World Stock Markets: Ranking the Largest Exchanges

The New York Stock Exchange

The New York Stock Exchange (NYSE), part of the US stock market and commonly known as Wall Street, is located at 11 Wall Street, in the heart of the Manhattan peninsula, in New York. Although it was founded in 1817, it only began operating under the NYSE name in 1963. Before reaching the number one spot and being recognized as the leading exchange among the world stock markets, the New York Stock Exchange Group went through a tumultuous journey, with infamous events such as the “Wall Street Crash” of 1929 or the American “Black Tuesday” in 1987.

However, after acquiring the London Stock Exchange after the First World War, it has remained the largest stock exchange in the world in terms of market cap. So, what are the 10 largest stock exchanges? New York tops the list: the New York Stock Exchange has a market capitalization of 25.6 trillion dollars in February 2025, which represents nearly 50% of global stock market value. In 2012, the NYSE became the Intercontinental Exchange, an American exchange group. This capital exceeds the GDP of the United States, estimated at 21,670 billion dollars according to the financial intelligence website Fin Bold.

The NASDAQ Stock Market

The NASDAQ stock exchange is located in Times Square, a famous square in New York, or more precisely in Manhattan. The National Association of Securities Dealers Automated Quotations (NASDAQ) was founded in 1971 by a group of local brokers. It is unique in that it has never operated under a public auction system. Instead, the Nasdaq has always been the first electronic exchange to use a computerized telephone trading system.

The Nasdaq’s market capitalization reaches 19.51 trillion dollars in 2025, which places it second among the largest stock exchanges in the world. However, with listed companies such as Apple (APPL), Microsoft (MSFT), Facebook (FB) and Tesla (TSLA), the Nasdaq holds the largest market capitalization of technology stocks. The two indices used to measure stock market performance are the Nasdaq 100 (the largest index of the 100 market capitalizations on the Nasdaq) and the Nasdaq “composite” (an index that reflects the trend of more than 3,000 stocks).

The Tokyo Stock Exchange

Created in 1878, the Tokyo Stock Exchange is the most important stock exchange in Japan. After the Second World War, the TSE faced problems and was suspended. This suspension came about because Japan had taken part in the war. The name was changed in 1949 and since then it has been known as the Japan Exchange Group, the same name as its owner. The group was formed in 2013 through the merger of the Osaka Stock Exchange and the TSE. The Tokyo Stock Exchange connects with other global exchanges around the world, including the London Stock Exchange.

The TSE is made up of 05 sections, which are:

• The first two are called the “main market” and group together companies with large and mid-sized businesses.
• Two sections for start-ups
• One section dedicated to professional investors.

There are currently more than 3,786 companies listed on the Tokyo Stock Exchange, with a market capitalization of more than 5.6 trillion dollars as of June 2020. The benchmark index of the Tokyo Stock Exchange includes the large companies listed there, such as the Nikkei 225 (short for Nihon Keizai Shimbun), which takes into account companies like Honda Motor Co, Toyota Motor Corp and Sony Corp.

The Shanghai Stock Exchange

In the People’s Republic of China, there are three independent stock exchanges; the Shanghai Stock Exchange is one of them. The other two independent exchanges are Shenzhen and Hong Kong, which also appear on this list. Although it was founded in 1990, the Shanghai Stock Exchange holds fourth place in the stock market cap ranking. Its origins date back to 1866. However, it was shut down in 1949 during the Chinese Revolution.

Each stock listed on the SSE carries several shares named “A”, denominated in the local currency, the yuan, and several so-called “B” shares, denominated in US dollars. “A” shares are intended exclusively for domestic investment, except for investors under the foreign investment scheme, while “B” shares are available to both domestic and foreign investors.

In 2020, the SSE’s market capitalization was found to have reached 6.98 trillion dollars, with a daily trading volume of around 17.86 trillion dollars. Investors can use the SSE Composite Index, also known as the Shanghai Composite Index, to track the price of stocks listed on the Shanghai Stock Exchange. It takes into account major companies such as PetroChina, Industrial and Commercial Bank of China and Agricultural Bank of China.

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The Hong Kong Stock Exchange

Created in 1891 by the Association of Stockbrokers in Hong Kong, the Hong Kong Stock Exchange no longer goes by that name. In 1914, it was renamed the Hong Kong Stock Exchange. SEHK is one of the three largest stock exchanges in China, but the SEHL exchange closed its doors in 2017 due to the transition to electronic trading. In the ranking of the biggest stock markets in the world, the Hong Kong Stock Exchange holds 3rd place in Asia and 5th place worldwide. Its market capitalization is estimated at 6.81 trillion dollars.

Most of the companies listed here are based in Hong Kong. As a result, the Exchange trades in dollars. More than 2,500 companies are listed on the Hong Kong Stock Exchange, and most of the Exchange’s market cap comes from the 20 largest stocks, including AIA, Tencent Holdings and HSBC Holdings. The Hong Kong Stock Exchange’s indices include the Hang Seng Index, the FTSE China 50 Index, the FTSE China A-H 50 Index, the Hang Seng China Enterprises Index and the Hang Seng China Affiliated Enterprises Index.

The London Stock Exchange

The London Stock Exchange was created in 1801, but its origins date back to 1698. At the time, the LSE service was merely a market price, issued every two weeks. It is one of the oldest stock exchanges in the world. The London Stock Exchange was the most important exchange in the world until it was dethroned by the New York Stock Exchange at the end of the First World War, following a stock market crash. The LSE is currently the largest stock exchange in Europe and the sixth largest in the world.

This exchange is part of the London Stock Exchange Group, formed in 2007 when the LSE merged with Borsa Italiana. It is an international exchange with more than 3,000 companies from 70 countries. In May 2025, the LSE’s market capitalization was expected to stand at 3.88 trillion pounds sterling. Traders can track performance and market cap through the Financial Times Stock Exchange Index 100, popularly known as the FTSE 100. This index brings together the top 100 companies listed on the London Stock Exchange, among them Barclays, BP and GlaxoSmithKline.

The Euronext Stock Exchange

A pan-European exchange, Euronext is based in Amsterdam, in the Netherlands, bringing together the Netherlands, Portugal, Ireland, Belgium, the United Kingdom and France. Founded in 2000 and representing the European economy as a whole, it operates in euros. In 2007, the merger between Euronext and the NYSE group formed NYSE Euronext, which was fully acquired by Intercontinental Exchange in 2013.

Finally, with its initial public offering, Euronext became an independent company again in June 2014. It is the 7th largest stock exchange in the world and its market capitalization stands at 5,654,000 billion euros in 2025. Because the exchange spans several countries, 1,300 companies are listed and you can use 40 stock indices to track Euronext prices. However, the Euronext 100 is the dominant index, bringing together the most important and most liquid stocks on the market.

How to Trade the Indices of the World Stock Markets from France?

• Get familiar with index trading.
• Choose a trading strategy suited to your profile.
• Start developing your strategy.
• Open a live account and fund it.
• Go to the search tab to find the index of your choice.
• Choose an amount and a good broker
• Open your position(s).

Among the different exchanges that make up the world stock markets, the real estate stock market is one of the most sought-after by investors in 2026.

See also: Stock Market Rankings

What Are the Major Stock Indices by Country?

This article is for educational purposes and does not constitute investment advice. Investing involves a risk of losing your capital.