New Brand Finance data: brand value rising for all ten most valuable exchange brands globally
LONDON, 19th August 2025 – Nasdaq has become the world’s most valuable exchanges brand for the first time, according to a new report from Brand Finance, the world's leading brand valuation consultancy. Nasdaq’s brand value has grown 33% to USD3.1 billion, meaning it has overtaken CME to hold the top spot. This comes despite CME’s strong brand value growth of 24% to USD3 billion.
Brand Finance largely attributes Nasdaq’s growth to strong financial performance, supported by strategic acquisitions such as Adenza, which has boosted revenues, and a growing focus on non-trading revenue streams. Continued investment in proprietary data, SaaS solutions and crypto opportunities has further strengthened its growth trajectory and solidified its brand value.
Nasdaq reports all of its businesses – data, technology, trading, and services – under one Masterbrand, so its full scale is captured in brand valuations. In contrast, a brand like LSEG has a relatively small exchange operation in brand value terms, while its larger businesses in data, analytics, indices and post-trade continue to operate under separate legacy brands. Taken together those brands would total around USD7.7 billion in brand value, but only the London Stock Exchange name is counted in Brand Finance’s Exchanges ranking, totalling USD173 million.
All ten of the world’s most valuable exchanges brands are growing in brand value in 2025. National Stock Exchange India (brand value up 39% to USD526 million) is the fastest growing brand, entering the top ten for the first time. Forecast revenues have been boosted by a strong pipeline of IPOs, growth in index services, and a sharp rise in derivatives trading during the period, resulting in brand value growth.
Hugo Hensley, Valuation Director, Brand Finance commented:
“All exchange brands in the ranking are on an upward trajectory, with seven recording growth above 20% – clear evidence that the world’s leading exchanges are entering a new phase of expansion. Five of the top six are now U.S.-based, underlining the reality that global issuers increasingly look to list in the U.S. to secure higher valuations and cheaper access to capital. This isn’t just sentiment – it’s reflected in our Brand Strength Index, which incorporates some metrics from our Global Soft Power Index study, such as attractiveness of the market to invest in, ease of doing business with strong & stable economy, and future growth potential, as well as the respondents' recommendation to invest in the market. The U.S. scores strongly across all of these, which in turn helps boosts the brand strength and ultimately value of its exchanges.”
HKEX has become the world’s strongest exchanges brand with a Brand Strength Index (BSI) score of 89.14 out of 100 with a AAA brand rating. Brand Finance found that HKEX’s scores are increasing in all metrics in its key market of China. Its familiarity now stands at 67% (up from 45% in 2023), Reputation is 8.2/100 (up from 7.4 in 2023), and Positive contribution 7.9/100 (up from 7.5 in 2023). With a brand value of USD2.5 billion (up 20% year-on-year) HKEX is also the third most valuable exchanges brand.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
