how many stock exchanges are there in the world
Lead: How many stock exchanges are there in the world? Short answer: estimates vary by definition, but most authoritative sources put roughly 60–80 major stock exchanges worldwide, with a larger universe of smaller, regional, specialized and alternative trading venues. This guide explains what is counted, who counts it, representative published ranges, top exchanges by market capitalization and listings, geographic distribution, why counts differ, and what the numbers mean for investors and issuers. You’ll also find recommended primary sources and practical next steps for deeper research or market access (including Bitget exchange and Bitget Wallet for crypto market needs).
Definition and scope
Before answering how many stock exchanges are there in the world, it is essential to define what we mean by a “stock exchange.” For this article a stock exchange is treated as a regulated marketplace or trading venue where equities (shares), and commonly related securities (ETFs, REITs, depositary receipts) are listed and traded under a formal rulebook.
Important scope choices that affect counts:
- National primary exchanges vs. secondary/regional exchanges: Some countries have a single dominant national exchange; others have multiple regional boards or smaller national bourses that are still formal exchanges.
- Exchange groups and multi‑venue operators: An exchange operator (for example, an exchange group that runs multiple platforms) can be counted as one entity or counted separately for each venue it runs.
- Alternative trading systems and multilateral trading facilities: Electronic crossing networks, ATSs or MTFs are trading venues for equities in many jurisdictions but are often excluded from “stock exchange” tallies.
- Over‑the‑counter (OTC) markets and unregulated quotation systems: OTC markets host trading in unlisted securities and are generally not counted as formal stock exchanges.
- Specialized exchanges: Commodity or derivatives exchanges are distinct; so are small specialized equity markets for private placements or venture listings. Inclusion of these depends on the data provider.
Because of these definitional choices, the simple question how many stock exchanges are there in the world can produce different answers depending on whether the measure is “major national exchanges,” “all regulated venues that list equities,” or “all trading venues including ATS/OTC platforms.”
Summary of published counts and ranges
Published estimates differ but cluster in a few ranges:
- About 60–80: Many industry visualizations and summaries refer to roughly 60 major exchanges (a common way to present the distribution of global market capitalization).
- ~80–90: Some aggregators and mapping projects list closer to 80–90 national exchanges when including smaller or regional bourses.
- 100+: If you count all regulated trading venues, alternative trading systems, and OTC platforms, combined tallies can exceed 100.
Representative source estimates
- World Federation of Exchanges (WFE): Typically reports membership and consolidated statistics for exchange operators and their markets. As of March 31, 2024, the WFE’s published stats covered dozens of exchange operators and their combined market capitalization. WFE counts emphasize member exchanges and consolidated metrics (source: WFE factsheets; reporting date noted in references).
- Statista: Frequently publishes topic pages and lists that summarize the number of national and major exchanges, often stating roughly 60–80 major exchanges worldwide (as of 2023–2024 reporting windows).
- VisualCapitalist and industry graphics: Visualizations of global market cap often present about 60–80 exchanges to show the concentration of capitalization among the largest venues (sample projects published in 2022–2023).
- Investopedia / Bankrate / FOREX/IG guides: Financial education sites typically state that there are several dozen major exchanges and mention the broader universe of smaller/regional exchanges; counts vary depending on inclusion rules.
- Wikipedia (List of stock exchanges): Maintains an extensive list that can include more than 100 named exchanges worldwide; entries reflect both active national exchanges and smaller venues, depending on contributors and update cadence.
Differences between these sources stem from whether they count exchange operators or individual venues, whether they include ATS/OTC venues, and whether they count very small or inactive bourses.
Major stock exchanges (top by market capitalization and listings)
Although the exact number of exchanges depends on definitions, a small group of exchanges account for the vast majority of global market capitalization. Typical leading venues include:
- New York Stock Exchange (NYSE)
- Nasdaq
- Shanghai Stock Exchange
- Japan Exchange Group (Tokyo Stock Exchange)
- Euronext
- London Stock Exchange (LSE)
- Hong Kong Exchanges and Clearing (HKEX)
- National Stock Exchange of India (NSE)
- Shenzhen Stock Exchange
- TMX Group (Toronto Stock Exchange)
These top exchanges typically account for a large share of global equity market capitalization and daily volumes. For example, many rankings report that the top 10 venues represent well over half of global market cap.
Typical "Top 10" list and metrics
Common metrics used to rank exchanges:
- Total market capitalization of listed companies (the most common headline metric)
- Number of listed issues (companies, ETFs, REITs etc.)
- Trading volume / value (often measured daily or annualized)
- Listings by market segment (large caps vs. small caps; domestic vs. foreign listings)
As of the latest available consolidated reporting windows (see references), the exchanges listed above routinely appear in top‑10 lists, with New York venues (NYSE, Nasdaq) usually commanding the highest combined market capitalization. Regional heavyweights in Asia (Shanghai, Shenzhen, Hong Kong, Tokyo, NSE) and Europe (Euronext, LSE) also rank highly by market cap and turnover.
Geographic distribution
Geographic patterns are uneven. The largest concentration of market capitalization and trading liquidity is in North America, Europe and Asia‑Pacific. Specific observations:
- North America (United States and Canada): Home to the two largest exchange markets by market cap and daily liquidity.
- Asia‑Pacific: Rapid growth in total listed market capitalization has shifted significance toward exchanges in China, Japan, Hong Kong and India.
- Europe: A mix of national exchanges and multi‑nation operators (like Euronext) maintain significant market depth and international listings.
- Emerging and frontier markets: Africa, Latin America and smaller island economies have numerous smaller exchanges; while individually limited in market cap, they play important local roles.
Examples of important regional exchanges beyond the top global venues: Johannesburg Stock Exchange (South Africa), B3 (Brazil), Australian Securities Exchange (ASX), Bolsa Mexicana de Valores (Mexico), and various national exchanges across Southeast Asia and the Middle East. These matter for local capital formation and regional investment strategies.
Why counts vary — methodological and definitional issues
Key reasons that answers to how many stock exchanges are there in the world differ:
- Counting exchange operators vs. individual trading venues: Groups that operate multiple venues (for example, a holding company that runs a primary exchange, an alternative venue and a derivatives market) may be reported as one entry or multiple entries.
- Inclusion or exclusion of alternative trading systems, multilateral trading facilities, and crossing networks: Many markets have formal ATS/MTF venues that function like exchanges but are excluded from conservative counts.
- Small/regional/specialized exchanges: Whether to include very small national exchanges (island economies, very small capital markets) affects totals.
- Dynamic changes—mergers, closures and launches: Exchanges merge (consolidation) or launch new platforms; the landscape changes over time.
- Data provider inclusion rules: Some aggregators include only exchanges with minimum listing thresholds, minimum reporting transparency, or membership in recognized federations (e.g., WFE).
Because these methodological choices vary across data providers, it is normal to see ranges rather than a single definitive number.
Data sources and measurement methodologies
Principal data sources:
- World Federation of Exchanges (WFE): Consolidated factsheets reporting market capitalization, listings and trading value for WFE members. WFE is widely used to compare large exchanges and their aggregate metrics.
- National exchange annual reports and statistical releases: Exchanges publish their own metrics on market cap, listings and volumes periodically.
- Industry aggregators and data services (Statista, VisualCapitalist, Investopedia, major financial outlets): Provide synthesized lists and visualizations with varying inclusion criteria.
- Open lists and community resources (Wikipedia): Useful as starting points but rely on volunteers to update entries.
Common methodological choices that affect headline numbers:
- Date of measurement: Market capitalization and volume change daily; whether a provider quotes end‑of‑year, rolling 12‑month, or current figures matters.
- Currency conversion: Global market caps must be converted to a common currency (usually USD); exchange rate choices and timing affect rankings.
- Inclusion criteria for listings: Some providers include ETFs, ADRs and REITs in listing counts; others restrict counts to ordinary shares.
When using counts for practical decisions, always check the provider’s inclusion rules and the date of the data.
Historical trends and recent developments
Several trends have shaped the number and role of exchanges in recent decades:
- Consolidation and exchange group formation: Cross‑border mergers and acquisitions among exchange operators have grown, creating multi‑venue groups that can complicate simple counts.
- Shift to electronic trading and ATSs: Electronic matching engines and alternative venues have reduced barriers to entry for trading systems while also fragmenting liquidity.
- Regional growth (Asia): Rapid economic expansion in Asia has increased the relative share of market capitalization and listing activity on Asian exchanges.
- Long‑term changes in number of listed companies: Some legacy markets have seen declines in the number of listed companies over time due to delistings, M&A and the growth of alternative capital raising routes; other markets have experienced listing growth.
As of the most recent consolidated reporting windows, these dynamics have produced a market structure where capital is concentrated in larger exchanges while many smaller or specialist venues continue to serve local issuance and trading needs.
Practical implications for investors and issuers
Why does it matter how many exchanges exist and how they are distributed?
- Listing venue selection: For issuers, the choice of listing venue affects regulatory requirements, investor reach, liquidity and investor perception. Larger exchanges typically provide deeper liquidity and wider investor access.
- Liquidity and market depth: Investors consider exchange rankings when assessing liquidity risk—large exchanges generally support tighter spreads and higher turnover.
- Cross‑listing and depositary receipts: Companies that want global investor access may cross‑list or use depositary receipts (ADRs/GDRs) to tap foreign markets.
- Market access and cost: Accessing different exchanges implies varying transaction costs, settlement conventions and market structures. Investors using multiple market types should be aware of these operational details.
Investors and issuers should use exchange rankings and counts as one input among many—liquidity, regulation, investor base, and listing requirements are equally important considerations.
Relationship to cryptocurrency exchanges (brief distinction)
Cryptocurrency exchanges—whether centralized or decentralized—are conceptually and operationally distinct from stock exchanges. They list and facilitate trading of crypto assets, use different custody and settlement mechanisms, and are regulated in different ways depending on jurisdiction.
If your research spans both equity markets and crypto markets, note the distinction and consider complementary tools: Bitget exchange provides regulated crypto trading services and Bitget Wallet supports on‑chain activity. Do not conflate counts of stock exchanges with the often much larger universe of crypto trading venues; they are separate categories with different regulatory frameworks.
Limitations and recommended further reading
Limitations:
- Numbers change: Mergers, market launches and closures mean that any static count is a snapshot. Always check the measurement date.
- Methodology matters: Differences in inclusion rules can alter counts materially.
- Data quality: For smaller exchanges in frontier markets, reporting can be uneven.
Recommended up‑to‑date primary sources for precise counts at a given date:
- World Federation of Exchanges factsheets and member lists (check the date on the factsheet)
- Official exchange annual reports and statistics pages (exchange by exchange)
- Data aggregators such as Statista and industry visualizations for snapshot comparisons (confirm methodology)
- Investopedia and major financial outlets for descriptive overviews and context
For crypto‑related market access or custody needs, explore Bitget exchange services and Bitget Wallet for integrated trading and on‑chain management.
See also
- World Federation of Exchanges
- List of major stock exchanges
- Stock exchange operator
- Alternative trading system
- Depositary receipt
References
To maintain transparency and date context, the following representative sources underpin the figures and statements in this article. Where available, the reporting date is noted.
- World Federation of Exchanges (WFE) factsheets — As of March 31, 2024, WFE published consolidated statistics on member exchanges, including combined market capitalization and listings (source: WFE factsheet, reporting date noted by WFE).
- Statista — Several topic pages and reports summarize the number of national and major stock exchanges; commonly cited counts fall in the 60–80 range (reporting windows 2022–2024).
- VisualCapitalist — Visualizations showing distribution of global market capitalization that typically present 60–80 exchanges for comparison (sample projects published 2022–2023).
- Investopedia and Bankrate guides — Educational summaries on stock exchanges and how they are counted (reference articles published across 2021–2023).
- National exchange annual reports — Individual exchange reports provide the most current market capitalization, listings and volume metrics for specific venues (see the latest annual or quarterly report for each exchange).
- Community compilations (Wikipedia, list pages) — Useful for broad lists, but verify individual entries against official exchange disclosures and WFE membership lists.
As of the dates noted in the sources above, the consensus headline: several dozen major stock exchanges (commonly reported as about 60–80) plus numerous smaller, regional and alternative venues world‑wide.
Further exploration: For a precise, up‑to‑date count tailored to a specific inclusion rule (for example: count all national regulated equity exchanges, or count all trading venues including ATS/OTF platforms), consult the current WFE factsheet and the annual reports of exchanges you care about. If you are exploring digital assets in parallel, consider Bitget exchange for crypto trading and Bitget Wallet for custody and on‑chain activity.
Actionable next steps:
- Check the WFE factsheet for the latest consolidated metrics and membership count as of its published date.
- Review the annual report of any exchange you plan to trade on or list with to verify listing counts, market cap and trading volumes.
- For crypto diversification or custody, explore Bitget exchange and Bitget Wallet as part of your toolkit.
Note: This article is informational and neutral in tone. It summarizes public reporting and industry aggregation practices. It is not investment advice.
