2012 Market Segmentation Survey. Grégoire Naacke 5 November 2013

Transcription

1 Market Segmentation Survey Grégoire Naacke 5 November 213

2 Introduction This survey is being conducted since 27. 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: market cap segment : market cap > USD 1.3 bn market cap segment : USD 1.3 bn > market cap > USD 2 m market cap segment : USD 2 m > market cap > USD 65 m market cap segment : market cap < USD 65 m Market Segmentation Study 5 November 213 2

3 Methodology 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 28, 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. Market Segmentation Study 5 November 213 3

4 Overview of other existing thresholds SMEs SMEs WFE Market Seg. FESE Market Seg. FESE SME WG United States Esma SMSG European Parl. - 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 24/39/EC of the European Parliament and of the Council Market Segmentation Study 5 November 213 4

5 Received answers The study is based on 51 answers received from the following members in 213. All the indicators are not available for every member and for each year. On each graph the excluded members are mentioned. (9) Asia Pacific (17) EMEA (25) 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 Euronext US TMX Group Inc. Australian Securities Exchange Bombay Stock Exchange Bursa Malaysia Colombo Stock Exchange GreTai Securities Market Hong Kong Exchanges and Clearing Indonesia Stock Exchange Korea Exchange National Stock Exchange of India Osaka Securities Exchange + Jasdaq Philippine Stock Exchange Shanghai Stock Exchange Shenzhen Stock Exchange Singapore Exchange Stock Exchange of Thailand Taiwan Stock Exchange Tokyo Stock Exchange Group Abu Dhabi Securities Exchange Amman Stock Exchange Athens Exchange BME Spanish Exchanges Bourse de Casablanca Bourse de Luxembourg Budapest Stock Exchange Cyprus Stock Exchange Deutsche Börse Irish Stock Exchange Istanbul Stock Exchange Johannesburg Stock Exchanges Ljubljana Stock Exchange London Stock Exchange Group Malta Stock Exchange Muscat Securities Market NASAD OMX Nordic NYSE Euronext Europe Oslo Børs Saudi Stock Exchange (Tadawul) SIX Swiss Exchange Stock Exchange of Mauritius Tel-Aviv Stock Exchange The Egyptian Exchange Wiener Börse Market Segmentation Study 5 November 213 5

6 General overview Market Segmentation Study 5 November 213 6

7 Market segments in -cap account for half of the total number of listed companies. The weight of mid-cap in number of trades remains important especially in Asia-Pacific region. Weight of each market segment in: Number of trades Market Capitalization Share trading value 12% 6% 6% 9% & 2% & 11% 3% 5 22% 26% 62% 16% 89% 86% Excluding: TMX Group Inc. and Abu Dhabi Securities Exchange Market Segmentation Study 5 November 213 7

8 Market segments in by region Weight of each market segment by region in: 22% 31% Number of trades 13% 1% 1% Market Capitalization & 5% 1% Share trading value & 5% 16% 31% 85% 94% 95% Number of trades Market Capitalization Share trading value Asia-Pacific 51% 9% 23% % 15% & 3% 28% & 7% 17% 37% 82% 65% Number of trades Market Capitalization Share trading value 1 15% 14% 5% 4% & 7% 2% 7% & 2% 62% 13% 77% 91% 91% Excluding: : TMX Group Inc. and Abu Dhabi Securities Exchange Market Segmentation Study 5 November 213 8

9 Number of domestic listed companies Relative stability of the breakdown between and. With TMX Group, the share of -cap in would be 44% Total WFE 52% % 12% 21% 22% 16% 16% % 28% 31% 32% 17% 16% 24% 22% % 9% Asia-Pacific 22% 23% 16% 17% 53% 51% % 1 15% 15% 13% 13% 63% 62% Excluding: : TMX Group Inc. and Abu Dhabi Securities Exchange Market Segmentation Study 5 November 213 9

10 Domestic market capitalization 8 6 cap account for 89% of the market capitalization. In Asia-Pacific region the weight of Shenzhen Stock Exchange leads to a significant higher share of mid-cap. 94% 94% % 89% Total WFE 1 9% 2% 1% 1% 1% % Asia-Pacific % % 5% 1% 1% 2 16% 15% 3% 3% 1% 1% 2 8% 7% 2% 1% 1% 1% Excluding: : TMX Group Inc. and Abu Dhabi Securities Exchange Market Segmentation Study 5 November 213 1

11 Market Capitalization (trillion USD) Market Capitalization (trillion USD) Market Capitalization (trillion USD) Parallel evolution of Num. Co. and M. Cap The decreasing number of micro cap was mainly explained by threshold effects Asia-Pacific Total number of listed companies between and -.9% Asia-Pacific +.5% -2.4%. Market Segmentation Study 5 November

12 Evolution over the last five years Market Capitalization (trillion USD) Market Capitalization (trillion USD) Market Capitalization (trillion USD) Asia-Pacific Total number of listed companies between 28 and -4.4% Asia-Pacific +9.4% -14.3% 28. Market Segmentation Study 5 November

13 Number of trades cap were slightly less affected by the decrease of number of trades (-11%) than mid (-17%) and small cap (-16%) The share of large cap in EOB trades increased in all the regions. The opposite trend was observed last year % 62% 85% 88% Total WFE 27% 26% % 6% 5% 6% 54% 44% Asia-Pacific 34% 35% Evolution of the number of EOB trades from 28 to (billions of trades) % 77% Asia Pacific 2 13% 11% 2 11% 11% 2 13% 14% 6% 2% 1% 5% 5% 7% 4% 5% Excluding: TMX Group Inc., Abu Dhabi Securities Exchange, Bolsa de Comercio de Buenos Aires, Korea Exchange, Osaka Securities Exchange and Tokyo Stock Exchange. Market Segmentation Study 5 November

14 Value of share trading Similar trend in monetary terms: -15% for large cap compared to -25% for mid cap and -2 for small cap Total WFE 85% 86% 13% 11% 2% 2% 1% 1% % 95% % 65% 6 Asia-Pacific % 91% % 4 2 6% 4% 2 4% 4% 2% 3% 2 6% 7% 2% 2% 1% 1% Excluding: TMX Group Inc., Abu Dhabi Securities Exchange Market Segmentation Study 5 November

15 Average number of trades Decrease in for all the segments but micro caps. All the regions experienced quite similar trends Total WFE TOTAL TOTAL Asia Pacific TOTAL TOTAL Market Segmentation Study 5 November

16 Focus on largest exchanges Nasdaq NYSE BM&FBOVESPA Others TOTAL TOTAL TOTAL TOTAL Asia-Pacific Market Segmentation Study 5 November