•

•

•

•

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•

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●

●

●

Size GDP

1 1 US

- - EU28

2 2 China

3 5 UK

4 3 Japan

5 7 France

6 10 Canada

7 4 Germany

8 32 Hong Kong

9 6 India

10 11 South Korea

11 35 Singapore

12 9 Italy

13 13 Australia

14 20 Switzerland

15 18 Netherlands

16 8 Brazil

17 14 Spain

18 23 Sweden

19 22 Taiwan

20 12 Russia

44.4%

20.9%

13.0%

7.8%

4.8%

3.3%

3.0%

2.7%

1.9%

1.7%

1.6%

1.5%

1.5%

1.4%

1.2%

1.1%

1.1%

1.1%

0.9%

0.7%

0.6%

26.0%

23.2%

16.1%

3.5%

6.5%

3.5%

2.2%

4.9%

0.5%

3.5%

2.1%

0.4%

2.6%

1.9%

0.9%

1.1%

2.8%

1.8%

0.7%

0.8%

2.0%

APAC Americas EMEA

49%

27% 24%

261

248

170

154

149

138

124

100

97

96

88

85

81

79

76

72

71

71

70

69

68

65

64

64

57

57

57

57

57

56

53

52

45

45

44

42

41

37

35

34

33

31

31

28

28

27

27

25

24

22

20

17

17

16

1614

Hong Kong

Singapore

US

Americas

Luxembourg

UK

Canada

Global

Sweden

Switzerland

Denmark

Israel

Netherlands

France

China

APAC

South Korea

South Africa

EU28

Malaysia

Finland

Australia

EMEA

Taiwan

Japan

EU27

Belgium

Spain

Norway

Chile

Ireland

Italy

Thailand

India

Germany

Malta

UAE

Iceland

Brazil

Portugal

Austria

Mexico

New Zealand

Poland

Cyprus

Peru

Argentina

Philippines

Russia

Czech Rep

Greece

Indonesia

Hungary

Croatia

ColombiaSaudi Arabia

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

4950

8

11

1

37

3

6

18

14

21

25

15

5

2

10

23

27

29

13

19

4

24

17

26

35

30

12

28

9

7

56

33

51

16

41

34

22

42

36

54

43

32

40

20

45

46

31

48

53

4438

124

100

55

154

72

64

176

78

76

71

33

25

114

70

57

Developed

Global

Emerging

Americas

APAC

EMEA

Americas

APAC

EMEA

APAC

Americas

EMEA

OECD

EU28

EU27

Hong Kong, 1.9%

Singapore, 1.5%

USA, 44.4%

Luxembourg, 0.2%

UK, 7.8%

Canada, 3.0%

Switzerland, 1.2%

France, 3.3%

China, 13.0%

Japan, 4.8%

Italy, 1.5%

India, 1.7%

Germany, 2.7%

Brazil, 1.1%

Russia, 0.6%

0

25

50

75

100

0 50 100 150 200 250

GD

P p

er c

apit

a P

PP

$

Depth of capital markets

EU28, 20.9%

$.4tn

$.4tn

182%

164%

113%

94%

83%

56%

43%

APAC

Americas

Global

EMEA

APAC

EMEA

Americas

2.0

34.5

3.2

16.0

13.015.7

44.0

11.7

43.2

9.9

0.38%

0.26%

0.25%

0.25%

0.22%

0.21%

0.17%

APAC

Global

EMEA

Americas

APAC

Americas

EMEA

15.4

71.3

$.4tn

$.4tn

0.5

6.6

31%

21%

20%

16%

14%

10%

6%

Americas

APAC

Global

APAC

EMEA

Americas

EMEA

0.4

2.4

3.9

1.2

102

1082

139

588512

53

5.1%

3.3%

3.1%

3.0%

2.2%

1.9%

0.9%

Americas

Global

APAC

EMEA

Americas

APAC

EMEA

$.4tn

$.4tn

28.7

8.2

0.9

3.5

1.0

137%

58%

50%

48%

24%

16%

5%

Americas

Global

APAC

EMEA

Americas

EMEA

APAC

38.6

1.6

20.5

1.4

12.5

4.6

1.1

24%

30%

34%

103%

120%

125%

184%

EMEA

APAC

Americas

Global

EMEA

APAC

Americas

38%

77% 79%

56%

80%

26%

68%

62%

23% 21%

44%

20%

74%

32%

Bank lending Corporate bonds

13%

42%31%

39%

22%12%

26%

32%

20%37%

14%

35%

32%

30%

54%

38%32%

47% 43%

55%44%

Currency / deposits Pensions / insurance Other

27%22%

19%

27%

28%

29%

46%50%

52%

39%48%

54%

15%19%

22%

46%33%

24%

19%24%

28%

21%24%

27%52%

44%

60%

32%41%

48%

15%19%

23%

53%40%

29%

13%

17%

19%

30%

40%48%

57%44%

34%

16%20%

23%

31%

38%43%

52%42%

34%

80%

31%

25%

53%

29%

24%

27%

25%

23%

96%

54%

44%

Emerging mkts

Global

Developed mkts

APAC

EMEA

Americas

EMEA

APAC

Americas

APAC

EMEA

Americas

6.8

23.7

16.9

7.7

6.4

9.7

5.6

2.3

9.0

5.4

0.7

0.7

Growth $ tn

41%

32%

29%

71%

APAC Americas EMEA Emerging Developed

41%

32%

27%

41%

32%

120%

58%

38%

116%

40%

36%

40%

35%

33%

139%

55%

43%

Emerging mkts

Global

Developed mkts

APAC

Americas

EMEA

Americas

APAC

EMEA

APAC

EMEA

Americas

1.65

3.30

1.64

1.61

1.24

0.45

1.17

0.11

0.37

1.50

0.08

0.07

Growth $ tn

49%38%

14%

50% 50%

APAC Americas EMEA Emerging Developed

83%

38%

23%

70%

21%

21%

17

32

14

20

8

4

Emerging mkts

Global

Developed mkts

APAC

Americas

EMEA

Growth $ tn

Growth $ bn

63%

40%

20%

63%

25%

19%

58.8

78.8

20.0

54.7

13.5

10.6

Emerging mkts

Global

Developed mkts

APAC

EMEA

Americas

69%

13%

17%

75%

25%

45%55%

APAC Americas EMEA Emerging Developed

APAC Americas EMEA Emerging Developed

63%24%

13%

130%

71%

46%

131%

47%

44%

964

1,760

796

950

561

249

Emerging mkts

Global

Developed mkts

APAC

Americas

EMEA

104%

50%

24%

94%

33%

25%

4.9

7.4

2.5

4.8

0.9

1.8

Emerging mkts

Global

Developed mkts

APAC

EMEA

Americas

Growth $ tn

Growth $ bn

54%32%

14%

64%24%

12%

34%

66%

45%55%

APAC Americas EMEA Emerging Developed

APAC Americas EMEA Emerging Developed

●

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●

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DEU

GBRUSA

SGP

AUS

HK

JPN

FRA

ESP

KOR

ITA

CHNZAF

MEX

TUR

IDN

RUS

IND

BRA

EGY

R² = 0.4261

0

20

40

60

0204060

Ran

k b

y d

epth

of

cap

ital

mar

kets

Rank by business, legal and regulatory environment

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