Top 10 Largest Stock Exchanges in the World

Stock exchanges are the engines of modern capitalism. They are the marketplaces where shares of publicly listed companies are bought and sold, enabling businesses to raise capital for growth and allowing investors to share in their success. The size and health of a country's stock exchange are often seen as a barometer for the strength of its economy.

The most common way to rank these global giants is by the total market capitalization of all the companies listed on the exchange. This figure represents the combined value of every publicly traded share. This list counts down the ten largest stock exchanges in the world, the arenas where trillions of dollars change hands and the fortunes of the global economy are shaped.

(Note: Market capitalization figures are approximate and fluctuate daily with market movements.)

Methodology

This ranking is based on the total market capitalization of all companies listed on each exchange as of September 2025. Market capitalization is calculated by multiplying the total number of outstanding shares by the current market price per share. The data reflects the combined value of all publicly traded companies on each exchange, providing a comprehensive measure of each market's size and economic significance.

Sources include official exchange data, financial market reports, and verified financial databases. Rankings can shift due to market volatility, currency fluctuations, and economic conditions.

List of Largest Stock Exchanges in the World

10. Bombay Stock Exchange (BSE)

Location: Mumbai, India
Estimated Market Cap: ~$3.8 trillion

Established in 1875, the Bombay Stock Exchange is Asia's oldest stock exchange. It is home to thousands of listed companies, more than any other exchange in the world. As India's economy continues its rapid growth, the BSE plays a crucial role in the country's capital markets, and its benchmark index, the S&P BSE SENSEX, is a key indicator of India's economic health.

9. Shenzhen Stock Exchange (SZSE)

Location: Shenzhen, China
Estimated Market Cap: ~$4.2 trillion

Located in China's technology hub, the Shenzhen Stock Exchange is the smaller of the two mainland Chinese exchanges. It is known for its high concentration of technology and manufacturing companies, making it a vital platform for China's most innovative and fastest-growing firms. It is a key driver of the country's ambition to be a global tech leader.

8. London Stock Exchange (LSE)

Location: London, UK
Estimated Market Cap: ~$4.8 trillion

With a history stretching back over 300 years, the London Stock Exchange is one of the oldest and most international stock exchanges in the world. It lists companies from over 60 countries and is a major global center for finance. Its benchmark index, the FTSE 100, is a widely watched indicator of the UK and global economy.

7. Hong Kong Stock Exchange (HKEX)

Location: Hong Kong
Estimated Market Cap: ~$5.1 trillion

The Hong Kong Stock Exchange has long served as the primary gateway between international capital and mainland China. It is a major global financial center, known for its high concentration of Chinese and Asian companies. The HKEX is a critical hub for IPOs and is a preferred listing venue for many of China's largest corporations.

6. National Stock Exchange of India (NSE)

Location: Mumbai, India
Estimated Market Cap: ~$5.8 trillion

Though younger than its Mumbai counterpart (the BSE), the National Stock Exchange of India has grown to become the country's largest exchange by market capitalization. It was a pioneer in electronic trading in India and is the world's largest derivatives exchange by trading volume. Its benchmark NIFTY 50 index is a key barometer for the Indian economy.

5. Euronext

Location: Pan-European (Amsterdam, Paris, Dublin, etc.)
Estimated Market Cap: ~$6.2 trillion

Euronext is the largest stock exchange in continental Europe, operating markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris under a single trading platform. This pan-European model provides a large, liquid pool of capital for companies across the Eurozone and is a symbol of European economic integration.

4. Shanghai Stock Exchange (SSE)

Location: Shanghai, China
Estimated Market Cap: ~$6.8 trillion

The Shanghai Stock Exchange is the largest stock market in mainland China. Unlike more international exchanges, it is less open to foreign investors, with trading dominated by domestic institutions and retail investors. It is the listing place for many of China's massive state-owned enterprises, making it a cornerstone of the country's state-controlled capitalist system.

3. Japan Exchange Group (JPX)

Location: Tokyo, Japan
Estimated Market Cap: ~$7.5 trillion

Formed by the merger of the Tokyo Stock Exchange and the Osaka Securities Exchange, the Japan Exchange Group is the dominant force in the Japanese market. It is home to some of the world's most famous multinational corporations, such as Toyota, Sony, and SoftBank. The Nikkei 225 is its most widely quoted index and a key indicator of Asian market performance.

2. Nasdaq

Location: New York City, USA
Estimated Market Cap: ~$22 trillion

The Nasdaq is the world's first electronic stock market and is synonymous with technology and innovation. It is the home of the world's largest tech companies, including Apple, Microsoft, Amazon, and Alphabet. The performance of the tech-heavy Nasdaq Composite index is closely watched as a bellwether for the entire technology sector and the future of the global economy. Many of these companies are also featured in our list of the most valuable tech companies.

1. New York Stock Exchange (NYSE)

Location: New York City, USA
Estimated Market Cap: ~$28 trillion

Located on Wall Street, the New York Stock Exchange is the largest and most iconic stock exchange in the world. For over 200 years, it has been the premier venue for listing the world's most established blue-chip companies. Its physical trading floor, though now combined with electronic trading, remains a powerful symbol of global finance and American economic power. Owning the top spot by a significant margin, the NYSE is the undisputed king of the world's capital markets. Many of the companies listed here are among the most profitable companies globally.

Summary of the Top 10 Largest Stock Exchanges

Conclusion

The world's largest stock exchanges represent the epicenters of global finance, where trillions of dollars in market capitalization are traded daily. From the historic NYSE on Wall Street to the rapidly growing exchanges in Asia, these markets reflect the economic power and potential of their respective regions.

The dominance of American exchanges (NYSE and Nasdaq) underscores the United States' continued leadership in global finance, while the strong presence of Asian markets highlights the region's growing economic influence. European exchanges like Euronext demonstrate the benefits of regional integration, while emerging markets like India show remarkable growth potential.

These exchanges not only facilitate capital formation and economic growth but also serve as barometers of global economic health. As the world economy continues to evolve, these financial powerhouses will remain at the heart of international commerce and investment, shaping the future of global prosperity.