While the global coronavirus (COVID-19) pandemic caused all major stock market indices to fall sharply in March 2020, both the extent of the decline at this time, and the shape of the subsequent recovery, have varied greatly. For example, on March 15, 2020, major European markets and traditional stocks in the United States had shed around 40 percent of their value compared to January 5, 2020. However, Asian markets and the NASDAQ Composite Index only shed around 20 to 25 percent of their value. A similar story can be seen with the post-coronavirus recovery. As of November 14, 2021 the NASDAQ composite index value was around 65 percent higher than in January 2020, while most other markets were only between 20 and 40 percent higher.

Why did the NASDAQ recover the quickest?

Based in New York City, the NASDAQ is famously considered a proxy for the technology industry as many of the world’s largest technology industries choose to list there. And it just so happens that technology was the sector to perform the best during the coronavirus pandemic. Accordingly, many of the largest companies who benefitted the most from the pandemic such as Amazon, PayPal and Netflix, are listed on the NADSAQ, helping it to recover the fastest of the major stock exchanges worldwide.

Which markets suffered the most?

The energy sector was the worst hit by the global COVID-19 pandemic. In particular, oil companies share prices suffered large declines over 2020 as demand for oil plummeted while workers found themselves no longer needing to commute, and the tourism industry ground to a halt. In addition, overall share prices in two major stock exchanges – the London Stock Exchange (as represented by the FTSE 100 index) and Hong Kong (as represented by the Hang Seng index) – have notably recovered slower than other major exchanges. However, in both these, the underlying issue behind the slower recovery likely has more to do with political events unrelated to the coronavirus than it does with the pandemic – namely Brexit and general political unrest, respectively.

The average for 2022 based on 74 countries was 1244.55 billion U.S. dollars. The highest value was in the USA: 40297.98 billion U.S. dollars and the lowest value was in Bermuda: 0.21 billion U.S. dollars. The indicator is available from 1975 to 2022. Below is a chart for all countries where data are available.

View data of the S&P 500, an index of the stocks of 500 leading companies in the US economy, which provides a gauge of the U.S. equity market.

China's main stock market index, the SHANGHAI, rose to 3520 points on July 14, 2025, gaining 0.27% from the previous session. Over the past month, the index has climbed 3.86% and is up 18.35% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from China. China Shanghai Composite Stock Market Index - values, historical data, forecasts and news - updated on July of 2025.

The Dow Jones Industrial Average (DJIA) index dropped around ***** points in the four weeks from February 12 to March 11, 2020, but has since recovered and peaked at ********* points as of November 24, 2024. In February 2020 - just prior to the global coronavirus (COVID-19) pandemic, the DJIA index stood at a little over ****** points. U.S. markets suffer as virus spreads The COVID-19 pandemic triggered a turbulent period for stock markets – the S&P 500 and Nasdaq Composite also recorded dramatic drops. At the start of February, some analysts remained optimistic that the outbreak would ease. However, the increased spread of the virus started to hit investor confidence, prompting a record plunge in the stock markets. The Dow dropped by more than ***** points in the week from February 21 to February 28, which was a fall of **** percent – its worst percentage loss in a week since October 2008. Stock markets offer valuable economic insights The Dow Jones Industrial Average is a stock market index that monitors the share prices of the 30 largest companies in the United States. By studying the performance of the listed companies, analysts can gauge the strength of the domestic economy. If investors are confident in a company’s future, they will buy its stocks. The uncertainty of the coronavirus sparked fears of an economic crisis, and many traders decided that investment during the pandemic was too risky.

The value of global domestic equity market increased from 65.04 trillion U.S. dollars in 2013 to 124.63 trillion U.S. dollars in 2023. The United States was by far the leading country with the largest share of total world stocks as of 2024. Global market capitalization in different regions The market capitalization of domestic companies listed varied across different regions of the world. As of Decmber 2024, the Americas region had the largest domestic equity market, totaling 62 trillion U.S. dollars. This region is home to the NYSE and Nasdaq, which are the two largest stock exchange operators in the world. The market capitalization of these two exchanges alone exceeded 60 billion U.S. dollars as of January 2025, larger than the total market capitalization in the Asia-Pacific, and in the EMEA regions in the same period. Largest Stock Exchanges in Latin America As of December 2024, the B3 (Brasil Bolsa Balcao) was the biggest stock exchange in Latin America in terms of market capitalization and the second-largest in terms of number of listed companies. Following the B3 were the Mexican Stock Exchange and the Santiago Stock Exchange in Chile. The most valuable company in Latin America is listed on the Mexican Stock Exchange: Fomento Económico Mexicano, a multinational beverage and retail company headquartered in Monterrey, had market cap of 177 billion U.S. dollars as of March 2025.

Israel's main stock market index, the TA-125, fell to 3051 points on July 13, 2025, losing 2.22% from the previous session. Over the past month, the index has climbed 12.37% and is up 48.25% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from Israel. Israel Stock Market (TA-125) - values, historical data, forecasts and news - updated on July of 2025.

In 2024, stock markets in the United States accounted for roughly 60 percent of world stocks. The next largest country by stock market share was Japan, followed by the United Kingdom. The New York Stock Exchange (NYSE) and the NASDAQ are the largest stock exchange operators worldwide. What is a stock exchange? The first modern publicly traded company was the Dutch East Industry Company, which sold shares to the general public to fund expeditions to Asia. Since then, groups of companies have formed exchanges in which brokers and dealers can come together and make transactions in one space. Stock market indices group companies trading on a given exchange, giving an idea of how they evolve in real time. Appeal of stock ownership Over half of adults in the United States are investing money in the stock market. Stocks are an attractive investment because the possible return is higher than offered by other financial instruments.

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Securities Exchanges Market Size 2025-2029

The securities exchanges market size is forecast to increase by USD 56.67 billion at a CAGR of 12.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for investment opportunities. This trend is fueled by a global economic recovery and a rising interest in various asset classes, particularly in emerging markets. Another key driver is the increasing focus on sustainable and environmental, social, and governance (ESG) investing. This shift reflects a growing awareness of the importance of long-term value creation and the role of exchanges in facilitating socially responsible investments. This trend is driven by the expanding securities business units, including stocks, bonds, mutual funds, and other securities, which cater to the needs of investment firms and individual investors. However, the market is not without challenges. Increasing market volatility poses a significant risk for exchanges and their clients.
Furthermore, the rapid digitization of trading and the emergence of alternative trading platforms are disrupting traditional exchange business models. To navigate these challenges, exchanges must adapt by investing in technology, expanding their product offerings, and building strong regulatory frameworks. Data analytics and big data are also crucial tools for e-brokerage firms to gain insights and make informed decisions. By doing so, they can capitalize on the market's growth potential and maintain their competitive edge. Geopolitical tensions, economic instability, and regulatory changes can all contribute to market fluctuations and uncertainty.

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In the dynamic market, financial instrument classification plays a crucial role in facilitating efficient trade matching through advanced execution quality metrics and order book liquidity. Quantitative trading models leverage options clearing corporation data to optimize portfolio holdings, while trade matching engines utilize high-speed data storage solutions and portfolio optimization algorithms to minimize latency and enhance market depth indicators. Data center infrastructure and network bandwidth capacity are essential components for supporting complex algorithmic trading strategies, including latency reduction and price volatility forecasting. Market impact measurement and risk assessment methodologies are integral to managing market impact and mitigating fraud, ensuring regulatory compliance through transaction reporting standards and regulatory compliance software.

Exchange traded funds (ETFs) have gained popularity, necessitating robust quote dissemination systems and trade surveillance analytics. Server virtualization and cybersecurity threat mitigation strategies further strengthen the market's resilience, enabling seamless integration of data-driven quantitative models and sophisticated fraud detection algorithms. Additionally, users of online trading platforms can easily monitor the performance of their assets thanks to real-time stock data.

How is this Securities Exchanges Industry segmented?

The securities exchanges industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Service

  Market platforms
  Capital access platforms
  Others


Trade Finance Instruments

  Equities
  Derivatives
  Bonds
  Exchange-traded funds
  Others


Type

  Large-cap exchanges
  Mid-cap exchanges
  Small-cap exchanges


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Switzerland
    UK


  APAC

    China
    Hong Kong
    India
    Japan


  Rest of World (ROW)

By Service Insights

The Market platforms segment is estimated to witness significant growth during the forecast period. The market is characterized by advanced technologies and systems that enable efficient price discovery, manage settlement risk, and ensure regulatory compliance. Market platforms, which include trading platforms, order-matching systems, and market data dissemination, hold the largest share of the market. These platforms facilitate the buying and selling of securities, providing market liquidity and transparency. Real-time market surveillance and high-frequency trading infrastructure are crucial components, ensuring fair and orderly markets and enabling efficient trade execution. Financial modeling techniques and algorithmic trading platforms optimize trading strategies, while electronic communication networks and central counterparty cleari

France's main stock market index, the FR40, fell to 7829 points on July 11, 2025, losing 0.92% from the previous session. Over the past month, the index has climbed 0.83% and is up 1.36% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from France. France Stock Market Index (FR40) - values, historical data, forecasts and news - updated on July of 2025.

The statistic shows the development of the MSCI World USD Index from 1986 to 2024. The 2024 year-end value of the MSCI World USD index amounted to ******** points. MSCI World USD index – additional information The MSCI World Index, developed by Morgan Stanley Capital International (MSCI), is one of the most important stock indices. It includes stocks from developed countries all over the world and is regarded as benchmark of global stock market. According to MSCI, this index covers about ** percent of the free float-adjusted market capitalization in each country. As seen on the statistics above, in 2024, MSCI World USD index reported its highest value since 1986 amounting, a threefold increase from the figure recorded in 2013, when the year-end value of the MSCI World index was equal to ********. Along with the S&P Global Broad Market, the MSCI World is one of the most important global stock market performance indexes. Aside of including markets around the globe, these two indexes are global in a sense that they disregard where the companies are domiciled or traded, whereas other important indexes such as the Dow Jones Industrial Average, the Japanese index Nikkei 225, Wilshire 5000, the NASDAQ 100 index, have different approaches.

The NYSE U.S. 100 Index tracks the largest U.S. companies traded on the New York Stock Exchange. This statistic shows the leading 20 companies on the NYSE U.S. 100 Index by market capitalization. As of January 28, 2024 the multinational conglomerate company ****************** ranked as the first, with a market capitalization of over *** billion euros. This was followed by ********* and ***************, with market capitalizations amounting to *** billion and *** billion euros respectively. NYSE U.S. 100 Index vs. Nasdaq 100 Index The New York Stock Exchange and the Nasdaq are the largest two stock exchanges in the world, but they differ in the kinds of companies they list. The NYSE is known to list stable and long-lasting firms, commonly referred to as “blue-chip” companies. In contrast, the Nasdaq is renowned for listing the world’s biggest companies, mainly from the tech industry. Similar to the NYSE U.S. 100 Index, the Nasdaq 100 Index tracks the 100 largest non-financial companies listed on the Nasdaq exchange, including both U.S. and non-U.S. companies. The leader of the NYSE U.S. 100 index: Berkshire Hathaway Berkshire Hathaway, the leader of the NYSE U.S. 100 Index, was also among the world's largest companies by revenue in 2023. The company is a multinational conglomerate and holding company with insurance as its core business and interests in other sectors such as railroad, utilities and energy, finance. In fact, Berkshire was the world's biggest insurance company by revenue in 2023. As a holding company, it has significant stakes in some of the world’s largest companies, including Apple, Bank of America and Coca-Cola. With its diverse background in various businesses and industries, Berkshire Hathaway had a total revenue of *** billion U.S. dollars in 2023.

Ireland Market Capitalization: Irish Stock Exchange: Main Securities Market: Included in ISEQ data was reported at 121,835.000 EUR mn in 2017. This records an increase from the previous number of 100,199.000 EUR mn for 2016. Ireland Market Capitalization: Irish Stock Exchange: Main Securities Market: Included in ISEQ data is updated yearly, averaging 74,124.000 EUR mn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 121,835.000 EUR mn in 2017 and a record low of 31,398.000 EUR mn in 2008. Ireland Market Capitalization: Irish Stock Exchange: Main Securities Market: Included in ISEQ data remains active status in CEIC and is reported by Irish Stock Exchange. The data is categorized under Global Database’s Ireland – Table IE.Z002: Irish Stock Exchange: Market Capitalization.

United Kingdom Market Capitalisation: UK Main Market: Total data was reported at 2,499,251.385 GBP mn in Mar 2025. This records a decrease from the previous number of 2,527,274.100 GBP mn for Feb 2025. United Kingdom Market Capitalisation: UK Main Market: Total data is updated monthly, averaging 2,256,749.813 GBP mn from Feb 2017 (Median) to Mar 2025, with 98 observations. The data reached an all-time high of 2,527,274.100 GBP mn in Feb 2025 and a record low of 1,618,175.400 GBP mn in Oct 2020. United Kingdom Market Capitalisation: UK Main Market: Total data remains active status in CEIC and is reported by London Stock Exchange. The data is categorized under Global Database’s United Kingdom – Table UK.Z004: London Stock Exchange: Market Capitalisation: Main Market.

Between March 4 and March 11, 2020, the S&P 500 index declined by ** percent, descending into a bear market. On March 12, 2020, the S&P 500 plunged *** percent, its steepest one-day fall since 1987. The index began to recover at the start of April and reached a peak in December 2021. As of December 29, 2024, the value of the S&P 500 stood at ******** points. Coronavirus sparks stock market chaos Stock markets plunged in the wake of the COVID-19 pandemic, with investors fearing its spread would destroy economic growth. Buoyed by figures that suggested cases were leveling off in China, investors were initially optimistic about the virus being contained. However, confidence in the market started to subside as the number of cases increased worldwide. Investors were deterred from buying stocks, and this was reflected in the markets – the values of the Dow Jones Industrial Average and the Nasdaq Composite also dived during the height of the crisis. What is a bear market? A bear market occurs when the value of a stock market suffers a prolonged decline of more than 20 percent over a period of at least 2 months. The COVID-19 pandemic caused severe concern and sent stock markets on a steep downward spiral. The S&P 500 achieved a record closing high of ***** on February 19, 2020. However, just over 3 weeks later, the market closed on *****, which represented a decline of around ** percent in only 16 sessions.

At the end of February 2025, the DAX index reached ********* points, marking its highest level since January 2015. Moreover, this also reflected a strong recovery from the global coronavirus (COVID-19) pandemic, having risen from ******** points at the end of March 2020 and surpassing its pre-pandemic level of approximately ********* points at the end of December 2019. Origin and composition of the DAX Index The DAX (Deutscher Aktienindex) is the most important German stock index, showing the value trends of the 40 largest companies by market capitalization listed on the Frankfurt stock exchange. The DAX index was introduced on July 1, 1988 and is a continuation of the Börsen-Zeitung Index, established in 1959. The count among their number some of the most recognizable companies in the world, such as carmakers Volkswagen and Daimler, sportswear brand adidas, and industrial giants Siemens and BASF. After the DAX, the 50 next-largest German companies are included in the midcap MDAX index, while the 70 next-largest small and medium-sized German companies (ranked from 91 to 160) are included in the SDAX index. The Frankfurt Stock Exchange All the companies included in the DAX family of indices are traded on the Frankfurt Stock Exchange. Dating back to 1585, the Frankfurt Stock Exchange is considered to be the oldest exchange in the world. It is the twelfth largest stock exchange in the world in terms of market capitalization, and accounts for around ** percent of all equity trading in Germany. Two main trading venues comprise the Frankfurt Stock Exchange: the Börse Frankfurt is a traditional trading floor; while the Xetra is an electronic trading system which accounts for the vast majority of trading volume on Frankfurt Stock Exchange. As of December 2023, the total market capitalization of all companies listed on the Frankfurt Stock Exchange was around *** trillion euros.

Estonia Turnover: Nasdaq Tallinn Stock Exchange: Baltic Main List data was reported at 34,983,550.290 EUR in Jun 2018. This records an increase from the previous number of 20,859,876.700 EUR for May 2018. Estonia Turnover: Nasdaq Tallinn Stock Exchange: Baltic Main List data is updated monthly, averaging 17,610,812.170 EUR from Jan 2000 (Median) to Jun 2018, with 222 observations. The data reached an all-time high of 1,007,447,151.290 EUR in Mar 2005 and a record low of 6,792,717.350 EUR in Jul 2012. Estonia Turnover: Nasdaq Tallinn Stock Exchange: Baltic Main List data remains active status in CEIC and is reported by Nasdaq Tallinn. The data is categorized under Global Database’s Estonia – Table EE.Z003: Nasdaq Tallinn Stock Exchange: Trading Statistics.

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Stockbroking Market Size 2025-2029

The stockbroking market size is forecast to increase by USD 27.45 billion at a CAGR of 10.1% between 2024 and 2029.

The market is characterized by the increasing need for real-time investment monitoring and surveillance, driven by heightened market volatility and investor demand for transparency. This trend is further fueled by advancements in technology, enabling brokerages to offer more sophisticated trading platforms and tools. The integration of artificial intelligence (AI) and algorithms into trading platforms has led to cloud-based solutions, enabling active and passive portfolio management. However, the market faces significant challenges, primarily due to the ongoing trade war and its associated economic uncertainties. The escalating tensions have led to increased market volatility and investor risk aversion, potentially dampening trading volumes and investor confidence.
As a result, stockbrokers must adapt to these market dynamics by offering innovative solutions that mitigate risk and provide value-added services to attract and retain clients. To capitalize on opportunities and navigate challenges effectively, companies should focus on enhancing their technology offerings, expanding their geographical reach, and developing strategic partnerships to stay competitive in this dynamic market. Additionally, users of online trading platforms can easily monitor the performance of their assets thanks to real-time stock data. 

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In the dynamic market, order routing optimization plays a crucial role in maximizing execution efficiency. Business continuity planning is essential to ensure uninterrupted services during crises. Financial statement analysis and performance attribution models help assess investment strategy implementation and identify areas for improvement. Data visualization tools facilitate effective operational risk management by providing insights into trading algorithms' performance. Backtesting methodologies and execution quality metrics are integral to refining quantitative trading models and derivatives pricing models. Futures trading strategies and disaster recovery planning are essential components of risk appetite modeling, enabling firms to manage volatility and mitigate potential losses. The stockbroking industry is essential for the smooth functioning of financial analytics.

Trade blotter reconciliation and client communication channels are vital for maintaining transparency and trust in client relationships. Portfolio construction strategies, financial reporting standards, and investment strategy implementation require a deep understanding of various regulatory requirements, including anti-money laundering (AML) and regulatory technology solutions. Algorithmic trading performance and account opening procedures are subject to continuous monitoring and optimization. Information security management and tax reporting compliance are essential aspects of maintaining a robust and compliant stockbroking business. Options trading strategies and transaction cost reduction are critical elements of a well-rounded investment offering.

How is this Stockbroking Industry segmented?

The stockbroking industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Mode Of Booking

  Offline
  Online


Type

  Long term trading
  Short term trading


End-user

  Institutional investor
  Retail investor


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Mode Of Booking Insights

The Offline segment is estimated to witness significant growth during the forecast period. Offline stockbroking is the traditional method of engaging in stock trading activities without the use of online platforms or electronic systems. Investors work with stockbrokers who act as an intermediary between them and the stock exchange. Offline stockbroking includes: Communication: Investors place their buy or sell orders through direct communication via calls, emails, or in person with their stockbrokers. Offline is still dominating the market due to the ease of use due to factors such as personalized services, extensive research, complex investment strategies, trust, and relationship building by the investors over time, also in the offline segment they can access initial public offerings or other restricted offerings which may not be readily available on an online brokera

Exchange Traded Fund Market Outlook

The global exchange traded fund (ETF) market size was estimated at approximately USD 9.3 trillion in 2023 and is projected to reach USD 20.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 9.2%. This impressive growth is driven by several factors including increasing demand for diversified investment portfolios, lower expense ratios compared to mutual funds, and enhanced market liquidity.

One of the primary growth factors for the ETF market is the increased awareness and understanding of ETFs among retail and institutional investors. ETFs provide a cost-effective way to access a broad array of asset classes and investment strategies, which has contributed significantly to their popularity. Additionally, the rise in digital trading platforms has made it easier for individual investors to buy and sell ETFs, further fueling market expansion. Institutional investors are also increasingly favoring ETFs for their flexibility and efficiency in portfolio management, which has driven volume and growth in the market.

Another significant growth driver is the continuous innovation within the ETF industry. New types of ETFs are being introduced regularly, including thematic ETFs focusing on emerging industries like artificial intelligence, renewable energy, and blockchain technology. These innovative products attract a diverse set of investors looking to capitalize on specific market trends or sectors. Furthermore, the development of active ETFs, which combine the benefits of active management with the liquidity and transparency of ETFs, has opened new avenues for growth.

The regulatory environment has also played a crucial role in the expansion of the ETF market. Regulatory bodies across various regions have provided a supportive framework that fosters the growth of ETFs. For example, the Securities and Exchange Commission (SEC) in the United States has streamlined the approval process for new ETFs, making it easier for asset managers to launch new products. Similar supportive measures have been witnessed in Europe and Asia, contributing to the global growth of the market.

Open Ended Funds Oef have been gaining traction as an alternative investment vehicle alongside ETFs. These funds offer investors the flexibility to enter and exit at their convenience, which is particularly appealing in volatile market conditions. Unlike ETFs, which trade on exchanges, Open Ended Funds Oef are priced at the end of the trading day based on their net asset value. This structure provides a different approach to liquidity and pricing, which can be advantageous for certain investment strategies. Investors looking for a more hands-on approach to fund management may find Open Ended Funds Oef to be a suitable option, as they often allow for more active management compared to the passive nature of many ETFs. The growing interest in these funds highlights the diverse range of investment products available to meet varying investor needs and preferences.

Regionally, North America holds the largest share of the ETF market, driven by strong market adoption in the United States and Canada. The presence of well-established financial markets and high investor awareness contribute to this dominance. Europe is another significant market, with increasing ETF adoption in countries like Germany, the United Kingdom, and France. The Asia Pacific region is experiencing rapid growth, particularly in countries like China, Japan, and Australia, due to rising financial literacy and growing investment in equities. The Middle East & Africa, while currently a smaller market, is witnessing gradual growth driven by economic reforms and increasing interest in diversified investment options.

Type Analysis

Equity ETFs represent the largest segment within the ETF market. These funds invest in stocks and aim to replicate the performance of an underlying equity index, such as the S&P 500. The appeal of equity ETFs lies in their ability to offer broad market exposure, diversification, and relatively low cost. Investors are increasingly gravitating towards equity ETFs to capitalize on market growth and potential capital appreciation. The robust performance of stock markets globally has further fueled the demand for equity ETFs, making them a cornerstone of many investment portfolios.

Bond ETFs are another significant segment, providing exposure to fixed-income securities such as government and corporate bonds

BCC Research Market Report says big science should grow from $29.1 billion in 2020 to $41.6 billion by 2025 with a compound annual growth rate of 7.4%.