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Almost 90% of the total market capitalization of the worlds equity markets is accounted for by the market capitalization of the developed world.

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Primary Markets Shares offered for sale directly from the issuing company. Secondary Markets Provide market participants with marketability and share valuation. Major Stock Exchanges

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Michael Porter (1998) defines clusters as: "geographically proximate groups of interconnected companies and associated institutions in a particular field, linked by commonalities and complementarities

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EU EFTA CEFTA

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A highly concentrated market 5 countries do 84% of the total amount invested UK attracted 33% of investments

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Largest consumer market in the world (500 million) 27 member states following strict acceptance criteria EU27 contributes one third of the worlds GDP Free movement of people, goods, services and capital Free market economy The European economy is lead by Germany, the largest exporter in the world Video Video

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EASDAQ is a sort of a European NASDAQ that binds together national exchanges. UK, Germany, France, Switzerland, Austria, Italy, Belgium, Denmark, Portugal, Finland, Greece, Luxembourg, and the Netherlands. A lack of common securities regulations, even among the countries of the European Union, is hindering a single European stock market.

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Amsterdam Stock Exchange London Stock Exchange Paris Bourse Deutsche Brse (Frankfurt Stock Exchange)

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Country-specific baskets of stocks designed to replicate the country indexes of 20 countries and 3 regions. WEBS are subject to U.S. SEC and IRS diversification requirements. Low cost, convenient way for investors to hold diversified investments in several different countries.

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Losing world market share Specially to Asia Offering market access as leverage Hoping developing countries will require access Not enticing enough Developing countries are competitive enough to access other global markets

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EU needs to set up efforts Liberalize markets, more market flexibility. Allow member companies to compete globally. Develop larger economic presence for Europe. Develop trade agreements Facilitate trade

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http://ec.europa.eu/trade/creating- opportunities/eu-and-wto/ http://en.wikipedia.org/wiki/Future_enla rgement_of_the_European_Union http://www.investopedia.com/terms/e/e uronext.asp

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