October 2024 painted a mixed picture for global stock exchanges, with most witnessing declines in market capitalization, except for Euronext (EPA:ENX) and Shenzhen Stock Exchange. However, year-on-year growth remained positive for all exchanges except Euronext and Tadawul, with India’s National Stock Exchange (NSE) emerging as a standout performer, boasting a remarkable 41.5% YoY growth.
Market Capitalization Highlights
NSE retained its position as the sixth-largest stock exchange globally, with a market cap of $5.2 trillion, despite a month-on-month (MoM) dip of 6.6%. The NYSE and Nasdaq continued to dominate the leaderboard, with market caps of $29.7 trillion (-1.4% MoM) and $28.2 trillion (-0.4% MoM), respectively. The Shanghai Stock Exchange (SSE (LON:SSE)) and Japan Exchange Group (JPX) followed in third and fourth positions, while Euronext maintained stability at fifth with $5.7 trillion.
Shenzhen Stock Exchange (SZSE) stood out with a MoM growth of 1.8%, rising to $4.7 trillion, while the Hong Kong Exchange (HKEX) saw a 4.7% decline, settling at $4.5 trillion. TMX Group and Tadawul rounded out the top 10, with $3.4 trillion (-2.2% MoM) and $2.7 trillion (-0.9% MoM), respectively.
Equity Market Trades
NSE slipped to third place in the equity market trades category, primarily due to a significant boost in activity on Chinese exchanges following a government stimulus. The Shenzhen and Shanghai Stock Exchanges recorded a surge in contracts traded, with 144 crore (+70.1% MoM) and 98 crore (+58% MoM) contracts, respectively. NSE experienced a minor decline to 83 crore contracts (-0.6% MoM).
Nasdaq and Korea Exchange (KRX) retained the fourth and fifth spots, with MoM increases of 6.9% and 7.4%, respectively. Notably, all top 10 exchanges, except NSE and Borsa Istanbul, saw growth during the period.
Dominance in Equity Derivatives
NSE continues to solidify its position as the global leader in the equity derivatives segment. The exchange’s market share soared to 83.5% in 2024, trading 10,754 crore contracts in the first 10 months (+9.4% from 2023). Competitors like B3 and CBOE Global Markets faced declines, with their market shares dropping to 4.1% and 1.6%, respectively.
In conclusion, despite facing some short-term setbacks in market capitalization and equity trades, NSE’s dominance in the derivatives market highlights its stronghold in the global financial landscape. This resilience underscores its pivotal role in driving growth and innovation in the Indian and global markets.
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