The size of a stock exchange is measured by the total market capitalization of all the companies listed on it. The figures below are approximate values as of around November 2025. They change every day with share prices, but the overall ranking usually does not change quickly.
| Rank | Exchange | Country | Approx. market cap (USD) |
|---|---|---|---|
| 1 | New York Stock Exchange (NYSE) | US | ~31.7 trillion |
| 2 | Nasdaq | US | ~28.5 trillion |
| 3 | Shanghai Stock Exchange | China | ~8.0 trillion |
| 4 | Japan Exchange Group (Tokyo) | Japan | ~7.1 trillion |
| 5 | Euronext | Multiple European countries | ~5.6 trillion |
| 6 | National Stock Exchange of India | India | ~5.3 trillion |
| 7 | Hong Kong Exchanges (HKEX) | Hong Kong | ~5.2 trillion |
| 8 | Shenzhen Stock Exchange | China | ~5.1 trillion |
| 9 | TMX Group (Toronto) | Canada | ~4.0 trillion |
| 10 | London Stock Exchange | United Kingdom | ~3.8 trillion |
Key takeaways from this table
- The US dominates the global market. NYSE and Nasdaq combined are larger than the exchanges ranked 3rd to 10th put together, because they are home to the biggest technology companies and attract investment from around the world.
- China has two main exchanges. Shanghai focuses on large companies and state-owned enterprises. Shenzhen has many technology and mid-sized companies. Hong Kong serves as the gateway for foreign money into Chinese stocks.
- India is growing fast. The NSE has moved up into the leading group over the past several years, in line with the growth of the economy and of domestic retail investors.
- Euronext is a combination of the exchanges of several countries, such as Paris, Amsterdam, Brussels, Lisbon, Dublin, Milan and Oslo.
What makes each exchange stand out
NYSE
The oldest and largest exchange, founded in 1792 on Wall Street in New York. Most listed companies are large, established firms, such as banks, energy and consumer goods companies.
Nasdaq
Founded in 1971 as the world's first electronic trading market. It is home to many technology stocks, such as Apple, Microsoft, Nvidia, Amazon and Alphabet.
Japan Exchange Group
Japan's main exchange and the largest in Asia outside China. The indices people follow are the Nikkei 225 and TOPIX.
Market capitalization data changes every day, and each source may calculate it slightly differently. For official figures, see the World Federation of Exchanges (WFE).
Read more: How the US stock markets NYSE and Nasdaq differ and Major stock indices around the world
For education only, not investment advice. Figures change over time, so check official sources before making decisions.