Market Segmentation Survey 2008

WFE 2008 Domestic market segmentation survey
October 2009
Objectives of the survey
Determine the weight of each of the following four tiers (large, medium, small, micro market caps) in each single exchange in terms of market capitalization, number of listed companies, share trading value and number of trades Identify the segments which contribute the most to exchange business and revenues Analyze the liquidity of each segment, using the turnover velocity ratios In the following slides, results are displayed at: 1. 2. 3. WFE global level regional levels, as well as for each individual member who has answered the questions
Methodology (1)
Domestic market cap was split into listed companies classes according to their relative size and thresholds into 4 segments: 1 - Large market cap segment: domestic companies with a market cap over USD 1.3 bn 2 - Mid market cap segment: domestic companies with a market cap comprised between USD 200 m and 1.3 bn 3 - Small market cap segment: domestic companies with a market cap comprised between USD 65 m and 200 m 4 Micro market cap segment: domestic companies with a market cap less than USD 65 m
y y
The same threshold levels were kept for this second survey. Important change in the methodology between the previous survey: only EOB trading was considered for 2008 while total trading was used for the first study
Methodology (2)
In addition to the number of domestic listed companies, 3 other market indicators were also distributed according to these 4 segments: 1. 2. 3. number of domestic listed companies value of domestic share trading on the EOB; and number of trades of domestic shares on EOB
Turnover velocities were calculated by using the yearly average ratio between share trading value of each segment and its relative market cap
Study is based on 47 answers received from the following members:

Americas
Bermuda SE BM&FBOVESPA Buenos Aires SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext US Santiago SE TSX Group
Asia - Pacific
Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia Exchange Korea Exchange NSE of India New Zealand Exchange Osaka SE Philippine SE Shanghai SE Singapore Exchange Taiwan SE Corp. Thailand SE Tokyo SE
EMEA
Amman SE Athens Exchange BME Borsa Italiana Budapest SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Luxembourg SE Malta SE Mauritius SE NASDAQ OMX Nordic Ex. NYSE Euronext Europe Oslo Bors SIX Swiss Exchange Tel Aviv SE Warsaw SE Wiener Brse
Main findings
Segmentation of market cap at WFE level Logically, market cap of WFE exchanges was dominated by the large market cap segment (67% in 2008) down from 75% in 2007, reflecting the effect of the crisis Second relevant point to be noted: more than half listings (micro cap companies 58%) represented only 5.4% of total market cap
Segmentation of listing at WFE level Number of micro cap domestic companies listed on WFE exchanges was by far the largest (58% in 2008) while the number of large market cap companies was the lowest (8%) The core of listing was composed of small and micro cap companies (74%) while mid-sized companies registered a quite stable share at approx. 18%
Segmentation of share turnover at WFE level Not surprisingly, large cap companies generated the largest part of domestic share trading (64% in 2008) despite a decrease v. 2007 (70%) following the same evolution than market cap Mid cap equities represented almost one quarter (23%) of total EOB trading while small & micro cap segments had a non negligible share (7% and 6% respectively)
Segmentation of number of trades at WFE level Not surprisingly, trading of large companies generated the largest number of trades (47%) It is however of remarkable relevance to note the relatively high number of trades generated by the micro cap equities (17%) especially when compared to their share trading in value (6%)
Main findings (cont. 1)

Segmentation of number of trades at WFE level (cont.) The same remark applies to mid and small cap segments which also generated a high number of trades (26% and 10.3% respectively). Added together, the mid, small & micro cap segments generated more trades than the large cap one (53% v. 47%)
Segmentation in Americas region level In total market cap segmentation: highest part of large cap segment (69%) across the 3 regions, and less importance of small & micro cap segments In trading value segmentation: the preeminence of large cap shares trading (78% in 2007 v. 56% in 2008) has been contested by the rise of mid cap stocks trading (18% in 2007 v. 35% in 2008) and at a lesser extent by the rise of small & micro cap stocks trading
Segmentation in Asia-Pacific region The drop in market cap of large companies was less important than at WFE level (65% in 2008 v. 70% in 2007); the traditional importance in the region of mid, small and micro market caps was reinforced in 2008 Relatively small number of large cap companies in listings: 5.6% against 8% at WFE level, 12% in Americas and 7.5% in EMEA; more than half listings (58%) is represented by micro caps (the highest level across the three regions) In trading value segmentation: quite surprisingly and contrary to other regions, large cap companies trading remained stable and even gain some parts (from 56% to 59% in 2008) while other segments showed quite similar percentages of total trading
Main findings (cont. 2)

Segmentation in EMEA The direct effect of the general share price decline triggered a noticeable reduction of large companies in total market cap (from 78% in 2007 to 67% in 2008). Most importantly, the number of large cap companies was reduced by half between 2007 & 2008 (from 15% to 8%). In consequence, the part of mid (21%), small (7%) and micro (6%) cap segments surged significantly in 2008 Similar evolution can be observed in trading: decrease in both value and volume of large cap stocks (from 78% in 2007 to 68% in 2008 for value) and surge in value and volume of mid, small and micro stocks
General conclusions
The market segmentation survey clearly indicates the direct effects of the crisis with: Important decline of the relative weight of the large cap segment in all areas in domestic market cap Number of domestic listed companies Share trading value Number of trades The other 3 market segments (mid, small, micro) have seen their importance rising in trading. This is especially well described by their importance in number of trades (in 2008, trades of these 3 segments represented more than 50% of total domestic trades) These effects can be observed in all regions across WFE, although with varying intensity Turnover velocity ratios confirm the focus put on mid, small and micro caps companies trading
While in 2007, turnover velocity of Micro caps was very important, in 2008 the highest velocity was found in the trading of mid and small caps, more than to micro and large caps
Distribution of domestic market capitalization at WFE level by market segment (average data)
In 2008
5, %
,1%
In 200
5,0%
3,5%
20, %
1 ,2%
66,9%
Large cap
id cap icro cap
,3%
m all cap
Distribution of the number of domestic listed companies at WFE level by market segment (average data)
In 2008
7,7% 45.8%
18,5%
In 2007
12. %
22.2%
57,7%
16,1%
arge cap
id cap
mall cap
icro cap
19.1%
Distribution of domestic share trading (EOB) at WFE level by market segment (average data)
In 2008
In 2007
5,7% 6,6%
6,0% 7,3%
23,0%
19,6%
63,7%
68,0%
Micro ca
Small ca
Mid ca
arge ca
Distribution of number of trades of domestic shares (EOB) at WFE level by market segment (average data)
In 2008
16,8%
In 2007
14,2%
10,3%
47,2%
11,7%
50,8%
25,7%
icro ca

m all ca
id ca
arge ca

23,4%
WFE 2008 Domestic market segmentation survey Americas
October 2009
Distribution by market segment in Americas (average data)

Domestic market capitalization by segment
5,9%
2,9% 48,9% 22,1%
Number of domestic companies listed by segment

11,6%
22,1%
Large cap Mid cap
Small cap 69,1%

Micro cap
17,4%
Domestic share trading (EOB) by segment

5,2% 3,8%
Number of domestic equity trades (EOB)by segment

6,8% 5,3%
140%
Turnover velocity by segment

120,3%
120%
100%
112,5% 100,6%
80%
58,7%
56,2% 34,7%
33,1%
54,8%
60%
40%
20% 0%
Bermuda Stock Exchange

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

,
,0
Number of trades in domestic shares (EOB) by segment

,3
'3 01
0,0

)
4 3
( (
'1 '2
'% '& ' '0
'
0,0
0,0
'%
$ #
"!
65 4

' 2%
' &%

4 ,3

, Lar e cap i cap Small cap icr cap

,
0,0
18,8%
68,8%

0
,3
BM&FBOVESPA
Domesti market apitalization by segment
10,0% 1,7% 0,5%
Number
32,9%
mesti
mpanies listed by segment

16,8%
29,8%
M
87,8%
S all cap M cro cap
Domesti share trading

10,6%
OB by segment
1,8% 0,5%
Number of trades in domesti shares by segment 2,0% 2,9% 13,7%
87,1%
8 @ 98
arge cap cap
20,4%
OB
110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

95,9%
102,5% 101,9%
97,2%
81,4%
Buenos Aires Stock Exchange

5,3%
27,5% 65,1% 2,2% 57,0%

5,6%
19,6%
Domestic share trading (EO

6,2% 9,8%
by segment
28,2%
20% 16,1% 15%
55,8%
E C E GG F E DC A
i ca a ca i cro ca
a rge ca
17,8%

25%
22,6%
14,7%
10%
5% 0% 3,4%
Lima Stock Exchange

6,0%
7,7%

4,0% 10,4%
13,4%
55,9% 30,3%

16,2%
by segment
Number of trades in domestic shares (EO by segment

18,1%
30%
27,8%
9,8%
12,0%
46,2%
S U T S RR I QP H
40,2%
La g e ca i ca Sm a ca i c o ca
72,1%

26,1%
29,7%
25% 20%
15% 10% 4,8%

5% 0%
14,8%
12,4%
Mexican Stock Exchange

12,6%

20,8% 21,6%
1,3%
0,3%
18,4%
Mi ca
85,8%
Mic o ca

0,6% 0,1% 17,6%
Number of trades in domestic shares (EOB) by segment

1,8% 30,1% 1,0%
60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 67,1% 10% 5% 0%
81,7%
X W X aa ` X Y WV
a ca
a ge ca
39,2%
50,6%
34,5%
15,0%
18,2%
NASDAQ OMX US

2,9%
Number of domestic listed companies by segment

7,8% 43,3% 28,7%
1,3%
17,3%
78,4%
M S M
st
sh
n (EOB), nu b
f qu ty t
s, n tu n v
srq wvqi srq uur t srq pi hcg fedcb

v ty by s nt n t v b
20,1%
NYSE Euronext US
Domesti market apitali ation
4, %
segment
Number of omesti listed ompanies by segment

19,8% 33, % 15,4%
0,4%
0, %
94,9%
Domesti share trading EOB by segment

1,0% 10,8% 0,2%
Number of equity trades EOB by segment

3,1%
20,8% 1,3%
700% 600% 500% 400% 300% 200%
8 ,9%
y yx
ro
r e
31,3%

633,0%
633,1% 524,9%
247,3%
74,8%
100% 0%
Santiago Stock Exchange

4,6%
20,6% 1,1%

11,9%
46,4%
20,9%
73,7%
1,6%
16,9%
0,6%
30% 25,0%
18,2%
25%
20% 15% 10% 5% 8,1% 18,8% 13,9%
80,8%
75,7%
0%
eg l kg i j i h f g g f e
Number of domestic equity trades (EOB) by segment 3,5% 2,6%
d
Tur
a g e ca i ca S a ca i c o ca
20,9%
v rv l
it
TSX Group

4,9% 11,8% 3,3%
umber of domestic companies listed by segment

6,6 11,6
Large cap Mid cap Small cap Micro cap
Domestic share trading (EOB), number of equity trades, and turnover velocity by segment are not available
80,0%
78,8
3,0
Asia - Pacific
October 2009
Distribution by market segment in Asia-Pacific (average data)

6,8% 8,6%

5,6% 19,1%
Large cap Mid cap 20,1% 64,6% Small cap Micro cap 17,7%
57,7%

6,7%
Number of domestic equity trades (EOB) by segment

24,8%
Tur
r
169,7
9,1%
104,8
59,8% 24,4% 13,4% 26,7%
145,5
o o
o o
o o o o
200 180 35,1% 160 140 120 100 80 60 40 20 0
185,7
Australian Securities Exchange

2,8% 11,7%
16,6%

7,7%
1,7%
83,9%
59,6%
16,1%

9,0%

4,4% 21,7%
Tu
00 90 80 70 0 0 40 0 20 0 0
1,5%
1,3%
5,4%
97.4 7 . . 72.
88,2%
68,5%
uq sz ysx vw vu tr s p s rqp
v v l i
Bombay Stock Exchange

Domesti mar et a italization
15,2
se ment
m er of omesti
om anies liste
se ment
76,5
Lar ap Mi ap S all ap Mi r ap
m er of e it tra e s se m ent
12,
5 7
2 ,1
2 5
32,0
48,
55,2
1 ,
88,6
120 110 100 90 80 70 60 50 40 30 20 10 0
Domestic share trading value (EOB) by segment
Turnover veloci by segment

110,1
9 ,0
~
4,5
|}
3,
1,
4,2
5,0
Bursa Malaysia
7,2%
7,8%

2,9% 8,9% 13,4%
Large cap Mid cap Small cap 22,1% 62,9% Micro cap
74,8%
10,3%
7,1% 11,3%
9,5%
6,0%
23,2%
59,4%
73,1%
Domestic share trading (E B by segment
Number of domestic equity trades (E B by segment

70% 60%
Tur over ve o t y y seg e t
55,1% 39,9%
44,4% 41,5%
50%
40% 30% 20% 10%
0%
Colombo Stock Exchange

Domesti market apitalization b se ment
Number of domesti
ompanies listed b se ment

1,3% 3,8%
27,7%
50,4%
Small ap
21,9% ir ap
Tradin value of domesti s ares (E B b se m ent
0,0%
36,2% 48,3%
Turnover velo i ty by segment Number of domesti e uit trades (E B b se m ent 0,0% 5,3% 50% 6,7% 3 ,4%
40% 30%
10% 0,0%
15,5%
88,0%
0%
20%
Lar
ap
ap
94,9%
0,0
0,0
1 ,0%
1 ,2%
Hong Kong Exchanges

Domesti ma e t ca itali ation by segment
8,7% 2,2% 1,2%
Domestic share trading (EOB) by segment 11,2% 1,6% 1,0%
Tu n v
160% 140% 120% 100% 80% 60% 40% 20% 115,
6,0%
24,0%
4,2%
86,2%
65,8%
0%

9,4% 17,3%
20,4% 52,9%
87,8%
v l
nt
151,5%
87,1%
96,4%
Indonesia Exchange
7,5% 22,5% 4,8%
umber of domestic companies listed by segment

4,8% 11,6%
17,7%
65,2%
4,3%
34, %
1,1%
4,6%
58,9%
9,4%
89,3
1 , %
180 160 140 120 100 80 60 40 20 0
108,1
by segment
u mber of domestic equity trades (EO by segment 15, %
65,9%
Turnover velo it
se
e nt
160,7
88,5
Korea Exchange
4,1%
7,6% 12,2% 5,
8,7%
19,8%
1,9%
300
2
1
150
100
50
69,6%
68,3%
7,6% 200
9,6%
250
,4
Domestic share trading ( O B) by segment
Number of domestic equity trades ( O B) by segment 400 14,6% 350
Turnover velo it b se ment

357,3
74,

Large cap Mid cap S all cap Micro cap
5,
76,1%
5,9
,1
National Stock Exchange of India


6,6%
6,1% 18,4%
3,1%
11,4%
7,3%
72,4%
26,9%
54,4%
Domestic share trading (
) by segment

77, Large cap Mid cap Small cap Micro cap

60,8% Number of domestic equity trades ( segment ) by
160% 140% 120% 100% 80% 60% 40% 20% 0%
4,3
,3
15,6%
17,1%

156,0% 145,2% 128,0%
101,
New Zealand Exchange

1)0A 4 6 C 2
4

4,0%
17,3%
m ber o
omesti
ompanies liste b se ment
27,1%
51,7%
44
84
%&$'
% $@9
1 087
%$#
1 0)
130% 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
117,6%
P F H U T HS Q R Q P I H G E H G F E D
3B
Domesti share tra in (E B ) b se m ent
Number o
o mesti e u it tra es (E B ) b se m ent

Lar cap i cap Small cap icr cap
lo i
36,3% 19,7% 14,4%

"
!

4 6
5 4 3
%($' 2
% $ &
Osaka Securities Exchange

Num be r of dom e stic com panie s liste d by se gm e nt
3,4% 10,4% 17,1%
80,
19,5%
2 ,8%
ba
9,9
5,2
ed c
29,8%
Domestic share trading (E B) by segment
WV
Y X
Large cap
Mid cap Small cap 72,
69,1%
6,5
W`
Micro cap Number of equity trades (E B ) by segment 25,9
220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
201,0%
6,
5,2%
149,7%
161,0%
108,6%
Philippine Stock Exchange

5, %
Number of domesti ompanies listed b se ment

4,5% 11,9%
9,6%
26,2% 58,4%
4 ,5%
4 ,9%
14, %
6, %
16,5
19,6
40 35 30 25 20 15 10 5 0
,9%
16,9%
, %
45
, %
Domesti s are tradin
b se ment
50
39,7
fe d
Number of domesti e u it trades se m ent
u t ss rq pi
16,8%
Lar cap i cap Sma cap icr cap
66,8%
Turnover velo it
se
ent
xx y
31,9
Singapore Exchange
0, %

16,0% 12,4%
Large cap Mid cap
20,2% 4,4%
74,
Domestic share trading (EOB) by segment 4,7% 21,6%

900% 800%
700%
Turnover velo it
3,8%
600% 500% 400% 300% 89,8% 82,8% 100% 0% 200%
69,9%
n lm l k
hg
4,6%
Small cap Micro cap
67,0%
se m ent
842,0%
102, %
Shanghai Stock Exchange

Dom
15,2% 30,4%
m k
2,5% 0,1%
on y
gm nt
Num
of om tic com nies isted y segment

3,9% 13,7%
ca ca Small ca c ca La 82,2%
700
48,5%
500 400
00
47,9%
100
41,7%
200
109,2
} ~ } } }
37,5%
00
9,6%
0,3%
{z
{z
Domestic sh e trading (
B) y segment
800
Num er of domestic equity trades ( segment 0,4% 14,2%
B) y
Turno er elocity by segment

707,0 508,7
518,0
r vo ts r r uts r q po |
5 ,0%
yx
Shenzhen Stock Exchange

mber o
omestic companies liste by segment
39,5%
45,9%
Domestic s a re tra ing 1 , by segment
8,
1,
m ber o
o mestic equity tra es by segment

, 1 ,
Tur o er velo it
350% 300%
250%
200%
218,7%
150%
100%
113,6%
50%
0%
Large cap i cap Small cap icr cap
,1
13,8%
0,9%
,1
se
e t
310,9%
258,6%
Taiwan Stock Exchange Corp.

Domesti market apitalization by segment
6,8% 21,6%
2,6%
Number of domesti ompanies listed by segment

6,3%
40,4%
24,0%
69,0% Domesti share trading ( 11,5%
16,5%
35,8%
250
200 150 100
34,5%
51,0%
40,8%
50
164,6
300
350
3,0%
400
356,0
375,8
) by segment
Number of domesti equity trades ( segment 6,9%

) by
Lar ca i ca Small ca icr ca
29,4% T r o er elocity y seg e t
255,2
Stock Exchange of Thailand

7,6% 10,4% 16,4%

2,9% 9,0%
Large cap Mid cap
25,6%
Small cap Micro cap

56,4% 71,8%
Do m estic share trad in g (EOB) b y seg m en t
1 4 ,8 %
250% 201.9% 200% 150% 10 .0 100% 80.0 8 .1%
8,7%
21,5%
19,9%
50% 0%
56,5%
15,2%
Number of domestic equity trades (EOB) by segment 22,0% 41,2%
Tu nov
v lo i
seg en
Tokyo Stock Exchange

2,3%
12,9% 0,6% 25,9%
se ment
Num er of domesti
om anies listed
16,7%
se ment
Lar ap Mi ap S all ap Mi r ap 84,2%
Domesti share tradin (

2,0%
B)
se ment
250
11,3%
0,6%
100
86,1%
50
150
165,6
16 ,9
200
193,8
25,4%
32,1%
Tu n v r v l c i
b s g
195,3
Europe Middle East Africa
October 2009
Distribution by market segment in EMEA region (average data)

6,5% 20,5% Large cap 5,5%

7,5
Small cap
67,5%
Micro cap
Domestic share trading (EO by segment
Number of domestic equity trades (EO by segment

140%
52,1
6 ,4
23,2
1 ,6
9,4
6,7
6,3
15,4
61,3
Tu n
120% 100% 80% 60%
116,0% 82,5% 71,0% 86,8%
40%
20%
0%
Mid cap
14,6
16,7
Amman Stock Exchange

9,8% 1,9
16,3%
62,2%
Large cap Mi cap S all cap Micro cap
17,5
26,1
59,
16,5
50 0
100
31,6
150
0,5
25,9
15,4
200
121,2
112,9
250
77,1
Turnover velo it
se m ent
235,3
11,7%
Number f
mes
mpanies is ed by segment
6, 14,
Athens Stock Exchange

Domesti market apitalization y segment
6,
m er o
omesti
ompanies liste

5
y segment

55
&
68
25

66
86

140% 120%
131,1%
89
100%
68
80% 60%
40% 20% 0%
69,8%
55,5%
3 3 2
$#
"
"
% ('
$#
Domesti share tra ing (
B ) y segment
m er o
o mesti e ity tra es ( y segment
(0 !
64,3
Lar e ca M ca Small ca M cr ca
68
B)
Turnover velo it b se m ent

"
4,8
4,8
93,0%
BME
Domestic market capitali ation by segment
4,8% 0,7% 2,7%
0,5% 2,4% 0,2%
10,3%
1,3%
0,9%
87,5% 96,8%
200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
192,1%
92,8%
58,0% 35,6%
@9
78 7 6

1,8% 2,3% 1,6%
Large cap Mid cap Small cap Micro cap 91,8% 94,3%
Turnover velo it
se
ent
Borsa Italiana
Dom stic mar
, % , %
t capitalization
,6%
s gm nt
Numb r of dom stic compani s list d by s gm nt

29,9%
17,0%
88,8%
100
78,8%
9 ,9%
50 0
150
126,4
87,3
200
1 ,8%
250
4,3% 0, % 0,3%
2,9%
2,4%
300
282,3
st s r
p i h gf d
W W ed d
Dom stic shar trading
by s gm nt
Numb r of dom stic u ity trad s s gm nt
PEI FIRQ PEI ET PEI SRQ PEI H GFE
b ` a YX
DC V W
BA W
ll o
31,3%
21,8%
by
Turnover velo it
se m ent
138,2
Budapest Stock Exchange

3,7% 2,5%
se ment
um er of domesti
om anies listed
10,0%
se ment
10,8%
12,5%
Lar ap Mi ap S all ap Mi r ap 82,9%
15,0%
1,7%
0,9% 1,4%
um er of domesti e uit trades (E B) se ment

2,5% 9,0%
4, %
,7%
95,9%
Domesti share tradin (E B )
se m ent
x xy x wv
62,5%

200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
172,7%
84,7% 37,4%
23,5%
Cypr
ik gfj
t
segment
Domestic market capitalization

1,5% 0,7% 11,0%
16.4%
29,0% 36,1%
11.1% 49.8%
12,2%
22.8%
22,7%
Domestic share trading ( OB) by segment

n
Number of domestic equity trades ( O B) by segment

120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
110,7%
23,5%
14,6%
ts
qr q p
d e
ih g f
Large ap Mid ap Small ap Micro cap 5
l m
86,8%
Turnover velo it se ent
19,5%
Deutsche Brse
Domes ic ma e capi ali a ion by segmen
vx w
5,6% ,
,2% 0, %
0,4% 0,2%
82,8%
93,8%
260% 240% 220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
242,3%
237,6%
74,0% 50,1%
Domes ic sha e
ading (EO ) by segmen
vu
92,
Numbe of domes ic equi y by segmen 1,8% 1,3% 14,1%
|
Large cap Mid cap mall cap Micro cap
~}
Numbe of domes ic companies lis ed by segmen

13,4%
17,4%
1,9%
67,4%
ades (EO )
Turnover velo it
se
ent
Egyptian Exchange
8,7% 5,4%

1 ,
52,3% Large cap Mid cap Small cap Micro cap 1 ,
33,6%
3,
100
2 ,3
3 ,2
50
14,9
29,
200
150
34,9
36,
250
166,1 104,6
64,8
14,1
6,2
300
252,0
Domestic share trading (E B) by segment
Number of domestic equity trades (E B) by segment
Turnover velo it
se
ent
3,2
Irish Stock Exchange

1,6% 27,1%
31, %

8,6%
48,3%
1,6%
Larg ap Mi ap Small ap Mi ro ap 69,7%
12,1%
150
4 ,9%
34,4%
50
23,1
100
44,8
200
12,3%
45,7%
11,5%
38,4%
250
7,6%
9,1%
Domestic share trading (
) by segment
Number of domestic equity trades ( segment
) by
300
262,3
170,8
Istanbul Stock Exchange

5,2%
19,7% 3,1%
Number of domesti

5,7%
17,0%
72,1%
7,2% 13,6%
12,4%
19,8%
800%
700%
48,1%
17,2%
600% 500%
00%
00% 162,7% 121,0% 2 5,8%
200%
66,8% 14,8%
100% 0%
Domesti share tradin (
B ) b se m ent
Number of domesti equit trades ( se m ent
B) b

61,5%
Tur o er elocity y segme t
711,6%
Lar e ca i ca Small ca icr ca
15,8%
Johannesburg Stock Exchange

Do esti
2,9% 19, %
r et
1,6%
it liz tio
se
e t
Nu
er of do esti
ies listed
9,5%
se
e t
76,2%
14,1%
4,6%
5,1%
21,2%
69,1% 83,9%
1,5%
0,6%
Do esti sh r e tr d i
B)
se
e t
Nu
21,6%
L r p i p S ll p ir p
54,1%
14,8%
e r of do e sti equit tr d es se e t ( B)
200 180 160 140 120 100 80 60 40 20 0
173,1 114,5
79,3
55,5
Ljubljana Stock Exchange

1,
20,2%
9,8%
11,
17,
Large cap
Mid cap Small cap Micro cap

51, %
20
40,
33,
10
17,
30
41,
13,5
4,5
15,1% 33,
50
40
23,1
8,7
Turnover ve o c t y by segment
8,2
18, %

5,1
Domest market apitalization by segment
mber of domestic companies listed by segment
London Stock Exchange
12,1
1 ,
,2
2,4

1 ,
0,2
0,2
1,0
0,4
Domestic sha e t ading (E B) by segment
u mbe of domestic equity t a des (E B ) by segment
Tur o er elo ity y seg e t

180 160 140 120 100 80 60 40 20 0
159,9 117,4
18,7

88,4
La
ca ca mall ca c ca
22,4
8,
,4
Domestic ma et capitalization by segment
umbe of domestic listed companies by segment

5,7
Luxembourg Stock Exchange

Dome ti market apitali ation b
9,3 1,3 0,1
35,3
32,4
95,1
F F
69,1
1,0
3,5
11,9
17,8
1,4
0,1
1,3
F F F F F
E D C9
3 5 B A 7 98 @
56 5
Dome t i
h are tradin b
e ment
Number of dome t i e u it trade E B b e ment
Turnover velo it
10 9 8 7 6 5 4 3 2 1 0
2,9
QP HI H G
89,2
14,7
se
ent
2,9
1,7
Lar ca i ca a ca icr ca
! ' " ! && %$ ! #" !
2 (1
e ment
Number of dome ti ompanie li ted b e ment

17,6
0
7 58 7
)
) (
Malta Stock Exchange

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

0,0% 21,1%
Large ap M d ap mall ap M ro a p
74,9%
12,2%
0,0%
19,1%
15,0%
0,0%
51,0%
65,9% 36,7%
Domestic share trading (E B ) by segment
Number of domestic equity trades (E B) by segment

10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
Turnover velo it
1,3%
0,0%
a` XY X W
R RS R R ST
21,1%
57,9%
se
ent
4,4% 2,6%
Mauritius Stock Exchange

Domesti mar et apitali ation y segment
0,0%
Number of omesti
30,4%
43, %
12 8
82 6
25, %
00
00
25 9
1 6
59 9
0,0
4,9
25 5
37
36 6
12 11 10 9 8 7 6 5 4 3 2 1 0
Domesti share trading (E B ) by segment
Number of domesti equity trades (E B) by segment
Tur o ver velo it

11,8
ed
f e ucehg t s rr q p f e ihg f ed c
La g
a a
se e t
7,2
00
vv
v w
ompanies listed by segment
NASDAQ OMX Nordic Exchange

Domesti market apitali ation
2,9% 12,2%
1,8%
83,1%
8,9%
0,7%
0,5% 20,5%
2,5%
3,3%
73,6% 89,9%
220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
200.9%
Domesti share trading (EOB) by segment
Number of domesti equity trades (EOB) by segment
Tu nove velo i
seg en
135.7%
44. %
n q
op on m
ih
segment
Number of domesti listed ompanies by segment

8,5% 16,4%
17,3% 57,8%
49.7%
NYSE Euronext Europe
13,8 44,8
21,5
Lar e ca Mi ca a ca Micr ca
7,3
97,3
90,9
24,7
2,4
0,1
0,2
1,0
0,8
Domesti share tradin (E B) b se ment
Number of domesti equit trades (E B ) b se ment
Turn v r v l
200 180 160 140 120 100 80 60 40 20 0 183,3
91,4
19,9
s gm n
61,6
28,6
v z t yy x w v u t s
6,7
1,3
0,6
}}
Number of domesti
~
Oslo Brs
3,9% 16,2% 2,8%

5,3%
18,2%
Large ap d ap S all ap ro ap 77,2%
Domestic share trading (EOB) by segment 5,1% 1,2%
200
150 100
2 ,5%
78,7
79,7%
58,9%
50
250
191,0 159,7
1 , %
1 , %
17,2% 59,3%

300
245,0
, %
SIX Swiss Exchange

4,8% 1,0%

25,1
30,5
94,1%
Tu n v
180 160 140 120 100 80 60 40 20 0
97,3
91,8
2,4
6,7
0,0
0,3
1,3
0,2
153,7
v l
73,9
L r i m ll i r
27,4
s gm n
46,6
45,0
0,2%
17,0
Tel Aviv Stock Exchange

5, %

2,1% 6,9%
7,6%
8 ,6% Large cap Mid cap Small cap Micro cap
4, %
4,1% 9,1%
140%
12,4%
120%
2 ,0%
4 , %
100% 80% 60% 40%
86,0% 66,2%
66,6%
34,8%
20% 0%
8,4%
68,
82,6%
Turno er elocity by segment
118,3%
47,6%
Warsaw Stock Exchange

6,4% 6,4%
25,3%
Large cap Mid cap
Small cap Micro cap

61,8%
75,5%
40 30
7 ,3%
20
14,1%
17,3%
10
0
15, %
60
50
34,9
3 ,1%
3 ,5%
6,5%
70
64,4
57,0
7,6%
80
67,4
Domestic share trading (E B ) by segment
Number of domestic equity trades (E B ) by segment
Tu n v
v l
ity y s g
2, %
1 , %
11,1%
nt
Wiener Brse
3,4%
21,7% 1,8%

13,9%
Large cap Mid cap Small cap Micro cap 73,0%
16,8%
21,6%
0,8%
0,4% 31,9%
1,6%
1,2%
140
120
100
80
60
65,3%
77,2%
40
20
Domestic share trading (E B by segment
Number of domestic equity trades (E B
160
135,9
128,2
29,5
Turnover velo it
seg ent
3,6%
,7%
29,6

Market Segmentation Survey 2008

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Market Segmentation Survey 2008

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WFE 2008 Domestic market segmentation survey

Objectives of the survey

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

Main findings (cont. 1)

Main findings (cont. 2)

id cap icro cap

WFE 2008 Domestic market segmentation survey Americas

Distribution by market segment in Americas (average data)

Number of domestic companies listed by segment

Large cap Mid cap

Small cap 69,1%

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB)by segment

Turnover velocity by segment

Bermuda Stock Exchange

Domestic share trading (EOB) by segment

Number of trades in domestic shares (EOB) by segment

'% '& ' '0

Turnover velocity by segment

mpanies listed by segment

S all cap M cro cap

Domesti share trading

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

arge cap cap

Turnover velocity by segment

Buenos Aires Stock Exchange

Number of domestic companies listed by segment

Domestic share trading (EO

Turnover velocity by segment

Lima Stock Exchange

Number of domestic companies listed by segment

Domestic share trading (EO

Number of trades in domestic shares (EO by segment

Turnover velocity by segment

15% 10% 4,8%

Mexican Stock Exchange

Number of domestic companies listed by segment

Domestic share trading (EOB) by segment

Number of trades in domestic shares (EOB) by segment

Turnover velocity by segment

Domestic market capitalization by segment

Number of domestic listed companies by segment

srq wvqi srq uur t srq pi hcg fedcb

Number of omesti listed ompanies by segment

Domesti share trading EOB by segment

Number of equity trades EOB by segment

Turnover velocity by segment

Santiago Stock Exchange

Number of domestic companies listed by segment

Domestic share trading (EOB) by segment

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

Domestic market capitalization by segment

umber of domestic companies listed by segment

Large cap Mid cap Small cap Micro cap

WFE 2008 Domestic market segmentation survey

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

Number of domestic companies listed by segment

Domestic share trading (EOB) by segment

Number of domestic equity trades (EOB) by segment

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

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

Australian Securities Exchange

Number of domestic companies listed by segment