Exchanges
| Rank | Exchange | Country / area | Market cap (USD bn) |
|---|---|---|---|
| 3 | Shanghai Stock Exchange | 🇨🇳 China | 10,120.4 |
| 6 | Hong Kong Exchanges and Clearing | 🇭🇰 Hong Kong | 5,524.0 |
| 7 | National Stock Exchange of India | 🇮🇳 India | 5,017.8 |
| 8 | BSE India | 🇮🇳 India | 5,007.5 |
| 10 | Taiwan Stock Exchange | 🇹🇼 Taiwan | 4,730.1 |
| 11 | Deutsche Börse Xetra Reported by the WFE as Deutsche Boerse AG |
🇩🇪 Germany | 2,764.2 |
| 12 | SIX Swiss Exchange | 🇨🇭 Switzerland | 2,670.5 |
| 13 | Saudi Exchange | 🇸🇦 Saudi Arabia | 2,517.3 |
| 14 | Australian Securities Exchange | 🇦🇺 Australia | 2,129.7 |
| 15 | Johannesburg Stock Exchange | 🇿🇦 South Africa | 1,455.9 |
| 16 | B3 — Brasil Bolsa Balcão | 🇧🇷 Brazil | 951.4 |
| 18 | Singapore Exchange | 🇸🇬 Singapore | 872.8 |
| 19 | Abu Dhabi Securities Exchange | 🇦🇪 United Arab Emirates | 784.1 |
| 21 | Mexican Stock Exchange | 🇲🇽 Mexico | 590.8 |
| 22 | Indonesia Stock Exchange | 🇮🇩 Indonesia | 551.0 |
| 23 | Bursa Malaysia | 🇲🇾 Malaysia | 496.5 |
| 26 | Dubai Financial Market | 🇦🇪 United Arab Emirates | 253.7 |
| 27 | Philippine Stock Exchange | 🇵🇭 Philippines | 212.1 |
| 28 | Qatar Stock Exchange | 🇶🇦 Qatar | 169.3 |
| 29 | Boursa Kuwait | 🇰🇼 Kuwait | 168.3 |
| 30 | Colombia Stock Exchange | 🇨🇴 Colombia | 156.3 |
| 31 | Nigerian Exchange | 🇳🇬 Nigeria | 129.8 |
| 34 | NZX | 🇳🇿 New Zealand | 100.7 |
| 35 | Egyptian Exchange | 🇪🇬 Egypt | 74.9 |
| 36 | Pakistan Stock Exchange | 🇵🇰 Pakistan | 74.7 |
| 41 | Jamaica Stock Exchange | 🇯🇲 Jamaica | 13.0 |
| 42 | Stock Exchange of Mauritius | 🇲🇺 Mauritius | 8.3 |
Exchange groups
These operators report one figure for several exchanges, so they are ranked separately and not compared with single exchanges above.
| Rank | Exchange group | Exchanges covered on WSE | Market cap (USD bn) |
|---|---|---|---|
| 1 | Euronext | Euronext Paris, Euronext Amsterdam, Euronext Brussels, Euronext Dublin, Euronext Lisbon, Euronext Milan | 8,232.5 |
| 2 | TMX Group | TSX | 4,911.1 |
| 3 | Nasdaq Nordic and Baltics | Nasdaq Stockholm, Nasdaq Helsinki, Nasdaq Riga, Nasdaq Tallinn, Nasdaq Vilnius | 2,353.3 |
| 4 | BME Spanish Exchanges | BME Madrid | 1,389.4 |
Not ranked, because the WFE publishes no figure for them: Buenos Aires Stock Exchange, London Stock Exchange.
How market size is compared
Market capitalization is the share price times the number of shares outstanding of an exchange’s domestic listed companies. Investment funds are excluded. A comparable ranking uses one reporting date and one currency; the WFE converts each exchange’s figure to US dollars at month-end exchange rates.
Why rankings can disagree
Different publications may combine venues, include foreign listings, use different exchange-rate dates or measure total market capitalization rather than domestic listings. A company listed on two exchanges, as is common in India, counts towards both, so exchange figures should not be added up into a country total.