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***** was the largest stock exchange in the world, with an equity market capitalization of over ** trillion U.S. dollars as of July 1, 2026. The following three largest exchanges were the **** and the ****Ìý

What is a stock exchange?Ìý

A stock exchange is a marketplace where stockbrokers, traders, buyers, and sellers can trade in equities products. The largest exchanges have thousands ofÌýlisted companies. These companies sell shares of their business, giving the general public the opportunity to invest in them. The oldest stock exchangeÌýworldwide is the Frankfurt Stock Exchange, founded in the late sixteenth century.Ìý

Other functions of a stock exchangeÌý

Since these are publicly traded companies, every firm listed on a stock exchange has had an initial public offering (IPO). TheÌýlargest IPOs can raise billions of dollars in equity for the firm involved. Related to stock exchanges are derivatives exchanges, where stock options, futures contracts, and other derivatives can be traded.