Markets, Exchanges & Depositories — National Capability Index

Indicators

The measures seeded for this capability in the framework. They are candidate indicators: no cell in the index has a source document attached to it yet.

securities settlement volume
central depository assets under custody
exchange system uptime

Band spread across 197 nations

Frontier 6

Advanced 22

Established 26

Transitional 25

Foundational 36

Nascent 44

Inception 38

All 197 nations

Best first. The score is the mean of the four adjudicators' round-3 integers, rounded to the nearest integer; ±SD is their spread on that cell. Where the spread is three points or more, read the number as a band rather than a value.

#	Nation	Region	Score	Band	Panel SD
1	🇺🇸United States	Americas	20	Frontier	±0.00
2	🇩🇪Germany	Europe	19	Frontier	±0.50
3	🇬🇧United Kingdom	Europe	19	Frontier	±0.43
4	🇫🇷France	Europe	18	Frontier	±0.43
5	🇯🇵Japan	Asia Pacific	18	Frontier	±0.43
6	🇸🇬Singapore	Asia Pacific	18	Frontier	±0.43
7	🇦🇺Australia	Asia Pacific	17	Advanced	±0.50
8	🇧🇪Belgium	Europe	17	Advanced	±0.50
9	🇨🇦Canada	Americas	17	Advanced	±0.50
10	🇱🇺Luxembourg	Europe	17	Advanced	±0.43
11	🇳🇱Netherlands	Europe	17	Advanced	±0.00
12	🇰🇷South Korea	Asia Pacific	17	Advanced	±0.00
13	🇨🇭Switzerland	Europe	17	Advanced	±0.43
14	🇧🇷Brazil	Americas	16	Advanced	±0.00
15	🇨🇳China	Asia Pacific	16	Advanced	±0.43
16	🇮🇳India	Asia Pacific	16	Advanced	±0.00
17	🇮🇹Italy	Europe	16	Advanced	±0.50
18	🇳🇴Norway	Europe	16	Advanced	±0.43
19	🇸🇪Sweden	Europe	16	Advanced	±0.00
20	🇦🇹Austria	Europe	15	Advanced	±0.50
21	🇩🇰Denmark	Europe	15	Advanced	±0.00
22	🇫🇮Finland	Europe	15	Advanced	±0.43
23	🇲🇾Malaysia	Asia Pacific	15	Advanced	±0.43
24	🇸🇦Saudi Arabia	Middle East	15	Advanced	±0.43
25	🇿🇦South Africa	Africa	15	Advanced	±0.43
26	🇪🇸Spain	Europe	15	Advanced	±0.00
27	🇹🇼Taiwan	Asia Pacific	15	Advanced	±0.43
28	🇦🇪United Arab Emirates	Middle East	15	Advanced	±0.43
29	🇮🇪Ireland	Europe	14	Established	±0.00
30	🇮🇱Israel	Middle East	14	Established	±0.00
31	🇲🇽Mexico	Americas	14	Established	±0.00
32	🇳🇿New Zealand	Asia Pacific	14	Established	±0.00
33	🇵🇱Poland	Europe	14	Established	±0.00
34	🇷🇺Russia	Europe	14	Established	±0.00
35	🇹🇷Türkiye	Middle East	14	Established	±0.50
36	🇨🇱Chile	Americas	13	Established	±0.50
37	🇮🇩Indonesia	Asia Pacific	13	Established	±0.00
38	🇵🇹Portugal	Europe	13	Established	±0.00
39	🇹🇭Thailand	Asia Pacific	13	Established	±0.43
40	🇦🇷Argentina	Americas	12	Established	±0.87
41	🇨🇴Colombia	Americas	12	Established	±0.50
42	🇨🇿Czechia	Europe	12	Established	±0.50
43	🇪🇬Egypt	Africa	12	Established	±0.43
44	🇪🇪Estonia	Europe	12	Established	±0.43
45	🇬🇷Greece	Europe	12	Established	±0.00
46	🇭🇺Hungary	Europe	12	Established	±0.43
47	🇰🇼Kuwait	Middle East	12	Established	±0.00
48	🇱🇹Lithuania	Europe	12	Established	±0.43
49	🇲🇹Malta	Europe	12	Established	±0.50
50	🇲🇺Mauritius	Africa	12	Established	±0.00
51	🇲🇦Morocco	Africa	12	Established	±0.43
52	🇵🇭Philippines	Asia Pacific	12	Established	±0.00
53	🇶🇦Qatar	Middle East	12	Established	±0.00
54	🇷🇴Romania	Europe	12	Established	±0.00
55	🇮🇸Iceland	Europe	11	Transitional	±0.00
56	🇱🇻Latvia	Europe	11	Transitional	±0.43
57	🇳🇬Nigeria	Africa	11	Transitional	±0.43
58	🇴🇲Oman	Middle East	11	Transitional	±0.50
59	🇵🇰Pakistan	Asia Pacific	11	Transitional	±0.50
60	🇵🇪Peru	Americas	11	Transitional	±0.43
61	🇻🇳Vietnam	Asia Pacific	11	Transitional	±0.00
62	🇧🇭Bahrain	Middle East	10	Transitional	±0.43
63	🇧🇬Bulgaria	Europe	10	Transitional	±0.50
64	🇭🇷Croatia	Europe	10	Transitional	±0.50
65	🇯🇴Jordan	Middle East	10	Transitional	±0.00
66	🇰🇿Kazakhstan	Asia Pacific	10	Transitional	±0.43
67	🇰🇪Kenya	Africa	10	Transitional	±0.43
68	🇵🇦Panama	Americas	10	Transitional	±0.00
69	🇸🇰Slovakia	Europe	10	Transitional	±0.71
70	🇸🇮Slovenia	Europe	10	Transitional	±0.00
71	🇧🇩Bangladesh	Asia Pacific	9	Transitional	±0.00
72	🇨🇾Cyprus	Middle East	9	Transitional	±0.00
73	🇬🇭Ghana	Africa	9	Transitional	±0.00
74	🇮🇷Iran	Asia Pacific	9	Transitional	±0.50
75	🇯🇲Jamaica	Americas	9	Transitional	±0.83
76	🇷🇸Serbia	Europe	9	Transitional	±0.43
77	🇱🇰Sri Lanka	Asia Pacific	9	Transitional	±0.43
78	🇹🇹Trinidad & Tobago	Americas	9	Transitional	±0.43
79	🇹🇳Tunisia	Africa	9	Transitional	±0.43
80	🇨🇷Costa Rica	Americas	8	Foundational	±0.43
81	🇨🇮Côte d'Ivoire	Africa	8	Foundational	±0.50
82	🇩🇴Dominican Republic	Americas	8	Foundational	±0.00
83	🇪🇨Ecuador	Americas	8	Foundational	±0.50
84	🇬🇪Georgia	Middle East	8	Foundational	±0.43
85	🇹🇿Tanzania	Africa	8	Foundational	±0.50
86	🇺🇦Ukraine	Europe	8	Foundational	±0.71
87	🇺🇾Uruguay	Americas	8	Foundational	±0.00
88	🇦🇿Azerbaijan	Middle East	7	Foundational	±0.00
89	🇧🇼Botswana	Africa	7	Foundational	±0.43
90	🇲🇪Montenegro	Europe	7	Foundational	±0.00
91	🇳🇦Namibia	Africa	7	Foundational	±0.43
92	🇲🇰North Macedonia	Europe	7	Foundational	±0.00
93	🇵🇾Paraguay	Americas	7	Foundational	±0.00
94	🇺🇬Uganda	Africa	7	Foundational	±0.50
95	🇿🇲Zambia	Africa	7	Foundational	±0.50
96	🇩🇿Algeria	Africa	6	Foundational	±0.43
97	🇦🇴Angola	Africa	6	Foundational	±0.50
98	🇦🇲Armenia	Middle East	6	Foundational	±0.43
99	🇧🇸Bahamas	Americas	6	Foundational	±0.00
100	🇧🇾Belarus	Europe	6	Foundational	±0.00
101	🇧🇴Bolivia	Americas	6	Foundational	±0.00
102	🇸🇻El Salvador	Americas	6	Foundational	±0.00
103	🇪🇹Ethiopia	Africa	6	Foundational	±0.50
104	🇬🇹Guatemala	Americas	6	Foundational	±0.00
105	🇭🇳Honduras	Americas	6	Foundational	±0.50
106	🇮🇶Iraq	Middle East	6	Foundational	±0.43
107	🇱🇧Lebanon	Middle East	6	Foundational	±0.50
108	🇲🇩Moldova	Europe	6	Foundational	±0.00
109	🇲🇳Mongolia	Asia Pacific	6	Foundational	±0.43
110	🇳🇵Nepal	Asia Pacific	6	Foundational	±0.43
111	🇷🇼Rwanda	Africa	6	Foundational	±0.00
112	🇸🇳Senegal	Africa	6	Foundational	±0.83
113	🇺🇿Uzbekistan	Asia Pacific	6	Foundational	±0.00
114	🇻🇪Venezuela	Americas	6	Foundational	±0.50
115	🇿🇼Zimbabwe	Africa	6	Foundational	±0.43
116	🇦🇱Albania	Europe	5	Nascent	±0.50
117	🇧🇧Barbados	Americas	5	Nascent	±0.43
118	🇧🇦Bosnia & Herzegovina	Europe	5	Nascent	±0.43
119	🇰🇭Cambodia	Asia Pacific	5	Nascent	±0.00
120	🇨🇲Cameroon	Africa	5	Nascent	±0.00
121	🇸🇿Eswatini	Africa	5	Nascent	±0.43
122	🇫🇯Fiji	Asia Pacific	5	Nascent	±0.00
123	🇬🇦Gabon	Africa	5	Nascent	±0.00
124	🇬🇾Guyana	Americas	5	Nascent	±0.43
125	🇰🇬Kyrgyzstan	Asia Pacific	5	Nascent	±0.43
126	🇲🇼Malawi	Africa	5	Nascent	±0.00
127	🇲🇿Mozambique	Africa	5	Nascent	±0.00
128	🇳🇮Nicaragua	Americas	5	Nascent	±0.43
129	🇵🇸Palestine	Middle East	5	Nascent	±0.00
130	🇵🇬Papua New Guinea	Asia Pacific	5	Nascent	±0.43
131	🇸🇨Seychelles	Africa	5	Nascent	±0.43
132	🇹🇬Togo	Africa	5	Nascent	±0.50
133	🇦🇬Antigua & Barbuda	Americas	4	Nascent	±0.00
134	🇧🇯Benin	Africa	4	Nascent	±0.00
135	🇧🇫Burkina Faso	Africa	4	Nascent	±0.00
136	🇨🇻Cabo Verde	Africa	4	Nascent	±0.00
137	🇩🇲Dominica	Americas	4	Nascent	±0.50
138	🇱🇦Laos	Asia Pacific	4	Nascent	±0.43
139	🇱🇮Liechtenstein	Europe	4	Nascent	±1.87
140	🇲🇬Madagascar	Africa	4	Nascent	±0.43
141	🇲🇻Maldives	Asia Pacific	4	Nascent	±0.00
142	🇲🇲Myanmar	Asia Pacific	4	Nascent	±0.43
143	🇰🇳Saint Kitts & Nevis	Americas	4	Nascent	±0.71
144	🇱🇨Saint Lucia	Americas	4	Nascent	±0.50
145	🇻🇨Saint Vincent & Grenadines	Americas	4	Nascent	±0.50
146	🇸🇷Suriname	Americas	4	Nascent	±0.00
147	🇧🇹Bhutan	Asia Pacific	3	Nascent	±0.43
148	🇨🇬Congo	Africa	3	Nascent	±0.43
149	🇬🇩Grenada	Americas	3	Nascent	±0.43
150	🇱🇾Libya	Africa	3	Nascent	±0.43
151	🇲🇱Mali	Africa	3	Nascent	±0.00
152	🇲🇨Monaco	Europe	3	Nascent	±1.09
153	🇳🇪Niger	Africa	3	Nascent	±0.00
154	🇸🇲San Marino	Europe	3	Nascent	±0.50
155	🇸🇱Sierra Leone	Africa	3	Nascent	±0.50
156	🇸🇩Sudan	Africa	3	Nascent	±0.43
157	🇸🇾Syria	Middle East	3	Nascent	±0.50
158	🇹🇯Tajikistan	Asia Pacific	3	Nascent	±0.43
159	🇹🇲Turkmenistan	Asia Pacific	3	Nascent	±0.87
160	🇦🇩Andorra	Europe	2	Inception	±0.43
161	🇧🇿Belize	Americas	2	Inception	±0.50
162	🇧🇳Brunei	Asia Pacific	2	Inception	±0.83
163	🇹🇩Chad	Africa	2	Inception	±0.50
164	🇩🇯Djibouti	Africa	2	Inception	±0.50
165	🇨🇩DR Congo	Africa	2	Inception	±0.50
166	🇬🇶Equatorial Guinea	Africa	2	Inception	±0.43
167	🇬🇲Gambia	Africa	2	Inception	±0.43
168	🇬🇳Guinea	Africa	2	Inception	±0.00
169	🇬🇼Guinea-Bissau	Africa	2	Inception	±0.71
170	🇽🇰Kosovo	Europe	2	Inception	±0.83
171	🇱🇸Lesotho	Africa	2	Inception	±0.00
172	🇲🇷Mauritania	Africa	2	Inception	±0.00
173	🇸🇧Solomon Islands	Asia Pacific	2	Inception	±0.50
174	🇧🇮Burundi	Africa	1	Inception	±0.00
175	🇨🇫Central African Rep.	Africa	1	Inception	±0.43
176	🇰🇲Comoros	Africa	1	Inception	±0.00
177	🇨🇺Cuba	Americas	1	Inception	±0.43
178	🇭🇹Haiti	Americas	1	Inception	±0.43
179	🇱🇷Liberia	Africa	1	Inception	±0.43
180	🇲🇭Marshall Islands	Asia Pacific	1	Inception	±0.43
181	🇫🇲Micronesia	Asia Pacific	1	Inception	±0.50
182	🇼🇸Samoa	Asia Pacific	1	Inception	±0.83
183	🇸🇹São Tomé & Príncipe	Africa	1	Inception	±0.00
184	🇹🇱Timor-Leste	Asia Pacific	1	Inception	±0.00
185	🇹🇴Tonga	Asia Pacific	1	Inception	±0.00
186	🇻🇺Vanuatu	Asia Pacific	1	Inception	±0.43
187	🇾🇪Yemen	Middle East	1	Inception	±0.50
188	🇦🇫Afghanistan	Asia Pacific	0	Inception	±0.43
189	🇪🇷Eritrea	Africa	0	Inception	±0.00
190	🇻🇦Holy See	Europe	0	Inception	±0.00
191	🇰🇮Kiribati	Asia Pacific	0	Inception	±0.43
192	🇳🇷Nauru	Asia Pacific	0	Inception	±0.00
193	🇰🇵North Korea	Asia Pacific	0	Inception	±0.43
194	🇵🇼Palau	Asia Pacific	0	Inception	±0.43
195	🇸🇴Somalia	Africa	0	Inception	±0.43
196	🇸🇸South Sudan	Africa	0	Inception	±0.43
197	🇹🇻Tuvalu	Asia Pacific	0	Inception	±0.00

Others in Financial Infrastructure

Capability	World mean	Range	Leader
Currency & Reserves	9.4	2–19	United States
Payments & Settlement Systems	10.0	1–19	China, Singapore
Banks, Insurers & Systemic Institutions	9.1	2–19	United States