WFE 2008 Domestic market segmentation survey

WFE 2008 Domestic market

segmentation survey

October 2009

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

market caps) in each single exchange in terms of market capitalization, number of listed

companies, share trading value and number of trades

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

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

• In the following slides, results are displayed at:

1. WFE global level

2. regional levels, as well as

3. for each individual member who has answered the questions

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 second survey.

Important change in the methodology between the previous survey: only EOB trading was

considered for 2008 while total trading was used for the first study

Methodology (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 share trading

value of each segment and its relative market cap

1

Methodology (2)

2

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

Americas

• Bermuda SE

• BM&FBOVESPA

• Buenos Aires SE

• Lima SE

• Mexican Exchange

• NASDAQ OMX

• NYSE Euronext US

• Santiago SE

• TSX Group

Asia - Pacific

• Bombay SE

• Bursa Malaysia

• Colombo SE

• Hong Kong Exchanges

• Indonesia Exchange

• Korea Exchange

• NSE of India

• New Zealand Exchange

• Osaka SE

• Philippine SE

• Shanghai SE

• Singapore Exchange

• Taiwan SE Corp.

• Thailand SE

• Tokyo SE

EMEA

• Amman SE

• Athens Exchange

• BME

• Borsa Italiana

• Budapest SE

• Cyprus SE

• Deutsche Börse

• Egyptian Exchange

• Irish SE

• Istanbul SE

• Johannesburg SE

• Ljubljana SE

• London SE

• Luxembourg SE

• Malta SE

• Mauritius SE

• NASDAQ OMX Nordic Ex.

• NYSE Euronext Europe

• Oslo Bors

• SIX Swiss Exchange

• Tel Aviv SE

• Warsaw SE

• Wiener Börse

Segmentation of market cap at WFE level

• Logically, market cap of WFE exchanges was dominated by the large market cap segment (67%

in 2008) down from 75% in 2007, reflecting the effect of the crisis

• Second relevant point to be noted: more than half listings (micro cap companies – 58%)

represented only 5.4% of total market cap

Segmentation of listing at WFE level

• Number of micro cap domestic companies listed on WFE exchanges was by far the largest (58%

in 2008) while the number of large market cap companies was the lowest (8%)

• The core of listing was composed of small and micro cap companies (74%) while mid-sized

companies registered a quite stable share at approx. 18%

Segmentation of share turnover at WFE level

• Not surprisingly, large cap companies generated the largest part of domestic share trading (64%

in 2008) despite a decrease v. 2007 (70%) following the same evolution than market cap

• Mid cap equities represented almost one quarter (23%) of total EOB trading while small & micro

cap segments had a non negligible share (7% and 6% respectively)

Segmentation of number of trades at WFE level

• Not surprisingly, trading of large companies generated the largest number of trades (47%)

• It is however of remarkable relevance to note the relatively high number of trades generated by

the micro cap equities (17%) especially when compared to their share trading in value (6%)

Main findings

Segmentation of number of trades at WFE level (cont.)

• The same remark applies to mid and small cap segments which also generated a high number of

trades (26% and 10.3% respectively). Added together, the mid, small & micro cap segments

generated more trades than the large cap one (53% v. 47%)

Segmentation in Americas region level

• In total market cap segmentation: highest part of large cap segment (69%) across the 3 regions,

and less importance of small & micro cap segments

• In trading value segmentation: the preeminence of large cap shares trading (78% in 2007 v. 56%

in 2008) has been contested by the rise of mid cap stocks trading (18% in 2007 v. 35% in 2008)

and at a lesser extent by the rise of small & micro cap stocks trading

Segmentation in Asia-Pacific region

• The drop in market cap of large companies was less important than at WFE level (65% in 2008 v.

70% in 2007); the traditional importance in the region of mid, small and micro market caps was

reinforced in 2008

• Relatively small number of large cap companies in listings: 5.6% against 8% at WFE level, 12% in

Americas and 7.5% in EMEA; more than half listings (58%) is represented by micro caps (the

highest level across the three regions)

• In trading value segmentation: quite surprisingly and contrary to other regions, large cap

companies trading remained stable and even gain some parts (from 56% to 59% in 2008) while

other segments showed quite similar percentages of total trading

Main findings (cont. 1)

Segmentation in EMEA

• The direct effect of the general share price decline triggered a noticeable reduction of large

companies in total market cap (from 78% in 2007 to 67% in 2008). Most importantly, the number

of large cap companies was reduced by half between 2007 & 2008 (from 15% to 8%). In

consequence, the part of mid (21%), small (7%) and micro (6%) cap segments surged

significantly in 2008

• Similar evolution can be observed in trading: decrease in both value and volume of large cap

stocks (from 78% in 2007 to 68% in 2008 for value) and surge in value and volume of mid, small

and micro stocks

Main findings (cont. 2)

The market segmentation survey clearly indicates the direct effects of the crisis with:

• Important decline of the relative weight of the large cap segment in all areas in

domestic market cap

Number of domestic listed companies

Share trading value

Number of trades

• The other 3 market segments (mid, small, micro) have seen their importance rising in trading.

This is especially well described by their …

• … importance in number of trades (in 2008, trades of these 3 segments represented more than

50% of total domestic trades)

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

• Turnover velocity ratios confirm the focus put on mid, small and micro caps companies trading

• While in 2007, turnover velocity of Micro caps was very important, in 2008 the highest velocity

was found in the trading of mid and small caps, more than to micro and large caps

General conclusions

3

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 cap

74,3%

17,2%

5,0% 3,5%

In 2007

4

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

segment (average data)

7,7%

18,5%

16,1%

57,7%

In 2008

Large cap

Mid cap

Small cap

Micro cap

12.9%

22.2%

19.1%

45.8%

In 2007

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

(average data)

68,0%

19,6%

6,6%5,7%

In 2007

63,7%

23,0%

7,3%6,0%

In 2008

Large cap

Mid cap

Small cap

Micro cap

6

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

segment (average data)

50,8%

23,4%

11,7%

14,2%

In 2007

47,2%

25,7%

10,3%

16,8%

In 2008

Large cap

Mid cap

Small cap

Micro cap


segmentation survey

Americas

October 2009

Distribution by market segment in Americas (average data)

69,1%

22,1%

5,9%2,9%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment

11,6%

22,1%

17,4%

48,9%

Number of domestic companies listed by segment

56,2%34,7%

5,2% 3,8%

Domestic share trading (EOB) by segment

54,8%

33,1%

6,8%5,3%

Number of domestic equity trades (EOB)by segment

58,7%

120,3%112,5%

100,6%

0%

20%

40%

60%

80%

100%

120%

140%

Turnover velocity by segment

Bermuda Stock Exchange

0,0% 12,5%

18,8%

68,8%

Number of domestic listed companies by segment

0,0%

64,5%

24,3%

11,2%

Large cap

Mid cap

Small cap

Micro cap


0,0%

85,1%

12,0%2,9%


0,0%

6,6%

2,5%

1,3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


0,0%

75,6%

18,3%

6,1%

Number of trades in domestic shares (EOB) by

segment

BM&FBOVESPA

16,8%

29,8%

20,4%

32,9%


87,8%

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

Large cap

Mid cap

Small cap

Micro cap


87,1%

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


81,4%

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

Number of trades in domestic shares (EOB)

by segment

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

97,2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%


Buenos Aires Stock Exchange

65,1%

27,5%

5,3% 2,2%

Large cap

Mid cap

Small cap

Micro cap


5,6%

19,6%

17,8%

57,0%


28,2%

55,8%

9,8%

6,2%


3,4%

16,1%14,7%

22,6%

0%

5%

10%

15%

20%

25%


Lima Stock Exchange

55,9%

30,3%

7,7%

6,0%

Large cap

Mid cap

Small cap

Micro cap


4,0%10,4%

13,4%

72,1%


27,8%

46,2%

9,8%

16,2%


29,7%

40,2%

12,0%

18,1%


by segment

4,8%

14,8%12,4%

26,1%

0%

5%

10%

15%

20%

25%

30%


Mexican Stock Exchange

85,8%

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

Large cap

Mid cap

Small cap

Micro cap


21,6%

39,2%

18,4%

20,8%


81,7%

17,6%

0,6% 0,1%


67,1%

30,1%

1,8% 1,0%


by segment

34,5%

50,6%

15,0%18,2%

0%5%

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


NASDAQ OMX US

78,4%

17,3%

2,9% 1,3%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segmentDomestic market capitalization by segment

7,8%

28,7%

20,1%

43,3%


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

NYSE Euronext US

94,9%

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

Large cap

Mid cap

Small cap

Micro cap


33,5%

31,3%

15,4%

19,8%


87,9%

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


74,8%

20,8%

3,1% 1,3%

Number of equity trades (EOB) by segment

247,3%

633,0% 633,1%

524,9%

0%

100%

200%

300%

400%

500%

600%

700%


Santiago Stock Exchange

73,7%

20,6%

4,6% 1,1%

Large cap

Mid cap

Small cap

Micro cap


11,9%

20,9%

20,9%

46,4%


80,8%

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


75,7%

18,2%

2,6% 3,5%

Number of domestic equity trades (EOB) by

segment

25,0%

18,8%

8,1%

13,9%

0%

5%

10%

15%

20%

25%

30%


TSX Group

80,0%

11,8%

4,9% 3,3%

Large capMid capSmall capMicro cap

Domestic market capitalization by segment3,0% 6,6%

11,6%

78,8%


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


segmentation survey

Asia - Pacific

October 2009

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

64,6%

20,1%

8,6%6,8%

Large cap

Mid cap

Small cap

Micro cap


5,6%

19,1%

17,7%

57,7%


59,8%

24,4%

9,1%6,7%


35,1%

26,7%

13,4%

24,8%

Number of domestic equity trades (EOB) by segment

104,8%

145,5%

169,7%185,7%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


Australian Securities Exchange

83,9%

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



7,7%

16,6%

16,1%59,6%


88,2%

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


68,5%

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

Number of domestic equity trades (EOB)by segment

97.4%

71.5%

51.6%

72.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Bombay Stock Exchange

76,5%

15,2%4,5% 3,8%



1,8% 4,2%5,0%

89,0%


48,3%23,1%

12,3%

16,3%


32,0%

55,2%

88,6%

110,1%

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

100%110%120%


59,7%

20,5%

9,7%

10,1%

Domestic share trading value (EOB) by segment

Bursa Malaysia

62,9%22,1%

7,8%7,2%

Large cap

Mid cap

Small cap

Micro cap


2,9% 8,9%

13,4%

74,8%


59,4%23,2%

10,3%7,1%


73,1%

11,3%

9,5% 6,0%


39,9%44,4%

55,1%

41,5%

0%

10%

20%

30%

40%

50%

60%

70%


Colombo Stock Exchange

0,0%27,7%

21,9%50,4%

Large cap

Mid cap

Small cap

Micro cap


0,0% 1,3% 3,8%

94,9%


0,0%

48,3%

15,5%

36,2%

Trading value of domestic shares (EOB) by segment

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

88,0%


0,0%

39,4%

16,0% 16,2%

0%

10%

20%

30%

40%

50%


Hong Kong Exchanges

87,8%

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



9,4%

17,3%

20,4%

52,9%


86,2%

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


65,8%

24,0%

6,0% 4,2%


115,8%

151,5%

87,1%96,4%

0%

20%

40%

60%

80%

100%

120%

140%

160%


Indonesia Exchange

65,2%

22,5%

7,5%4,8%

Large cap

Mid cap

Small cap

Micro cap


4,8%11,6%

17,7%

65,9%


58,9%24,6%

12,2%4,3%


34,2%

29,4%

21,1%

15,2%


89,3%

108,1%

160,7%

88,5%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%


Korea Exchange

74,0%

15,0%

5,1%5,9%

Large cap

Mid cap

Small cap

Micro cap

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

12,2%

76,1%


69,6%

19,8%

8,7% 1,9%


14,6%

9,6%

7,6%

68,3%


198,4%

278,6%

357,3%

68,1%

0%

50%

100%

150%

200%

250%

300%

350%

400%


National Stock Exchange of India

77,8%

15,6%

4,3% 2,3%



6,6%

15,6%

17,1%

60,8%


72,4%

18,4%

6,1% 3,1%


54,4%26,9%

11,4%7,3%


101,4%

128,0%

156,0%145,2%

0%

20%

40%

60%

80%

100%

120%

140%

160%


New Zealand Exchange

27,1%

51,7%

17,3%4,0%

Large cap

Mid cap

Small cap

Micro cap


1,9%13,5%

27,6%

57,1%


58,4%

34,4%

6,2% 1,0%


27,8%

46,3%

19,8%

6,1%


117,6%

36,3%

19,7%14,4%

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

100%110%120%130%


Osaka Securities Exchange

72,1%

16,5%

6,3%5,2%

Large cap

Mid cap

Small cap

Micro cap


80,3%

9,9%5,2%

4,6%


25,9%

24,8%19,5%

29,8%


201,0%

108,6%

149,7%161,0%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

220%


3,4%10,4%

17,1%

69,1%


Philippine Stock Exchange

58,4%26,2%

9,6%5,7%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment4,5%

11,9%

16,8%

66,8%


40,5%

43,9%

7,9%

7,7%


16,9%

36,2%14,7%

32,2%


16,5%

39,7%

19,6%

31,9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


Singapore Exchange

74,8%

4,4%

20,2%

0,5%

Large cap

Mid cap

Small cap

Micro cap


4,6%

67,0%

12,4%

16,0%


69,9%

3,8%

21,6%4,7%


89,8% 82,8% 102,6%

842,0%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%


Shanghai Stock Exchange

82,2%

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

Large cap

Mid cap

Small cap

Micro cap


13,7%

52,0%

30,4%

3,9%


48,5%

41,7%

9,6% 0,3%


37,5%

47,9%

14,2% 0,4%


109,2%

508,7%

707,0%

518,0%

0%

100%

200%

300%

400%

500%

600%

700%

800%


Shenzhen Stock Exchange

39,5%

45,9%

13,8% 0,9%

Large cap

Mid cap

Small cap

Micro cap


5,5%

42,3%45,1%

7,1%


24,4%

54,6%

19,4%1,5%


13,6%

55,5%

28,3%

2,7%


113,6%

218,7%

258,6%

310,9%

0%

50%

100%

150%

200%

250%

300%

350%


Taiwan Stock Exchange Corp.

69,0%

21,6%

6,8% 2,6%

Large cap

Mid cap

Small cap

Micro cap

Domestic market capitalization by segment 6,3%

24,0%

29,4%

40,4%


51,0%34,5%

11,5%3,0%


35,8%

40,8%

16,5%

6,9%


164,6%

356,0%375,8%

255,2%

0%

50%

100%

150%

200%

250%

300%

350%

400%


Stock Exchange of Thailand

56,4%25,6%

10,4%

7,6%

Large cap

Mid cap

Small cap

Micro cap


2,9% 9,0%

16,4%

71,8%


56,5%19,9%

8,7%

14,8%


22,0%

21,5%

15,2%

41,2%


103.0%

80.0% 86.1%

201.9%

0%

50%

100%

150%

200%

250%


Tokyo Stock Exchange

84,2%

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

Large cap

Mid cap

Small cap

Micro cap


16,7%

32,1%25,4%

25,9%


86,1%

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


193,8%

165,6% 164,9%

195,3%

0%

50%

100%

150%

200%

250%


October 2009


segmentation survey

Europe Middle East Africa

Distribution by market segment in EMEA region (average data)

67,5%

20,5%

6,5%5,5%

Large cap

Mid cap

Small cap

Micro cap


16,7%

14,6%

61,3%


68,4%

18,6%

6,7% 6,3%


52,1%

23,2%

9,4%

15,4%


116,0%

82,5%

71,0%

86,8%

0%

20%

40%

60%

80%

100%

120%

140%


Amman Stock Exchange

62,2%

16,3%

11,7%

9,8%

Large cap

Mid cap

Small cap

Micro cap


1,9% 6,5%

14,5%

77,1%


8,8%

15,4%

16,5%

59,3%


25,9%

26,1%17,5%

30,5%


31,6%

121,2%112,9%

235,3%

0%

50%

100%

150%

200%

250%


Athens Stock Exchange

64,3%

26,1%

4,8% 4,8%

Large cap

Mid cap

Small cap

Micro cap


4,5%15,5%

11,7%

68,4%


76,8%

16,6%2,4% 4,1%


46,8%

25,7%

8,6%

18,9%


131,1%

69,8%

55,5%

93,0%

0%

20%

40%

60%

80%

100%

120%

140%


BME

91,8%

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

Large cap

Mid cap

Small cap

Micro cap


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

94,3%


96,8%

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


87,5%

10,3%1,3% 0,9%


192,1%

92,8%

58,0%

35,6%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


Borsa Italiana

88,8%

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

Large cap

Mid cap

Small cap

Micro cap


17,0%

31,3%21,8%

29,9%


94,9%

4,3% 0,5% 0,3%


78,8%

15,8%

2,9% 2,4%


282,3%

126,4%

87,3%

138,2%

0%

50%

100%

150%

200%

250%

300%


Budapest Stock Exchange

82,9%

10,8%3,7% 2,5%

Large cap

Mid cap

Small cap

Micro cap


95,9%

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


83,7%

4,8%2,5% 9,0%


10,0%

12,5%

15,0%

62,5%


172,7%

23,5%37,4%

84,7%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


Cyprus Stock Exchange

54,0%

5,3%

19,4%

21,3%

Large cap

Mid cap

Small cap

Micro cap


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

86,8%


49.8%

22.8%

11.1%

16.4%


36,1%

22,7%

12,2%

29,0%


23,5%

110,7%

14,6%19,5%

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

100%110%120%


Deutsche Börse

92,3%

5,6%1,2% 0,8%

Large cap

Mid cap

Small cap

Micro cap


13,4%

17,4%

1,9%

67,4%


93,8%

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


82,8%

14,1%1,8% 1,3%


242,3% 237,6%

74,0%

50,1%

0%20%40%60%80%

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


Egyptian Exchange

52,3%

33,6%

8,7%5,4%

Large cap

Mid cap

Small cap

Micro cap


3,2%15,6%

17,5%

63,7%


34,9%

36,2%

14,9%

14,1%


6,2%

29,7%

27,3%

36,8%


64,8%

104,6%

166,1%

252,0%

0%

50%

100%

150%

200%

250%

300%


Irish Stock Exchange

69,7%

27,1%

1,6% 1,6%

Large cap

Mid cap

Small cap

Micro cap


8,6%

31,0%

12,1%

48,3%


45,7%

34,4%

12,3%

7,6%


38,4%

40,9%

11,5%

9,1%


23,1%

44,8%

262,3%

170,8%

0%

50%

100%

150%

200%

250%

300%


Istanbul Stock Exchange

72,1%

19,7%

5,2% 3,1%

Large cap

Mid cap

Small cap

Micro cap


17,0%

15,8%

61,5%


66,8%

13,6%

7,2%12,4%


19,8%

17,2%

14,8%

48,1%


162,7% 121,0%

245,8%

711,6%

0%

100%

200%

300%

400%

500%

600%

700%

800%


Johannesburg Stock Exchange

76,2%

19,3%

2,9% 1,6%

Large cap

Mid cap

Small cap

Micro cap


21,6%

14,8%54,1%


83,9%

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


69,1%

21,2%

4,6% 5,1%


173,1%

114,5%

79,3%

55,5%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


Ljubljana Stock Exchange

20,2%

51,6%

18,4%

9,8%

Large cap

Mid cap

Small cap

Micro cap


11,6%

17,4%

69,8%


41,8%

40,2%

13,5%4,5%


33,9%

33,2%

17,8%

15,1%


23,1%

8,7% 8,2%5,1%

0%

10%

20%

30%

40%

50%


London Stock Exchange

88,4%

8,1%2,0% 1,4%

Large cap

Mid cap

Small cap

Micro cap


5,7%12,1%

13,3%

68,9%


93,2%

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


82,4%

16,3%1,0% 0,4%


159,9%

117,4%

18,7% 22,4%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%


Luxembourg Stock Exchange

89,2%

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

Large cap

Mid cap

Small cap

Micro cap


17,6%

32,4%14,7%

35,3%


95,1%

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

Domestic share trading by segment

69,1%

17,8%

11,9% 1,3%


2,9%

1,0%

2,9%

1,7%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


Malta Stock Exchange

0,0%

74,9%

16,0%

9,1%

Large cap

Mid cap

Small cap

Micro cap


0,0%21,1%

21,1%

57,9%


0,0%

51,0%

36,7%

12,2%


0,0%

65,9%

15,0%

19,1%


0,0%

1,3%

4,4%

2,6%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


Mauritius Stock Exchange

0,0%

43,8%

25,8%

30,4%

Large cap

Mid cap

Small cap

Micro cap


0,0% 4,7%12,8%

82,6%


0,0%

59,9%

14,6%

25,5%


0,0%

36,6%

25,9%

37,4%


0,0%

11,8%

4,9%

7,2%

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

10%11%12%


NASDAQ OMX Nordic Exchange

83,1%

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

Large cap

Mid cap

Small cap

Micro cap


8,5%

16,4%

17,3%

57,8%


89,9%

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


73,6%

20,5%

2,5% 3,3%


200.9%

135.7%

44.6% 49.7%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

220%


NYSE Euronext Europe

91,4%

6,7% 1,3% 0,6%

Large cap

Mid cap

Small cap

Micro cap


13,8%

21,5%

19,9%

44,8%


97,3%

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


90,9%

7,3% 1,0% 0,8%


183,3%

61,6%

24,7% 28,6%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%


Oslo Børs

77,2%

16,2%

3,9% 2,8%

Large cap

Mid cap

Small cap

Micro cap


5,3%

18,2%

17,2%

59,3%


79,7%

14,0%

5,1% 1,2%


58,9%

26,5%

10,0% 4,6%


191,0%159,7%

245,0%

78,7%

0%

50%

100%

150%

200%

250%

300%


SIX Swiss Exchange

94,1%

4,8% 1,0% 0,2%

Large cap

Mid cap

Small cap

Micro cap


25,1%

30,5%

27,4%

17,0%


97,3%

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


91,8%

6,7%1,3% 0,2%


153,7%

73,9%

46,6% 45,0%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%


Tel Aviv Stock Exchange

68,1%

18,6%

5,7%7,6%

Large cap

Mid cap

Small cap

Micro cap


2,1%6,9%

8,4%

82,6%


66,6%

25,0%

4,3% 4,1%


43,7%

34,8%

9,1%

12,4%


86,0%

118,3%

66,2%

47,6%

0%

20%

40%

60%

80%

100%

120%

140%


Warsaw Stock Exchange

61,8%

25,3%

6,4%6,4%

Large cap

Mid cap

Small cap

Micro cap


2,8%10,6%

11,1%

75,5%


70,3%

15,6%

6,5%

7,6%


30,5%

17,3%14,1%

38,1%


64,4%

34,9%

57,0%

67,4%

0%

10%

20%

30%

40%

50%

60%

70%

80%


Wiener Börse

73,0%

21,7%

3,4% 1,8%

Large cap

Mid cap

Small cap

Micro cap


13,9%

25,7%

16,8%

43,6%


77,2%

21,6%0,8% 0,4%


65,3%

31,9%

1,6% 1,2%

Number of domestic equity trades (EOB)

135,9% 128,2%

29,5% 29,6%

0%

20%

40%

60%

80%

100%

120%

140%

160%


Documents

WFE 2008 Domestic market segmentation survey