The aggregate free-float market capitalisation of the MSCI Emerging Markets (EM) Index and the MSCI Pacific ex Japan Index stood at US$7.3 trillion ($10 trillion) and represented a 15.4% weight of the MSCI ACWI Index, as of June 30, compared with US$1.8 trillion and an 8.5% weight at the end of 2004. The rise of market size in both absolute and relative terms reflects, in part, increased business productivity and dynamism in the EM and Asia, as well as expectations of the regions’ potential for future economic and financial-market growth.

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