There are approximately 80 major stock exchanges in the world, worth a combined $110.2 trillion in value. In this article, we’ll explore 10 of the world’s major stock exchanges in terms of market capitalization (the combined value of all their listed companies).
Information is based on the World Federation of Exchanges data from December 2024.
Definition of a stock exchange
Stock exchanges, or securities exchanges, are a marketplace where stocks, bonds, and securities are bought and sold. They traditionally operated on a physical trading floor, but today most trades are executed electronically via online platforms.
Top 10 largest stock exchanges in the world
Source: Market Statistics, Focus World Exchanges – February 2025
New York Stock Exchange
- Market Identifier Code: NYSE
- Region: Americas
- Market Cap (USD): $31.58 trillion
- Timezone: ET
- Operating Hours: 9:30 AM - 4:00 PM
New York Stock Exchange (NYSE) is the largest stock exchange in the world based on market capitalization. It was founded in 1792 and has been operating under the NYSE name since 1963.
NYSE’s total market capitalization is over $31.58 trillion. It lists more than 2,000 companies that span across numerous industries like energy, finance, healthcare, and consumer goods. Companies listed on the NYSE include ExxonMobil, Coca-Cola, and JPMorgan Chase.
Over its long history, the NYSE has experienced some key historical moments. These include two severe crashes – the Wall Street Crash of 1929 and Black Monday in 1987 – as well as its major acquisition by the Intercontinental Exchange (ICE) in 2013.
NASDAQ
- Market Identifier Code: NMS
- Region: Americas
- Market Cap (USD): $30.6 trillion
- Timezone: ET
- Operating Hours: 9:30 AM - 4:00 PM
The Nasdaq Stock Market is the second-largest stock exchange in the world. It was founded in 1971 and became the world’s first electronic exchange, swapping the traditional open outcry system for telephone and computer-based trading. In 1998, it also became the first U.S. stock exchange to trade online.
Today, Nasdaq has a total market capitalization of over $30.6 trillion. The exchange has a strong focus on technology and innovation, and it’s home to some of the world’s biggest tech companies like Apple, Microsoft, Amazon, and Tesla. The Nasdaq-100 Index tracks its largest non-financial companies.
Shanghai Stock Exchange
- Market Identifier Code: SSE
- Region: Asia
- Market Cap (USD): $7.19 trillion
- Timezone: CST
- Operating Hours: 9:00 AM - 3:00 PM
The Shanghai Stock Exchange (SSE) is the largest stock exchange in mainland China and the fourth largest in the world by market capitalization. The exchange’s roots stretch back to 1866, however it was shut down during the Chinese Civil War in 1949. Its current iteration was officially re-established in 1990.
Today, the SSE has a market capitalization of approximately $7.19 trillion and lists more than 2,200 companies. It offers two main types of shares: A-shares are priced in Chinese yuan and generally limited to domestic investors, while B-shares are priced in USD and available to both domestic and foreign investors.
Major companies listed on the SSE include PetroChina, Industrial and Commercial Bank of China (ICBC), Air China, and the Bank of China. Its performance is tracked by the SSE Composite Index, also known as the Shanghai Composite.
Tokyo Stock Exchange
- Market Identifier Code: JPX/TSE/TYO
- Region: Asia
- Market Cap (USD): $6.56 trillion
- Timezone: JST
- Operating Hours: 9:00AM - 3:00 PM
The Tokyo Stock Exchange (TSE) is the largest stock exchange in Japan and a major financial hub in Asia. The exchange was founded in 1878, however its operations were briefly halted from 1945 to 1949 due to the country’s involvement in World War II. It relaunched in 1949 and merged with the Osaka Securities Exchange in 2013 to form the Japan Exchange Group (JPX), which now oversees all operations. Today it’s more commonly known under the Japan Exchange Group name.
The Tokyo Stock Exchange has a market capitalization of more than $6.56 trillion, making it the third-largest stock exchange in the world. It’s home to more than 3,950 listed companies including industry giants like Sony, Toyota, and Honda. The Nikkei 225 is the TSE’s flagship index and a benchmark for Japan’s equity market performance.
Euronext Stock Exchange
- Market Identifier Code: ENX
- Region: Europe
- Market Cap (USD): $5.44 trillion
- Timezone: CET
- Operating Hours: 9:00 AM - 5:30 PM
Euronext (ENX) is a pan-European stock exchange that’s headquartered in Amsterdam but has a presence in France, Belgium, Portugal, Ireland, Italy, and the Netherlands. It was founded in 2000 to represent several European markets under one umbrella.
Euronext has seen several structural changes over its short history. In 2007, it merged with the NYSE Group to form NYSE Euronext, which was later acquired by Intercontinental Exchange (ICE) in 2013. After a successful IPO in 2014, Euronext regained its independence.
The exchange has a market capitalization of around $5.44 trillion, making it the largest exchange in continental Europe. It lists more than 1,300 companies and operates multiple indices, including the Euronext 100 which tracks some of Europe’s biggest companies like LVMH, ING, and Renault.
Hong Kong Stock Exchange
- Market Identifier Code: HKEX
- Region: Asia
- Market Cap (USD): $4.55 trillion
- Timezone: HKT
- Operating Hours: 9:30 AM - 4:00 PM
The Hong Kong Stock Exchange (HKEX) is the fastest-growing stock exchange in Asia and a major gateway for global traders wanting to access the Chinese equity market. It was founded in 1891 and in 1914 was renamed to the Stock Exchange of Hong Kong (SEHK). Its physical trading floor closed in 2017 as the exchange went fully electronic.
Today, HKEX has more than 2,600 listed companies and a market capitalization of around $4.55 trillion. A large portion of its market cap comes from its 20 largest stocks, including HSBC and Tencent Holdings.
Shenzhen Stock Exchange
- Market Identifier Code: SZSE
- Region: Asia
- Market Cap (USD): $4.53 trillion
- Timezone: CST
- Operating Hours: 9:30 AM - 3:00 PM
The Shenzhen Stock Exchange (SZSE) is the smallest of China’s three major stock exchanges. It was founded in 1987 but wasn’t formally operational until 1990. It now operates under supervision from the China Securities Regulatory Commission (CSRC).
The SZSE has a market cap of approximately $4.53 trillion and lists more than 2,800 companies. It operates two segments – the SME Board, launched in 2004 for businesses in manufacturing, and ChiNext, launched in 2009 with a Nasdaq-like focus on tech startups.
Toronto Stock Exchange
- Market Identifier Code: TSX
- Region: Americas
- Market Cap (USD): $3.55 trillion
- Timezone: ET
- Operating Hours: 9:30 AM - 4:00 PM
The Toronto Stock Exchange (TSX) is Canada’s largest stock exchange. It was founded in 1852 and became part of the TMX Group in 2009 after merging with the Montreal Stock Exchange. In 2011, it was proposed to merge with the London Stock Exchange but the deal failed to get approval from shareholders.
The TSX has a market capitalization of around $3.55 trillion with over 3,000 listed companies. It can be tracked with the S&P/TSX Composite Index, which accounts for about 70% of the exchange’s total market cap. Its biggest companies include Shopify, Royal Bank of Canada, and Thomson Reuters.
London Stock Exchange
- Market Identifier Code: LSE
- Region: Europe
- Market Cap (USD): $2.99 trillion
- Timezone: BST
- Operating Hours: 8:00 AM - 4:30 PM
The London Stock Exchange (LSE) is one of the oldest stock exchanges in the world. Its origins date back to 1698, when it served as a biweekly publication of market prices, but it was formally established as an exchange in 1801.
The LSE was the largest stock exchange in the world until it was overtaken by the NYSE after World War I. Today it’s known as the most international market, listing over 1,900 companies from more than 70 countries. It’s also the largest stock exchange in Europe, with a market capitalization of approximately $2.99 trillion.
Traders can track the LSE’s performance through the Financial Times Stock Exchange Index 100 (FTSE 100), which contains the exchange’s top 100 companies including Barclay’s, BP, Unilever, and Rio Tinto. In 2007, it merged with Borsa Italiana and is now part of the London Stock Exchange Group.
Frankfurt Stock Exchange
- Market Identifier Code: FSE/XFRA
- Region: Europe
- Market Cap (USD): $2.04 trillion
- Timezone: CET
- Operating Hours: 9:00 AM - 5:30 PM
The Frankfurt Stock Exchange (FSE) is one of the world’s oldest stock exchanges, with roots dating back to 1585 when merchants gathered to fix currency rates. After World War II, it became Germany’s leading stock exchange and in 1993, its ownership was transferred to Deutsche Bӧrse AG.
Today, the FSE has a market capitalization of approximately $2.04 trillion with more than 400 listed companies. Its performance can be tracked through the DAX, which tracks the top 40 blue-chip companies including Volkswagen, Adidas, Deutsche Bank, and Bayer.
Trading on stock exchanges
Trading on a stock exchange involves buying and selling securities like stocks or bonds. To start trading, you need to access the markets through a licensed broker or trading platform. Each stock exchange has its own specific trading hours where you can execute trades.
There are various different styles of trading. For example, day trading involves buying and selling securities within the same trading day to capitalize on small price movements. Swing trading involves holding positions for several days or weeks with the aim of profiting from price swings or financial trends. There are also longer-term strategies, like position trading or buy-and-hold investing, which aim to steadily grow wealth over years or even decades.
Stock market trading is governed by strict regulations to protect investor interests. These regulations aim to promote transparency, prevent fraud or manipulation, and keep markets functioning efficiently.
Largest stock exchanges by market cap
New York Stock Exchange
The New York Stock Exchange has the largest market capitalization at approximately $31.58 trillion. It has a monthly trade volume of $2.7 trillion.
NASDAQ
NASDAQ is the second-largest stock exchange in the world, with a market capitalization of $30.61 trillion. Its monthly trade volume is $2.6 trillion.
Shanghai Stock Exchange
The Shanghai Stock Exchange is the third-largest exchange in the world, with a market cap of $7.19 trillion. It has a monthly trade volume of $1.9 trillion.
Oldest stock exchanges in the world
Amsterdam Stock Exchange
The Amsterdam Stock Exchange is widely considered to be the world’s oldest ‘modern’ securities market. It was founded in 1602 following the creation of the Dutch East India Company (VOC) and introduced many of the elements we now take for granted in stock trading, including publicly issued shares, a secondary market, and dividend payments.
Before the Amsterdam Stock Exchange, other markets focused only on exchanging commodities. Amsterdam was the first to formally begin trading securities. Over time, the Amsterdam Stock Exchange evolved to accommodate the trading of bonds, options, futures, and other financial instruments, often before they were made common elsewhere. In 2000, the exchange merged with other European bourses to form Euronext.
London Stock Exchange
The London Stock Exchange (LSE) has roots tracing back to 1571, when Queen Elizabeth I opened the Royal Exchange as a hub for merchants to trade goods. But modern stock trading only began in 1698, when the broker John Castaing began publishing a list of share and commodity prices at Jonathan’s Coffee House. This event is widely seen as the birth of the LSE.
In 1801, a formal subscription-based stock exchange opened in Sweeting’s Alley, marking the beginning of regulated securities trading in Britain. By the early 1900s, the LSE had become the largest stock exchange in the world, though it was overtaken by the NYSE after WW1.
