Importance The article overviews the methods for analyzing and classifying stock markets in line with such three major indices as FTSE Russel, S&P Dow Jones Indices, MSCI. Objectives The research identifies specifics and key characteristics of emerging stock markets and traces relationship between the emerging and developed stock markets. Methods The research draws upon methods of logic and statistical analysis. Results Having carried out a graphic and correlation analysis of the BRIC countries, i.e. emerging stock markets, and advanced stock market of Hong Kong, we found a strong correlation of the return on the Hong Kong stock index and those of the BRIC countries (without Brazil). In the mean time, there is a slight correlation between stock indices of the Shanghai stock exchange and other BRIC countries. Conclusions and Relevance Clear classification of markets streamlines and increases the transparency, reliability of an analysis of investors in the financial market and assessment of risks and probable yields. Stock markets often demonstrate different trends due to disparity in economic development. Having analyzed methods for classifying stock markets of FTSE Russel, S&P Dow Jones Indices, MSCI, we found that the following criteria were used to qualify stock markets as emerging ones: liquidity, substantial capitalization of domestic stock market, accessibility for foreign investors.
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