Notable Stock Exchanges.....

 1. New York Stock Exchange (NYSE)

Founded in 1792, the New York Stock Exchange is by far the largest exchange in the world. As of March 2018, the NYSE’s market capitalization was US$23.12 trillion.

 
2. NASDAQ

Founded in 1971, NASDAQ is a US-based stock exchange. With a market capitalization of US$10.93 trillion as of March 2018, it is the second-largest in the world by market capitalization. Many tech and growth firms choose to be listed on the NASDAQ.

 
3. Shanghai Stock Exchange (SSE)

Founded in November 1990, the Shanghai Stock Exchange is the fourth-largest exchange in the world. It reported a market capitalization of US$5.01 trillion in March 2018. There are two types of stocks listed on the SSE, ‘A shares’ and ‘B shares’. Shares are quoted in RMB, with trading in A shares historically restricted to domestic investors.

In July 2018, China announced additional plans to allow foreign investors to access A shares through domestic brokerages. B shares are quoted in USD and are open to domestic and foreign investors alike.

 
Listing Requirements

All companies that wish to go public must satisfy certain reporting requirements as outlined by the securities commissions of their respective jurisdictions.

In the United States, the Securities and Exchange Commission dictates that companies must discuss and publish their financial statements, as well as make other disclosures. These are published in the form of quarterly and annual reports.

On top of these requirements, in order to be listed on an exchange, a company must also satisfy the requirements of the stock exchange they wish to be listed on. Below are some examples of listing requirements by the three aforementioned exchanges. Listing requirements may also differ for initial public offerings (IPO).

 

New York Stock Exchange (NYSE):

•     Pre-tax income for the past 3 years must be at least US$10,000,000

•     The market capitalization of publicly held shares must be at least US$100,000,000

•     Publicly held shares must be greater than 1,100,000

 

NASDAQ:

•     Pre-tax income for the past 3 years must be at least US$11,000,000

•     The market capitalization of publicly held shares must be at least US$45,000,000

•     Publicly held shares must be greater than 1,250,000

 

Shanghai Stock Exchange (SSE):

•     Capital stock must exceed RMB¥50,000,000

•     Publicly issued shares must account for at least 25% of all shares; if the company’s capital stock exceeds RMB¥400,000,000, publicly issued shares must account for at least 10% of all shares
  

•     No major legal violations in the past three years or fraudulent records in the company’s financial reports

 

Please note this is not an exhaustive list of the requirements to be listed in each respective stock exchange.