H1 2021 Market Highlights, Exercises of Technology

Download H1 2021 Market Highlights and more Exercises Technology in PDF only on Docsity! H1 2021 Market Highlights Key highlights The data for the first half of 2021 confirms the growth trend that we observed at the end of 2020, with many indicators reaching record levels, particularly in the Americas. The roll-out of the Covid-19 vaccines, the additional stimulus packages approved by governments, the savings accumulated during the pandemic, and an increased confidence in the economic recovery boosted the markets. Compared with H2 2020: • Domestic market capitalisation increased 6.5% • The value of share trading and the number of trades increased 10% and 8.2%, respectively. • The capital raised through IPOs registered an increase of 83.7%. The average size of an IPO almost doubled. • Exchange traded derivatives volumes rose 18%. Compared to H1 2020: • Domestic market capitalisation rose 34.3% • The value of share trading and the number of trades went up 16.9% and 18.8%, respectively • The capital raised through IPOs recorded an increase of 426.9%. The number of IPO listings went up 118.9%. The average size of an IPO increased 141% • Exchange traded derivatives volumes rose 36%. According to the WFE’s statistics, the key trends of H1 2021 are as follows: Equities • Domestic market capitalisation increased 6.5% compared to December 2020, surpassing the 116 USD billion mark for the first time. • Equity markets reached record levels of value traded (78 USD trillion) and volumes traded (21.6 billion trades). In March alone markets added 4.85 USD trillion. • The capital raised through IPOs registered an increase of 83.7% relative to H2 2020, setting new records in the Americas (252.5 USD billion) and EMEA regions (45.8 USD billion). • While globally there was a decline of 6.2% in the number of listings, the average size of an IPO increased by 96%, to 372.75 USD million/IPO. • The Americas led the positive trend in IPOs, with the region listing a record of 256 IPOs in H1 2021. In June 2021 alone, NYSE listed 17 IPOs, which raised 157.8 USD billion. This set a new record in the average size of an IPO in the Americas (986.21 USD million/IPO), significantly larger than the previous record of 363.71 USD million/IPO registered in H2 2020 • A record in capital raised monthly through IPOs was established by NYSE in May 2021 (24.55 USD billion). This level of capital raised by IPO in one month was not seen on the world markets since Saudi Aramco’s listing on the Saudi Stock Exchange (Tadawul) in December 2019. • Non-IPO listings were also at record-high levels globally (1,113) and in the Americas (115) and APAC (839). EMEA recorded 159, below its previous record of 390 reported in H2 2017. • Capital raised by already listed companies reached new heights of 403.46 USD billion globally and in the Americas (125.75 USD billion). Exchange traded derivatives (ETDs) • Derivatives trading rose for all contract types except currency futures and ETF futures, and in all regions: volumes rose 18% compared to H2 2020 amounting to a record 29.24 billion contracts traded. Volumes of interest rate and ETF options increased 68.6% and 44.8% respectively. 2 • National Stock Exchange of India recorded the highest volume of stock index options (5.19 billion contracts). • Single stock futures contracts traded on B3-Brasil Bolsa Balcão surged by 749.1%, relative to H1 2020. Throughout the report, in addition to comparing H1 2021 with H2 2020, we also report the comparison of H1 2021 with H1 2020 (Year-on-Year, YoY) and the comparison of Q2 2021 with Q1 2021 (Quarter-on-Quarter, QoQ). All the results are aggregated at regional level: the Americas, the Asia-Pacific (APAC) and Europe, Middle East and Africa (EMEA). The full set of data is presented in the tables at the end of the report. 5 Chart 3: Number of trades This result was driven by the Americas which saw a 4.9% rise to 10,400 listed companies and by the APAC region, which went up by 1.8% to 24,124, while the number of listed companies in EMEA remained the same (14,870). April was the only month in 2021 which experienced a downtick in the number of companies listed (of 0.6%), caused entirely by EMEA (-3.1%). YoY: Compared to H1 2020, the number of listed companies rose by 3.4%, with all regions going up, the Americas by 6.7%, APAC by 4% and EMEA by only 0.5%. 3 Excludes Barbados Stock Exchange from January 2021 onwards and Qatar Stock Exchange from February 2021 onwards. Listed Companies3 The number of listed companies increased by 1.9% in H1 2021 compared to H2 2020, with the number in EMEA remaining constant. 6 Number and average size of IPOs Compared to H2 2020 YoY QoQ The number of IPOs in H1 2021 went down by 6.2%, but the average size of an IPO increased by 96% to 372.8 million USD (from 190.3 million USD). There was a total of 1,009 new companies listed on stock markets through IPO during H1 2021. APAC was the region with the highest share of IPOs (55%). The top three exchanges by IPOs hosted are Nasdaq-US (167), followed by Shanghai Stock Exchange (140) and Shenzhen Stock Exchange (105). The drop in new listings through IPO was due to APAC and EMEA which fell by 16.9% and 7.5%, respectively. The Americas saw a 32% increase. While compared with H2 2020 the number of IPOs fell, it more than doubled (118.9%) when compared to H1 2020. In Q2 2021 529 IPOs came to the market, which represents 10.2% more than the previous quarter. This is not very different from the highest number of IPOs in the last five years (586) observed in Q4 2020. Chart 4A: Number of listed companies, H1 2021 Chart 4B: Year-on-Year changes New listings, investment flows and IPO activity 7 Non-IPO listings Compared to H2 2020 YoY QoQ Non-IPO listings were up 32.3% compared with H2 2020. The increase was driven by the performance of all three regions: the Americas (82.5%), APAC (15.4%) and EMEA (211.8%) compared to H2 2020. APAC region was preferred by 75% of non-IPO listings (839). The non-IPO listings went up by 89.6%, all regions contributing to this result: the Americas by 187.5%, APAC by 63.5%, EMEA by a significant 367.6%. In Q2 2021, non-IPO listings increased by 20.4% compared to Q1 2021, with all regions rising: the Americas (61.4%), APAC (11.3%) and EMEA (48.4%). Chart 5: Number of IPOs Chart 6: Number of IPOs by region Chart 7: New listings (IPO and non-IPO) 10 Investment flows through already listed companies Compared to H2 2020 YoY QoQ Investment flows went up by 14.6% compared to H2 2020, amounting to 403.46 billion USD This increase was driven by the Americas (98.8%) and EMEA (26.4%), while APAC declined (19.2%). Compared to H1 2020, H1 2021 witnessed a 34.1% rise in investment flows through already listed companies, with all regions going up: the Americas (77.2%), APAC (7.3%) and EMEA (43.6%). Compared with the previous quarter, in Q2 2021 there was a 4.5% global increase, totalling 206.17 billion USD, towed by the Americas (61.2%), while APAC and EMEA fell by 9.2% and 19.3%, respectively. Chart 9: Investment flows (IPO and non-IPO) Chart 10: Capital raised through IPO by region Chart 11: Capital raised through IPOs S ill io n Americas A A E EA S ill io n 11 Notable IPOs: Americas The Americas region surprised the world in H1 2021 when the 256 IPOs it hosted pumped 252.47 USD billion into its economy, up from 70.56 USD billion in H2 2020. It also set a new record of an average size of an IPO of 986.21 USD million, far surpassing the average size of an IPO at the time when Saudi Aramco went public (432.01 USD million/IPO in H2 2019). This performance was possible in the Americas thanks to some remarkable IPOs. In January Nasdaq-US hosted Affirm Holdings Inc, a financial technology company offering consumer microloans, which raised 1.21 USD billion; Playtika Holding Corp, a mobile gaming company (1.88 USD billion); Shoals Technologies Group, a provider of components for solar energy projects (1.93 USD billion); Qualtrics International Inc, a customer-survey software business (1.56 USD billion); and Ortho Clinical Diagnostics Holdings Plc, an in vitro test maker (1.29 USD billion). In February the same exchange welcomed the region’s largest IPO this year, Bumble Inc, a dating app maker that raised 2.15 USD billion; and in April Applovin Corp, a mobile gaming and mobile marketing company (2 USD billion); and TuSimple Holdings Inc, a company that builds autonomous trucks and driverless vehicles (1.35 USD billion). In May, Oatley Group, a vegan food and drink maker from Sweden, chose the same venue to go public (1.43 USD billion), followed in June by Marqeta Inc, a card-issuing technology company (1.23 USD billion). APAC In H1 2021, the APAC region retained its status as the host of the most valuable IPO in the world (despite the region’s decline in the number of IPOs and investment flows), with the February listing of Kuaishou Technology, the operator of China's most popular short-video service after ByteDance Ltd's Douyin, on Hong Kong Exchanges and Clearing, which raised 6.21 USD billion. The same exchange opened its doors in March by Baidu Inc, a Chinese search engine giant (3.08 USD billion), Bilibili Inc, which provides online entertainment services for the young generations in China (2.99 USD billion); in April by Linklogis Inc, a Chinese fintech firm which specialises in supply chain finance (1.18 USD billion); and Trip.com Group Ltd, a global travel group, increasing its capital by 1.26 USD billion; and, in May, by JD Logistics Inc (the delivery arm of Chinese e-commerce giant JD.com Inc), which went public raising 3.64 USD billion. The Stock Exchange of Thailand was selected by PTT Oil and Retail Business Public Company Ltd (the retail unit of Thailand’s iggest energy company), which raised 1.33 USD billion in March. In the same month Korea Exchange introduced SK Bioscience Co Ltd, an AstraZeneca vaccine manufacturer, for 1.26 USD billion, and in May SK IE Technology Co Ltd, a battery material maker, for 2.01 USD billion. Everdisplay Optronics (Shanghai) Co Ltd, a manufacturer of AMOLED semiconductor display panels, picked Shanghai Stock Exchange in May to list its shares, raising 1.28 USD billion. China Three Gorges Renewables Group, a unit of state-owned clean energy group China Three Gorges, followed suit in June (3.52 USD billion). EMEA While in H1 2021 IPO listings in EMEA declined by 7.5%, investment flows went up by 75.6% compared with H2 2020. Deutsche Börse hosted the most valuable IPO in the region, Vantage Towers AG, a telecommunication services company, for 2.53 USD billion in March. In February the same exchange opened its doors to AUTO1 Group SE, Europe's leading digital automotive platform, for 1.76 USD billion, followed by Suse SA, a German software company, raising 2.05 USD billion in May. LSE Group London Stock Exchange listed its largest IPO in 2021, in April, Deliveroo Holdings, a food-delivery startup (2.07 USD billion). The same exchange welcomed Dr. Martens Plc, a British bootmaker, in February for 1.81 USD billion, while in May it listed Alphawave IP Group, a Canadian-British company which designs technology used in semiconductor chips, that raised 1.18 USD billion. Moscow Exchange was preferred by Fix Price, a Russian discount retailer, which raised 1.77 USD billion in March, while BME Spanish Exchanges, welcomed in April Linea Directa Aseguradora, a Spanish insurance company, raising 1.78 USD billion. 12 ETFs Compared to H2 2020 YoY QoQ The number of listed ETFs went down by 13.1%, while the value traded and volume traded increased by 12.1% and 17.5%, respectively. The result in ETF listings4 is due to the decrease in the Americas (35.1%), while APAC and EMEA regions rose by 9.4% and 4%, respectively. The increase in value traded5 was due to a positive performance in the Americas (14.3%) and EMEA (7.9%) regions, while APAC region experienced a downtick of 0.9%. The Americas is by far the favourite venue, with the largest share by value traded (85%), followed by APAC (11%) and EMEA (4%). The number of trades6 in ETFs saw the highest increase in the EMEA region (53.8%), followed by APAC (19.8%) and the Americas region (11.9%), which remains the largest market also in terms of volumes traded (60% share). Listings fell by 9.5% compared to H1 2020, result towed by the Americas (30.3%), while APAC and EMEA regions went up by 12.1% and 4.6%, respectively. Value traded decreased by 26.6% compared to H1 2020, with all regions declining: the Americas by 29.6%, APAC by 2.9% and EMEA by 5.6%. Volumes were 9.9% below those in H1 2020, caused by falling volumes in the Americas by 28.4%, while APAC and EMEA regions went up by 22.1% and 271.8%, respectively. Listings increased by 5.6%, with all regions increasing: EMEA increased the most (6.4%), followed by the Americas (5.7%) and APAC (4.7%). Value traded declined by 13% relative to Q1 2021, all regions experiencing decreases: the Americas (11.4%), APAC (23.5%) and EMEA (17.8%). Volumes fell by 15.9%, with Americas and APAC declining by 13.0% and 29.6%, respectively. The increase in EMEA region (13.8%) was not able to compensate this effect. 4 Excludes Bolsa Mexicana de Valores and NYSE from January 2021; and Indonesia Stock Exchange from July 2020 onwards. 5 Excludes NYSE from July 2020. 6 Excludes NYSE from July 2020. 15 Single stock futures7 Compared to H2 2020 YoY QoQ Single stock futures volumes recorded a 10.4% increase in H1 2021. The rise was due to the Americas (36.2%) and to APAC (16.9%), while EMEA region declined (2.5%). The volumes traded were 83.2% higher than in H1 2020, with all regions recording significant increases: the Americas saw the largest increase (640.5%), due to the staggering performance of B3 - Brasil Bolsa Balcão (749.1%); APAC witnessed a 33.1% increase, while the EMEA region, which is the largest market, went up by 87.3%. Compared to Q1 2021 volumes were lower by 17.3%, with all regions declining: the Americas by 23.1%, APAC by 12% and EMEA region by 19.5%, respectively. Chart 14: Single stock futures trading 7 Includes Singapore Exchange from January 2021. 16 Stock index options8 Compared to H2 2020 YoY QoQ Stock index options saw volumes rising by 27.4% in H1 2021 Stock index options, the most traded derivatives by volumes (22% share), went up in the Americas and APAC regions by 14.5% and 29.7%, respectively, while in EMEA volumes decreased by 1.9% as compared to H2 2020. They are traded mostly in APAC (91% share). National Stock Exchange of India had the largest volume in H1 2021 (5.19 billion). The 59% increase in volumes compared to H1 2020 was towed by the APAC region which increased significantly (76.7%), while the Americas and EMEA declined by 15.8% and 29.2%, respectively. As compared with Q1 2021, volumes were 5.6% higher, entirely due to APAC (6.9%), whereas the Americas and EMEA fell by 2.3% and 14.3%, respectively. Chart 15: Stock index options trading 8 Includes MIAX Exchange Group from June 2020 onwards. Excludes International Securities Exchange from July 2020 onwards. 17 Stock index futures9 Compared to H2 2020 YoY QoQ Volumes went up by 14.9% While the Americas and APAC registered increases of 20.1% and 6.2%, respectively, EMEA volumes went down by 2.4%. The Americas is by far the largest market, accounting for 74% of the volumes traded. When compared to H1 2020 global volumes rose by 8.8%, towed by the Americas region (26.2%), while APAC and EMEA regions declined by 15.2% and 29%, respectively. Volumes were 4.2% lower, the Americas and EMEA seeing their volumes fall by 5.8% and 9.5%, respectively, while volumes in APAC region rose by 8%. Chart 16: Stock index futures trading ETF derivatives ETF options10 volumes are concentrated in the Americas region (73%) and APAC (27%). Compared to H2 2020, volumes rose 44.8%. When compared to H1 2020, there’s a 39.0% increase. ETF options account for 99.9% of ETF derivatives by volumes. ETF futures11 volumes in H1 2021 were 3.9% lower than in H2 2020. YoY: Futures volumes were 7.4% lower than in H1 2020. 9 Includes MIAX Exchange Group from January 2021. 10 Includes Shanghai Stock Exchange, Shenzhen Stock Exchange and Singapore Stock Exchange from January 2021. 11 Excludes Johannesburg Stock Exchange from January 2021. ETF derivatives volumes traded were up 44.8% in H1 2021 compared with H2 2020. 20 Interest rate derivatives Interest rate options Compared to H2 2020 YoY QoQ Interest rate options were the product which went up the most (68.6%) in H1 2021 This surge was driven by the Americas, the largest market, with 82% share by volumes, which recorded a 72.7% increase and EMEA, which went up by 52.4%. APAC experienced a decline of 26.6%. Volumes were 4.2% higher than in H1 2020, result due to the Americas rising by 5.3%. EMEA remained constant, while APAC declined by 71.9%. As compared with Q1 2021, volumes in Q2 fell by 17.2%, with all regions declining: the Americas by 16.2%, APAC by 13.8% and EMEA region by 21.9%. Chart 19: Interest rate options trading 21 Interest rate futures Compared to H2 2020 YoY QoQ Interest rate futures volumes rose by 32.7% All regions contributed to this increase: the Americas, which is the largest market (68% share), went up the most (41.1%), followed by EMEA12 (21.3%) and APAC (4.6%). Interest rate futures are the most traded interest rate derivative, with 82% share by volumes. Volumes in H1 2021 had a 0.9% uptick which was caused by higher volumes in the Americas and EMEA regions, where contracts traded increased by 0.3% and 6.2%, respectively, while in APAC the volumes fell by 13.5%. Compared with Q1 2021, volumes were 14.5% lower, due to all regions declining: the Americas by 15.5%, APAC by 8.9% and EMEA region by 13.1%. Chart 20: Interest rate futures trading For a more in depth analysis about the short-term and long-term interest rate derivatives and commodity derivatives (agriculture, energy, precious and non-precious metals, and index derivatives) we invite you to read our WFE Annual Derivatives Report which is published on our website in April-May each year. 12 Includes Borsa Istanbul from January 2020 onwards. 22 Commodity derivatives Commodity options13 Compared to H2 2020 YoY QoQ Volumes increased by 16.8% Volumes rose in all regions: in the Americas by 6.5%, in APAC by 31.1% and in EMEA region by 10% Volumes were 27.3% above those in H1 2020, due entirely to the significant 140.4% rise in the APAC region. The Americas experienced a 0.7% downtick, while in EMEA volumes fell 23.6%. As compared with Q1 2021, global volumes recorded a 0.7% uptick, due to the 1.5% increase in the Americas and 8.4% increase in APAC, while volumes in EMEA declined by 22.9%. Chart 21: Commodity options trading 13 Includes MIAX Exchange Group and Shanghai Futures Exchange from January 2021. 25 Derivatives markets H1 2020 H2 2020 H1 2021 %change H1'21 /H2'20 % change H1'21 /H1'20 Single Stock Options 2,919,982,576 4,108,977,999 4,930,211,040 19.99% 68.84% Americas 2,547,687,836 3,692,355,796 4,389,134,813 18.87% 72.28% APAC 198,480,643 266,303,300 354,748,291 33.21% 78.73% EMEA 173,814,097 150,318,903 186,327,936 23.96% 7.20% Single Stock Futures 1,271,949,872 2,111,896,149 2,330,549,854 10.35% 83.23% Americas 57,596,172 313,159,245 426,491,686 36.19% 640.49% APAC 682,953,021 777,731,275 908,890,394 16.86% 33.08% EMEA 531,400,679 1,021,005,629 995,167,774 -2.53% 87.27% Stock Index Options 4,003,447,291 4,997,456,040 6,367,315,975 27.41% 59.05% Americas 408,187,629 300,275,176 343,759,842 14.48% -15.78% APAC 3,285,782,847 4,473,877,540 5,804,542,668 29.74% 76.66% EMEA 309,476,815 223,303,324 219,013,465 -1.92% -29.23% Stock Index Futures 3,456,886,200 3,272,318,845 3,759,614,573 14.89% 8.76% Americas 2,190,750,136 2,301,780,394 2,764,568,111 20.11% 26.19% APAC 693,346,075 553,867,134 588,258,118 6.21% -15.16% EMEA 572,789,989 416,671,317 406,788,344 -2.37% -28.98% Interest Rate Options 406,633,808 251,375,881 423,814,211 68.60% 4.23% Americas 330,042,284 201,281,978 347,605,068 72.70% 5.32% APAC 521,928 199,615 146,441 -26.64% -71.94% EMEA 76,069,596 49,894,288 76,062,702 52.45% -0.01% Interest Rates Futures 1,875,735,560 1,426,212,346 1,892,467,638 32.69% 0.89% Americas 1,275,576,815 907,008,297 1,279,713,949 41.09% 0.32% APAC 124,913,894 103,275,079 108,045,473 4.62% -13.50% EMEA 475,244,851 415,928,970 504,708,216 21.34% 6.20% Commodity Options 157,043,550 171,166,788 199,847,959 16.76% 27.26% Americas 84,460,689 78,721,840 83,859,982 6.53% -0.71% APAC 36,928,100 67,702,376 88,764,161 31.11% 140.37% EMEA 35,654,761 24,742,572 27,223,816 10.03% -23.65% Commodity Futures 4,125,506,254 4,824,265,643 4,925,779,920 2.10% 19.40% Americas 598,134,696 476,295,561 500,972,672 5.18% -16.24% APAC 2,577,193,900 3,635,866,192 3,691,529,341 1.53% 43.24% EMEA 950,177,658 712,103,890 733,277,907 2.97% -22.83% Currency Options 386,330,355 472,118,473 612,673,274 29.77% 58.59% Americas 9,550,588 7,485,109 7,172,661 -4.17% -24.90% APAC 341,994,379 435,344,822 593,897,592 36.42% 73.66% EMEA 34,785,388 29,288,542 27,596,364 -5.78% -20.67% Currency Futures 1,320,701,058 1,641,889,251 1,617,225,516 -1.50% 22.45% Americas 480,499,905 642,131,523 605,456,988 -5.71% 26.01% APAC 430,262,801 445,752,439 469,297,980 5.28% 9.07% EMEA 409,938,352 554,005,289 526,477,205 -4.97% 28.43% 26 Other products H1 2020 H2 2020 H1 2021 %change H1'21/H2'20 %change H1'21/H1'20 ETFs 7,753 8,070 7,015 -13.07% -9.52% (Full number of listed securities) Americas 3,516 3,777 2,452 -35.08% -30.26% APAC 1,759 1,802 1,972 9.43% 12.11% EMEA 2,478 2,491 2,591 4.01% 4.56% ETFs 18,403,352 12,037,598 13,499,581 12.15% -26.65% (Value traded, USD millions) Americas 16,330,915 10,065,372 11,502,185 14.27% -29.57% APAC 1,512,622 1,482,136 1,468,832 -0.90% -2.89% EMEA 559,815 490,090 528,564 7.85% -5.58% Securitized derivatives 3,028,783 3,037,511 3,193,603 5.14% 5.44% (Full number of listed securities) Americas 236 407 486 19.41% 105.93% APAC 35,626 41,521 46,284 11.47% 29.92% EMEA 2,992,921 2,995,583 3,146,833 5.05% 5.14% Securitized derivatives 428,813 469,521 492,449 4.88% 14.84% (Value traded, USD millions) Americas 70 93 185 98.00% 162.71% APAC 326,843 380,331 417,236 9.70% 27.66% EMEA 101,900 89,096 75,028 -15.79% -26.37% Investment funds 21,876 22,658 21,294 -6.02% -2.66% (Full number of listed securities) Americas 3,081 3,148 2,875 -8.67% -6.69% APAC 2,809 2,450 2,123 -13.35% -24.42% EMEA 15,986 17,060 16,296 -4.48% 1.94% Investment funds 314,303 303,207 1,243,415 310.09% 295.61% (Value traded, USD millions) Americas 108,111 64,508 60,738 -5.84% -43.82% APAC 151,183 127,599 1,090,538 754.66% 621.34% EMEA 55,009 111,100 92,140 -17.07% 67.50% 27 Cash equity - monthly data Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 %change Feb/Jan %change Mar/Feb %change Apr/Mar %change May/Apr %change Jun/May Domestic Market Capitalisation 102,041,485 104,629,994 109,482,227 112,782,803 116,491,125 116,783,845 2.54% 4.64% 3.01% 3.29% 0.25% (USD million) Americas 45,356,802 46,664,729 48,067,202 50,565,933 51,075,115 52,257,273 2.88% 3.01% 5.20% 1.01% 2.31% APAC 34,767,598 35,664,286 36,999,501 37,912,393 39,259,079 39,273,012 2.58% 3.74% 2.47% 3.55% 0.04% EMEA 21,917,086 22,300,978 24,415,523 24,304,477 26,156,932 25,253,560 1.75% 9.48% -0.45% 7.62% -3.45% Value of Share Trading 12,497,620 12,020,613 15,806,714 11,857,065 12,336,285 13,495,082 -3.82% 31.50% -24.99% 4.04% 9.39% (USD million) Americas 5,745,244 6,720,978 9,158,310 6,323,691 6,635,082 6,944,286 16.98% 36.26% -30.95% 4.92% 4.66% APAC 5,558,042 4,112,366 5,221,468 4,514,857 4,613,118 5,442,022 -26.01% 26.97% -13.53% 2.18% 17.97% EMEA 1,194,333 1,187,268 1,426,935 1,018,518 1,088,085 1,108,774 -0.59% 20.19% -28.62% 6.83% 1.90% Number of trades 3,678,654 3,322,344 4,072,075 3,360,060 3,311,248 3,806,684 -9.69% 22.57% -17.49% -1.45% 14.96% (thousands of trades) Americas 889,665 1,038,376 1,286,027 881,227 942,188 1,008,028 16.72% 23.85% -31.48% 6.92% 6.99% APAC 2,501,461 2,001,600 2,475,855 2,246,010 2,139,584 2,560,606 -19.98% 23.69% -9.28% -4.74% 19.68% EMEA 287,528 282,369 310,193 232,822 229,475 238,050 -1.79% 9.85% -24.94% -1.44% 3.74% Number of listed companies 48,512 48,645 48,880 48,591 49,108 49,394 0.27% 0.48% -0.59% 1.06% 0.58% (full number) Americas 9,976 10,075 10,186 10,287 10,303 10,400 0.99% 1.10% 0.99% 0.16% 0.94% APAC 23,751 23,818 23,875 23,946 24,023 24,124 0.28% 0.24% 0.30% 0.32% 0.42% EMEA 14,785 14,752 14,819 14,358 14,782 14,870 -0.22% 0.45% -3.11% 2.95% 0.60% [1] Trades registered through Electronic Order Book Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 % change Feb/Jan % change Mar/Feb % change Apr/Mar % change May/Apr % change Jun/May Number of newly listed comp. 287 308 390 360 338 439 7.32% 26.62% -7.69% -6.11% 29.88% (full number) IPOs 123 152 205 170 146 213 23.58% 34.87% -17.07% -14.12% 45.89% Other 164 156 185 190 192 226 -4.88% 18.59% 2.70% 1.05% 17.71% Investment flows, IPOs 24,332 32,612 42,371 34,913 50,869 191,005 34.03% 29.92% -17.60% 45.70% 275.49% 30 Securitized derivatives 3,159,768 3,250,280 3,149,929 3,277,228 3,356,325 3,193,603 2.86% -3.09% 4.04% 2.41% -4.85% (Full number of listed securities) Americas 430 454 465 467 460 486 5.58% 2.42% 0.43% -1.50% 5.65% APAC 43,866 44,361 44,831 46,320 46,545 46,284 1.13% 1.06% 3.32% 0.49% -0.56% EMEA 3,115,472 3,205,465 3,104,633 3,230,441 3,309,320 3,146,833 2.89% -3.15% 4.05% 2.44% -4.91% Securitized derivatives 91,606 88,029 108,044 68,679 71,968 64,122 -3.90% 22.74% -36.43% 4.79% -10.90% (Value traded, USD millions) Americas 37 49 32 17 29 21 30.61% -33.92% -45.91% 64.83% -28.21% APAC 77,447 73,958 92,895 58,850 58,590 55,497 -4.50% 25.60% -36.65% -0.44% -5.28% EMEA 14,121 14,022 15,118 9,812 13,350 8,605 -0.71% 7.82% -35.09% 36.05% -35.54% Investment funds 22,371 22,451 22,463 21,446 21,395 21,294 0.36% 0.05% -4.53% -0.24% -0.47% (Full number of listed securities) Americas 2,698 2,743 2,749 2,800 2,842 2,875 1.67% 0.22% 1.86% 1.50% 1.16% APAC 2,728 2,744 2,771 2,367 2,251 2,123 0.59% 0.98% -14.58% -4.90% -5.69% EMEA 16,945 16,964 16,943 16,279 16,302 16,296 0.11% -0.12% -3.92% 0.14% -0.04% Investment funds 231,293 180,422 240,182 181,366 178,127 232,024 -21.99% 33.12% -24.49% -1.79% 30.26% (Value traded, USD millions) Americas 10,857 11,880 10,160 9,198 9,111 9,533 9.42% -14.48% -9.47% -0.94% 4.64% APAC 201,505 151,392 215,488 161,792 157,521 202,839 -24.87% 42.34% -24.92% -2.64% 28.77% EMEA 18,932 17,151 14,534 10,376 11,495 19,652 -9.41% -15.25% -28.61% 10.79% 70.95% 31 Summary of the methodologies adopted for this report All data contained in the following equity market tables include the Main/Official market and the Alternative/SME markets supervised and regulated by the Exchange. Domestic Market Capitalisation The market capitalisation figures include: - shares of listed domestic companies; - shares of foreign companies which are exclusively listed of an exchange, i.e. the foreign company is not listed on any other exchange; - common and preferred shares of domestic companies; - shares without voting rights. The market capitalisation figures exclude: - collective investment funds; - rights, warrants, ETFs, convertible instruments; - options, futures; - foreign listed shares other than exclusively listed ones; - companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, and regardless of their legal status; - companies admitted to trading (companies admitted to trading are companies whose shares are traded at the exchange but not listed at the exchange). • Australian Securities Exchange: including investment funds. • BME Spanish Exchanges: including investment companies listed (open-end investment companies) that differ from investment funds included in Table 1.3 because of their legal status and that cannot be distinguished from other listed companies. • Bolsa de Valores de Lima: Includes 26 foreign companies with shares negotiated under a special modality. • Borsa Istanbul market capitalisation/listed companies figures include investment companies and holdings. • Deutsche Börse: excluding the market segment “Freiverkehr” (unofficial regulated market). • Euronext: includes Belgium, Ireland, France, Italy the Netherlands, Norway and Portugal. • Johannesburg Stock Exchange: figures include the market capitalisation of all listed companies, but exclude listed warrants, convertibles and investment funds. • Korea Exchange: including Kosdaq market data. • Nasdaq Nordic Exchanges: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges. • NSE India: including market data from NSE’s S E platform “EMERGE” • Singapore Exchange: market capitalisation includes domestic listings and a substantial number of foreign listings, defined as companies whose principal place of business is outside Singapore. Inactive secondary foreign listings are excluded. • Stock Exchange of Mauritius: from Aug. 2006, data includes Development & Enterprise Market. • TMX Group: includes companies listed on TSX Venture. Disclaimer: While the World Federation of Exchanges (WFE) makes every effort to check that the data are accurate and complete, it does not accept liability for any errors or omissions. The WFE shall not be liable for any claims or losses of any nature arising directly or indirectly from use of the data. When monthly data for an exchange is not available and the missing data is not considered to have a significant impact on aggregate results, the WFE team might perform an estimation based on historical data. Please note that some technical footnotes available in the monthly statistics published by the WFE are not available here. In order to explain some breaks in the time series or other statistical issues, the user will probably have to consult those footnotes in the monthly tables published by the WFE. Statistics definitions are also publicly available on the WFE website. For reproduction, citation, distribution and transmission of any data please contact the Secretariat. It is otherwise strictly prohibited. The WFE must always be quoted when the statistics are used by a third party. 32 Exchanges that provided data for the H1 2021 Market Highlights report Abu Dhabi Securities Exchange Indonesia Stock Exchange Amman Stock Exchange International Securities Exchange ASX Australian Securities Exchange Iran Fara Bourse Securities Exchange Athens Stock Exchange Jamaica Stock Exchange B3 - Brasil Bolsa Balcão Japan Exchange Group Bahrain Bourse Johannesburg Stock Exchange Baku Stock Exchange Kazakhstan Stock Exchange Barbados Stock Exchange Korea Exchange Beirut Stock Exchange Ljubljana Stock Exchange Belarusian Currency and Stock Exchange London Metal Exchange Bermuda Stock Exchange LSE Group London Stock Exchange BME Spanish Exchanges Luxembourg Stock Exchange Boerse Stuttgart Malta Stock Exchange Bolsa de Comercio de Santiago Matba Rofex Bolsa de Valores de Colombia MERJ Exchange Limited Bolsa de Valores de Lima MIAX Exchange Group Bolsa de Valores de Panama Moscow Exchange Bolsa Electronica de Chile Multi Commodity Exchange of India Bolsa Mexicana de Valores Muscat Stock Exchange Bolsa Nacional de Valores Nairobi Securities Exchange Bolsa y Mercados Argentinos Namibian Stock Exchange Borsa Istanbul Nasdaq - US Botswana Stock Exchange Nasdaq Nordic and Baltics Boursa Kuwait National Stock Exchange of India Bourse de Casablanca Nigerian Exchange Bourse de Montreal NYSE BRVM NZX Limited Bucharest Stock Exchange Palestine Exchange Budapest Stock Exchange Philippine Stock Exchange Bulgarian SE Prague Stock Exchange Bursa Malaysia Qatar Stock Exchange Bursa Malaysia Derivatives Rwanda Stock Exchange Cayman Island Stock Exchange Saudi Exchange (Tadawul) Cboe Europe Shanghai Futures Exchange Cboe Futures Exchange Shanghai Stock Exchange Cboe Global Markets Shenzhen Stock Exchange China Financial Futures Exchange Singapore Exchange Chittagong Stock Exchange SIX Swiss Exchange CME Group Stock Exchange of Mauritius Colombo Stock Exchange Taipei Exchange Cyprus Stock Exchange Taiwan Futures Exchange Dalian Commodity Exchange Taiwan Stock Exchange Dar Es Salaam Stock Exchange Tehran Stock Exchange Deutsche Boerse AG Tel-Aviv Stock Exchange Dhaka Stock Exchange Thailand Futures Exchange Dubai Financial Market The Egyptian Exchange Dubai Gold and Commodities Exchange The Saint-Petersburg International Mercantile Exchange Euronext The Stock Exchange of Thailand Ghana Stock Exchange TMX Group Hanoi Stock Exchange Tunis Stock Exchange Hochiminh Stock Exchange Ukrainian Exchange Hong Kong Exchanges and Clearing Vienna Stock Exchange ICE Futures Europe Warsaw Stock Exchange ICE Futures US Zagreb Stock Exchange India International Exchange Zhengzhou Commodity Exchange Indonesia Commodity and Derivatives Exchange