Research Worldwide
Emerging Markets and Exchanges


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There are a burgeoning number of ETFs covering foreign markets; however many of these contain large or medium sized companies. WisdomTree Investments Inc. claims they have the first truly "emerging-market small-cap ETF", the DGS. Wisdom tree also offers the International SmallCap Dividend Index Fund, the DLS. However it is not clear exactly how small the companies in these funds really are.

Starting around the year 2000 a number of countries instituted new, emerging-company markets, often as part of an existing exchange. When the Internet bubble burst many of these were discontinued or absorbed into a larger exchange. Now these new markets are growing again, though in many cases progress is still rocky. At the right, see three Emerging Markets ETFs: iShares' EEM, Vanguard's VWO, and Templeton's EMF. These ETFs vary in the countries and companies they cover.

Grant Thornton Inc. (GTI) has become a chronicler of the new emerging market exchanges. Check out their most recent "New Markets Guide".

We have found links to most of the markets covered by the Guide. Oddly, GTI does not cover the OTCBB or the The OTC Markets. They do not cover AMEX even though it offers an attractive choice for microcaps who wish to advance upward from OTCBB! However they do include NASDAQ on their emerging markets list! Our own new and growing list follows. Entries marked with an * are on the GTI list.

The OTC Markets
(US)
OTCBB
(US)
AMEX
(US)
NASDAQ*
(US)
London Stock Exchange's AIM (Alternative Investment Market)*
(UK)
Plus Markets Group (formerly OFEX "Off Exchange")*
An independent market which concentrates on small and medium enterprises and will also include many companies from outside the UK and around the world.
TSX Venture Exchange*
(Canada)
GEM Growth Enterprise Market*
(China)
SESDAQ Stock Exchange of Singapore Dealing and Automated Quotation*
Part of SES, Singapore Exchange.
KOSDAQ*
(South Korea)
Mothers Market -- part of TSE Tokyo Stock Exchange*
(Japan)
NZAX New Zealand Alternative*
(New Zealand)
MESDAQ Malaysian Exchange of Securities Dealing & Automated Quotation*
To form this, part of Bursa Malasia merged with the KLSE (Kuala Lumpur Stock Exchange). The last time we looked the Website was down for redesign.
Mercato Expandi*
(Italy) Managed by The Borsa Italiana Group. This may be the former Nuovo Mercato.
Alternext -- part of Euronext*
(Paris, Brussels, Amsterdam) The Paris stock exchange is now part of Euronext and it looks like the Nouveau March� has become part of Alternext.
Nuevo Mercado -- Part of the Madrid Stock Exchange*
(Spain).
NSX Australia Newcastle Stock Exchange*
(Australia)
Bendigo Stock Exchange*
(Australia)
Novo Mercado -- Part of Bovespa*
(Brazil)
IEX Irish Enterprise Exchange -- Part of the Irish Stock Exchange*
IEX was launched on 12 April 2005 replacing ITEQ & Developing Companies Market
the Open Market and the Entry Standard*
(Germany) Both managed by the Deutsche B�rse at the Frankfurt Stock Exchange
Market for Alternative Investment (MAI)*
(Thailand)
ICEX Alternative Market at the Iceland Stock Exchange*
(Iceland)
Nordic Growth Market (NGM Equity)*
(Sweden) Under the supervision of the Swedish Financial Supervisory Authority.
the Investors� List and the New Market List*
(Finland)Both part of the Helsinki Stock Exchange, which in turn is part of the OMX Group.
Hercules Nippon New Market*
(Japan)
Alternative Companies List -- At the Malta Stock Exchange*
(Malta)
Small & Medium Enterprise Board (SME Board) -- At the Shenzen Stock Exchange*
(China)
New Listed Market -- At Bratislava Stock Exchange*
(Slovak Republic)
Free Market -- At Ljubljanska Stock Exchange*
(Slovenia)
Development Capital Market (DCM) amd Ventire Capital Market (VCM)*
(South Africa) Both long-standing parts of the Johannesburg Stock Exchange.
The Alternative Exchange (AltX)*
(South Africa) A newer separate division of the JSE Ltd. (Johannesburg Stock Exchange).
the Second National Market and the New Economy Market -- Both at the Istanbul Stock Exchange*
(Turkey)


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