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COMPETITIVENESS MEASURES Trading on U.S. and Non-U.S. Exchanges We provide three measures of the U.S. share of exchange-based global trading volume and market capitalization. Loss of U.S. market share in these areas could ultimately result in less liquidity in the U.S. market as trading in foreign (and even U.S.) stocks moves abroad. Measure 10 - U.S. Share of Global Market Capitalization The data compares the domestic market capitalization of the three major U.S. exchanges (New York Stock Exchange, NASDAQ and the American Stock Exchange) with the domestic market capitalization of all other member exchanges of the World Federation of Exchanges. The data excludes listed foreign companies. Measure 11 - U.S. Share of the Value of Global Share Trading The data compares the value of share trading on the
Measure 12 - U.S. Share of Trading in Securities That Can Be Traded Either on a U.S. or Foreign Exchange ADRs represent shares of a foreign company that can be traded on a U.S. exchange; at the same time, the actual shares of the company can be traded on the company’s home market. Using the Bank of New York Mellon’s International 100 ADR Index—representing the ADRs of the 100 largest foreign issuers by market capitalization—the data shows ADR trading volume in the U.S. as a percentage of the trading volume of the companies’ ordinary shares on its home market. For each company in the International 100 ADR Index, we compare, on a quarterly basis, the average daily ADR trading volume in the U.S. for the preceding three-month period with the average daily ordinary share trading volume in the home market for the preceding three-month period. The resulting ratio for each company is weighted by that company’s market capitalization.
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