London, 18 July 2017 – The World Federation of Exchanges ("WFE"), which represents more than 200 market infrastructure providers including exchanges and CCPs, today jointly published a report with the Milken Institute on Small and Medium-sized Enterprises ("SMEs") and SME exchanges. The report consolidates results from initial independent research from the WFE and the Milken Institute published earlier this year.

The joint report analyses survey responses from listed and unlisted SMES from Canada, China, India, Jamaica and South Africa to assess the effectiveness of SME exchanges specifically in meeting the financial and other listing motives of SMEs.

The primary findings of the report can be summarised as follows:

Nandini Sukumar, CEO, WFE said: "Our joint research suggests that stock exchanges can contribute positively to SME growth. This is particularly important as SMEs play such a vital role in generating economic growth, particularly in developing countries where SMEs are instrumental in creating jobs, building thriving private sectors, and diversifying economies."

Staci Warden, Executive Director, Center for Financial Markets, Milken Institute said: "Given the importance of SMEs for job creation and economic growth, expanding access to finance for these businesses is one of the most fundamental issues for inclusive economic development. The collaborative research work of the Milken Institute and the WFE helps us better understand the role equity markets can play for funding at least some SMEs with high-growth potential."

Siobhan Cleary, Head of Research & Public Policy, WFE added: "Increasing numbers of WFE members across developed and emerging markets are actively seeking innovative solutions to SME financing challenges. To this end, we are seeing everything from new SME markets, to venture platforms and crowdfunding aggregators."

The WFE's SME Working Group has 21 member exchanges from across all WFE geographies. Its ongoing mandate is to identify critical success factors for SME markets. The WFE publishes SME market statistics annually as part of the WFE Annual Statistics Guide, the most recent of which can be found here. You can also read the WFE's report from February 2017 into exchanged-based financing of SMEs by clicking here.

Click here to read the WFE & Milken Institute SME report in full.

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About the World Federation of Exchanges (WFE):

Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 200 market infrastructure providers, including standalone CCPs that are not part of exchange groups. Of our members, 41% are in Asia-Pacific, 40% in EMEA and 19% in the Americas. WFE exchanges are home to nearly 45,000 listed companies, and the market capitalisation of these entities is over $67.9 trillion; furthermore, around $84.18 trillion (EOB) in trading annually passes through the infrastructures WFE members safeguard (at end 2016).

The WFE is the definitive source for exchange-traded statistics, and publishes over 350 market data indicators. Its statistics database stretches back more than 40 years, and provides information and insight into developments on global exchanges.

The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. WFE shares regulatory authorities' goals of ensuring the safety and soundness of the global financial system, which is critical to enhancing investor and consumer confidence, and promoting economic growth.

For more information, please contact:

Anna Watson

Head of Communications, World Federation of Exchanges

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Phone: +44 20 7151 4137 / +44 7850 287 685

Twitter: @WFE