The market active level is to what extent people including domestic citizens and foreigners are willing to invest and consume in the market. People's willingness to invest and consume is determined by people's utility demand and financial demand. Utility demand is how useful a product or a service is once it has been purchased; financial demand is how much money could be gained by selling an owned product or service.
When individuals are making their consumption or investment decisions, they compare the utility demand and the financial demand and plan their individual portfolios to maximise the overall returns of their utility and financial demands. Utilities are usually pre-determined and in all markets, utilities offered by the same products and services are usually similar in all markets (sometimes they can be different due to different cultural or geographical factors). Therefore, the utility cannot determine the different market active levels between different markets. Financial demand is the most important factor that determines the differences in market active levels.
Financial demand is not fixed, it varies over time. It is also determined by individual expectations. Such expectations may not be accurate or true, but they can still determine the financial market situation at the moment. Without expectation, financial demand would be fixed and there would be no difference between markets because if there was no expectation, it would imply there would be no risk and such market would be different from normal good or service market and the returns from the financial market are the compensation for bearing the risk.
Therefore, the factor that make the market active levels in different markets is individuals' expectations about the markets.
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