Nasdaq remains the world’s most valuable exchanges brand, according to Brand Finance research.
The rankings are compiled using Brand Finance’s Royalty Relief methodology, which estimate the financial value a company would pay to license its brand if it did not own it.
The model combines brand strength scores, industry royalty rates, company revenues, analyst forecasts and economic growth assumptions before discounting future brand earnings to a present value.
Oliver Schmitz, global sector head of exchanges at Brand Finance, said the sector was benefiting from stronger market activity and diversification beyond traditional trading revenues.
“The world’s leading exchange brands benefited from a year of stronger trading activity, recovering IPO markets and increased demand for financial-market infrastructure,” he said.
Nasdaq retained the top spot in Brand Finance’s Exchanges 10 2026 ranking, with its brand value rising 2% year-on-year to $3.2bn.
The consultancy said growth was driven by higher revenue forecasts, continued benefits from its Adenza acquisition and rising demand for its data, analytics and technology services.
CME ranked as the second most valuable exchanges brand with a brand value of $3bn, while Hong Kong Exchanges and Clearing (HKEX) held third place at $2.6bn, up 6%.
HKEX was named the world’s strongest exchanges brand, achieving a Brand Strength Index score of 87.7 out of 100 and an AAA rating. The exchange benefited from renewed momentum in Hong Kong’s capital markets, including 44 new listings in the first half of 2025.
NYSE strengthened its position through initiatives including the launch of NYSE Texas and efforts to expand trading access, while Canada’s TMX emerged as the fastest-growing exchange brand, recording an 18% increase in value to $542m.
Brand Finance said trading activity remained elevated throughout 2025 as geopolitical uncertainty, tariff concerns and shifting interest-rate expectations increased market volatility and demand for hedging products.
The findings reflect a broader recovery in global capital markets. Earlier this year, EY reported that global IPO proceeds rose 39% in 2025 to $171.8bn, while Asia-Pacific accounted for the largest share of fundraising activity.
The rankings also underline a wider transformation in the exchanges industry. Major operators are increasingly relying on recurring revenues from data, analytics, technology and information services rather than traditional trading fees, helping to reduce exposure to market cycles.
Brand Finance said exchanges with diversified technology, data and post-trade businesses generally outperformed peers during the year.