 0.0 0.0 43.9 0.0 43.9

nasdaq oMx nordic exchange First north 10.1 0.0 10.1 0.0 0.0 0.0 4.6 0.0 4.6 0.0 0.0 0.0

nyse euronext (europe) nyse alternext 47.8 0.0 47.8 100.9 167.8 268.7 130.0 0.0 130.0 214.7 132.2 346.9

oslo Børs oslo axess 0.0 0.0 0.0 0.0 na 0.0 372.9 0.0 372.9 546.3 na 546.3

Warsaw se newconnect 66.0 6.0 71.9 143.6 0.0 143.6 40.3 0.4 40.7 17.6 0.0 17.6

Total region 1 399.2 2 488.3 4 943.5 17 808.2

WFE TOTAL 8 245.6 9 714.6 19 492.5 30 038.4

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available national se of india: the “emerge” platform started on 31 august 2012


altErnatIvE & smE 5.6markEt IndExEs

1 İMKB: İstanbul Menkul Kıymetler Borsasına: not available-: not applicable

Exchange Name of Index 2012 High Date 2012 Low Date 2012Year-end

2011Year-end

% change 2012/2011

amErIcaslima se indice de Juniors 127.38 Mar. 09 62.21 nov 21 68.47 83.01 -17.5%

tMx group s&p / tsx venture composite 1 694.13 Feb. 23 1 164.47 Jun 28 1 221.30 1 484.66 -17.7%

asIa - pacIFIcBursa Malaysia FBM ace index 4 805.24 Feb. 22 4 079.65 Jan 03 4 214.15 4 068.58 3.6%

hong kong exchanges s&p/hkex geM index 497.70 Feb. 29 341.55 oct 08 381.51 474.80 -19.6%

korea exchange kosdaq index 544.20 Feb. 22 448.68 May 18 496.32 500.18 -0.8%

osaka securities exchange Jasdaq index 55.06 dec. 28 47.29 Jan 17 55.06 48.12 14.4%

shenzhen se chinext composite index 795.67 Mar. 13 584.88 dec 03 711.94 725.78 -1.9%

singapore exchange Ftse st catalist index 1 029.46 apr. 24 807.57 Jan 09 930.26 815.77 14.0%

thailand se mai index 415.89 dec. 27 266.91 Jan 04 415.68 264.23 57.3%

tokyo se group Mothers index 407.47 dec. 17 289.45 Jun 04 404.37 396.21 2.1%

EUropE - aFrIca - mIddlE Eastathens exchange athex alternative Market price index 3 343.51 Jan. 30 2 733.35 nov 08 2 898.50 3 327.12 -12.9%

cyprus se ecM index cse 1 030.00 Feb. 29 925.54 nov 02 952.93 1 030.00 -7.5%

deutsche Börse entry all share 732.70 oct. 01 645.54 Jun 28 718.64 652.54 10.1%

İMKB 1 İMKB Second National Index 31 671.93 apr. 04 21 385.05 nov 27 21 969.98 25 330.55 -13.3%

irish se esM index 1 766.83 sep. 14 1 348.33 Jan 05 1 703.11 1 334.74 27.6%

Johannesburg se Ftse/Jse alternative exchange index 2 000.00 Jul. 04 920.28 dec 31 920.48 1 222.81 -24.7%

Johannesburg se Ftse/Jse venture capital index 109.22 Jan. 03 44.49 aug 03 79.33 109.22 -27.4%

Johannesburg se Ftse/Jse development capital index 627.08 Jun. 06 310.00 Jul 04 571.38 432.23 32.2%

london se group Ftse aiM all share index 829.11 Mar. 02 658.97 Jun 28 707.21 693.18 2.0%

Mauritius se deMex 154.83 Jan. 09 139.08 sep 26 147.55 153.22 -3.7%

nasdaq oMx nordic exchange First north all share eur 55.13 May 31 45.49 Jan 02 47.11 44.80 5.2%

nyse euronext (europe) alternext all share index 765.04 Mar. 02 679.68 Jul 24 730.70 671.36 8.8%

oslo Børs oslo axess all share index 67.80 Mar. 16 53.20 Jan 02 62.79 52.74 19.1%

Warsaw se ncindex 43.83 Feb. 20 32.53 dec 18 33.26 41.62 -20.1%



othEr markEts 6.1domEstIc markEt capItalIzatIon (Usd mIllIons)

Exchange End 2012 End 2011 % change 2012/2011

amErIcasBarbados se 4 456.4 4 567.5 -2.4%

canadian national se (cnsx) 1 134.9 750.1 r 51.3%cayman islands se 2 484.4 2 818.0 -11.8%costa rica se 2 039.0 1 498.4 36.1%dutch caribbean se 0.002 0.001 200.0%

Jamaica se 4 095.8 5 008.9 -18.2%

panama se 12 544.0 10 681.7 17.4%

asIa - pacIFIcchittagong se 21 855.8 23 602.3 r -7.4%

dhaka se 22 660.9 24 778.6 -8.5%

hanoi se 4 152.7 3 980.4 4.3%

hochiMinh se 32 552.9 21 574.3 r 50.9%

karachi se 43 420.9 32 567.9 33.3%

port Moresby se 12 376.1 12 592.5 r -1.7%

EUropE - aFrIca - mIddlE EastBahrain Bourse 15 528.1 16 589.9 -6.4%

Banja luka se 2 289.9 2 263.9 1.1%

Beirut se 9 078.6 9 047.1 0.3%

Belgrade se 1 966.7 1 791.7 9.8%

Bratislava se 5 397.3 5 430.8 -0.6%

BrvM 8 102.6 6 287.6 28.9%

Bucharest se 15 878.1 14 023.9 13.2%

Bulgarian se 6 625.3 8 253.3 -19.7%

dubai Financial Market 33 377.4 30 370.9 r 9.9%

ghana se 3 150.4 3 098.5 1.7%

kazakhstan se 23 542.6 22 537.3 4.5%

kuwait se 102 821.8 86 333.1 19.1%

libyan stock Market 3 245.3 3 104.0 4.6%

lusaka se na 3 184.5 -

Montenegro se 3 787.2 3 509.1 r 7.9%

nairobi se 14 773.5 10 202.6 44.8%

namibian se 1 303.2 1 152.4 13.1%

nigerian se 56 205.2 39 028.4 44.0%

palestine exchange 2 859.1 2 782.5 2.8%

pFts se na 16 689.2 -

qatar exchange 126 307.0 125 597.7 0.6%

tunis se 8 874.3 9 662.0 -8.2%

ukrainian exchange 20 564.7 25 558.3 -19.5%

Zagreb se 22 321.2 22 558.4 -1.1%

r: revised note: excluding investment fundsBrvM: Bourse régionale des valeurs Mobilières (West african stock exchange) contains the 8 countries of the West african economic & Monetary union


Exchange 2012 2011


Foreigncompanies


Foreigncompanies

amErIcasBarbados se 23 19 4 24 20 4

canadian national se (cnsx) 164 156 8 142 135 7

cayman islands se 4 3 1 6 5 1

costa rica se 9 9 0 9 9 0

dutch caribbean se 3 0 3 1 0 1

Jamaica se 53 50 3 53 50 3

panama se 29 25 4 38 r 37 1

asIa - pacIFIcchittagong se 211 211 0 201 201 0

dhaka se 242 242 0 232 232 0

hanoi se 396 396 0 393 393 0

hochiMinh se 308 301 7 301 294 7

karachi se 555 555 0 621 621 0

port Moresby se 18 12 6 20 12 8

EUropE - aFrIca - mIddlE EastBahrain Bourse 47 43 4 49 44 5

Banja luka se 743 743 0 791 791 0

Beirut se 10 10 0 10 10 0

Belgrade se 8 8 0 8 8 0

Bratislava se 134 133 1 147 r 147 0

BrvM 37 37 0 39 39 0

Bucharest se 79 77 2 79 77 2

Bulgarian se 387 387 0 393 393 0

dubai Financial Market 57 44 13 62 44 18

ghana se 34 29 5 34 29 5

kazakhstan se 78 74 4 67 63 4

kuwait se 213 201 12 228 215 13

libyan stock Market 13 13 0 12 12 0

lusaka se na na na 21 20 1

Montenegro se 112 112 0 146 r 146 0

nairobi se 60 60 0 58 58 0

namibian se 33 7 26 32 6 26

nigerian se 194 192 2 198 r 196 2

palestine exchange 48 47 1 46 45 1

pFts se na na na 462 462 0

qatar exchange 42 42 0 42 42 0

tunis se 59 59 0 57 57 0

ukrainian exchange 198 198 0 195 195 0

Zagreb se 214 214 0 233 233 0

othEr markEts 6.2nUmbEr oF lIstEd companIEs

na: not available r: revised note: excluding investment fundsBrvM: Bourse régionale des valeurs Mobilières (West african stock exchange) contains the 8 countries of the West african economic & Monetary union


othEr markEts 6.3nUmbEr oF nEWlY lIstEd companIEs and dElIstIngs

na: not available r: revised note: excluding investment fundsBrvM: Bourse régionale des valeurs Mobilières (West african stock exchange) contains the 8 countries of the West african economic & Monetary union

Exchange New listings Delistings

2012 2011 2012 2011


Foreigncompanies


Foreigncompanies


Foreigncompanies


Foreigncompanies

amErIcasBarbados se 0 0 0 1 1 0 0 0 0 1 1 0

canadian national se (cnsx) 38 37 1 36 35 1 18 18 0 21 21 0

cayman islands se 0 0 0 2 2 0 0 0 0 1 0 1

costa rica se 1 1 0 0 0 0 1 1 0 0 0 0

dutch caribbean se 2 0 2 1 0 1 0 0 0 0 0 0

Jamaica se 5 5 0 5 5 0 8 8 0 4 4 0

panama se 0 0 0 5 5 0 1 1 0 4 4 0

asIa - pacIFIcchittagong se 10 10 0 7 7 0 0 0 0 1 1 0

dhaka se 10 10 0 7 7 0 0 0 0 3 3 0

hanoi se 14 14 0 29 29 0 11 11 0 3 3 0

hochiMinh se 14 14 0 30 r 30 0 7 7 0 4 3 1

karachi se 4 4 0 4 4 0 69 69 0 10 10 0

port Moresby se 0 0 0 0 0 0 2 0 2 0 0 0

EUropE - aFrIca - mIddlE EastBahrain Bourse 0 0 0 0 0 0 2 1 1 0 0 0

Banja luka se 0 0 0 8 8 0 26 26 0 44 44 0

Beirut se 0 0 0 0 0 0 0 0 0 0 0 0

Belgrade se 0 0 0 1 1 0 0 0 0 0 0 0

Bratislava se 9 8 1 0 0 0 na na na 9 9 0

BrvM 0 0 0 0 0 0 2 2 0 0 0 0

Bucharest se 2 2 0 6 5 1 2 2 0 1 1 0

Bulgarian se 14 14 0 8 8 0 20 20 0 5 5 0

dubai Financial Market 0 0 0 0 0 0 5 0 5 2 0 2

ghana se 0 0 0 1 0 1 0 0 0 2 2 0

kazakhstan se 22 21 1 6 6 0 11 10 1 4 4 0

kuwait se na na na 3 3 na 15 14 1 1 1 na

libyan stock Market 1 1 0 2 2 0 0 0 0 0 0 0

lusaka se na na na 1 0 1 na na na 0 0 0

Montenegro se 6 6 0 9 r 9 0 11 11 0 23 r 23 0

nairobi se 2 2 0 3 3 0 0 0 0 0 0 0

namibian se 3 1 2 2 1 1 1 1 0 3 1 2

nigerian se 2 2 0 0 0 0 3 3 0 20 20 0

palestine exchange 2 2 0 7 7 0 0 0 0 1 1 0

pFts se na na na 170 170 0 na na na 10 10 0

qatar exchange 0 0 0 0 0 0 0 0 0 0 r 0 0

tunis se 2 2 0 1 1 0 0 0 0 0 0 0

ukrainian exchange 73 73 0 75 75 0 76 76 0 55 55 0

Zagreb se 0 0 0 6 6 0 19 19 0 13 13 0



companiesForeign


companiesForeign

companies

amErIcasBarbados se 18.3 16.0 2.3 119.1 117.2 2.0 -84.7%

canadian national se (cnsx) 182.6 171.6 10.9 178.9 178.5 0.4 2.0%

cayman islands se 2.5 2.5 0.0 2.5 2.5 0.0 0.0%

costa rica se 33.6 33.6 0.0 36.8 36.8 0.0 -8.7%

dutch caribbean se 0.020 0.0 0.020 0.0 0.0 0.0 -

Jamaica se 717.9 716.4 1.5 258.4 256.0 2.4 177.8%

panama se 484.0 484.0 0.0 324.0 r 324.0 0.0 49.4%

asIa - pacIFIcchittagong se 1 431.0 1 431.0 0.0 2 206.0 r 2 206.0 0.0 -35.1%

dhaka se 12 127.4 12 127.4 0.0 18 397.0 18 397.0 0.0 -34.1%

hanoi se 5 262.9 5 262.9 0.0 4 556.9 4 556.9 0.0 15.5%

hochiMinh se 10 407.0 10 304.0 103.0 7 566.7 7 491.7 75.0 37.5%

karachi se 11 976.7 11 976.7 0.0 9 637.9 9 637.9 0.0 24.3%

port Moresby se 34.3 33.8 0.4 73.5 72.6 1.0 -53.4%

EUropE - aFrIca - mIddlE EastBahrain Bourse 292.3 292.3 0.0 278.4 156.1 122.3 5.0%

Banja luka se 40.0 40.0 0.0 84.1 84.1 0.0 -52.4%

Beirut se 408.0 408.0 0.0 511.5 511.5 0.0 -20.2%

Belgrade se 240.6 240.6 0.0 298.5 298.5 0.0 -19.4%

Bratislava se 167.0 167.0 0.0 452.8 452.8 0.0 -63.1%

BrvM 174.2 174.2 0.0 116.6 r 116.6 0.0 49.4%

Bucharest se 2 083.0 2 005.7 77.3 2 979.6 2 930.2 49.5 -30.1%

Bulgarian se 362.0 362.0 0.0 321.9 321.9 0.0 12.5%

dubai Financial Market 13 228.1 11 969.2 1 258.9 8 736.0 8 259.7 476.3 51.4%

ghana se 53.6 50.0 3.6 256.0 254.1 1.9 -79.0%

kazakhstan se 1 123.0 1 114.7 8.3 1 070.8 555.6 515.1 4.9%

kuwait se 25 466.6 22 997.9 2 468.7 21 936.8 21 400.2 536.6 16.1%

libyan stock Market 18.2 18.2 0.0 20.5 20.5 0.0 -11.0%

lusaka se na na na 151.3 122.0 29.3 -

Montenegro se 43.5 43.5 0.0 76.6 r 76.6 0.0 -43.2%

nairobi se 1 008.1 1 008.1 0.0 917.3 917.3 0.0 9.9%

namibian se 473.5 59.9 413.6 404.5 12.8 391.8 17.0%

nigerian se 4 210.6 4 092.8 117.9 3 911.9 3 871.9 40.0 7.6%

palestine exchange 273.4 242.9 30.5 365.6 302.5 63.2 -25.2%

pFts se na na na 262.1 262.1 0.0 -

qatar exchange 19 410.6 19 410.6 0.0 22 908.6 22 908.6 0.0 -15.3%

tunis se 1 251.3 1 251.3 0.0 1 050.6 1 050.6 0.0 19.1%

ukrainian exchange 1 205.4 1 205.4 0.0 4 556.2 4 556.2 0.0 -73.5%

Zagreb se 542.7 542.7 0.0 926.8 926.8 0.0 -41.4%

othEr markEts 6.4valUE oF sharE tradIng (Usd mIllIons)

na: not available r: revised note: the sale & purchase of a share are counted as one transactionBrvM: Bourse régionale des valeurs Mobilières (West african stock exchange) contains the 8 countries of the West african economic & Monetary union


othEr markEts 6.5InvEstmEnt FloWs - nEW capItal raIsEd bY sharEs (Usd mIllIons)

na: not available BrvM: Bourse régionale des valeurs Mobilières (West african stock exchange) contains the 8 countries of the West african economic & Monetary union

Exchange 2012 2011

IPOs Already listed companies IPOs Already listed companies

Newlyissued shares








Total

amErIcasBarbados se 0.0 0.0 0.0 0.0 0.0 0.0 120.0 0.0 120.0 16.7 0.0 16.7

canadian national se (cnsx) 2.2 0.0 2.2 92.6 0.0 92.6 130.4 0.0 130.4 155.5 0.0 155.5

Jamaica se 15.1 0.0 15.1 0.0 0.0 0.0 35.2 0.0 35.2 0.0 0.0 0.0

asIa - pacIFIcchittagong se 970.6 0.0 970.6 0.0 0.0 0.0 107.2 0.0 107.2 0.0 0.0 0.0

dhaka se 99.8 170.9 270.6 108.4 150.9 259.4 126.6 44.4 171.0 312.6 4 467.8 4 780.4

hanoi se na na 6.5 480.9 4 104.4 4 585.3 na na 121.5 554.7 3 775.2 4 330.0

hochiMinh se 3.3 0.0 3.3 0.0 0.0 0.0 26.7 1.4 28.1 0.0 0.0 0.0

karachi se 79.2 0.0 79.2 na na 100.4 178.1 0.0 178.1 na na 1 126.6

port Moresby se 0.0 0.0 0.0 12.4 0.0 12.4 38.3 0.0 38.3 149.9 63.5 213.4

EUropE - aFrIca - mIddlE EastBahrain Bourse 0.0 0.0 0.0 3 470.2 0.0 3 470.2 0.0 0.0 0.0 404.3 0.0 404.3

Banja luka se 0.0 0.0 0.0 3.6 0.0 3.6 0.0 0.0 0.0 1.1 0.0 1.1

Beirut se 0.0 0.0 0.0 245.3 14.1 259.4 0.0 0.0 0.0 450.6 0.0 450.6

Bratislava se 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22.1 22.1

BrvM 0.0 0.0 0.0 402.3 0.0 402.3 0.0 0.0 0.0 339.9 0.0 339.9

Bulgarian se 0.1 0.0 0.1 87.5 0.0 87.5 0.0 0.0 0.0 131.0 1.6 132.6

dubai Financial Market 0.0 0.0 0.0 440.3 0.0 440.3 0.0 0.0 0.0 0.0 0.0 0.0

ghana se 0.0 0.0 0.0 0.0 0.0 0.0 66.8 0.0 66.8 42.7 0.0 42.7

kazakhstan se 185.4 49.6 234.9 4.5 0.0 4.5 0.0 0.0 0.0 0.0 0.0 0.0

lusaka se na na na na na na 0.0 0.0 0.0 126.4 0.0 126.4

Montenegro se 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.2 0.0 8.2

nairobi se 0.0 0.0 0.0 0.3 0.0 0.3 41.1 0.0 41.1 0.0 0.0 0.0

nigerian se 0.0 66.0 66.0 245.3 641.2 886.5 0.0 31.9 31.9 189.5 0.0 189.5

palestine exchange 0.0 0.0 0.0 13.5 0.0 13.5 0.0 0.0 0.0 31.4 0.0 31.4

tunis se 5.2 0.0 5.2 82.7 0.0 82.7 3.2 4.8 8.0 60.2 0.0 60.2


Exchange 2012 2011





Foreign

amErIcascanadian national se (cnsx) 23.5 0.0 13.1 10.4 13.3 0.0 13.3 0.0

cayman islands se 148 470.3 148 470.3 0.0 0.0 117 360.9 117 360.9 0.0 0.0

costa rica se 5 588.0 274.9 5 305.8 7.3 7 686.5 509.2 7 144.8 32.6

panama se 6 119.3 2 516.9 3 602.4 0.0 3 041.1 r 1 797.9 1 243.2 0.0

asIa - pacIFIcchittagong se 0.2 0.2 0.0 0.0 0.5 0.5 0.0 0.0

dhaka se 6.9 6.9 0.0 0.0 11.9 11.9 0.0 0.0

hanoi se 10 258.3 28.4 10 229.9 0.0 4 292.1 2.6 4 289.4 0.0

hochiMinh se 112.0 106.8 5.2 0.0 77.8 60.3 17.5 0.0

karachi se 75.9 75.9 0.0 0.0 54.8 54.8 0.0 0.0

port Moresby se 1.4 1.4 0.0 0.0 1.3 1.3 0.0 0.0

EUropE - aFrIca - mIddlE EastBanja luka se 56.5 6.4 50.1 0.0 139.7 1.4 138.3 0.0

Belgrade se 52.6 2.2 50.5 0.0 51.2 0.0 51.2 0.0

Bratislava se 10 986.3 341.7 10 644.6 0.0 24 085.0 128.9 23 956.1 0.0

BrvM 38.9 8.4 30.4 0.0 33.6 1.9 31.7 0.0

Bucharest se 350.3 0.0 347.1 3.2 133.8 0.0 111.7 22.2

Bulgarian se 64.5 64.5 0.0 0.0 81.5 81.5 0.0 0.0

dubai Financial Market 50.7 0.0 50.7 0.0 0.0 0.0 0.0 0.0

kazakhstan se 10 773.5 1 887.6 8 625.5 260.4 4 920.1 1 422.9 3 096.5 400.7

lusaka se na na na na 0.1 0.0 0.1 0.0

Montenegro se 10.5 0.0 10.5 0.0 2.6 r 0.0 2.6 0.0

nairobi se 6 570.0 6 570.0 0.0 0.0 5 234.6 52.4 5 182.2 0.0

namibian se 55.0 1.5 53.5 0.0 31.6 1.9 29.7 0.0

nigerian se 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0

pFts se na na na na 10 831.5 1 079.3 9 752.3 0.0

tunis se 86.7 31.4 55.3 0.0 71.1 50.3 20.9 0.0

ukrainian exchange 146.1 137.8 8.3 0.0 427.9 347.0 81.0 0.0

Zagreb se 120.5 7.6 112.9 0.0 95.5 7.4 88.1 0.0

othEr markEts 6.6valUE oF bond tradIng (Usd mIllIons)

na: not available r: revised BrvM: Bourse régionale des valeurs Mobilières (West african stock exchange) contains the 8 countries of the West african economic & Monetary union


othEr markEts 6.7broad markEt IndExEs

p: price index r: return index na: not available

Exchange Name of Index 2012 High 2012 Low 2012 Year-end

2011Year-end

% change end 2012/2011

amErIcasBarbados se Bse local index p 3 283.60 3 082.38 3 082.38 3 267.18 -5.7%

costa rica iBnv p 6 211.30 5 278.04 5 679.53 5 350.24 6.2%Jamaica se Jse index p 95 021.82 84 218.17 92 101.22 95 297.20 -3.4%panama se Bvpsi r 410.51 339.01 408.73 338.97 20.6%

asIa - pacIFIcchittagong se cse all share price index (caspi) p 15 986.43 10 783.98 12 854.80 14 880.37 -13.6%

dhaka se dgen p 5 502.30 3 616.24 4 219.31 5 257.61 -19.7%

hanoi se hnx index p 83.79 50.66 57.09 58.74 -2.8%

hochiMinh se vn index p 490.03 334.93 413.73 351.55 17.7%

karachi se kse 100 index r 16 943.19 10 909.64 16 905.33 11 347.66 49.0%

port Moresby se kina securities index p na na 4 550.67 5 781.39 -21.3%

EUropE - aFrIca - mIddlE EastBahrain Bourse all share index p 1 162.19 1 035.30 1 065.61 1 143.69 -6.8%

Banja luka se Birs p 857.01 800.04 807.23 876.36 -7.9%

Belgrade se Belexline p 1 051.34 857.00 1 005.56 977.19 2.9%

Bratislava se sax index r 215.55 187.53 192.21 215.46 -10.8%

BrvM BrvM composite p 166.58 139.37 166.58 138.88 19.9%

Bucharest se Bet-c p 3 143.62 2 472.39 2 786.11 2 621.41 6.3%

Bulgarian se Bg40 p 125.11 102.68 125.11 113.69 10.0%

dubai Financial Market dFMgi p 1 754.27 1 301.24 1 622.53 1 353.39 19.9%

ghana se gse all-share index p 1 199.72 968.08 1 199.72 969.03 23.8%

kazakhstan se kase index p 1 280.74 926.89 969.70 1 105.58 -12.3%

kuwait se all share price index p 6 492.40 5 650.02 5 934.30 5 814.20 2.1%

libyan stock Market lyx index - 1 529.46 1 366.69 1 393.17 1 437.62 -3.1%

lusaka se luse all share index (lasi) - na na na 4 040.35 -

Montenegro se Monex 20 r 9 849.92 8 138.11 9 849.92 9 324.90 5.6%

nairobi se nse 20 share index p 4 865.04 3 142.74 4 133.00 3 078.49 34.3%

namibian se nsx overall index p 992.21 855.15 984.00 838.24 17.4%

nigerian se nse all-share index p 28 078.81 20 123.51 28 078.81 20 730.63 35.4%

palestine se al-quds p 489.86 416.26 477.59 476.93 0.1%

pFts se ptts index p na na na 534.43 -

qatar exchange qe index p 8 881.80 8 123.02 8 354.94 8 779.03 -4.8%

ukrainian exchange ux index p 1 563.26 781.79 950.56 1 458.87 -34.8%

tunis se tunindex r 5 266.50 4 541.79 4 579.85 4 722.25 -3.0%

Zagreb se croBex p 1 619.35 1 848.42 1 740.39 1 740.21 0.0%


ForEIgn ExchangE ratEs

Exchange Currency code Year-end 2012 exchange rate

Year-end 2011 exchange rate

% change 2012/2011

2012 Average exchange rate

2011 Average exchange rate

% change 2012/2011

amErIcasBermuda se BMd 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%

BM&FBovespa Brl 2.0475 1.8653 9.8% 1.9603 1.6699 17.4%Buenos aires se ara 4.9160 4.3040 14.2% 4.5750 4.1430 10.4%colombia se cop 1 767.0000 1 938.5000 -8.8% 1 799.0958 1 854.5042 -3.0%

lima se pei 2.5525 2.6965 -5.3% 2.6342 2.7522 -4.3%

Mexican exchange Mxp 12.9860 13.9554 -6.9% 13.1458 12.4678 5.4%

nasdaq oMx usd 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%

nyse euronext (us) usd 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%

santiago se clp 478.8000 519.4500 -7.8% 486.8875 483.5313 0.7%

tsx group cad 0.9957 1.0183 -2.2% 0.9994 0.9861 1.3%

asIa - pacIFIcaustralian securities exchange aud 0.9632 0.9754 -1.3% 0.9637 0.9581 0.6%

Bse india inr 54.7900 53.1050 3.2% 53.4215 46.9127 13.9%

Bursa Malaysia Myr 3.0580 3.1700 -3.5% 3.0774 3.0577 0.6%

colombo se lkr 127.7000 113.9000 12.1% 128.4425 110.7450 16.0%

gretai securities Market tWd 29.0390 30.2790 -4.1% 29.5002 29.4215 0.3%

hong kong exchanges hkd 7.7509 7.7666 -0.2% 7.7554 7.7805 -0.3%

indonesia se idr 9 637.5000 9 067.5000 6.3% 9 378.5833 8 758.9583 7.1%

korea exchange krW 1 070.5800 1 152.0000 -7.1% 1 120.9650 1 105.6208 1.4%

national stock exchange india inr 54.7900 53.1050 3.2% 53.4215 46.9127 13.9%

osaka securities exchange Jpy 86.4650 76.9400 12.4% 80.0500 79.4304 0.8%

philippine se php 41.0625 43.8550 -6.4% 42.0931 43.2456 -2.7%

shanghai se cny 6.2303 6.2940 -1.0% 6.3020 6.4488 -2.3%

shenzhen se cny 6.2303 6.2940 -1.0% 6.3020 6.4488 -2.3%

singapore exchange sgd 1.2215 1.2967 -5.8% 1.2445 1.2529 -0.7%

taiwan se corp. tWd 29.0390 30.2790 -4.1% 29.5002 29.4215 0.3%

thailand se thB 30.5900 31.5500 -3.0% 30.9900 30.5783 1.3%

tokyo se Jpy 86.4650 76.9400 12.4% 80.0500 79.4304 0.8%

EUropE - aFrIca - mIddlE Eastabu dhabi securities exchange aed 3.6731 3.6731 0.0% 3.6730 3.6729 0.0%

amman se Jod 0.7098 0.7090 0.1% 0.7085 0.7088 0.0%

athens exchange eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

BMe spanish exchanges eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

Budapest se huF 220.8850 242.4720 -8.9% 223.2012 200.8683 11.1%

casablanca se Mad 8.4598 8.5714 -1.3% 8.5994 8.0607 6.7%

cyprus se eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

deutsche Börse eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

egyptian exchange egp 6.3644 6.0308 5.5% 6.0921 5.9539 2.3%

İMKB try 1.7847 1.8886 -5.5% 1.7918 1.6848 6.4%

irish se eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

Johannesburg se Zar 8.4844 8.0734 5.1% 8.1979 7.2408 13.2%

ljubljana se eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

london se eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

luxembourg se eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

Malta se eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

Mauritius se Mur 30.5500 29.3500 4.1% 30.1083 28.6333 5.2%

Micex rur 30.5480 32.1230 -4.9% 31.0607 29.3465 5.8%

Muscat securities Market oMr 0.3851 0.3850 0.0% 0.3850 0.3851 0.0%

nasdaq oMx nordic exchange eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

nyse euronext (europe) eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

oslo Børs nok 5.5653 5.9680 -6.7% 5.7813 5.5646 3.9%

saudi stock Market - tadawul sar 3.7505 3.7502 0.0% 3.7503 3.7503 0.0%

six swiss exchange chF 0.9154 0.9351 -2.1% 0.9326 0.8806 5.9%

tel-aviv se ils 3.7311 3.8238 -2.4% 3.8463 3.5785 7.5%

Warsaw se pln 3.0949 3.4340 -9.9% 3.2317 2.9654 9.0%

Wiener Börse eur 0.7585 0.7703 -1.5% 0.7747 0.7153 8.3%

thE Us dollar agaInst othEr cUrrEncIEs

source: Financial times


ForEIgn ExchangE ratEs For othEr markEts

Exchange Currency code Year-end 2012 exchange rate

Year-end 2011 exchange rate

% change 2012/2011

amErIcasBarbados se BBd 2.0000 2.0000 0.0%

canadian national se (cnsx) cad 0.9957 1.0183 -2.2%cayman islands se usd 1.0000 1.0000 0.0%costa rica se crc 508.1950 511.8400 -0.7%

dutch caribbean se ang 1.7900 1.7900 0.0%

Jamaica se JMd 92.4250 86.0750 7.4%

panama se paB 1.0000 1.0000 0.0%

asIa - pacIFIcchittagong se Bdt 79.7750 81.8300 -2.5%

dhaka se Bdt 79.7750 81.8300 -2.5%

hanoi se vnd 20 840.0000 21 033.5000 -0.9%

hochiMinh se vnd 20 840.0000 21 033.5000 -0.9%

karachi se pkr 97.2050 89.9100 8.1%

port Moresby se pgk 2.0685 2.1362 -3.2%

EUropE - aFrIca - mIddlE EastBahrain Bourse Bhd 0.3771 0.3770 0.0%

Banja luka se BaM 1.4835 1.5067 -1.5%

Beirut se lBp 1 505.5000 1 505.5000 0.0%

Belgrade se rsd 85.2100 81.7300 4.3%

Bratislava se eur 0.7585 0.7703 -1.5%

BrvM cFa 497.5400 505.3010 -1.5%

Bucharest se ron 3.3719 3.3321 1.2%

Bulgarian se Bgn 1.4834 1.5068 -1.6%

dubai Financial Market aed 3.6731 3.6731 0.0%

ghana se ghc 1.9045 1.6395 16.2%

kazakhstan se kZt 150.4400 148.4850 1.3%

kuwait se kWd 0.2812 0.2786 0.9%

libyan stock Market lyd 1.2595 1.2482 0.9%

lusaka se ZMk 5 195.0000 5 125.0000 1.4%

Montenegro se eur 0.7585 0.7703 -1.5%

nairobi se kes 86.1000 85.1000 1.2%

namibian se nad 8.4844 8.0734 5.1%

nigerian se ngn 156.1500 162.3000 -3.8%

palestine exchange usd 1.0000 1.0000 0.0%

pFts se uah 8.0500 8.0100 0.5%

qatar exchange qar 3.6410 3.6414 0.0%

tunis se tnd 1.5528 1.4958 3.8%

ukrainian exchange uah 8.0500 8.0100 0.5%

Zagreb se hrk 5.7253 5.7926 -1.2%

thE Us dollar agaInst othEr cUrrEncIEs

source: Financial times



the Federation’s member exchanges have reached a general agreement on the following statistical notions, and they strictly comply with the definitions below.

these definitions and examples are intended to help readers to understand the statistics and how they are compiled.

note on exchange groupings:

• BMe (spanish exchanges) is the holding company of Barcelona, Bilbao, Madrid and valencia exchanges. • London Stock Exchange Group includes data of Borsa İtaliana. • statistics of nasdaq oMx are not consolidated and are presented in two different groups:

- nasdaq oMx operating in the usa- nasdaq oMx nordic exchange which includes copenhagen, helsinki, iceland, stockholm, tallinn, riga and vilnius

stock exchanges.

• statistics of nyse euronext are not consolidated and are presented in three different groups:

- nyse euronext (us) mainly includes the new york stock exchange, nyse arca, nyse amex and nyse life (us) - nyse euronext (europe) is the operator of amsterdam, Brussels, lisbon and paris exchanges- nyse liffe (europe) is the operator of the nyse euronext’s derivatives markets in europe.

1. EQUItY

Equity 1.1 - domestic market capitalization Definition

the domestic market capitalization of a stock exchange is the total number of issued shares of domestic companies (as defined in the number of listed companies definition), including their several classes, multiplied by their respective prices at a given time. this figure reflects the comprehensive value of the market at that time.

the market capitalization figures include:- shares of listed domestic companies;- shares of foreign companies which are exclusively listed on an exchange, i.e. the foreign company is not listed on any

other exchange- common and preferred shares of domestic companies- shares without voting rights

the market capitalization figures exclude:- collective investment funds;- rights, warrants, etFs, convertible instruments;- options, futures;- foreign listed shares other than exclusively listed ones;- companies whose only business goal is to hold shares of other listed companies, such as holding companies and

investment companies, and regardless of their legal status;- companies admitted to trading (companies admitted to trading are companies whose shares are traded at the

exchange but not listed at the exchange)

the universe of domestic listed companies should be the basis of the domestic market capitalization.


Example

Company Share class Number of shares

Price Share class market cap

Company market cap

Exchange market cap

company a ordinary shares 100 2 200 included

company a total 200 200

company B ordinary shares 300 2 600 included

company B total 600 600

company c preference shares 150 1 150 included

company c total 150 150

company d (foreign company exclusively quoted)

ordinary shares 100 4 400 included

company d total 400 400

total exchange market capitalization 1 350

Equity 1.2 - market capitalization of domestic shares newly listed and delisted

Definition

the market capitalization of newly listed domestic shares is the total number of new shares issued multiplied by their value on the first day of quotation.

the market capitalization of delisted domestic shares is the total number of these shares multiplied by their value on the last day of quotation. Examples

Company Share class Number of newly listed shares

Issuing price Company market cap

Newly listed market cap

on exchangecompany a ordinary shares 100 2 200

company a total 200

company B ordinary shares 300 2 600

company B total 600

company c ordinary shares 100 1 100

company c preference shares 50 1 50

company c total 150

total new exchange market capitalization 950

Company Share class Number of delisted shares

End of day price(last day of quota-tion)

Company market cap

delisted

Delisted market capon exchange

company a ordinary shares 25 3 75

Company A total 75

company B preference shares 150 1 150

Company B total 150

company c ordinary shares 200 1 200

Company C total 200

Total market cap delisted 425

Equity 1.3 - number of listed companies Definition

it is the number of companies which have shares listed on an exchange at the end of the period, split into domestic and foreign, excluding investment funds, and unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, and regardless of their legal status. a company with several classes of shares is counted just once. only companies admitted to listing are included.

Domestic / foreign company

a company is considered domestic when it is incorporated in the same country as where the exchange is located. the only exception is the case of foreign companies which are exclusively listed on an exchange, i.e. the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition.


Example

Company Number of domestic companies listedNumber of foreigncompanies listed

Domestic company Awith ordinary shares orwith preference shares

1

Domestic company Bwith preference shares

1

Foreign company Awith ordinary shares

1

Foreign company Bwith ordinary shares

1

Domestic / foreign sub-totals 2 2

Total 4

Equity 1.4 - number of newly listed and delisted companies

Definition

the number of newly listed companies is the number of companies which list shares for the first time on a stock exchange. only companies admitted to listing are included.

the number of delisted companies is the number of companies removed from listing and trading.

Example

CompanyDate of listing/

delisting

New domestic companies listedduring the year

New foreign companies listedduring the year

Domestic companies delisted

during the year

Foreigncompanies delisted

during the yearDomestic company Awith ordinary shareswith preference shares

Within the period under review 1

Domestic company Bwith ordinary shareswith preference shares


Foreign company Awith ordinary shares orwith preference shares


Foreign company Bwith ordinary shares

Within the period under review

1

Domestic / foreign companies sub-totals 1 1 1 1

Total 2 2

Equity 1.5 - value of share trading

Definition

the value of share trading is the total number of shares traded multiplied by their respective matching prices. the table distinguishes trading value of domestic and foreign shares. Figures are single counted (only one side of the transaction is considered). companies admitted to listing and admitted to trading are included in the data.

in order to achieve a more complete view of market activity, share trading value is split into three main categories of trades according to the facility / means used to execute the trading operation:

• Trades effected through the electronic order book (EOB)these trades represent the transfer of ownership effected automatically through the exchange’s electronic order book where orders placed by trading members are usually exposed to all market users and automatically matched according to precise rules set up by the exchange, generally on a price/time priority basis.

• Negotiated dealsthis contains trades different from the eoB, confirmed through a system managed (directly or indirectly) by the exchange, where both seller and buyer agree on the transaction (price and quantity). this system checks automatically if the transaction is compliant with the exchange rules, including most often consistency with eoB price.


• Reported tradesthis contains trades reported through a trade reporting Facility (trF) when only one counterparty provides information on the trade and offers dissemination services at the request of the reporting trader. the other counterparty could use this facility if reporting is mandatory.

Example

Trade Buyer Seller PlatformNumber

ofshares

PriceElectronic order book

Negotiated deals

Reported trades

Turnover Turnover Turnovera Member a Member B order book 10 1 10

B Member a Member B Bi-lateral negotiation 20 2 40

c Member a non - Member Bi-lateral negotiation 30 3 90

d Member B Member a order book 40 1 40

e Member B Member a Bi-lateral negotiation 50 2 100

F Member B non - Member Bi-lateral negotiation 60 3 180

g Member / non – member Member / non - member trade reporting Facility 15 5 75

Sub-totals 50 410 75

Equity 1.6 - number of trading days, average daily turnover, and average value of trades

the number of trading days is simply the total number of days during which market operations were conducted during the period.

Definition

• the average daily turnover is calculated by dividing the total value of share trading by the number of trading days during the year.

Example

Total share turnover during the year(USD m)

Total number of trading daysAverage daily turnover

(USD m)134,819.0 253 533.0

Definition

• the average value of trades during a given year is calculated by dividing the total value of share trading divided by the total number of trades in equity shares.

Example

Total share turnover during the year(USD m)

Total number of trades(in millions)

Average value of a trade(USD thousand)

134,819.0 3.4 39.6

Equity 1.7 – number of trades in equity shares and number of shares traded

Definition

the number of trades represents the actual number of transactions which have occurred during the period on the relevant exchange. the number is single counted (i.e., includes one side of the transaction only). companies admitted to listing and admitted to trading are included in the data.

in order to generate a more complete information, a split distinguishes two main categories of trades according to the facility / means used to execute the trade (see definitions above in equity 1.5): • trades effected through the electronic order book • negotiated deals • reported trades


the total number of shares traded includes domestic and foreign shares. the number is single counted.

Example

Trade Buyer Seller Platform

Number of tradesin equity shares Number of

shares tradedElectronic order book

Negotiated deals

Reportedtrades

a Member a Member B order book 1 10

B Member a Member B Bi-lateral negotiation 1 20

c Member a non - Member Bi-lateral negotiation 1 30

d Member B Member a order Book 1 40

e Member B Member a Bi-lateral negotiation 1 50

F Member B non - Member Bi-lateral negotiation 1 60

g Member/ non-member Member/ non-member trade reporting Facility 1 25

Sub-totals 2 4 1 235

Equity 1.7.1 – number of trading participants

trading participants are the number of dealers, brokers, brokers-dealers, and individuals acting as principals who trade on the exchange through direct access to the trading system. clearing and settlement members are excluded. several branches of a same organization have the right to apply as trading member to an exchange, and each licence is computed as one trading participant. For example, if two branches belonging to the same organization apply as trading members, they are counted as two trading participants.

Equity – 1.8 turnover velocity of domestic shares

Definition

the turnover velocity is the ratio between the electronic order Book (eoB) turnover of domestic shares and their market capitalization. the value is annualized by multiplying the monthly average by 12, according to the following formula:

Monthly eoB domestic share turnover

x 12Month-end domestic market capitalization

only domestic shares are used in order to be consistent.

Example

Monthly domestic share turnover(USD m)

Monthly domestic market cap(USD m)

Annualized turnover velocity(simple average x 12)

2 800.0 77,540.0 43.3%

Equity 1.9 - market concentration: the top 5% and the 10 most heavily capitalized and most traded domestic companies

Definition

this information is given in percentage.

Market concentration shows the part represented by 5% of the most heavily capitalized domestic companies, and 5% of the most traded domestic shares compared to domestic market capitalization and share trading value, respectively.

it also indicates the part represented by the 10 most capitalized domestic companies and the 10 most traded ones compared to the domestic market capitalization and share trading value respectively.


Example (concentration of the 5% most capitalized domestic companies in market capitalization)

Total number of domestic companies

Top 5% of listed domestic companies

Market cap of these 5% companies(USD m)

Total domestic market cap Market concentration

500 25 235,000 500,000 47.0%

Example (concentration of the 5% most traded domestic companies in domestic turnover value)


Top 5% of listed domestic companies

Turnover value of the 5%companies

(USD m)

Total domestic turnover Market concentration

500 25 55,000 85,000 65.7%

Example (concentration of the 10 most capitalized domestic companies in market capitalization)


Top 10 listed domestic companies by market cap

Market cap of the top 10 companies(USD m)

Total domestic market cap Market concentration

500 10 75,000 500,000 15.0%

Example (concentration of the 10 most traded domestic companies in domestic turnover value)


Top 10 listed domestic companies by turnover

Turnover value of the top 10 companies

(USD m)

Total domestic turnover Market concentration

500 10 25,000 85,000 29.4%

Equity 1.10.a - Investment flows – number of new companies listed

Definition of number of new companies listed through an IPO

the number of companies, split between domestic and foreign, whose shares were admitted to listing during the period through an offer of subscription and/or sales of shares (ipo). a company with several classes of shares is just counted once. only companies admitted to listing are included in the data.

Definition of number of other new companies listed

the number of companies, split between domestic and foreign, whose shares were admitted to listing during the period through a procedure different from an ipo (e.g. splits, mergers, or having already floated shares). a company with several classes of shares is just counted once. only companies admitted to listing are included in the data.

Example

Company New domestic company (IPO)

New foreign company

(IPO)

Total Other new domestic company

Other new foreign company

Total

Domestic company A 1 1 1 1

Domestic company B 2 2 4 4

Foreign company A 10 10 2 2

Foreign company B 2 2 6 6

Total 3 12 15 5 8 13

Equity 1.10.b - Investment flows channeled through the Exchange

Definition

the aggregated value of money raised on the primary market with offer of shares (already issued or newly issued) in the period. primary market operations, representing new funds for companies or proving money to former shareholders, are placed through public offers. the figure is calculated by multiplying the number of shares that were placed by the offer price. only the companies admitted to listing are included. companies admitted to listing in exchange a and admitted to trading in exchange B are not included in the statistics of exchange B.


tables are presented in the following way:


Newly issued shares Already issued shares Total Newly issued shares Already issued shares TotalA B C=A+B D E F=D+E

an initial public offering (ipo) is defined as the placement of stocks by an unlisted company aimed at creating the float for the admission to listing on an exchange. the prospectus is mandatory and must be approved by the regulator. during the offer, both existing shareholders and the company itself may place – through an offer usually run by a pool of intermediaries and managed by a global coordinator - already issued or newly issued shares. those investment flows correspond to the flows channeled through the new companies listed through an ipo.

When possible, private placements are excluded from the investment flow statistics. if it is not possible for an exchange to exclude them, a special footnote with an explanation must be added. a private placement is an issue of new shares or a sale of already issued shares reserved for restricted number of investors.

greenshoe (over-allotment) options are excluded from investment flows.

listing transfers from one regulated market to another are not included in investment flows as they do not have any impact on the WFe global market capitalization.

the following table describes, for each type of corporate action, in which category the flow of money has to be classified:

Company IPOs Already listed companies Exclusions

Newly issued shares

Already issued shares

Newly issued shares

Already issued shares

IPOs1

sale to the public of already issued shares by a previously non listed co.

sale to the public of newly issued shares by a previously non listed co. (capital increase through an ipo)

Secondary offers

sale to the public of already issued shares by an already listed co. (free float changing)

sale to the public of newly issued shares by an already listed co. (capital increase)

repurchase of listed shares (delistings)

Mergers or takeovers of two companies A and B

a and B were already listed on that market - the new entity is listed

a and B were already listed on that market - the new entity is not listed

a was already listed and B was not listed - the new entity is listed

(if a issues new shares to pay for the

acquisition)

(B shares value)

a was already listed and B was not listed - the new entity is not listed

Right Issue

exercise of rights issue of x shares per y at W price

Bonus issue x new share for every y shares held

Stock Options

exercise of stock options leading to the creation of new shares

Spin-off company B by a listed company A

new company B remains listed on that market

new company B is not listed

Split

stock split of x new for y old

reverse split of x new for y old

Dividend

in shares

1 nB: it is possible that an ipo may list a combination of new shares and already issued shares


Equity 1.11 – securitized derivatives

Definition

a securitized derivatives product is a tradable financial instrument designed to meet specific investor needs and to respond to different investment strategies, by incorporating special, non-standard features.

these products are in general used for capital protection, hedging against exposure to national or foreign equities, indices variations, commodity and currencies prices, arbitrage strategies, directional trading, etc. each securitized derivatives product has its own characteristics. they are generally issued by intermediaries different from the issuer of the underlying financial instruments.

securitized derivatives products include different types of instruments such as (but not limited to) covered warrants and certificates.

• covered warrants incorporate an option to buy or sell other financial instruments; according to their features, may be distinguished between plain vanilla (underlying represented by a single product) and structured/exotic (more complex products whose underlying is represented by a basket of products, and/or incorporating combinations of call and/or put and/or exotic options). the underlying assets can be represented by equities, bonds, indices, currencies and commodities. in most cases covered warrants lead to a cash settlement, without the physical delivery of the underlying financial instruments.

• certificates track the performance of an underlying asset, often with a leverage effect (those without leverage being defined “investment certificates”). they provide the investor the opportunity to spread risk with moderate capital and administration costs, thus making possible the investment in foreign or largely diversified assets.

the table shows the number of securitized derivatives admitted to listing or trading at the end of the period, their trading value and total number of trades during the period.

Equity 1.12 - EtFs

Definition

etFs are portfolio investment products that are admitted to listing or trading on a regulated exchange. an etF provides investors with exposure to a diversified basket of shares or other financial instruments. etFs aim to replicate the performance of a specific index; this index can be a blue chip, a regional, or a sector index. the index type is not just limited to shares and may include bond indexes and other types of sophisticated index. etFs are traded in the same way as any other share. these instruments can be used by investors as a hedging tool or as an investment product.

the table shows the number of etFs admitted to listing or trading at the end of the period, their trading value and the total number of trades during the period.

Example of ETF trading

Trade Buyer Seller Platform Shares Price Total turnovera Member a Member B order book 10 1 10



d Member B Member a order book 40 1 40



Total 460

Equity 1.13 – Investment funds

investment funds include ucits, listed unit trusts, closed-end funds, investment trusts. they are collective funds managed by an investment trust company (a company established with the purpose of investing in other companies) or


a management team. ucits, listed unit trusts, closed-end funds and investment trusts are all different forms of collective investment, depending on a country’s legislation.

the table also shows the number of investment funds admitted to listing or trading at the end of the period, their trading value and the total number of trades.

2. FIxEd IncomE

Fixed Income 2.1 -value of bonds listed

Definition

Bonds are fixed-income financial instruments, issued by governments, local authorities and state-owned or private organizations. they may be listed or traded in one or several exchanges, and ensure predetermined levels of returns in the form of interest rate. interest rates may remain fixed throughout the bond’s life or vary according to the bond’s terms of listing.

data represent the number of bonds listed multiplied by their price at year-end.some exchanges publish a bond market value at a notional value (signaled in a footnote); the other bourses use the real market value. Example

Issuer Number of issues Price * Bond valuedomestic public bond issuer a 250 10 2 500

domestic private bond issuer B 150 5 750

Foreign bond issuer c 300 2 600

Total 3 850

* prices can be market price (matching price) or notional value.

Fixed Income 2.2 - number of bond issuers

Definition

the total number of bond issuers represents the number of organizations which issued the fixed-income instruments listed on the exchange. these issuers are broken down into domestic private, public, and foreign entities. • domestic private bonds include corporate bonds, bonds issued by domestic banks and financial institutions; • domestic public bonds include government / state-owned organizations bonds and bills, state-related institutions

whose instruments are guaranteed by the state, and municipal bonds; • Foreign bonds listed on the exchange are issued by non-resident institutions: foreign governments, banks, financial

institutions, supranational organizations (eiB, eBrd, World Bank, …). they also include eurobonds (bonds issued under a law of a state different from the one of the issuer and placed in a foreign country inside the euro zone).

an issuer may list bonds with different maturities, but the total number of issuers is unchanged.

Example

Bond issuer Number of domestic public bonds issuers

Number of domestic private bond issuers

Number of foreign bond issuers

Bond issuer of domestic public company A 1

Bond issuer of domestic public company B 1

Bond issuer of domestic private C 1

Bond issuer of foreign company A 1

Bond issuer of foreign company B 1

Domestic / Foreign sub-totals 2 1 2

Total 5


Fixed Income 2.3 – number of bonds listed

Definition

this table presents the number of bonds listed by the different categories of issuers, and split into domestic public bonds, domestic private bonds, and foreign bonds (see definitions of the categories above). a single issuer may list many securities with different maturities.

Example

Bond Number of domestic public bonds listed

Number of domestic private bonds listed

Number of foreignbonds listed

Domestic public bonds 5

Domestic private bonds 2

Foreign bonds 1


Total 8

Fixed Income 2.4 – number of new bonds listed

Definition

this table presents the number of new bonds listed during a given year issued by the different categories of issuers, and split into domestic public bonds, domestic private bonds, and foreign bonds (see definitions of the categories above).

Example

BondNumber of domestic public bonds

newly listedNumber of domestic private

bonds newly listedNumber of foreignbonds newly listed

Domestic public bonds 2

Domestic private bonds 1

Foreign bonds 1


Total 5

Fixed Income 2.5 - value of bond trading

Definition

the bond trading value is the total number of bonds traded multiplied by their respective matching prices. the table indicates the value of bond trading split into domestic private, domestic public and foreign bonds (see definitions of the categories above). the value of bond trading is broken down into electronic order book trades and negotiated deals. Figures are single counted.

Example

Trade Buyer Seller Platform Bonds PriceElectronic order book Negotiated deals

Turnover Turnovera Member a Member B order Book 10 1 10



d Member B Member a order Book 40 1 40



Sub-totals 50 410

Total 460


Fixed Income 2.6 – number of trades in bonds

Definition

the total number of trades in bonds represents all trades which have taken place on the exchange during the period. the number is single counted.

data are broken down according to the type facility / means used to execute the trading operation (see definitions above):

• trades effected through the electronic order book • negotiated deals

Example

Trade Buyer Seller PlatformNumber of trades in bonds

Electronic order book Negotiated dealsa Member a Member B order Book 1

B Member a Member B Bi-lateral negotiation 1

c Member a non - Member Bi-lateral negotiation 1

d Member B Member a order Book 1

e Member B Member a Bi-lateral negotiation 1

F Member B non - Member Bi-lateral negotiation 1

Sub-totals 2 4

Total 6

Fixed Income 2.7 - Investment flows – new capital raised by bonds

Definition

the table indicates the corresponding value of newly listed bonds on an exchange and includes also money raised in already listed bonds. Example

Issuer Number of new bond issues Issue price Investment flowsdomestic public bond issuer a 50 10 500

domestic private bond issuer B 10 5 50

Foreign bond issuer c 30 2 60

Total 610

3. dErIvatIvEs

these definitions concern all derivatives tables:

• Number of contracts tradeda contract is a standard unit of trading denoted by the number of shares or the amount of capital that may vary from class to class, or from product to product, as defined by an exchange.

• Notional valuethe notional value of derivatives is the number of contracts traded multiplied by the contracts’ underlying value. the contracts’ underlying value is calculated by multiplying the market price of the underlying asset for each contract times the contract’s multiplier. it is an approximate measure of the underlying value of the number of contracts traded.


Examples

the stock options/futures on company a, traded on an exchange, has a notional value that is calculated in two steps:

1. the unit of trading of this product is calculated as: the contract size of the product, (which is 100 shares in the example), multiplied by the future’s closing price;

2. the notional value is calculated as: units of trading multiplied by the number of contracts traded.

Stock options/futuresUnit of trading

Number of contracts tradedNotional

ValueContract size Stock closing pricecompany a 100 28.33 1 2 833

company B 100 17.02 117 199 134

Total 118 201 967

the index options/futures on index x traded on an exchange has a notional value that is calculated in two steps:1. the unit of trading of this product is calculated as: the index closing price multiplied by the multiplier;2. the notional value is calculated as: units of trading multiplied by the number of contracts traded.

Index options/futuresUnit of trading

Number of contracts tradedNotional

ValueMultiplier Index closing priceindex x 5 1 600 1 8 000

index y 2 1 350 12 32 400

Total 13 40 400

options and futures on the other underlyings products (interest rates, currencies, commodities) are calculated in the same way.

• Open interestit is the number of derivatives contracts (futures and options) outstanding at a given time (close of trading at the last trading day of the month). it may be computed on a net or gross basis, according to the way the opening/closing of position by the same trader is managed at the clearing level. this is usually used in analysis of liquidity and market size.

• Option premiumthe option premium represents the money paid by buyers to writers of calls or put options.

if the following table gives trades made on contract x as of January 3, 2006, the premium turnover for each trade is computed by multiplying price by volume by lot size.

day premium turnover is the cumulative value of each trade.

Example

Contract X

Trading time Call/Put Lot size Price Volume Premium turnover03/01/2006 13:37 c 100 3.800 10 3 800

03/01/2006 15:03 p 100 0.700 5 350

03/01/2006 15:09 p 100 0.800 2 160

03/01/2006 09:05 c 100 0.900 20 1 800

03/01/2006 15:00 c 100 1.960 500 98 000

03/01/2006 15:10 c 100 1.960 500 98 000

03/01/2006 option premium for contract x 202 110

as of January 3, the option premium for contract x is 202 110


derivatives 3.1 – stock options

a stock option is a standardized tradable contract that gives the owner the right to buy or sell a particular stock at a specified date in the future at a pre-determined price.

derivatives 3.2 – stock futures

a stock future is a standardized tradable contract that gives the owner the obligation to buy or sell a particular stock at a specified date in the future at a pre-determined price.

derivatives 3.3 – stock index options

a stock index option is an option (right to buy or sell an underlying in the future) whose underlying reference is determined by the price of a specific stock index.

derivatives 3.4 – stock index futures

a stock index future is a future (obligation to buy or sell an underlying in the future) whose underlying reference is determined by the price of a specific stock index.

derivatives 3.5 – EtF options

an etF option is an option (right to buy or sell an underlying in the future) whose underlying reference is determined by an etF price. as etFs trades like stocks, options on these products are operationally similar to options on stocks.

derivatives 3.6 – EtF futures

an etF future (obligation to buy or sell an underlying in the future) whose underlying reference is determined by an etF price. as etFs trades like stocks, futures on these products are operationally similar to futures on stocks.

derivatives 3.7 – short term interest rate options

a short term interest rate option is an option (right to buy or sell an underlying in the future) whose underlying reference is determined by the level of a specific short term interest rate. a short term interest rate corresponds to an original term to maturity equal to or lower than 12 months (treasury bills, deposits etc).

derivatives 3.8 – short term interest rate futures

a short term interest rate future is a future (obligation to buy or sell an underlying in the future) whose underlying reference is determined by the level of a specific short term interest rate. a short term interest rate corresponds to an original term to maturity equal to or lower than 12 months (treasury bills, deposits etc).

derivatives 3.9 - long term interest rate options

a long term interest rate option is an option (right to buy or sell an underlying in the future) whose underlying reference is determined by the level of a specific long term interest rate. a long term interest rate corresponds to an original term to maturity greater than 12 months (treasury bonds, corporate bonds, eurobonds etc).

derivatives 3.10 – long term interest rate futures

a long term interest rate future is a future (obligation to buy or sell an underlying in the future) whose underlying reference is determined by the level of a specific long term interest rate. a long term interest rate corresponds to an original term to maturity greater than 12 months (treasury bonds, corporate bonds, eurobonds etc).

derivatives 3.11 – currency options

a currency option is an option (right to buy or sell an underlying in the future) whose underlying reference is based on a currency price.

derivatives 3.12 – currency futures

a currency future is a future (obligation to buy or sell an underlying in the future) whose underlying reference is based on a currency price.

derivatives 3.13 – commodity options

a commodity option is an option (right to buy or sell an underlying in the future) whose underlying reference is determined by a commodity price. commodity derivatives can be based on a wide range of commodities (agricultural, energy, metal etc).

derivatives 3.14 – commodity futures

a commodity option is a future (obligation to buy or sell an underlying in the future) whose underlying reference is determined by a commodity price. commodity derivatives can be based on a wide range of commodities (agricultural, energy, metal etc).


the key characteristics of an option and a future transaction can be summarized in the following table:

Basic characteristics Options contract transaction Futures contract transactionagreement today yes yes

delivery and payment in the future yes yes

obligation to complete the transaction one of the parties may choose to complete the transaction Both parties have the obligation to complete the transaction

4. IndIcators

Indicators 4.1 - broad stock market indexes

Definition

Broad indexes are, in general, market capitalization-weighted, including a large sample of listed domestic companies, as the all-share or composite indexes. they are generally recalculated to adjust to capital operations and to modifications in the company composition of the index. the index can be market capitalization-weighted or free float based.

When the index is a price index, it measures the pure change of share prices without taking into consideration returns from dividend pay-outs.

When the index is a return index, it measures the total return of investments on the index shares, including reinvested dividends.

some WFe member exchanges operate several markets, and report index performances on an individual basis.

Example

Day 1 Shares Price Market capitalization Weighting100 1 100 10%

company B 100 2 200 20%

company c 300 2 600 60%

company d 100 1 100 10%

Total 1 000 100%

Market cap: index value 10 : 1

index value 100

Day 2 Shares Price Market capitalization Weightingcompany a 100 0.5 50 5%

company B 100 1.5 150 14%

company c 300 2.5 750 71%

company d 100 1 100 10%

Total 1 050 100%

Market cap: index value 10 : 1

index value 105

as can be seen from the example above, the index has changed from 100 to 105 based on the change in total market capitalization of companies a, B, c and d.

Monthly high and low figures provided are based on all index calculations throughout the month, i.e. the calculations include intra-day figures and not just end-of-day figures.


Broad stock market indexes composition and methodology:

Abu Dhabi Securities Exchange: ADI1 october 2001 = 1 000. covers 62 stocks.index is based on free float.

Amman Stock Exchange: ASE 10031 december 1999 = 1 000. covers 100 stocks.index is based on free float.

Athens Exchange: Athex Composite Share Price Index. 31 december 1980 = 100. covers 60 stocks. index is based on domestic market capitalization.

Australian Securities Exchange: ASX/S&P All Ordinaries Index 31 december 1979 = 515.32. covers 500 stocks. index is based on domestic market capitalization.

Bermuda Stock Exchange: RG/BSX Index 23 February 1993 = 1 000. covers 13 stocks. index is based on domestic market capitalization.

BME Spanish Exchanges/Madrid: General Index (IGBM) 31 december 1985 = 100. index covers 114 stocks. index is based on free float.

BME Spanish Exchanges /Barcelona: BCN Global-100 Index 1 January 1986 = 100. index covers 100 stocks. index is based on domestic market capitalization.

BME Spanish Exchanges /Bilbao: Bolsa Bilbao Index 2000 31 december 1999 = 2 000. index covers 50 stocks. index is based on domestic market capitalization.

BME Spanish Exchanges /Valencia: IGVB Index 31 december 1985 = 100. index covers 98 stocks. index is based on domestic market capitalization.

BM&FBOVESPA: BOVESPA Index 2 January 1968 = 0,0000000001. covers 68 stocks.

Bolsa de Commercio de Buenos Aires: Bolsa General 30 June 2000 = 19 570.98.index is based on domestic market capitalization.

Bolsa de Commercio de Santiago: IGPA Index 31 december 1988 = 100. index is based on free float and domestic market capitalization.

Bolsa de Valores de Colombia: IGBC Index 3 July 2001 = 1 000. index covers 37 stocks.

Bolsa de Valores de Lima: Indice General (IGBVL) 30 december 1991 = 100. index covers 34 stocks.

Bolsa Mexicana de Valores: IPC CompMX 31 december 2004 = 100. covers 60 stocks. index is based on free float.

Bombay Stock Exchange: BSE 500 Index 1 February 1999 = 1 000. covers 500 stocks. index is based on free float.

Bourse de Luxembourg: Lux General Price Index 4 January 1999 = 1 000. index covers 26 stocks. index is based on domestic market capitalization.

Budapest Stock Exchange: BUX 2 January 1991 = 1 000. covers 11 stocks. index is based on free float and is calculated by the exchange.

Bursa Malaysia: FBM EMAS 31 March 2006 = 310. covers 236 stocks.index is based on free-float and market capitalization.

Casablanca Stock Exchange: MASI Float – Moroccan All Shares Index31 december 1991 = 1 000. covers 78 stocks.index is based on free float.

Colombo Stock Exchange: All Share Price Index (ASPI) 1 January 1985 = 100. covers all voting equity shares listed (283). index is based on domestic market capitalization.

Cyprus Stock Exchange: CSE General Index3 september 2004 = 1 000. covers 18 stocks.index is based on free float.

Deutsche Börse AG: CDAX Price Index 30 december 1987 = 100. covers 531 stocks. index is based on free float.

Egyptian Exchange: EGX 30 Index1 January 1998 = 1 000. covers 30 stocks.index is based on free float and domestic market capitalization.

Gretai Securities Market: Gretai Index30 october 1995 = 100. covers 608 stocks.index is based on market capitalization.


Hong Kong Exchanges: S&P/HKEx Large Cap Index 28 February 2003 = 10 000. covers 25 stocks. index is based on free-float.

Indonesia Stock Exchange: Jakarta Composite Stock Price Index 10 august 1982 = 100. covers 463 stocks. index is based on domestic market capitalization.

Irish Stock Exchange: ISEQ Overall Index 4 January 1988 = 1 000. covers 46 stocks. index is based on free float.

İMKB: ISE -100 January 1986 = 1. covers 100 stocks. index is based on free float.

Johannesburg Stock Exchange: FTSE/JSE All-Share Index 21 June 2002 = 10 815.08. index covers 164 stocks. index is based on free float and domestic market capitalization.

Korea Exchange: KOSPI (Korean Composite Price Index) 4 January 1980 = 100. covers 774 stocks. index is based on domestic market capitalization.

Ljubljana Stock Exchange: SBI Top 31 december 2003 = 1 000. covers 5 to 10 stocks.index is based on free float.

London Stock Exchange Group: FTSE All-Share 1 april 1962 = 100. covers 605 stocks.index is based on free float.

Borsa Italiana: FTSE Italia MIB Storico2 January 1975 = 1 000. covers 213 stocks.index is based on domestic market capitalization.

Malta Stock Exchange: MSE Share Index 27 december 1995 = 1 000. covers 19 stocks. index is based on domestic market capitalization and is calculated by the exchange.

MICEX: MICEX Index22 september 1997 = 100. covers 30 stocks.index is based on free float and is calculated by the exchange.

Muscat Securities Market: MSM 30 IndexJune 1990 = 1 000. covers 30 stocks.index is based on free float.

NASDAQ OMX (US): NASDAQ Composite Index 5 February 1971 = 100. covers 2 442 stocks. index is based on domestic market capitalization.

NASDAQ OMX Nordic Exchange: OMX Nordic All Share-PI 30 december 2002 = 100. covers 567 stocks. index is based on domestic market capitalization.

National Stock Exchange of India: CNX 500 1 January 1995 = 1 000. covers 500 stocks. index is based on free-float.

NYSE Euronext (US): NYSE Composite 31 december 2002 = 5 000. covers 1 998 stocks. index is based on free float.

NYSE Euronext Amsterdam: AAX Index 29 december 1983 = 100. covers 109 stocks. index is based on domestic market capitalization.

NYSE Euronext Brussels: BAS Index1 January 1980 = 1 000. covers 123 stocks.index is based on domestic market capitalization.

NYSE Euronext Lisbon: PSI General Index1 May 1998 = 1 000. covers 53 stocks.index is based on domestic market capitalization.

NYSE Euronext Paris: All-tradable Index31 december 1990 = 1 000. covers 338 stocks.index is based on free float.

Osaka Securities Exchange: 300 Stock Price Index 4 January 1968 = 100. covers 300 stocks listed on the 1st section. index is based on domestic market capitalization.

Oslo Børs: Oslo Børs Benchmark Price Index 1 January 1996 = 100. index is based on free float.

Philippine Stock Exchange: PSE Index 28 February 2000 = 1 022,045. covers 30 stocks. index is based on free float.

Saudi Stock Exchange (Tadawul): Tadawul All Share Index (TASI)28 February 1985 = 1 000. covers 158 companies.index is based on free-float.

Shanghai Stock Exchange: SSE Composite Index 19 december 1990 = 100. covers 998 stocks. index is based on domestic market capitalization.


Shenzhen Stock Exchange: SZSE Composite Index 3 March 1991 = 100. covers 1 564 stocks. index is based on domestic market capitalization.

Singapore Exchange: FTSE Straits Times Index9 January 2008. covers 30 stocks.index is based on domestic market capitalization.

SIX Swiss Exchange: Swiss Performance Index (SPI) 6 June 1987 = 1 000. covers 215 stocks. index is based on market capitalization.

Stock Exchange of Mauritius: SEMDEX5 July 1989 = 100. covers 40 stocks..index is based on domestic market capitalization.

Stock Exchange of Thailand: SET Index 30 april 1975 = 100. covers 485 stocks. index is based on domestic market capitalization.

Taiwan Stock Exchange: TAIEX 1966 = 100. covers 776 stocks. index is based on domestic market capitalization.

Tel-Aviv Stock Exchange: General Share Index 31 december 1991 = 100. covers 711 stocks. index is based on domestic market capitalization.

TMX Group: S&P/TSX Composite Index 1975 = 1 000. covers 244 stocks. index is based on market capitalization and is calculated by standard and poor’s.

Tokyo Stock Exchange Group: TOPIX 4 January 1968 = 100. covers 1 694 stocks. index is based on free float.

Warsaw Stock Exchange: WIG Index 16 april 1991 = 1 000. covers 370 stocks.index is based on free float.

Wiener Börse AG: WBI - Wiener Börse Index31 december 1967 = 100. covers 79 stocks.index is based on domestic market capitalization.

Indicators 4.2 - blue chip indexes

Definition

a blue chip index measures the price movements of a selected range of blue chips stocks, generally the most heavily capitalized and traded shares. Blue chips indexes often serve as underlyings for derivatives (options and futures). the index can be market capitalization-weighted or free float based.

as with the broad stock market indexes, some WFe member exchanges operate several markets, and choose to report index performances on individual basis.

Definition of volatility

the volatility of blue chip indexes is calculated as follows:standard deviation of ln ((index value d / index value d-1) …. (index value d-124 / index value d-125), multiplied by the square root of 250, and multiplied by 100. d = day

Example

same as for 4.1 above

Blue chip indexes composition and methodology:

Athens Exchange: FTSE/X.A. Large Cap23 september 1997 = 1 000. covers 25 stocks.index is based on free float and calculated by the exchange.

Australian Securities Exchange: S&P/ASX 50covers 50 stocks.index is based on free float and domestic market capitalization and is calculated by standard and poor’s.

BME Spanish Exchanges: Ibex 3531 december 1989 = 3 000. covers 35 stocks.index is based on free float and on domestic market capitalization, and is calculated by the exchange.

BM&FBOVESPA: IBrX 50 - Brazil Index 5030 december 1997 = 1 000. covers 50 stocks.index is based on free float and is calculated by the exchange.

Bolsa de Commercio de Buenos Aires: Burcap Index30 december 1992 = 426.33.index is based on domestic market capitalization.

Bolsa de Commercio de Santiago: IPSA Index31 december 2002 = 1 000. covers 40 stocksindex is based on free float and domestic market capitalization, and is calculated by the exchange.

Bolsa de Valores de Colombia: COLCAP Index15 Jan. 2008. covers 21 stocks.index is based on domestic market capitalization and is calculated by the exchange.

Bolsa de Valores de Lima: Indice Selectivo (BVL)30 december 1991 = 100. covers 15 stocks.


Bolsa Mexicana de Valores: IPC30 october 1978 = 0.78. covers 35 stocks.index is based on free float.

Bombay Stock Exchange: SENSEX1978/79 = 100. covers 30 stocks.index is based on free float and is calculated by the exchange.

Bourse de Luxembourg: LuxX Price Index4 January 1999 = 1 000. covers 11 stocks.index is based on free float and is calculated by the exchange.

Budapest Stock Exchange: BUX2 January 1991 = 1 000. covers 11 stocks.index is based on free float and is calculated by the exchange.

Bursa Malaysia: Composite Index (FBMKLCI)January 1977 = 100. covers 30 stocks.index is based on free float and domestic market capitalization and is calculated by Ftse.

Casablanca Stock Exchange: FTSE CSE Morocco 1530 June 2010 = 10 000. covers 15 stocks.index is based on free-float and is calculated by Ftse.

Colombo Stock Exchange: Milanka Price Index1998 = 1 000. covers 25 stocks.index is based on domestic market capitalization.

Cyprus Stock Exchange: FTSE / CySE 2030 november 2000 = 1 000. covers 20 stocks..index is based on free float and is calculated by the exchange.

Deutsche Börse: DAX 3030 december 1987 = 1 000. covers 30 stocks.index is based on free float and is calculated by the exchange.

Egyptian Exchange: Dow Jones EGX Egypt Titans 20 Index31 december 2001 = 100. covers 20 stocks.index is based on free float and domestic market capitalization and is calculated by dow Jones.

Gretai Securities Market: Gretai 50 Index31 december 2008 = 100. covers 50 stocks.index is based on free float and is calculated by the exchange.

Hong Kong Exchanges: Hang Seng Index31 July 1964 = 100. covers 50 stocks.index is based on free float and is calculated by hang seng indexes company ltd.

Indonesia Stock Exchange: LQ45 Index13 July 1994 = 100. covers 45 stocks.index is based on domestic market capitalization.

Irish Stock Exchange: ISEQ 20 31 december 2004 = 1 000. covers 20 stocks. index is based on free float and is calculated by stoxx.

İMKB: ISE 3027 december 1996 = 976. covers 30 stocks.index is based on free float and is calculated by the exchange.

Johannesburg Stock Exchange: FTSE/JSE Top 40 Index21 June 2002 = 10 399.52. covers 42 stocks.index is based on free float and domestic market capitalization and is calculated by Ftse group.

Korea Exchange: KRX 1002 January 2001 = 1 000. covers 100 stocks.index is based on free float and is calculated by the exchange.

Ljubljana Stock Exchange: SBI Top31 March 2006 = 1 000. covers 5 to 10 stocks.index is based on free float and is calculated by the exchange.

London Stock Exchange Group: FTSE 1003 January 1984 = 1 000. covers 101 stocks.index is based on free float and is calculated by Ftse.

London stock Exchange Group: FTSE MIB31 december 1997 = 24 402. covers 40 stocks.index is based on free float and is calculated by Ftse.

MICEX: MICEX 10 index22 september 1997 = 100. covers 10 stocks.index is based on free-float and is calculated by the exchange.

NASDAQ OMX (US): NASDAQ 100 31 January 1985 = 125. covers 100 stocks. index is based on domestic market capitalization and is calculated by the exchange.

NASDAQ OMX Nordic Exchange: Nordic 40 - PI 28 december 2001 = 1 000. covers 40 stocks. index is based on domestic market capitalization.

National Stock Exchange of India: CNX Nifty3 november 1995 = 1 000. covers 50 stocks.index is based on free-float and is calculated by india index services & products ltd.


NYSE Euronext (US): NYSE US 100december 2002 = 10 000. covers 100 stocks.index is based on free float and is calculated by the exchange.

NYSE Euronext Amsterdam: AEX 25 2 January 1983 = 45.38. covers 25 stocks. index is based on free float and is calculated by the exchange.

NYSE Euronext Brussels: BEL 2012 december 1990 = 1 000. covers 20 stocks.index is based on free float and is calculated by the exchange.

NYSE Euronext Lisbon: PSI 2031 december 1992 = 3 000. covers 20 stocks.index is based on free float and is calculated by the exchange.

NYSE Euronext Paris: CAC 4012 december 1987 = 1 000. covers 40 stocks.index is based on free float and is calculated by the exchange.

Osaka Securities Exchange: 250 Adjusted Stock Price Averagecovers 250 stocks listed on the 1st section.

Oslo Børs: OBX Index1 January 1996 = 77.99. covers 25 stocks.index is based on free float and is calculated by the exchange.

Shanghai Stock Exchange: SSE 180 Index28 June 2002 = 3 299.06. covers 180 stocks.index is based on free float and is calculated by china security index company.

Shenzhen Stock Exchange: SZSE 100 Index31 december 2002 = 1 000. covers 100 stocks.index is based on free float and is calculated by shenzhen securities information co., ltd.

SIX Swiss Exchange: Swiss Market Index (SMI)30 June 1988 = 1 500. covers 20 stocks.index is based on domestic market capitalization. it is calculated by the exchange.

Stock Exchange of Mauritius: SEM-727 March 1998 = 100. covers 40 stocks..index is based on domestic market capitalization.

Stock Exchange of Thailand: SET 50 Index16 august 1995 = 100. covers 50 stocks.index is based on domestic market capitalization.

Taiwan Stock Exchange: FTSE TWSE Taiwan 50 Index30 april 2002 = 5 000. covers 50 stocks.index is based on free float and is calculated by the exchange.

Tel-Aviv Stock Exchange: TA-2531 december 1991 = 100. covers 25 stocks.index is based on free float and is calculated by the exchange.

TMX Group: S&P/TSX 60covers 60 stocks.index is based on market capitalization and is calculated by standard and poor’s.

Tokyo Stock Exchange Group: TOPIX Core 301 april 1998 = 100. covers 30 stocks.index is based on free float and is calculated by the exchange.

Warsaw Stock Exchange: WIG 20 Index16 april 1994 = 1 000. covers 20 stocks.index is based on free float and is calculated by the exchange.

Wiener Börse AG: ATX - Austrian Traded Index2 January 1991 = 1 000. covers 20 stocks.index is based on free float and is calculated by the exchange.

Indicator 4.3 – dividends

dividends distributed by domestic listed companies, indicated in this table, cover ordinary and special cash dividends. in case that a company has been delisted during the year but has paid a dividend during the period, it is included in the numbers.

the gross and net dividend yields are calculated by dividing the total amount of dividends paid by the whole domestic market capitalization of the market segment concerned. the gross dividend paid and its related yield are calculated before investor income tax payment on dividend earned; the net dividend paid and its related yield are calculated after tax.

Indicators 4.4 - price earning ratio, inflation rate

a. Price earning ratio

Definition

the per is calculated by dividing the market capitalization by the total market earnings. it concerns stocks included in the main index of the stock exchange, when possible.


Example

For company a, if Mv is the market value and e earnings based on last published accounts, we have:

per = Mve

in order to calculate a per for the whole market, we recommend using a broad index sample and cumulated values for the sample.

For example, let suppose: j = 1, n companies of a broad index,Mv

j: market value of company j at year end t,

ej earnings (possibly losses) of company j based on last published accounts

We have:

j=n

∑ Mvj

per = j=1

j=n

∑ e j

j=1

companyprice outstanding shares Market value

earnings or losses per

as of year-end t last published accounts

a 10 1 000 10 000 800 12.50

B 5 100 000 500 000 30 000 16.67

c 20 50 000 1 000 000 -1 000 -

d 25 500 000 12 500 000 900 000 13.89

e 50 35 000 1 750 000 100 000 17.50

total 15 760 000 1 029 800 15.30

PER = 15.3

b. Inflation rate

the inflation rate is the measure of the rate of increase of in the consumer price index. it is the percentage rate of change in price level over the year.

Indicators 4.5 – Interest rates

short term interest rates are represented by the 3-month money market rate or inter Bank offered interest rate (iBor) at year-end.

long term interest rates are represented by the yield on the current 10-year government bonds at year-end.

Indicators 4.6 - stock markets’ significance in the national economy

these indicators compare the exchange’s market capitalization to the national gross domestic product (gdp).

gdp figures are taken from the international Monetary Fund’s statistics.


5. alternative / smE markets

alternative / sMe markets operated by the exchange are usually dedicated to medium and small businesses; listing requirements are different from those of the main market. otc markets, or national electronic markets, not operated and supervised by a recognized exchange are not included in the statistics.

the items described in the tables of this section have the same definitions and examples than those presented in the equity and indicators sections above.

alternative & smE 5.6 – alternative / smE stock market indexes

Athens Exchange: ATHEX Alternative Market Price Index16 February 2009 = 5 000. covers 14 stocks.

Bolsa de Valores de Lima: Indice de Juniors28 december 2007 = 100. covers 11 stocks.

Bursa Malaysia: FBM ACE Index2006 = 6 000. covers 112 stocks.

Cyprus Stock Exchange: ECM Index CSE10 august 2010: 1 000.

Deutsche Börse: Entry All Share24 october 2005 = 1 000. covers 183 stocks.

Hong Kong Exchanges: S&P/HKEx GEM Index28 February 2003 = 1 000. covers 71 stocks.

Irish Stock Exchange: ESM Index31 december 2008 = 1 000. covers 22 stocks.

İMKB: İMKB Second National27 december 1996 = 976. covers 58 stocks.

Johannesburg Stock Exchange: FTSE/JSE Alternative Exchange Index03 april 2006 = 2000. covers 51 stocks.

Johannesburg Stock Exchange: FTSE/JSE Venture Capital Index21 June 2002 = 119.06. covers 3 stocks.

Johannesburg Stock Exchange: FTSE / JSE Development Capital Index3 april 2006 = 208.07. covers 2 stocks.

Korea Exchange: Kosdaq Index1 July 1996 = 1 000. covers 993 stocks.

London Stock Exchange Group: AIM All Share Index16 May 2005 = 1 000.

NASDAQ OMX Nordic Exchange: First North All-Share EUR2 october 2006 = 110. covers 125 stocks

NYSE Euronext (Europe): Alternext All-Share Index30 december 2005 = 1 000. covers 178 stocks at year-end.

Osaka Securities Exchange: JASDAQ Index28 october 1991 = 100. covers all stocks listed on Jasdaq

Oslo Børs: Oslo Axess2 May 2007 = 100.

Shenzhen Stock Exchange: Chinext Composite Index31 May 2010 = 1 000. covers 355 stocks.

Singapore Exchange: FTSE ST Catalist index22 June 2009 = 1 000. covers 130 stocks.

Stock Exchange of Mauritius: DEMEX4 august 2006 = 100. covers 44 stocks.

Stock Exchange of Thailand: mai Index2 september 2002 = 100. covers 81 stocks.

TMX Group: S&P/TSX Venture CompositeBase number: 500. covers 411 stocks.

Tokyo Stock Exchange: Mothers Index12 september 2003 = 100. covers 172 stocks.

Warsaw Stock Exchange : NCIndex30 august 2007 = 100. covers 270 stocks.

6. othEr markEts

the items described in the tables of this section have the same definitions and examples than those presented in the equity, Fixed-income and indicators sections above.

other markets 6.7 - broad stock market indexes

Bahrain Bourse: Bahrain All Share Index1 July 2002 – 31 december 2002 = 2 761 931.4. covers 40 stocks.


Banja Luka Stock Exchange: BIRS (Stock Exchange Index of the Republic of Srpska)1 May 2004 = 1 000. covers 20 stocks.

Barbados Stock Exchange: BSE Local Index1 January 1988 = 1000. covers 18 stocks.

Belgrade Stock Exchange: BELEXline30 september 2004 = 1 000. covers 59 stocks.

Bratislava Stock Exchange: SAX Index14 september 1993 = 100.

BRVM: BRVM Composite15 september 1998 = 100. covers 37 stocks.

Bucharest Stock Exchange: BET-C16 april 1998 = 1 000. covers 72 stocks.

Bulgarian Stock Exchange: BG4031 January 2005 = 100. covers 40 stocks.

Chittagong Stock Exchange: CASPI (CSE All Share Price Index)30 december 1999 = 1 000. covers 208 stocks.

Dhaka Stock Exchange: DGEN.24 november 2001 = 817.63. covers 224 stocks.

Dubai Financial Market: DFMGI31 december 2003: 1 000. covers 32 stocks.

Ghana Stock Exchange: GSE Composite Index31 december 2010 = 1 000. covers 35 stocks.

Hanoi Stock Exchange: HNX-Index14 July 2005 = 100.

HoChiMinh Stock Exchange: VN Index28 July 2000 = 100. all shares covered.

Jamaica Stock Exchange: JSE Index31 december 2012: 6 398 968.1. covers 33 stocks.

Karachi Stock Exchange = KSE 100 Indexnovember 1991 = 1 000. covers 100 top market cap companies.

Kazakhstan Stock Exchange: KASE Index28 september 2007 = 2 545.79. covers approx. 9 stocks.

Koweit Stock Exchange: All Share Price Index31 december 1986 = 1 000. all listed stocks.

Lusaka Stock Exchange: LuSE All Share Index (LASI)2 January 1997 = 100.

Lybian Stock Market: LYX

Montenegro Stock Exchange: MONEX201 March 2003 = 1000. covers 20 stocks.

Nairobi Stock Exchange: NSE 20 Share Index1966 = 100. covers 20 stocks.

Namibian Stock Exchange: NSX Overall Index30 september 1992 = 100. covers 26 stocks.

National Stock Exchange (Costa Rica): Indice Accionario BNV2 February 1995 = 1 000. covers all stocks.

Nigerian Stock Exchange: NSE All-Share Index3 January 1984 = 100. covers 183 stocks.

Palestine Exchange: Al-Quds Index8 July 1997 = 100. covers 15 stocks.

Panama Stock Exchange: BVPSIdecember 2002 = 100. covers 11 stocks.

PFTS Stock Exchange: PFTS Index1 october 1997 = 100.

Port Moresby Stock Exchange: Kina Securities Index (Ksi)2 January 2001 = 1 000. covers 18 stocks.

Qatar Exchange: QE Index.31 december 1999 = 1 000. covers 20 stocks.

Tunis Stock Exchange – TUNINDEX (All share)31 december 1997 = 1000. covers 58 stocks.

Ukrainian Exchange – UX Index26 March 2009 = 500. covers 10 stocks.

Zagreb Stock Exchange: CROBEX1 July 1997 = 1 000. covers 25 stocks.

T: +33 (0) 1 58 62 54 00 F: +33 (0) 1 58 62 50 48 E: [email protected] www.world-exchanges.org

WFE2012 Final

Documents

exchange environment

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colombia bolsa

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