The stock market, as we know it today, dates back 500 years ago to 1602, when a shipping company, the Dutch-East-India created the Amsterdam Stock Market to raise capital for its voyages. Centuries later, stock markets have evolved to be the strongest indicators of the global economy.
A stock market is a centralized marketplace where securities such as stocks, bonds, and derivatives are bought and sold.
When companies first enlist in the stock markets, they do so to raise capital in an exercise referred to as an IPO – Initial Public Offering.
Essentially, a share of stock represents a tiny piece of the entire company, and it’s traded back and forth among buyers and sellers, at agreed prices, in some kind of an auction.
The essence of the stock market is speculation! Stockholders hope to make money either from dividends issued by the company or from changes in the market value of the stocks they hold.
Currently, there are over 55,000 companies listed on 69 exchange markets around the world.
With more than 5,000 companies, India’s Bombay Stock Exchange has the largest number of listed companies in a stock exchange market.
The following are the ten largest stock exchange markets globally.
Together, their listed companies have a market capitalization of about $90 trillion which accounts for over 75 percent of global stock trade!
1. The New York Stock Exchange – $28.4 trillion
Originally called the New York Stock & Exchange Board, it was established in May 1792 when 24 brokers signed the “Buttonwood Agreement” under a buttonwood tree, where trading started before the stockbrokers built the Tontine Coffee House in 1793.
The New York Stock Exchange has weathered many storms; such as; the Black Tuesday market crash of 1929 during the Great Depression, the Black Monday market crash of 1987, the 9/11 terror attacks of 2001, the financial crisis of 2008, and COVID 19.
But as sure as day follows night, it always comes out swinging. This resilience has made it the symbol of American capitalism and a barometer for the global economy.
With a market capitalization of $28.4 trillion, notable listings on the New York Stock Exchange include; JPMorgan Chase, Exxon Mobil, and Warren Buffett’s Berkshire Hathaway, the most expensive stock in the world, trading at around $685,000 a share in 2024.
2. NASDAQ – $25.4 trillion
Together with the NYSE, they account for more than 40% of the globally traded stocks.
NASDAQ was founded in nineteen seventy-one and was a pioneer in electronic stock trading, having never embraced the physical trading floor stock broker contests of its predecessors.
Boasting a market cap of $25.4 trillion, it’s the stock exchange market for major American tech giants such as; Apple, Microsoft, NVIDIA Corporation, Amazon, Broadcom, Facebook, and Tesla.
Compared to the NYSE, NASDAQ is known for its volatility, which can be both exhilarating and terrifying.
In a trend-setting corporate governance move, NASDAQ has come up with a framework that requires its listed companies to have at least one female director and at least one director from an underrepresented minority.
3. EURONEXT – $7.2 trillion
Founded in the year two-thousand, Euronext is the biggest exchange market in the Eurozone, with a market cap of $7.2 trillion.
Headquartered in Amsterdam, Euronext is like the European Union of stock exchanges, bringing together markets from Amsterdam, Brussels, Dublin, Lisbon, Oslo, and Paris.
Euronext acquired the Irish Stock Exchange in 2018 and Borsa Italiana in 2021.
The exchange gives investors access to stocks in a diverse range of European companies, such as; LVMH, Sanofi, Airbus, Christian Dior, and Renault.
4. Tokyo Stock Exchange – $6.7 trillion
Founded in 1878, Tokyo Stock Exchange merged with the Osaka Securities Exchange in 2013 to form the Japan Exchange Group.
The Tokyo Stock Exchange is the central equities marketplace while the Osaka Stock Exchange operates the derivatives market.
With a market capitalization of $6.7 trillion, Japan Exchange Group is the largest stock market in Asia and home to multinationals such as; Toyota, SoftBank, Suzuki, Honda, Mitsubishi, and Sony.
5. Shanghai Stock Exchange – $6.6 trillion
The fifth-largest stock exchange market is the Shanghai Stock Exchange whose history stretches back to 1866, but ceased operations in 1949 due to the Chinese Revolution, before being re-established in 1990.
With a market cap of $6.6 trillion, the Shanghai Stock Exchange trades each stock in two forms.
The ‘A’ shares, priced in Chinese Yuan are mainly for domestic investors, while ‘B’ shares, quoted in US Dollars are available to both domestic and foreign investors.
The exchange is not only home to private entities like Alibaba and Tencent but also majority-state-owned titans like PetroChina and the Industrial and Commercial Bank of China, or ICBC, the biggest bank in the world, by asset base.
6. National Stock Exchange of India – $4.7 trillion
At number six is the National Stock Exchange of India, or NSE.
Founded in 1992, it was the first exchange in India to provide a fully automated screen-based electronic trading system and open up trading to the wider population.
It holds the world record for the largest number of trades made on a single day.
With a market capitalization of $4.7 trillion, the NSE is home to several Indian titans like Reliance Industries, Tata, Infosys, and HDFC Bank.
The Exchange is also the world’s largest derivatives market, by volume, trading over 84 billion contracts in 2023.
7. Shenzhen Stock Exchange – $4.1 trillion
Founded in nineteen eighty-seven, the Shenzhen Stock Exchange hosts a Main Board, an SME Board, and the ChiNext Board, a trading platform for tech start-ups, more like a Chinese version of America’s NASDAQ.
With a market capitalization of $4.1 trillion, the Shenzhen Stock Exchange is home to many manufacturing stocks like; BYD and HIKVISION.
The Shenzhen Stock Exchange headquarters is renowned for its striking architecture, with its floating base representing the speculative nature of the stock market.
8. Hong Kong Stock Exchange – $3.9 trillion
Founded in eighteen ninety-one, the Hong Kong Stock Exchange has long been the financial bridge that Chinese companies choose to list on to gain access to international investors.
With a market capitalization of $3.9 trillion, the Hong Kong Stock Exchange is home to some heavy hitters, including AIA, Tencent Holdings, HSBC Holdings, and China Mobile.
9. London Stock Exchange – $3.4 trillion
At number 9, is one of the oldest and most prestigious stock exchanges in the world, the London Stock Exchange (LSE).
The LSE was founded in 1801, but its origins date back to 1698 at Jonathan’s Coffee House, where commodity prices were published twice every week.
Before the digital age, the London Stock Exchange’s former trading floor, known as “The House,” was famous for its noisy, “open outcry” trading system.
From a high of 3,300 companies in 2007, the LSE has seen a steady drop in its listed companies, which now stand at a low of 1,700.
In the recent past, companies like Abcam, Ferguson, Smurfit Kappa, and Flutter have de-listed from the LSE and moved to the US markets.
This exodus has been partly attributed to; Brexit, a stringiest regulatory environment, and institutional investors moving money to more lucrative markets.
With a market capitalization of $3.4 trillion, the London Stock Exchange is home to multinationals like Barclays, BP, Vodafone, and GlaxoSmithKline.
10. Toronto Stock Exchange – $3.2 trillion
Founded in 1852, the Toronto Stock Exchange merged with the Montreal Stock Exchange in 2009, to form the TMX Group.
With a market capitalization of $3.2 trillion, the Toronto Stock Exchange is a leader in mining and energy listings, with more mining, oil, and gas companies listed on it than in any other market in the world.
The biggest company stocks traded in the Toronto Stock Exchange include; the Royal Bank Of Canada, Toronto Dominion Bank, Shopify, Enbridge, and Barrick Gold.
These 10 largest stock exchange markets in the world, may have their unique histories, characteristics, and opportunities, but one thing is clear – they are the heartbeat of the global economy.
With trillions traded daily, and new stocks entering the market every other day, the total market capitalization of these exchange markets oscillates up and down reflecting investors’ take on global economies.
| Rank | Name | Headquarter | Country | Market Capitalization (U.S. dollars) |
|---|---|---|---|---|
| 1 | New York Stock Exchange – NYSE | New York City | United States | 28,420,000,000,000 |
| 2 | NASDAQ | New York City | United States | 25,430,000,000,000 |
| 3 | Euronext | Paris | Europe | 7,220,000,000,000 |
| 4 | Japan Exchange Group | Tokyo | Japan | 6,660,000,000,000 |
| 5 | Shanghai Stock Exchange | Shanghai | China | 6,550,000,000,000 |
| 6 | National Stock Exchange of India (NSE) | Mumbai | India | 4,650,000,000,000 |
| 7 | Shenzhen Stock Exchange | Shenzhen | China | 4,100,000,000,000 |
| 8 | Hong Kong Exchanges | Hong Kong | Hong Kong | 3,870,000,000,000 |
| 9 | London Stock Exchange Group | London | UK | 3,420,000,000,000 |
| 10 | TMX Group | Toronto | Canada | 3,210,000,000,000 |
| 11 | Saudi Stock Exchange (Tadawul) | Riyadh | Saudi Arabia | 2,930,000,000,000 |
| 12 | Deutsche Boerse AG | Frankfurt | Germany | 2,300,000,000,000 |
| 13 | Nasdaq Nordic and Baltics | Stockholm | Sweden | 2,040,000,000,000 |
| 14 | Taiwan Stock Exchange | Taipei | Taiwan | 2,020,000,000,000 |
| 15 | Korea Exchange | Busan | South Korea | 1,980,000,000,000 |
| 16 | SIX Swiss Exchange | Zürich | Switzerland | 1,950,000,000,000 |
| 17 | Tehran Stock Exchange | Tehran | Iran | 1,770,000,000,000 |
| 18 | Australian Securities Exchange Ltd (ASX) | Sydney | Australia | 1,680,000,000,000 |
| 19 | B3 – Brasil Bolsa Balcão | São Paulo | Brazil | 965,450,000,000 |
| 20 | Johannesburg Stock Exchange | Johannesburg | South Africa | 955,790,000,000 |
| 21 | Abu Dhabi Securities Exchange | Abu Dhabi | United Arab Emirates | 796,960,000,000 |
| 22 | BME Spanish Exchanges | Madrid | Spain | 741,640,000,000 |
| 23 | Singapore Exchange | Singapore | Singapore | 575,630,000,000 |
| 24 | Bolsa Mexicana de Valores | Mexico City | Mexico | 549,390,000,000 |
| 25 | Stock Exchange of Thailand | Bangkok | Thailand | 479,050,000,000 |
| 26 | Bursa Malaysia | Kuala Lumpur | Malaysia | 390,070,000,000 |
| 27 | Borsa Istanbul | Istanbul | Turkey | 385,230,000,000 |
| 28 | Iran Fara Bourse Securities Exchange | Tehran | Iran | 347,010,000,000 |
| 29 | Tel-Aviv Stock Exchange | Tel Aviv | Israel | 281,920,000,000 |
| 30 | Philippine Stock Exchange | Taguig | Philippines | 246,100,000,000 |
| 31 | Warsaw Stock Exchange | Warsaw | Poland | 216,150,000,000 |
| 32 | Hochiminh Stock Exchange | Ho Chi Minh City | Vietnam | 210,620,000,000 |
| 33 | Taipei Exchange | Taipei | Taiwan | 189,490,000,000 |
| 34 | Dubai Financial Market | Dubai | United Arab Emirates | 188,780,000,000 |
| 35 | Bolsa de Comercio de Santiago | Santiago | Chile | 171,470,000,000 |
| 36 | Boursa Kuwait | Kuwait City | Kuwait | 140,420,000,000 |
| 37 | Vienna Stock Exchange | Wien | Austria | 134,040,000,000 |
| 38 | Bolsa Electronica de Chile | Santiago | Chile | 94,810,000,000 |
| 39 | NZX Limited | Auckland | New Zealand | 92,430,000,000 |
| 40 | Athens Stock Exchange | Athens | Greece | 89,090,000,000 |
| 41 | Bolsa de Valores de Lima | Lima | Peru | 86,170,000,000 |
| 42 | Bolsa de Valores de Colombia | Bogota | Colombia | 82,620,000,000 |
| 43 | Kazakhstan Stock Exchange | Almaty | Kazakhstan | 69,080,000,000 |
| 44 | Bourse de Casablanca | Casablanca | Morocco | 66,510,000,000 |
| 45 | Luxembourg Stock Exchange | Luxembourg | Luxembourg | 51,660,000,000 |
| 46 | Bucharest Stock Exchange | Bucharest | Romania | 50,790,000,000 |
| 47 | National Equities Exchange and Quotations | Beijing | China | 40,960,000,000 |
| 48 | Budapest Stock Exchange | Budapest | Hungary | 39,110,000,000 |
| 49 | Egyptian Exchange | Cairo | Egypt | 38,170,000,000 |
| 50 | Pakistan Stock Exchange | Karachi | Pakistan | 34,040,000,000 |
| 51 | Prague Stock Exchange | Prague | Czech Republic | 31,580,000,000 |
| 52 | Zagreb Stock Exchange | Zagreb | Croatia | 26,980,000,000 |
| 53 | Amman Stock Exchange | Amman | Jordan | 23,820,000,000 |
| 54 | Bolsa Latinoamericana de Valores (Latinex) | Panama City | Panama | 20,440,000,000 |
| 55 | Colombo Stock Exchange | Colombo | Sri Lanka | 13,690,000,000 |
| 56 | Ljubljana Stock Exchange | Ljubljana | Slovenia | 11,510,000,000 |
| 57 | Nairobi Securities Exchange | Westlands | Nairobi | 11,010,000,000 |
| 58 | Cyprus Stock Exchange | Nicosia | Cyprus | 10,110,000,000 |
| 59 | Stock Exchange of Mauritius | Port Louis | Mauritius | 8,400,000,000 |
| 60 | Bulgarian Stock Exchange | Sofia | Bulgaria | 8,070,000,000 |
| 61 | Tunis Stock Exchange | Tunis | Tunisia | 8,000,000,000 |
| 62 | Ghana Stock Exchange | Accra | Ghana | 5,880,000,000 |
| 63 | Malta Stock Exchange | Valletta | Malta | 4,820,000,000 |
| 64 | Lusaka Securities Exchange | Lusaka | Zambia | 3,640,000,000 |
| 65 | Botswana Stock Exchange | Gaborone | Botswana | 3,560,000,000 |
| 66 | Rwanda Stock Exchange | Kigali | Rwanda | 2,890,000,000 |
| 67 | Bolsa Nacional de Valores | San Jose | Costa Rica | 2,580,000,000 |
| 68 | Namibian Stock Exchange | Windhoek | Namibia | 2,480,000,000 |
| 69 | Baku Stock Exchange | Baku | Azerbaijan | 1,580,000,000 |
