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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteMeasured by domestic listed-equity market capitalization at December 2025, the largest stock exchanges in the world are Nasdaq (US$38 trillion), the New York Stock Exchange (US$31.4 trillion), the Shanghai Stock Exchange (US$9.3 trillion), Euronext (US$7.9 trillion) and Japan Exchange Group (US$7.6 trillion). The figures come from NSE Economic Policy and Research’s 2026 report, which draws on World Federation of Exchanges (WFE) monthly statistics. The ranking order is clear, but the exact values for the bottom five are not all published in the report text, so this article separates what is stated from what is not.
How this ranking is defined
“Largest” here means domestic equity market capitalization: the market value of listed domestic equities on each exchange at the end of the observation month. It does not measure trading volume, the number of listed companies, exchange revenue, or derivatives activity. Those measures produce different leaders, and they are covered separately below.
Market capitalization moves with share prices, so the order is a snapshot tied to December 2025. A list built on a different month, or on a different data provider’s date, can differ. For example, a separate WFE-based comparison published by Japan Exchange Group is dated March 31, 2025, and it should not be combined with December 2025 values.
The top ten by domestic market capitalization
The NSE report’s ranking chart (Figure 434 in the report) orders the full top ten as follows. Exact values are shown only where the report text states them.
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| Rank | Exchange | Domestic market cap, December 2025 | Source note |
|---|---|---|---|
| 1 | Nasdaq | US$38 trillion | NSE Economic Policy and Research, 2026 |
| 2 | New York Stock Exchange (NYSE) | US$31.4 trillion | NSE Economic Policy and Research, 2026 |
| 3 | Shanghai Stock Exchange (SSE) | US$9.3 trillion | NSE Economic Policy and Research, 2026 |
| 4 | Euronext | US$7.9 trillion | NSE Economic Policy and Research, 2026 |
| 5 | Japan Exchange Group (JPX) | US$7.6 trillion | NSE Economic Policy and Research, 2026 |
| 6 | Shenzhen Stock Exchange (SZSE) | Not stated in report text | Position from ranking chart only |
| 7 | Hong Kong Exchanges and Clearing (HKEX) | Not stated in report text | Position from ranking chart only |
| 8 | BSE | Not stated in report text | Position from ranking chart only |
| 9 | National Stock Exchange of India (NSE) | Approximately US$5.3 trillion | NSE Economic Policy and Research, 2026 |
| 10 | TMX Group | Not stated in report text | Position from ranking chart only |
The five largest exchanges
Nasdaq and NYSE lead by a wide margin. Nasdaq’s US$38 trillion is the largest named value, and NYSE’s US$31.4 trillion sits well above the next group. SSE, Euronext and JPX form a tighter band between roughly US$7.6 trillion and US$9.3 trillion.
The report also states that the top ten’s combined market capitalization rose 16.2% year over year in 2025. That is a group total, so it does not show how any single exchange’s position changed.
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The bottom five: positions without values
The chart places SZSE, HKEX, BSE and TMX Group in ranks six, seven, eight and ten, but the report text does not give their December 2025 market-capitalization figures. Estimating them from the chart scale would produce numbers the source does not support, so this article reports positions only.
National Stock Exchange of India, which is NSE in the table above and should not be confused with Nasdaq’s name abbreviation, is the one bottom-five exchange with a stated value. The report’s sentence reads: “The NSE ranked ninth globally, with a market capitalisation of approximately US$ 5.3tn, reflecting a 2.7% YoY increase.” That 2.7% is the report’s year-over-year change for the National Stock Exchange of India; the report’s February 2026 Market Pulse is the attributed source.
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Why the order changes with the measure
Several other measures appear in the same NSE report. Each one has its own leader, and none of them should be read as a second market-cap ranking.
| Measure (year) | Leader stated in report | Other figures stated | Scope note |
|---|---|---|---|
| Domestic market capitalization (December 2025) | Nasdaq | NYSE US$31.4 trillion; NSE approximately US$5.3 trillion | Listed domestic equities; changes with prices |
| Cash-market trade count (2025) | SZSE, 1,718 crore trades | SSE 1,174 crore; NSE 825 crore (down 14% from 957 crore in 2024) | Trade count, ranked by 2025 trades, not market cap |
| Equity-derivatives contracts traded (2025) | NSE, 3,451 crore contracts, 50.6% share | B3 ranked second; TSE third | Equity-derivatives segment only; the table ranks NSE first |
| IPOs (2025) | Not stated as a single leader | Across the top ten, 1,538 IPOs (up 13.5%); BSE 255 (17.8%); NSE 220 (15.3%); Nasdaq 10.9% of the total | Count of IPOs across the top-ten comparison |
Trade count is the most different. Trades across the top ten rose 18% year over year in 2025, which is faster than the 16.2% rise in combined market value. Trades per exchange, however, are not comparable to market cap, because a high-turnover market can rank far lower on value.
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In equity derivatives, the NSE report says the segment’s volume fell 72% year over year after SEBI measures took effect in October 2024. This figure belongs to the derivatives segment defined in the report and should not be applied to cash trading or to overall exchange activity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to cite these figures
- State the metric and the date every time: “domestic equity market capitalization, December 2025.”
- Credit NSE Economic Policy and Research (2026) and the WFE monthly statistics the report draws on.
- Keep currencies and units as published: US$ trillions for market value, crore for trades and contracts.
- Do not combine market cap, trades, derivatives contracts and IPO counts into one “largest” score.
- Do not fill ranks six, seven, eight or ten with values estimated from the chart.
The December 2025 snapshot is the reference point. Figures for later months or other sources will reorder the list as prices move, so any update needs its own date and source.
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