Nomura publish a monthly global liquidity monitor, the latest edition of which has just found its way into the FT Alphaville inbox. We’re not quite sure what it’s for, other than to provide us with a selection of talking-point tables. So here goes…
This first extract measures the world’s largest companies, as of the end of September, ranked by market cap. The presence of so many Chinese companies in the top 10 is certainly eye-catching. But note the small turnover in Petrochina – this is still very much a state-owned entity.
Here are the busiest stocks in the world, ranked by trading value. See – Citigroup is good for something. And look at the churn in AIG – its entire issued equity changed hands eight times last month.
And here’s the world ranked by trading value. The US is eight times its nearest rival, China. Japan may be second by total market cap, but look at the typical bid/offer spread in Tokyo – 19 basis points. Some markets are more competitive than others, clearly.
More liquidity tables in the Long Room