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Stats › Global markets and exchanges › The listing gap

The European listing gap has no published time series, and the figure everyone quotes is a modelling assumption

What is publishedValueWhat is not
Global flotation shares, 2021EU 11%, US 38%, China 18%, UK 4%the annual counts behind them
European flotation proceeds0.9 per mille of output in 2015, 0.3 in 2020the American or British figures
Delistings since 2012more than doubledany annual count
Listings over the same periodheavily outpaced by delistingsany figure
Number of listed companiesone anecdotal data pointany series
Market value as a share of outputnot provided anywhereeverything

From the Commission's 2022 impact assessment accompanying its listing reform package. The directional statements are in the text and the annual counts exist only inside two charts. The document reports no significance tests for any figure. The ubiquitous claim that European market value is some percentage of output against a higher American figure is unsupported by this source: the comparison is not in it.

The Commission's own impact assessment states European delistings have more than doubled since 2012 and puts the annual counts only inside a chart. Its widely quoted benefit figure is an assumption it makes, not a measurement.

11%European share of global flotations, 2021
38%The American share
0.9 then 0.3 per mille of outputEuropean flotation proceeds, 2015 then 2020
21%Assumed increase in flotations used in the model

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