Wednesday, November 3, 2010

The Top Three Global Stock Exchanges

The top three stock exchanges in the world in terms of market cap are:

1. Hong Kong: $23.7B
2. Chicago: $19.4B
3. Sao Paulo: $17.1B

Bovespa (Sao Paulo Stock Exchange) fell one spot in the ranking of the largest stock exchanges and is back to the third position, overtaken by Chicago and Hong Kong. One reason for the fall, according to market sources, may have been the elevation of the Tax on Financial Operations (IOF) on the applications of foreign fixed income, last month, which may have caused uncertainty among investors in general.
In late September, the Sao Paulo Stock Exchange had overtaken the Chicago Stock Exchange, behind only the Stock Exchange of Hong Kong. At that time, record the capitalization of Petrobras helped promote a change in ranking. By lifting the Bovespa itself, the Stock Exchange of Hong Kong was the first in terms of market value, with $ 19.8 billion. The Stock Exchange of Sao Paulo in second place with $ 17.7 billion, compared with $ 17.5 billion the CBOT.

At that time, the value of the Bovespa was 25% higher than the sum of the stock exchanges of New York, London and NASDAQ. The increase was caused also by the capitalization of Petrobras. The company said it raised $ 70 billion in the biggest stock sale ever made in the capital market. The amount equals 4.2% of Brazilian GDP in 2009.

But data obtained by 'state' referring to last Friday show a different scenario. The Stock Exchange of Hong Kong remained in first place with a value of $ 23.7 billion, Chicago in 2nd at $19.4B, and Sao Pauo 3rd at $17.1B.

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