10 Largest Stock Exchanges in the World by Market Cap in 2025

The world stock market is controlled by a handful of enormous exchanges that together deal in trillions of dollars of listed securities. These exchanges are the main centers through which investors buy and sell shares, fueling both domestic and foreign economic activity. To be part of the worldwide top 10 in 2025, an exchange must have a minimum of $3.8 trillion in total listed market capitalization.

Stock exchanges define their size in two broad terms: number of listings (firms whose stocks are listed on the platform) and market capitalization (total value of all the listed shares). The largest exchanges are distributed between the United States, Europe, Asia, and India, each contributing to global capital flow.