SIFMA Capital Markets Fact Book

Most Recent Year: 2020

Contents Tab

U.S. Capital Markets

U.S. Fixed Income Securities Issuance – Value 1-01
U.S. Fixed Income Securities Issuance – Number of Issues 1-02
U.S. Equity Issuance – Value 1-03
U.S. Equity Issuance – Number of Issues 1-04
Corporate Bonds and Equity Issuance in the U.S. and U.S. Initial Public Offerings - Charts 1-05
U.S. Private Placements – Value 1-06
U.S. Private Placements – Number of Issues 1-07
U.S. Long-Term Municipal Bond Issuance – Value 1-08
U.S. Long-Term Municipal Bond Issuance – Number of Issues 1-09
U.S. Long-Term Municipal Bond Issuance – Number of Issuers 1-10
Bank Qualified U.S. Municipal Bond Issuance 1-11
U.S. Equity and Debt Outstanding 1-12
U.S. Stock Market Capitalization 1-13
U.S. Stock Market Indices 1-14
U.S. Interest Rates and Bond Yields 1-15
U.S. Mergers and Acquisitions – Announced and Completed 1-16
U.S. Bond Market Average Daily Trading Volume 1-17
Municipal Bond Average Daily Trading – Dollar Volume 1-18
Municipal Bond Average Daily Trading – Number of Trades 1-19
U.S. Equity Markets Average Daily Trading Volume – Charts 1-20
Trading Activity of NYSE- and Nasdaq-listed Stocks 1-21
Futures Contracts Traded on U.S. Exchanges 1-22
Options Contracts Traded on U.S. Exchanges 1-23
U.S. Mutual Fund Assets 1-24
U.S. Mutual Fund Net New Cash Flow 1-25
Net Assets and Number of Exchange-Traded Funds (ETFs) - Chart 1-26

Global Capital Markets

Global Bond and Equity Issuance - Charts 2-01
Global Long-Term Bond Issuance 2-02
Global Equity Issuance 2-03
International Security Offerings by All Issuers - Market Value 2-04
International Security Offerings by All Issuers - Number of Issues 2-05
International Security Offerings by U.S. Issuers - Market Value 2-06
International Security Offerings by U.S. Issuers - Number of Issues 2-07
Global Bond Market Outstanding and Global Equity Market Capitalization - Charts 2-08
Global Bond Market Outstanding - Value 2-09
Global Bond Market Outstanding - Share of Total 2-10
Global Equity Markets Capitalization - Market Value 2-11
Global Equity Markets Capitalization - Share of Total 2-12
Global Derivatives Market Outstanding - Notional Principal 2-13
Global Investment Banking Net Revenues by Product - Charts 2-14
Global Investment Banking Net Revenues by Region 2-15
Global Mergers and Acquisitions – Announced and Completed 2-16
U.S. Holdings of Foreign Securities 2-17
U.S. Gross Activity in Foreign Securities 2-18
U.S. Net Purchases of Foreign Securities 2-19
U.S. Gross Activity in Foreign Equities by Region/Country 2-20
U.S. Net Purchases of Foreign Equities by Region/Country 2-21
Foreign Holdings of U.S. Securities 2-22
Foreign Gross Activity in U.S. Securities 2-23
Foreign Net Purchases of U.S. Securities 2-24
Foreign Gross Activity in U.S. Equities by Region/Country 2-25
Foreign Net Purchases of U.S. Equities by Region/Country 2-26
Major Global Stock Market Indexes 2-27
Foreign Exchange Rates 2-28
American Depositary Receipts (ADRs) 2-29

U.S. Investor Participation

U.S. Holdings of Equities – Market Value 3-01
U.S. Family Holdings of Stock 3-02
U.S. Household Equity Ownership 3-03
U.S. Household Liquid Financial Assets - Market Value 3-04
U.S. Household Liquid Financial Assets - Share of Total 3-05
U.S. Holdings of Equities by Type of Holder - Market Value 3-06
U.S. Holdings of Equities by Type of Holder - Share of Total 3-07
U.S. Net Acquisitions of Corporate Equities by Type of Holder 3-08

Savings & Investment

U.S. Retirement Assets 4-01
U.S. Private Pension Funds Assets 4-02
U.S. Private Pension Fund Assets Investment Mix 4-03
U.S. Defined Benefit Plan Asset Investment Mix 4-04
U.S. Defined Contribution Plan Asset Investment Mix 4-05
U.S. Individual Retirement Account (IRA) Assets 4-06
U.S. Individual Retirement Account (IRA) Assets 4-07
Household Saving Rates of Major Nations 4-08
U.S. Economic Indicators 4-09
U.S. Federal Receipts, Outlays, Deficit and Debt 4-10

Securities Industry
FINRA-Registered Broker-Dealers Financial Results 5-01
FINRA-Registered Firms and Registered Representative- Charts 5-02
NYSE Member Firms Aggregate Financial Results 5-03
NYSE Member Firms Aggregate Total Capital and Equity Capital - Charts 5-04
U.S. Securities Industry Employment 5-05
U.S. Investment Banking Net Revenues by Product - Charts 5-06
Return to the Table of Contents

U.S. Fixed Income Securities Issuance – Value

$ Billions
Federal
Corporate Agency Total Fixed
Municipal Treasury MBS Bonds Securities ABS Income Municipal
2006 387.9 788.5 2,691.1 1,126.0 691.8 658.2 6,343.5
2007 429.2 752.2 2,434.2 1,222.7 831.2 795.9 6,465.4 2007 10.7%
2008 389.3 1,029.4 1,394.0 757.5 924.8 215.2 4,710.2 2008 -9.3%
2009 409.6 2,197.2 2,172.1 979.5 1,244.4 177.9 7,180.8 2009 5.2%
2010 433.3 2,319.8 2,012.6 1,087.7 1,362.1 125.9 7,341.5 2010 5.8%
2011 295.1 2,103.3 1,724.8 1,045.9 1,025.3 151.0 6,345.4 2011 -31.9%
2012 382.7 2,304.6 2,195.1 1,397.6 925.5 259.0 7,464.5 2012 29.7%
2013 335.4 2,140.0 2,120.2 1,428.3 652.9 304.1 6,980.9 2013 -12.3%
2014 339.1 2,215.2 1,439.6 1,486.2 558.7 393.4 6,432.3 2014 1.1%
2015 405.1 2,122.4 1,800.7 1,515.3 645.5 333.4 6,822.4 2015 19.5%
2016 451.9 2,169.4 2,044.2 1,554.9 927.9 325.4 7,473.8 2016 11.6%
2017 449.0 2,224.3 1,934.8 1,680.3 731.3 550.3 7,570.1 2017 -0.6%
2018 346.8 2,684.7 1,874.6 1,380.7 653.6 516.9 7,457.3 2018 -22.8%
2019 426.4 2,935.5 2,036.8 1,423.0 989.3 434.7 8,245.7 2019 22.9%
2020 484.5 3,895.8 3,996.5 2,282.0 1,251.3 304.3 12,214.5 2020 13.6%

Average 397.7 2,125.5 2,124.7 1,357.9 894.4 369.7 7,269.9

Y/Y % Change 13.6% 32.7% 96.2% 60.4% 26.5% -30.0% 48.1%
5-Year CAGR 3.6% 12.9% 17.3% 8.5% 14.2% -1.8% 12.4%
10-Year CAGR 1.1% 5.3% 7.1% 7.7% -0.8% 9.2% 5.2%

Sources: Bloomberg, Refinitiv, Treasury, US Agencies

Note: MBS = mortgage-backed securities, ABS = asset-backed securities. Includes long-term securities only. Corporate debt includes public and
private, convertible and non-convertible, investment grade and high yield bonds.

Maximum 484.5 3,895.8 3,996.5 2,282.0 1,362.1 795.9 12,214.5

Minimum 295.1 752.2 1,394.0 757.5 558.7 125.9 4,710.2
% Change Total 24.9% 394.0% 48.5% 102.7% 80.9% -53.8% 92.5%

Updated:
7/21/2021
 % Change Y/Y
Federal
Corporate Agency Total Fixed
Treasury MBS Bonds Securities ABS Income

-4.6% -9.5% 8.6% 20.2% 20.9% 1.9%

36.9% -42.7% -38.0% 11.2% -73.0% -27.1%
113.4% 55.8% 29.3% 34.6% -17.3% 52.5%
5.6% -7.3% 11.1% 9.5% -29.2% 2.2%
-9.3% -14.3% -3.8% -24.7% 19.9% -13.6%
9.6% 27.3% 33.6% -9.7% 71.6% 17.6%
-7.1% -3.4% 2.2% -29.5% 17.4% -6.5%
3.5% -32.1% 4.1% -14.4% 29.3% -7.9%
-4.2% 25.1% 2.0% 15.5% -15.2% 6.1%
2.2% 13.5% 2.6% 43.7% -2.4% 9.5%
2.5% -5.4% 8.1% -21.2% 69.1% 1.3%
20.7% -3.1% -17.8% -10.6% -6.1% -1.5%
9.3% 8.7% 3.1% 51.4% -15.9% 10.6%
32.7% 96.2% 60.4% 26.5% -30.0% 48.1%
Return to the Table of Contents

U.S. Fixed Income Securities Issuance – Number of Issues

Number of Issues % Cha

Federal
Corporate Agency
Municipal Treasury MBS Bonds Securities ABS Municipal Treasury
2006 12,671 n/a n/a 2,510 n/a 1,098
2007 12,591 n/a n/a 2,238 n/a 1,448 2007 -0.6% n/a
2008 10,781 n/a n/a 1,126 n/a 313 2008 -14.4% n/a
2009 11,691 n/a n/a 1,441 n/a 289 2009 8.4% n/a
2010 13,805 n/a n/a 1,701 n/a 318 2010 18.1% n/a
2011 10,585 n/a n/a 1,477 n/a 313 2011 -23.3% n/a
2012 13,151 n/a n/a 1,934 n/a 503 2012 24.2% n/a
2013 11,505 n/a n/a 1,855 n/a 626 2013 -12.5% n/a
2014 11,144 n/a n/a 1,686 n/a 738 2014 -3.1% n/a
2015 13,302 n/a n/a 1,406 n/a 733 2015 19.4% n/a
2016 13,556 n/a n/a 1,518 n/a 740 2016 1.9% n/a
2017 12,061 n/a n/a 1,771 n/a 1,166 2017 -11.0% n/a
2018 9,612 n/a n/a 1,370 n/a 711 2018 -20.3% n/a
2019 11,603 n/a n/a 1,407 n/a 4,548 2019 20.7% n/a
2020 13,312 n/a n/a 2,097 n/a 2,988 2020 14.7% n/a

Average 12,091 n/a n/a 1,702 n/a 1,102

Y/Y % Change 14.7% n/a n/a 49.0% n/a -34.3%
5-Year CAGR 0.0% n/a n/a 8.3% n/a 32.5%
10-Year CAGR -0.4% n/a n/a 2.1% n/a 25.1%

Sources: Bloomberg, Refinitiv

Note: MBS = mortgage-backed securities, ABS = asset-backed securities. Includes long-term securities only. Corporate debt
includes public and private, convertible and non-convertible, investment grade and high yield bonds.

Maximum 13,805.0 0.0 0.0 2,510.0

Minimum 9,612.0 0.0 0.0 1,126.0
% Change Total 5.1% #VALUE! #VALUE! -16.5%

Updated on:
6/17/2021
 % Change Y/Y
Federal
Corporate Agency
MBS Bonds Securities ABS

n/a -10.8% n/a 31.9%

n/a -49.7% n/a -78.4%
n/a 28.0% n/a -7.7%
n/a 18.0% n/a 10.0%
n/a -13.2% n/a -1.6%
n/a 30.9% n/a 60.7%
n/a -4.1% n/a 24.5%
n/a -9.1% n/a 17.9%
n/a -16.6% n/a -0.7%
n/a 8.0% n/a 1.0%
n/a 16.7% n/a 57.6%
n/a -22.6% n/a -39.0%
n/a 2.7% n/a 539.7%
n/a 49.0% n/a -34.3%
Return to the Table of Contents

U.S. Equity Issuance – Value

$ Billions % Change Y/Y

Total Total
Common Preferred Common
IPOs Follow-Ons Stock Stock Total Equity IPOs Follow-Ons Stock
2006 46.4 106.9 153.3 40.9 194.2
2007 52.3 111.7 164.0 62.9 226.9 2007 12.5% 4.6% 7.0%
2008 26.7 174.9 201.6 54.7 256.4 2008 -48.9% 56.5% 22.9%
2009 27.0 230.8 257.9 7.0 264.9 2009 1.2% 32.0% 27.9%
2010 43.5 169.5 213.0 6.2 219.2 2010 60.8% -26.6% -17.4%
2011 40.1 139.3 179.4 5.5 184.9 2011 -7.6% -17.8% -15.7%
2012 46.2 183.7 230.0 34.6 264.6 2012 15.2% 31.9% 28.2%
2013 60.0 194.8 254.8 30.2 285.0 2013 29.7% 6.0% 10.8%
2014 93.5 171.9 265.4 38.5 304.0 2014 55.9% -11.7% 4.2%
2015 32.2 184.5 216.7 32.1 248.8 2015 -65.6% 7.3% -18.4%
2016 20.7 157.3 178.0 25.0 203.0 2016 -35.5% -14.8% -17.8%
2017 39.2 155.0 194.2 26.1 220.3 2017 89.2% -1.5% 9.1%
2018 49.9 154.6 204.5 17.2 221.6 2018 27.1% -0.2% 5.3%
2019 48.8 145.3 194.1 34.0 228.1 2019 -2.1% -6.0% -5.1%
2020 85.3 258.5 343.7 46.3 390.0 2020 74.7% 77.8% 77.0%

Average 47.5 169.3 216.7 30.7 247.5

Y/Y % Change 74.7% 77.8% 77.0% 36.2% 71.0%
5-Year CAGR 21.5% 7.0% 9.7% 7.6% 9.4%
10-Year CAGR 7.0% 4.3% 4.9% 22.2% 5.9%

Source: Dealogic
Note: Includes rank eligible deals, excludes BDCs, SPACs, ETFs, CLEFs and rights offers.

Maximum 93.5 258.5 343.7 62.9 390.0

Minimum 20.7 106.9 153.3 5.5 184.9
% Change Total 83.6% 141.9% 124.2% 13.2% 100.8%
Updated on:
6/15/2021
Change Y/Y

Preferred
Stock Total Equity

53.9% 16.9%
-13.0% 13.0%
-87.2% 3.3%
-11.4% -17.3%
-11.5% -15.6%
528.9% 43.1%
-12.9% 7.7%
27.8% 6.7%
-16.6% -18.1%
-22.3% -18.4%
4.5% 8.5%
-34.2% 0.6%
98.0% 2.9%
36.2% 71.0%
Return to the Table of Contents

U.S. Equity Issuance – Number of Issues

Number of Deals % Change Y/Y

Total Total
Common Preferred Common
IPOs Follow-Ons Stock Stock Total Equity IPOs Follow-Ons Stock
2006 206 517 723 93 778
2007 215 465 680 90 816 2007 4.4% -10.1% -5.9%
2008 33 267 300 43 770 2008 -84.7% -42.6% -55.9%
2009 63 653 716 14 343 2009 90.9% 144.6% 138.7%
2010 158 600 758 23 730 2010 150.8% -8.1% 5.9%
2011 124 502 626 37 779 2011 -21.5% -16.3% -17.4%
2012 131 575 706 118 663 2012 5.6% 14.5% 12.8%
2013 215 782 997 103 824 2013 64.1% 36.0% 41.2%
2014 275 724 999 77 1,100 2014 27.9% -7.4% 0.2%
2015 153 701 854 47 1,076 2015 -44.4% -3.2% -14.5%
2016 98 617 715 78 901 2016 -35.9% -12.0% -16.3%
2017 154 728 882 91 792 2017 57.1% 18.0% 23.4%
2018 185 685 870 46 975 2018 20.1% -5.9% -1.4%
2019 151 653 804 82 916 2019 -18.4% -4.7% -7.6%
2020 209 864 1,073 83 886 2020 38.4% 32.3% 33.5%

Average 158 622 780 68 823

Y/Y % Change 38.4% 32.3% 33.5% 1.2% -3.3%
5-Year CAGR 6.4% 4.3% 4.7% 12.0% -3.8%
10-Year CAGR 2.8% 3.7% 3.5% 13.7% 2.0%

Source: Dealogic
Note: Includes rank eligible deals, excludes BDCs, SPACs, ETFs, CLEFs and rights offers.

Maximum 275 864 1,073 118 1,100

Minimum 33 267 300 14 343
% Change Total 1.5% 67.1% 48.4% -10.8% 13.9%
Updated on:
6/15/2021
Change Y/Y

Preferred
Stock Total Equity

-3.2% 4.9%
-52.2% -5.6%
-67.4% -55.5%
64.3% 112.8%
60.9% 6.7%
218.9% -14.9%
-12.7% 24.3%
-25.2% 33.5%
-39.0% -2.2%
66.0% -16.3%
16.7% -12.1%
-49.5% 23.1%
78.3% -6.1%
1.2% -3.3%
Return to the Table of Contents

Corporate Bonds and Equity Issuance in the U.S. and U.S. Initial Public Offerings - Charts

Source: Bloomberg, Dealogic, Refinitiv

Note: Corporate capital includes underwritten, privately placed, and medium-term notes; U.S. IPOs
include rank eligible deals, exclude BDCs, SPACs, ETFs, CLEFs and rights offers.
Return to the Table of Contents

U.S. Private Placements – Value

$ Billions % Change Y/Y

Debt Equity Total Debt Equity
2006 413.9 17.0 430.9
2007 491.4 33.6 525.1 2007 18.7% 97.4%
2008 112.0 53.1 165.1 2008 -77.2% 57.8%
2009 157.9 8.2 166.0 2009 41.0% -84.6%
2010 140.2 27.2 167.3 2010 -11.2% 233.2%
2011 114.4 25.5 139.9 2011 -18.4% -6.1%
2012 135.0 13.4 148.5 2012 18.1% -47.3%
2013 132.2 45.4 177.6 2013 -2.1% 238.1%
2014 130.9 7.8 138.7 2014 -1.0% -82.9%
2015 130.8 12.0 142.7 2015 -0.1% 54.7%
2016 133.1 19.2 152.3 2016 1.8% 59.9%
2017 221.1 14.2 235.2 2017 66.1% -26.2%
2018 213.1 12.3 225.4 2018 -3.6% -13.4%
2019 282.7 20.3 303.0 2019 32.7% 65.5%
2020 314.4 15.8 330.1 2020 11.2% -22.4%

Average 208.2 21.7 229.9

Y/Y % Change 11.2% -22.4% 9.0%
5-Year CAGR 19.2% 5.6% 18.3%
10-Year CAGR 8.4% -5.3% 7.0%

Source: Refinitiv
Note: Includes private placements in the U.S. from all issuers.

Maximum 491.4 53.1 525.1

Minimum 112.0 7.8 138.7
% Change Total -24.0% -7.5% -23.4%

Updated on:
6/21/2021
Change Y/Y % of Total
Total Debt Equity
2006 96.0% 4.0%
21.8% 2007 93.6% 6.4%
-68.6% 2008 67.8% 32.2%
0.6% 2009 95.1% 4.9%
0.8% 2010 83.8% 16.2%
-16.4% 2011 81.8% 18.2%
6.2% 2012 91.0% 9.0%
19.6% 2013 74.4% 25.6%
-21.9% 2014 94.4% 5.6%
2.9% 2015 91.6% 8.4%
6.7% 2016 87.4% 12.6%
54.4% 2017 94.0% 6.0%
-4.2% 2018 94.6% 5.4%
34.4% 2019 93.3% 6.7%
9.0% 2020 95.2% 4.8%

Average 88.9% 11.1%

Maximum 96.0% 32.2%

Minimum 67.8% 4.0%
Return to the Table of Contents

U.S. Private Placements – Number of Issues

Number of Deals % Change Y/Y

Debt Equity Total Debt Equity
2006 2,108 726 2,828
2007 1,659 968 2,619 2007 -21.3% 33.3%
2008 473 855 1,324 2008 -71.5% -11.7%
2009 495 523 1,015 2009 4.7% -38.8%
2010 535 650 1,181 2010 8.1% 24.3%
2011 482 546 1,023 2011 -9.9% -16.0%
2012 498 347 836 2012 3.3% -36.4%
2013 549 206 744 2013 10.2% -40.6%
2014 491 126 613 2014 -10.6% -38.8%
2015 481 192 667 2015 -2.0% 52.4%
2016 462 248 706 2016 -4.0% 29.2%
2017 601 102 694 2017 30.1% -58.9%
2018 580 42 614 2018 -3.5% -58.8%
2019 651 57 705 2019 12.2% 35.7%
2020 647 54 694 2020 -0.6% -5.3%

Average 714 376 1,084

Y/Y % Change -0.6% -5.3% -1.6%
5-Year CAGR 6.1% -22.4% 0.8%
10-Year CAGR 1.9% -22.0% -5.2%

Source: Refinitiv
Note: Includes private placements in the U.S. from all issuers.

Maximum 2,108 968 2,828

Minimum 462 42 613
% Change Total -69.3% -92.6% -75.5%

Updated on:
6/21/2021
Change Y/Y % of Total
Total Debt Equity
2006 74.5% 25.7%
-7.4% 2007 63.3% 37.0%
-49.4% 2008 35.7% 64.6%
-23.3% 2009 48.8% 51.5%
16.4% 2010 45.3% 55.0%
-13.4% 2011 47.1% 53.4%
-18.3% 2012 59.6% 41.5%
-11.0% 2013 73.8% 27.7%
-17.6% 2014 80.1% 20.6%
8.8% 2015 72.1% 28.8%
5.8% 2016 65.4% 35.1%
-1.7% 2017 86.6% 14.7%
-11.5% 2018 94.5% 6.8%
14.8% 2019 92.3% 8.1%
-1.6% 2020 93.2% 7.8%

Average 68.8% 31.9%

Maximum 94.5% 64.6%

Minimum 35.7% 6.8%
Return to the Table of Contents

U.S. Long-Term Municipal Bond Issuance – Value

$ Billion
General General Total
Revenue Revenue Total Obligation Obligation General
Competitive Negotiated Revenue Competitive Negotiated Obligation
2006 20.8 245.6 266.5 48.5 67.0 115.6
2007 21.7 270.7 292.4 51.0 80.8 131.8
2008 15.5 260.5 276.0 37.8 72.4 110.2
2009 11.8 239.3 251.1 46.1 108.7 154.8
2010 24.2 254.2 278.4 49.0 98.0 146.9
2011 18.7 161.4 180.1 40.8 64.2 105.1
2012 26.4 208.1 234.6 47.7 87.5 135.3
2013 18.1 170.1 188.2 51.3 73.3 124.6
2014 20.5 161.3 181.8 51.4 81.5 132.9
2015 23.3 200.2 223.5 64.0 89.9 153.8
2016 29.4 219.0 248.4 69.3 106.1 175.5
2017 29.4 218.3 247.6 68.9 91.9 160.8
2018 23.9 175.5 199.4 58.1 62.9 120.9
2019 27.2 218.9 246.0 72.0 88.7 160.7
2020 24.9 236.5 261.3 68.1 121.9 190.0

Average 22.4 216.0 238.4 54.9 86.3 141.3

Y/Y % Change -8.5% 8.1% 6.2% -5.4% 37.4% 18.2%
5-Year CAGR 1.3% 3.4% 3.2% 1.3% 6.3% 4.3%
10-Year CAGR 0.3% -0.7% -0.6% 3.3% 2.2% 2.6%

Source: Refinitiv
Note: Includes securities issued by a state, territory, municipality, county, or certain non-profit organizations; excludes securities with maturities under 13 mon

Maximum 29.4 270.7 292.4 72.0 121.9 190.0

Minimum 11.8 161.3 180.1 37.8 62.9 105.1
% Change Total 19.3% -3.7% -1.9% 40.3% 81.9% 64.4%

Updated on:
6/21/2021
 % Change Y/Y
General
Private Total Revenue Revenue Total Obligation
Placements Municipal Competitive Negotiated Revenue Competitive
5.8 387.9
5.0 429.2 2007 4.0% 10.2% 9.7% 5.1%
3.2 389.3 2008 -28.4% -3.8% -5.6% -25.9%
3.7 409.6 2009 -23.9% -8.1% -9.0% 22.0%
7.9 433.3 2010 105.0% 6.2% 10.9% 6.2%
9.9 295.1 2011 -22.6% -36.5% -35.3% -16.6%
12.8 382.7 2012 41.2% 28.9% 30.2% 16.9%
22.7 335.4 2013 -31.5% -18.3% -19.8% 7.4%
24.5 339.1 2014 13.0% -5.1% -3.4% 0.2%
27.8 405.1 2015 13.9% 24.1% 23.0% 24.4%
28.1 451.9 2016 26.0% 9.4% 11.1% 8.4%
40.6 449.0 2017 0.0% -0.3% -0.3% -0.6%
26.5 346.8 2018 -18.6% -19.6% -19.5% -15.7%
19.6 426.4 2019 13.7% 24.7% 23.4% 24.0%
33.2 484.5 2020 -8.5% 8.1% 6.2% -5.4%

18.1 397.7
69.2% 13.6%
3.6% 3.6%
15.4% 1.1%

des securities with maturities under 13 months.

40.6 484.5
3.2 295.1
471.5% 24.9%
% Change Y/Y
General Total
Obligation General Private Total
Negotiated Obligation Placements Municipal

20.5% 14.1% -13.7% 10.7%

-10.4% -16.4% -36.4% -9.3%
50.2% 40.5% 15.9% 5.2%
-9.9% -5.1% 114.2% 5.8%
-34.4% -28.5% 25.2% -31.9%
36.2% 28.7% 29.6% 29.7%
-16.3% -7.9% 76.7% -12.3%
11.1% 6.6% 8.2% 1.1%
10.3% 15.8% 13.2% 19.5%
18.1% 14.1% 1.2% 11.6%
-13.4% -8.3% 44.4% -0.6%
-31.6% -24.8% -34.8% -22.8%
41.2% 32.9% -25.9% 22.9%
37.4% 18.2% 69.2% 13.6%
Return to the Table of Contents

U.S. Long-Term Municipal Bond Issuance – Number of Issues

Number of Deals
General General Total
Revenue Revenue Total Obligation Obligation General
Competitive Negotiated Revenue Competitive Negotiated Obligation
2006 663 5,221 5,884 3,124 3,363 6,487
2007 622 5,339 5,961 2,983 3,242 6,225
2008 482 4,240 4,722 2,870 2,825 5,695
2009 515 3,727 4,242 3,125 3,992 7,117
2010 791 4,434 5,225 3,437 4,770 8,207
2011 552 3,009 3,561 2,943 3,667 6,610
2012 760 3,542 4,302 3,530 4,731 8,261
2013 548 3,012 3,560 3,274 3,741 7,015
2014 559 2,820 3,379 3,260 3,528 6,788
2015 662 3,575 4,237 3,779 4,064 7,843
2016 790 3,647 4,437 3,847 3,987 7,834
2017 549 3,350 3,899 3,468 3,220 6,688
2018 515 2,759 3,274 3,202 2,073 5,275
2019 609 3,334 3,943 3,488 3,177 6,665
2020 601 3,520 4,121 3,761 3,970 7,731

Average 615 3,702 4,316 3,339 3,623 6,963

Y/Y % Change -1.3% 5.6% 4.5% 7.8% 25.0% 16.0%
5-Year CAGR -1.9% -0.3% -0.6% -0.1% -0.5% -0.3%
10-Year CAGR -2.7% -2.3% -2.3% 0.9% -1.8% -0.6%

Source: Refinitiv
Note: Includes securities issued by a state, territory, municipality, county, or certain non-profit organizations; excludes securities with maturities under 13 mon

Maximum 791 5,339 5,961 3,847 4,770 8,261

Minimum 482 2,759 3,274 2,870 2,073 5,275
% Change Total -9.4% -32.6% -30.0% 20.4% 18.0% 19.2%

Updated on:
6/21/2021
 % Change Y/Y
General
Private Total Revenue Revenue Total Obligation
Placements Municipal Competitive Negotiated Revenue Competitive
300 12,671
405 12,591 2007 -6.2% 2.3% 1.3% -4.5%
364 10,781 2008 -22.5% -20.6% -20.8% -3.8%
332 11,691 2009 6.8% -12.1% -10.2% 8.9%
373 13,805 2010 53.6% 19.0% 23.2% 10.0%
414 10,585 2011 -30.2% -32.1% -31.8% -14.4%
588 13,151 2012 37.7% 17.7% 20.8% 19.9%
930 11,505 2013 -27.9% -15.0% -17.2% -7.3%
977 11,144 2014 2.0% -6.4% -5.1% -0.4%
1,222 13,302 2015 18.4% 26.8% 25.4% 15.9%
1,285 13,556 2016 19.3% 2.0% 4.7% 1.8%
1,474 12,061 2017 -30.5% -8.1% -12.1% -9.9%
1,063 9,612 2018 -6.2% -17.6% -16.0% -7.7%
995 11,603 2019 18.3% 20.8% 20.4% 8.9%
1,460 13,312 2020 -1.3% 5.6% 4.5% 7.8%

812 12,091
46.7% 14.7%
3.6% 0.0%
14.6% -0.4%

des securities with maturities under 13 months.

1,474 13,805
300 9,612
386.7% 5.1%
% Change Y/Y
General Total
Obligation General Private Total
Negotiated Obligation Placements Municipal

-3.6% -4.0% 35.0% -0.6%

-12.9% -8.5% -10.1% -14.4%
41.3% 25.0% -8.8% 8.4%
19.5% 15.3% 12.3% 18.1%
-23.1% -19.5% 11.0% -23.3%
29.0% 25.0% 42.0% 24.2%
-20.9% -15.1% 58.2% -12.5%
-5.7% -3.2% 5.1% -3.1%
15.2% 15.5% 25.1% 19.4%
-1.9% -0.1% 5.2% 1.9%
-19.2% -14.6% 14.7% -11.0%
-35.6% -21.1% -27.9% -20.3%
53.3% 26.4% -6.4% 20.7%
25.0% 16.0% 46.7% 14.7%
Return to the Table of Contents

U.S. Long-Term Municipal Issuance – Number of Issuers

Number % Change Y/Y

Unique
Issuer as %
Unique of Total Unique
Total Issues Issuers Issues Total Issues Issuers
2006 12,671 8,069 63.7%
2007 12,591 7,921 62.9% 2007 -0.6% -1.8%
2008 10,781 6,849 63.5% 2008 -14.4% -13.5%
2009 11,691 7,358 62.9% 2009 8.4% 7.4%
2010 13,805 8,234 59.6% 2010 18.1% 11.9%
2011 10,585 7,143 67.5% 2011 -23.3% -13.2%
2012 13,151 8,838 67.2% 2012 24.2% 23.7%
2013 11,505 7,663 66.6% 2013 -12.5% -13.3%
2014 11,144 7,396 66.4% 2014 -3.1% -3.5%
2015 13,302 8,583 64.5% 2015 19.4% 16.0%
2016 13,556 8,889 65.6% 2016 1.9% 3.6%
2017 12,061 7,574 62.8% 2017 -11.0% -14.8%
2018 9,612 6,301 65.6% 2018 -20.3% -16.8%
2019 11,603 7,420 63.9% 2019 20.7% 17.8%
2020 13,313 8,366 62.8% 2020 14.7% 12.7%

Average 12,091 7,774 64.4%

Y/Y % Change 14.7% 12.7% -1.7%
5-Year CAGR 0.0% -0.5% -0.5%
10-Year CAGR -0.4% 0.2% 0.5%

Source: Refinitiv
Note: Includes securities issued by a state, territory, municipality, county, or
certain non-profit organizations; excludes securities with maturities under 13
months.

Maximum 13,805 8,889 67.5%

Minimum 9,612 6,301 59.6%
% Change Total 5.1% 3.7% -1.3%

Updated on:
6/21/2021
Change Y/Y
Unique
Issuer as %
of Total
Issues

-1.2%
1.0%
-0.9%
-5.2%
13.1%
-0.4%
-0.9%
-0.4%
-2.8%
1.6%
-4.2%
4.4%
-2.4%
-1.7%
Return to the Table of Contents

Bank Qualified U.S. Municipal Bond Issuance

% Change Y/Y
Average
Issuance Deal Size Issuance
# Deals ($ Millions) ($ Millions) # Deals ($ Millions)
2006 4,706 17,317.4 3.7
2007 4,469 16,233.0 3.6 2007 -5.0% -6.3%
2008 4,169 15,267.6 3.7 2008 -6.7% -5.9%
2009 5,992 33,028.6 5.5 2009 43.7% 116.3%
2010 6,713 36,794.5 5.5 2010 12.0% 11.4%
2011 5,157 18,836.9 3.7 2011 -23.2% -48.8%
2012 6,353 25,122.9 4.0 2012 23.2% 33.4%
2013 5,248 20,252.9 3.9 2013 -17.4% -19.4%
2014 4,943 20,020.2 4.1 2014 -5.8% -1.1%
2015 5,422 22,670.7 4.2 2015 9.7% 13.2%
2016 5,358 22,838.8 4.3 2016 -1.2% 0.7%
2017 4,217 17,662.0 4.2 2017 -21.3% -22.7%
2018 3,071 11,970.4 3.9 2018 -27.2% -32.2%
2019 3,702 14,901.2 4.0 2019 20.5% 24.5%
2020 4,162 16,504.6 4.0 2020 12.4% 10.8%

Average 4,912 20,628.1 4.1

Y/Y % Change 12.4% 10.8% -1.5%
5-Year CAGR -5.2% -6.2% -1.1%
10-Year CAGR -4.7% -7.7% -3.2%

Source: Refinitiv
Note: "Bank qualified" municipal bonds are defined as short-term and long-
term municipal bonds under the Tax Reform Act of 1986 (265b) where,
when purchased by a commercial bank for its portfolio, the bank may deduct
a portion of interest cost of carry for the position.

Maximum 6,713.0 36,794.5 5.5

Minimum 3,071.0 11,970.4 3.6
% Change Total -11.6% -4.7% 7.8%

Updated by:
6/21/2021
Change Y/Y
Average
Deal Size
($ Millions)

-1.3%
0.8%
50.5%
-0.6%
-33.4%
8.3%
-2.4%
5.0%
3.2%
1.9%
-1.7%
-6.9%
3.3%
-1.5%
Return to the Table of Contents

U.S. Equity and Debt Outstanding

$ Billions
Federal
Corporate Corporate Agencies Money
ABS Bonds Equities Securities Markets MBS
2006 1,656.9 4,889.5 24,833.3 2,631.7 1,958.4 8,389.9
2007 1,963.5 5,328.8 26,199.5 2,905.9 1,788.9 9,386.0
2008 1,829.5 5,514.8 16,263.5 3,208.5 1,599.8 9,467.4
2009 1,712.1 6,099.2 20,649.0 2,726.3 1,138.0 9,352.5
2010 1,507.8 6,738.1 24,077.2 2,537.5 1,057.6 9,258.4
2011 1,359.0 6,850.2 23,333.6 2,326.9 969.3 9,075.5
2012 1,280.3 7,285.8 26,833.5 2,095.8 952.3 8,838.1
2013 1,285.7 7,687.8 34,445.8 2,058.3 951.6 8,742.6
2014 1,349.4 8,048.6 38,096.4 2,028.7 930.4 8,842.0
2015 1,376.6 8,277.7 37,211.1 1,995.4 941.5 8,894.8
2016 1,391.8 8,684.4 40,168.0 1,971.7 884.9 9,023.4
2017 1,457.9 9,008.9 47,919.8 1,934.7 965.9 9,304.5
2018 1,615.6 9,237.2 43,715.3 1,841.6 996.0 9,732.3
2019 1,663.2 9,579.9 54,624.9 1,726.2 1,045.2 10,227.6
2020 1,535.8 10,562.7 65,207.7 1,693.6 986.9 11,214.0

Average 1,532.3 7,586.2 34,905.2 2,245.5 1,144.5 9,316.6

Y/Y % Change -7.7% 10.3% 19.4% -1.9% -5.6% 9.6%
5-Year CAGR 2.2% 5.0% 11.9% -3.2% 0.9% 4.7%
10-Year CAGR 0.2% 4.6% 10.5% -4.0% -0.7% 1.9%

Sources: Bloomberg, Federal Agencies, Refinitiv, SIFMA, The Federal Reserve, U.S. Department of Treasury
Note: Corporate equities include both listed on exchanges and closely held common and preferred shares issued by domestic corporations and U.S. purchases
shares issued by foreign corporations; MBS = mortgage-backed securities include GNMA, FNMA, and FHLMC MBS and CMOs and private-label MBS/CMOs; T
securities include only interest bearing marketable public debt.

Maximum 1,963.5 10,562.7 65,207.7 3,208.5 1,958.4 11,214.0

Minimum 1,280.3 4,889.5 16,263.5 1,693.6 884.9 8,389.9
% Change Total -7.3% 116.0% 162.6% -35.6% -49.6% 33.7%

Updated on:
6/16/2021
 % Change Y/Y
Federal
Corporate Corporate Agencies
Municipal Treasury ABS Bonds Equities Securities
3,285.2 4,322.9
3,550.5 4,516.7 2007 18.5% 9.0% 5.5% 10.4%
3,666.7 5,774.2 2008 -6.8% 3.5% -37.9% 10.4%
3,851.0 7,260.6 2009 -6.4% 10.6% 27.0% -15.0%
3,968.3 8,853.0 2010 -11.9% 10.5% 16.6% -6.9%
3,931.2 9,928.4 2011 -9.9% 1.7% -3.1% -8.3%
3,932.8 11,046.1 2012 -5.8% 6.4% 15.0% -9.9%
3,868.1 11,854.4 2013 0.4% 5.5% 28.4% -1.8%
3,824.3 12,504.8 2014 5.0% 4.7% 10.6% -1.4%
3,840.4 13,191.6 2015 2.0% 2.8% -2.3% -1.6%
3,887.5 13,908.2 2016 1.1% 4.9% 7.9% -1.2%
3,901.8 14,468.8 2017 4.8% 3.7% 19.3% -1.9%
3,844.5 15,608.0 2018 10.8% 2.5% -8.8% -4.8%
3,864.7 16,673.3 2019 2.9% 3.7% 25.0% -6.3%
3,949.9 20,973.1 2020 -7.7% 10.3% 19.4% -1.9%

3,811.1 11,392.3
2.2% 25.8%
0.6% 9.7%
0.0% 9.0%

domestic corporations and U.S. purchases of

and CMOs and private-label MBS/CMOs; Treasury

3,968.3 20,973.1
3,285.2 4,322.9
20.2% 385.2%
% Change Y/Y

Money
Markets MBS Municipal Treasury

-8.7% 11.9% 8.1% 4.5%

-10.6% 0.9% 3.3% 27.8%
-28.9% -1.2% 5.0% 25.7%
-7.1% -1.0% 3.0% 21.9%
-8.3% -2.0% -0.9% 12.1%
-1.7% -2.6% 0.0% 11.3%
-0.1% -1.1% -1.6% 7.3%
-2.2% 1.1% -1.1% 5.5%
1.2% 0.6% 0.4% 5.5%
-6.0% 1.4% 1.2% 5.4%
9.2% 3.1% 0.4% 4.0%
3.1% 4.6% -1.5% 7.9%
4.9% 5.1% 0.5% 6.8%
-5.6% 9.6% 2.2% 25.8%
Return to the Table of Contents

U.S. Stock Market Capitalization

$ Billions % Change Y/Y

NYSE Nasdaq Total NYSE Nasdaq
2006 15,421.2 3,865.0 19,286.2
2007 15,650.8 4,013.7 19,664.5 2007 1.5% 3.8%
2008 9,208.9 2,249.0 11,457.9 2008 -41.2% -44.0%
2009 11,837.8 3,239.5 15,077.3 2009 28.5% 44.0%
2010 13,394.1 3,889.4 17,283.5 2010 13.1% 20.1%
2011 11,795.6 3,845.1 15,640.7 2011 -11.9% -1.1%
2012 14,085.9 4,582.4 18,668.3 2012 19.4% 19.2%
2013 17,949.9 6,085.0 24,034.9 2013 27.4% 32.8%
2014 19,351.4 6,979.2 26,330.6 2014 7.8% 14.7%
2015 17,786.8 7,280.8 25,067.5 2015 -8.1% 4.3%
2016 19,573.1 7,779.1 27,352.2 2016 10.0% 6.8%
2017 22,081.4 10,039.3 32,120.7 2017 12.8% 29.1%
2018 20,679.5 9,756.8 30,436.3 2018 -6.3% -2.8%
2019 20,888.8 13,002.0 33,890.8 2019 1.0% 33.3%
2020 21,659.3 19,060.4 40,719.7 2020 3.7% 46.6%

Average 16,757.6 7,044.4 23,802.1

Y/Y % Change 3.7% 46.6% 20.1%
5-Year CAGR 4.0% 21.2% 10.2%
10-Year CAGR 4.9% 17.2% 8.9%

Source: World Federation of Exchanges

Note: Includes market capitalization of domestic companies only.

Maximum 22,081.4 19,060.4 40,719.7

Minimum 9,208.9 2,249.0 11,457.9
% Change Total 40.5% 393.2% 111.1%

Updated on:
6/8/2021

(Chart titles - do not delete)

US Equity Market Cap ($T)
Change Y/Y
Total US Equity Market Cap ($T)
45,000
40,719.7
40,000
2.0%
-41.7% 35,000 33,890.8
32,120.7
31.6% 30,436.3
14.6% 30,000 27,352.2
26,330.6
24,034.9 25,067.5
-9.5% 25,000
19.4%
20,000 18,668.3
28.7%
15,640.7
9.6% 15,000
-4.8%
9.1% 10,000
17.4% 5,000
-5.2%
11.3% 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
20.1%
Return to the Table of Contents

U.S. Stock Market Indices

Value (At Year-End) % Chang

Dow Jones Dow Jones
Industrial Nasdaq Industrial
Average S&P 500 Composite Russell 2000 Average
2006 12,463.15 1,418.30 2,415.29 787.68
2007 13,264.82 1,468.36 2,652.28 766.04 2007 6.4%
2008 8,776.39 903.25 1,577.03 499.45 2008 -33.8%
2009 10,428.05 1,115.10 2,269.15 625.39 2009 18.8%
2010 11,577.51 1,257.64 2,652.87 783.65 2010 11.0%
2011 12,217.56 1,257.61 2,605.15 740.92 2011 5.5%
2012 13,104.14 1,426.19 3,019.51 849.35 2012 7.3%
2013 16,576.66 1,848.36 4,176.59 1,163.64 2013 26.5%
2014 17,823.07 2,058.90 4,736.05 1,204.70 2014 7.5%
2015 17,425.03 2,043.94 5,007.41 1,135.89 2015 -2.2%
2016 19,762.60 2,238.83 5,383.12 1,357.13 2016 13.4%
2017 24,719.22 2,673.61 6,903.39 1,535.51 2017 25.1%
2018 23,327.46 2,506.85 6,635.28 1,348.56 2018 -5.6%
2019 28,538.44 3,230.78 8,972.60 1,668.47 2019 22.3%
2020 30,606.48 3,756.07 12,888.28 1,974.86 2020 7.2%

Average 17,374.0 1,946.9 4,792.9 1,096.1

Y/Y % Change 7.2% 16.3% 43.6% 18.4%
5-Year CAGR 11.9% 12.9% 20.8% 11.7%
10-Year CAGR 10.2% 11.6% 17.1% 9.7%

Source: Bloomberg

Maximum 30,606.5 3,756.1 12,888.3 1,974.9

Minimum 8,776.4 903.3 1,577.0 499.5
% Change Total 145.6% 164.8% 433.6% 150.7%

Updated:
6/8/2021
 % Change Y/Y

Nasdaq
S&P 500 Composite Russell 2000

3.5% 9.8% -2.7%

-38.5% -40.5% -34.8%
23.5% 43.9% 25.2%
12.8% 16.9% 25.3%
0.0% -1.8% -5.5%
13.4% 15.9% 14.6%
29.6% 38.3% 37.0%
11.4% 13.4% 3.5%
-0.7% 5.7% -5.7%
9.5% 7.5% 19.5%
19.4% 28.2% 13.1%
-6.2% -3.9% -12.2%
28.9% 35.2% 23.7%
16.3% 43.6% 18.4%
Return to the Table of Contents

U.S. Interest Rates and Bond Yields

Annual Average %
20-Year
High Grade
2-Year 10-Year 30-Year Aaa Baa Municipal
3-Month T- Treasury Treasury Treasury Corporates Corporates Bonds
Bills Bonds Bonds Bonds (Moody's) (Moody's) (S&P)
2006 4.85% 4.82% 4.80% 4.91% 5.59% 6.48% 4.42%
2007 4.48% 4.36% 4.63% 4.84% 5.56% 6.48% 4.42%
2008 1.40% 2.01% 3.66% 4.28% 5.63% 7.44% 4.80%
2009 0.15% 0.96% 3.26% 4.08% 5.31% 7.29% 4.64%
2010 0.14% 0.70% 3.22% 4.25% 4.94% 6.04% 4.16%
2011 0.05% 0.45% 2.78% 3.91% 4.64% 5.66% 4.29%
2012 0.09% 0.28% 1.80% 2.92% 3.67% 4.94% 3.25%
2013 0.06% 0.31% 2.35% 3.45% 4.23% 5.10% 3.96%
2014 0.03% 0.46% 2.54% 3.34% 4.16% 4.85% 3.78%
2015 0.05% 0.69% 2.14% 2.84% 3.89% 5.00% 3.48%
2016 0.32% 0.83% 1.84% 2.59% 3.66% 4.71% 3.07%
2017 0.95% 1.40% 2.33% 2.89% 3.74% 4.44% 3.36%
2018 1.97% 2.53% 2.91% 3.11% 3.93% 4.80% 3.53%
2019 2.11% 1.97% 2.14% 2.58% 3.39% 4.37% 3.38%
2020 0.36% 0.39% 0.89% 1.56% 2.48% 3.60% 2.41%

Average 1.13% 1.48% 2.75% 3.44% 4.32% 5.41% 3.80%

Y/Y % Change -82.9% -80.3% -58.5% -39.7% -26.9% -17.6% -28.8%
5-Year CAGR 47.0% -10.8% -16.1% -11.3% -8.6% -6.3% -7.1%
10-Year CAGR 10.0% -5.8% -12.1% -9.6% -6.7% -5.0% -5.3%

Source: Federal Reserve Board, St. Louis Federal Reserve Bank, S&P Dow Jones Indices

Maximum 4.85% 4.82% 4.80% 4.91% 5.63% 7.44% 4.80%

Minimum 0.03% 0.28% 0.89% 1.56% 2.48% 3.60% 2.41%
% Change Total -92.6% -91.9% -81.5% -68.3% -55.7% -44.4% -45.5%

Updated on:
6/1/2021
 % Change Y/Y

Effective
Bank Federal 2-Year 10-Year 30-Year Aaa
Prime Funds 3-Month T- Treasury Treasury Treasury Corporates
Rate Rate Bills Bonds Bonds Bonds (Moody's)
7.96% 4.96%
8.05% 5.03% 2007 -7.6% -9.4% -3.3% -1.5% -0.6%
5.07% 1.94% 2008 -68.8% -53.9% -20.9% -11.6% 1.2%
3.25% 0.16% 2009 -89.2% -52.3% -10.9% -4.7% -5.5%
3.25% 0.18% 2010 -8.3% -26.6% -1.5% 4.3% -7.0%
3.25% 0.10% 2011 -61.8% -36.1% -13.5% -8.0% -6.1%
3.25% 0.14% 2012 65.8% -38.5% -35.2% -25.3% -20.8%
3.25% 0.11% 2013 -34.8% 11.2% 30.3% 18.0% 15.3%
3.25% 0.09% 2014 -42.7% 50.5% 8.1% -3.1% -1.7%
3.26% 0.13% 2015 60.5% 48.6% -15.8% -14.9% -6.5%
3.51% 0.39% 2016 508.2% 21.5% -14.1% -8.7% -5.9%
4.10% 1.00% 2017 197.1% 67.7% 26.8% 11.5% 2.3%
4.90% 1.83% 2018 107.8% 80.6% 25.0% 7.5% 5.0%
5.29% 2.16% 2019 6.8% -22.1% -26.4% -17.1% -13.8%
3.53% 0.36% 2020 -82.9% -80.3% -58.5% -39.7% -26.9%

4.34% 1.24%
-33.2% -83.2%
1.6% 22.0%
0.8% 7.4%

8.05% 5.03%
3.25% 0.09%
-55.7% -92.7%
Change Y/Y
20-Year
High Grade
Baa Municipal Bank Federal
Corporates Bonds Prime Funds
(Moody's) (S&P) Rate Rate

0.0% 0.0% 1.2% 1.2%

14.7% 8.6% -37.0% -61.4%
-2.0% -3.3% -35.9% -91.8%
-17.2% -10.3% 0.0% 10.8%
-6.2% 3.1% 0.0% -42.5%
-12.8% -24.2% 0.0% 39.6%
3.3% 21.9% 0.0% -24.1%
-4.9% -4.6% 0.0% -17.4%
3.1% -8.0% 0.3% 50.9%
-5.9% -11.7% 7.7% 193.9%
-5.7% 9.5% 16.7% 154.3%
8.1% 5.0% 19.7% 82.4%
-8.9% -4.2% 7.9% 18.1%
-17.6% -28.8% -33.2% -83.2%
Return to the Table of Contents

U.S. Mergers and Acquisitions – Announced and Completed

Announced Completed
Value Value
($ Billions) # of Deals ($ Billions) # of Deals
2006 1,539.6 10,354 2006 1,424.8 10,383
2007 1,562.2 10,887 2007 1,785.2 10,886
2008 1,021.2 8,987 2008 1,145.8 9,233
2009 802.6 7,497 2009 793.9 7,386
2010 900.3 10,229 2010 822.8 10,237
2011 998.9 10,714 2011 992.9 10,693
2012 976.7 12,465 2012 1,041.1 12,348
2013 1,123.7 10,356 2013 1,028.4 10,412
2014 1,509.2 10,944 2014 1,249.2 10,778
2015 2,073.2 10,702 2015 1,763.3 10,640
2016 1,734.0 9,771 2016 1,697.1 9,898
2017 1,401.7 10,425 2017 1,624.4 10,541
2018 1,770.6 8,553 2018 1,913.5 8,508
2019 1,863.7 9,999 2019 1,761.8 10,036
2020 1,542.3 8,318 2020 1,488.7 8,277

Average 1,388.0 10,013 Average 1,368.9 10,017

Y/Y % Change -17.2% -16.8% Y/Y % Change -15.5% -17.5%
5-Year CAGR -5.7% -4.9% 5-Year CAGR -3.3% -4.9%
10-Year CAGR 5.5% -2.0% 10-Year CAGR 6.1% -2.1%

Source: Dealogic

Maximum 2,073.2 12,465 Maximum 1,913.5 12,348

Minimum 802.6 7,497 Minimum 793.9 7,386
% Change Total 0.2% -19.7% % Change Total 4.5% -20.3%

Updated on:
6/21/2021
 % Change Y/Y
Announced Announced Completed Completed
Value # of Deals Value # of Deals

2007 1.5% 5.1% 25.3% 4.8%

2008 -34.6% -17.5% -35.8% -15.2%
2009 -21.4% -16.6% -30.7% -20.0%
2010 12.2% 36.4% 3.6% 38.6%
2011 11.0% 4.7% 20.7% 4.5%
2012 -2.2% 16.3% 4.9% 15.5%
2013 15.0% -16.9% -1.2% -15.7%
2014 34.3% 5.7% 21.5% 3.5%
2015 37.4% -2.2% 41.2% -1.3%
2016 -16.4% -8.7% -3.8% -7.0%
2017 -19.2% 6.7% -4.3% 6.5%
2018 26.3% -18.0% 17.8% -19.3%
2019 5.3% 16.9% -7.9% 18.0%
2020 -17.2% -16.8% -15.5% -17.5%
Return to the Table of Contents

U.S. Fixed Income Securities Average Daily Trading Volume

$ Billions
Federal
Corporate Agency
Municipal Treasury MBS Bonds Securities ABS
2006 23.1 524.4 254.6 16.9 - -
2007 25.1 566.0 320.1 16.4 - -
2008 19.4 553.3 344.9 14.3 - -
2009 12.5 409.8 299.9 19.9 - -
2010 13.3 523.8 320.6 20.5 11.5 -
2011 11.3 571.0 247.7 20.6 9.9 1.5
2012 11.3 519.5 284.9 22.6 10.7 1.5
2013 11.2 546.5 226.9 24.7 7.3 1.3
2014 9.9 505.0 181.7 26.7 6.0 1.5
2015 8.6 490.0 196.1 27.9 5.2 1.4
2016 11.1 519.1 209.5 30.0 5.4 1.3
2017 10.8 505.2 211.6 30.9 4.2 1.4
2018 11.6 547.8 220.6 31.5 3.5 1.4
2019 11.5 593.6 250.4 34.3 4.2 1.5
2020 12.0 603.2 293.0 38.9 5.3 1.9

Average 13.5 531.9 257.5 25.1 6.7 1.5

Y/Y % Change 4.2% 1.6% 17.0% 13.7% 28.3% 23.2%
5-Year CAGR 6.8% 4.2% 8.4% 6.9% 0.3% 5.6%
10-Year CAGR -1.1% 1.4% -0.9% 6.7% -7.4% N/A

Source: Federal Reserve Bank of New York, Municipal Securities Rulemaking Board, FINRA TRACE
Notes:
Municipal Annual daily average figures are sourced from daily reporting volumes and not from MSRB's Yearbook.
Treasury Trading volumes are the U.S. primary dealer trading volumes.
MBS Starting in 2011, data includes non-ggency MBS trading figures which include CMBS; daily figures include
144A trades but do not include certain subcategories in which there are <5 trades per day. New issue
transactions are sometimes included.

ABS ABS figures do not include CMBS, but do include CDO and Other trading volumes; daily figures include 144A
trades but do not include certain subcategories in which there are <5 trades per day. New issue transactions
are sometimes included.
Corporate Figures include public and 144A trades. Data sourced from FINRA TRACE Fact Book.
Federal Agency Data sourced from FINRA TRACE Fact Book.

Maximum 25.1 603.2 344.9 38.9 11.5 1.9

Minimum 8.6 409.8 181.7 14.3 3.5 1.3
% Change Total -48.2% 15.0% 15.1% 130.7% N/A N/A

Updated on:
7/1/2021
 % Change Y/Y
Federal
Corporate Agency
Municipal Treasury MBS Bonds Securities ABS

2007 8.6% 7.9% 25.7% -2.9% - -

2008 -23.0% -2.2% 7.7% -12.6% - -
2009 -35.6% -25.9% -13.1% 39.2% - -
2010 6.9% 27.8% 6.9% 2.5% - -
2011 -15.2% 9.0% -22.7% 1.0% -13.4% -
2012 -0.3% -9.0% 15.0% 9.5% 7.8% 3.9%
2013 -0.8% 5.2% -20.4% 9.2% -31.9% -15.3%
2014 -11.7% -7.6% -19.9% 8.1% -17.1% 14.1%
2015 -12.7% -3.0% 7.9% 4.7% -13.2% -2.8%
2016 28.4% 5.9% 6.8% 7.4% 3.0% -7.4%
2017 -2.7% -2.7% 1.0% 3.1% -23.2% 6.8%
2018 7.9% 8.4% 4.2% 1.9% -15.9% 0.1%
2019 -1.0% 8.4% 13.5% 8.7% 19.3% 7.5%
2020 4.2% 1.6% 17.0% 13.7% 28.3% 23.2%
Return to the Table of Contents

Municipal Bond Average Daily Trading – Dollar Volume

$ Millions % Change Y/Y

Retail Institutional Total Retail Institutional
2008 1,209.1 20,587.0 21,796.1
2009 1,107.2 13,937.9 15,045.1 2009 -8.4% -32.3%
2010 1,101.3 13,778.8 14,880.1 2010 -0.5% -1.1%
2011 1,084.6 11,953.7 13,038.3 2011 -1.5% -13.2%
2012 1,028.5 11,771.8 12,800.3 2012 -5.2% -1.5%
2013 1,119.6 11,260.6 12,380.2 2013 8.9% -4.3%
2014 928.3 10,076.6 11,004.9 2014 -17.1% -10.5%
2015 979.2 8,616.8 9,596.0 2015 5.5% -14.5%
2016 991.8 10,066.4 11,058.2 2016 1.3% 16.8%
2017 1,047.3 9,712.5 10,759.8 2017 5.6% -3.5%
2018 1,083.8 10,572.2 11,656.0 2018 3.5% 8.9%
2019 893.6 10,602.6 11,496.2 2019 -17.5% 0.3%
2020 834.0 11,148.2 11,982.3 2020 -6.7% 5.1%

Average 1,031.4 11,852.7 12,884.1

Y/Y % Change -6.7% 5.1% 4.2%
5-Year CAGR -3.2% 5.3% 4.5%
10-Year CAGR -2.7% -2.1% -2.1%

Source: Municipal Securities Rulemaking Board

Note: Institutional trades defined as trade sizes greater than $100,000.

Maximum 1,209.1 20,587.0 21,796.1

Minimum 834.0 8,616.8 9,596.0
% Change Total -31.0% -45.8% -45.0%

Updated:
6/10/2021
Change Y/Y % of Total
Total Retail Institutional
2008 5.5% 94.5%
-31.0% 2009 7.4% 92.6%
-1.1% 2010 7.4% 92.6%
-12.4% 2011 8.3% 91.7%
-1.8% 2012 8.0% 92.0%
-3.3% 2013 9.0% 91.0%
-11.1% 2014 8.4% 91.6%
-12.8% 2015 10.2% 89.8%
15.2% 2016 9.0% 91.0%
-2.7% 2017 9.7% 90.3%
8.3% 2018 9.3% 90.7%
-1.4% 2019 7.8% 92.2%
4.2% 2020 7.0% 93.0%

Average 8.2% 91.8%

Maximum 10.2% 94.5%

Minimum 5.5% 89.8%
Return to the Table of Contents

Municipal Bond Average Daily Trading – Number of Trades

Number of Trades % Change Y/Y

Retail Institutional Total Retail Institutional
2008 32,854 10,533 43,387
2009 33,304 7,805 41,109 2009 1.4% -25.9%
2010 33,941 7,716 41,657 2010 1.9% -1.1%
2011 34,030 7,226 41,256 2011 0.3% -6.4%
2012 31,148 7,396 38,544 2012 -8.5% 2.4%
2013 35,008 7,180 42,188 2013 12.4% -2.9%
2014 28,764 6,596 35,360 2014 -17.8% -8.1%
2015 29,921 6,814 36,735 2015 4.0% 3.3%
2016 29,691 7,273 36,964 2016 -0.8% 6.7%
2017 31,721 7,503 39,224 2017 6.8% 3.2%
2018 32,742 7,672 40,414 2018 3.2% 2.3%
2019 27,249 7,410 34,659 2019 -16.8% -3.4%
2020 26,194 7,341 33,535 2020 -3.9% -0.9%

Average 31,274 7,574 38,849

Y/Y % Change -3.9% -0.9% -3.2%
5-Year CAGR -2.6% 1.5% -1.8%
10-Year CAGR -2.6% -0.5% -2.1%

Source: Municipal Securities Rulemaking Board

Note: Institutional trades defined as trade sizes greater than $100,000.

Maximum 35,008 10,533 43,387

Minimum 26,194 6,596 33,535
% Change Total -20.3% -30.3% -22.7%

Updated:
6/10/2021
Change Y/Y % of Total
Total Retail Institutional
2008 75.7% 24.3%
-5.3% 2009 81.0% 19.0%
1.3% 2010 81.5% 18.5%
-1.0% 2011 82.5% 17.5%
-6.6% 2012 80.8% 19.2%
9.5% 2013 83.0% 17.0%
-16.2% 2014 81.3% 18.7%
3.9% 2015 81.5% 18.5%
0.6% 2016 80.3% 19.7%
6.1% 2017 80.9% 19.1%
3.0% 2018 81.0% 19.0%
-14.2% 2019 78.6% 21.4%
-3.2% 2020 78.1% 21.9%

Average 80.5% 19.5%

Maximum 83.0% 24.3%

Minimum 75.7% 17.0%
Return to the Table of Contents

U.S. Equity Markets Average Daily Trading Volume – Charts

Source: Cboe Exchange, Inc.

Return to the Table of Contents

Trading Activity of NYSE- and NASDAQ-listed Stocks

NYSE-listed stocks Nasdaq-liste

Annual Average Average

Annual Value Daily Daily Annual
Share of Shares Share Dollar Share
Volume Traded Volume Volume Volume
(Millions) ($ Billions) (Millions) ($ Billions) (Millions)
2006 2006 502,486
2007 2007 537,263
2008 2008 580,909
2009 1,420,980 27,997.2 5,638.8 111.1 2009 563,398
2010 1,216,841 29,563.7 4,828.7 117.3 2010 552,466
2011 1,094,332 30,543.8 4,342.6 121.2 2011 509,523
2012 908,892 25,663.6 3,635.6 102.7 2012 437,352
2013 848,098 27,227.2 3,365.5 108.0 2013 444,114
2014 847,594 31,475.1 3,363.5 124.9 2014 492,188
2015 923,306 33,055.9 3,663.9 131.2 2015 477,058
2016 984,312 32,510.2 3,906.0 129.0 2016 480,484
2017 858,465 31,738.4 3,420.2 126.4 2017 481,993
2018 912,322 37,583.6 3,634.7 149.5 2018 565,173
2019 896,773 34,756.3 3,558.6 137.9 2019 541,092
2020 1,245,381 44,481 4,922.5 175.8 2020 1,015,287

Average 1,013,108 32,216.4 4,023.4 127.9 Average 545,386

Y/Y % Change 38.9% 28.0% 38.3% 27.5% Y/Y % Change 87.6%
5-Year CAGR 6.2% 6.1% 6.1% 6.0% 5-Year CAGR 16.3%
10-Year CAGR 0.2% 4.2% 0.2% 4.1% 10-Year CAGR 6.3%

Source: Cboe Exchange, Inc., Nasdaq

Note: Trading activity of NYSE- and Nasdaq-listed stocks; NYSE data available from 2009.

Maximum 1,420,980 44,481.4 5,638.8 175.8 Maximum 1,015,287

Minimum 847,594 25,663.6 3,363.5 102.7 Minimum 437,352
% Change Total 2.3% 50.5% 1.9% 49.9% % Change Total 102.1%

Updated on:
6/10/2021
 NYSE-listed stocks
Nasdaq-listed stocks % Change Y/Y

Annual Average Average Annual Average

Value Daily Daily Annual Value Daily
of Shares Share Dollar Share of Shares Share
Traded Volume Volume Volume Traded Volume
($ Billions) (Millions) ($ Billions) (Millions) ($ Billions) (Millions)
11,676 2,001.9 46.5
15,116 2,132.0 60.0
15,105 2,296.1 59.7
10,512 2,235.7 41.7
12,811 2,192.3 50.8 2010 -14.4% 5.6% -14.4%
13,920 2,021.9 55.2 2011 -10.1% 3.3% -10.1%
13,373 1,749.4 53.5 2012 -16.9% -16.0% -16.3%
14,223 1,762.4 56.4 2013 -6.7% 6.1% -7.4%
17,852 1,953.1 70.8 2014 -0.1% 15.6% -0.1%
19,010 1,893.1 75.4 2015 8.9% 5.0% 8.9%
18,015 1,906.7 71.5 2016 6.6% -1.7% 6.6%
20,935 1,920.3 83.4 2017 -12.8% -2.4% -12.4%
30,407 2,251.7 121.1 2018 6.3% 18.4% 6.3%
27,375 2,147.2 108.6 2019 -1.7% -7.5% -2.1%
50,345 4,013.0 199.0 2020 38.9% 28.0% 38.3%

19,378.2 2,165.1 76.9

83.9% 86.9% 83.2%
21.5% 16.2% 21.4%
14.7% 6.2% 14.6%

50,345.0 4,013.0 199.0

10,512.4 1,749.4 41.7
331.2% 100.5% 327.8%
 stocks Nasdaq-listed stocks
e Y/Y % Change Y/Y

Average Annual Average Average

Daily Annual Value Daily Daily
Dollar Share of Shares Share Dollar
Volume Volume Traded Volume Volume
($ Billions) (Millions) ($ Billions) (Millions) ($ Billions)

2007 6.9% 29.5% 6.5% 28.9%

2008 8.1% -0.1% 7.7% -0.5%
2009 -3.0% -30.4% -2.6% -30.1%
5.6% 2010 -1.9% 21.9% -1.9% 21.9%
3.3% 2011 -7.8% 8.7% -7.8% 8.7%
-15.3% 2012 -14.2% -3.9% -13.5% -3.2%
5.3% 2013 1.5% 6.4% 0.7% 5.5%
15.6% 2014 10.8% 25.5% 10.8% 25.5%
5.0% 2015 -3.1% 6.5% -3.1% 6.5%
-1.7% 2016 0.7% -5.2% 0.7% -5.2%
-2.0% 2017 0.3% 16.2% 0.7% 16.7%
18.2% 2018 17.3% 45.2% 17.3% 45.1%
-7.7% 2019 -4.3% -10.0% -4.6% -10.3%
27.5% 2020 87.6% 83.9% 86.9% 83.2%
Return to the Table of Contents

Futures Contracts Traded on U.S. Exchanges

Millions
Non-
Equity Individual Interest Precious Precious
Agriculture Currency Energy Index Equity Rates Metals Metals Other
2006 157.5 114.0 190.9 500.4 7.8 1,034.6 34.3 3.3 1.2
2007 193.3 143.0 240.9 676.9 7.9 1,333.1 44.1 3.8 1.5
2008 215.4 155.8 285.9 904.9 3.7 1,213.1 56.2 4.6 13.0
2009 196.6 156.3 313.1 744.7 2.7 854.6 48.8 6.4 4.8
2010 239.5 229.0 350.6 740.6 4.8 1,123.0 63.8 10.4 3.1
2011 265.9 231.6 374.1 813.9 3.6 1,277.6 76.3 12.6 1.0
2012 280.7 210.7 428.3 650.8 6.4 1,008.3 63.7 16.2 0.9
2013 264.5 208.9 627.4 663.0 6.7 1,202.0 68.6 17.2 0.9
2014 273.9 186.0 553.8 675.0 8.0 1,401.9 60.2 14.7 1.1
2015 315.8 212.0 619.7 667.3 8.8 1,312.5 61.3 17.3 1.5
2016 333.4 205.4 746.6 731.0 9.7 1,440.4 82.9 21.9 1.7
2017 342.0 220.0 778.8 639.6 12.2 1,524.8 103.8 27.4 2.7
2018 382.4 243.8 751.1 816.6 5.9 1,900.5 113.6 33.1 2.9
2019 383.1 211.9 694.9 822.0 6.3 1,911.5 124.6 24.4 2.7
2020 375.8 217.5 708.4 1,358.9 2.5 1,572.7 134.8 24.9 2.1

Average 281.3 196.4 511.0 760.4 6.5 1,340.7 75.8 15.9 2.7
Y/Y % Change -1.9% 2.7% 1.9% 65.3% -60.3% -17.7% 8.2% 1.8% -23.0%
5-Year CAGR 3.5% 0.5% 2.7% 15.3% -22.4% 3.7% 17.1% 7.6% 6.7%
10-Year CAGR 4.6% -0.5% 7.3% 6.3% -6.4% 3.4% 7.8% 9.2% -3.9%

Source: Futures Industry Association

Maximum 383.1 243.8 778.8 1,358.9 12.2 1,911.5 134.8 33.1 13.0
Minimum 157.5 114.0 190.9 500.4 2.5 854.6 34.3 3.3 0.9
% Change Total 138.7% 90.7% 271.1% 171.6% -68.1% 52.0% 292.9% 656.4% 74.8%
Updated on:
6/1/2021
 % Change Y/Y
Non-
Equity Individual Interest Precious Precious
Total Agriculture Currency Energy Index Equity Rates Metals Metals
2,043.9
2,644.6 2007 22.8% 25.4% 26.2% 35.3% 1.3% 28.9% 28.6% 14.3%
2,852.5 2008 11.4% 8.9% 18.7% 33.7% -53.0% -9.0% 27.3% 23.3%
2,328.1 2009 -8.7% 0.3% 9.5% -17.7% -26.4% -29.6% -13.2% 38.6%
2,764.8 2010 21.8% 46.5% 12.0% -0.5% 76.1% 31.4% 30.9% 61.3%
3,056.5 2011 11.0% 1.1% 6.7% 9.9% -24.2% 13.8% 19.6% 21.3%
2,666.0 2012 5.6% -9.0% 14.5% -20.0% 76.6% -21.1% -16.6% 29.2%
3,059.3 2013 -5.8% -0.9% 46.5% 1.9% 4.8% 19.2% 7.8% 6.1%
3,174.8 2014 3.5% -11.0% -11.7% 1.8% 18.8% 16.6% -12.3% -14.7%
3,216.3 2015 15.3% 14.0% 11.9% -1.1% 9.8% -6.4% 1.9% 17.3%
3,573.0 2016 5.6% -3.1% 20.5% 9.5% 10.2% 9.7% 35.2% 27.1%
3,651.4 2017 2.6% 7.1% 4.3% -12.5% 26.1% 5.9% 25.1% 25.0%
4,249.9 2018 11.8% 10.8% -3.6% 27.7% -51.5% 24.6% 9.5% 20.8%
4,181.3 2019 0.2% -13.1% -7.5% 0.7% 5.3% 0.6% 9.7% -26.1%
4,397.6 2020 -1.9% 2.7% 1.9% 65.3% -60.3% -17.7% 8.2% 1.8%

3,190.7
5.2%
6.5%
4.8%

4,397.6
2,043.9
115.2%
Other Total

30.4% 29.4%
743.1% 7.9%
-62.6% -18.4%
-36.7% 18.8%
-68.5% 10.6%
-10.2% -12.8%
3.3% 14.8%
25.6% 3.8%
32.2% 1.3%
12.5% 11.1%
61.1% 2.2%
8.1% 16.4%
-8.2% -1.6%
-23.0% 5.2%
Return to the Table of Contents

Options Contracts Traded on U.S. Exchanges

Millions

Equity Individual Interest

Agriculture Currency Energy Index Equity Rates
2006 35.3 3.5 54.5 338.0 1,717.7 374.2
2007 43.4 6.5 71.1 522.1 2,379.1 417.7
2008 56.7 11.2 79.1 336.7 3,284.8 326.4
2009 43.3 6.2 64.5 276.1 3,367.0 223.9
2010 56.0 11.9 71.3 328.3 3,610.4 268.7
2011 68.1 10.9 74.2 398.7 4,224.6 274.0
2012 70.6 11.0 84.3 381.6 3,681.8 227.8
2013 61.9 16.3 119.5 1,930.2 2,273.8 285.9
2014 69.0 18.8 104.6 2,054.2 2,342.9 364.9
2015 75.1 24.7 117.4 2,105.3 2,180.3 388.2
2016 76.0 23.5 126.3 2,251.0 1,975.5 454.3
2017 70.5 26.7 131.6 2,269.1 2,092.1 531.2
2018 79.2 27.8 117.0 2,781.9 2,565.7 607.7
2019 77.6 20.4 89.7 2,422.9 2,641.0 696.4
2020 75.6 21.3 108.9 3,212.1 4,438.3 459.6

Average 63.9 16.1 94.3 1,440.5 2,851.7 393.4

Y/Y % Change -2.5% 4.3% 21.4% 32.6% 68.1% -34.0%
5-Year CAGR 0.1% -2.9% -1.5% 8.8% 15.3% 3.4%
10-Year CAGR 3.0% 6.0% 4.3% 25.6% 2.1% 5.5%

Source: Futures Industry Association

Maximum 79.2 27.8 131.6 3,212.1 4,438.3 696.4

Minimum 35.3 3.5 54.5 276.1 1,717.7 223.9
% Change Total 114.0% 515.0% 99.9% 850.4% 158.4% 22.8%

Updated on:
6/1/2021
s
Non-
Precious Precious
Metals Metals Other Total Agriculture Currency
5.6 0.1 0.6 2,529.4
4.9 0.0 1.5 3,446.4 2007 22.9% 87.3%
6.1 0.0 0.5 4,101.5 2008 30.6% 73.3%
5.8 0.0 0.3 3,987.1 2009 -23.7% -45.3%
9.4 0.0 0.3 4,356.5 2010 29.4% 93.8%
12.4 0.0 0.2 5,063.2 2011 21.4% -8.3%
11.5 0.0 0.2 4,468.9 2012 3.7% 1.0%
13.1 0.1 0.1 4,700.8 2013 -12.3% 47.3%
10.8 0.0 0.1 4,965.5 2014 11.5% 15.7%
9.1 0.1 0.1 4,900.2 2015 8.7% 31.4%
11.7 0.1 0.1 4,918.6 2016 1.3% -4.8%
11.8 0.2 0.1 5,133.3 2017 -7.3% 13.7%
14.4 0.4 0.1 6,194.1 2018 12.4% 3.8%
19.2 0.7 0.2 5,968.0 2019 -2.0% -26.4%
17.5 0.4 0.0 8,333.7 2020 -2.5% 4.3%

10.9 0.2 0.3 4,871.1

-9.0% -38.3% -78.5% 39.6%
14.0% 30.5% -22.3% 11.2%
6.4% 37.6% -20.6% 6.7%

19.2 0.7 1.5 8,333.7

4.9 0.0 0.0 2,529.4
214.9% 490.2% -94.8% 229.5%
 % Change Y/Y
Non-
Equity Individual Interest Precious Precious
Energy Index Equity Rates Metals Metals Other

30.6% 54.5% 38.5% 11.6% -67.6% -11.2% 137.3%

11.1% -35.5% 38.1% -21.9% -7.8% 24.3% -63.1%
-18.4% -18.0% 2.5% -31.4% -17.7% -4.8% -41.0%
10.5% 18.9% 7.2% 20.0% -1.2% 61.2% 2.2%
4.2% 21.4% 17.0% 2.0% -11.6% 32.1% -27.2%
13.5% -4.3% -12.8% -16.9% 127.0% -7.4% -34.1%
41.8% 405.8% -38.2% 25.5% 49.9% 14.0% -23.0%
-12.5% 6.4% 3.0% 27.6% -9.5% -17.9% 4.2%
12.2% 2.5% -6.9% 6.4% 135.5% -15.7% -9.0%
7.6% 6.9% -9.4% 17.0% 3.0% 28.6% -35.9%
4.2% 0.8% 5.9% 16.9% 35.8% 1.4% 19.6%
-11.1% 22.6% 22.6% 14.4% 121.8% 21.7% -7.2%
-23.4% -12.9% 2.9% 14.6% 97.7% 33.4% 85.3%
21.4% 32.6% 68.1% -34.0% -38.3% -9.0% -78.5%
Total

36.3%
19.0%
-2.8%
9.3%
16.2%
-11.7%
5.2%
5.6%
-1.3%
0.4%
4.4%
20.7%
-3.6%
39.6%
Return to the Table of Contents

U.S. Mutual Fund Net Assets

$ Billions
Money
Equity Hybrid Bond Market Total
2006 5,831.6 731.5 1,493.7 2,338.5 10,395.2
2007 6,412.6 821.5 1,675.6 3,085.5 11,995.2 2007
2008 3,654.6 562.3 1,569.7 3,832.2 9,618.7 2008
2009 4,871.5 717.6 2,204.0 3,315.9 11,109.0 2009
2010 5,596.2 842.2 2,589.2 2,803.5 11,831.1 2010
2011 5,212.8 884.0 2,842.7 2,690.9 11,630.4 2011
2012 5,938.8 1,032.5 3,389.2 2,693.2 13,053.6 2012
2013 7,762.6 1,284.7 3,283.9 2,717.8 15,049.0 2013
2014 8,314.0 1,379.2 3,458.8 2,724.6 15,876.6 2014
2015 8,149.6 1,341.5 3,412.1 2,754.7 15,657.9 2015
2016 8,577.3 1,399.9 3,648.2 2,728.1 16,353.5 2016
2017 10,305.2 1,547.1 4,065.3 2,847.3 18,764.9 2017
2018 9,227.5 1,384.0 4,061.0 3,037.0 17,709.5 2018
2019 11,375.6 1,579.1 4,704.3 3,632.0 21,291.1 2019
2020 12,728.4 1,620.0 5,214.1 4,333.3 23,895.8 2020

Average 7,597.2 1,141.8 3,174.1 3,035.6 14,948.8

Y/Y % Change 11.9% 2.6% 10.8% 19.3% 12.2%
5-Year CAGR 9.3% 3.8% 8.9% 9.5% 8.8%
10-Year CAGR 8.6% 6.8% 7.3% 4.5% 7.3%

Source: Investment Company Institute

Note: Data for funds that invest primarily in other mutual funds were excluded.

Maximum 12,728.44 1,620.04 5,214.07 4,333.28 23,895.83

Minimum 3,654.55 562.26 1,493.69 2,338.45 9,618.69
% Change Total 118.3% 121.5% 249.1% 85.3% 129.9%

Updated on:
6/2/2021
 % Change Y/Y
Money
Equity Hybrid Bond Market Total

10.0% 12.3% 12.2% 31.9% 15.4%

-43.0% -31.6% -6.3% 24.2% -19.8%
33.3% 27.6% 40.4% -13.5% 15.5%
14.9% 17.4% 17.5% -15.5% 6.5%
-6.9% 5.0% 9.8% -4.0% -1.7%
13.9% 16.8% 19.2% 0.1% 12.2%
30.7% 24.4% -3.1% 0.9% 15.3%
7.1% 7.4% 5.3% 0.3% 5.5%
-2.0% -2.7% -1.4% 1.1% -1.4%
5.2% 4.4% 6.9% -1.0% 4.4%
20.1% 10.5% 11.4% 4.4% 14.7%
-10.5% -10.5% -0.1% 6.7% -5.6%
23.3% 14.1% 15.8% 19.6% 20.2%
11.9% 2.6% 10.8% 19.3% 12.2%
Return to the Table of Contents

U.S. Mutual Fund Net New Cash Flow

$ Billions
Money
Equity Hybrid Bond Market Total
2006 147.2 19.9 59.7 245.2 472.0
2007 73.2 40.4 110.6 654.3 878.5 2007
2008 -216.5 -25.5 31.2 637.7 426.9 2008
2009 2.2 19.8 371.4 -539.2 -145.8 2009
2010 -24.4 35.6 232.4 -525.1 -281.5 2010
2011 -129.5 39.7 118.0 -124.1 -95.9 2011
2012 -152.7 46.3 306.5 -0.2 199.9 2012
2013 159.5 74.7 -71.2 15.1 178.1 2013
2014 25.5 30.4 43.9 6.2 106.0 2014
2015 -75.6 -19.0 -24.9 21.5 -98.0 2015
2016 -258.0 -41.9 106.9 -30.2 -223.2 2016
2017 -159.2 -28.5 259.7 106.9 178.9 2017
2018 -256.8 -91.3 2.1 158.8 -187.2 2018
2019 -362.2 -49.3 312.3 552.7 453.5 2019
2020 -646.2 -84.0 244.4 690.8 205.0 2020

Average -124.9 -2.2 140.2 124.7 137.8

Y/Y % Change -78.4% -70.4% -21.7% 25.0% -54.8%

Source: Investment Company Institute

Note: Net new cash flow is the dollar value of new sales minus redemptions, combined with net exchanges. Data
for funds that invest primarily in other mutual funds were excluded.

Maximum 159.5 74.7 371.4 690.8 878.5

Minimum -646.2 -91.3 -71.2 -539.2 -281.5
% Change Total -539.0% -522.1% 309.4% 181.7% -56.6%

Updated on:
6/2/2021
 % Change Y/Y
Money
Equity Hybrid Bond Market Total

-50.3% 103.0% 85.3% 166.8% 86.1%

-395.8% -163.1% -71.8% -2.5% -51.4%
101.0% 177.6% 1090.4% -184.6% -134.2%
-1209.1% 79.8% -37.4% 2.6% -93.1%
-430.7% 11.5% -49.2% 76.4% 65.9%
-17.9% 16.6% 159.7% 99.8% 308.4%
204.5% 61.3% -123.2% 7650.0% -10.9%
-84.0% -59.3% 161.7% -58.9% -40.5%
-396.5% -162.5% -156.7% 246.8% -192.5%
-241.3% -120.5% 529.3% -240.5% -127.8%
38.3% 32.0% 142.9% 454.0% 180.2%
-61.3% -220.4% -99.2% 48.6% -204.6%
-41.0% 46.0% 14771.4% 248.0% 342.3%
-78.4% -70.4% -21.7% 25.0% -54.8%
Return to the Table of Contents

Net Assets and Number of Exchange-Traded Funds (ETFs) - Chart

Sources: Investment Company Institute and Strategic Insight Simfund

Return to the Table of Contents

Global Bond and Equity Issuance - Charts

Sources: Bloomberg, Refinitiv, Dealogic

Note: Long-term is defined as a security with maturity of 13 months or longer at issuance;
global equity issuance includes non-convertible IPOs and follow-on equity deals, excludes
preffered shares, rights issued, closed-end funds, business development companies, and
special purpose acquisition companies.

Updated on:
6/18/2021
Return to the Table of Contents

Global Long-Term Bond Issuance

$ Billions

Australia Canada China EU27 Hong Kong Japan Singapore

2006 185.5 266.9 179.6 3,259.5 14.2 2,417.3 12.3
2007 165.1 316.1 788.0 3,409.2 13.2 2,592.0 28.5
2008 175.7 382.0 524.7 3,432.3 10.7 2,430.4 21.0
2009 274.7 439.8 524.5 4,352.1 25.1 3,232.2 26.9
2010 320.0 472.9 704.5 3,667.3 30.2 3,594.0 37.6
2011 335.6 554.5 900.8 3,698.3 32.4 4,045.9 33.2
2012 346.7 516.9 791.5 3,727.3 45.9 4,285.9 40.9
2013 311.6 576.2 975.9 3,602.9 38.3 3,747.3 43.6
2014 314.0 547.0 1,603.3 3,668.4 53.6 3,469.1 39.5
2015 240.8 502.4 2,436.2 2,947.0 44.9 3,219.0 31.9
2016 294.0 499.8 3,650.6 2,908.3 63.0 3,425.4 51.8
2017 299.3 589.7 2,790.8 2,969.5 64.2 3,230.5 36.0
2018 258.8 524.9 2,908.9 2,797.7 45.8 3,033.4 51.9
2019 219.1 538.8 3,782.1 2,960.1 88.8 3,125.0 50.2
2020 419.7 742.5 5,088.4 3,756.3 81.9 3,364.5 37.4

Average 277.4 498.0 1,843.3 3,410.4 43.5 3,280.8 36.2

Y/Y % Change 91.6% 37.8% 34.5% 26.9% -7.7% 7.7% -25.5%
5-Year CAGR 11.7% 8.1% 15.9% 5.0% 12.8% 0.9% 3.2%
10-Year CAGR 2.7% 4.6% 21.9% 0.2% 10.5% -0.7% -0.1%

Sources: Bloomberg, Refinitiv

Note: Long-term is defined as a security with maturity of 13 months or longer at issuance; includes corporate, municipal and sovereign issuance.

Maximum 419.7 742.5 5,088.4 4,352.1 88.8 4,285.9 51.9

Minimum 165.1 266.9 179.6 2,797.7 10.7 2,417.3 12.3
% Change Total 126.3% 178.2% 2732.8% 15.2% 477.6% 39.2% 203.1%

Updated on:
6/18/2021
ons
Other
United United Developed Emerging
Kingdom States Markets Markets Total Australia Canada
927.0 5,286.0 458.8 1,305.7 14,312.9
1,047.7 5,449.4 415.8 1,462.4 15,687.4 2007 -11.0% 18.4%
1,119.1 4,501.1 384.0 872.7 13,853.6 2008 6.4% 20.8%
1,181.4 6,165.5 450.6 1,233.7 17,906.6 2009 56.3% 15.1%
674.4 6,727.2 470.4 1,753.5 18,452.1 2010 16.5% 7.5%
731.4 5,657.9 523.5 1,725.1 18,238.6 2011 4.9% 17.2%
734.7 6,067.8 541.7 1,911.9 19,011.2 2012 3.3% -6.8%
645.2 5,055.4 536.0 1,732.9 17,265.1 2013 -10.1% 11.5%
642.5 5,272.5 560.9 1,868.5 18,039.2 2014 0.8% -5.1%
486.7 7,803.2 559.8 1,778.5 20,050.4 2015 -23.3% -8.1%
489.1 6,330.0 544.7 2,197.0 20,453.6 2016 22.1% -0.5%
474.1 5,641.4 547.3 2,024.7 18,667.3 2017 1.8% 18.0%
550.4 5,502.4 545.3 1,871.7 18,091.2 2018 -13.5% -11.0%
416.3 8,616.0 574.1 2,437.4 22,807.8 2019 -15.3% 2.6%
752.6 9,401.9 690.7 3,000.5 27,336.5 2020 91.6% 37.8%

724.8 6,231.8 520.2 1,811.7 18,678.2

80.8% 9.1% 20.3% 23.1% 19.9%
9.1% 3.8% 4.3% 11.0% 6.4%
1.1% 3.4% 3.9% 5.5% 4.0%

sovereign issuance.

1,181.4 9,401.9 690.7 3,000.5 27,336.5

416.3 4,501.1 384.0 872.7 13,853.6
-18.8% 77.9% 50.5% 129.8% 91.0%
 % Change Y/Y
Other
United United Developed
China EU27 Hong Kong Japan Singapore Kingdom States Markets

338.7% 4.6% -7.0% 7.2% 130.8% 13.0% 3.1% -9.4%

-33.4% 0.7% -19.1% -6.2% -26.2% 6.8% -17.4% -7.6%
0.0% 26.8% 135.4% 33.0% 28.1% 5.6% 37.0% 17.4%
34.3% -15.7% 20.3% 11.2% 39.9% -42.9% 9.1% 4.4%
27.9% 0.8% 7.3% 12.6% -11.7% 8.4% -15.9% 11.3%
-12.1% 0.8% 41.5% 5.9% 23.3% 0.4% 7.2% 3.5%
23.3% -3.3% -16.6% -12.6% 6.4% -12.2% -16.7% -1.1%
64.3% 1.8% 40.0% -7.4% -9.4% -0.4% 4.3% 4.6%
51.9% -19.7% -16.1% -7.2% -19.3% -24.3% 48.0% -0.2%
49.8% -1.3% 40.3% 6.4% 62.6% 0.5% -18.9% -2.7%
-23.6% 2.1% 1.9% -5.7% -30.6% -3.1% -10.9% 0.5%
4.2% -5.8% -28.7% -6.1% 44.3% 16.1% -2.5% -0.4%
30.0% 5.8% 93.8% 3.0% -3.3% -24.4% 56.6% 5.3%
34.5% 26.9% -7.7% 7.7% -25.5% 80.8% 9.1% 20.3%
Emerging
Markets Total

12.0% 9.6%
-40.3% -11.7%
41.4% 29.3%
42.1% 3.0%
-1.6% -1.2%
10.8% 4.2%
-9.4% -9.2%
7.8% 4.5%
-4.8% 11.1%
23.5% 2.0%
-7.8% -8.7%
-7.6% -3.1%
30.2% 26.1%
23.1% 19.9%
Return to the Table of Contents

Global Equity Issuance

$ Billions

Australia Canada China EU27 Hong Kong Japan Singapore

2006 29.3 20.9 8.0 109.9 43.3 56.2 8.0
2007 20.9 28.4 3.9 109.8 46.7 19.4 10.2
2008 16.8 18.2 2.1 28.3 12.8 8.4 1.7
2009 22.3 32.0 30.2 34.0 50.4 58.7 4.2
2010 20.3 38.7 73.1 50.9 78.3 56.0 8.2
2011 10.9 28.6 42.1 56.1 44.7 17.9 10.2
2012 10.5 29.0 40.2 47.1 51.0 22.4 6.1
2013 21.3 25.7 29.7 95.2 41.2 42.8 9.2
2014 27.5 33.2 66.1 114.7 56.8 31.0 4.5
2015 20.2 27.6 111.0 122.2 70.0 35.3 1.3
2016 14.1 33.7 159.0 62.9 35.3 20.9 2.6
2017 13.1 26.8 114.7 95.6 31.5 44.9 4.4
2018 10.9 16.2 49.7 59.7 57.0 46.7 3.7
2019 17.8 13.2 48.0 49.8 51.5 20.0 5.3
2020 27.1 15.5 107.1 68.1 83.1 37.7 3.8

Average 18.9 25.8 59.0 73.6 50.2 34.6 5.6

Y/Y % Change 51.7% 16.8% 123.3% 36.9% 61.2% 88.2% -28.4%
5-Year CAGR 6.0% -10.9% -0.7% -11.0% 3.5% 1.3% 23.3%
10-Year CAGR 2.9% -8.8% 3.9% 3.0% 0.6% -3.9% -7.3%

Source: Dealogic
Note: Includes rank eligible, non-convertible IPOs and follow-on equity deals, excludes preffered shares, rights issued, closed-end funds, business development
exchange nationality.

Maximum 29.3 38.7 159.0 122.2 83.1 58.7 10.2

Minimum 10.5 13.2 2.1 28.3 12.8 8.4 1.3
% Change Total -7.7% -26.0% 1233.8% -38.0% 91.9% -32.9% -52.2%

Updated on:
6/15/2021
ons
Other
United United Developed Emerging
Kingdom States Markets Markets Total Australia Canada
74.2 144.2 14.2 58.7 567.0
81.0 153.1 19.3 119.3 611.9 2007 -28.6% 35.8%
21.8 189.3 3.7 43.7 346.6 2008 -19.9% -36.0%
28.8 241.4 16.2 56.8 575.0 2009 33.3% 76.3%
26.4 188.6 8.2 108.1 656.9 2010 -9.3% 20.7%
25.9 174.1 4.6 59.2 474.3 2011 -46.2% -26.1%
19.9 226.8 7.5 70.6 531.1 2012 -3.4% 1.5%
41.8 251.2 15.7 74.9 648.7 2013 102.7% -11.6%
56.1 261.8 10.3 68.7 730.8 2014 29.1% 29.2%
54.9 214.7 9.7 51.9 718.7 2015 -26.8% -16.8%
28.5 176.5 7.4 45.7 586.6 2016 -29.9% 22.1%
38.0 191.5 16.5 93.9 670.9 2017 -7.4% -20.4%
31.7 203.8 10.1 56.0 545.4 2018 -16.6% -39.8%
32.3 191.7 12.0 99.0 540.8 2019 63.4% -18.0%
44.7 337.6 20.0 82.2 826.8 2020 51.7% 16.8%

40.4 209.8 11.7 72.6 602.1

38.5% 76.1% 66.1% -17.0% 52.9%
-4.0% 9.5% 15.6% 9.6% 2.8%
5.4% 6.0% 9.3% -2.7% 2.3%

ed-end funds, business development companies, and special purpose acquisition companies; by

81.0 337.6 20.0 119.3 826.8

19.9 144.2 3.7 43.7 346.6
-39.7% 134.1% 40.2% 39.9% 45.8%
 % Change Y/Y
Other
United United Developed
China EU27 Hong Kong Japan Singapore Kingdom States Markets

-51.7% -0.1% 7.8% -65.4% 27.4% 9.2% 6.1% 35.2%

-46.6% -74.3% -72.5% -56.7% -83.3% -73.1% 23.6% -80.9%
1356.8% 20.3% 292.3% 598.4% 147.0% 32.3% 27.5% 342.3%
142.4% 49.8% 55.5% -4.7% 94.7% -8.1% -21.8% -49.2%
-42.4% 10.1% -42.9% -68.1% 24.8% -2.2% -7.7% -43.7%
-4.7% -16.0% 14.1% 25.3% -40.3% -22.9% 30.3% 62.0%
-25.9% 102.2% -19.2% 91.2% 50.4% 109.9% 10.8% 109.0%
122.2% 20.4% 37.8% -27.5% -50.5% 34.1% 4.2% -34.2%
67.9% 6.5% 23.3% 13.9% -70.5% -2.1% -18.0% -6.3%
43.3% -48.5% -49.6% -40.8% 91.6% -48.2% -17.8% -23.6%
-27.9% 51.9% -10.7% 114.6% 72.6% 33.4% 8.5% 122.6%
-56.7% -37.6% 81.1% 4.0% -16.1% -16.5% 6.4% -38.6%
-3.5% -16.6% -9.6% -57.1% 43.4% 1.9% -5.9% 18.9%
123.3% 36.9% 61.2% 88.2% -28.4% 38.5% 76.1% 66.1%
Emerging
Markets Total

103.1% 7.9%
-63.4% -43.4%
29.9% 65.9%
90.5% 14.2%
-45.2% -27.8%
19.2% 12.0%
6.2% 22.2%
-8.3% 12.7%
-24.5% -1.7%
-11.9% -18.4%
105.5% 14.4%
-40.3% -18.7%
76.7% -0.8%
-17.0% 52.9%
Return to the Table of Contents

International Security Offerings by All Issuers - Market Value

$ Billions
Straight Convertible Common Preferred
Debt Debt Total Debt Stock Stock Total Equity
2006 3,157.7 47.1 3,204.9 207.9 13.2 221.2
2007 2,980.2 90.0 3,070.2 386.3 21.7 407.9
2008 1,803.6 53.6 1,857.3 272.8 10.7 283.5
2009 2,566.4 55.6 2,621.9 395.8 13.7 409.5
2010 2,333.4 51.9 2,385.3 365.1 6.6 371.8
2011 2,262.9 36.4 2,299.3 235.7 10.5 246.3
2012 2,670.5 44.0 2,714.5 238.4 15.6 254.0
2013 2,709.0 54.4 2,763.4 308.4 8.3 316.7
2014 3,066.1 55.5 3,121.6 351.9 15.6 367.4
2015 2,538.3 38.4 2,576.7 394.7 14.3 409.1
2016 2,638.9 42.3 2,681.2 225.8 7.3 233.1
2017 3,171.4 35.6 3,206.9 345.6 24.1 369.6
2018 2,733.7 31.8 2,765.5 293.2 8.2 301.5
2019 3,022.1 70.4 3,092.5 286.5 6.2 292.7
2020 3,565.3 131.6 3,696.9 391.7 6.3 398.0

Average 2,748.0 55.9 2,803.9 313.3 12.2 325.5

Y/Y % Change 18.0% 87.0% 19.5% 36.7% 2.3% 36.0%
5-Year CAGR 7.0% 27.9% 7.5% -0.2% -15.1% -0.5%
10-Year CAGR 4.3% 9.8% 4.5% 0.7% -0.5% 0.7%

Source: Refinitiv
Note: Securities issued by an entity outside of its domestic market.

Maximum 3,565.3 131.6 3,696.9 395.8 24.1 409.5

Minimum 1,803.6 31.8 1,857.3 207.9 6.2 221.2
% Change Total 12.9% 179.2% 15.4% 88.4% -52.1% 79.9%

Updated on:
6/1/2021
 % Change Y/Y
Straight Convertible Common Preferred
Total Debt Debt Total Debt Stock Stock
3,426.0
3,478.1 2007 -5.6% 90.9% -4.2% 85.8% 63.6%
2,140.8 2008 -39.5% -40.4% -39.5% -29.4% -50.6%
3,031.4 2009 42.3% 3.6% 41.2% 45.1% 27.7%
2,757.1 2010 -9.1% -6.6% -9.0% -7.8% -51.4%
2,545.6 2011 -3.0% -29.8% -3.6% -35.4% 58.5%
2,968.4 2012 18.0% 20.8% 18.1% 1.1% 47.7%
3,080.1 2013 1.4% 23.6% 1.8% 29.4% -46.7%
3,489.0 2014 13.2% 2.0% 13.0% 14.1% 88.1%
2,985.8 2015 -17.2% -30.7% -17.5% 12.2% -8.0%
2,914.3 2016 4.0% 10.1% 4.1% -42.8% -49.3%
3,576.6 2017 20.2% -16.0% 19.6% 53.0% 231.5%
3,066.9 2018 -13.8% -10.6% -13.8% -15.1% -65.9%
3,385.2 2019 10.6% 121.4% 11.8% -2.3% -24.5%
4,094.9 2020 18.0% 87.0% 19.5% 36.7% 2.3%

3,129.4
21.0%
6.5%
4.0%

4,094.9
2,140.8
19.5%
Total Equity Total

84.4% 1.5%
-30.5% -38.5%
44.4% 41.6%
-9.2% -9.1%
-33.8% -7.7%
3.1% 16.6%
24.7% 3.8%
16.0% 13.3%
11.3% -14.4%
-43.0% -2.4%
58.6% 22.7%
-18.4% -14.2%
-2.9% 10.4%
36.0% 21.0%
Return to the Table of Contents

International Security Offerings by All Issuers - Number of Issues

Number of Issues
Straight Convertible Common Preferred Straight
Debt Debt Total Debt Stock Stock Total Equity Total Debt
2006 6,844 242 7,086 907 33 940 8,026
2007 6,306 316 6,622 1,781 46 1,827 8,449 2007 -7.9%
2008 3,516 130 3,646 862 47 909 4,555 2008 -44.2%
2009 3,592 201 3,793 1,515 64 1,579 5,372 2009 2.2%
2010 4,603 444 5,047 1,823 44 1,867 6,914 2010 28.1%
2011 4,156 429 4,585 1,443 57 1,500 6,085 2011 -9.7%
2012 5,138 270 5,408 1,590 99 1,689 7,097 2012 23.6%
2013 5,129 304 5,433 1,908 91 1,999 7,432 2013 -0.2%
2014 5,688 245 5,933 2,061 95 2,156 8,089 2014 10.9%
2015 4,694 125 4,819 2,199 60 2,259 7,078 2015 -17.5%
2016 4,928 112 5,040 2,054 37 2,091 7,131 2016 5.0%
2017 5,719 102 5,821 2,585 56 2,641 8,462 2017 16.1%
2018 5,002 154 5,156 2,307 42 2,349 7,505 2018 -12.5%
2019 5,314 245 5,559 2,395 25 2,420 7,979 2019 6.2%
2020 5,472 308 5,780 3,026 18 3,044 8,824 2020 3.0%

Average 5,073 242 5,315 1,897 54 1,951 7,267

Y/Y % Change 3.0% 25.7% 4.0% 26.3% -28.0% 25.8% 10.6%
5-Year CAGR 3.1% 19.8% 3.7% 6.6% -21.4% 6.1% 4.5%
10-Year CAGR 1.7% -3.6% 1.4% 5.2% -8.6% 5.0% 2.5%

Source: Refinitiv
Note: Securities issued by an entity outside of its domestic market.

Maximum 6,844 444 7,086 3,026 99 3,044 8,824

Minimum 3,516 102 3,646 862 18 909 4,555
% Change Total -20.0% 27.3% -18.4% 233.6% -45.5% 223.8% 9.9%
Updated on:
6/1/2021
 % Change Y/Y
Convertible Common Preferred
Debt Total Debt Stock Stock Total Equity Total

30.6% -6.5% 96.4% 39.4% 94.4% 5.3%

-58.9% -44.9% -51.6% 2.2% -50.2% -46.1%
54.6% 4.0% 75.8% 36.2% 73.7% 17.9%
120.9% 33.1% 20.3% -31.3% 18.2% 28.7%
-3.4% -9.2% -20.8% 29.5% -19.7% -12.0%
-37.1% 17.9% 10.2% 73.7% 12.6% 16.6%
12.6% 0.5% 20.0% -8.1% 18.4% 4.7%
-19.4% 9.2% 8.0% 4.4% 7.9% 8.8%
-49.0% -18.8% 6.7% -36.8% 4.8% -12.5%
-10.4% 4.6% -6.6% -38.3% -7.4% 0.7%
-8.9% 15.5% 25.9% 51.4% 26.3% 18.7%
51.0% -11.4% -10.8% -25.0% -11.1% -11.3%
59.1% 7.8% 3.8% -40.5% 3.0% 6.3%
25.7% 4.0% 26.3% -28.0% 25.8% 10.6%
Return to the Table of Contents

International Security Offerings by U.S. Issuers - Market Value

$ Billions
Straight Convertible Common Preferred
Debt Debt Total Debt Stock Stock Total Equity
2006 342.2 0.1 342.4 6.6 4.6 11.3
2007 335.7 1.2 336.8 4.7 2.4 7.1
2008 190.1 0.0 190.2 20.0 2.1 22.2
2009 235.9 0.2 236.1 1.8 1.1 2.9
2010 316.2 0.0 316.2 1.9 0.0 1.9
2011 250.4 0.9 251.3 0.9 1.8 2.7
2012 421.6 4.0 425.7 2.2 1.8 4.0
2013 450.3 4.8 455.1 1.6 1.7 3.4
2014 586.2 4.1 590.3 1.7 0.1 1.9
2015 622.1 1.9 624.0 1.3 3.4 4.7
2016 605.7 0.5 606.2 1.2 0.1 1.3
2017 748.2 0.4 748.6 4.4 0.8 5.3
2018 558.9 1.8 560.8 1.8 3.4 5.3
2019 683.8 33.7 717.5 1.6 3.1 4.7
2020 835.8 74.7 910.4 1.9 2.7 4.6

Average 478.9 8.6 487.4 3.6 2.0 5.5

Y/Y % Change 22.2% 121.5% 26.9% 22.0% -14.8% -2.6%
5-Year CAGR 6.1% 107.5% 7.8% 8.7% -4.8% -0.4%
10-Year CAGR 10.2% 127.0% 11.2% 0.0% 58.8% 9.0%

Source: Refinitiv
Note: Securities issued by a U.S. entity outside of the U.S. market.

Maximum 835.8 74.7 910.4 20.0 4.6 22.2

Minimum 190.1 0.0 190.2 0.9 0.0 1.3
% Change Total 144.2% 59738.2% 165.9% -71.3% -42.3% -59.4%

Updated on:
6/1/2021
 % Change Y/Y
Straight Convertible Common Preferred
Total Debt Debt Total Debt Stock Stock
353.6
343.9 2007 -1.9% 826.4% -1.6% -29.4% -48.4%
212.3 2008 -43.4% -96.7% -43.5% 328.4% -10.5%
239.0 2009 24.1% 536.1% 24.2% -90.9% -47.6%
318.1 2010 34.1% -91.5% 33.9% 4.4% -97.7%
254.0 2011 -20.8% 4232.0% -20.5% -51.7% 6636.6%
429.7 2012 68.4% 352.6% 69.4% 136.5% 4.5%
458.4 2013 6.8% 18.0% 6.9% -24.3% -6.7%
592.1 2014 30.2% -13.9% 29.7% 4.2% -91.8%
628.7 2015 6.1% -52.7% 5.7% -27.3% 2329.3%
607.5 2016 -2.6% -74.8% -2.9% -3.0% -96.7%
753.9 2017 23.5% -22.0% 23.5% 265.9% 637.8%
566.0 2018 -25.3% 384.9% -25.1% -58.8% 312.2%
722.2 2019 22.3% 1725.5% 27.9% -14.9% -8.2%
915.0 2020 22.2% 121.5% 26.9% 22.0% -14.8%

493.0
26.7%
7.8%
11.1%

915.0
212.3
158.8%
Total Equity Total

-37.2% -2.7%
213.7% -38.3%
-86.7% 12.6%
-34.4% 33.1%
39.0% -20.2%
49.7% 69.2%
-16.2% 6.7%
-44.8% 29.2%
151.4% 6.2%
-71.6% -3.4%
297.5% 24.1%
-0.4% -24.9%
-10.5% 27.6%
-2.6% 26.7%
Return to the Table of Contents

International Security Offerings by U.S. Issuers - Number of Issues

Number of Issues
Straight Convertible Common Preferred Straight
Debt Debt Total Debt Stock Stock Total Equity Total Debt
2006 767 6 773 25 10 35 808
2007 699 9 708 39 7 46 754 2007 -8.9%
2008 460 7 467 13 7 20 487 2008 -34.2%
2009 399 5 404 34 8 42 446 2009 -13.3%
2010 700 7 707 40 3 43 750 2010 75.4%
2011 570 39 609 31 17 48 657 2011 -18.6%
2012 838 80 918 30 33 63 981 2012 47.0%
2013 873 70 943 34 41 75 1,018 2013 4.2%
2014 1,061 51 1,112 28 24 52 1,164 2014 21.5%
2015 1,004 8 1,012 24 14 38 1,050 2015 -5.4%
2016 1,088 3 1,091 26 3 29 1,120 2016 8.4%
2017 1,278 3 1,281 38 6 44 1,325 2017 17.5%
2018 1,022 10 1,032 50 11 61 1,093 2018 -20.0%
2019 1,064 98 1,162 50 6 56 1,218 2019 4.1%
2020 1,257 150 1,407 60 2 62 1,469 2020 18.1%

Average 872 36 908 35 13 48 956

Y/Y % Change 18.1% 53.1% 21.1% 20.0% -66.7% 10.7% 20.6%
5-Year CAGR 4.6% 79.7% 6.8% 20.1% -32.2% 10.3% 6.9%
10-Year CAGR 6.0% 35.9% 7.1% 4.1% -4.0% 3.7% 7.0%

Source: Refinitiv
Note: Securities issued by a U.S. entity outside of the U.S. market.

Maximum 1,278 150 1,407 60 41 75 1,469

Minimum 399 3 404 13 2 20 446
% Change Total 63.9% 2400.0% 82.0% 140.0% -80.0% 77.1% 81.8%
Updated on:
6/1/2021
 % Change Y/Y
Convertible Common Preferred
Debt Total Debt Stock Stock Total Equity Total

50.0% -8.4% 56.0% -30.0% 31.4% -6.7%

-22.2% -34.0% -66.7% 0.0% -56.5% -35.4%
-28.6% -13.5% 161.5% 14.3% 110.0% -8.4%
40.0% 75.0% 17.6% -62.5% 2.4% 68.2%
457.1% -13.9% -22.5% 466.7% 11.6% -12.4%
105.1% 50.7% -3.2% 94.1% 31.3% 49.3%
-12.5% 2.7% 13.3% 24.2% 19.0% 3.8%
-27.1% 17.9% -17.6% -41.5% -30.7% 14.3%
-84.3% -9.0% -14.3% -41.7% -26.9% -9.8%
-62.5% 7.8% 8.3% -78.6% -23.7% 6.7%
0.0% 17.4% 46.2% 100.0% 51.7% 18.3%
233.3% -19.4% 31.6% 83.3% 38.6% -17.5%
880.0% 12.6% 0.0% -45.5% -8.2% 11.4%
53.1% 21.1% 20.0% -66.7% 10.7% 20.6%
Return to the Table of Contents

Global Bond Market Outstanding and Global Equity Market Capitalization - Charts

Sources: Bank of International Settlements (BIS), World Federation of Exchanges

Note: Market capitalization of listed domestic companies.
Return to the Table of Contents

Global Bond Market Outstanding - Value

$ Billions

Australia Canada China EU27 Hong Kong Japan Singapore

2006 957.3 1,327.4 1,198.3 15,894.2 99.1 9,090.3 140.3
2007 1,251.4 1,542.9 1,704.5 19,312.8 104.3 9,852.1 166.3
2008 1,141.9 1,369.7 2,228.0 20,256.7 102.7 12,329.9 167.6
2009 1,523.7 1,671.6 2,577.9 24,101.1 151.3 12,268.5 185.0
2010 1,742.9 1,866.6 3,065.3 23,324.9 184.0 14,604.1 219.0
2011 1,872.6 1,963.4 3,528.4 23,463.5 211.7 15,809.1 240.9
2012 2,037.5 2,173.5 4,294.1 24,307.6 250.5 14,254.1 294.8
2013 1,879.5 2,241.9 4,960.8 24,999.2 303.9 11,909.2 331.4
2014 1,916.9 2,206.1 5,835.4 22,074.9 343.5 10,558.0 349.3
2015 1,819.1 2,767.5 7,752.5 19,871.1 372.4 10,638.7 322.3
2016 1,823.2 2,943.5 9,408.8 19,379.9 404.9 11,248.5 326.4
2017 2,003.9 3,267.4 11,757.1 22,129.5 473.7 11,932.1 412.2
2018 1,899.9 3,149.3 12,906.9 21,437.8 511.7 12,477.0 441.1
2019 1,957.4 3,369.5 14,725.9 21,788.2 531.9 12,828.8 492.9
2020 2,498.4 3,910.3 18,555.6 25,226.0 556.1 14,678.3 542.8

Average 1,755.0 2,384.7 6,966.6 21,837.8 306.8 12,298.6 308.8

Y/Y % Change 27.6% 16.1% 26.0% 15.8% 4.6% 14.4% 10.1%
5-Year CAGR 6.6% 7.2% 19.1% 4.9% 8.3% 6.6% 11.0%
10-Year CAGR 3.7% 7.7% 19.7% 0.8% 11.7% 0.1% 9.5%

Source: Bank of International Settlements (BIS)

Maximum 2,498.4 3,910.3 18,555.6 25,226.0 556.1 15,809.1 542.8

Minimum 957.3 1,327.4 1,198.3 15,894.2 99.1 9,090.3 140.3
% Change Total 161.0% 194.6% 1448.4% 58.7% 461.4% 61.5% 286.8%

Updated on:
6/9/2021
ons
Other
United United Developed Emerging
Kingdom States Markets Markets Total Australia Canada
3,989.8 23,881.7 527.1 633.9 57,739.6
4,706.8 26,145.9 602.2 808.9 66,198.1 2007 30.7% 16.2%
4,099.6 28,033.8 604.0 749.0 71,082.9 2008 -8.8% -11.2%
5,280.9 29,132.6 775.9 840.7 78,509.2 2009 33.4% 22.0%
5,210.2 30,208.7 833.7 991.9 82,251.4 2010 14.4% 11.7%
5,587.2 31,021.5 839.0 1,001.7 85,539.1 2011 7.4% 5.2%
5,928.8 32,300.4 950.8 1,140.0 87,932.0 2012 8.8% 10.7%
5,851.0 33,284.5 960.2 1,100.9 87,822.5 2013 -7.8% 3.1%
6,169.5 34,302.9 888.8 1,150.4 85,795.7 2014 2.0% -1.6%
5,891.5 35,317.4 859.9 1,199.2 86,811.7 2015 -5.1% 25.4%
5,439.2 36,716.1 935.1 1,272.1 89,897.5 2016 0.2% 6.4%
6,078.4 37,903.4 1,033.3 1,497.8 98,488.7 2017 9.9% 11.0%
5,792.2 39,456.1 1,003.6 1,501.9 100,577.5 2018 -5.2% -3.6%
6,325.2 41,226.0 1,117.9 1,601.4 105,964.9 2019 3.0% 7.0%
7,172.4 47,237.0 1,334.8 1,757.0 123,468.6 2020 27.6% 16.1%

5,568.2 33,744.5 884.4 1,149.8 87,205.3

13.4% 14.6% 19.4% 9.7% 16.5%
4.0% 6.0% 9.2% 7.9% 7.3%
3.2% 4.6% 4.8% 5.9% 4.1%

7,172.4 47,237.0 1,334.8 1,757.0 123,468.6

3,989.8 23,881.7 527.1 633.9 57,739.6
79.8% 97.8% 153.2% 177.2% 113.8%
 % Change Y/Y
Other
United United Developed
China EU27 Hong Kong Japan Singapore Kingdom States Markets

42.2% 21.5% 5.3% 8.4% 18.5% 18.0% 9.5% 14.2%

30.7% 4.9% -1.6% 25.2% 0.8% -12.9% 7.2% 0.3%
15.7% 19.0% 47.3% -0.5% 10.4% 28.8% 3.9% 28.5%
18.9% -3.2% 21.6% 19.0% 18.4% -1.3% 3.7% 7.4%
15.1% 0.6% 15.1% 8.3% 10.0% 7.2% 2.7% 0.6%
21.7% 3.6% 18.3% -9.8% 22.4% 6.1% 4.1% 13.3%
15.5% 2.8% 21.4% -16.5% 12.4% -1.3% 3.0% 1.0%
17.6% -11.7% 13.0% -11.3% 5.4% 5.4% 3.1% -7.4%
32.9% -10.0% 8.4% 0.8% -7.7% -4.5% 3.0% -3.3%
21.4% -2.5% 8.7% 5.7% 1.3% -7.7% 4.0% 8.7%
25.0% 14.2% 17.0% 6.1% 26.3% 11.8% 3.2% 10.5%
9.8% -3.1% 8.0% 4.6% 7.0% -4.7% 4.1% -2.9%
14.1% 1.6% 3.9% 2.8% 11.7% 9.2% 4.5% 11.4%
26.0% 15.8% 4.6% 14.4% 10.1% 13.4% 14.6% 19.4%
Emerging
Markets Total

27.6% 14.6%
-7.4% 7.4%
12.2% 10.4%
18.0% 4.8%
1.0% 4.0%
13.8% 2.8%
-3.4% -0.1%
4.5% -2.3%
4.2% 1.2%
6.1% 3.6%
17.7% 9.6%
0.3% 2.1%
6.6% 5.4%
9.7% 16.5%
Return to the Table of Contents

Global Bond Market Outstanding - Share of Total

Percentages

Australia Canada China EU27 Hong Kong Japan Singapore

2006 1.7% 2.3% 2.1% 27.5% 0.2% 15.7% 0.2%
2007 1.9% 2.3% 2.6% 29.2% 0.2% 14.9% 0.3%
2008 1.6% 1.9% 3.1% 28.5% 0.1% 17.3% 0.2%
2009 1.9% 2.1% 3.3% 30.7% 0.2% 15.6% 0.2%
2010 2.1% 2.3% 3.7% 28.4% 0.2% 17.8% 0.3%
2011 2.2% 2.3% 4.1% 27.4% 0.2% 18.5% 0.3%
2012 2.3% 2.5% 4.9% 27.6% 0.3% 16.2% 0.3%
2013 2.1% 2.6% 5.6% 28.5% 0.3% 13.6% 0.4%
2014 2.2% 2.6% 6.8% 25.7% 0.4% 12.3% 0.4%
2015 2.1% 3.2% 8.9% 22.9% 0.4% 12.3% 0.4%
2016 2.0% 3.3% 10.5% 21.6% 0.5% 12.5% 0.4%
2017 2.0% 3.3% 11.9% 22.5% 0.5% 12.1% 0.4%
2018 1.9% 3.1% 12.8% 21.3% 0.5% 12.4% 0.4%
2019 1.8% 3.2% 13.9% 20.6% 0.5% 12.1% 0.5%
2020 2.0% 3.2% 15.0% 20.4% 0.5% 11.9% 0.4%

Average 2.0% 2.7% 7.3% 25.5% 0.3% 14.3% 0.3%

Y/Y Change 0.18% -0.01% 1.1% -0.1% -0.1% -0.2% -0.03%

Source: Bank of International Settlements (BIS)

Maximum 2.3% 3.3% 15.0% 30.7% 0.5% 18.5% 0.5%

Minimum 1.6% 1.9% 2.1% 20.4% 0.1% 11.9% 0.2%
% Change Total 0.4% 0.9% 13.0% -7.1% 0.3% -3.9% 0.2%

Updated on:
6/9/2021
ages
Other
United United Developed Emerging
Kingdom States Markets Markets Total
6.9% 41.4% 0.9% 1.1% 100.0%
7.1% 39.5% 0.9% 1.2% 100.0%
5.8% 39.4% 0.8% 1.1% 100.0%
6.7% 37.1% 1.0% 1.1% 100.0%
6.3% 36.7% 1.0% 1.2% 100.0%
6.5% 36.3% 1.0% 1.2% 100.0%
6.7% 36.7% 1.1% 1.3% 100.0%
6.7% 37.9% 1.1% 1.3% 100.0%
7.2% 40.0% 1.0% 1.3% 100.0%
6.8% 40.7% 1.0% 1.4% 100.0%
6.1% 40.8% 1.0% 1.4% 100.0%
6.2% 38.5% 1.0% 1.5% 100.0%
5.8% 39.2% 1.0% 1.5% 100.0%
6.0% 38.9% 1.1% 1.5% 100.0%
5.8% 38.3% 1.1% 1.4% 100.0%

6.4% 38.8% 1.0% 1.3%

-0.2% -0.6% 0.0% -0.1%

7.2% 41.4% 1.1% 1.5%

5.8% 36.3% 0.8% 1.1%
-1.1% -3.1% 0.2% 0.3%
Return to the Table of Contents

Global Equity Markets Capitalization - Market Value

$ Billions

Australia Canada China EU27 Hong Kong Japan Singapore

2006 1,095.9 1,700.7 1,145.5 9,796.9 1,715.0 4,797.6 384.3
2007 1,298.3 2,186.6 4,478.9 11,755.1 2,654.4 4,543.1 539.2
2008 683.9 1,033.7 1,778.8 5,754.1 1,328.8 3,263.3 265.0
2009 1,261.9 1,677.4 3,573.2 7,717.4 2,305.1 3,444.4 481.2
2010 1,454.5 2,171.2 4,027.8 7,747.3 2,711.3 4,099.6 647.2
2011 1,198.2 1,912.9 3,412.1 6,443.8 2,258.0 3,540.8 598.3
2012 1,386.9 2,060.0 3,697.4 7,328.9 2,831.9 3,681.0 765.1
2013 1,366.0 2,113.8 3,949.1 9,248.5 3,100.8 4,781.5 744.4
2014 1,288.8 2,095.4 6,004.9 8,431.6 3,233.0 4,378.0 752.8
2015 1,187.2 1,593.5 8,188.0 7,580.0 3,184.9 9,716.8 640.0
2016 1,316.9 2,041.5 7,320.7 7,669.6 3,193.2 5,061.5 649.5
2017 1,508.6 2,367.1 8,711.3 9,787.6 4,350.5 6,222.8 787.3
2018 1,262.8 1,937.9 6,324.9 8,136.0 3,819.2 5,296.8 687.3
2019 1,487.6 2,409.1 8,569.5 9,733.6 4,899.2 6,191.1 697.3
2020 1,720.6 2,641.5 12,276.8 11,148.1 6,130.4 6,718.2 652.6

Average 1,301.2 1,996.1 5,563.9 8,551.9 3,181.1 5,049.1 619.4

Y/Y % Change 15.7% 9.6% 43.3% 14.5% 25.1% 8.5% -6.4%
5-Year CAGR 7.7% 10.6% 8.4% 8.0% 14.0% -7.1% 0.4%
10-Year CAGR 1.7% 2.0% 11.8% 3.7% 8.5% 5.1% 0.1%

Source: World Federation of Exchanges

Note: Market capitalization of listed domestic companies.

Maximum 1,720.6 2,641.5 12,276.8 11,755.1 6,130.4 9,716.8 787.3

Minimum 683.9 1,033.7 1,145.5 5,754.1 1,328.8 3,263.3 265.0
% Change Total 57.0% 55.3% 971.8% 13.8% 257.5% 40.0% 69.8%

Updated on:
6/8/2021
ons
Other Other
United United Developed Emerging
Kingdom States Markets Markets Total Australia Canada
3,781.4 19,569.0 3,593.5 4,796.0 52,375.6
3,846.5 19,922.3 4,167.0 8,173.2 63,564.4 2007 18.5% 28.6%
1,868.2 11,590.3 2,379.3 3,725.8 33,670.9 2008 -47.3% -52.7%
2,796.4 15,077.3 3,811.9 8,251.2 50,397.5 2009 84.5% 62.3%
2,686.9 17,283.5 4,617.6 10,592.1 58,038.9 2010 15.3% 29.4%
2,932.2 15,640.7 3,908.2 8,970.4 50,815.6 2011 -17.6% -11.9%
3,291.6 18,668.3 4,497.0 8,464.7 56,672.8 2012 15.7% 7.7%
3,946.9 24,034.9 5,346.2 8,286.4 66,918.4 2013 -1.5% 2.6%
3,570.9 26,330.6 5,315.0 8,415.7 69,816.7 2014 -5.7% -0.9%
3,878.8 25,067.5 5,203.7 7,253.0 73,493.3 2015 -7.9% -24.0%
3,467.4 45,667.9 5,274.7 8,202.6 89,865.6 2016 10.9% 28.1%
4,455.4 32,120.7 6,436.3 10,945.7 87,693.2 2017 14.6% 15.9%
3,638.0 30,436.3 5,664.1 9,568.8 76,772.0 2018 -16.3% -18.1%
4,182.9 33,890.8 8,709.3 8,774.9 89,545.4 2019 17.8% 24.3%
4,045.6 40,719.7 9,756.0 10,009.9 105,819.3 2020 15.7% 9.6%

3,492.6 25,068.0 5,245.3 8,295.3 68,364.0

-3.3% 20.1% 12.0% 14.1% 18.2%
0.8% 10.2% 13.4% 6.7% 7.6%
4.2% 8.9% 7.8% -0.6% 6.2%

4,455.4 45,667.9 9,756.0 10,945.7 105,819.3

1,868.2 11,590.3 2,379.3 3,725.8 33,670.9
7.0% 108.1% 171.5% 108.7% 102.0%
 % Change Y/Y
Other
United United Developed
China EU27 Hong Kong Japan Singapore Kingdom States Markets

291.0% 20.0% 54.8% -5.3% 40.3% 1.7% 1.8% 16.0%

-60.3% -51.0% -49.9% -28.2% -50.9% -51.4% -41.8% -42.9%
100.9% 34.1% 73.5% 5.6% 81.6% 49.7% 30.1% 60.2%
12.7% 0.4% 17.6% 19.0% 34.5% -3.9% 14.6% 21.1%
-15.3% -16.8% -16.7% -13.6% -7.6% 9.1% -9.5% -15.4%
8.4% 13.7% 25.4% 4.0% 27.9% 12.3% 19.4% 15.1%
6.8% 26.2% 9.5% 29.9% -2.7% 19.9% 28.7% 18.9%
52.1% -8.8% 4.3% -8.4% 1.1% -9.5% 9.6% -0.6%
36.4% -10.1% -1.5% 121.9% -15.0% 8.6% -4.8% -2.1%
-10.6% 1.2% 0.3% -47.9% 1.5% -10.6% 82.2% 1.4%
19.0% 27.6% 36.2% 22.9% 21.2% 28.5% -29.7% 22.0%
-27.4% -16.9% -12.2% -14.9% -12.7% -18.3% -5.2% -12.0%
35.5% 19.6% 28.3% 16.9% 1.5% 15.0% 11.3% 53.8%
43.3% 14.5% 25.1% 8.5% -6.4% -3.3% 20.1% 12.0%
 Other
Emerging
Markets Total

70.4% 21.4%
-54.4% -47.0%
121.5% 49.7%
28.4% 15.2%
-15.3% -12.4%
-5.6% 11.5%
-2.1% 18.1%
1.6% 4.3%
-13.8% 5.3%
13.1% 22.3%
33.4% -2.4%
-12.6% -12.5%
-8.3% 16.6%
14.1% 18.2%
Return to the Table of Contents

Global Equity Markets Capitalization - Share of Total

Percentages

Australia Canada China EU27 Hong Kong Japan Singapore

2006 2.1% 3.2% 2.2% 18.7% 3.3% 9.2% 0.7%
2007 2.0% 3.4% 7.0% 18.5% 4.2% 7.1% 0.8%
2008 2.0% 3.1% 5.3% 17.1% 3.9% 9.7% 0.8%
2009 2.5% 3.3% 7.1% 15.3% 4.6% 6.8% 1.0%
2010 2.5% 3.7% 6.9% 13.3% 4.7% 7.1% 1.1%
2011 2.4% 3.8% 6.7% 12.7% 4.4% 7.0% 1.2%
2012 2.4% 3.6% 6.5% 12.9% 5.0% 6.5% 1.3%
2013 2.0% 3.2% 5.9% 13.8% 4.6% 7.1% 1.1%
2014 1.8% 3.0% 8.6% 12.1% 4.6% 6.3% 1.1%
2015 1.6% 2.2% 11.1% 10.3% 4.3% 13.2% 0.9%
2016 1.5% 2.3% 8.1% 8.5% 3.6% 5.6% 0.7%
2017 1.7% 2.7% 9.9% 11.2% 5.0% 7.1% 0.9%
2018 1.6% 2.5% 8.2% 10.6% 5.0% 6.9% 0.9%
2019 1.7% 2.7% 9.6% 10.9% 5.5% 6.9% 0.8%
2020 1.6% 2.5% 11.6% 10.5% 5.8% 6.3% 0.6%

Average 2.0% 3.0% 7.7% 13.1% 4.6% 7.5% 0.9%

Y/Y Change 0.0% -0.2% 2.0% -0.3% 0.3% -0.6% -0.2%

Source: World Federation of Exchanges

Note: Market capitalization of listed domestic companies.

Maximum 2.5% 3.8% 11.6% 18.7% 5.8% 13.2% 1.3%

Minimum 1.5% 2.2% 2.2% 8.5% 3.3% 5.6% 0.6%
% Change Total -22.3% -23.1% 430.5% -43.7% 76.9% -30.7% -15.9%

Updated on:
6/8/2021
ages
Other Other
United United Developed Emerging
Kingdom States Markets Markets Total
7.2% 37.4% 6.9% 9.2% 100.0%
6.1% 31.3% 6.6% 12.9% 100.0%
5.5% 34.4% 7.1% 11.1% 100.0%
5.5% 29.9% 7.6% 16.4% 100.0%
4.6% 29.8% 8.0% 18.2% 100.0%
5.8% 30.8% 7.7% 17.7% 100.0%
5.8% 32.9% 7.9% 14.9% 100.0%
5.9% 35.9% 8.0% 12.4% 100.0%
5.1% 37.7% 7.6% 12.1% 100.0%
5.3% 34.1% 7.1% 9.9% 100.0%
3.9% 50.8% 5.9% 9.1% 100.0%
5.1% 36.6% 7.3% 12.5% 100.0%
4.7% 39.6% 7.4% 12.5% 100.0%
4.7% 37.8% 9.7% 9.8% 100.0%
3.8% 38.5% 9.2% 9.5% 100.0%

5.3% 35.8% 7.6% 12.5%

-0.8% 0.6% -0.5% -0.3%

7.2% 50.8% 9.7% 18.2% 100.0%

3.8% 29.8% 5.9% 9.1% 100.0%
-47.0% 3.0% 34.4% 3.3% 0.0%
Return to the Table of Contents

Global Derivatives Market Outstanding - Notional Principal Value

$ Billions % Change Y/Y

Over-the- Over-the-
Exchange Counter Exchange Counter
Traded (OTC) Total Traded (OTC)
2006 62,951.6 418,132.4 481,083.9
2007 71,532.0 585,925.9 657,458.0 2007 13.6% 40.1%
2008 52,963.0 598,141.0 651,103.9 2008 -26.0% 2.1%
2009 67,416.4 603,893.3 671,309.7 2009 27.3% 1.0%
2010 62,309.9 601,042.8 663,352.7 2010 -7.6% -0.5%
2011 53,692.9 647,807.0 701,499.9 2011 -13.8% 7.8%
2012 49,033.2 635,681.0 684,714.1 2012 -8.7% -1.9%
2013 57,459.4 710,092.3 767,551.7 2013 17.2% 11.7%
2014 57,594.2 627,786.0 685,380.2 2014 0.2% -11.6%
2015 63,485.8 492,536.2 556,022.0 2015 10.2% -21.5%
2016 67,244.9 482,421.1 549,665.9 2016 5.9% -2.1%
2017 80,984.1 531,911.1 612,895.1 2017 20.4% 10.3%
2018 94,849.7 544,383.3 639,233.0 2018 17.1% 2.3%
2019 95,812.8 558,511.1 654,323.9 2019 1.0% 2.6%
2020 65,949.7 582,058.4 648,008.2 2020 -31.2% 4.2%

Average 66,885.3 574,688.2 641,573.5

Y/Y % Change -31.2% 4.2% -1.0%
5-Year CAGR 0.8% 3.4% 3.1%
10-Year CAGR 0.6% -0.3% -0.2%

Source: Bank for International Settlements (BIS)

Note: Includes interest rate, foreign exchange, equity linked, commodity
contracts, credit derivatives, and credit default swaps.

Maximum 95,812.8 710,092.3 767,551.7

Minimum 49,033.2 418,132.4 481,083.9
% Change Total 4.8% 39.2% 34.7%

Updated on:
6/9/2021
Change Y/Y

Total

36.7%
-1.0%
3.1%
-1.2%
5.8%
-2.4%
12.1%
-10.7%
-18.9%
-1.1%
11.5%
4.3%
2.4%
-1.0%
Return to the Table of Contents

Global Investment Banking Net Revenues by Product - Charts

Source: Dealogic Investment Banking Revenue Analytics

Note: Includes M&A, debt capital markets, equity capital markets, and syndicated lending net revenues.

Updated on:
6/2/2021
Return to the Table of Contents

Global Investment Banking Net Revenues by Region

$ Billions
Y/Y %
2016 2017 2018 2019 2020 Average Change Maximum Minimum
United States 36.3 41.0 39.5 39.6 49.6 41.2 25.4% 49.6 36.3
United Kingdom 3.8 4.3 4.8 3.9 4.5 4.3 15.7% 4.8 3.8
Europe (ex UK) 12.3 14.0 14.8 12.9 14.5 13.7 11.9% 14.8 12.3
Japan 3.1 3.5 3.3 3.0 3.6 3.3 20.6% 3.6 3.0
BRICs (Brazil, Russia, India, China) 9.9 10.0 8.2 9.4 12.3 10.0 31.0% 12.3 8.2
Canada & Australia 5.2 5.4 5.8 4.9 5.2 5.3 5.6% 5.8 4.9
Asia Pacific (ex Japan, China, Australia, India) 2.2 2.3 2.3 2.3 2.3 2.3 -4.1% 2.3 2.2
Latin America (ex Brazil) 0.7 1.0 0.6 0.6 0.4 0.7 -31.1% 1.0 0.4
Other 1.0 1.2 1.2 1.3 1.2 1.2 -11.1% 1.3 1.0
Total 74.6 82.7 80.6 78.0 93.5 81.9 20.0% 93.5 74.6

Source: Dealogic Investment Banking Revenue Analytics

Note: Includes M&A, debt capital markets, equity capital markets, and syndicated lending net revenues.

Updated on:
6/2/2021
Return to the Table of Contents

Global Mergers and Acquisitions – Announced and Completed

Announced Completed
Value Value
($ Billions) # of Deals ($ Billions) # of Deals
2006 3,914.5 37,727 2006 3,591.8 37,671
2007 4,613.4 43,698 2007 4,746.4 43,492
2008 3,173.0 42,538 2008 3,568.7 43,305
2009 2,299.5 37,644 2009 2,370.2 37,173
2010 2,724.0 42,371 2010 2,491.1 41,993
2011 2,768.9 45,567 2011 2,911.1 45,544
2012 2,660.4 43,999 2012 2,558.2 43,943
2013 2,788.5 38,433 2013 2,750.2 38,626
2014 3,625.9 41,602 2014 3,055.1 41,244
2015 4,548.7 40,636 2015 4,129.7 40,531
2016 3,767.3 38,852 2016 3,905.1 39,268
2017 3,564.6 40,820 2017 3,696.7 41,120
2018 4,125.2 36,203 2018 4,317.7 36,219
2019 3,981.2 37,032 2019 3,824.7 36,999
2020 3,695.7 33,645 2020 3,453.6 33,038

Average 3,483.4 40,051 Average 3,424.7 40,011

Y/Y % Change -7.2% -9.1% Y/Y % Change -9.7% -10.7%
5-Year CAGR -4.1% -3.7% 5-Year CAGR -3.5% -4.0%
10-Year CAGR 3.1% -2.3% 10-Year CAGR 3.3% -2.4%

Source: Dealogic

Maximum 4,613.4 45,567 Maximum 4,746.4 45,544

Minimum 2,299.5 33,645 Minimum 2,370.2 33,038
% Change Total -5.6% -10.8% % Change Total -3.8% -12.3%

Updated on:
6/21/2021
 % Change Y/Y
Announced Announced Completed Completed
Value # of Deals Value # of Deals

2007 17.9% 15.8% 32.1% 15.5%

2008 -31.2% -2.7% -24.8% -0.4%
2009 -27.5% -11.5% -33.6% -14.2%
2010 18.5% 12.6% 5.1% 13.0%
2011 1.6% 7.5% 16.9% 8.5%
2012 -3.9% -3.4% -12.1% -3.5%
2013 4.8% -12.7% 7.5% -12.1%
2014 30.0% 8.2% 11.1% 6.8%
2015 25.5% -2.3% 35.2% -1.7%
2016 -17.2% -4.4% -5.4% -3.1%
2017 -5.4% 5.1% -5.3% 4.7%
2018 15.7% -11.3% 16.8% -11.9%
2019 -3.5% 2.3% -11.4% 2.2%
2020 -7.2% -9.1% -9.7% -10.7%
Return to the Table of Contents

U.S. Holdings of Foreign Securities

$ Billions % Change Y/Y

Stocks Bonds Total Stocks Bonds
2006 4,329.0 1,400.7 5,729.7
2007 5,248.0 1,734.6 6,982.5 2007 21.2% 23.8%
2008 2,748.4 1,341.9 4,090.3 2008 -47.6% -22.6%
2009 3,995.3 1,693.0 5,688.3 2009 45.4% 26.2%
2010 4,900.2 1,903.1 6,803.3 2010 22.7% 12.4%
2011 4,501.4 2,107.5 6,609.0 2011 -8.1% 10.7%
2012 5,321.9 2,366.7 7,688.6 2012 18.2% 12.3%
2013 6,472.9 2,383.8 8,856.7 2013 21.6% 0.7%
2014 6,770.6 2,592.3 9,362.9 2014 4.6% 8.7%
2015 6,756.2 2,424.1 9,180.2 2015 -0.2% -6.5%
2016 7,146.3 2,531.1 9,677.4 2016 5.8% 4.4%
2017 9,118.1 2,982.0 12,100.1 2017 27.6% 17.8%
2018 7,899.6 3,037.7 10,937.3 2018 -13.4% 1.9%
2019 9,459.1 3,351.7 12,810.8 2019 19.7% 10.3%
2020 10,560.1 3,589.1 14,149.2 2020 11.6% 7.1%

Average 6,348.5 2,362.6 8,711.1

Y/Y % Change 11.6% 7.1% 10.4%
5-Year CAGR 9.3% 8.2% 9.0%
10-Year CAGR 8.0% 6.5% 7.6%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Holding of foreign corporate equities, investment shares, and bonds
by U.S residents; includes American Depository Receipts (ADR).

Maximum 10,560.1 3,589.1 14,149.2

Minimum 2,748.4 1,341.9 4,090.3
% Change Total 143.9% 156.2% 146.9%

Updated:
6/14/2021
Change Y/Y
Total

21.9%
-41.4%
39.1%
19.6%
-2.9%
16.3%
15.2%
5.7%
-2.0%
5.4%
25.0%
-9.6%
17.1%
10.4%
Return to the Table of Contents

U.S. Gross Activity in Foreign Securities

$ Billions % Change Y/Y

Stocks Bonds Total Stocks Bonds
2006 7,375.9 3,888.1 11,264.0
2007 10,522.2 6,062.7 16,584.9 2007 42.7% 55.9%
2008 10,860.9 4,465.8 15,326.8 2008 3.2% -26.3%
2009 6,396.3 3,991.9 10,388.2 2009 -41.1% -10.6%
2010 7,404.1 7,320.3 14,724.4 2010 15.8% 83.4%
2011 8,000.5 7,054.9 15,055.4 2011 8.1% -3.6%
2012 6,909.5 7,824.3 14,733.8 2012 -13.6% 10.9%
2013 7,850.7 8,609.6 16,460.3 2013 13.6% 10.0%
2014 8,892.2 9,287.3 18,179.4 2014 13.3% 7.9%
2015 9,694.7 11,501.0 21,195.7 2015 9.0% 23.8%
2016 8,805.5 11,104.5 19,910.0 2016 -9.2% -3.4%
2017 9,798.2 17,387.2 27,185.3 2017 11.3% 56.6%
2018 11,907.8 21,865.7 33,773.5 2018 21.5% 25.8%
2019 11,082.2 25,856.9 36,939.0 2019 -6.9% 18.3%
2020 14,435.6 31,616.2 46,051.9 2020 30.3% 22.3%

Average 9,329.1 11,855.8 21,184.8

Y/Y % Change 30.3% 22.3% 24.7%
5-Year CAGR 8.3% 22.4% 16.8%
10-Year CAGR 6.9% 15.8% 12.1%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Gross activity = purchases + sales.

Maximum 14,435.6 31,616.2 46,051.9

Minimum 6,396.3 3,888.1 10,388.2
% Change Total 95.7% 713.2% 308.8%

Updated on:
6/10/2021
Change Y/Y
Total

47.2%
-7.6%
-32.2%
41.7%
2.2%
-2.1%
11.7%
10.4%
16.6%
-6.1%
36.5%
24.2%
9.4%
24.7%
Return to the Table of Contents

U.S. Net Purchases of Foreign Securities

$ Billions % Change Y/Y

Stocks Bonds Total Stocks Bonds
2006 106.3 149.7 256.0
2007 94.8 150.3 245.1 2007 -10.8% 0.4%
2008 -20.2 -42.5 -62.7 2008 -121.3% -128.3%
2009 59.6 123.9 183.5 2009 -395.2% -391.7%
2010 59.9 75.4 135.3 2010 0.5% -39.1%
2011 69.8 88.8 158.6 2011 16.5% 17.8%
2012 41.3 1.4 42.7 2012 -40.8% -98.5%
2013 174.0 76.4 250.4 2013 321.1% 5517.4%
2014 107.7 -94.0 13.8 2014 -38.1% -223.0%
2015 114.0 -251.3 -137.3 2015 5.8% 167.5%
2016 55.8 -233.2 -177.4 2016 -51.0% -7.2%
2017 106.3 -217.8 -111.5 2017 90.3% -6.6%
2018 -44.0 -291.7 -335.6 2018 -141.4% 33.9%
2019 -50.0 -113.6 -163.6 2019 13.8% -61.1%
2020 -109.0 -178.0 -287.1 2020 117.9% 56.7%

Average 51.1 -50.4 0.7

Y/Y % Change -117.9% -56.7% -75.4%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Net purchases = purchases - sales.

Maximum 174.0 150.3 256.0

Minimum -109.0 -291.7 -335.6
% Change Total -202.6% -218.9% -212.1%

Updated on:
6/10/2021
Change Y/Y
Total

-4.3%
-125.6%
-392.8%
-26.3%
17.2%
-73.1%
486.7%
-94.5%
-1097.5%
29.2%
-37.2%
201.1%
-51.3%
75.4%
Return to the Table of Contents

U.S. Gross Activity in Foreign Equities by Region/Country

$ Billions

Australia Canada China EU27 Hong Kong

2006 154.6 318.3 13.5 661.8 423.4
2007 208.4 447.1 11.7 974.8 655.1
2008 230.7 613.3 11.6 1,092.0 648.9
2009 157.4 425.9 19.5 627.1 508.5
2010 153.7 490.8 22.5 673.2 612.4
2011 135.2 581.3 25.1 724.4 638.2
2012 106.2 487.1 17.1 657.1 545.3
2013 111.0 526.4 26.2 634.7 719.3
2014 97.7 750.8 28.0 751.6 707.1
2015 115.1 846.2 46.4 861.9 728.3
2016 110.3 679.5 30.5 1,013.1 614.7
2017 114.5 744.2 32.9 1,149.3 705.4
2018 127.0 878.5 51.8 1,369.8 886.4
2019 129.6 818.4 53.1 1,204.5 832.4
2020 159.3 1,080.0 84.7 1,667.3 1,179.8

Average 140.7 645.8 31.6 937.5 693.7

Y/Y % Change 22.9% 32.0% 59.5% 38.4% 41.7%
5-Year CAGR 6.7% 5.0% 12.8% 14.1% 10.1%
10-Year CAGR 0.4% 8.2% 14.2% 9.5% 6.8%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Gross activity = purchases + sales; China includes Mainland only.

Maximum 230.7 1,080.0 84.7 1,667.3 1,179.8

Minimum 97.7 318.3 11.6 627.1 423.4
% Change Total 3.1% 239.3% 529.0% 151.9% 178.6%

Updated on:
6/10/2021
$ Billions
United
Japan Singapore Kingdom All Countries
784.0 92.1 2,416.0 7,375.9
910.4 128.4 3,453.1 10,522.2
784.7 150.2 3,520.8 10,860.9
366.5 86.0 1,992.1 6,396.3
374.2 89.6 2,289.6 7,404.1
390.7 104.6 2,552.0 8,000.5
304.7 99.7 2,274.4 6,909.5
504.9 116.8 2,456.1 7,850.7
361.6 137.8 2,760.2 8,892.2
390.0 171.7 2,616.6 9,694.7
417.3 180.3 2,510.4 8,805.5
459.0 188.2 2,811.3 9,798.2
565.4 249.1 3,768.8 11,907.8
441.7 231.6 3,356.3 11,082.2
474.7 325.7 4,449.8 14,435.6

502.0 156.8 2,881.8 9,329.1

7.5% 40.6% 32.6% 30.3%
4.0% 13.7% 11.2% 8.3%
2.4% 13.8% 6.9% 6.9%

910.4 325.7 4,449.8 14,435.6

304.7 86.0 1,992.1 6,396.3
-39.4% 253.7% 84.2% 95.7%
Return to the Table of Contents

U.S. Net Purchases of Foreign Equities by Region/Country

$ Billions

Australia Canada China EU27 Hong Kong

2006 6.0 7.6 5.2 6.8 21.2
2007 2.3 5.6 -0.6 1.4 -6.7
2008 0.8 2.2 0.3 -16.5 -12.1
2009 5.9 7.2 -2.4 -11.7 9.5
2010 0.2 2.8 -0.6 -6.9 26.0
2011 -0.3 1.4 5.4 12.1 0.2
2012 0.1 0.8 -1.2 2.0 15.6
2013 4.0 6.4 -4.0 30.3 6.7
2014 7.9 9.9 0.2 6.3 15.3
2015 4.6 7.7 2.5 6.0 20.8
2016 7.4 3.2 0.2 5.8 1.8
2017 -1.2 -17.3 -0.4 -0.5 29.2
2018 -0.2 -35.6 -3.2 14.6 25.6
2019 -2.0 -28.9 -1.5 -16.9 29.9
2020 -1.8 -39.6 -2.4 -32.5 -26.5

Average 2.2 -4.4 -0.2 0.0 10.4

Y/Y % Change 10.8% -36.9% -53.4% -92.0% -188.4%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Net purchases = purchases - sales; China includes Mainland only.

Maximum 7.9 9.9 5.4 30.3 29.9

Minimum -2.0 -39.6 -4.0 -32.5 -26.5
% Change Total -130.2% -623.7% -145.8% -579.1% -224.6%

Updated on:
6/10/2021
$ Billions
United
Japan Singapore Kingdom All Countries
2.1 5.5 59.7 106.3
1.7 4.0 66.8 94.8
-21.7 -5.6 1.7 -20.2
2.5 -0.8 24.0 59.6
13.0 -2.2 -3.8 59.9
-4.1 2.2 3.0 69.8
9.2 -4.6 13.1 41.3
32.9 -5.0 96.8 174.0
1.2 5.8 47.8 107.7
-2.4 4.5 40.9 114.0
-14.2 0.0 23.3 55.8
2.5 0.8 95.1 106.3
-10.0 -8.4 -2.5 -44.0
-1.2 -1.2 16.9 -50.0
-16.4 2.8 31.3 -109.0

-0.3 -0.2 34.3 51.1

-1284.1% 332.0% 85.5% -117.9%

32.9 5.8 96.8 174.0

-21.7 -8.4 -3.8 -109.0
-891.0% -48.8% -47.6% -202.6%
Return to the Table of Contents

Foreign Holdings of U.S. Securities

$ Billions
Agency
Corporate Debentures
Stocks Bonds Treasury and MBS Total
2006 2,558.4 2,353.3 2,126.2 1,258.2 8,296.2
2007 2,954.0 2,775.0 2,376.4 1,576.8 9,682.3 2007
2008 1,929.9 2,383.9 3,253.0 1,402.2 8,968.9 2008
2009 2,657.4 2,483.5 3,670.6 1,150.0 9,961.5 2009
2010 3,213.5 2,523.1 4,458.8 1,095.8 11,291.2 2010
2011 3,397.2 2,491.0 5,004.4 1,078.2 11,970.8 2011
2012 3,953.0 2,617.6 5,571.5 1,001.2 13,143.2 2012
2013 5,205.4 2,732.9 5,792.6 883.8 14,614.7 2013
2014 5,920.6 2,928.0 6,158.0 899.6 15,906.2 2014
2015 5,500.9 3,083.3 6,146.2 916.5 15,647.0 2015
2016 5,782.7 3,431.7 6,002.8 991.6 16,208.8 2016
2017 7,019.4 3,881.7 6,211.3 1,012.2 18,124.6 2017
2018 6,629.5 3,604.4 6,270.1 1,087.0 17,591.1 2018
2019 8,199.0 3,964.0 6,690.8 1,182.1 20,035.9 2019
2020 10,519.3 4,408.2 7,073.9 1,195.0 23,196.4 2020

Average 5,029.3 3,044.1 5,120.4 1,115.4 14,309.3

Y/Y % Change 28.3% 11.2% 5.7% 1.1% 15.8%
5-Year CAGR 13.8% 7.4% 2.9% 5.5% 8.2%
10-Year CAGR 12.6% 5.7% 4.7% 0.9% 7.5%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Corporate bonds include ABS and MBS securities.

Maximum 10,519.3 4,408.2 7,073.9 1,576.8 23,196.4

Minimum 1,929.9 2,353.3 2,126.2 883.8 8,296.2
% Change Total 311.2% 87.3% 232.7% -5.0% 179.6%

Updated on:
6/14/2021
 % Change Y/Y
Agency
Corporate Debentures
Stocks Bonds Treasury and MBS Total

15.5% 17.9% 11.8% 25.3% 16.7%

-34.7% -14.1% 36.9% -11.1% -7.4%
37.7% 4.2% 12.8% -18.0% 11.1%
20.9% 1.6% 21.5% -4.7% 13.3%
5.7% -1.3% 12.2% -1.6% 6.0%
16.4% 5.1% 11.3% -7.1% 9.8%
31.7% 4.4% 4.0% -11.7% 11.2%
13.7% 7.1% 6.3% 1.8% 8.8%
-7.1% 5.3% -0.2% 1.9% -1.6%
5.1% 11.3% -2.3% 8.2% 3.6%
21.4% 13.1% 3.5% 2.1% 11.8%
-5.6% -7.1% 0.9% 7.4% -2.9%
23.7% 10.0% 6.7% 8.7% 13.9%
28.3% 11.2% 5.7% 1.1% 15.8%
Return to the Table of Contents

Foreign Gross Activity in U.S. Securities

$ Billions
Corporate
Stocks Bonds Treasuries Agencies Total
2006 13,585.9 2,841.8 21,699.3 2,850.0 40,977.0
2007 21,082.7 3,429.2 30,021.6 3,864.7 58,398.1 2007
2008 24,030.8 2,838.1 28,924.7 5,209.1 61,002.6 2008
2009 13,155.0 2,414.1 22,628.9 2,086.3 40,284.3 2009
2010 13,384.6 1,951.7 31,653.7 2,095.9 49,086.0 2010
2011 15,413.4 2,032.3 35,439.6 2,167.2 55,052.4 2011
2012 14,706.1 1,759.7 29,075.0 2,890.1 48,430.8 2012
2013 15,435.8 1,856.7 35,386.7 2,671.9 55,351.1 2013
2014 17,861.9 2,145.2 33,243.8 2,143.0 55,393.9 2014
2015 22,233.5 2,232.8 32,490.6 2,616.6 59,573.5 2015
2016 23,065.8 2,298.8 30,510.3 3,260.2 59,135.1 2016
2017 26,592.2 2,967.9 29,511.7 3,475.6 62,547.5 2017
2018 36,291.1 2,776.4 30,100.6 3,633.4 72,801.5 2018
2019 37,228.8 3,481.1 36,646.7 4,850.6 82,207.1 2019
2020 48,552.9 5,224.6 38,020.1 6,539.4 98,337.1 2020

Average 22,841.4 2,683.4 31,023.6 3,356.9 59,905.2

Y/Y % Change 30.4% 50.1% 3.7% 34.8% 19.6%
5-Year CAGR 16.9% 18.5% 3.2% 20.1% 10.5%
10-Year CAGR 13.8% 10.3% 1.8% 12.1% 7.2%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Gross activity = purchases + sales.

Maximum 48,552.9 5,224.6 38,020.1 6,539.4 98,337.1

Minimum 13,155.0 1,759.7 21,699.3 2,086.3 40,284.3
% Change Total 257.4% 83.8% 75.2% 129.5% 140.0%

Updated on:
6/10/2021
 % Change Y/Y
Corporate
Stocks Bonds Treasuries Agencies Total

55.2% 20.7% 38.4% 35.6% 42.5%

14.0% -17.2% -3.7% 34.8% 4.5%
-45.3% -14.9% -21.8% -59.9% -34.0%
1.7% -19.2% 39.9% 0.5% 21.8%
15.2% 4.1% 12.0% 3.4% 12.2%
-4.6% -13.4% -18.0% 33.4% -12.0%
5.0% 5.5% 21.7% -7.5% 14.3%
15.7% 15.5% -6.1% -19.8% 0.1%
24.5% 4.1% -2.3% 22.1% 7.5%
3.7% 3.0% -6.1% 24.6% -0.7%
15.3% 29.1% -3.3% 6.6% 5.8%
36.5% -6.5% 2.0% 4.5% 16.4%
2.6% 25.4% 21.7% 33.5% 12.9%
30.4% 50.1% 3.7% 34.8% 19.6%
Return to the Table of Contents

Foreign Net Purchases of U.S. Securities

$ Billions
Corporate
Stocks Bonds Treasuries Agencies Total
2006 150.4 509.8 194.7 286.2 1,141.1
2007 195.6 392.1 199.0 218.6 1,005.3 2007
2008 44.8 93.3 315.3 -37.7 415.7 2008
2009 152.7 -39.7 538.3 -9.9 641.5 2009
2010 109.8 -11.4 703.5 109.3 911.1 2010
2011 24.7 -42.6 421.0 81.9 485.0 2011
2012 107.8 -22.8 417.4 131.7 634.1 2012
2013 -43.0 9.3 43.6 72.4 82.3 2013
2014 -15.4 23.3 178.1 75.8 261.8 2014
2015 -114.7 134.7 -15.0 158.2 163.2 2015
2016 -6.3 125.0 -311.8 266.3 73.1 2016
2017 119.4 132.3 25.0 136.4 413.1 2017
2018 -129.8 56.9 8.8 230.5 166.3 2018
2019 0.9 16.1 -131.4 299.9 185.4 2019
2020 368.2 -145.3 -537.4 469.6 155.2 2020

Average 64.3 82.1 136.6 165.9 449.0

Y/Y % Change 42417.0% -1004.2% -309.0% 56.6% -16.3%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Net purchases = purchases - sales.

Maximum 368.2 509.8 703.5 469.6 1,141.1

Minimum -129.8 -145.3 -537.4 -37.7 73.1
% Change Total 144.9% -128.5% -376.0% 64.1% -86.4%

Updated on:
6/10/2021
 % Change Y/Y
Corporate
Stocks Bonds Treasuries Agencies Total

30.1% -23.1% 2.2% -23.6% -11.9%

-77.1% -76.2% 58.4% -117.2% -58.6%
241.2% -142.5% 70.7% -73.8% 54.3%
-28.1% -71.2% 30.7% -1207.3% 42.0%
-77.5% 273.2% -40.2% -25.1% -46.8%
336.1% -46.5% -0.9% 60.8% 30.7%
-139.9% -140.9% -89.5% -45.0% -87.0%
-64.2% 149.8% 308.1% 4.7% 218.0%
644.9% 478.5% -108.4% 108.7% -37.7%
-94.5% -7.2% 1979.7% 68.3% -55.2%
-1981.4% 5.8% -108.0% -48.8% 465.0%
-208.7% -57.0% -64.9% 69.0% -59.7%
-100.7% -71.7% -1597.1% 30.1% 11.5%
42417.0% -1004.2% 309.0% 56.6% -16.3%
Return to the Table of Contents

Foreign Gross Activity in U.S. Equities by Region/Country

$ Billions

Australia Canada China EU27 Hong Kong

2006 39.3 243.0 11.1 1,921.1 37.3
2007 61.0 411.1 17.4 3,804.3 118.4
2008 74.7 765.4 32.1 5,517.5 128.7
2009 45.5 619.1 34.5 2,713.7 63.9
2010 53.6 731.5 38.0 2,394.0 73.8
2011 64.5 974.4 34.0 2,543.0 89.5
2012 62.4 1,176.5 44.1 2,457.6 88.0
2013 82.8 793.6 49.0 2,018.2 160.1
2014 89.2 867.2 46.8 1,852.9 207.0
2015 80.3 833.9 50.4 1,834.3 183.8
2016 72.5 985.1 32.6 2,126.1 185.1
2017 85.9 1,173.2 45.5 2,031.4 234.6
2018 98.6 1,549.7 110.5 3,203.8 377.2
2019 104.0 1,516.8 106.5 3,943.5 362.4
2020 164.6 2,541.4 159.2 5,510.4 651.8

Average 78.6 1,012.1 54.1 2,924.8 197.4

Y/Y % Change 58.3% 67.6% 49.5% 39.7% 79.9%
5-Year CAGR 15.5% 25.0% 25.9% 24.6% 28.8%
10-Year CAGR 11.9% 13.3% 15.4% 8.7% 24.3%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Gross activity = purchases + sales; China includes Mainland only.

Maximum 164.6 2,541.4 159.2 5,517.5 651.8

Minimum 39.3 243.0 11.1 1,834.3 37.3
% Change Total 318.9% 945.8% 1337.4% 186.8% 1648.2%

Updated on:
6/10/2021
$ Billions
United
Japan Singapore Kingdom All Countries
87.1 52.2 2,416.3 13,585.9
103.5 63.3 3,640.4 21,082.7
104.4 105.5 3,689.5 24,030.8
127.5 78.7 1,749.6 13,155.0
132.7 79.8 1,843.2 13,384.6
166.1 91.8 2,593.0 15,413.4
154.7 99.1 2,388.4 14,706.1
179.9 132.2 3,101.2 15,435.8
158.7 126.2 3,589.9 17,861.9
133.3 147.2 5,360.1 22,233.5
124.5 145.6 6,637.3 23,065.8
155.7 211.8 8,295.3 26,592.2
193.1 380.4 12,978.0 36,291.1
193.4 417.2 11,677.0 37,228.8
347.8 597.0 12,483.8 48,552.9

157.5 181.9 5,496.2 22,841.4

79.8% 43.1% 6.9% 30.4%
21.1% 32.3% 18.4% 16.9%
10.1% 22.3% 21.1% 13.8%

347.8 597.0 12,978.0 48,552.9

87.1 52.2 1,749.6 13,155.0
299.4% 1043.1% 416.6% 257.4%
Return to the Table of Contents

Foreign Net Purchases of U.S. Equities by Region/Country

$ Billions

Australia Canada China EU27 Hong Kong

2006 1.0 11.8 0.5 20.3 -0.5
2007 4.8 8.1 4.0 17.0 35.4
2008 0.1 7.2 -0.7 -32.7 27.4
2009 3.0 -1.6 4.0 15.7 6.3
2010 2.0 6.5 2.8 14.4 9.8
2011 0.3 14.1 0.4 -35.0 6.5
2012 1.0 14.7 -1.5 22.1 0.1
2013 -0.6 -3.2 2.8 11.7 -4.0
2014 0.9 10.2 -1.7 28.6 -6.6
2015 0.1 -12.2 -4.5 -25.3 -16.2
2016 0.4 2.3 -3.3 -20.6 -12.3
2017 6.8 53.0 2.1 -2.6 -4.6
2018 2.9 0.8 2.0 -4.8 -28.9
2019 4.3 21.1 -3.5 17.7 7.0
2020 -2.1 73.4 0.5 107.7 23.5

Average 1.7 13.7 0.3 8.9 2.9

Y/Y % Change -147.5% 247.8% 115.8% 506.7% 237.1%

Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Net purchases = purchases - sales; China includes Mainland only.

Maximum 6.8 73.4 4.0 107.7 35.4

Minimum -2.1 -12.2 -4.5 -35.0 -28.9
% Change Total -314.2% 520.7% 16.6% 429.2% 5184.9%

Updated on:
6/10/2021
$ Billions
United
Japan Singapore Kingdom All Countries
-0.7 -4.5 75.8 150.4
-5.0 -2.5 69.5 195.6
23.0 7.1 30.9 44.8
13.8 12.0 33.7 152.7
4.6 -4.4 27.8 109.8
3.4 -6.7 3.0 24.7
-8.1 -0.9 34.2 107.8
-26.4 -3.8 -0.3 -43.0
-9.2 -11.0 -19.7 -15.4
9.5 -5.5 -15.5 -114.7
9.1 -0.6 13.5 -6.3
3.0 -7.3 33.5 119.4
5.9 -2.9 -106.4 -129.8
0.0 16.6 -15.7 0.9
14.0 22.1 -20.2 368.2

2.5 0.5 9.6 64.3

233233.3% 33.6% -28.7% 42417.0%

23.0 22.1 75.8 368.2

-26.4 -11.0 -106.4 -129.8
2192.7% 595.3% -126.7% 144.9%
Return to the Table of Contents

Major Global Stock Market Indexes

Local Currency, End of Year

Canada
S&P/TSX France Germany Hong Kong Japan U.K.
Comp. CAC 40 DAX Hang Seng Nikkei 225 FTSE 100
2006 12,908.39 5,541.76 6,596.92 19,964.72 17,225.83 6,220.80
2007 13,833.06 5,614.08 8,067.32 27,812.65 15,307.78 6,456.90
2008 8,987.70 3,217.97 4,810.20 14,387.48 8,859.56 4,434.17
2009 11,746.11 3,936.33 5,957.43 21,872.50 10,546.44 5,412.88
2010 13,443.22 3,804.78 6,914.19 23,035.45 10,228.92 5,899.94
2011 11,955.09 3,159.81 5,898.35 18,434.39 8,455.35 5,572.28
2012 12,433.53 3,641.07 7,612.39 22,656.92 10,395.18 5,897.81
2013 13,621.55 4,295.95 9,552.16 23,306.39 16,291.31 6,749.09
2014 14,632.44 4,272.75 9,805.55 23,605.04 17,450.77 6,566.09
2015 13,009.95 4,637.06 10,743.01 21,914.40 19,033.71 6,242.32
2016 15,287.59 4,862.31 11,481.06 22,000.56 19,114.37 7,142.83
2017 16,209.13 5,312.56 12,917.64 29,919.15 22,764.94 7,687.77
2018 14,322.86 4,730.69 10,558.96 25,845.70 20,014.77 6,728.13
2019 17,063.43 5,978.06 13,249.01 28,189.75 23,656.62 7,542.44
2020 17,433.36 5,551.41 13,718.78 27,231.13 27,444.17 6,460.52

Average 13,792.49 4,570.44 9,192.20 23,345.08 16,452.65 6,334.26

Y/Y % Change 2.2% -7.1% 3.5% -3.4% 16.0% -14.3%
5-Year CAGR 6.0% 3.7% 5.0% 4.4% 7.6% 0.7%
10-Year CAGR 2.6% 3.9% 7.1% 1.7% 10.4% 0.9%

Source: Bloomberg

Maximum 17,433.4 5,978.1 13,718.8 29,919.2 27,444.2 7,687.8

Minimum 8,987.7 3,159.8 4,810.2 14,387.5 8,455.4 4,434.2
% Change Total 35.1% 0.2% 108.0% 36.4% 59.3% 3.9%

Updated on:
6/2/2021
 % Change Y/Y
Canada
S&P/TSX France Germany Hong Kong Japan U.K.
Comp. CAC 40 DAX Hang Seng Nikkei 225 FTSE 100

2007 7.2% 1.3% 22.3% 39.3% -11.1% 3.8%

2008 -35.0% -42.7% -40.4% -48.3% -42.1% -31.3%
2009 30.7% 22.3% 23.8% 52.0% 19.0% 22.1%
2010 14.4% -3.3% 16.1% 5.3% -3.0% 9.0%
2011 -11.1% -17.0% -14.7% -20.0% -17.3% -5.6%
2012 4.0% 15.2% 29.1% 22.9% 22.9% 5.8%
2013 9.6% 18.0% 25.5% 2.9% 56.7% 14.4%
2014 7.4% -0.5% 2.7% 1.3% 7.1% -2.7%
2015 -11.1% 8.5% 9.6% -7.2% 9.1% -4.9%
2016 17.5% 4.9% 6.9% 0.4% 0.4% 14.4%
2017 6.0% 9.3% 12.5% 36.0% 19.1% 7.6%
2018 -11.6% -11.0% -18.3% -13.6% -12.1% -12.5%
2019 19.1% 26.4% 25.5% 9.1% 18.2% 12.1%
2020 2.2% -7.1% 3.5% -3.4% 16.0% -14.3%
Return to the Table of Contents

Foreign Exchange Rates

Foreign Currency Units Per U.S. Dollar, Average

Nominal
Advanced
Foreign
Canadian Japanese British Economies
Dollar Euro Yen Pound Dollar Index
2006 1.134 0.796 116.312 0.542 97.683
2007 1.073 0.729 117.762 0.500 92.071 2007
2008 1.066 0.679 103.391 0.539 88.452 2008
2009 1.141 0.718 93.683 0.639 92.823 2009
2010 1.030 0.754 87.782 0.647 90.134 2010
2011 0.989 0.718 79.697 0.623 84.852 2011
2012 0.999 0.778 79.818 0.631 88.023 2012
2013 1.030 0.753 97.597 0.639 90.649 2013
2014 1.104 0.752 105.740 0.607 93.435 2014
2015 1.279 0.901 121.049 0.654 108.149 2015
2016 1.324 0.903 108.657 0.738 109.360 2016
2017 1.298 0.885 112.099 0.776 108.947 2017
2018 1.296 0.846 110.397 0.748 106.486 2018
2019 1.327 0.893 109.019 0.783 110.258 2019
2020 1.342 0.876 106.775 0.780 109.110 2020

Average 1.162 0.799 103.318 0.656 98.029

Y/Y % Change 1.1% -1.9% -2.1% -0.5% -1.0%
5-Year CAGR 1.0% -0.6% -2.5% 3.6% 0.2%
10-Year CAGR 2.7% 1.5% 2.0% 1.9% 1.9%

Source: The Federal Reserve

Note: Major Currencies Index includes trade-weighted (goods only) value of the dollar.

Maximum 1.342 0.903 121.049 0.783 110.258

Minimum 0.989 0.679 79.697 0.500 84.852
% Change Total 18.4% 10.1% -8.2% 43.7% 11.7%

Updated on:
6/17/2021
 % Change Y/Y

Nominal
Advanced
Foreign
Canadian Japanese British Economies
Dollar Euro Yen Pound Dollar Index

-5.3% -8.4% 1.2% -7.9% -5.7%

-0.7% -6.9% -12.2% 8.0% -3.9%
7.1% 5.7% -9.4% 18.4% 4.9%
-9.8% 5.1% -6.3% 1.4% -2.9%
-4.0% -4.8% -9.2% -3.7% -5.9%
1.1% 8.3% 0.2% 1.2% 3.7%
3.1% -3.2% 22.3% 1.4% 3.0%
7.2% -0.1% 8.3% -5.1% 3.1%
15.8% 19.8% 14.5% 7.9% 15.7%
3.5% 0.2% -10.2% 12.8% 1.1%
-2.0% -2.0% 3.2% 5.2% -0.4%
-0.2% -4.4% -1.5% -3.5% -2.3%
2.4% 5.6% -1.2% 4.7% 3.5%
1.1% -1.9% -2.1% -0.5% -1.0%
Return to the Table of Contents

American Depositary Receipts (ADRs)

Total Total ADR

Sponsored Unsponsored ADR Traded Traded Dollar
ADR ADR Share Volume Volume
Programs Programs (Billions) ($ Billions)
2006 1,984 N/A 53 1,500
2007 2,084 N/A 76 3,000 2007
2008 2,157 N/A 118 3,700 2008
2009 2,110 1,060 135 2,700 2009
2010 2,217 1,116 147 3,500 2010
2011 2,289 1,229 175 3,800 2011
2012 2,287 1,391 157 2,790 2012
2013 2,230 1,532 143 2,569 2013
2014 2,152 1,600 159 3,300 2014
2015 1,976 1,626 160 3,100 2015
2016 1,876 1,516 152 2,900 2016
2017 1,652 1,613 136 3,300 2017
2018 1,579 1,461 162 4,280 2018
2019 1,449 1,497 162 3,510 2019
2020 1,442 1,449 250 5,881 2020

Average 1,965.6 1,424.2 145.6 3,322.0

Y/Y % Change -0.5% -3.2% 54.3% 67.6%
5-Year CAGR -6.1% -2.3% 9.3% 13.7%
10-Year CAGR -4.2% 2.6% 5.4% 5.3%

Source: Deutsche Bank

Note: Trading volume includes both sponsored and unsponsored ADRs global traded amounts.

Maximum 2,289.000 1,626.000 249.600 5,881.400

Minimum 1,442.000 1,060.000 52.600 1,500.000
% Change Total -27.3% #VALUE! 374.5% 292.1%

7/28/2020
 % Change Y/Y
Total Total ADR
Sponsored Unsponsored ADR Traded Traded Dollar
ADR ADR Share Volume Volume
Programs Programs (Billions) ($ Billions)

5.0% N/A 44.5% 100.0%

3.5% N/A 55.3% 23.3%
-2.2% N/A 14.4% -27.0%
5.1% N/A 8.9% 29.6%
3.2% 10.1% 19.0% 8.6%
-0.1% 13.2% -10.3% -26.6%
-2.5% 10.1% -8.8% -7.9%
-3.5% 4.4% 11.0% 28.4%
-8.2% 1.6% 0.6% -6.1%
-5.1% -6.8% -4.9% -6.5%
-11.9% 6.4% -10.6% 13.8%
-4.4% -9.4% 19.1% 29.7%
-8.2% 2.5% -0.1% -18.0%
-0.5% -3.2% 54.3% 67.6%
Return to the Table of Contents

U.S. Holdings of Equities - Market Value

$ Billions % of Total
Households Institutions Total Households Institutions
2006 9,874.3 14,959.0 24,833.3 2006 39.8% 60.2%
2007 9,757.7 16,441.7 26,199.5 2007 37.2% 62.8%
2008 5,734.8 10,528.8 16,263.5 2008 35.3% 64.7%
2009 7,209.6 13,439.4 20,649.0 2009 34.9% 65.1%
2010 8,563.4 15,513.8 24,077.2 2010 35.6% 64.4%
2011 8,123.7 15,209.9 23,333.6 2011 34.8% 65.2%
2012 9,408.2 17,425.3 26,833.5 2012 35.1% 64.9%
2013 12,183.4 22,262.4 34,445.8 2013 35.4% 64.6%
2014 13,940.3 24,156.1 38,096.4 2014 36.6% 63.4%
2015 13,765.2 23,445.9 37,211.1 2015 37.0% 63.0%
2016 15,202.6 24,965.4 40,168.0 2016 37.8% 62.2%
2017 17,974.1 29,945.7 47,919.8 2017 37.5% 62.5%
2018 16,301.7 27,413.6 43,715.3 2018 37.3% 62.7%
2019 20,860.6 33,764.3 54,624.9 2019 38.2% 61.8%
2020 25,890.9 39,316.8 65,207.7 2020 39.7% 60.3%

Average 12,986.0 21,919.2 34,905.2 Average 0.4 0.6

Y/Y % Change 24.1% 16.4% 19.4% Y/Y Change 1.5% -1.5%
5-Year CAGR 13.5% 10.9% 11.9%
10-Year CAGR 11.7% 9.7% 10.5%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Household sector includes nonprofit organizations; includes only directly held equities.

Maximum 25,890.9 65,207.7 Maximum 0.4

Minimum 5,734.8 16,263.5 Minimum 0.3
% Change Total 162.2% 162.6% % Change Total -0.1%

Updated on:
6/14/2021
Return to the Table of Contents

U.S. Family Holding of Stock

2001 2004 2007 2010 2013

Families with stock holdings, direct or indirect
53.0% 50.3% 53.2% 49.8% 48.8%
(% of all families)
Median value of stock held among families
50.5 44.6 42.0 34.2 39.3
(thousands of dollars)
Stock held by families
56.7% 51.3% 53.6% 46.8% 51.3%
(% of total family financial assets)

Source: The Federal Reserve, 2019 Survey of Consumer Finances

Note: Includes both directly and indirectly held publicly traded stock (i.e. through mutual funds or retirement accounts); 2019 is the latest data available at the tim

Updated on:
9/28/2020
 2016 2019 Average
51.9% 52.6% 51.4%

42.5 40.0 41.9

53.2% 54.6% 52.5%

latest data available at the time of publication.

Return to the Table of Contents

U.S. Household Equity Ownership - Market Value

$ Billions
U.S. Household Equity Ownership ($T)
2006 16,235.3 45
40,883.2
2007 16,684.3 40
2008 9,746.2 34,051.8
35
2009 12,604.5
29,649.1
2010 14,848.3 30
26,740.5
2011 14,062.0 24,947.6
25 23,361.023,040.7
2012 16,207.8 21,058.5
20
2013 21,058.5 16,207.8
2014 23,361.0 15 14,062.0
2015 23,040.7 10
2016 24,947.6
5
2017 29,649.1
2018 26,740.5 0
2019 34,051.8
2020 40,883.2

Average 21,608.1
Y/Y % Change 20.1%
5-Year CAGR 12.2%
10-Year CAGR 10.7%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Household sector includes nonprofit organizations; includes both directly and indirectly held equities (i.e. through mutual funds).

Maximum 40,883.2
Minimum 9,746.2
% Change Total 151.8%

Updated on:
6/14/2021

(Chart titles - do not delete)

U.S. Houshold Equity Ownership ($T)
Note: : Household sector includes nonprofit organizations. Includes both directly held equities and equities held through mutua
Source: Federal Reserve Flow of Funds
T)
40,883.2

34,051.8

740.5

l funds).
equities held through mutual funds.
Return to the Table of Contents

U.S. Household Liquid Financial Assets - Market Value

$ Billions

U.S.
Treasury,
Bank Mutual Agency, and Money
Deposits Fund GSE Municipal Market
Equities & CDs Shares Securities Bonds Funds
2006 9,874.3 5,711.4 4,010.3 338.9 1,760.7 1,465.9
2007 9,757.7 6,127.1 4,535.9 689.5 1,640.7 1,967.8
2008 5,734.8 6,643.6 2,917.7 1,384.5 1,525.2 2,285.0
2009 7,209.6 6,783.1 4,021.7 926.6 1,859.2 1,962.3
2010 8,563.4 6,920.2 4,701.7 1,259.9 1,915.3 1,657.5
2011 8,123.7 7,586.6 4,684.4 1,345.7 2,065.4 1,584.8
2012 9,408.2 8,045.1 5,549.7 1,417.6 2,026.2 1,589.9
2013 12,183.4 8,429.6 6,598.8 1,030.3 1,848.9 1,591.9
2014 13,940.3 8,981.9 7,065.1 1,018.6 1,948.1 1,568.0
2015 13,765.2 9,609.9 6,960.6 1,500.3 1,911.7 1,551.1
2016 15,202.6 10,195.7 7,308.6 1,481.2 1,887.9 1,558.5
2017 17,974.1 10,528.8 8,656.9 1,530.5 1,897.8 1,617.9
2018 16,301.7 10,870.0 8,005.0 2,241.0 1,868.0 1,799.0
2019 20,860.6 11,374.5 10,044.1 2,661.8 1,901.4 2,219.4
2020 25,890.9 13,694.6 11,223.4 1,968.3 1,920.5 2,595.1

Average 12,986.0 8,766.8 6,418.9 1,386.3 1,865.1 1,800.9

Y/Y % Change 24.1% 20.4% 11.7% -26.1% 1.0% 16.9%
5-Year CAGR 13.5% 7.3% 10.0% 5.6% 0.1% 10.8%
10-Year CAGR 11.7% 7.1% 9.1% 4.6% 0.0% 4.6%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Households include nonprofit organizations. Liquid financial assets exclude pension fund reserves, equity in non-corporate business, etc.

Maximum 25,890.9 13,694.6 11,223.4 2,661.8 2,065.4 2,595.1

Minimum 5,734.8 5,711.4 2,917.7 338.9 1,525.2 1,465.9
% Change Total 162.2% 139.8% 179.9% 480.7% 9.1% 77.0%

Updated on:
6/14/2021
 % Change Y/Y

U.S.
Total Treasury,
Liquid Bank Mutual Agency, and
Corporate Financial Deposits Fund GSE
Bonds Assets Equities & CDs Shares Securities
884.2 24,045.8
1,190.6 25,909.3 2007 -1.2% 7.3% 13.1% 103.4%
1,359.7 21,850.5 2008 -41.2% 8.4% -35.7% 100.8%
1,943.6 24,706.1 2009 25.7% 2.1% 37.8% -33.1%
2,061.5 27,079.5 2010 18.8% 2.0% 16.9% 36.0%
2,227.8 27,618.4 2011 -5.1% 9.6% -0.4% 6.8%
2,260.7 30,297.3 2012 15.8% 6.0% 18.5% 5.3%
1,656.0 33,338.8 2013 29.5% 4.8% 18.9% -27.3%
1,765.4 36,287.3 2014 14.4% 6.6% 7.1% -1.1%
1,218.0 36,516.7 2015 -1.3% 7.0% -1.5% 47.3%
1,037.0 38,671.6 2016 10.4% 6.1% 5.0% -1.3%
962.8 43,168.7 2017 18.2% 3.3% 18.4% 3.3%
970.5 42,055.2 2018 -9.3% 3.2% -7.5% 46.4%
1,089.9 50,151.6 2019 28.0% 4.6% 25.5% 18.8%
1,228.1 58,520.9 2020 24.1% 20.4% 11.7% -26.1%

1,457.1 34,681.2
12.7% 16.7%
0.2% 9.9%
-5.0% 8.0%

n-corporate business, etc.

2,260.7 58,520.9
884.2 21,850.5
38.9% 143.4%
% Change Y/Y

Total
Money Liquid
Municipal Market Corporate Financial
Bonds Funds Bonds Assets

-6.8% 34.2% 34.7% 7.7%

-7.0% 16.1% 14.2% -15.7%
21.9% -14.1% 42.9% 13.1%
3.0% -15.5% 6.1% 9.6%
7.8% -4.4% 8.1% 2.0%
-1.9% 0.3% 1.5% 9.7%
-8.8% 0.1% -26.7% 10.0%
5.4% -1.5% 6.6% 8.8%
-1.9% -1.1% -31.0% 0.6%
-1.2% 0.5% -14.9% 5.9%
0.5% 3.8% -7.2% 11.6%
-1.6% 11.2% 0.8% -2.6%
1.8% 23.4% 12.3% 19.3%
1.0% 16.9% 12.7% 16.7%
Return to the Table of Contents

U.S. Household Liquid Financial Assets - Share of Total

Percentage

U.S.
Treasury,
Bank Agency, and Money Liquid
Deposits & Mutual Fund GSE Municipal Market Corporate Financial
Equities CDs Shares Securities Bonds Funds Bonds Assets
2006 41.1% 23.8% 16.7% 1.4% 7.3% 6.1% 3.7% 100%
2007 37.7% 23.6% 17.5% 2.7% 6.3% 7.6% 4.6% 100%
2008 26.2% 30.4% 13.4% 6.3% 7.0% 10.5% 6.2% 100%
2009 29.2% 27.5% 16.3% 3.8% 7.5% 7.9% 7.9% 100%
2010 31.6% 25.6% 17.4% 4.7% 7.1% 6.1% 7.6% 100%
2011 29.4% 27.5% 17.0% 4.9% 7.5% 5.7% 8.1% 100%
2012 31.1% 26.6% 18.3% 4.7% 6.7% 5.2% 7.5% 100%
2013 36.5% 25.3% 19.8% 3.1% 5.5% 4.8% 5.0% 100%
2014 38.4% 24.8% 19.5% 2.8% 5.4% 4.3% 4.9% 100%
2015 37.7% 26.3% 19.1% 4.1% 5.2% 4.2% 3.3% 100%
2016 39.3% 26.4% 18.9% 3.8% 4.9% 4.0% 2.7% 100%
2017 41.6% 24.4% 20.1% 3.5% 4.4% 3.7% 2.2% 100%
2018 38.8% 25.8% 19.0% 5.3% 4.4% 4.3% 2.3% 100%
2019 41.6% 22.7% 20.0% 5.3% 3.8% 4.4% 2.2% 100%
2020 44.2% 23.4% 19.2% 3.4% 3.3% 4.4% 2.1% 100%

Average 36.3% 25.6% 18.1% 4.0% 5.8% 5.6% 4.7%

Y/Y Change 2.6% 0.7% -0.8% -1.9% -0.5% 0.0% -0.1%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Households include nonprofit organizations. Liquid financial assets exclude pension fund reserves, equity in non-corporate business, etc.

Maximum 44.2% 30.4% 20.1% 6.3% 7.5% 10.5% 8.1%

Minimum 26.2% 22.7% 13.4% 1.4% 3.3% 3.7% 2.1%

Updated on:
6/14/2021
Return to the Table of Contents

U.S. Holdings of Equities by Type of Holder - Market Value

$ Billions

2015 2016 2017 2018

Total US Holdings 37,211.1 40,168.0 47,919.8 43,715.3
Households 13,765.2 15,202.6 17,974.1 16,301.7
Institutions 23,445.8 24,965.4 29,945.7 27,413.6
Mutual Funds 8,625.3 9,069.9 10,819.6 9,657.5
Foreign 5,500.9 5,782.7 7,019.4 6,629.5
Exchange-Traded Funds 1,709.7 2,032.7 2,775.6 2,669.2
Private Pension Funds 2,220.4 2,329.9 2,713.0 2,448.0
State & Local Gov't Retirement Fun 2,250.0 2,321.5 2,706.8 2,478.6
Nonfinancial corporate business 1,499.9 1,712.9 1,949.3 1,789.9
Life Insurance Companies 545.9 554.8 622.9 538.0
Property Casualty Companies 334.0 354.3 410.6 392.1
Federal Gov't Retirement Funds 240.3 260.8 324.2 292.1
Broker/Dealers 166.8 176.1 182.7 147.7
State & Local Governments 121.5 130.5 151.5 137.7
U.S. Chartered Depository Institutio 97.7 104.0 127.6 109.1
Closed-End Funds 99.8 101.8 109.3 91.2
Federal Government 33.4 33.3 33.2 33.2
Other 0.0 0.0 0.0 0.0
Monetary Authority 0.0 0.0 0.0 0.0

Source: The Federal Reserve - Financial Accounts of the United States

Note: Households include non-profit organizations. Other contains foreign banking offices in the U.S. and funding corporations.

Updated on:
6/14/2021
ns
Y/Y % 5-Year
2019 2020 Average Change CAGR
54,624.9 65,207.7 48,141.1 19.4% 11.9%
20,860.6 25,890.9 18,332.5 24.1% 13.5%
33,764.3 39,316.8 29,808.6 16.4% 10.9%
11,934.5 13,391.1 10,583.0 12.2% 9.2%
8,199.0 10,519.3 7,275.1 28.3% 13.8%
3,486.2 4,233.6 2,817.8 21.4% 19.9%
3,135.8 3,477.3 2,720.7 10.9% 9.4%
2,553.9 2,773.8 2,514.1 8.6% 4.3%
2,317.7 2,531.0 1,966.8 9.2% 11.0%
644.6 729.8 606.0 13.2% 6.0%
493.9 518.6 417.2 5.0% 9.2%
370.7 418.4 317.7 12.9% 11.7%
166.7 214.3 175.7 28.5% 5.1%
173.2 201.4 152.6 16.3% 10.6%
147.7 160.3 124.4 8.6% 10.4%
107.2 105.9 102.5 -1.2% 1.2%
33.2 33.2 33.2 0.0% N/A
0.0 8.8 1.5 N/A N/A
0.0 0.0 0.0 N/A N/A

corporations.
Return to the Table of Contents

U.S. Holdings of Equities by Type of Holder - Share of Total

Percentage
2015 2016 2017 2018
Total U.S. Holdings 100% 100% 100% 100%
Households 37.0% 37.8% 37.5% 37.3%
Institutions 63.0% 62.2% 62.5% 62.7%
Mutual Funds 23.2% 22.6% 22.6% 22.1%
Foreign 14.8% 14.4% 14.6% 15.2%
Exchange-Traded Funds 4.6% 5.1% 5.8% 6.1%
Private Pension Funds 6.0% 5.8% 5.7% 5.6%
State & Local Gov't Retirement Fun 6.0% 5.8% 5.6% 5.7%
Nonfinancial corporate business 4.0% 4.3% 4.1% 4.1%
Life Insurance Companies 1.5% 1.4% 1.3% 1.2%
Property Casualty Companies 0.9% 0.9% 0.9% 0.9%
Federal Gov't Retirement Funds 0.6% 0.6% 0.7% 0.7%
Broker/Dealers 0.4% 0.4% 0.4% 0.3%
State & Local Governments 0.3% 0.3% 0.3% 0.3%
U.S. Chartered Depository Institutio 0.3% 0.3% 0.3% 0.2%
Closed-End Funds 0.3% 0.3% 0.2% 0.2%
Federal Government 0.1% 0.1% 0.1% 0.1%
Other 0.0% 0.0% 0.0% 0.0%
Monetary Authority 0.0% 0.0% 0.0% 0.0%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Households include non-profit organizations. Other contains foreign banking offices in the U.S. and funding corporations.

Updated on:
6/14/2021
age
2019 2020 Average Y/Y Change
100% 100%
38.2% 39.7% 37.9% 1.5%
61.8% 60.3% 62.1% -1.5%
21.8% 20.5% 22.1% -1.3%
15.0% 16.1% 15.0% 1.1%
6.4% 6.5% 5.7% 0.1%
5.7% 5.3% 5.7% -0.4%
4.7% 4.3% 5.3% -0.4%
4.2% 3.9% 4.1% -0.4%
1.2% 1.1% 1.3% -0.1%
0.9% 0.8% 0.9% -0.1%
0.7% 0.6% 0.7% 0.0%
0.3% 0.3% 0.4% 0.0%
0.3% 0.3% 0.3% 0.0%
0.3% 0.2% 0.3% 0.0%
0.2% 0.2% 0.2% 0.0%
0.1% 0.1% 0.1% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%

corporations.
Return to the Table of Contents

U.S. Net Acquisitions of Corporate Equities by Type of Holder

$ Billions

2015 2016 2017 2018

Total Net Issuance -28.5 -218.6 233.3 -247.7
Households -26.9 73.9 129.3 -182.3
Institutions 189.8 -106.2 -12.9 -176.3
Foreign -191.4 -186.3 116.9 110.9
Mutual Funds 58.1 -111.5 -133.4 -120.6
Exchange-Traded Funds 173.5 188.4 347.3 210.4
Nonfinancial corporate business -42.1 66.9 -89.9 -40.7
Private Pension Funds -29.3 -113.5 -53.1 -80.0
Federal Gov't Retirement Funds 0.0 -5.6 6.5 -21.6
Property Casualty Companies -1.5 2.9 9.8 20.1
Other 0.0 0.0 0.0 0.0
Broker/Dealers -18.4 -5.4 -26.3 -19.9
State & Local Gov't Retirement Fun 22.6 -93.5 -61.9 -82.3
State & Local Governments -3.4 -3.4 -3.4 -3.4
U.S. Chartered Depository Institutio 2.0 -6.9 -2.0 2.5
Closed-End Funds 1.3 0.1 -0.5 -0.4
Life Insurance Companies 27.0 -24.5 -5.9 -44.4
Federal Government 0.0 -0.1 -0.1 4.0
Monetary Authority 0.0 0.0 0.0 0.0

Source: The Federal Reserve - Financial Accounts of the United States

Note: Households include non-profit organizations. Other contains foreign banking offices in the U.S. and funding corporations.

Updated on:
6/14/2021
ns
Y/Y %
2019 2020 Average Change
-435.7 630.3 -11.1 -244.7%
-134.1 366.9 37.8 -373.7%
-96.2 -448.4 -108.4 366.2%
-205.4 711.8 59.4 -446.5%
-219.4 -481.6 -168.1 119.5%
165.9 254.3 223.3 53.3%
10.2 -139.4 -39.2 -1467.9%
-8.6 -47.6 -55.3 453.6%
-5.0 -24.1 -8.3 384.2%
-1.8 -22.3 1.2 1143.0%
0.0 8.8 1.5 n/a
-22.8 7.0 -14.3 -130.8%
-16.1 -6.4 -39.6 -59.9%
-3.4 -3.4 -3.4 0.0%
0.8 3.2 -0.1 297.9%
2.6 1.9 0.8 -27.8%
1.3 1.2 -7.5 -8.2%
0.0 0.0 0.6 n/a
0.0 0.0 0.0 n/a

corporations.
Return to the Table of Contents

U.S. Retirement Assets

$ Billions
Life State Total
Insurance & Local Federal Pension IRA
Private Companies Government Government Assets Assets
2006 5,839.1 2,065.8 5,060.8 2,620.8 15,586.5 4,207.0
2007 6,191.4 2,173.2 5,374.1 2,728.1 16,466.8 4,748.0
2008 5,331.6 1,938.9 5,507.4 2,769.4 15,547.4 3,681.0
2009 5,988.2 2,075.3 5,788.7 2,911.3 16,763.5 4,488.0
2010 6,640.7 2,287.5 6,275.3 3,143.8 18,347.3 5,029.0
2011 6,774.1 2,286.7 6,443.5 3,243.6 18,747.8 5,153.0
2012 7,295.8 2,477.2 6,647.2 3,366.8 19,787.0 5,785.0
2013 8,457.1 2,753.0 7,602.9 3,524.9 22,337.9 6,819.0
2014 8,756.4 2,869.0 7,930.3 3,612.5 23,168.2 7,292.0
2015 8,686.0 2,908.5 8,195.1 3,709.3 23,498.9 7,477.0
2016 9,110.1 3,003.1 8,468.4 3,794.9 24,376.4 8,015.0
2017 10,056.7 3,221.6 8,790.1 3,907.2 25,975.6 9,439.0
2018 9,720.7 3,175.0 9,001.9 3,976.6 25,874.2 9,135.0
2019 10,915.8 3,485.9 9,327.7 4,134.6 27,864.0 10,850.0
2020 11,871.4 3,809.4 9,642.1 4,309.2 29,632.0 12,210.0

Average 8,109.0 2,702.0 7,337.0 3,450.2 21,598.2 6,955.2

Y/Y % Change 8.8% 9.3% 3.4% 4.2% 6.3% 12.5%
5-Year CAGR 6.4% 5.5% 3.3% 3.0% 4.7% 10.3%
10-Year CAGR 6.0% 5.2% 4.4% 3.2% 4.9% 9.3%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Private include deferred benefit and deferred contribution plans; Includes claims of pension funds on sponsor (i.e., unfunded defined benefit
pension entitlements); Life Insurance Companies are the annuity reserves held by life insurance companies.

Maximum 11,871.4 3,809.4 9,642.1 4,309.2 29,632.0 12,210.0

Minimum 5,331.6 1,938.9 5,060.8 2,620.8 15,547.4 3,681.0
% Change Total 103.3% 84.4% 90.5% 64.4% 90.1% 190.2%

Updated on:
6/17/2021

(Chart titles - do not delete)

US Retirement Assets ($T)
 % Change Y/Y
Total Life State Total
Retirement Insurance & Local Federal Pension
Assets Private Companies Government Government Assets
19,793.5
21,214.8 2007 6.0% 5.2% 6.2% 4.1% 5.6%
19,228.4 2008 -13.9% -10.8% 2.5% 1.5% -5.6%
21,251.5 2009 12.3% 7.0% 5.1% 5.1% 7.8%
23,376.3 2010 10.9% 10.2% 8.4% 8.0% 9.4%
23,900.8 2011 2.0% 0.0% 2.7% 3.2% 2.2%
25,572.0 2012 7.7% 8.3% 3.2% 3.8% 5.5%
29,156.9 2013 15.9% 11.1% 14.4% 4.7% 12.9%
30,460.2 2014 3.5% 4.2% 4.3% 2.5% 3.7%
30,975.9 2015 -0.8% 1.4% 3.3% 2.7% 1.4%
32,391.4 2016 4.9% 3.3% 3.3% 2.3% 3.7%
35,414.6 2017 10.4% 7.3% 3.8% 3.0% 6.6%
35,009.2 2018 -3.3% -1.4% 2.4% 1.8% -0.4%
38,714.0 2019 12.3% 9.8% 3.6% 4.0% 7.7%
41,842.0 2020 8.8% 9.3% 3.4% 4.2% 6.3%

28,553.4
8.1%
6.2%
6.0%

e., unfunded defined benefit

41,842.0
19,228.4
111.4%
 Total
U.S. Retirement Assets ($T)
IRA Retirement
Assets Assets IRAs Federal Government State & Local Government

40 38,714.0
12.9% 7.2% 35,414.635,009.2
35 32,391.4
-22.5% -9.4% 30,460.230,975.9
29,156.9
21.9% 10.5% 30
25,572.0
12.1% 10.0% 25 23,900.8
2.5% 2.2%
20
12.3% 7.0%
17.9% 14.0% 15
6.9% 4.5% 10
2.5% 1.7%
5
7.2% 4.6%
17.8% 9.3% 0
-3.2% -1.1%
18.8% 10.6%
12.5% 8.1%
& Local Government

38,714.0
,009.2
Return to the Table of Contents

U.S. Private Pension Fund Assets

$ Billions % Change Y/Y

Defined Defined Defined Defined

Benefit Contribution Total Benefit Contribution
2006 2,402.0 3,437.1 5,839.1
2007 2,529.1 3,662.2 6,191.4 2007 5.3% 6.6%
2008 2,608.2 2,723.3 5,331.6 2008 3.1% -25.6%
2009 2,652.9 3,335.4 5,988.2 2009 1.7% 22.5%
2010 2,872.2 3,768.4 6,640.7 2010 8.3% 13.0%
2011 2,983.8 3,790.3 6,774.1 2011 3.9% 0.6%
2012 3,055.4 4,240.4 7,295.8 2012 2.4% 11.9%
2013 3,451.3 5,005.8 8,457.1 2013 13.0% 18.0%
2014 3,463.6 5,292.9 8,756.4 2014 0.4% 5.7%
2015 3,436.3 5,249.7 8,686.0 2015 -0.8% -0.8%
2016 3,469.5 5,640.6 9,110.1 2016 1.0% 7.4%
2017 3,516.0 6,540.6 10,056.7 2017 1.3% 16.0%
2018 3,520.6 6,200.1 9,720.7 2018 0.1% -5.2%
2019 3,534.7 7,381.1 10,915.8 2019 0.4% 19.0%
2020 3,534.3 8,337.1 11,871.4 2020 0.0% 13.0%

Average 3,135.3 4,973.7 8,109.0

Y/Y % Change 0.0% 13.0% 8.8%
5-Year CAGR 0.6% 9.7% 6.4%
10-Year CAGR 2.1% 8.3% 6.0%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Includes claims of pension funds on sponsor (i.e., unfunded defined
benefit pension entitlements).

Maximum 3,534.7 8,337.1 11,871.4

Minimum 2,402.0 2,723.3 5,331.6
% Change Total 47.1% 142.6% 103.3%

Updated on:
6/15/2021
Change Y/Y % of Total Financial Assets

Defined Defined
Total Benefit Contribution
2006 41.1% 58.9%
6.0% 2007 40.8% 59.2%
-13.9% 2008 48.9% 51.1%
12.3% 2009 44.3% 55.7%
10.9% 2010 43.3% 56.7%
2.0% 2011 44.0% 56.0%
7.7% 2012 41.9% 58.1%
15.9% 2013 40.8% 59.2%
3.5% 2014 39.6% 60.4%
-0.8% 2015 39.6% 60.4%
4.9% 2016 38.1% 61.9%
10.4% 2017 35.0% 65.0%
-3.3% 2018 36.2% 63.8%
12.3% 2019 32.4% 67.6%
8.8% 2020 29.8% 70.2%

Average 39.7% 60.3%

Maximum 48.9% 70.2%

Minimum 29.8% 51.1%
Return to the Table of Contents

U.S. Private Pension Fund Assets Investment Mix

$ Billions
Claims on
Pension
Mutual Cash Fund Other Total
Equity Bonds Funds Items Sponsor Assets Assets
2006 1,976.3 643.4 2,003.5 237.9 -16.2 956.6 5,801.4
2007 2,041.0 690.3 2,174.1 255.3 -28.3 1,024.6 6,157.1
2008 1,275.0 673.1 1,480.2 244.1 687.7 936.2 5,296.3
2009 1,504.4 722.8 1,955.3 236.8 466.2 1,066.3 5,951.8
2010 1,778.1 829.1 2,220.2 226.1 437.5 1,113.2 6,604.1
2011 1,680.4 915.0 2,200.0 252.6 497.9 1,191.5 6,737.5
2012 1,890.7 1,049.5 2,481.5 225.2 377.9 1,234.4 7,259.2
2013 2,243.8 1,045.5 3,006.9 248.0 592.0 1,284.5 8,420.6
2014 2,284.3 1,166.5 3,190.2 256.6 504.1 1,318.2 8,719.9
2015 2,220.4 1,136.2 3,127.9 248.0 609.0 1,307.9 8,649.4
2016 2,329.9 1,192.5 3,352.8 248.4 582.3 1,367.4 9,073.4
2017 2,713.0 1,348.3 3,886.7 261.5 326.7 1,483.9 10,020.1
2018 2,448.0 1,378.5 3,594.6 245.2 590.0 1,427.8 9,684.1
2019 3,135.8 1,570.4 4,238.5 246.4 175.7 1,512.4 10,879.3
2020 3,477.3 1,792.1 4,603.7 246.5 147.1 1,568.1 11,834.9

Average 2,199.9 1,076.9 2,901.1 245.2 396.6 1,252.9 8,072.6

Y/Y % Change 10.9% 14.1% 8.6% 0.0% -16.3% 3.7% 8.8%
5-Year CAGR 9.4% 9.5% 8.0% -0.1% -24.7% 3.7% 6.5%
10-Year CAGR 6.9% 8.0% 7.6% 0.9% -10.3% 3.5% 6.0%

Source: The Federal Reserve - Financial Accounts of the United

States
Note: Bonds includes Treasuries, Agency & GSE-backed securities, and corporate & foreign bonds; Cash Items include checkable
deposits and currency, time and savings deposits, money market mutual fund shares, and repo and revese repo agreements, and
commercial paper; Total Assets include total liabilities of pension entitlements.

Maximum 3,477.3 1,792.1 4,603.7 261.5 687.7 1,568.1 11,834.9

Minimum 1,275.0 643.4 1,480.2 225.2 -28.3 936.2 5,296.3
% Change Total 76.0% 178.5% 129.8% 3.6% -1008.3% 63.9% 104.0%

Updated on:
6/15/2021
 % Change Y/Y
Claims on
Pension
Mutual Cash Fund Other Total
Equity Bonds Funds Items Sponsor Assets Assets

2007 3.3% 7.3% 8.5% 7.3% 74.5% 7.1% 6.1%

2008 -37.5% -2.5% -31.9% -4.4% -2532.6% -8.6% -14.0%
2009 18.0% 7.4% 32.1% -3.0% -32.2% 13.9% 12.4%
2010 18.2% 14.7% 13.5% -4.5% -6.2% 4.4% 11.0%
2011 -5.5% 10.4% -0.9% 11.7% 13.8% 7.0% 2.0%
2012 12.5% 14.7% 12.8% -10.9% -24.1% 3.6% 7.7%
2013 18.7% -0.4% 21.2% 10.1% 56.6% 4.1% 16.0%
2014 1.8% 11.6% 6.1% 3.5% -14.9% 2.6% 3.6%
2015 -2.8% -2.6% -2.0% -3.4% 20.8% -0.8% -0.8%
2016 4.9% 5.0% 7.2% 0.2% -4.4% 4.6% 4.9%
2017 16.4% 13.1% 15.9% 5.3% -43.9% 8.5% 10.4%
2018 -9.8% 2.2% -7.5% -6.2% 80.6% -3.8% -3.4%
2019 28.1% 13.9% 17.9% 0.5% -70.2% 5.9% 12.3%
2020 10.9% 14.1% 8.6% 0.0% -16.3% 3.7% 8.8%
Return to the Table of Contents

U.S. Defined Benefit Plan Asset Investment Mix

$ Billions
Claims on
Pension
Mutual Cash Fund Other Total
Equity Bonds Funds Items Sponsor Assets Assets
2006 1,150.7 500.1 313.2 127.2 -16.2 289.3 2,364.3
2007 1,209.3 536.3 332.6 136.0 -28.3 309.0 2,494.9
2008 726.1 480.8 258.5 102.2 687.7 317.6 2,572.9
2009 863.8 517.9 321.9 106.7 466.2 339.9 2,616.4
2010 1,010.7 577.8 348.1 102.8 437.5 358.9 2,835.7
2011 929.5 665.9 356.3 106.5 497.9 391.1 2,947.2
2012 1,048.0 746.6 359.3 94.2 377.9 392.9 3,018.8
2013 1,165.0 750.5 407.9 109.6 592.0 389.9 3,414.8
2014 1,137.9 835.5 425.6 118.3 504.1 405.6 3,427.0
2015 1,086.9 804.6 382.9 105.9 609.0 410.5 3,399.7
2016 1,099.1 829.5 385.1 102.5 582.3 434.4 3,432.9
2017 1,210.9 946.7 411.5 115.3 326.7 468.4 3,479.5
2018 1,055.5 972.1 344.9 96.8 590.0 424.7 3,484.0
2019 1,316.4 1,087.4 394.4 95.5 175.7 428.7 3,498.2
2020 1,268.4 1,202.6 364.0 92.0 147.1 423.6 3,497.7

Average 1,085.2 763.6 360.4 107.4 396.6 385.6 3,098.9

Y/Y % Change -3.7% 10.6% -7.7% -3.7% -16.3% -1.2% 0.0%
5-Year CAGR 3.1% 8.4% -1.0% -2.8% -24.7% 0.6% 0.6%
10-Year CAGR 2.3% 7.6% 0.4% -1.1% -10.3% 1.7% 2.1%

Source: The Federal Reserve - Financial Accounts of the United

States
Note: Bonds includes Treasuries, Agency & GSE-backed securities, and corporate & foreign bonds; Cash Items include checkable
deposits and currency, time and savings deposits, money market mutual fund shares, and repo and revese repo agreements, and
commercial paper; Total Assets include total liabilities of pension entitlements.

Maximum 1,316.4 1,202.6 425.6 136.0 687.7 468.4 3,498.2

Minimum 726.1 480.8 258.5 92.0 -28.3 289.3 2,364.3
% Change Total 10.2% 140.5% 16.2% -27.7% -1008.3% 46.4% 47.9%

Updated on:
6/15/2021

(Chart titles - do not delete)

U.S. Defined Benefit Plan Assets Investment Mix - 2020
$3498 Billion
 % Change Y/Y
Claims on
Pension
Mutual Cash Fund Other Total
Equity Bonds Funds Items Sponsor Assets Assets

2007 5.1% 7.2% 6.2% 6.9% 74.5% 6.8% 5.5%

2008 -40.0% -10.4% -22.3% -24.8% -2532.6% 2.8% 3.1%
2009 19.0% 7.7% 24.6% 4.4% -32.2% 7.0% 1.7%
2010 17.0% 11.6% 8.1% -3.7% -6.2% 5.6% 8.4%
2011 -8.0% 15.3% 2.3% 3.6% 13.8% 9.0% 3.9%
2012 12.7% 12.1% 0.8% -11.6% -24.1% 0.4% 2.4%
2013 11.2% 0.5% 13.5% 16.3% 56.6% -0.8% 13.1%
2014 -2.3% 11.3% 4.3% 8.0% -14.9% 4.0% 0.4%
2015 -4.5% -3.7% -10.1% -10.5% 20.8% 1.2% -0.8%
2016 1.1% 3.1% 0.6% -3.2% -4.4% 5.8% 1.0%
2017 10.2% 14.1% 6.9% 12.5% -43.9% 7.8% 1.4%
2018 -12.8% 2.7% -16.2% -16.1% 80.6% -9.3% 0.1%
2019 24.7% 11.9% 14.3% -1.3% -70.2% 1.0% 0.4%
2020 -3.7% 10.6% -7.7% -3.7% -16.3% -1.2% 0.0%
U.S. Defined Benefit Plan Assets
Investment Mix - 2020
$3498 Billion

Other
Assets
Claims on
12%
Pension Fund
Sponsor Equity
4% 36%
Cash
Items
3%
Mutual
Funds
10%
Bonds
34%
Return to the Table of Contents

U.S. Defined Contribution Plan Asset Investment Mix

$ Billions
Mutual Cash Other Total
Equity Bonds Funds Items Assets Assets
2006 825.6 143.3 1,690.3 110.6 667.2 3,437.1
2007 831.7 154.0 1,841.5 119.3 715.6 3,662.2
2008 548.9 192.3 1,221.7 141.9 618.6 2,723.3
2009 640.6 205.0 1,633.4 130.1 726.3 3,335.4
2010 767.4 251.4 1,872.0 123.3 754.3 3,768.4
2011 750.9 249.2 1,843.7 146.1 800.4 3,790.3
2012 842.7 302.9 2,122.2 131.0 841.5 4,240.4
2013 1,078.8 295.0 2,598.9 138.4 894.6 5,005.8
2014 1,146.4 331.0 2,764.6 138.3 912.6 5,292.9
2015 1,133.5 331.7 2,745.0 142.1 897.4 5,249.7
2016 1,230.8 363.0 2,967.7 145.9 933.0 5,640.6
2017 1,502.1 401.6 3,475.2 146.2 1,015.5 6,540.6
2018 1,392.5 406.4 3,249.7 148.5 1,003.1 6,200.1
2019 1,819.3 483.0 3,844.1 150.9 1,083.7 7,381.1
2020 2,209 589 4,240 155 1,145 8,337

Average 1,114.7 313.3 2,540.7 137.8 867.2 4,973.7

Y/Y % Change 21.4% 22.0% 10.3% 2.4% 5.6% 13.0%
5-Year CAGR 14.3% 12.2% 9.1% 1.7% 5.0% 9.7%
10-Year CAGR 11.2% 8.9% 8.5% 2.3% 4.3% 8.3%

Source: The Federal Reserve - Financial Accounts of the United States

Note: Bonds include Treasuries, agency & GSE-backed securities, and corporate and foreign bonds; cash items include
checkable deposits and currency, time and savings deposits, money market mutual fund shares, repo and reverse repo
agreements, and commercial paper.

Maximum 2,208.9 589.4 4,239.6 154.5 1,144.6 8,337.1

Minimum 548.9 143.3 1,221.7 110.6 618.6 2,723.3
% Change Total 167.5% 311.4% 150.8% 39.7% 71.5% 142.6%

Updated on:
6/15/2021

(Chart titles - do not delete)

U.S. Defined Contribution Plan Assets Investment Mix - 2020
$8337 Billion
 % Change Y/Y
Mutual Cash Other Total
Equity Bonds Funds Items Assets Assets U.S. Defined Contri
Investment Mix - 20
2007 0.7% 7.5% 8.9% 7.9% 7.2% 6.6% $8337 Billion
2008 -34.0% 24.8% -33.7% 18.9% -13.6% -25.6%
2009 16.7% 6.6% 33.7% -8.3% 17.4% 22.5%
2010 19.8% 22.7% 14.6% -5.2% 3.8% 13.0% Ot
As
2011 -2.1% -0.9% -1.5% 18.5% 6.1% 0.6% Cash 1
2012 12.2% 21.6% 15.1% -10.3% 5.1% 11.9% Items
2013 28.0% -2.6% 22.5% 5.7% 6.3% 18.0% 2%
2014 6.3% 12.2% 6.4% -0.1% 2.0% 5.7%
2015 -1.1% 0.2% -0.7% 2.7% -1.7% -0.8%
2016 8.6% 9.5% 8.1% 2.7% 4.0% 7.4%
2017 22.0% 10.6% 17.1% 0.2% 8.8% 16.0%
Mutu
2018 -7.3% 1.2% -6.5% 1.5% -1.2% -5.2%
Fund
2019 30.7% 18.9% 18.3% 1.7% 8.0% 19.0% 51%
2020 21.4% 22.0% 10.3% 2.4% 5.6% 13.0%
U.S. Defined Contribution Plan Assets
Investment Mix - 2020
$8337 Billion

Other
Assets
Cash 14% Equity
Items 26%
2%

Bonds
Mutual 7%
Funds
51%
Return to the Table of Contents

U.S. Individual Retirement Account (IRA) Assets

$ Billions
Bank and Life
Mutual Thrift Insurance Other Total IRA
Funds Deposits Companies Assets Assets
2006 2,142 313 299 1,454 4,207
2007 2,435 340 303 1,670 4,748 2007
2008 1,692 391 295 1,303 3,681 2008
2009 2,114 431 291 1,652 4,488 2009
2010 2,418 461 313 1,837 5,029 2010
2011 2,409 482 308 1,954 5,153 2011
2012 2,752 508 323 2,201 5,785 2012
2013 3,322 508 351 2,639 6,819 2013
2014 3,524 506 368 2,894 7,292 2014
2015 3,493 523 383 3,078 7,477 2015
2016 3,708 561 397 3,350 8,015 2016
2017 4,279 548 417 4,196 9,439 2017
2018 3,994 568 430 4,143 9,135 2018
2019 4,820 558 465 5,008 10,850 2019
2020 5,455 685 519 5,550 12,210 2020

Average 3,237 492 364 2,862 6,955

Y/Y % Change 13.2% 22.8% 11.6% 10.8% 12.5%
5-Year CAGR 9.3% 5.5% 6.3% 12.5% 10.3%
10-Year CAGR 8.5% 4.0% 5.2% 11.7% 9.3%

Source: Investment Company Institute

Note: Bank and thrift deposits include Keogh deposits; 2019 and 2020 data are estimates.

Maximum 5,455 685 519 5,550 12,210

Minimum 1,692 313 291 1,303 3,681
% Change Total 154.7% 118.8% 73.6% 281.7% 190.2%

Updated on:
6/17/2021
 % Change Y/Y % of Total IRA Assets
Bank and Life
Mutual Thrift Insurance Other Total IRA Mutual
Funds Deposits Companies Assets Assets Funds
2006 50.9%
13.7% 8.6% 1.3% 14.9% 12.9% 2007 51.3%
-30.5% 15.0% -2.6% -22.0% -22.5% 2008 46.0%
24.9% 10.2% -1.4% 26.8% 21.9% 2009 47.1%
14.4% 7.0% 7.6% 11.2% 12.1% 2010 48.1%
-0.4% 4.6% -1.6% 6.4% 2.5% 2011 46.7%
14.2% 5.4% 4.9% 12.6% 12.3% 2012 47.6%
20.7% 0.0% 8.7% 19.9% 17.9% 2013 48.7%
6.1% -0.4% 4.8% 9.7% 6.9% 2014 48.3%
-0.9% 3.4% 4.1% 6.4% 2.5% 2015 46.7%
6.2% 7.3% 3.7% 8.8% 7.2% 2016 46.3%
15.4% -2.3% 5.0% 25.3% 17.8% 2017 45.3%
-6.7% 3.6% 3.1% -1.3% -3.2% 2018 43.7%
20.7% -1.8% 8.1% 20.9% 18.8% 2019 44.4%
13.2% 22.8% 11.6% 10.8% 12.5% 2020 44.7%

Average 47.1%

Maximum 51.3%
Minimum 43.7%
% of Total IRA Assets
Bank and Life
Thrift Insurance
Deposits Companies Other Assets
7.4% 7.1% 34.6%
7.2% 6.4% 35.2%
10.6% 8.0% 35.4%
9.6% 6.5% 36.8%
9.2% 6.2% 36.5%
9.4% 6.0% 37.9%
8.8% 5.6% 38.0%
7.4% 5.1% 38.7%
6.9% 5.0% 39.7%
7.0% 5.1% 41.2%
7.0% 5.0% 41.8%
5.8% 4.4% 44.5%
6.2% 4.7% 45.4%
5.1% 4.3% 46.2%
5.6% 4.3% 45.5%

7.6% 5.6% 39.8%

10.6% 8.0% 46.2%

5.1% 4.3% 34.6%
Return to the Table of Contents

US 401(K) Assets

$ Billions
2006 2,773 Total 401(K) Plan Assets ($T)
7,000 Column B 6,725.0
2007 2,975
2008 2,203 6,150.0
6,000
2009 2,718 5,486.0
5,207.0
2010 3,119 4,741.0
5,000
2011 3,112 4,406.0 4,377.0
4,148.0
2012 3,495 4,000
2013 4,148 3,495.0
3,112.0
2014 4,406 3,000
2015 4,377
2016 4,741 2,000
2017 5,486
2018 5,207 1,000
2019 6,150
2020 6,725 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Average 4,109
Y/Y % Change 9.3%
5-Year CAGR 9.0%
10-Year CAGR 8.0%

Source: Investment Company Institute

Maximum 6,725
Minimum 2,203
% Change Total 142.5%

Updated on:
6/17/2021

(Chart titles - do not delete)

Total 401(K) Plan Assets ($T)
Source: Investment Company Institute
 6,725.0
6,150.0

07.0

018 2019 2020

Return to the Table of Contents

Household Saving Rates of Major Nations

Percentage of Disposable Household Income

U.S. Canada France Germany Japan U.K.
2006 3.8% 2.6% 9.0% 10.6% 2.7% 3.1%
2007 3.7% 2.2% 9.4% 10.7% 2.8% 4.4%
2008 5.0% 3.3% 9.3% 10.9% 2.7% 3.3%
2009 6.1% 4.5% 10.6% 10.4% 4.2% 6.4%
2010 6.5% 4.3% 10.5% 10.3% 3.9% 6.9%
2011 7.2% 4.2% 9.9% 10.0% 4.2% 4.5%
2012 8.9% 4.7% 10.0% 9.7% 2.9% 3.9%
2013 6.4% 4.7% 8.5% 9.3% 0.6% 3.1%
2014 7.4% 3.5% 8.9% 9.8% 0.1% 3.6%
2015 7.5% 4.1% 8.3% 10.1% 1.4% 4.9%
2016 6.9% 1.6% 8.2% 10.2% 3.3% 2.2%
2017 7.2% 1.9% 8.4% 10.6% 2.6% 0.0%
2018 7.8% 0.7% 8.6% 10.9% 4.3% 0.3%
2019 7.5% 1.2% 9.1% 10.9% 5.3% 0.7%
2020 16.4% 14.3% 20.6% 16.2% 7.1% 19.4%

Average 7.2% 3.9% 10.0% 10.7% 3.2% 4.5%

Y/Y Change 8.9% 13.0% 11.5% 5.4% 1.8% 18.7%

Source: OECD Database, OECD Economic Outlook

Note: Net savings rate; actual data in black, forecast in grey.

Maximum 16.4% 14.3% 20.6% 16.2% 7.1% 19.4%

Minimum 3.7% 0.7% 8.2% 9.3% 0.1% 0.0%
Change Total 12.6% 11.7% 11.6% 5.6% 4.4% 16.3%

Updated on:
6/29/2020
 % Change Y/Y
U.S. Canada France Germany Japan U.K.

2007 -0.1% -0.4% 0.4% 0.1% 0.0% 1.4%

2008 1.3% 1.1% -0.2% 0.2% 0.0% -1.1%
2009 1.1% 1.2% 1.3% -0.5% 1.5% 3.0%
2010 0.4% -0.2% -0.1% -0.1% -0.3% 0.5%
2011 0.7% -0.1% -0.5% -0.3% 0.3% -2.4%
2012 1.7% 0.6% 0.1% -0.4% -1.3% -0.6%
2013 -2.5% 0.0% -1.5% -0.4% -2.3% -0.8%
2014 1.0% -1.2% 0.3% 0.5% -0.6% 0.5%
2015 0.1% 0.5% -0.5% 0.2% 1.3% 1.2%
2016 -0.6% -2.5% -0.1% 0.1% 1.9% -2.7%
2017 0.3% 0.2% 0.2% 0.4% -0.7% -2.2%
2018 0.6% -1.1% 0.3% 0.3% 1.7% 0.4%
2019 -0.3% 0.5% 0.5% -0.1% 1.0% 0.4%
2020 8.9% 13.0% 11.5% 5.4% 1.8% 18.7%
Return to the Table of Contents

U.S. Economic Indicators

Personal
Savings
Civilian Rate (% of Real
CPI Unemployment Disposable Nominal GDP GDP (2012
(% Change) Rate (%) Income) ($ Billions) $ Billions)
2006 2.5% 4.6% 3.8% 13,814.6 15,338.3
2007 4.1% 4.6% 3.7% 14,451.9 15,626.0
2008 0.1% 5.8% 5.0% 14,712.8 15,604.7
2009 2.7% 9.3% 6.1% 14,448.9 15,208.8
2010 1.5% 9.6% 6.5% 14,992.1 15,598.8
2011 3.0% 9.0% 7.2% 15,542.6 15,840.7
2012 1.7% 8.1% 8.9% 16,197.0 16,197.0
2013 1.5% 7.4% 6.4% 16,784.9 16,495.4
2014 0.8% 6.2% 7.4% 17,527.3 16,912.0
2015 0.7% 5.3% 7.5% 18,238.3 17,432.2
2016 2.1% 4.9% 6.9% 18,745.1 17,730.5
2017 2.1% 4.4% 7.2% 19,543.0 18,144.1
2018 1.9% 3.9% 7.8% 20,611.9 18,687.8
2019 2.3% 3.7% 7.5% 21,433.2 19,091.7
2020 1.4% 8.1% 16.4% 20,936.6 18,426.1

Average 1.9% 6.3% 7.2% 17,198.7 16,822.3

Y/Y % Change -0.9% 4.4% 8.9% -2.3% -3.5%
5-Year CAGR 2.8% 1.1%
10-Year CAGR 3.4% 1.7%

Sources: U.S. Bureau of Economic Analysis; U.S. Department of Labor

Note: CPI and Unemployment Rate are not seasonally adjusted.

Maximum 4.1% 9.6% 16.4% 21,433.2 19,091.7

Minimum 0.1% 3.7% 3.7% 13,814.6 15,208.8
% Change Total -46.4% 75.3% 331.6% 51.6% 20.1%

Updated on:
6/16/2021
 % Change Y/Y

Personal
Savings
Civilian Rate (% of Nominal Real
Real GDP CPI Unemploym Disposable GDP GDP (2012
(% Change) (% Change) ent Rate (%) Income) ($ Billions) $ Billions)
2.9%
1.9% 2007 1.5% 0.0% -0.1% 4.6% 1.9%
-0.1% 2008 -4.0% 1.2% 1.3% 1.8% -0.1%
-2.5% 2009 2.6% 3.5% 1.1% -1.8% -2.5%
2.6% 2010 -1.2% 0.3% 0.4% 3.8% 2.6%
1.6% 2011 1.5% -0.7% 0.7% 3.7% 1.6%
2.2% 2012 -1.2% -0.9% 1.7% 4.2% 2.2%
1.8% 2013 -0.2% -0.7% -2.5% 3.6% 1.8%
2.5% 2014 -0.7% -1.2% 1.0% 4.4% 2.5%
3.1% 2015 0.0% -0.9% 0.1% 4.1% 3.1%
1.7% 2016 1.3% -0.4% -0.6% 2.8% 1.7%
2.3% 2017 0.0% -0.5% 0.3% 4.3% 2.3%
3.0% 2018 -0.2% -0.4% 0.6% 5.5% 3.0%
2.2% 2019 0.4% -0.2% -0.3% 4.0% 2.2%
-3.5% 2020 -0.9% 4.4% 8.9% -2.3% -3.5%

1.4%
-5.7%

3.1%
-3.5%
-220.7%
 Real GDP
(% Change)

-1.0%
-2.0%
-2.4%
5.1%
-1.0%
0.6%
-0.4%
0.7%
0.6%
-1.4%
0.6%
0.7%
-0.8%
-5.7%
Return to the Table of Contents

U.S. Federal Receipts, Outlays, Deficit and Debt

$ Billions % of GDP % Change Y/Y

Surplus/ Debt Held by Surplus/ Debt Held by Surplus/ Debt Held by
GDP Receipts Outlays (Deficit) Total Debt Public (Deficit) Total Debt Public GDP Receipts Outlays (Deficit) Total Debt Public
2006 13,638.4 2,406.9 2,655.1 -248.2 8,451.4 4,829.0 2006 -1.8% 62.0% 35.4%
2007 14,290.8 2,568.0 2,728.7 -160.7 8,950.7 5,035.1 2007 -1.1% 62.6% 35.2% 2007 4.8% 6.7% 2.8% -35.3% 5.9% 4.3%
2008 14,743.3 2,524.0 2,982.5 -458.6 9,986.1 5,803.1 2008 -3.1% 67.7% 39.4% 2008 3.2% -1.7% 9.3% 185.4% 11.6% 15.3%
2009 14,431.8 2,105.0 3,517.7 -1,412.7 11,875.9 7,544.7 2009 -9.8% 82.3% 52.3% 2009 -2.1% -16.6% 17.9% 208.0% 18.9% 30.0%
2010 14,838.8 2,162.7 3,457.1 -1,294.4 13,528.8 9,018.9 2010 -8.7% 91.2% 60.8% 2010 2.8% 2.7% -1.7% -8.4% 13.9% 19.5%
2011 15,403.7 2,303.5 3,603.1 -1,299.6 14,764.2 10,128.2 2011 -8.4% 95.8% 65.8% 2011 3.8% 6.5% 4.2% 0.4% 9.1% 12.3%
2012 16,056.4 2,450.0 3,537.0 -1,087.0 16,050.9 11,281.1 2012 -6.8% 100.0% 70.3% 2012 4.2% 6.4% -1.8% -16.4% 8.7% 11.4%
2013 16,603.8 2,775.1 3,454.6 -679.5 16,719.4 11,982.7 2013 -4.1% 100.7% 72.2% 2013 3.4% 13.3% -2.3% -37.5% 4.2% 6.2%
2014 17,335.6 3,021.5 3,506.1 -484.6 17,794.5 12,779.9 2014 -2.8% 102.6% 73.7% 2014 4.4% 8.9% 1.5% -28.7% 6.4% 6.7%
2015 18,099.6 3,249.9 3,688.4 -438.5 18,120.1 13,116.7 2015 -2.4% 100.1% 72.5% 2015 4.4% 7.6% 5.2% -9.5% 1.8% 2.6%
2016 18,554.8 3,268.0 3,852.6 -584.7 19,539.5 14,167.6 2016 -3.2% 105.3% 76.4% 2016 2.5% 0.6% 4.5% 33.3% 7.8% 8.0%
2017 19,287.6 3,316.2 3,981.6 -665.4 20,205.7 14,665.4 2017 -3.5% 104.8% 76.0% 2017 3.9% 1.5% 3.3% 13.8% 3.4% 3.5%
2018 20,335.5 3,329.9 4,109.0 -779.1 21,462.3 15,749.6 2018 -3.8% 105.5% 77.4% 2018 5.4% 0.4% 3.2% 17.1% 6.2% 7.4%
2019 21,215.7 3,464.2 4,448.3 -984.2 22,669.5 16,800.7 2019 -4.6% 106.9% 79.2% 2019 4.3% 4.0% 8.3% 26.3% 5.6% 6.7%
2020 22,210.9 3,420.0 6,551.9 -3,131.9 26,901.1 21,019.1 2020 -14.1% 121.1% 94.6% 2020 4.7% -1.3% 47.3% 218.2% 18.7% 25.1%

Average 17,136.4 2,824.3 3,738.3 -913.9 16,468.0 11,594.8 Average -5.2% 93.9% 65.4% Average 3.6% 2.8% 7.3% 40.5% 8.7% 11.4%
Y/Y % Change 4.7% -1.3% 47.3% 218.2% 18.7% 25.1%
5-Year CAGR 4.2% 1.0% 12.2% 48.2% 8.2% 9.9%
10-Year CAGR 4.1% 4.7% 6.6% 9.2% 7.1% 8.8%

Source: Economic Report of the President

Note: Fiscal year data; 2020 data are estimates.

Maximum 22,210.9 3,464.2 6,551.9 -160.7 26,901.1 21,019.1 Maximum -1.1% 121.1% 94.6% Maximum 5.4% 13.3% 47.3% 218.2% 18.9% 30.0%
Minimum 13,638.4 2,105.0 2,655.1 -3,131.9 8,451.4 4,829.0 Minimum -14.1% 62.0% 35.2% Minimum -2.1% -16.6% -2.3% -37.5% 1.8% 2.6%
% Change Total 62.9% 42.1% 146.8% 1161.8% 218.3% 335.3% Change Total -12.3% 59.1% 59.2%

Update on:
6/16/2021
Return to the Table of Contents

FINRA-Registered Broker-Dealers Financial Results

$ Billions % Chan
Pre-Tax Net Number of
Revenues Expenses Income Firms (#) Revenues
2006 436.8 403.7 33.1 5,026
2007 474.2 473.4 0.8 5,002 2007 8.6%
2008 290.5 324.7 -34.1 4,896 2008 -38.7%
2009 278.9 207.3 71.7 4,717 2009 -4.0%
2010 254.8 220.0 34.8 4,577 2010 -8.7%
2011 238.9 224.7 14.2 4,455 2011 -6.2%
2012 256.9 224.9 32.1 4,289 2012 7.5%
2013 264.5 238.2 26.3 4,146 2013 3.0%
2014 275.0 247.9 27.0 4,068 2014 4.0%
2015 270.0 247.4 22.6 3,943 2015 -1.8%
2016 271.5 246.2 25.3 3,835 2016 0.5%
2017 305.7 268.6 37.1 3,726 2017 12.6%
2018 361.1 318.3 42.8 3,607 2018 18.1%
2019 388.2 344.2 43.9 3,517 2019 7.5%
2020 362.0 284.8 77.2 3,435 2020 -6.7%

Average 315.3 285.0 30.3 4,215.9

Y/Y % Change -6.7% -17.3% 75.7% -2.3%
5-Year CAGR 6.0% 2.8% 27.9% -2.7%
10-Year CAGR 3.6% 2.6% 8.3% -2.8%

Sources: FINRA
Note: Based on Financial and Operational Combined Uniform Single (FOCUS) Reports.

Maximum 474.2 473.4 77.2 5,026.0

Minimum 238.9 207.3 -34.1 3,435.0
% Change Total -17.1% -29.5% 133.4% -31.7%

Updated on:
6/7/2021
 % Change Y/Y
Pre-Tax Net Number of FINRA-Registered Broker-Dealers Financial Results
450 Revenues Expenses
Expenses Income Firms (#)

400 388
17.3% -97.7% -0.5%
361 3
-31.4% -4489.8% -2.1%
-36.2% -310.0% -3.7% 350
6.1% -51.4% -3.0% 306 344
2.2% -59.2% -2.7% 300 275 318
265 270 272
0.1% 125.6% -3.7% 257
239 2
5.9% -17.8% -3.3% 250 269
4.1% 2.6% -1.9% 248 247 246
238
-0.2% -16.4% -3.1% 200 225 225
-0.5% 12.0% -2.7%
9.1% 46.4% -2.8% 150
18.5% 15.4% -3.2%

2013

2016

2018
2011

2012

2014

2015

2017

2019
8.1% 2.7% -2.5%
-17.3% 75.7% -2.3%
 -Dealers Financial Results
Expenses

388
361 362

306 344
318
70 272
285
269
47 246
2016

2018

2020
2015

2017

2019
Return to the Table of Contents

Broker-Dealers & Registered Representatives Data

% Change Y

Broker Registered Office

Dealers Representatives Branches Broker Dealers
2006 5,026 656,381 169,477
2007 5,002 669,794 171,286 2007 -0.5%
2008 4,896 662,899 171,659 2008 -2.1%
2009 4,717 630,904 166,699 2009 -3.7%
2010 4,577 628,462 162,711 2010 -3.0%
2011 4,455 627,067 160,403 2011 -2.7%
2012 4,289 627,492 161,149 2012 -3.7%
2013 4,146 627,488 160,478 2013 -3.3%
2014 4,068 636,178 161,272 2014 -1.9%
2015 3,943 639,442 161,392 2015 -3.1%
2016 3,835 635,625 159,464 2016 -2.7%
2017 3,726 630,251 155,967 2017 -2.8%
2018 3,607 629,517 154,661 2018 -3.2%
2019 3,517 624,662 153,907 2019 -2.5%
2020 3,435 617,549 152,861 2020 -2.3%

Average 4,215.9 636,247.4 161,559.1

Y/Y % Change -2.3% -1.1% -0.7%
5-Year CAGR -2.7% -0.7% -1.1%
10-Year CAGR -2.8% -0.2% -0.6%

Source: FINRA
Note: Financial & Operational Combined Uniform Single (FOCUS) reports for all FINRA registered broker-dealers
doing business in the US; BD = broker-dealer; RR = registered representative; branches = branch offices.

Maximum 5,026.0 669,794.0 171,659.0

Minimum 3,435.0 617,549.0 152,861.0
% Change Total -31.7% -5.9% -9.8%

Updated on:
6/7/2021

(Chart titles - do not delete)

# of Broker-Dealers
# of Registered Representatives (thousands)
# of Branch Offices (thousands)
% Change Y/Y
5,000 # of Broker-Dealers
Registered 4,455
4,500 4,289
Representatives Office Branches 4,146 4,068
3,943 3,835
4,000 3,726 3,607 3,517
2.0% 1.1% 3,435
3,500
-1.0% 0.2%
-4.8% -2.9% 3,000
-0.4% -2.4% 2,500
-0.2% -1.4%
2,000
0.1% 0.5%
0.0% -0.4% 1,500
1.4% 0.5% 1,000
0.5% 0.1%
-0.6% -1.2% 500
-0.8% -2.2% 0
-0.1% -0.8% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
-0.8% -0.5%
-1.1% -0.7%
alers # of Registered Representatives (thousands)
645,000
639,442.0
640,000
,835 3,726 636,178.0
3,607 635,625.0
3,517 3,435 635,000
630,251.0
629,517.0
630,000 627,492.0
627,488.0
627,067.0
624,662.0
625,000

620,000 617,549.0

615,000

610,000

605,000
2016 2017 2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ands) # of Branch Offices (thousands)
164,000

162,000 161,149.0 161,392.0

161,272.0
160,403.0 160,478.0
160,000 159,464.0

9,517.0
158,000
624,662.0 155,967.0
156,000
154,661.0
153,907.0
617,549.0 154,000
152,861.0
152,000

150,000

148,000
2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Return to the Table of Contents

NYSE Member Firms Aggregate Financial Results

$ Millions Percentage
Pre-Tax
Total Pre-Tax Profit Pre-Tax
Revenues Profits Margin ROE
2006 331,335.7 20,893.6 6.3% 19.0%
2007 352,048.4 -11,302.3 -3.2% -10.4%
2008 178,068.0 -42,587.4 -23.9% -37.9%
2009 185,267.3 58,575.8 31.6% 40.3%
2010 159,766.6 25,092.1 15.7% 15.3%
2011 147,282.7 7,746.7 5.3% 5.0%
2012 161,456.0 23,878.0 14.8% 14.0%
2013 162,359.0 16,719.0 10.3% 9.5%
2014 164,628.0 15,965.0 9.7% 9.1%
2015 161,886.0 14,288.0 8.8% 8.2%
2016 166,653.0 17,295.0 10.4% 10.1%
2017 189,702.0 24,526.0 12.9% 13.6%
2018 228,091.0 27,308.0 12.0% 15.1%
2019 250,379.0 28,086.0 11.2% 13.8%
2020 219,324.0 50,894.0 23.2% 22.9%

Average 203,883.1 18,491.8 9.7% 9.8%

Y/Y % Change -12.4% 81.2% 12.0% 9.1%
5-Year CAGR 6.3% 28.9%
10-Year CAGR 3.2% 7.3%

Sources: Intercontinental Exchange (ICE), SIFMA DataBank

Maximum 352,048.4 58,575.8

Minimum 147,282.7 -42,587.4
% Change Total -33.8% 143.6%
Updated on:
6/2/2021
Return to the Table of Contents

NYSE Member Firms Aggregate Total Capital and Equity Capital - Charts

Updated on:
6/2/2021
Return to the Table of Contents

U.S. Securities Industry Employment

Thousands % Change Y/Y

United New York New York United New York New York
States State City States State City
2006 885.5 206.9 185.2
2007 909.4 214.6 191.8 2007 2.7% 3.7% 3.6%
2008 907.8 204.4 182.8 2008 -0.2% -4.8% -4.7%
2009 854.2 187 165.3 2009 -5.9% -8.5% -9.6%
2010 852.7 192.1 169.8 2010 -0.2% 2.7% 2.7%
2011 862.7 192.8 171.6 2011 1.2% 0.4% 1.1%
2012 858.1 188.6 167.9 2012 -0.5% -2.2% -2.2%
2013 872.6 189.2 168.2 2013 1.7% 0.3% 0.2%
2014 892.3 193.4 171.3 2014 2.3% 2.2% 1.8%
2015 923.6 198.3 176.5 2015 3.5% 2.5% 3.0%
2016 931.4 198.1 176.6 2016 0.8% -0.1% 0.1%
2017 944.9 201.4 179.0 2017 1.4% 1.7% 1.4%
2018 962.2 202.7 182.6 2018 1.8% 0.6% 2.0%
2019 967.3 203.6 183.3 2019 0.5% 0.4% 0.4%
2020 975.6 197.2 177.2 2020 0.9% -3.1% -3.3%

Average 906.7 198.0 176.6

Y/Y % Change 0.9% -3.1% -3.3%
5-Year CAGR 1.1% -0.1% 0.1%
10-Year CAGR 1.4% 0.3% 0.4%

Sources: U.S. Department of Labor, Bureau of Labor Statistics

Note: Data as of year-end, not seasonally adjusted, based on North

American Industry Classification System (NAICS) code 523; nationwide
data is based on Securities, commodity contracts, investments, and funds
and trusts industry while state and city data is based on Financial
investments and related activities including financial vehicles industry.
Maximum 967.3 214.6 191.8
Minimum 852.7 187.0 165.3
% Change Total 10.2% -4.7% -4.3%

Updated on:
6/2/2021
Return to the Table of Contents

U.S. Investment Banking Net Revenues by Product - Chart

Source: Dealogic Investment Banking Revenue Analytics

Note: Includes M&A, debt capital markets, equity capital markets, and syndicated lending net revenues.