12. Ranking of Top 20 International Stock Exchanges by Market
    Capitalisation as at 30 September 1997(US$ millions)


RANK     STOCK EXCHANGE     MARKET CAP

1.       New York           8,728,244.9
2.       Tokyo              2,697,759.1
3.       London             2,076,868.7
4.       Chicago  #         2,015,920.0
5.       Nasdaq  #          1,753,000.3
6.       Germany              826,935.9
7.       Paris                640,725.1
8.       Toronto              603,339.6
9.       Hong Kong            566,612.5
10.      Switzerland          537,388.1
11.      Amsterdam            486,702.6
12.      Australia            335,531.0
13.      Taiwan               326,474.0
14.      Italy                325,476.6
15.      Sao Paulo            307,117.2
16.      Rio de Janeiro       302,881.6
17.      Madrid               299,711.2
18.      Stockholm            295,236.4
19.      JOHANNESBURG         264,390.4
20.      Bilbao               230,394.2

# Statistics not available for September 1997, August 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.