wfe 2009 domestic market segmentation survey · increased to 76% v. 67% in 2008. interesting to...

WFE 2009 domestic market

segmentation survey

October 2010

• Determine the weight of each of the following four tiers (large, medium, small, micro

market cap segments) in each single exchange in terms of market capitalization, number

of listed companies, share trading value and number of trades

• Identify the segments which contribute the most to exchange business and revenues

• Analyze the liquidity of each segment, using the turnover velocity ratio

• In the following slides, results are displayed at:

1. WFE global level

2. regional levels, as well as

3. for each individual member who has answered the survey questionnaire

Objectives of the survey

Domestic market cap was split into listed companies classes according to their relative size and

thresholds into 4 segments:

1 - Large market cap segment: domestic companies with a market cap over USD 1.3 bn

2 - Mid market cap segment: domestic companies with a market cap comprised between USD

200 m and 1.3 bn

3 - Small market cap segment: domestic companies with a market cap comprised between USD

65 m and 200 m

4 – Micro market cap segment: domestic companies with a market cap less than USD 65 m

The same threshold levels were kept for this third survey

Methodology (1)

In addition to the number of domestic listed companies, 3 other market indicators were also

distributed according to these 4 segments:

1. number of domestic listed companies

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

3. number of trades of domestic shares on EOB

• Turnover velocities were calculated by using the yearly average ratio between domestic share

trading value of each segment and its relative market cap

1

Methodology (2)

2

Study is based on 45 answers received from the following members:

Americas

• Bermuda SE

• BM&FBOVESPA

• Buenos Aires SE

• Lima SE

• Mexican Exchange

• NASDAQ OMX

• NYSE Euronext US

• Santiago SE

• TSX Group

Asia - Pacific

• Bursa Malaysia

• Colombo SE

• Hong Kong Exchanges

• Indonesia Exchange

• Korea Exchange

• Osaka SE

• Philippine SE

• Shanghai SE

• Singapore Exchange

• Taiwan SE Corp.

• Thailand SE

• Tokyo SE

EMEA

• Amman SE

• Athens Exchange

• BME

• Borsa Italiana

• Budapest SE

• Cyprus SE

• Deutsche Börse

• Egyptian Exchange

• Irish SE

• Istanbul SE

• Johannesburg SE

• Ljubljana SE

• London SE

• Luxembourg SE

• Mauritius SE

• MICEX

• NYSE Euronext Europe

• Oslo Bors

• Saudi Stock Market

• SIX Swiss Exchange

• Tehran SE

• Tel Aviv SE

• Warsaw SE

• Wiener Börse

Segmentation of market cap at WFE level

• With no surprise, market cap of WFE exchanges was by far dominated by the large market cap

companies (74% in 2009) up from 67% recorded in 2008. This surge was due to the strong

recovery in global markets in 2009 (+46% in USD terms in WFE total market cap)

• The 3 other segments experienced a reduction of their share with the mid companies segment

suffering the most, receding from 21% to 16%

Segmentation of listing at WFE level

• Listing of domestic companies on WFE exchanges was dominated by micro cap companies which

represented 48% in 2009 against 58% in 2008, getting back to its level registered in 2007 (46%);

the number of large companies was the lowest with 13% in 2009 v. 8% in 2008

• The core of listing remained dominated by small & micro cap companies representing all together

64%

Segmentation of share turnover at WFE level

• In a general context of reduction of share trading activity in 2009 (-30% in share trading value at

WFE global level in USD terms), 67% of domestic share trading was generated by large cap

company stocks versus 64% in 2008

• Despite the surge of the large segment trading, it is worthwhile mentioning the strong resilience of

small and micro company stocks trading as they remarkably succeeded in maintaining their share

in trading value at the same level registered in 2008 (6% for micro – 7.5% for small caps)

Main findings

Segmentation of number of trades at WFE level

• Trading of large companies generated the largest number of trades (57%), a significant increase

from 2008 (47%) which followed the rise in its share in total trading value

• As last year, the relatively high number of trades generated by the micro cap (12%), small (8%)

and mid cap segments should be mentioned, although experiencing a small slowdown

Segmentation in Americas region

• Following the general improvement in market cap in 2009, the large cap segment represented

74% of total market cap against 69% in 2008, the highest percentage across the 3 regions (for

example, NYSE Euronext US domestic market cap was composed of 97% of large companies).

As noted last year: less importance of small & micro cap segments than in the 3 other regions

• In trading value: the preeminence of large cap shares trading regained space after being

somewhat contested by the crisis in 2008. With 62% in 2009, it remained well below its pre-crisis

level at 78% in 2007

Segmentation in Asia-Pacific region

• The change in the distribution of market cap by segments between 2009 & 2008 was less

significant than at WFE or Americas levels. Despite the increase in the weight of the large

segment (representing 70% of total), the other market segments kept more or less the same

proportion (20% for the mid cap segment, 5% and 4% for the small and micro ones respectively

Main findings (cont. 1)

Segmentation in Asia-Pacific region (cont.)

• In the segmentation of listed companies, 2 trends could be observed in 2009: an increase in large

cap segment to almost 10% v. 5.6% in 2008 and a strong rise in mid cap segment to 30% v. 19%

in 2008. This evolution could be linked to the economic development of the region where

companies tend to get bigger

• In trading value segmentation: it is interesting to note the relative stability of all segments at their

levels registered in 2008. Contrary to other regions, the large cap segment has not increased its

share in total trading (and even slightly receded) with 58% compared to 60% in 2008.

• Finally, when looking at the number of trades segmentation, it is interesting to note 2 features: the

relatively small number of trades generated by large cap trading (36% v. 57% at WFE level, 70%

in Americas, and 64% in EMEA); secondly, the high number of trades generated by mid, small &

micro segments which all combined represented 63% of trades

Segmentation in EMEA

• The surge in global market cap has mostly benefited to the large cap segment whose weight

increased to 76% v. 67% in 2008. Interesting to note too is the strong resilience of the micro cap

segment (5.1% in 2009 against 5.5% in 2008).

• The segmentation of the number of companies revealed two interesting facts: the sharp increase

in large cap segment to 13% from 7.5% in 2008, and the decline of the micro cap segment,

although still representing more than half listings in the region

• The segmentation of share trading shows that the large cap segment represented 73% of total in

2009, an increase on 68% of 2008. Small and micro cap segments managed to keep their share

in trading at 7% both while the mid cap segment receded to 14% of total against 19% in 2008

Main findings (cont. 2)

The rise in market cap in 2009 (+46% in USD) has pushed up again the large market cap segment in

all areas

• domestic market cap

• number of domestic listed companies

• share trading value

• number of trades

Meanwhile, this surge in large cap segment has not affected the share of the small & micro cap ones

which showed a strong resilience especially visible in their importance in trading value and number of

trades

These effects can be observed in all regions across WFE, although with varying intensity

In general, and logically, big exchanges had a higher part of their market capitalization composed of

the large segment ; this is also true for the number of companies, trading and number of trades. In

addition, they had the widest distribution among the four segments in terms of listings

Turnover velocity ratios have experienced a large shift between 2008 & 2009 : in general, velocity

ratios show that the most capitalized segments have not always the largest velocities (example : the

small cap segment)

Turnover velocities are differing between regions confirming the varying focus put on large, mid, small

and micro caps companies even if common features can be found

While in 2008, turnover velocities of mid, small, micro caps were very important, in 2009 the velocity of

larger cap segments regained some ground

General conclusions

Distribution of domestic market capitalization at WFE level by market segment

(average data)

66,9%

20,7%

7,1%5,4%

In 2008

Large cap

Mid cap

Small cap

Micro cap74,3%

16,0%

5,4%

4,3%

In 2009

Large cap

Mid cap

Small cap

Micro cap

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

segment (average data)

7,7%

18,5%

16,1%

57,7%

In 2008

Large cap

Mid cap

Small cap

Micro cap

13,0%

23,0%

16,2%

47,7%

In 2009

Large cap

Mid cap

Small cap

Micro cap

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

(average data)

63,7%

23,0%

7,3%6,0%

In 2008

Large cap

Mid cap

Small cap

Micro cap

66,5%

20,0%

7,6%

5,9%

In 2009

Large cap

Mid cap

Small cap

Micro cap

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

segment (average data)

47,2%

25,7%

10,3%

16,8%

In 2008

Large cap

Mid cap

Small cap

Micro cap

56,9%22,4%

8,4%

12,3%

In 2009

Large cap

Mid cap

Small cap

Micro cap


segmentation survey

Americas

October 2010

Distribution of domestic market capitalization and number of companies by market

segment at Americas region level (average data)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large cap Mid cap Small cap Micro cap

Domestic market capitalization distribution by segment

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Number of domestic companies listed by segment

Distribution of domestic share trading (EOB) and number of trades by market segment at

Americas region level (average data)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Domestic share trading distribution by segment

Notes :

Domestic share trading distribution is not available for TSX

Number of trades distribution is not available for Bermuda SE, Buenos Aires SE and TSX

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Number of equity trades by segment

Distribution by market segment at Americas region level (average data)

74,2%

15,6%

8,4%1,9%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment

17,5%

23,4%

17,7%

41,4%


61,9%

22,8%

11,8%3,6%

Domestic share trading (EOB) by segment

69,5%

23,2%

3,1%4,3%

Number of domestic equity trades (EOB) by segment

73,8% 72,7%

88,7%

46,3%

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

100%

Turnover velocity by segment

Bermuda Stock Exchange

0,0%

35,3%

56,4%

8,3%

Large cap

Mid cap

Small cap

Micro cap


0,0% 6,3%

25,0%

68,8%


0,0%

22,4%

70,4%

7,2%


0,0%

5,0%

9,8%

6,8%

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

10%


BM&FBOVESPA

93,7%

5,8% 0,4% 0,2%

Large cap

Mid cap

Small cap

Micro cap


28,8%

33,8%

11,2%

26,2%


92,3%

6,5% 0,9% 0,3%


86,7%

11,1%1,1% 1,0%


52,1% 59,6%

112,3%

100,5%

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

100%110%120%130%


Buenos Aires Stock Exchange

67,7%

24,5%

6,2% 1,6%

Large cap

Mid cap

Small cap

Micro cap


8,3%

19,8%

24,0%

47,9%


35,2%

53,5%

7,4%3,9%


1,6%

6,5%

3,6%

7,2%

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

10%


Lima Stock Exchange

68,6%

23,3%

4,9% 3,2%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment5,1%

13,8%

15,9%

65,1%


26,5%

50,6%

11,0%

11,9%


29,6%

47,8%

6,2%

16,4%


1,6%

9,0%9,3%

15,4%

0%

2%

4%

6%

8%

10%

12%

14%

16%


Mexican Stock Exchange

91,3%

7,9% 0,6% 0,2%

Large cap

Mid cap

Small cap

Micro cap


31,2%

36,8%

13,6%

18,4%


74,5%

23,8%

1,0% 0,6%


56,4%

39,1%

3,1% 1,4%


18,3%

67,3%

40,2%

84,8%

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

100%


NASDAQ OMX US

83,5%

13,6%

2,1% 0,7%

Large capMid capSmall capMicro cap


11,6%

33,8%22,5%

32,1%


85,1%

9,0%1,9%

4,0%


77,3%

14,8%

2,7%5,2%

Number of domestic equity trades (EOB) by

NYSE Euronext US

97,6%

2,3% 0,1% 0,0%

Large cap

Mid cap

Small cap

Micro cap


50,7%

29,7%

9,6%

10,1%


95,5%

4,2% 0,3% 0,1%


88,5%

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


Santiago Stock Exchange

82,7%

14,7%

2,0% 0,6%



17,2%

25,9%

15,1%

41,8%


86,0%

12,2%1,5% 0,3%


78,2%

15,4%4,6% 1,7%


16,7%

13,3% 11,7%

8,9%

0%2%4%6%8%

10%12%14%16%18%20%


TSX Group

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

82,4%

12,9%

2,4% 2,4%

Large cap

Mid cap

Small cap

Micro cap


4,2%

10,4%

22,8%

62,5%



segmentation survey

Asia - Pacific

October 2010

Distribution of domestic market capitalization and number of companies by market

segment at Asia-Pacific region level (average data)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Domestic market capitalization distribution by segment

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Distribution of domestic share trading (EOB) and number of trades by market segment at

Asia-Pacific region level (average data)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Domestic share trading distribution by segment

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Number of equity trades distribution by segment

Note :

Number of trades distribution is not available for Bursa Malaysia, SGX and Tokyo SE

Distribution by market segment at Asia Pacific region level (average data)

70,3%

20,0%

5,3% 4,4%

Large cap

Mid cap

Small cap

Micro cap


9,7%

29,4%

16,8%

44,1%


58,3%

29,8%

5,9%5,9%


36,8%

35,8%

10,3%

17,1%


67,9%

120,2%130,8%

68,3%

0%

20%

40%

60%

80%

100%

120%

140%

160%


Bursa Malaysia

70,3%

19,0%

5,9%4,8%

Large cap

Mid cap

Small cap

Micro cap


4,1%11,8%

15,0%

69,1%


56,1%

22,8%

11,9%

9,2%


21,6%

32,6%

54,2% 51,7%

0%

10%

20%

30%

40%

50%

60%

70%


Colombo Stock Exchange

0,0%

48,3%

22,9%

28,7%

Large cap

Mid cap

Small cap

Micro cap


0,0% 4,8%8,3%

87,0%


0,0%

39,9%

19,4%

40,7%


0,0%11,9%

12,9%

75,2%


0,0%

10,8% 11,0%

18,5%

0%2%4%6%8%

10%12%14%16%18%20%


Hong Kong Exchanges

89,9%

7,9%1,7% 0,5%



16,8%

26,4%

25,3%

31,5%


85,8%

11,2%2,2% 0,8%


71,8%

20,5%

5,1% 2,5%


58,5%

86,9%79,9%

93,2%

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

100%110%


Indonesia Exchange

77,3%

16,7%

3,7% 2,2%

Large cap

Mid cap

Small cap

Micro cap


7,5%

17,6%

17,3%

57,5%

Number of domestic listed companies by segment

66,8%

27,4%

3,8% 2,0%


36,5%

39,1%

9,6%

14,9%


41,7%

79,1%

48,9%42,3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%


Korea Exchange

78,3%

21,7%

0,0% 0,0%

Large cap

Mid cap

Small cap

Micro cap


5,7%

94,3%

0,0% 0,0%


10,1%

89,9%

0,0% 0,0%


29,5%

70,5%

0,0% 0,0%


Osaka Securities Exchange

72,3%

15,6%

7,1%5,1%

Large cap

Mid cap

Small cap

Micro cap


10,7%

20,2%

65,2%


82,1%

9,7%5,7% 2,5%


34,0%

22,3%

27,5%

16,1%


113.1%

62.1%

81.0%

48.5%

0%

20%

40%

60%

80%

100%

120%

140%


Philippine Stock Exchange

61,2%

28,8%

6,4% 3,6%

Large cap

Mid cap

Small cap

Micro cap


17,1%

19,1%57,3%


57,6%

34,1%

3,9% 4,4%


29,6%

39,2%

13,1%

18,1%


15,6%

19,7%

10,0%

20,6%

0%

5%

10%

15%

20%

25%

30%


Singapore Exchange

80,5%

13,9%

3,6% 2,0%

Large cap

Mid cap

Small cap

Micro cap


8,9%

16,1%

22,4%52,5%


70,9%

14,6%

10,0%4,5%


70,4% 83,8%

220,3%

180,6%

0%20%40%60%80%

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


Shanghai Stock Exchange

87,0%

12,8% 0,2% 0,0%



29,3%

65,4%

4,1% 1,1%


63,7%

35,3%

0,6% 0,4%


54,5%

44,1%

0,9% 0,5%


137,4%

517,4%572,8%

0,0%0%

100%

200%

300%

400%

500%

600%


Taiwan Stock Exchange Corp.

72,9%

22,2%

4,2% 0,8%

Large cap

Mid cap

Small cap

Micro cap


11,1%

41,0%

30,0%

17,9%


54,1%

38,7%

6,5% 0,7%


40,4%

46,4%

11,3% 1,9%


104,8%

246,2%218,2%

129,8%

0%

50%

100%

150%

200%

250%

300%


Stock Exchange of Thailand

69,1%

20,3%

5,7%4,9%

Large cap

Mid cap

Small cap

Micro cap


66,2%

22,3%

5,8%5,8%


5,0%

14,0%

15,5%

65,4%


35,1%

28,6%11,8%

24,4%


68,9%78,7%

72,0%

86,2%

0%

20%

40%

60%

80%

100%


Tokyo Stock Exchange

85,1%

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

Large cap

Mid cap

Small cap

Micro cap


17,5%

33,6%

24,4%

24,4%


86,9%

11,5%1,3% 0,4%

Domestic equity trading (EOB) by segment

115,1%104,5%

70,4%79,5%

0%

20%

40%

60%

80%

100%

120%

140%


October 2010


segmentation survey

Europe Middle East Africa

Distribution of domestic market capitalization by market segment at EMEA exchanges

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Distribution of domestic listed companies by market segment at EMEA exchanges

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Distribution of domestic share trading (EOB) by market segment at EMEA exchanges

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Distribution of domestic equity trades (EOB) by market segment at EMEA exchanges

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Distribution by market segment at EMEA region level (average data)

61,4%

17,0%

9,1%

12,4%


72,8%

13,7%

6,9%6,5%

Domestic equity trading (EOB) by segment

57,3% 50,7%

289,8%

68,0%

0%

50%

100%

150%

200%

250%

300%


12,6%

19,4%

15,2%

52,7%


76,2%

14,5%

4,3% 5,1%

Large cap

Mid cap

Small cap

Micro cap


Amman Stock Exchange

61,9%

14,6%

11,9%

11,6%

Large cap

Mid cap

Small cap

Micro cap


1,9% 5,3%12,9%

79,8%


9,9%

11,4%

27,3%51,5%

Domestic share trading by segment

5,2%8,6%

20,0%

66,2%


6,8%

33,4%

98,3%

191,0%

0%20%40%60%80%

100%120%140%160%180%200%


Athens Stock Exchange

71,6%

20,8%

3,7% 3,8%

Large cap

Mid cap

Small cap

Micro cap


15,8%

11,2%

66,7%


84,3%

10,5%3,4% 1,8%


60,0%

20,2%

9,4%

10,5%


62,0%

26,5%

48,5%

24,0%

0%

10%

20%

30%

40%

50%

60%

70%


BME Spanish Exchanges

94,4%

3,0%0,5% 2,0%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment2,3% 2,4%

2,0%

93,4%


97,4%

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


89,7%

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


92,0%

44,2%

22,6%

40,9%

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

100%


Borsa Italiana

92,3%

6,2% 1,2% 0,4%

Large cap

Mid cap

Small cap

Micro cap


22,9%

29,9%22,9%

24,3%


96,8%

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


85,8%

10,1%2,7% 1,3%


147,6%

57,8% 60,6% 63,9%

0%

20%

40%

60%

80%

100%

120%

140%

160%


Budapest Stock Exchange

86,0%

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

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment 9,5%

11,9%

14,3%

64,3%


96,5%

1,8% 0,5% 1,2%


86,7%

4,4%1,9% 7,0%


101,6%

17,0% 21,2%

55,4%

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

100%110%


Cyprus Stock Exchange

65,8%

5,0%

14,6%

14,6%

Large cap

Mid cap

Small cap

Micro cap


1,6% 0,8%11,6%

86,0%


73,7%

12,8%

4,5%8,9%


59,4%

14,8%

7,9%

17,9%


19,7%

44,9%

5,5%10,7%

0%

10%

20%

30%

40%

50%

60%


Deutsche Börse

91,1%

6,4%1,6% 0,9%

Large cap

Mid cap

Small cap

Micro cap


10,9%

14,2%

16,6%

58,3%


95,4%

3,9%0,4% 0,3%


86,5%

10,3%1,6% 1,6%


101,9%

59,1%

23,7%32,3%

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

100%110%120%


Egyptian Exchange

55,2%

31,8%

8,8%4,2%

Large cap

Mid cap

Small cap

Micro cap


5,4%

18,6%

22,1%53,8%


42,5%

19,5%

20,2%

17,8%


16,5%

22,4%

34,3%

26,9%


45,6% 36,4%

136,5%

252,3%

0%20%40%60%80%

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


Irish Stock Exchange

86,3%

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

Large cap

Mid cap

Small cap

Micro cap


26,4%

24,5%18,9%

30,2%


93,4%

5,8% 0,5% 0,3%


86,4%

11,2%1,1% 1,3%


18,3%

8,9%

4,2%

9,8%

0%

5%

10%

15%

20%

25%


Istanbul Stock Exchange

80,2%

18,0%

0,3% 1,4%

Large cap

Mid cap

Small cap

Micro cap


9,8%

25,1%

19,7%

45,4%


57,8%

25,9%

10,4%5,9%


21,8%

28,5%21,1%

28,5%


98,8% 197,5%

4502,6%

571,9%

0%

1000%

2000%

3000%

4000%

5000%


Johannesburg Stock Exchange

97,8%

1,9% 0,2% 0,1%

Large cap

Mid cap

Small cap

Micro cap


39,4%

26,1%

16,7%

17,8%


99,5%

0,4% 0,1% 0,0%


99,4%

0,5% 0,1% 0,0%


67,2%

14,8% 17,1%8,7%

0%

10%

20%

30%

40%

50%

60%

70%

80%


Ljubljana Stock Exchange

26,8%

49,6%

12,9%

10,6%

Large cap

Mid cap

Small cap

Micro cap


1,3% 10,1%

10,1%

78,5%


29,4%

41,6%

24,5%

4,4%


37,3%

26,8%

17,8%

18,1%


9,3%7,1%

16,2%

3,6%

0%2%4%6%8%

10%12%14%16%18%20%


London Stock Exchange

91,0%

6,7%1,5% 0,8%

Large cap

Mid cap

Small cap

Micro cap


17,4%

17,0%56,1%


96,8%

3,0% 0,1% 0,0%


90,7%

8,8% 0,4% 0,1%


63,5%

26,9%

5,9% 2,9%

0%

10%

20%

30%

40%

50%

60%

70%


Luxembourg Stock Exchange

93,6%

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

Large cap

Mid cap

Small cap

Micro cap


16,1%

41,9%3,2%

38,7%


73,2%

22,8%

3,2% 0,9%


59,8%

37,9%

0,3% 2,0%


0,2%1,0%

8,0%

1,5%

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

10%


Mauritius Stock Exchange

0,0%

51,9%22,8%

25,3%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment 0,0% 6,9%

14,9%

78,2%


0,0%

59,1%26,5%

14,4%


0,0%

42,8%

24,5%

32,6%

Number of domestic equity trades by segment

0,0%

7,3% 7,4%

3,6%

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

10%


MICEX

93,3%

5,9% 0,6% 0,1%

Large cap

Mid cap

Small cap

Micro cap


22,6%

29,1%15,4%

32,9%


97,9%

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


92,3%

5,1%1,6% 1,1%


65,0%

17,0%

33,4%

44,6%

0%

10%

20%

30%

40%

50%

60%

70%


NYSE Euronext Europe

93,6%

5,1% 0,9% 0,4%

Large cap

Mid cap

Small cap

Micro cap


18,4%

23,7%

19,6%

38,3%


95,5%

0,3%3,8% 0,4%


87,9%

1,4%

9,3% 1,3%


70,3%

4,3%

292,6%

64,7%

0%

50%

100%

150%

200%

250%

300%


Oslo Børs

82,9%

13,5%

2,7% 0,9%

Large cap

Mid cap

Small cap

Micro cap


10,0%

26,8%

26,3%

36,8%


91,1%

7,9% 0,6% 0,5%


80,2%

15,6%

2,2% 1,9%


90,6%

47,8%

18,9%

42,6%

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

100%


Saudi Stock Market - Tadawul

89,5%

8,8% 1,7% 0,0%

Large cap

Mid cap

Small cap

Micro cap


28,9%

43,0%

28,1%

0,0%


47,4%

30,9%

21,7%0,0%


31,0%

38,9%

30,2%

0,0%


55,7%

369,6%

1329,5%

0,0%0%

100%200%300%400%500%600%700%800%900%

1000%1100%1200%1300%1400%


SIX Swiss Exchange

94,5%

4,8% 0,6% 0,1%

Large cap

Mid cap

Small cap

Micro cap


26,5%

37,7%

19,8%

16,0%


97,8%

2,0% 0,1% 0,0%


93,7%

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


73,2%

29,4%

16,9% 13,1%

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

100%


Tehran Stock Exchange

52,5%

13,8%

1,3%

32,4%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment3,9% 4,2%

1,5%

90,5%


30,6%

25,7%6,7%

37,0%


27,4%

29,8%6,2%

36,5%


16,8%

53,6%

145,0%

32,9%

0%

20%

40%

60%

80%

100%

120%

140%

160%


Tel Aviv Stock Exchange

71,5%

19,7%

4,5%4,3%

Large cap

Mid cap

Small cap

Micro cap


4,3%13,1%

12,7%

69,9%


72,6%

20,3%

4,0% 3,1%


49,7%

29,8%

9,2%

11,4%


42,2% 42,8%37,2%

29,9%

0%

10%

20%

30%

40%

50%

60%


Warsaw Stock Exchange

72,6%

18,7%

4,9%3,8%

Large cap

Mid cap

Small cap

Micro cap


13,2%

13,7%

68,2%


76,1%

11,6%

5,9%6,4%


39,5%

16,2%

15,4%

28,8%


77,9%

46,1%

90,0%

125,2%

0%

20%

40%

60%

80%

100%

120%

140%


Wiener Börse

83,2%

13,5%2,0% 1,4%

Large cap

Mid cap

Small cap

Micro cap


20,6%

24,7%

13,4%

41,2%


92,2%

7,1% 0,5% 0,2%


87,0%

11,3%1,0% 0,6%


50,0%

23,7%

12,4%7,2%

0%

10%

20%

30%

40%

50%

60%


wfe 2009 domestic market segmentation survey · increased to 76% v. 67% in 2008. interesting to...

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