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Companies in this industry operate physical or electronic marketplaces to facilitate the buying and selling of stocks, stock options, bonds, or commodity contracts. Major companies include the New York Stock Exchange (owned by Intercontinental Exchange), Nasdaq OMX Group, and BATS Global Markets (all based in the US), as well as Japan Exchange Group (formed by the merger of the Tokyo Stock Exchange and Osaka Securities Exchange), London Stock Exchange, and Euronext (Netherlands). Regardless of their location, major securities exchanges are global in scope.
Global equity market capitalization, which represents the value of publicly traded companies and indicates demand for stock exchanges, totaled $69 trillion in 2015, compared with $68 trillion the prior year, according to the Money Project. Of the 60 major stock exchanges in the world, the New York Stock Exchange (NYSE) accounted for $18.5 trillion in market capitalization, or about 27% of the total market for global equities in 2015. On a regional basis, the Americas accounted for about 40% of global market capitalization, followed by Asia/Pacific (33%), and Europe/Middle East/Africa (23%).
The securities and commodity exchanges industry in the US includes about 30 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $9.5 billion.
Demand is driven by investor confidence and companies seeking access to public capital. The profitability of individual exchanges depends on maximizing transaction and clearing fees while keeping transaction-based ...
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