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2024: US and Japanese exchanges lead in daily turnover of shares of national issuers

Trading in shares of national issuers on exchanges in January-February 2024 has an average daily turnover:

• Euronext - about 10-11 billion in dollar terms,
• London LSE - $4.5-5.5 billion,
• Deutsche Börse - $3.5-5 billion,
• Nasdaq Nordics & Baltics - $3-3.5 billion,
• Swiss SIX - $3-3.4 billion,
• Moscow Exchange - $1-1.3 billion, Tel-Aviv Stock Exchange - 1-1.2 billion,
• Spanish BME - $1 billion

Trade turnover on all European exchanges balances about $30-35 billion a day with shares of national issuers.

In Japan, trading turnover averages $30-40 billion.

In the United States at this time there is a turnover of about $350-450 billion (closer to 400 billion on average) per day, i.e. more than an order of magnitude more than in Europe and Japan.

2022: How is the capitalization of public companies distributed across the world?

When sampling over 45 thousand companies from around the world, global capitalization is estimated at $102.1 trillion as of November 26, 2022, according to Spydell Finance calculations and TradingView data consolidation. This is lower than Bloomberg's global market estimates (about $108 trillion).

The sample is cleared of ETFs, depositary receipts and other surrogates in order to exclude multiple calculations, since when consolidating public companies from different exchanges, companies can meet 4-5 times (especially European ones).

Minor errors in the calculations are allowed, since the automatic check of checksums has not been fully carried out, but a selective manual check showed the full representation of public companies on the list in accordance with the country of origin.

There is still a reconciliation of data, including when assessing the number of shares in circulation and converting from national currency to dollars, nevertheless, this is better than nothing, especially since this is the first public assessment of business in the context of countries, at least in 2022 (even Bloomberg and Reuters have not seen this).

15 countries have a national issuer capitalization of over 1 trillion, and only two countries over 10 trillion are China (13.7 trillion) and the United States (43.6 trillion), which form 56% of the global capitalization of all companies.

Interestingly, among all major countries, it is these two markets that are the weakest in terms of year-on-year dynamics, while European companies have practically reached their historical maximum in the national currency.

26 countries have a capitalization of over $500 billion and 43 countries have a capitalization of over $100 billion.

Neutral countries form 27.4 trillion of capitalization, which is just under 27% of global capitalization.

The Russian market is estimated at $618 billion - this is 0.6% of the world market and 23rd place between Denmark and Indonesia.

Among neutral countries above Russia: China, India (3.5 trillion), Saudi Arabia (2.7 trillion, where Saudi Arabian Oil forms 1.94 trillion), Hong Kong (1.5 trillion), Brazil and the UAE.

2021:10 largest stock exchanges in the world by capitalization of quoted securities

The largest exchanges in the world by capitalization of quoted securities in 2021

2020:10 largest stock exchanges in the world

In early June 2020, the online publication WorldAtlas published a list of the 10 largest stock exchanges.

10. BSE India Limited

The oldest stock exchange in Asia, formerly known as the Bombay Stock Exchange. The market capitalization is $1.51 trillion.

9. TMX Group

A Canadian company that operates, among others, the Toronto Stock Exchange and the TSX Venture Exchange. The market capitalization is $1.75 trillion.

Largest Stock Exchanges by Capitalization, Statista Data

8. LSE Group

Also known as the London Stock Exchange. Owns several exchanges around the world, including Italy's Borsa Italiana. It was founded in 1801 and has a market capitalization of $2.92 trillion.

7. Shenzhen Stock Exchange

The Shenzhen Stock Exchange was founded in 1990 and has a market capitalization of $3.28 irn. Majority of the companies served are majority owned by the government.

6. Euronext

Manages markets in a wide variety of countries including Amsterdam, Brussels, London, Lisbon, Dublin, Oslo and Paris. The largest European stock exchange with a market capitalization of $3.67 trillion.

5. Hong Kong Exchange

Manages the stock and futures market in Hong Kong through two subsidiaries. The Hong Kong government is the company's single largest shareholder. The market capitalization is $4.23 trillion.

4. Shanghai Stock Exchange

The largest of the two independently operating exchanges in mainland China (the second exchange is Shenzhen). Not fully open to foreign investors and subject to government influence. The market capitalization is $4.67 trillion.

3. Japanese Exchange Group

It operates several securities exchanges, including the Tokyo Stock Exchange and the Osaka Stock Exchange. The company appeared as a result of the merger of several firms in 2013 and has a market capitalization of $5.1 trillion.

2. NASDAQ

Based in New York. It was founded in 1971 and has a market capitalization of $11.23 trillion.

1. NYSE

The New York Stock Exchange, located on Wall Street and founded in 1792. Located at the top of stock exchanges with a market capitalization of $25.53 trillion.^[1]

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