Major stock exchanges

Twenty Largest Stock Exchanges by Market Capitalization as of July 12, 2007 (in trillions of US dollars)

1. NYSE Euronext - $20.692

2. Tokyo Stock Exchange - $4.679

3. NASDAQ - $4.163

4. London Stock Exchange - $4.023

5. Hong Kong Stock Exchange - $2.124

6. Toronto Stock Exchange - $1.985

7. Frankfurt Stock Exchange (Deutsche Börse) - $1.973

8. Shanghai Stock Exchange - $1.738

9. Madrid Stock Exchange (BME Spanish Exchanges) - $1.515

10. Australian Securities Exchange - $1.324

11. Swiss Exchange - $1.318

12. Nordic Stock Exchange Group OMX (Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges) - $1.296

13. Milan Stock Exchange (Borsa Italiana) - $1.123

14. Bombay Stock Exchange - $1.005

15. Korea Exchange - $1.001

16. Sao Paulo Stock Exchange Bovespa- $0.981

17. National Stock Exchange of India - $0.962

18. Moscow Interbank Currency Exchange - $0.86 (January 2007)

19. Johannesburg Securities Exchange - $0.802

20. Taiwan Stock Exchange - $0.610

• Sources: World Federation of Exchanges (Jun 2007);

• Remarks: There are two pending major mergers: NASDAQ with OMX; and London Stock Exchange with Milan Stock Exchange