Between them the New York and Tokyo stock markets have a market capitalization three times the size of all the rest of the world’s stock markets put together, including London’s. Share markets in the United States, of which the largest is the New York Stock Exchange, account for a market value of $US 1,783 billion. Far behind comes Japan with shares valued at a total £2,01 ibn., but still larger than all the markets in Europe combined. In Europe, London has the most important market, worth £55obn.
In terms of volume of equity trading American stock markets outstrip Tokyo and London combined. (See Figure By far the largest market is the New York Stock Exchange in Wall Street, lower Manhattan, with a turnover of $1873.6 billion in 1987. Rivalling it is Tokyo, with a turnover of $1772.5 billion. Then comes the all electronic American exchange, NASDAQ, with $499.9 billion. Of the other major world exchanges London is the largest, with $316.2 billion.
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