2013 Market Segmentation Survey - World Federation of Exchanges · 2018-09-11 · 2014 Market Segmentation Study 2 This survey is being conducted since 2007. The domestic market capitalization

2013 Market Segmentation Survey

22014 Market Segmentation Study

This survey is being conducted since 2007.

The domestic market capitalization was broken down in four

segments according to thresholds. The same threshold levels were

kept for the last 5 surveys for consistency reasons. The segments

were defined as follows:

• Large market cap segment : market cap > USD 1.3 bn

• Mid market cap segment : USD 1.3 bn > market cap > USD 200 m

• Small market cap segment : USD 200 m > market cap > USD 65 m

• Micro market cap segment : market cap < USD 65 m

Introduction


Exchanges were asked to distribute their domestic market cap, number

of domestic listed companies, EOB trading value and EOB number of

trades into these 4 segments.

Since 2008, an important change in the methodology has been

introduced: only EOB trading is now considered while total trading was

used for the first survey.

Companies delisted during the year were excluded.

In market capitalization, number of companies, EOB trading value and

number of trades: Main board + SMEs/Alternative markets data are

consolidated.

Methodology


Overview of other existing thresholds

Micro Micro Micro

MicroSmall SmallSmall

Small

Mid Mid

Mid

SMEs

SMEs

Large Large

Large

Large

Large

0

200

400

600

800

1 000

1 200

1 400

1 600

WFE Market Seg. FESE Market Seg. FESE SME WG United States Esma SMSG European Parl.

Micro Small Mid Large

- United States = Generally accepted definition in the United Sates

- SMSG = Securities and Markets Stakeholder Group

- European Parliament = Directive of the European parliament and of the council on markets in financial instruments repealing Directive 2004/39/EC of

the European Parliament and of the Council

http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+P7-TA-2012-0406+0+DOC+XML+V0//EN#BKMD-7

http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+P7-TA-2012-0406+0+DOC+XML+V0//EN#BKMD-7


Received answersThe study is based on 56 answers received from the following members in 2014.

All the indicators are not available for every member and for each year. On each graph the excluded members

are mentioned.

• BM&FBOVESPA

• 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

• NASDAQ OMX US

• NYSE US

• TMX Group Inc.

Americas (9) Asia – Pacific (17)

• Australian Securities Exchange

• BSE India Limited

• Bursa Malaysia

• Colombo Stock Exchange

• GreTai Securities Market

• HoChiMinh Stock Exchange

• Hong Kong Exchanges and Clearing

• Indonesia Stock Exchange

• Japan Exchange Group, Inc.

• Korea Exchange

• National Stock Exchange of India

• NZX Limited

• Philippine Stock Exchange

• Shanghai Stock Exchange

• Shenzhen Stock Exchange

• Singapore Exchange

• Stock Exchange of Thailand

• Taiwan Stock Exchange

EMEA (25)

• Abu Dhabi Securities Exchange

• Amman Stock Exchange

• Athens Exchange

• BME Spanish Exchanges

• Borsa Istanbul

• Bourse de Casablanca

• Bourse de Luxembourg

• Budapest Stock Exchange

• Cyprus Stock Exchange

• Deutsche Börse

• Irish Stock Exchange

• Johannesburg Stock Exchanges

• Kazakhstan Stock Exchange

• Ljubljana Stock Exchange

• London Stock Exchange Group

• Malta Stock Exchange

• Muscat Securities Market

• NASAD OMX Nordic

• Euronext

• Oslo Børs

• Qatar Exchange

• Saudi Stock Exchange (Tadawul)

• SIX Swiss Exchange

• Stock Exchange of Mauritius

• Tel-Aviv Stock Exchange

• The Egyptian Exchange

• Wiener Börse


82% of the listed companies worldwide are Mid & Small Cap (Market

Capitalization inferior to 1.3 billion USD)

In the US (especially NYSE), the weight of Mid & Small Cap is

significantly lower (62% for all US and 42% for NYSE-Listed Shares)

More than 90% of market capitalization is accounted for by large-

cap companies

The weight of mid-cap in number of trades remains important

especially in Asia-Pacific region

Market segments in 2013

Weight of each market segment in:

Large

18%

Mid

27%

Small

18%

Micro

37%

Number of listed companies

Large

76%

Mid

20%

Small

2%

Micro

2%

Number of trades

Large

92%

Mid

6%

Small &

Micro

2%

Market Capitalization

Large

88%

Mid

10%

Small &

Micro

2%

Share trading value


Market segments in 2013 by region

Weight of each market segment by region in:

Americas

Asia-Pacific

EAME

Large

35%

Mid

32%

Small

14%

Micro

19%


Large

86%

Mid

13%

Small

0%

Micro

1%

Number of trades

Large

95%

Mid

4%

Small &

Micro

1%


Large

93%

Mid

6%

Small &

Micro

1%

Share trading value

Large

13%

Mid

26%

Small

21%

Micro

40%


Large

55%

Mid

38%

Small

4%

Micro

3%

Number of trades

Large

85%

Mid

12%

Small &

Micro

3%


Large

76%

Mid

21%

Small &

Micro

3%

Share trading value

Large

16%

Mid

24%

Small

17%

Micro

43%


Large

79%

Mid

12%

Small

4%

Micro

5%

Number of trades

Large

92%

Mid

5%

Small &

Micro

3%


Large

86%

Mid

11%

Small &

Micro

3%

Share trading value


Weight of Mid and Small Cap per Country

95% 91% 88%80% 78%

73% 71%62% 60%

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

100%

Can

ada

Per

u

Arg

entin

a

Chile

Tota

l Am

ericas

Bra

zil

Colom

bia

Unite

d-Sta

tes

Mex

ico

Americas 99% 98% 97% 94% 93% 93% 93% 92% 90% 90% 90% 89% 85% 83% 83%

78%

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

100%

Sri

Lank

a

Vietn

am

India

Aut

ralia

Taiw

an

Sou

th K

orea

Malay

sia

Thaila

nd

Indo

nesia

Tota

l Asia

P

Singa

pore

New

Zea

land

Japa

n

Philip

pine

Hon

g Kon

g

Mainlan

d China

Asia Pacific

100%100%100%99% 98% 98% 98% 97% 97% 96% 95% 92% 92% 88% 87% 85% 84% 84% 82% 82% 80% 78% 77% 74% 73% 70%65%

48%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Cyp

rus

Kaz

akhs

tan

Malta

Mau

ritius

Om

an

Jord

ania

Slove

nia

Spa

in

Gre

ece

Egy

pt

Isra

el

Hun

gary

Turk

ey

Tota

l EM

EA

Mar

occo

Ger

man

y

Nor

way

Unite

d Ara

b

UK &

Italy

Swed

en,

Sou

th A

frica

Franc

e, B

elgium

,

Aus

tria

Luxe

mbo

urg

Ireland

Sau

di A

rabia

Switz

erland

Qat

ar

EMEA


Following the good performance of stock markets and the implied

valuation effects, the share of large caps logically increased and the share

of micro cap decreased

In AP and EMEA, the number of mid cap

Number of domestic listed companies

31% 31%

15%

22%

35% 32%

14% 19%

0%

10%

20%

30%

40%

50%

60%

Large Mid Small Micro

Americas

2012

2013

12%

25%

21%

42%

13%

27%

21%

40%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


Asia-Pacific

2012

2013

13%

20% 18%

49%

16%

24%

17%

43%

0%

10%

20%

30%

40%

50%

60%


EAME

2012

2013

16%

25%

19%

40%

18%

27%

18%

36%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


2012

2013


Large cap companies made up 92% of the market capitalisation in

2013, up 1% on last year

Domestic market capitalization

91%

8% 1% 1%

92%

7% 1% 0%

0%

20%

40%

60%

80%

100%


2012

2013

94%

5% 1% 0%

95%

4% 0% 0% 0%

20%

40%

60%

80%

100%


Americas

2012

2013

84%

13%

2% 1%

85%

12%

2% 1%

0%

20%

40%

60%

80%

100%


Asia-Pacific

2012

2013

91%

7% 1% 1%

92%

5% 2% 1%

0%

20%

40%

60%

80%

100%


EAME

2012

2013


Value of Share Trading

88%

10% 1% 1%

89%

10% 1% 1%

0%

20%

40%

60%

80%

100%


2012

2013

92%

7% 0% 1%

93%

6% 0% 1%

0%

20%

40%

60%

80%

100%


Americas

2012

2013

74%

22%

3% 1%

76%

21%

3% 1%

0%

20%

40%

60%

80%

100%


Asia-Pacific

2012

2013

88%

9% 2% 1%

91%

7% 2% 1%

0%

20%

40%

60%

80%

100%


EAME

2012

2013

Despite the increasing share of mid-cap in the total number of listed

companies in Asia-Pacific and EMEA, their share in value of share

trading decreased in those two regions.


Number of trades

75%

21%

2% 2%

77%

20%

2% 2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%


2012

2013

84%

14%

1% 1%

86%

13%

1% 1%

0%

20%

40%

60%

80%

100%


Americas

2012

2013 50%

43%

5% 3%

55%

38%

4% 3%

0%

20%

40%

60%

80%

100%


Asia-Pacific

2012

2013

77%

14% 4% 5%

79%

12% 4% 5%

0%

20%

40%

60%

80%

100%


EAME

2012

2013

Documents

2013 Market Segmentation Survey - World Federation of Exchanges · 2018-09-11 · 2014 Market Segmentation Study 2 This survey is being conducted since 2007. The domestic market capitalization