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Estimating the Global Stock Universe with Index Constituents and Screeners

Article Quant Q&A · Author: Xinyuan
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Summary

The discussion shows that the number of stocks worldwide depends on how the universe is defined and which source is used. It cites MSCI global index factsheets as a way to estimate investable coverage: one broad index included large, mid, small, and micro capitalization companies in developed and emerging markets, while an investable-market index used a narrower size range. The reported constituent counts and coverage figures are specific to the factsheets’ stated date.

A separate answer describes using a professional market screener to count active public-company equities, then refining the count to common stock listings and underlying issues. These categories produce very different totals because listings, securities, and issuers are not interchangeable. The exchange provides examples rather than a definitive current worldwide count, and the screener counts are time-sensitive. Researchers building large-scale tests should define treatment of dual listings, suspended securities, and security types before selecting a data source.

Key ideas

  • Global stock counts vary with the definition of a stock and the date of measurement.
  • Index factsheets can describe the size and coverage of a defined investable universe.
  • A broad index and an investable-market index can include different sets of securities.
  • Screeners may count listings separately from underlying common stock issues.
  • Dual listings, suspended securities, and security classifications affect universe totals.

Tags

EquitiesMulti-assetBacktesting
Full text
# Where can I get the actual info about how many stocks are there in markets all over the world?


# Where can I get the actual info about how many stocks are there in markets all over the world?












I need to test an algorithm for large-scale data in stocks market. I wanna know how many stocks are there all over the world and the data source.

## Answer by Helin (score 8, accepted)

https://quant.stackexchange.com/a/46076

Per the factsheet for MSCI ACWI All Cap Index (as of May 31, 2019):

> The MSCI ACWI All Cap Index captures large, mid, small and micro cap representation across 23 Developed Markets (DM) countries and large, mid and small cap representation across 26 Emerging Markets (EM) countries. With 14,752 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

However, the liquid set of securities is far smaller. Per MSCI ACWI IMI Index factsheet:

> The MSCI ACWI Investable Market Index (IMI) captures large, mid and small cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. With 8,880 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

## Answer by hroptatyr (score 2)

https://quant.stackexchange.com/a/46077

You could also try using Bloomberg's screener (`EQS <GO>`). You need to clarify your idea of a stock, are dual-listings of the same issue two stocks or one? What about company issues whose trading is currently suspended?

Anyway, running the screener on just active stocks that are public companies, as of now, gives 354283 equity stocks.

Edit: More in the vein of what people think when they talk about the stock market: There are, as of now, 226379 active common stock listings, which translates to 59116 common stock issues.

Shown in full with attribution under the source's licence. Licence: CC BY-SA 4.0 (Stack Exchange)

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.