Stock exchange listing is circumscribed to a few large firms. Considering non-financial corporations only, in 2012 Italy counted 230 listed firms, compared with about 700 in France and Germany. The median firm in Italy had a market capitalization of about € million, twice as much as in those two countries.
6 Further reading FSB TBTF consultation report:  https://www.fsb.org/2020/06/evaluation-of-the-effects-of-too-big-to-fail-reforms-consultationreport/ FSB evaluation framework:  https://www.fsb.org/2017/07/framework-for-post-implementation-evaluation-of-the-effects-of-theg20-ﬁnancial-regulatory-reforms/ Findings of earlier evaluations:  https://www.fsb.org/2019/11/evaluation-of-the-effects-of-ﬁnancial-regulatory-reforms-on-smalland-medium-sized-enterprise-sme-ﬁnancing-ﬁnal-report/  https://www.fsb.org/2018/11/evaluation-of-the-effects-of-ﬁnancial-regulatory-reforms-oninfrastructure-ﬁnance/  https://www.fsb.org/2018/11/incentives-to-centrally-clear-over-the-counter-otc-derivatives-2/ Footnotes:  https://www.bundesbank.de/en/press/speeches/implications-of-the-too-big-to-fail-reforms-for-global-banking-836618  9/10  8/4/2020  Implications of the too-big-to-fail reforms for global banking | Deutsche Bundesbank  1.  https://www.fsb.org/2020/06/evaluation-of-the-effects-of-too-big-to-fail-reforms-consultationreport/ 2.