12. Ranking Of Top 20 International Stock Exchanges By Number Of
Companies Listed As At 30 April 1997.


RANK     STOCK EXCHANGE     N0. OF COMPANIES LISTED

1.       Nasdaq             5,541
2.       London             2,972
3.       New York           2,513
4.       Germany            2,174
5.       Tokyo              1,848
6.       Toronto            1,352
7.       Australian         1,193
8.       Paris               866
9.       Korea               763
9.       American #          751
11.      Tel-Aviv            651
12       Kuala Lumpur        637
13       JOHANNESBURG        620
14.      Hong Kong           601
15.      Rio De Janeiro      582
16.      Sao Paulo           556
17.      Thailand            454
18.      Switzerland         431
19.      Taiwan              389
20.      Madrid              370

*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

#Statistics not available for April 1997, March 1997 statistics have been used.


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 - or enter text search 'Johannesburg Stock Exchange' and 'Business Monitor'.