Nasdaq's US market was the world's largest stock exchange by domestic market capitalization at the end of 2025, at $37.54 trillion, ahead of the NYSE at $31.40 trillion, according to the World Federation of Exchanges.
Nasdaq (US) was the largest stock exchange by domestic market capitalization at the end of 2025, at $37.54 trillion. The New York Stock Exchange (NYSE) was second at $31.40 trillion and the Shanghai Stock Exchange third at $9.27 trillion. The ranking uses year-end 2025 domestic market capitalization in US dollars from the World Federation of Exchanges' 2025 Annual Statistics Guide.
Domestic market capitalization is the total market value of the shares of companies listed on an exchange. This list ranks the ten largest exchanges by that measure at the end of 2025, using one source: the World Federation of Exchanges (WFE) 2025 Annual Statistics Guide, table 1.1. Two US exchanges hold a wide lead. Nasdaq's US market passed the NYSE during 2025, rising 22.6% while the NYSE was almost flat. The Shanghai, Shenzhen and Hong Kong exchanges, two Indian exchanges, Japan Exchange Group, Euronext and Canada's TMX Group make up the rest of the top 10. Every exchange in the top 10 except the NYSE grew in dollar terms in 2025, helped for several by currencies that strengthened against the dollar.
Nasdaq's US market had the largest domestic market capitalisation of any exchange in WFE's 2025 data, at $37.54 trillion at the end of 2025. It rose 22.6% in the year and moved ahead of the NYSE, which led at the end of 2024 ($31.58 trillion vs $30.61 trillion).
The NYSE was second at $31.40 trillion, almost unchanged from $31.58 trillion a year earlier (-0.6%). It was the only exchange in this top 10 whose market capitalisation fell in 2025, and it dropped from first place to second.
Shanghai had the largest market capitalisation outside the US, at $9.27 trillion, up 29.0% in dollar terms and 23.5% in yuan. All 2,302 companies listed there at the end of 2025 were domestic.
Euronext, which WFE reports as one exchange covering Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal, had $7.88 trillion. Its value rose 10.2% in euros but 35.0% in dollars, because the euro strengthened against the dollar during 2025.
Japan Exchange Group had $7.61 trillion, up 19.7% in yen and 20.6% in dollars. Of its 3,947 listed companies, 5 were foreign.
Shenzhen had $6.19 trillion, up 30.9% in yuan and 36.6% in dollars, the largest dollar increase in this top 10 after TMX Group. All 2,887 listed companies were domestic.
HKEX had $6.09 trillion at the end of 2025, up 34.2% in Hong Kong dollars and 33.8% in US dollars. It had 2,686 listed companies, 178 of them foreign.
BSE India had $5.29 trillion, up 7.6% in rupees but only 2.4% in dollars because the rupee weakened. It had 5,577 listed companies, the most of any exchange in this top 10.
NSE India had $5.27 trillion, about $20 billion behind BSE India. WFE reports the two Indian exchanges separately, and a company listed on both counts toward each figure.
TMX Group, Canada's exchange group, had $4.61 trillion, up 30.3% in Canadian dollars and 36.9% in US dollars. WFE's figures include companies listed on TSX Venture, which gives TMX 3,701 listed companies.
| # | Name | WFE region | Market cap end-2025 (US$ bn) | Market cap end-2024 (US$ bn) | Change in US$ | Change in local currency | Listed companies (end-2025) |
|---|---|---|---|---|---|---|---|
| 1 | Nasdaq (US) | Americas | 37,536.2 | 30,609.7 | +22.6% | +22.6% (USD) | 3,342 |
| 2 | New York Stock Exchange (NYSE) | Americas | 31,401.7 | 31,576.0 | -0.6% | -0.6% (USD) | 2,147 |
| 3 | Shanghai Stock Exchange | Asia-Pacific | 9,269.8 | 7,186.3 | +29.0% | +23.5% (CNY) | 2,302 |
| 4 | Euronext | Europe, Middle East and Africa | 7,880.2 | 5,836.1 | +35.0% | +10.2% (EUR) | 1,886 |
| 5 | Japan Exchange Group (JPX) | Asia-Pacific | 7,610.5 | 6,310.7 | +20.6% | +19.7% (JPY) | 3,947 |
| 6 | Shenzhen Stock Exchange | Asia-Pacific | 6,187.9 | 4,528.7 | +36.6% | +30.9% (CNY) | 2,887 |
| 7 | Hong Kong Exchanges and Clearing (HKEX) | Asia-Pacific | 6,089.2 | 4,549.7 | +33.8% | +34.2% (HKD) | 2,686 |
| 8 | BSE India | Asia-Pacific | 5,289.7 | 5,166.6 | +2.4% | +7.6% (INR) | 5,577 |
| 9 | National Stock Exchange of India (NSE) | Asia-Pacific | 5,269.9 | 5,131.4 | +2.7% | +7.9% (INR) | 2,933 |
| 10 | TMX Group | Americas | 4,606.4 | 3,365.4 | +36.9% | +30.3% (CAD) | 3,701 |
Exchanges are ranked by domestic market capitalization in US dollars at the end of December 2025, exactly as reported in table 1.1 ('Domestic Market Capitalisation', USD millions) of the World Federation of Exchanges' 2025 Annual Statistics Guide (Excel file). All figures, prior-year values, percentage changes and listed-company counts come from that one file; the end-2024 values and percentage changes are WFE's own columns, and the gap between BSE India and NSE India is our calculation. WFE converts local-currency values to dollars at end-of-year exchange rates, so dollar changes include currency moves; both the dollar and the local-currency change are shown. WFE's market capitalization covers shares of domestic companies and foreign companies listed only on that exchange, including alternative and SME markets, and excludes investment funds, ETFs, warrants and holding or investment companies (with stated exceptions). We rank exchanges as WFE reports them: some are groups reported as a single member, including Nasdaq US (reported separately from Nasdaq Nordic and Baltics), Euronext (Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal), Japan Exchange Group, Hong Kong Exchanges and Clearing and TMX Group (including TSX Venture). A company listed on more than one exchange counts toward each, so the figures should not be added together. The guide shows no 2025 or 2024 figure ('NA') for LSE Group London Stock Exchange, Moscow Exchange, Tehran Stock Exchange, Iran Fara Bourse, Ukrainian Exchange, Beirut Stock Exchange and Chittagong Stock Exchange, so they cannot be ranked here; we do not estimate where they would place. Exchanges not in WFE's data are not covered. Figures are shown in trillions of dollars rounded to two decimals; exact values in US$ billions are in the table. Market data, not investment advice.
In the World Federation of Exchanges' 2025 Annual Statistics Guide, Nasdaq's US market had the largest domestic market capitalization at the end of 2025, at $37.54 trillion, followed by the NYSE at $31.40 trillion. At the end of 2024 the order was reversed: the NYSE had $31.58 trillion and Nasdaq US $30.61 trillion.
The WFE 2025 Annual Statistics Guide shows 'NA' (not available) for LSE Group London Stock Exchange for both end-2025 and end-2024, so it cannot be ranked from this source. We do not substitute a figure from another source or estimate where it would place.
WFE's domestic market capitalization counts the shares of domestic companies listed on the exchange, plus foreign companies listed only on that exchange, including alternative and SME markets. It excludes investment funds, ETFs, rights, warrants, convertibles, derivatives and holding or investment companies, with exceptions noted per exchange. Local values are converted to US dollars at end-of-year exchange rates.
WFE converts each exchange's value to US dollars at the year-end exchange rate. Euronext's market capitalization rose 10.2% in euros but 35.0% in dollars in 2025 because the euro strengthened against the dollar. BSE India rose 7.6% in rupees but 2.4% in dollars because the rupee weakened.
More like this: all Business & Money rankings · browse every topic