Stock exchanges have been around for more than two centuries. The venerable NYSE traces its roots back to 1792 when two dozen brokers met in Lower Manhattan and signed an agreement to trade securities on commission. In 1817, New York stockbrokers operating under the agreement made some key changes and reorganized as the New York Stock and Exchange Board.
The NYSE and Nasdaq are the two largest exchanges in the world, based on the total market capitalization of all the companies listed on the exchange. The number of U.S. stock exchanges registered with the Securities and Exchange Commission has reached nearly two dozen, though most of these are owned by either CBOE, Nasdaq, or NYSE.15 The table below displays the 20 biggest exchanges globally, ranked by the total market capitalization of their listed companies.
Domestic Market Capitalization (USD millions) | ||
|---|---|---|
| Exchange | Location | Market Cap.* |
| NYSE | U.S. | 22,987,587 |
| Nasdaq | U.S. | 13,286,825 |
| Japan Exchange Group | Japan | 6,000,171 |
| Shanghai Stock Exchange | China | 5,037,349 |
| Euronext | France | 4,821,103 |
| Hong Kong Exchanges and Clearing | Hong Kong | 4,595,366 |
| LSE Group | U.K. | 4,024,164 |
| Shenzhen Stock Exchange | China | 3,454,965 |
| TMX Group | Canada | 2,386,066 |
| Saudi Stock Exchange (Tadawul) | Saudi Arabia | 2,333,838 |
| BSE India Limited | India | 2,181,351 |
| National Stock Exchange of India Limited | India | 2,162,693 |
| Deutsche Boerse AG | Germany | 2,020,041 |
| SIX Swiss Exchange | Switzerland | 1,775,268 |
| Nasdaq Nordic and Baltics | Sweden | 1,594,481 |
| Australian Securities Exchange | Australia | 1,497,599 |
| Korea Exchange | South Korea | 1,402,716 |
| Taiwan Stock Exchange | Taiwan | 1,143,210 |
| B3 – Brasil Bolsa Balcão | Brazil | 1,118,281 |
| Moscow Exchange | Moscow | 772,189 |