Global Stock Exchanges Cheat Sheet
Top Global Exchanges by Market Cap
| Rank | Exchange | Location | Market Cap (approx.) | Key Index |
|---|---|---|---|---|
| 1 | NYSE | New York, US | ~$28T | S&P 500, DJIA |
| 2 | NASDAQ | New York, US | ~$25T | NASDAQ Composite, NASDAQ-100 |
| 3 | Shanghai (SSE) | Shanghai, China | ~$7T | SSE Composite |
| 4 | Euronext | Amsterdam (HQ), multi-city | ~$7T | CAC 40, AEX |
| 5 | Tokyo (JPX) | Tokyo, Japan | ~$6T | Nikkei 225, TOPIX |
| 6 | Shenzhen (SZSE) | Shenzhen, China | ~$5T | SZSE Component |
| 7 | Hong Kong (HKEX) | Hong Kong | ~$4.5T | Hang Seng |
| 8 | LSE Group | London, UK | ~$4T | FTSE 100 |
| 9 | BSE India | Mumbai, India | ~$4T | SENSEX |
| 10 | NSE India | Mumbai, India | ~$3.8T | Nifty 50 |
Trading Hours by Region (EST)
| Exchange | Local Hours | EST Equivalent | Lunch Break? |
|---|---|---|---|
| NYSE / NASDAQ | 9:30 AM – 4:00 PM ET | 9:30 AM – 4:00 PM | No |
| LSE (London) | 8:00 AM – 4:30 PM GMT | 3:00 AM – 11:30 AM | No |
| Euronext | 9:00 AM – 5:30 PM CET | 3:00 AM – 11:30 AM | No |
| Tokyo (JPX) | 9:00 AM – 3:30 PM JST | 7:00 PM – 1:30 AM* | Yes (11:30–12:30 JST) |
| Shanghai (SSE) | 9:30 AM – 3:00 PM CST | 8:30 PM – 2:00 AM* | Yes (11:30–1:00 CST) |
| Hong Kong (HKEX) | 9:30 AM – 4:00 PM HKT | 8:30 PM – 3:00 AM* | Yes (12:00–1:00 HKT) |
| BSE / NSE India | 9:15 AM – 3:30 PM IST | 10:45 PM – 5:00 AM* | No |
| ASX (Australia) | 10:00 AM – 4:00 PM AEST | 6:00 PM – 12:00 AM* | No |
* Previous day EST. Times shift with daylight saving changes.
Key Global Indices
| Index | Exchange | Components | Weighting |
|---|---|---|---|
| S&P 500 | NYSE / NASDAQ | 500 large-cap US stocks | Market-cap weighted |
| DJIA | NYSE / NASDAQ | 30 blue-chip US stocks | Price-weighted |
| NASDAQ-100 | NASDAQ | 100 largest non-financial NASDAQ stocks | Modified market-cap weighted |
| FTSE 100 | LSE | 100 largest UK-listed companies | Market-cap weighted |
| Nikkei 225 | JPX (Tokyo) | 225 large Japanese companies | Price-weighted |
| Hang Seng | HKEX | ~80 largest Hong Kong-listed stocks | Free-float market-cap weighted |
| DAX 40 | XETRA (Frankfurt) | 40 largest German companies | Market-cap weighted (total return) |
| CAC 40 | Euronext Paris | 40 largest French companies | Free-float market-cap weighted |
| MSCI World | Multi-exchange | ~1,500 stocks across 23 developed markets | Market-cap weighted |
| MSCI Emerging Markets | Multi-exchange | ~1,400 stocks across 24 emerging markets | Market-cap weighted |
Settlement Cycles
| Market | Settlement Cycle | Notes |
|---|---|---|
| US (NYSE, NASDAQ) | T+1 | Shortened from T+2 in May 2024 |
| Canada (TSX) | T+1 | Aligned with US move to T+1 |
| UK (LSE) | T+1 | Moved to T+1 in October 2027 (planned) |
| EU (Euronext, XETRA) | T+2 | Considering T+1 transition |
| Japan (JPX) | T+2 | Reviewing T+1 timeline |
| China (SSE, SZSE) | T+1 | A-shares settle T+1; cash available next day |
| India (BSE, NSE) | T+1 | Pioneered T+1 settlement for all stocks in 2023 |
Key Takeaways
- NYSE and NASDAQ together represent over $50T in market cap — roughly half the global total
- Asian markets trade during US evening/overnight hours; London overlaps with the US morning
- Price-weighted indices (DJIA, Nikkei) are distorted by high-priced stocks; market-cap-weighted indices are more representative
- Settlement cycles are converging globally toward T+1 — reducing counterparty risk
- India’s exchanges (BSE, NSE) have grown to rival Hong Kong and London in total market cap
Frequently Asked Questions
What is the difference between NYSE and NASDAQ?
NYSE is the world’s largest exchange by market cap and operates a hybrid model with both electronic trading and physical specialists on the trading floor. NASDAQ is fully electronic and traditionally hosts more technology companies. Both are US-regulated and follow the same SEC rules, but they have different listing requirements and fee structures.
Why do some Asian exchanges have lunch breaks?
The Tokyo, Shanghai, and Hong Kong exchanges maintain midday trading breaks — a tradition from when trading was manual and market participants needed time to process orders. While some argue this reduces liquidity, proponents say it allows time for information digestion and reduces volatility. Most Western exchanges have eliminated breaks entirely.
What does T+1 settlement mean?
T+1 means trades settle one business day after the trade date. If you buy a stock on Monday, ownership officially transfers and payment settles on Tuesday. The US moved from T+2 to T+1 in May 2024 to reduce counterparty risk and free up capital faster. India was ahead of the curve, implementing T+1 in 2023.
What is the difference between price-weighted and market-cap-weighted indices?
In a price-weighted index (DJIA, Nikkei), stocks with higher share prices have more influence — regardless of company size. In a market-cap-weighted index (S&P 500, FTSE 100), larger companies by total value have more influence. Market-cap weighting is more representative of economic reality, which is why the S&P 500 is the institutional benchmark, not the DJIA.
Can US investors buy stocks on foreign exchanges?
Yes, through international brokerage accounts, ADRs (American Depositary Receipts) listed on US exchanges, or global ETFs. ADRs are the easiest route — they represent shares of foreign companies and trade in USD during US market hours. However, direct foreign exchange access provides more options and avoids ADR fees.