12. Ranking of Top 20 International Stock Exchanges by Number of Companies listed as at 31 October 1997.


RANK     STOCK EXCHANGE     N0. OF COMPANIES LISTED

1.       Nasdaq #           5,506
2.       London             2,978
3.       New York           2,606
4.       Germany            2,525
5.       Tokyo              1,863
6.       Toronto            1,393
7.       Australian         1,210
8.       Paris                864
9.       Korea                775
9.       American             762
11.      Kuala Lumpur         683
12.      Tel-Aviv             657
13.      Hong Kong            650
14.      JOHANNESBURG         624
15.      Rio De Janeiro       575
16.      Sao Paulo            550
17.      Thailand             455
18.      Switzerland          432
19.      Taiwan               400
20.      Madrid               389

*The following exchanges have been excluded, due to double listings:

Osaka
Montreal
Vancouver
Barcelona

*The ranking of the JSE has been effected by the inclusion of the following Stock Exchanges in to the FIBV statistics.

*Athens
*Phillipines
*Lima
*Irish
*Lisbon

Please note the turnover figures for 1996 in respect of value and deals have been revised.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Ailsa Thorpe at the Johannesburg Stock Exchange - Tel: +27 11 377 2306, Fax: +27 11 834 7402, Web:http://www.jse.co.za