* indicates monthly or quarterly data series

Stock market value traded w/o top 10 firms, % of total value traded, 2020:

The average for 2020 based on 12 countries was 58 percent. The highest value was in Japan: 83.08 percent and the lowest value was in Kazakhstan: 3.55 percent. The indicator is available from 1998 to 2020. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Federation of Exchanges
Select indicator
* indicates monthly or quarterly data series


Countries Stock market activity for smaller firms, 2020 Global rank Available data
Japan 83.08 1 1998 - 2020
Iran 73 2 1998 - 2020
Taiwan 71.88 3 1998 - 2020
Malaysia 68.8 4 1999 - 2020
Thailand 68.17 5 1998 - 2020
Saudi Arabia 65.03 6 2008 - 2020
Hong Kong 62.94 7 1998 - 2020
China 53.53 8 2001 - 2020
Philippines 51.75 9 1998 - 2020
Sri Lanka 47.5 10 1998 - 2020
Jordan 46.82 11 2006 - 2020
Kazakhstan 3.55 12 2012 - 2020



Definition: Value of all traded shares outside of the top ten largest traded companies as a share of total value of all traded shares in a stock market exchange. WFE provides data on the exchange level. This variable is aggregated up to the country level by taking a simple average over exchanges.

Selected articles from our guide:

The unholy trinity of international finance

Most commonly used measures of corruption

All articles

This site uses cookies.
Learn more here


OK