The FTSE Mondo Visione Exchanges Index ended December 2025 at 93,979.05, down 0.4% from 94,312.68 in November. The month closed softer, but expectations for rate cuts and easing inflation kept sentiment from breaking lower as markets moved toward 2026.
The bigger story was not the small monthly decline. It was the widening gap between regions. Exchange operators in emerging and frontier markets outperformed several developed-market peers during a year shaped by trade tariffs, geopolitical tension, and persistent economic uncertainty.
Largest exchange groups kept their lead by market value
By the end of December 2025, the global market-cap rankings were still led by major exchange groups in the U.S. and other international financial centers. CME Group remained the largest listed exchange operator with a market capitalization of $98.41 billion. Intercontinental Exchange followed at $93.05 billion, and Hong Kong Exchanges & Clearing ranked third at $66.39 billion.
London Stock Exchange Group stood fourth at $62.30 billion, ahead of Nasdaq at $55.76 billion. Size, though, did not shield operators from macro pressure. Several large groups posted weaker share-price performance during the year even while holding their leadership in market value.
December performance showed a sharp regional split
The December leaderboard was dominated by smaller markets. Croatia’s Zagreb Stock Exchange rose 26.9%, making it the strongest monthly performer worldwide. Tanzania’s Dar es Salaam Stock Exchange gained 23.1%, while Kenya’s Nairobi Securities Exchange added 12.9%.
Losses were concentrated elsewhere. Saudi Tadawul Group fell 16.7%, the weakest result for the month. Australia’s ASX dropped 10.1%, and India’s BSE declined 9.7%. That spread suggests investors were looking beyond larger, more globally exposed markets and into exchanges with lower correlation and different growth drivers.
Fourth-quarter losses nearly flattened out
In the fourth quarter of 2025, the FTSE Mondo Visione Exchanges Index slipped just 0.1%. That was a clear improvement from the 6.5% drop recorded in the third quarter. Exchange stocks had also fallen 1.8% in the fourth quarter of 2024, so the late-2025 reading pointed to a more stable tone after a difficult stretch.
Herbie Skeete, Managing Director of Mondo Visione, said better macro expectations helped support valuations. He said, “Financial markets rallied in December, ending a mixed fourth quarter. Optimism around potential interest rate cuts and easing inflation has positioned global exchange groups to enter 2026 strong, despite the challenges of 2025.”
Among the best performers in Q4, Multi Commodity Exchange of India surged 41.1%, Kenya’s Nairobi Securities Exchange gained 37.4%, and the Tel Aviv Stock Exchange rose 28.8%. On the downside, Saudi Tadawul Group fell 31.9%, followed by ASX at -11.7% and Hong Kong Exchanges & Clearing at -7.8%.
Full-year returns were highly uneven
Looking across the full 12 months of 2025, the spread in annual performance widened sharply. Kenya’s Nairobi Securities Exchange delivered a 238.4% gain, the strongest result in the index. Croatia’s Zagreb Stock Exchange followed with 235.7%, and Tanzania’s Dar es Salaam Stock Exchange advanced 200.2%.
At the bottom of the table, Saudi Tadawul Group declined 35.2%. Australia’s ASX fell 14.9%, and London Stock Exchange Group dropped 14.8%. The range of outcomes showed how exchange stocks were being shaped by local economic conditions, investor flows, and regulatory settings rather than a single global trend.
What traders and investors are watching in 2026
The index was established in 2000 as a joint venture between FTSE Group and Mondo Visione, and it tracks 33 publicly listed exchanges worldwide. It is widely used as a gauge of the sector’s health. As 2026 begins, lower-rate expectations and stabilizing inflation may support revenues linked to trading volumes, derivatives activity, and clearing services.
That does not remove the uncertainty. Geopolitical risks and uneven global growth are still in view. The 2025 data already showed what mattered most: regional diversification became more important, and exchange business models could not be treated as interchangeable.