Global Market Geography
Markets follow the sun. Trading opens in Asia-Pacific, passes through Europe and the Middle East, and closes in the Americas. This page lists the principal venues in each region, their regular sessions in local time, the currency they settle in and the authority that supervises them.
The trading day around the world
Regular sessions are listed in each venue's local time. Because the regions overlap only partly, liquidity in globally traded instruments such as major currency pairs shifts through the day: the London–New York overlap is typically the most active window.
United States
The United States is home to the world's two largest stock exchanges by market capitalisation, the New York Stock Exchange and Nasdaq, both based in New York and supervised by the Securities and Exchange Commission. Benchmark indices calculated from US-listed shares, including the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, are widely used as reference points for global markets. US equities have settled on a one-business-day cycle (T+1) since May 2024.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| New York Stock Exchange (NYSE) New York, United States | 09:30–16:00 | America/New_York | USD | Dow Jones Industrial Average, S&P 500 | U.S. Securities and Exchange Commission (SEC) |
| Nasdaq New York, United States | 09:30–16:00 | America/New_York | USD | Nasdaq Composite, Nasdaq-100 | U.S. Securities and Exchange Commission (SEC) |
Good to know
- US equities have settled T+1 (trade date plus one business day) since May 2024, faster than most other major markets.
- The SEC sets national market rules for exchanges, while FINRA, a self-regulatory body, oversees broker-dealers under SEC supervision.
- Both exchanges close on the same set of federal holidays, including Thanksgiving and Independence Day.
United Kingdom
The United Kingdom's principal securities market is the London Stock Exchange, one of the world's oldest exchanges and a major venue for both domestic and international listings. London's trading day overlaps with the Asian close in its morning and with the New York morning in its afternoon, placing it at the centre of the global trading day. UK markets are supervised by the Financial Conduct Authority and settle in pounds sterling.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| London Stock Exchange (LSE) London, United Kingdom | 08:00–16:30 | Europe/London | GBP | FTSE 100, FTSE 250 | Financial Conduct Authority (FCA) |
| Aquis Exchange (AQSE) London, United Kingdom | 08:00–16:30 | Europe/London | GBP | Financial Conduct Authority (FCA) |
Good to know
- The Financial Conduct Authority (FCA) regulates UK trading venues, listed-company conduct and most UK financial services firms.
- UK-listed equities are quoted and settled in pounds sterling (GBP), sometimes shown in pence sterling on trading screens.
- London's afternoon session overlaps with New York's morning session; market participants often refer to this window as the most liquid part of the trading day for GBP- and USD-related instruments.
Europe
Continental Europe's largest markets are linked through Euronext, a single trading platform spanning Paris, Amsterdam, Brussels, Dublin, Lisbon and Oslo, alongside independently operated venues in Frankfurt, Zurich and Milan. Borsa Italiana joined the Euronext group in 2021 while remaining under Italian national supervision. Most venues price in euro; Switzerland, outside the eurozone, settles in Swiss francs.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| Euronext (Paris / Amsterdam) Paris, France | 09:00–17:30 | Europe/Paris | EUR | CAC 40, AEX | Autorité des marchés financiers (AMF) |
| Deutsche Börse (Xetra) Frankfurt, Germany | 09:00–17:30 | Europe/Berlin | EUR | DAX | Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) |
| SIX Swiss Exchange Zurich, Switzerland | 09:00–17:30 | Europe/Zurich | CHF | Swiss Market Index (SMI) | Swiss Financial Market Supervisory Authority (FINMA) |
| Borsa Italiana Milan, Italy | 09:00–17:30 | Europe/Rome | EUR | FTSE MIB | Commissione Nazionale per le Società e la Borsa (CONSOB) |
Good to know
- Euronext operates a single order book and trading technology across its Paris, Amsterdam, Brussels, Dublin, Lisbon and Oslo markets, though each still has its own national securities regulator.
- The EU's MiFID II framework sets common conduct and transparency rules across member-state venues, alongside each country's own regulator.
- Switzerland is not an EU or eurozone member; SIX Swiss Exchange quotes and settles in Swiss francs rather than euro.
Australia
The Australian Securities Exchange in Sydney is the country's primary securities market, with Cboe Australia operating as a smaller competing venue trading the same listed securities on a separate order book. Both are licensed market operators supervised by the Australian Securities and Investments Commission, and both settle in Australian dollars.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| Australian Securities Exchange (ASX) Sydney, Australia | 10:00–16:00 | Australia/Sydney | AUD | S&P/ASX 200 | Australian Securities and Investments Commission (ASIC) |
| Cboe Australia Sydney, Australia | 10:00–16:12 | Australia/Sydney | AUD | Australian Securities and Investments Commission (ASIC) |
Good to know
- ASX trades settle two business days after the trade date (T+2) through the CHESS clearing system.
- The Reserve Bank of Australia sets monetary policy and is separate from ASIC, which licenses and supervises market operators and conduct.
- Cboe Australia (formerly Chi-X Australia) lists no securities of its own; it trades ASX-listed shares on a competing execution venue under the same national settlement system.
Asia
Asia's major exchanges open before European and American markets each day and are regulated entirely separately from one another: Japan's Financial Services Agency, Hong Kong's Securities and Futures Commission, mainland China's Securities Regulatory Commission, Singapore's Monetary Authority and India's Securities and Exchange Board each supervise their own market. Currencies, trading calendars and settlement cycles differ by jurisdiction.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| Tokyo Stock Exchange (Japan Exchange Group, JPX) Tokyo, Japan | 09:00–15:00 | Asia/Tokyo | JPY | Nikkei 225, TOPIX | Financial Services Agency (FSA) |
| Hong Kong Stock Exchange (HKEX) Hong Kong, Hong Kong | 09:30–16:00 | Asia/Hong_Kong | HKD | Hang Seng Index | Securities and Futures Commission (SFC) |
| Shanghai Stock Exchange (SSE) Shanghai, China | 09:30–15:00 | Asia/Shanghai | CNY | SSE Composite Index | China Securities Regulatory Commission (CSRC) |
| Singapore Exchange (SGX) Singapore, Singapore | 09:00–17:00 | Asia/Singapore | SGD | Straits Times Index (STI) | Monetary Authority of Singapore (MAS) |
| National Stock Exchange of India (NSE) Mumbai, India | 09:15–15:30 | Asia/Kolkata | INR | Nifty 50 | Securities and Exchange Board of India (SEBI) |
Good to know
- Tokyo, Hong Kong and Shanghai open before European venues, so Asian trading sets the tone for the opening hours of the global trading day.
- Mainland Chinese shares on the Shanghai Stock Exchange are subject to daily price-move limits around the previous close, a mechanism not used on most other exchanges in this list.
- There is no single Asia-Pacific securities regulator; each jurisdiction listed here licenses and supervises its own exchange independently.
Middle East
The Gulf's principal exchanges, in the United Arab Emirates, Saudi Arabia and Qatar, trade Sunday to Thursday rather than the Monday-to-Friday week used across most of the world, aligned with the regional working week. The UAE dirham, Saudi riyal and Qatari riyal are all pegged to the US dollar, which limits currency risk relative to the dollar for instruments priced in these currencies.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| Dubai Financial Market (DFM) Dubai, United Arab Emirates | 10:00–14:45 | Asia/Dubai | AED | DFM General Index | Capital Markets Authority (CMA, UAE) |
| Abu Dhabi Securities Exchange (ADX) Abu Dhabi, United Arab Emirates | 10:00–13:45 | Asia/Dubai | AED | FTSE ADX General Index | Capital Markets Authority (CMA, UAE) |
| Saudi Exchange (Tadawul) Riyadh, Saudi Arabia | 10:00–15:00 | Asia/Riyadh | SAR | Tadawul All Share Index (TASI) | Capital Market Authority (CMA, Saudi Arabia) |
| Qatar Stock Exchange (QSE) Doha, Qatar | 09:30–13:00 | Asia/Qatar | QAR | QE Index | Qatar Financial Markets Authority (QFMA) |
Good to know
- Gulf exchanges trade Sunday to Thursday, aligned with the regional working week, unlike the Monday-to-Friday week used in the Americas, Europe and most of Asia.
- The UAE renamed its federal markets regulator from the Securities and Commodities Authority to the Capital Markets Authority effective 1 January 2026; it supervises both the Dubai Financial Market and the Abu Dhabi Securities Exchange.
- Saudi Arabia's regulator, also abbreviated CMA (Capital Market Authority), is a separate national body from the UAE's similarly named authority.
Emerging Markets
This group covers five exchanges across Latin America, Africa, Europe and Southeast Asia that index providers classify as emerging markets: B3 in Brazil, the Johannesburg Stock Exchange in South Africa, the Mexican Stock Exchange, Borsa Istanbul in Turkey and the Indonesia Stock Exchange. Each operates under its own national regulator, currency and trading calendar.
Principal venues
| Website | Regular session | Local time | Currency | Headline indices | Regulator |
|---|---|---|---|---|---|
| B3 (Brasil, Bolsa, Balcão) São Paulo, Brazil | 10:00–16:55 | America/Sao_Paulo | BRL | Ibovespa | Comissão de Valores Mobiliários (CVM) |
| Johannesburg Stock Exchange (JSE) Johannesburg, South Africa | 09:00–17:00 | Africa/Johannesburg | ZAR | FTSE/JSE All Share Index | Financial Sector Conduct Authority (FSCA) |
| Bolsa Mexicana de Valores (BMV) Mexico City, Mexico | 07:30–14:00 | America/Mexico_City | MXN | S&P/BMV IPC | Comisión Nacional Bancaria y de Valores (CNBV) |
| Borsa Istanbul (BIST) Istanbul, Turkey | 09:30–17:30 | Europe/Istanbul | TRY | BIST 100 | Capital Markets Board of Turkey (CMB) |
| Indonesia Stock Exchange (IDX) Jakarta, Indonesia | 09:00–15:15 | Asia/Jakarta | IDR | IDX Composite (Jakarta Composite Index) | Financial Services Authority (Otoritas Jasa Keuangan, OJK) |
Good to know
- Each of these five markets has its own national regulator, currency and public holiday calendar, with no shared trading schedule between them.
- Borsa Istanbul splits its trading day into a morning and an afternoon session with a midday break, unlike the continuous sessions used on B3 and the JSE.
- Currency movements in the Brazilian real, South African rand, Mexican peso, Turkish lira and Indonesian rupiah can be as significant to foreign holders as the underlying equity price moves.