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«____» ______2019 .
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38.04.01 « » 38.04.01.02 « »
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2019 ABSTRACT
The important role of the stock market in the world financial system was acquired as a result of the globalization process, which throughout the 20th century facilitated to the formation and development of the securities trading infrastructure. Today, many researchers believe that the world stock market in its current state is a natural result of the globalization. Agreeing with this statement, one can add that, first of all, the global stock market is the result of competition between national stock exchanges. Because of the presence of large players smaller exchanges face to necessity for a merger, which naturally leads to the integration of markets. Competition is entering a new international level. The implementation of e-commerce technology affects the movement of financial flows, which are significantly increasing. In addition, the importance of trading volumes on stock exchanges reflecting market development and interest of domestic and foreign investors in securities is rising too. The purpose of the dissertation research is to analyze the interrelationship of stock exchanges, by calculating one of the main indicators – the trade volume. The first chapter consists of theoretical aspects, issues of global finance, financial globalization, and considers the use of various approaches in scientific research on the topic of the stock markets interrelationship and investment globalization. The second chapter contains statistical data analysis of trade volumes based on multiple correlation. Table of t-student distribution checks the analysis results. There are conclusions about stock exchange interrelationship in conditions of investment globalization. GLOBALIZATION, STOCK EXCHANGE, TRADE VOLUMES, INTERRELATIONSHIP, MERGER, TAKEOVER.
2
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14
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. [121]. . ., , . , , , S&P NIKKEI . , 2000 – 2012 . . 2000– 2004 ., . S&P NIKKEI , , . . . Hayo Kutan . GARCH. S&P [128]. Jalolov M. Miyakoshi T. , EGARCH, 1995 . 2003 . , , , . , , [124]. . . , , , , 18
. , , , . . . . c 2000 2010 . , – [86]. 2000 , 2010 , . , . , . Ekholm K. [122]. , . , , . , . , , , . . . [53]. 19
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. , , , , . . [131]. . . , , , . . . IPO , [77]. 2001– 2007 . ( 7).
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25
. . . . , , , . 6 – . , – . – , , , . , . , . – . 2000 2011 ., . , [22]. . . 2000 . NYSE Euronext, NASDAQ OMX, London Stock Exchange Group, Bourse Régionale des Valeurs Mobilières Societe Anonyme, , . . : . , , , , , , . , : , .
26
, [74]. , , – . . . NYSE Euronext 2007 . LIFFE, Euronext , Euronext , Euronext Euronext . , , NYSE 3000 , Dow Jones Industrial Average. ( 8).
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28
. [98]. . . [46]. , , . , . , , . – . ., . . « » . . : , , , ( 9–11).
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30
Issam S. A. Murinde V. , , . – . IFC 1985 . 1994 . , . . , , , [123]. . . [51]. : , . . . ( 12).
12 – 31
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2
2003 2018 0,80% 2,60% 2,30% 2,10%
. WFE 2003 2018 , , 55.5%, 45 81 3. 3 – WFE 2003 2018 Americas American Stock Exchange Barbados Stock Exchange Bermuda Stock Exchange Bermuda Stock Exchange BM&FBOVESPA S.A. BM&FBOVESPA S.A. Bolsa de Comercio de Buenos Aires Bolsa de Comercio de Buenos Aires Bolsa de Comercio de Santiago Bolsa de Comercio de Santiago Bolsa de Valores de Lima Bolsa de Valores de Colombia Bolsa Mexicana de Valores Bolsa de Valores de Lima Nasdaq – US Bolsa de Valores de Panama NYSE Bolsa Mexicana de Valores TMX Group Bolsa Nacional de Valores Cayman Islands Stock Exchange Jamaica Stock Exchange Nasdaq – US NYSE TMX Group Asia – Pacific Australian Securities Exchange Australian Securities Exchange BSE India Limited BSE India Limited Bursa Malaysia Bursa Malaysia Colombo Stock Exchange Chittagong Stock Exchange Hong Kong Exchanges and Clearing Colombo Stock Exchange Indonesia Stock Exchange Dhaka Stock Exchange Japan Exchange Group – Tokyo Hanoi Stock Exchange Korea Exchange Hochiminh Stock Exchange National Stock Exchange of India Limited Hong Kong Exchanges and Clearing NZX Limited Indonesia Stock Exchange Philippine Stock Exchange Japan Exchange Group Inc.
40
3
2003 2018 Shanghai Stock Exchange Korea Exchange Shenzhen Stock Exchange National Stock Exchange of India Limited Singapore Exchange NZX Limited Taiwan Stock Exchange Philippine Stock Exchange The Stock Exchange of Thailand Shanghai Stock Exchange Shenzhen Stock Exchange Singapore Exchange Sydney Stock Exchange Taipei Exchange Taiwan Stock Exchange The Stock Exchange of Thailand Europe – Africa – Middle East Athens Stock Exchange (ATHEX) Abu Dhabi Securities Exchange BME Spanish Exchanges Amman Stock Exchange Borsa Istanbul Athens Stock Exchange (ATHEX) Borsa Italiana Bahrain Bourse Budapest Stock Exchange Beirut Stock Exchange Deutsche Boerse AG BME Spanish Exchanges Euronext Borsa Istanbul Irish Stock Exchange Botswana Stock Exchange Johannesburg Stock Exchange Bourse de Casablanca Ljubljana Stock Exchange BRVM London Stock Exchange Bucharest Stock Exchange Luxembourg Stock Exchange Budapest Stock Exchange Malta Stock Exchange Cyprus Stock Exchange Oslo Bors Deutsche Boerse AG SIX Swiss Exchange Dubai Financial Market Tehran Stock Exchange Euronext Tel–Aviv Stock Exchange Iran Fara Bourse Securities Exchange Warsaw Stock Exchange Irish Stock Exchange Wiener Borse Johannesburg Stock Exchange Kazakhstan Stock Exchange Ljubljana Stock Exchange LSE Group Luxembourg Stock Exchange Malta Stock Exchange Moscow Exchange Muscat Securities Market Namibian Stock Exchange Nasdaq Nordic Exchanges Nigerian Stock Exchange Oslo Bors Palestine Exchange
41
3 2003 2018 Qatar Stock Exchange Saudi Stock Exchange (Tadawul) SIX Swiss Exchange Stock Exchange of Mauritius Tehran Stock Exchange Tel–Aviv Stock Exchange The Egyptian Exchange Trop–X Tunis Stock Exchange Ukrainian Exchange Warsaw Stock Exchange Wiener Borse Zagreb Stock Exchange
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21 – 45
, , . 2000 Euronext Hong Kong Exchanges and Clearing. . 4 – Hong Kong Exchanges and Clearing Limited (HKEx) 2000 , . Euronext, , 2000 . OMX AB 2003 Korea Exchange 2004 , 2005 OMX Group Copenhagen Stock Exchange 2006 OMX Group Iceland Stock Exchange NYSE Archipelag Holdings 2006 NYSE Group, Inc. 2007 OMX Group Armenia Stock Exchange 2007 NASDAQ OMX Group OMX. NYSE 2007 Euronext. 2007 NASDAQ OMX Group Boston Stock Exchange NYSE Euronext American Stock 2008 – Exchange London Stock Exchange Borsa Italiana 2008 LSE Group
2009 LSE Group 60% Turquoise.
2010 Japan Exchange Group – Osaka Jasdaq
46
4
2011 2011 BATS Global Markets Chi–x Europe
2011 MILA Bolsa de Comercio de Santiago, Bolsa de Valores de Colombia, Bolsa de Valores de Lima 2013 NYSE Euronext ICE (IntercontinentalExchange) 2013 Japan Exchange Group (JPX) 2014 MILA Bolsa Mexicana de Valores 2014 Bats Global Markets Direct Edge 2017 CBOE Holdings BATS Global Markets
, . Euronext , . . Hong Kong Exchanges and Clearing Limited, , , 1987 . 2003 NASDAQ , . NASDAQ , . 2003 OMX AB. OMX Group, , , , , , , .
47
2003 NYSE NASDAQ 61% ( 22). , . , - . , .
NYSE 35% 1% Nasdaq - US 26% 1% 1% 1% Japan Exchange Group - Tokyo 8% 2% 2% Euronext 6% 2% 2% London Stock Exchange 4% Deutsche Boerse AG 3,5% 2% Borsa Italiana 3% Taiwan Stock Exchange 2% 3% 35% BME Spanish Exchanges 2% 3% TMX Group 2% Korea Exchange 2% 4% SIX Swiss Exchange 2% Australian Securities Exchange 1,4% Hong Kong Exchanges and Clearing 6% Shanghai Stock Exchange National Stock Exchange of India Limited Shenzhen Stock Exchange 8% The Stock Exchange of Thailand Singapore Exchange BSE India Limited 26% Johannesburg Stock Exchange Japan Exchange Group - Osaka Oslo Bors Wiener Borse Borsa Istanbul
22 – 2003 ., %
.
48
2004 Deutsche Borse LSE, , . 2004 Korea Exchange , , 2005 2,5 . Korea Exchange 1,39% 2,54% ( 23,24)
1% NYSE 33,47% 1% 1% Nasdaq - US 25,03% 1% Japan Exchange Group - Tokyo 9,28% 2% 1% Euronext 5,5% London Stock Exchange 3,43% 2% Deutsche Boerse AG 3,27% 2% Borsa Italiana 2,68% 2% BME Spanish Exchanges 2,32% Taiwan Stock Exchange 2,09% 2% TMX Group 1,91% SIX Swiss Exchange 1,6% 33% Australian Securities Exchange 1,5% 3% Korea Exchange 1,39% Hong Kong Exchanges and Clearing 1,17% 3% Shanghai Stock Exchange National Stock Exchange of India Limited 3% Shenzhen Stock Exchange BSE India Limited The Stock Exchange of Thailand 6% Singapore Exchange Johannesburg Stock Exchange BM&FBOVESPA S.A. Japan Exchange Group - Osaka Oslo Bors 9% Bursa Malaysia Bolsa Mexicana de Valores Athens Stock Exchange (ATHEX) Tel-Aviv Stock Exchange 25% Wiener Borse Indonesia Stock Exchange Prague Stock Exchange Warsaw Stock Exchange Budapest Stock Exchange Bolsa de Comercio de Santiago
23 – 2004 ., %
2005 , OMX Group Copenhagen Stock Exchange. .
49
NASDAQ NYSE ( 24). NYSE , 38%. Deutsche Borse LSE , Euronext. , .
NYSE 38,3% 1% 1% Nasdaq - US 19,73% 1% Japan Exchange Group - Tokyo 9,41% Euronext 4,7% 1% London Stock Exchange 4,09% 1%1% Deutsche Boerse AG 2,99% 1% Korea Exchange 2,54% 2% 2% Borsa Italiana 2,54% BME Spanish Exchanges 2,25% TMX Group 1,94% Nasdaq Nordic Exchanges 1,45% 3% Australian Securities Exchange 1,44% SIX Swiss Exchange 1,44% 3% 38% Taiwan Stock Exchange 1,25% Hong Kong Exchanges and Clearing 3% National Stock Exchange of India Limited Shanghai Stock Exchange Borsa Istanbul 4% Japan Exchange Group - Osaka Oslo Bors BM&FBOVESPA S.A. 5% BSE India Limited Shenzhen Stock Exchange Johannesburg Stock Exchange Singapore Exchange 9% The Stock Exchange of Thailand Bolsa Mexicana de Valores Athens Stock Exchange (ATHEX) Wiener Borse 20% Bursa Malaysia Prague Stock Exchange Tel-Aviv Stock Exchange Indonesia Stock Exchange Warsaw Stock Exchange Budapest Stock Exchange
24 – 2005 ., %
2006 OMX Group Iceland Stock Exchange , . . NYSE 50
Archipelag Holdings. NYSE Arca NYSE Group, Inc. 2006 NYSE Group, Inc. Euronext NYSE Euronext. 2007 , ( 25).
NYSE 35,34% Nasdaq - US 17,35% 1% Japan Exchange Group - Tokyo 8,77% 1% 1% Euronext 4,84% 1% 1% Borsa Italiana 4,71% 1% London Stock Exchange 4,55% 1% Deutsche Boerse AG 3,27% 1% BME Spanish Exchanges 2,37% 1% Korea Exchange 2,12% 2% TMX Group 2,08% 2% Nasdaq Nordic Exchanges 1,59% SIX Swiss Exchange 1,42% 2% Australian Securities Exchange 1,4% 35% Hong Kong Exchanges and Clearing 1,23% 2% MICEX 1,22% Taiwan Stock Exchange 1,2% 3% Shanghai Stock Exchange 1,18% National Stock Exchange of India Limited Shenzhen Stock Exchange 5% Oslo Bors BM&FBOVESPA S.A. Johannesburg Stock Exchange Japan Exchange Group - Osaka 5% Borsa Istanbul BSE India Limited Singapore Exchange 5% Bolsa Mexicana de Valores The Stock Exchange of Thailand Athens Stock Exchange (ATHEX) 9% 17% Wiener Borse Bursa Malaysia Tel-Aviv Stock Exchange Warsaw Stock Exchange The Egyptian Exchange Indonesia Stock Exchange Prague Stock Exchange Budapest Stock Exchange
25 – 2006 ., %
, OMX Group 2007 Armenia Stock Exchange . 25 2007 NASDAQ OMX Group 3,7 . OMX Group
51
Dubai Financial Market 10% , NASDAQ. , , OMX Group, NASDAQ, Dubai Financial Market. NASDAQ OMX Group, Dubai Financial Market . NASDAQ , , IT . NASDAQ OMX Group Boston Stock Exchange . , London Stock Exchange Borsa Italiana LSE Group. 9,4% ( 26).
NYSE 32% 2% 1% 1% 1% Nasdaq - US 15,13% 2% 2% 2% Japan Exchange Group - Tokyo 6,61% 2% Euronext 4,96% 2% Borsa Italiana 4,76% 2% 32% London Stock Exchange 4,75% 2% Shanghai Stock Exchange 4,43% 3% Deutsche Boerse AG 3,7% 4% BME Spanish Exchanges 2,52%
4% Shenzhen Stock Exchange 2,25%
Hong Kong Exchanges and Clearing 5% 2,22% Korea Exchange 2,13% 5% 15% MICEX 1,88% 5% 7% TMX Group 1,81% Nasdaq Nordic Exchanges 1,57%
26 – 2007 ., %
2008 NYSE Euronext American Stock Exchange NYSE 166 . 52
. AMEX , NYSE. AMEX ETF S&P500 1993 , - . NYSE Archipelag Holdings ( 26, 27).
1% NYSE 30,52% 1% Nasdaq - US 26,32% 1% 1% 1% Japan Exchange Group - Tokyo 5,7% 1% London Stock Exchange 4,24% 1% Euronext 4,23% 2% 2% Deutsche Boerse AG 3,54% Borsa Italiana 3,37% 2% Shanghai Stock Exchange 2,85% 2% MICEX 2,19% BME Spanish Exchanges 2,02% 31% 2% TMX Group 1,92% Hong Kong Exchanges and Clearing 1,72% Korea Exchange 1,58% 3% Shenzhen Stock Exchange 1,37% BATS Global Markets 1,21% 3% Australian Securities Exchange 1,18% BATS Chi-x Europe 1,04% Taiwan Stock Exchange 4% BM&FBOVESPA S.A. National Stock Exchange of India Limited Johannesburg Stock Exchange 4% BSE India Limited Borsa Istanbul 4% Singapore Exchange Japan Exchange Group - Osaka Bolsa Mexicana de Valores 6% The Stock Exchange of Thailand 26% Athens Stock Exchange (ATHEX) Indonesia Stock Exchange Bursa Malaysia Jasdaq Bolsa de Comercio de Santiago Budapest Stock Exchange Amman Stock Exchange Bolsa de Valores de Colombia
27 – 2008 ., %
2009 . NASDAQ – BATS, NYSE NASDAQ. 2009 9% . 53
, , , ( 28). LSE Group 60% Turquoise.
NYSE 24,80% 1% Nasdaq - US 19,26% 1% 1% BATS Global Markets 8,89% Shanghai Stock Exchange 7,16% 1% 1% Japan Exchange Group - Tokyo 5,24% Shenzhen Stock Exchange 3,92% 1% LSE Group 3,85% 2% 2% Euronext 2,74% 2% Korea Exchange 2,22% Deutsche Boerse AG 2,15% 25% BATS Chi-x Europe 2,09% 2% 2% Hong Kong Exchanges and Clearing 2,01% MICEX 1,85% 2% BME Spanish Exchanges 1,78% TMX Group 1,76% Taiwan Stock Exchange 1,28% 2% Australian Securities Exchange 1,13% National Stock Exchange of India Limited 1,12% 3% SIX Swiss Exchange 1,05% Nasdaq Nordic Exchanges BM&FBOVESPA S.A. 4% Saudi Stock Exchange Borsa Istanbul 4% Johannesburg Stock Exchange 19% BSE India Limited Singapore Exchange 5% Oslo Bors Japan Exchange Group - Osaka 7% The Stock Exchange of Thailand 9% Bolsa Mexicana de Valores Bursa Malaysia Indonesia Stock Exchange Tel-Aviv Stock Exchange The Egyptian Exchange Athens Stock Exchange (ATHEX) Warsaw Stock Exchange
28 – 2009 ., %
2010 Japan Exchange Group – Osaka Jasdaq , NASDAQ. 2005 . 2010 SGX ASX.
54
, SGX. , BATS , 12% .
1% 1% 1% NYSE 24,47% 1% Nasdaq - US 17,41% 1% 1% BATS Global Markets 11,67% 1% Shanghai Stock Exchange 6,18% Japan Exchange Group - Tokyo 5,21% 2% 2% Shenzhen Stock Exchange 4,91% LSE Group 3,77% 2% BATS Chi-x Europe 3,66% 24% Euronext 2,78% 2% Deutsche Boerse AG 2,24% Korea Exchange 2,21% 2% Hong Kong Exchanges and Clearing 2,06% TMX Group 1,88% 3% BME Spanish Exchanges 1,87% Australian Securities Exchange 1,46% 4% Taiwan Stock Exchange 1,24% BM&FBOVESPA S.A. 1,19% National Stock Exchange of India Limited 1,1% 4% Nasdaq Nordic Exchanges 1,03% Borsa Istanbul MICEX 5% 17% Johannesburg Stock Exchange Singapore Exchange BSE India Limited 5% The Stock Exchange of Thailand Japan Exchange Group - Osaka 6% Bolsa Mexicana de Valores 12% Bursa Malaysia Indonesia Stock Exchange Bolsa de Comercio de Santiago Athens Stock Exchange (ATHEX) Bolsa de Valores de Colombia Budapest Stock Exchange
29 – 2010 ., %
2011 BATS Global Markets Chi–x Europe 25,59% . . 2011 . ё , , , 0,65%
55
. . 2011 MILA – , Bolsa de Comercio de Santiago, Bolsa de Valores de Colombia, Bolsa de Valores de Lima. 0,13%.
1% NYSE 22,68% 1% 1% BATS Global Markets 16,55% 1% Nasdaq - US 16,01% 1% 1% Japan Exchange Group - Tokyo 5% Shanghai Stock Exchange 4,6% 1% 2% BATS Chi-x Europe 4,02% 2% 2% Shenzhen Stock Exchange 3,57% LSE Group 3,57% 23% Euronext 2,69% 2% Korea Exchange 2,55% Deutsche Boerse AG 2,21% 2% TMX Group 1,94% Hong Kong Exchanges and Clearing 1,82% 3% BME Spanish Exchanges 1,55% Australian Securities Exchange 1,51% 3% BM&FBOVESPA S.A. 1,17% Taiwan Stock Exchange 1,12% 4% SIX Swiss Exchange 1,12% Nasdaq Nordic Exchanges 1,04% 4% National Stock Exchange of India Limited 17% MICEX Borsa Istanbul 4% Johannesburg Stock Exchange Saudi Stock Exchange Singapore Exchange 5% Oslo Bors The Stock Exchange of Thailand 5% Japan Exchange Group - Osaka 16% BSE India Limited Bursa Malaysia Bolsa Mexicana de Valores Indonesia Stock Exchange RTS Exchange Warsaw Stock Exchange
30 – 2011 ., %
, 2012 Deutsche Boerse NYSE. , . Deutsche Boerse , 2015 Deutsche Boerse – (NYSE).
56
2012 3 60% , : NYSE Euronext, BATS Global Market NASDAQ. – 2012 , , 22%. 45%.
1% 1% NYSE 21,57% 1% 1% BATS Global Markets 17,61% 1% 1% Nasdaq - US 15,7% 1% Japan Exchange Group - Tokyo 5,56% 1% Shanghai Stock Exchange 4,17% 1% Shenzhen Stock Exchange 3,8% 2% 1% BATS Chi-x Europe 3,8% LSE Group 3,52% 2% 22% Euronext 2,53% 2% Korea Exchange 2,44% TMX Group 2,18% 2% Deutsche Boerse AG 2,05% Hong Kong Exchanges and Clearing 1,78% 2% Australian Securities Exchange 1,5% BM&FBOVESPA S.A. 1,4% 3% BME Spanish Exchanges 1,37% Taiwan Stock Exchange 1,09% 4% Nasdaq Nordic Exchanges SIX Swiss Exchange National Stock Exchange of India Limited 4% 18% Saudi Stock Exchange Borsa Istanbul 4% Moscow Exchange Johannesburg Stock Exchange Singapore Exchange 4% The Stock Exchange of Thailand Oslo Bors 6% Japan Exchange Group - Osaka 16% Bolsa Mexicana de Valores Bursa Malaysia BSE India Limited Taipei Exchange Indonesia Stock Exchange Warsaw Stock Exchange
31 – 2012 ., %
2013 NYSE Euronext ICE ( ). , 40 . . ICE Deutsche Boerse NASDAQ, , NASDAQ Deutsche Boerse.
57
Japan Exchange Group (JPX) 9,15%
NYSE 19,87% 1% 1% 1% BATS Global Markets 17% 1% 1% Nasdaq - US 13,9% 1% Japan Exchange Group - Tokyo 9,15% 1% Shenzhen Stock Exchange 5,6% 1%1% Shanghai Stock Exchange 5,41% 1% BATS Chi-x Europe 3,42% 2% 20% LSE Group 3,24% 2% Euronext 2,41% TMX Group 1,99% 2% Deutsche Boerse AG 1,94% Hong Kong Exchanges and Clearing 1,92% 2% Korea Exchange 1,86% BME Spanish Exchanges 1,3% 2% Australian Securities Exchange 1,28% BM&FBOVESPA S.A. 1,18% 3% SIX Swiss Exchange Nasdaq Nordic Exchanges 3% Taiwan Stock Exchange 17% National Stock Exchange of India Limited Borsa Istanbul The Stock Exchange of Thailand 5% Saudi Stock Exchange Johannesburg Stock Exchange Singapore Exchange 6% Moscow Exchange Japan Exchange Group - Osaka Bolsa Mexicana de Valores 9% 14% Bursa Malaysia Taipei Exchange Oslo Bors Indonesia Stock Exchange BSE India Limited Warsaw Stock Exchange Tel-Aviv Stock Exchange
32 – 2013 ., %
2013 Bats Global Markets , – 400 2008 , . BATS Reg NMS [129]. Bats Global Markets . 2014 Direct Edge EDGX EDGA, . BATS Chi–x Europe.
58
MILA Bolsa Mexicana de Valores 0,36%.
1% 1% NYSE 19,61% 1% BATS Global Markets 16,27% 1% 1% 1% Nasdaq - US 15,12% Shanghai Stock Exchange 7,52% 1% Shenzhen Stock Exchange 7,34% 1% Japan Exchange Group Inc. 6,73% 2% 2% LSE Group 3,42% 20% BATS Chi-x Europe 3,22% 2% 2% Euronext 2,41% Hong Kong Exchanges and Clearing 1,88% Deutsche Boerse AG 1,82% TMX Group 1,74% 2% Korea Exchange 1,67% BME Spanish Exchanges 1,36% 3% Australian Securities Exchange 1% SIX Swiss Exchange 3% BM&FBOVESPA S.A. Nasdaq Nordic Exchanges 16% Taiwan Stock Exchange National Stock Exchange of India Limited 7% Saudi Stock Exchange Borsa Istanbul Johannesburg Stock Exchange The Stock Exchange of Thailand 7% Moscow Exchange Singapore Exchange 15% Taipei Exchange 8% Bolsa Mexicana de Valores Bursa Malaysia Oslo Bors BSE India Limited Dubai Financial Market Indonesia Stock Exchange
33 – 2014 ., %
2000 2015 , 38% ( 34), NYSE, NASDAQ, BATS, . – . Borse Dubai Ltd.
59
1% 1% 1% Shanghai Stock Exchange 18,76% 1% Shenzhen Stock Exchange 17,24% 1% 1% NYSE 15,37% 1% BATS Global Markets 12,5% 1% Nasdaq - US 11% 2% Japan Exchange Group Inc. 4,87% 2% BATS Chi-x Europe 2,78% 2% 19% LSE Group 2,33% Hong Kong Exchanges and Clearing 1,87% 2% Euronext 1,83% Korea Exchange 1,7% Deutsche Boerse AG 1,37% 3% TMX Group 1,04% BME Spanish Exchanges 5% SIX Swiss Exchange Australian Securities Exchange Nasdaq Nordic Exchanges National Stock Exchange of India Limited 17% Taiwan Stock Exchange BM&FBOVESPA S.A. 11% Saudi Stock Exchange Borsa Istanbul Johannesburg Stock Exchange The Stock Exchange of Thailand Singapore Exchange Taipei Exchange 12% 15% Oslo Bors Moscow Exchange Bolsa Mexicana de Valores Bursa Malaysia BSE India Limited Indonesia Stock Exchange
34 – 2015 ., %
2016 Deutsche Boerse , , LSE Group. , , . , . Deutsche Boerse LCH.Clearnet, LSE Group. Euronext 510 . LSE Group MTS, . LSE Group , . 2016 77% . 60
1% NYSE 19,98% 1% 1% BATS Global Markets 15,78% 1% Shenzhen Stock Exchange 13,39% 1% 1% Nasdaq - US 12,77% 1% Shanghai Stock Exchange 8,64% 1% Japan Exchange Group Inc. 6,48% 2% 2% BATS Chi-x Europe 3,05% LSE Group 2,63% 2% 20% Euronext 2,04% 2% Korea Exchange 1,93% Hong Kong Exchanges and Clearing 1,56% Deutsche Boerse AG 1,51% 3% TMX Group 1,36% SIX Swiss Exchange 1% 3% Australian Securities Exchange Nasdaq Nordic Exchanges National Stock Exchange of India Limited BME Spanish Exchanges 6% BM&FBOVESPA S.A. 16% Taiwan Stock Exchange Johannesburg Stock Exchange The Stock Exchange of Thailand Borsa Istanbul 9% Saudi Stock Exchange Singapore Exchange Taipei Exchange Moscow Exchange 13% Bolsa Mexicana de Valores 13% Oslo Bors BSE India Limited Bursa Malaysia Indonesia Stock Exchange Prague Stock Exchange Tel-Aviv Stock Exchange Warsaw Stock Exchange
35 – 2016 ., %
2017 . 26 2016 CBOE Holdings BATS Global Markets , . CBOE Holdings BATS Global Markets. 3,2 . . CBOE Holdings .
61
NYSE 17,54% 1% 1% 1% BATS Global Markets 14,84% Nasdaq - US 13,68% 1% 1% Shenzhen Stock Exchange 10,99% Shanghai Stock Exchange 9,12% 1% Japan Exchange Group Inc. 7,01% 1% BATS Chi-x Europe 2,9% 2% 2% 18% LSE Group 2,81% Hong Kong Exchanges and Clearing 2,36% 2% Euronext 2,34% Korea Exchange 2,32% 2% Deutsche Boerse AG 1,79% TMX Group 1,5% National Stock Exchange of India Limited 1,41% 2% SIX Swiss Exchange 1,14% 3% Australian Securities Exchange 1% Nasdaq Nordic Exchanges 15% Taiwan Stock Exchange 3% BME Spanish Exchanges BM&FBOVESPA S.A. Borsa Istanbul 7% Johannesburg Stock Exchange The Stock Exchange of Thailand Taipei Exchange Saudi Stock Exchange Singapore Exchange 9% 14% BSE India Limited Moscow Exchange Bursa Malaysia 11% Oslo Bors Bolsa Mexicana de Valores Indonesia Stock Exchange Tel-Aviv Stock Exchange Warsaw Stock Exchange Hochiminh Stock Exchange Wiener Borse
36 – 2017 ., %
, , 2017 . NASDAQ OMX Group, ICE, CBOE global markets. – 2007 – 2008 . , , 75% . , Deutsche Boerse, LSE Group, Euronext . , .
62
1% 1% 1% NYSE 19,87% 1% Nasdaq - US 17,25% 1% 1% BATS Global Markets 16,47% Shenzhen Stock Exchange 7,7% 1% Japan Exchange Group Inc. 6,47% 1% Shanghai Stock Exchange 6,28% 2% BATS Chi-x Europe 2,89% 2% 20% LSE Group 2,62% Korea Exchange 2,59% 2% Hong Kong Exchanges and Clearing 2,40% Euronext 2,26% Deutsche Boerse AG 1,87% 3% TMX Group 1,49% National Stock Exchange of India Limited 1,20% 3% Taiwan Stock Exchange SIX Swiss Exchange 3% Australian Securities Exchange Nasdaq Nordic Exchanges 17% BM&FBOVESPA S.A. 6% BME Spanish Exchanges Borsa Istanbul Johannesburg Stock Exchange The Stock Exchange of Thailand 6% Taipei Exchange Saudi Stock Exchange Singapore Exchange 8% Moscow Exchange 16% Oslo Bors Bursa Malaysia BSE India Limited Bolsa Mexicana de Valores Indonesia Stock Exchange Tel-Aviv Stock Exchange
37 – 2018 ., %
. , NYSE NASDAQ 60% . , . 2007 – 2008 , , NYSE Euronext, NASDAQ OMX Group 61% . , .
63
2012 . BATS, NASDAQ, NYSE, Shanghai Stock Exchange, Shenzhen Stock Exchange, Japan Exchange Group Inc. , ( 37). 75% , . , , , . ( 38, 39,40).
35000000,00
30000000,00
25000000,00
20000000,00
15000000,00
10000000,00
5000000,00
0,00 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
-5000000,00
Barbados Stock Exchange BATS Global Markets Bermuda Stock Exchange BM&FBOVESPA S.A. Bolsa de Comercio de Buenos Aires Bolsa de Comercio de Santiago Bolsa de Valores de Colombia Bolsa de Valores de Lima Bolsa de Valores de Panama Bolsa Mexicana de Valores Bolsa Nacional de Valores Nasdaq - US NYSE
38 – 2003 – 2018 .
64
25000000,00
20000000,00
15000000,00 USD
10000000,00
5000000,00 О е О е то о л .
0,00 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
-5000000,00
Australian Securities Exchange BSE India Limited
Bursa Malaysia Chittagong Stock Exchange
Colombo Stock Exchange Dhaka Stock Exchange
Dar es Salaam Stock Exchange Hochiminh Stock Exchange
Hong Kong Exchanges and Clearing Indonesia Stock Exchange
Jasdaq Japan Exchange Group - Osaka
Japan Exchange Group - Tokyo Japan Exchange Group Inc.
Korea Exchange Kyrgyz Stock Exchange
National Stock Exchange of India Limited NZX Limited
Philippine Stock Exchange Port Moresby Stock Exchange
REPUBLICAN STOCK EXCHANGE «TOSHKENT» Shanghai Stock Exchange Shenzhen Stock Exchange Singapore Exchange
South Pacific Stock Exchange Sydney Stock Exchange
Taipei Exchange Taiwan Stock Exchange
The Stock Exchange of Thailand
39 – 2003 – 2018 .
65
5000000,00
4000000,00
3000000,00 USD
2000000,00 О е О е то о л . 1000000,00
0,00 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
-1000000,00 Abu Dhabi Securities Exchange Amman Stock Exchange Athens Stock Exchange (ATHEX) Bahrain Bourse BATS Chi-x Europe Beirut Stock Exchange Belarusian Currency and Stock Exchange BME Spanish Exchanges (Bolsa de Madrid) Borsa Istanbul Borsa Italiana Boursa Kuwait Botswana Stock Exchange Bourse de Casablanca BRVM Bucharest Stock Exchange Budapest Stock Exchange Bratislava Stock Exchange Cyprus Stock Exchange Deutsche Boerse AG Dubai Financial Market Euronext Iran Fara Bourse Securities Exchange Irish Stock Exchange Johannesburg Stock Exchange Kazakhstan Stock Exchange Ljubljana Stock Exchange London Stock Exchange LSE Group Luxembourg Stock Exchange Malta Stock Exchange MICEX Moscow Exchange Muscat Securities Market Nairobi Securities Exchange Namibian Stock Exchange Nasdaq Nordic Exchanges Nigerian Stock Exchange Oslo Bors RTS Exchange Prague Stock Exchange Palestine Exchange Qatar Stock Exchange Saudi Stock Exchange (Tadawul) SIX Swiss Exchange Stock Exchange of Mauritius Tehran Stock Exchange Tel-Aviv Stock Exchange The Egyptian Exchange Trop-X Tunis Stock Exchange Ukrainian Exchange Warsaw Stock Exchange
40 – , , 2003 – 2018 .
66
, , , , .
2.3
60 2003 2018 ( ). 75% 6 , 5 54 . MS Excel ( ). , « » « » , 0,7 –0,7. BATS Global Markets 19 ( 5), , 5 . BATS Global Markets Nasdaq – US NYSE , – –0,608 –0,618 . Shenzhen Stock Exchange Japan Exchange Group Inc. 0,567 0,664 – , Shanghai Stock Exchange – , 0,410. : 12 19 , BATS Global Markets. ,
67
, . 5 – , BATS Global Markets
BATS Global Markets BSE India Limited –0,879 Bursa Malaysia 0,757 NZX Limited 0,740 Philippine Stock Exchange 0,739 The Stock Exchange of Thailand 0,844 Athens Stock Exchange (ATHEX) –0,929 BATS Chi–x Europe 0,888 BME Spanish Exchanges –0,841 Borsa Istanbul 0,725 Budapest Stock Exchange –0,862 Cyprus Stock Exchange –0,915 Johannesburg Stock Exchange 0,723 Ljubljana Stock Exchange –0,843 LSE Group –0,710 Luxembourg Stock Exchange –0,840 MICEX –0,897 Oslo Bors –0,847 The Egyptian Exchange –0,932 Wiener Borse –0,823
( ). , , . .6 .18. t– . :
, (1) 푟 푡факт = 푟 r– ,
68
mr – , :
. (2) 2 − 푟 푚푟 = √ − 6. 6 – t– BATS
r mr t BSE India Limited –0,879 0,127 6,898 Bursa Malaysia 0,757 0,175 4,335 NZX Limited 0,74 0,180 4,117 Philippine Stock Exchange 0,739 0,180 4,104 The Stock Exchange of Thailand 0,844 0,143 5,888 Athens Stock Exchange (ATHEX) –0,929 0,099 9,393 BATS Chi–x Europe 0,888 0,123 7,225 BME Spanish Exchanges –0,841 0,145 5,816 Borsa Istanbul 0,725 0,184 3,939 Budapest Stock Exchange –0,862 0,135 6,363 Cyprus Stock Exchange –0,915 0,108 8,486 Johannesburg Stock Exchange 0,723 0,185 3,916 Ljubljana Stock Exchange –0,843 0,144 5,864 LSE Group –0,71 0,188 3,772 Luxembourg Stock Exchange –0,84 0,145 5,793 MICEX –0,897 0,118 7,593 Oslo Bors –0,847 0,142 5,962 The Egyptian Exchange –0,932 0,097 9,621 Wiener Borse –0,823 0,152 5,421
t MS Excel () (0,05 0,01) k = n–2 = 16 – 2 = 14.
t0,05; 14 = 2,1448,
t0,01; 14 = 2,9768. t– , ,
69
5%, 1% . , , , . Nasdaq – US. , 10 , – NYSE Japan Exchange Group Inc. ( 0,737 0,814, , – ). , BATS Global Markets, , – . Nasdaq – US , ( 7), , .
7 – , Nasdaq – US
Nasdaq – US NYSE 0,737 Japan Exchange Group Inc. 0,814 TMX Group 0,719 Deutsche Boerse AG 0,749 London Stock Exchange 0,994 LSE Group 0,897 Luxembourg Stock Exchange 0,723 MICEX 0,736 SIX Swiss Exchange 0,803 Tel–Aviv Stock Exchange 0,738
( ). , . .1, .3– .6, .9– .10 . .2, .7– .8 , .
70
t– 8.
8 – t– Nasdaq – US
r mr t NYSE 0,737 0,181 4,080 Japan Exchange Group Inc. 0,814 0,155 5,243 TMX Group 0,719 0,186 3,871 Deutsche Boerse AG 0,749 0,177 4,230 London Stock Exchange 0,994 0,029 34,003 LSE Group 0,897 0,118 7,593 Luxembourg Stock Exchange 0,723 0,185 3,916 MICEX 0,736 0,181 4,068 SIX Swiss Exchange 0,803 0,159 5,041 Tel–Aviv Stock Exchange 0,738 0,180 4,092
t– , , , , 5%, 1% . – NYSE Nasdaq – US ( ). , : , Japan Exchange Group Inc. ( ). , , , .
9 – , NYSE
NYSE Nasdaq – US 0,737 Japan Exchange Group – Osaka 0,844 TMX Group 0,724 Australian Securities Exchange 0,748 BSE India Limited 0,829 Athens Stock Exchange (ATHEX) 0,786 BME Spanish Exchanges 0,868
71
9
NYSE Borsa Italiana 0,938 Budapest Stock Exchange 0,804 Cyprus Stock Exchange 0,803 Deutsche Boerse AG 0,953 Euronext 0,927 Ljubljana Stock Exchange 0,789 London Stock Exchange 0,972 LSE Group 0,918 MICEX 0,805 Nasdaq Nordic Exchanges 0,950 Oslo Bors 0,917 SIX Swiss Exchange 0,913 Tel–Aviv Stock Exchange 0,759 The Egyptian Exchange 0,737 Wiener Borse 0,950
( ) , .8, . , t– 10.
10 – t– NYSE
r mr t Nasdaq – US 0,737 0,181 4,080 Japan Exchange Group – Osaka 0,844 0,143 5,888 TMX Group 0,724 0,184 3,927 Australian Securities Exchange 0,748 0,177 4,217 BSE India Limited 0,829 0,149 5,546 Athens Stock Exchange (ATHEX) 0,786 0,165 4,757 BME Spanish Exchanges 0,868 0,133 6,540 Borsa Italiana 0,938 0,093 10,125 Budapest Stock Exchange 0,804 0,159 5,059 Cyprus Stock Exchange 0,803 0,159 5,041 Deutsche Boerse AG 0,953 0,081 11,769 Euronext 0,927 0,100 9,248 Ljubljana Stock Exchange 0,789 0,164 4,805 London Stock Exchange 0,972 0,063 15,477 LSE Group 0,918 0,106 8,661
72
10
r mr t MICEX 0,805 0,159 5,077 Nasdaq Nordic Exchanges 0,95 0,083 11,384 Oslo Bors 0,917 0,107 8,602 SIX Swiss Exchange 0,913 0,109 8,374 Tel–Aviv Stock Exchange 0,759 0,174 4,362 The Egyptian Exchange 0,737 0,181 4,080 Wiener Borse 0,95 0,083 11,384
t– , , 5% 1% . , , . Shanghai Stock Exchange ( 11) Shenzhen Stock Exchange ( 12). – , , . Nasdaq – US NYSE , Shanghai Stock Exchange, Shenzhen Stock Exchange BATS Global Markets 0,410 0,567 , . Shanghai Stock Exchange Shenzhen Stock Exchange ( – ), ( ). , Shenzhen Stock Exchange (Moscow Exchange), .
73
11 – , Shanghai Stock Exchange Shanghai Stock Exchange Shenzhen Stock Exchange 0,955 Kyrgyz Stock Exchange 0,734 Borsa Italiana 0,901 London Stock Exchange 0,923
12 – , Shenzhen Stock Exchange
Shenzhen Stock Exchange Shanghai Stock Exchange 0,955 Kyrgyz Stock Exchange 0,724 Borsa Italiana 0,907 London Stock Exchange 0,929 Moscow Exchange –0,765
( ) Shanghai Stock Exchange Shenzhen Stock Exchange ( .1), Shenzhen Stock Exchange Moscow Exchange ( .4). , 2008 2009 LSE Group, . t– ( 13 14).
13 – t– Shanghai Stock Exchange
r mr t Shenzhen Stock Exchange 0,955 0,079 12,047 Kyrgyz Stock Exchange 0,734 0,182 4,044 Borsa Italiana 0,901 0,116 7,771 London Stock Exchange 0,923 0,103 8,975
14 – t– Shenzhen Stock Exchange
r mr t Shanghai Stock Exchange 0,955 0,079 12,047 Kyrgyz Stock Exchange 0,724 0,184 3,927 Borsa Italiana 0,907 0,113 8,059 London Stock Exchange 0,929 0,099 9,393 Moscow Exchange –0,765 0,172 4,444 74
t– , , 5% 1% . . Japan Exchange Group Inc. , 2013 , , , . , , / 0,9/–0,9. Japan Exchange Group Inc. Nasdaq – US BATS Global Markets. ( , , , ). , .
6 – , Japan Exchange Group Inc.
Japan Exchange Group Inc. Nasdaq – US 0,814 Bermuda Stock Exchange 0,705 Bolsa de Comercio de Buenos Aires 0,801 Bolsa de Comercio de Santiago 0,903 Bolsa Mexicana de Valores –0,729 Australian Securities Exchange 0,954 Indonesia Stock Exchange 0,729 Korea Exchange 0,915 National Stock Exchange of India Limited 0,946 NZX Limited 0,926 Philippine Stock Exchange –0,962 Singapore Exchange 0,782 Taiwan Stock Exchange 0,817 The Stock Exchange of Thailand 0,906 75
6
Japan Exchange Group Inc. BME Spanish Exchanges –0,733 Budapest Stock Exchange 0,887 Deutsche Boerse AG 0,779 Irish Stock Exchange 0,940 Johannesburg Stock Exchange 0,885 Ljubljana Stock Exchange –0,908 Nasdaq Nordic Exchanges 0,907 Saudi Stock Exchange –0,760 Tehran Stock Exchange 0,716 Tel–Aviv Stock Exchange 0,772 Wiener Borse 0,937
, , ( ). t– ( 15).
15 – t– Japan Exchange Group Inc.
r mr t Nasdaq – US 0,814 0,155 5,243 Bermuda Stock Exchange 0,705 0,190 3,719 Bolsa de Comercio de Buenos Aires 0,801 0,160 5,006 Bolsa de Comercio de Santiago 0,903 0,115 7,864 Bolsa Mexicana de Valores –0,729 0,183 3,985 Australian Securities Exchange 0,954 0,080 11,906 Indonesia Stock Exchange 0,729 0,183 3,985 Korea Exchange 0,915 0,108 8,486 National Stock Exchange of India Limited 0,946 0,087 10,919 NZX Limited 0,926 0,101 9,178 Philippine Stock Exchange –0,962 0,073 13,183 Singapore Exchange 0,782 0,167 4,694 Taiwan Stock Exchange 0,817 0,154 5,301 The Stock Exchange of Thailand 0,906 0,113 8,009 BME Spanish Exchanges –0,733 0,182 4,032 Budapest Stock Exchange 0,887 0,123 7,187 Deutsche Boerse AG 0,779 0,168 4,649 Irish Stock Exchange 0,94 0,091 10,309 Johannesburg Stock Exchange 0,885 0,124 7,112 Ljubljana Stock Exchange –0,908 0,112 8,109 76
15
r mr t Nasdaq Nordic Exchanges 0,907 0,113 8,059 Saudi Stock Exchange –0,76 0,174 4,375 Tehran Stock Exchange 0,716 0,187 3,838 Tel–Aviv Stock Exchange 0,772 0,170 4,544 Wiener Borse 0,937 0,093 10,036
, , , , . 60 , BATS Global Markets 19 ( 5), , 5 . BATS Global Markets Nasdaq – US NYSE , – –0,608 –0,618 . Shenzhen Stock Exchange Japan Exchange Group Inc. 0,567 0,664 – , Shanghai Stock Exchange – , 0,410. : 12 19 , BATS Global Markets. Nasdaq – US – NYSE Japan Exchange Group Inc. ( 0,737 0,814, , – ). NYSE , – [ ]. , BATS Global Markets, , – . NASDAQ
77
, , . , NYSE: , Japan Exchange Group Inc. ( ). Shanghai Stock Exchange Shenzhen Stock Exchange , . Nasdaq – US NYSE , Shanghai Stock Exchange, Shenzhen Stock Exchange BATS Global Markets 0,410 0,567 , . Shanghai Stock Exchange Shenzhen Stock Exchange ( – ), ( ). Shenzhen Stock Exchange (Moscow Exchange), . Japan Exchange Group Inc. , 2013 . , , / 0,9/–0,9. Japan Exchange Group Inc. Nasdaq – US BATS Global Markets.
78
– , . . . — , , , , . , . , 15 . . , . . 2003 2018 . , , , . , , , .
79
: , , . 2003 2018 , . . , NYSE NASDAQ 60% . , . 2007 – 2008 , , NYSE Euronext, NASDAQ OMX Group 61% . , . 2012 . BATS, NASDAQ, NYSE, Shanghai Stock Exchange, Shenzhen Stock Exchange, Japan Exchange Group Inc. , ( 37). 75% , . 60 . . . , , .
80
60 . BATS Global Markets, NASDAQ, NYSE, Shanghai Stock Exchange, Shenzhen Stock Exchange, Japan Exchange Group Inc. . , .
81
1. , . . / . . // Terra Economicus. – 2010. – №2, . 229–239. 2. . . : . . … . . 08.00.14 / . – , 2010. – 33 . 3. , . . – / . . // Journal of Economic Regulation. – 2010. – №2, . 73–79. 4. . . , : / . . // . –2014. – № 13, . 78–82. 5. , . . – : / . . // . – 2013. – №15, . 63–80. 6. , . . / . . // . –2015. –№1, . 54–57. 7. , . / . // . – 2012. – №4, . 125–135. 8. , . . / . . , . . // . – 2013. – № 2, . 12–23.
82
9. , . . , / . . // . –2013. –№34, . 33–40. 10. , . . IPO / . . // . – 2011. – №3, . 18–24. 11. , . . , / . . , . . , . . . –2014. – №1, . 8–10. 12. , . . / . . , . . // . –2015. – № 5, . 75–79. 13. , . . / . . // . – 2014. – № 1, . 56–62. 14. , . . / . . // – . – 2014. – № 2, . 98–105. 15. , . . / . . , . . , . . // . . . . – 2013. – №1, . 154–160. 16. , . . / . . // . – 2016. – №2, . 127–129. 17. , . . , / . . // . . . – 2015. – № 2, . 80–87.
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108. , . . , / . . // : . – 2013. – № 47, . 29–37. 109. , . . : , : . . … – . 08.00.10 / . – , 2011. – 56 . 110. , . . " ": . . … . . 08.00.05 / . – , 1997. 111. , . . / . . // . – 2014. – №1, . 161–165. 112. , . . / . . // . –2013. – №1, . 137–141. 113. , . . / . . // Science Time. – 2014. – №8, . 303–308. 114. , . . / . . // – . – 2014. – №3, . 79. 115. , . . « » / . . // . – 2015. –№3, . 109–116. 116. , . . / . . // . – 2016. –№1, . 216–218. 117. , . . : / . . , . . . – .: . – 2014. – 256 .
93
118. , . . / . . , . . // . 2011. – № 14, . 157–163. 119. , . . : . . … . . 08.00.14 / . – , 2010. – 28 . 120. , . . : / . . . – . – 2012. – 106 . 121. , . . , / . . // : . – 2015. – №5, . 135–137. 122. Ekholm, K. The globalization of the financial markets following the global financial crisis / K. Ekholm // SVERIGES RIKSBANK ECONOMIC REVIEW. – 2013. – №1. – P. 6–30. 123. Issam S. A., Exchange rate and stock price interactions in emerging financial markets: evidence on India, Korea, Pakistan and the Philippines / S. A. Issam, V. Murinde // Applied Financial Economics. – 1997. – №7. – P. 25–35. 124. Jalolov M., Who drives the Russian financial markets? / M. Jalolov, T. Miyakoshi // The Developing Economies. – 2005. – №43 (3). – P. 374–395. 125. Kose, M. Financial globalization: a reappraisal / M. Kose , Ayhan, E. Prasad, R. Kenneth and SJ Wei // IMF Working Paper. – August 2006. – WP/06/189. – 94 P. 126. Levitt, Th., The Globalization of Markets / Th. Levitt // Harvard business review. – 1983. 127. McGrew, A. G. (1992) Conceptualising global politics / A. G. McGrew, P. G. Lewis // Global Politics: Globalization and the Nation–State, pp. 83–117. 128. Peresetsky, A. A. What determines the behavior of the Russian stock market [ ] : MPRA Paper (University Library of Munich). – 2011. – : https://mpra.ub.uni–muenchen.de/41508/(2011). 94
129. Recommendation for an Access Fee Pilot [ ] : Regulation NMS Subcommittee. – : https://www.sec.gov/rules/final/34–51808.pdf 130. Schmukler, S. Globalization: Gain and Pain for Developing Countries / S. Schmukler Schmukler [ ] : Economic review (Federal Reserve Bank of Atlanta). – : https://www.researchgate.net/publication/5025688_Financial_Globalization_Gain_an d_Pain_for_Developing_Countries 131. Tobin, J. Financial globalization / J. Tobin // World Development. – 2000. – № 28 (6). – P. 1101–1104. 132. World Economic Outlook [ ] : A survey by the Staff of the International Monetary Fund. – 1997. – : http://www.imf.org/external/pubs/ft/weo/weo1097/weocon97.HTM 133. World Federation of Exchanges [ ] : Official Website of WFE. – : https://www.world–exchanges.org/our–work/statistics
95
.1 – 2018 FSE 1585 http://en.boerse–frankfurt.de/ OMX 1625 http://www.nasdaqomxnordic.com/ Copenhagen BSE 1685 https://www.boerse–berlin.de/index.php https://www.londonstockexchange.com/home/h ́ LSE 1698 ́ ́ omepage.htm WB 1771 https://www.wienerborse.at/ PSE 1774 https://www.euronext.com/en/regulation/paris ISE 1793 https://www.ise.ie/ https://www.borsaitaliana.it/homepage/homepa ISE 1808 ge.htm – ́ NYSE 1817 https://www.nyse.com/index ́ ́ OSE 1819 https://www.oslobors.no/ http://www.bolsamadrid.es/esp/aspx/Portada/P BME 1831 ortada.aspx NASDAQ 1834 https://www.nasdaq.com/markets/ BSE TSX 1852 https://www.tsx.com/ BCBA 1854 https://www.bcba.sba.com.ar/ – https://www.nasdaqbaltic.com/market/?lang=e OMX Riga 1856 n BVL 1860 https://www.bvl.com.pe/ ( ) OMX 1863 http://www.nasdaqomxnordic.com/ Stockholm BSE 1864 https://www.bse.hu/ BS 1866 https://www.borsaistanbul.com/ BSE 1875 https://www.bseindia.com/ ( )
96
.1
Helex 1876 http://www.helex.gr/ ́ JPX 1878 https://www.jpx.co.jp/ ́ ́ CHX 1882 https://www.nyse.com/markets/nyse–chicago NYSE Arca 1882 https://www.nyse.com/markets/arca–options Option JSE 1887 https://www.jse.co.za/ Bovespa 1890 http://www.b3.com.br/pt_br/ – HKEX 1891 https://www.hkex.com.hk/?sc_lang=en http://www.bolsadesantiago.com/Paginas/home BDS 1893 .aspx ASE 1894 https://www.aselindia.co.in/ ( ) BELSE 1894 https://www.belex.rs/ CSE 1908 https://www.cse–india.com/ ( ) PHLX (NASDAQ 1911 http://www.phlx.com/ OMX
Group) JSX 1912 https://www.idx.co.id/en–us/products/index/ OMX HEX 1912 http://www.nasdaqomxnordic.com/ BSE 1920 http://www.bse.com.lb/ AMEX 1921 https://www.nyse.com/markets/nyse–american https://www.pse.com.ph/stockMarket/home.ht ́ PSE 1927 ́ ́ ml LUXSE 1927 https://www.bourse.lu/home http://www.casablanca BDC 1929 – bourse.com/bourseweb/index.aspx BMV 1933 https://www.bmv.com.mx/
97
.1 BDC 1947 http://www.bolsadecaracas.com/esp/indexF.jsp ( ) PSX 1949 https://psx.com.pk/ – TASE 1953 https://www.tase.co.il/en KRX 1953 http://www.krx.co.kr/main/main.jsp DSE 1954 https://www.dsebd.org/ ( ) NSE 1954 https://www.nse.co.ke/ NSE 1960 http://www.nse.com.ng/ TSE 1961 http://www.tse.com.tw/en/ KSE 1962 https://www.boursakuwait.com.kw/ BGSE 1963 http://www.bgse.co.in/ ( ) KLSE 1964 http://www.bursamalaysia.com/market/ TSE 1968 http://www.iranbourse.com/ ( ) TSE 1969 http://www.bvmt.com.tn/ NASDAQ NASDAQ 1971 https://www.nasdaq.com/ https://www.set.or.th/set/mainpage.do?languag SET 1975 e=en&country=US CSE 1978 http://www.cochinstockexchange.com/ ( ) SPSE 1979 http://spse.com.fj/ ( ) OMX 1985 http://www.nasdaqomxnordic.com/ Iceland BSE 1987 https://www.bahrainbourse.com/ MSM 1988 https://www.msm.gov.om/ SEM 1988 https://www.stockexchangeofmauritius.com/ ́ SSE 1990 http://www.sse.com.cn/ ́ ́ 98
.1
SZSE 1990 http://www.szse.cn/English/index.html GSE 1990 https://gse.com.gh/ SSX 1990 http://www.ssx.org.sz/ MSE 1991 http://www.mse.mn/mn BSE 1991 https://www.bse–sofia.bg/en/ — GPW 1991 https://www.gpw.pl/ BSSE 1991 http://www.bsse.sk/default.aspx ZSE 1991 http://www.zse.hr/ NSE 1992 https://www.nseindia.com/ EGX 1992 http://www.egx.com.eg/english/homepage.aspx NSX 1992 http://nsx.com.na/ KASE 1993 https://kase.kz/ru/ OMX ́ 1993 https://www.nasdaqbaltic.com/market/?lang=lt ́ ́ Vilnius MNSE 1993 http://www.mnse.me/code/navigate.asp?Id=1 PSE 1993 https://www.pse.cz/ KSE 1994 http://www.kse.kg/ UZSE 1994 https://uzse.uz/ « » LUSE 1994 http://www.luse.co.zm/ MSE 1994 https://mse.co.mw/ BSE 1994 http://www.bvb.ro/ CSE 1995 https://www.cse.com.bd/ ( ) QSE 1995 https://www.qe.com.qa/ ( ) 99
.1
BSE 1995 http://www.bse.co.bw/ MSE 1995 https://www.mse.mk/ https://www.six SWX 1995 – group.com/exchanges/index.html MSEC 1996 https://www.msecmyanmar.com/ – – DSE 1996 http://www.dse.co.tz/ ( ) PFTS 1996 http://pfts.ua/ ( ) ZSE 1997 http://www.zimbabwe–stock–exchange.com/ USE 1997 https://www.use.or.ug/ – SPB 1997 http://www.spbexchange.ru/ – POMSoX 1999 http://www.pomsox.com.pg/ ( – ) SGX 1999 https://www2.sgx.com/ GSE 1999 https://gse.ge/ ADX 2000 https://www.adx.ae/English/Pages/default.aspx – DFM 2000 https://www.dfm.ae/ EURONEX Euronext NV 2000 https://www.euronext.com/en T BSE 2000 https://bfb.az/ Euronext https://www.euronext.com/en/regulation/amste 2000 AEX rdam DSX 2001 http://www.douala–stock–exchange.com/ AMX 2001 https://amx.am/ – BB 2001 http://www.blberza.com/Pages/Default.aspx
100
SASE 2001 http://www.sase.ba/v1 .1 Nasdaq https://www.nasdaqbaltic.com/market/?lang=e 2001 Tallinn n BVC 2001 https://www.bvc.com.co/pps/tibco/portalbvc NZX 2002 http://www.nzx.com/ Euronex 2002 https://www.euronext.com/en/regulation/lisbon Lisbon HOSE 2003 https://www.hsx.vn/ http://www.isx ISX 2004 – iq.net/isxportal/portal/homePage.html ASX 2006 http://www.asx.com.au/ TSE 2007 http://www.tadawul.com.sa/ UX 2008 http://www.ux.ua/ CSX 2011 http://www.csx.com.kh/main.do?lang=kh LSX 2011 http://www.lsx.com.la/ MOEX 2011 https://www.moex.com/ GSX 2015 https://www.gsx.gi/
101
2014
.1 – 2014
102
NASDAQ OMX ARMENIA 2017
.1 – NASDAQ OMX ARMENIA 2017
103
2019
.1 – 2019
104
60 2003 –2018 .
.1 – 60 2003 –2018 .
.2 – 60 2003 –2018 .
106
2003–2018 .
.1 – 2003–2018 .
.2 – 2003–2018 .
108
.3 – 2003–2018 .
109
.4 – 2003–2018 .
110
BATS Global Markets
350000,00 14000,00 300000,00 12000,00 250000,00 10000,00 200000,00 8000,00 150000,00 6000,00 100000,00 4000,00 50000,00 2000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.41 – (BATS Global Markets, BSE .3 – (BATS Global Markets, NZX India Limited) Limited) 180000,00 50000,00 160000,00 45000,00 140000,00 40000,00 35000,00 120000,00 30000,00 100000,00 25000,00 80000,00 20000,00 60000,00 15000,00 40000,00 10000,00 20000,00 5000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.4 – (BATS Global Markets, .2 – (BATS Global Markets, Bursa Philippine Stock Exchange) Malaysia) 450000,00 3500000,00
400000,00 3000000,00 350000,00 2500000,00 300000,00 250000,00 2000000,00 200000,00 1500000,00 150000,00 1000000,00 100000,00 500000,00 50000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.5 – (BATS Global Markets, The .7 – (BATS Global Markets, BATS Stock Exchange of Thailand) Chi–x Europe)
120000,00 2000000,00 1800000,00 100000,00 1600000,00 1400000,00 80000,00 1200000,00 60000,00 1000000,00 800000,00 40000,00 600000,00 400000,00 20000,00 200000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.6 – (BATS Global Markets, Athens .8 – (BATS Global Markets, BME Stock Exchange (ATHEX)) Spanish Exchanges)
112
450000,00 2000,00 400000,00 1800,00 350000,00 1600,00 300000,00 1400,00 1200,00 250000,00 1000,00 200000,00 800,00 150000,00 600,00 100000,00 400,00 50000,00 200,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.9 – (BATS Global Markets, Borsa .11 – (BATS Global Markets, Istanbul) Cyprus Stock Exchange)
35000,00 450000,00
30000,00 400000,00 350000,00 25000,00 300000,00 20000,00 250000,00 15000,00 200000,00 150000,00 10000,00 100000,00 5000,00 50000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.10 – (BATS Global Markets, .12 – (BATS Global Markets, Budapest Stock Exchange) Johannesburg Stock Exchange)
113
1600,00 1800,00 1400,00 1600,00 1200,00 1400,00 1200,00 1000,00 1000,00 800,00 800,00 600,00 600,00 400,00 400,00 200,00 200,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.13 – (BATS Global Markets, .15 – (BATS Global Markets, Ljubljana Stock Exchange) Luxembourg Stock Exchange) 2500000,00 4500000,00
4000000,00 2000000,00 3500000,00
3000000,00 1500000,00 2500000,00 2000000,00 1000000,00 1500000,00 1000000,00 500000,00 500000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.14 – (BATS Global Markets, LSE .16 – (BATS Global Markets, Group) MICEX)
114
450000,00 120000,00 400000,00 100000,00 350000,00 300000,00 80000,00
250000,00 60000,00 200000,00 40000,00 150000,00 100000,00 20000,00 50000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.19 – (BATS Global Markets, .17 – (BATS Global Markets, Oslo Wiener Borse Bors)
120000,00
100000,00
80000,00
60000,00
40000,00
20000,00
0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00
.18 – (BATS Global Markets, The Egyptian Exchange)
115
Nasdaq – US
35000000,00 2000000,00 1800000,00 30000000,00 1600000,00 25000000,00 1400000,00 20000000,00 1200000,00 1000000,00 15000000,00 800000,00 10000000,00 600000,00 400000,00 5000000,00 200000,00 0,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00
.1 – (Nasdaq – US, NYSE) .3 – (Nasdaq – US, TMX Group) 6400000 6300000 4000000,00 6200000 3500000,00 6100000 3000000,00 6000000 2500000,00 5900000 2000000,00 5800000 1500000,00 5700000 5600000 1000000,00 5500000 500000,00 5400000 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00
.2 – (Nasdaq – US, Japan Exchange .4 – (Nasdaq – US, Deutsche Boerse Group Inc.) AG)
116
5000000,00 1800,00 4500000,00 1600,00 4000000,00 1400,00 3500000,00 1200,00 3000000,00 1000,00 2500000,00 800,00 2000000,00 600,00 1500000,00 1000000,00 400,00 500000,00 200,00 0,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00
.5 – (Nasdaq – US, London Stock .7 – (Nasdaq – US, Luxembourg Exchange) Stock Exchange)
4500000 2500000 4000000 3500000 2000000 3000000 1500000 2500000 2000000 1000000 1500000
1000000 500000 500000 0 0 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00
.6 – (Nasdaq – US, LSE Group) .8 – (Nasdaq – US, MICEX) 117
1600000,00 120000,00 1400000,00 100000,00 1200000,00 1000000,00 80000,00
800000,00 60000,00 600000,00 40000,00 400000,00 200000,00 20000,00
0,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,00
.9 – (Nasdaq – US, SIX Swiss .10 – (Nasdaq – US, Tel–Aviv Stock Exchange) Exchange)
118
NYSE
300000,00 1600000,00 1400000,00 250000,00 1200000,00 200000,00 1000000,00 150000,00 800000,00 600000,00 100000,00 400000,00 50000,00 200000,00 0,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.1 – (NYSE, Japan Exchange Group .3 – (NYSE, Australian Securities – Osaka) Exchange) 2000000,00 400000,00 1800000,00 350000,00 1600000,00 300000,00 1400000,00 1200000,00 250000,00 1000000,00 200000,00 800000,00 150000,00 600000,00 100000,00 400000,00 200000,00 50000,00 0,00 0,00 0,00 10000000,00 20000000,00 30000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.2 – (NYSE, TMX Group) .4 – (NYSE, BSE India Limited) 119
140000,00 5000000,00 4500000,00 120000,00 4000000,00 100000,00 3500000,00 80000,00 3000000,00 2500000,00 60000,00 2000000,00 40000,00 1500000,00 20000,00 1000000,00 500000,00 0,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.5 – (NYSE, Athens Stock Exchange .7 – (NYSE, Borsa Italiana) (ATHEX))
2500000,00 50000,00 45000,00 2000000,00 40000,00 35000,00 1500000,00 30000,00 25000,00 1000000,00 20000,00 15000,00 500000,00 10000,00 5000,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 0,00 10000000,00 20000000,00 30000000,00 40000000,00
.6 – (NYSE, BME Spanish Exchanges) .8 – (NYSE, Budapest Stock Exchange)
120
6000 5000000,00 4500000,00 5000 4000000,00 3500000,00 4000 3000000,00 3000 2500000,00 2000000,00 2000 1500000,00 1000000,00 1000 500000,00 0 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.9 – (NYSE, Cyprus Stock .11 – (NYSE, Euronext) Exchange)
4000000,00 3000,00
3500000,00 2500,00
3000000,00 2000,00 2500000,00 1500,00 2000000,00 1000,00 1500000,00
1000000,00 500,00
500000,00 0,00 0,00 0,00 10000000,00 20000000,00 30000000,00 40000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.12 – (NYSE, Ljubljana Stock .10 – (NYSE, Deutsche Boerse AG) Exchange) 121
5000000,00 2500000 4500000,00 4000000,00 2000000 3500000,00 3000000,00 1500000 2500000,00 2000000,00 1500000,00 1000000 1000000,00 500000,00 500000 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 .13 – (NYSE, London Stock Exchange) .15 – (NYSE, MICEX)
4500000 1600000
4000000 1400000 3500000 1200000 3000000 1000000 2500000 800000 2000000 600000 1500000 400000 1000000 200000 500000 0 0 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.16 – (NYSE, Nasdaq Nordic .14 – (NYSE, LSE Group) Exchanges) 122
500000,00 120000,00 450000,00 100000,00 400000,00 350000,00 80000,00 300000,00 250000,00 60000,00 200000,00 40000,00 150000,00 100000,00 20000,00 50000,00 0,00 0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.17 – (NYSE, Oslo Bors) .19 – (NYSE, Tel–Aviv Stock Exchange) 1600000,00 120000
1400000,00 100000 1200000,00 80000 1000000,00
800000,00 60000 600000,00 40000 400000,00
200000,00 20000
0,00 0 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00 .18 – (NYSE, SIX Swiss Exchange) .20 – (NYSE, The Egyptian Exchange) 123
140000,00
120000,00
100000,00
80000,00
60000,00
40000,00
20000,00
0,00 0,00 5000000,0010000000,0015000000,0020000000,0025000000,0030000000,0035000000,00
.21 – (NYSE, Wiener Borse)
124
Shanghai Stock Exchange
25000000,00 5000000,00
20000000,00 4000000,00
15000000,00 3000000,00
2000000,00 10000000,00 1000000,00 5000000,00 0,00 0,00 0,00 1000000,00 2000000,00 3000000,00 4000000,00 5000000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 25000000,00 .3 – (Shanghai Stock Exchange, .1 – (Shanghai Stock Exchange, Borsa Italiana Shenzhen Stock Exchange) )
0,16 5000000,00 0,14 4500000,00 0,12 4000000,00 3500000,00 0,10 3000000,00 0,08 2500000,00 0,06 2000000,00 0,04 1500000,00 1000000,00 0,02 500000,00 0,00 0,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 25000000,00 0,00 1000000,00 2000000,00 3000000,00 4000000,00 5000000,00
.2 – (Shanghai Stock Exchange, .4 – (Shanghai Stock Exchange, Kyrgyz Stock Exchange) London Stock Exchange) 125
Shenzhen Stock Exchange
0,16 5000000,00 0,14 4000000,00 0,12
0,10 3000000,00 0,08 0,06 2000000,00
0,04 1000000,00 0,02 0,00 0,00 0,00 500000,00 1000000,00 1500000,00 2000000,00 2500000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 25000000,00 .1 – (Shenzhen Stock Exchange, .3 – (Shenzhen Stock Exchange, Kyrgyz Stock Exchange) London Stock Exchange) 5000000,00 400000,00 350000,00 4000000,00 300000,00 3000000,00 250000,00 200000,00 2000000,00 150000,00 1000000,00 100000,00 50000,00 0,00 0,00 0,00 500000,00 1000000,00 1500000,00 2000000,00 2500000,00 0,00 5000000,00 10000000,00 15000000,00 20000000,00 25000000,00
.2 – (Shenzhen Stock Exchange, .4 – (Shenzhen Stock Exchange, Borsa Italiana) Moscow Exchange) 126
Japan Exchange Group Inc.
60,00 50000,00
50,00 40000,00 40,00 30000,00 30,00 20000,00 20,00
10,00 10000,00
0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.1 – (Japan Exchange Group Inc., .3 – (Japan Exchange Group Inc., Bermuda Stock Exchange) Bolsa de Comercio de Santiago) 8000,00 180000,00 7000,00 160000,00 6000,00 140000,00 120000,00 5000,00 100000,00 4000,00 80000,00 3000,00 60000,00 2000,00 40000,00 1000,00 20000,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.2 – (Japan Exchange Group Inc., .4 – (Japan Exchange Group Inc., Bolsa de Comercio de Buenos Aires) Bolsa Mexicana de Valores) 127
870000,00 3000000,00
860000,00 2500000,00 850000,00 2000000,00 840000,00
830000,00 1500000,00
820000,00 1000000,00 810000,00 500000,00 800000,00
790000,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.5 – (Japan Exchange Group Inc., .7 – (Japan Exchange Group Inc., Australian Securities Exchange) Korea Exchange) 120000,00 1400000,00
100000,00 1200000,00 1000000,00 80000,00 800000,00 60000,00 600000,00
40000,00 400000,00
20000,00 200000,00
0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.6 – (Japan Exchange Group Inc., .8 – (Japan Exchange Group Inc., Indonesia Stock Exchange) National Stock Exchange of India Limited)
128
14000,00 225000,00
12000,00 220000,00 10000,00 215000,00 8000,00 210000,00 6000,00 205000,00 4000,00
2000,00 200000,00
0,00 195000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.9 – (Japan Exchange Group Inc., .11 – (Japan Exchange Group Inc., NZX Limited) Singapore Exchange) 45000,00 1200000,00 40000,00 1000000,00 35000,00 30000,00 800000,00 25000,00 600000,00 20000,00 15000,00 400000,00 10000,00 200000,00 5000,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.10 – (Japan Exchange Group Inc., .12 – (Japan Exchange Group Inc., Philippine Stock Exchange) Taiwan Stock Exchange)
129
450000,00 12000,00 400000,00 10000,00 350000,00 300000,00 8000,00 250000,00 6000,00 200000,00 150000,00 4000,00 100000,00 2000,00 50000,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.13 – (Japan Exchange Group Inc., .15 – (Japan Exchange Group Inc., The Stock Exchange of Thailand) Budapest Stock Exchange) 1200000,00 2000000,00 1800000,00 1000000,00 1600000,00 1400000,00 800000,00 1200000,00 600000,00 1000000,00 800000,00 400000,00 600000,00 400000,00 200000,00 200000,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
Japan Exchange Group Inc., .14 – (Japan Exchange Group Inc., .16 – ( BME Spanish Exchanges) Deutsche Boerse AG)
130
35000,00 900,00
30000,00 800,00 700,00 25000,00 600,00 20000,00 500,00 15000,00 400,00 300,00 10000,00 200,00 5000,00 100,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.17 – (Japan Exchange Group, Irish .19 – (Japan Exchange Group, Stock Exchange) Ljubljana Stock Exchange) 400000,00 860000,00
390000,00 840000,00 820000,00 380000,00 800000,00 370000,00 780000,00 360000,00 760000,00
350000,00 740000,00
340000,00 720000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 700000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 .18 – (Japan Exchange Group, Johannesburg Stock Exchange) .20 – (Japan Exchange Group, Nasdaq Nordic Exchanges) 131
600000,00 80000,00 70000,00 500000,00 60000,00 400000,00 50000,00 300000,00 40000,00
200000,00 30000,00 20000,00 100000,00 10000,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.21 (Japan Exchange Group, – .23 – (Japan Exchange Group, Tel– Saudi Stock Exchange) Aviv Stock Exchange) 30000,00 45000,00 40000,00 25000,00 35000,00 20000,00 30000,00 25000,00 15000,00 20000,00 10000,00 15000,00 10000,00 5000,00 5000,00 0,00 0,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00 5400000,00 5600000,00 5800000,00 6000000,00 6200000,00 6400000,00
.22 – (Japan Exchange Group, .24 – (Japan Exchange Group, Tehran Stock Exchange) Wiener Bors
132