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Valued at $2.4 billion, CME is world’s most valuable exchange brand

Nasdaq claims fastest-growing brand value, surging 32% in latest ranking by Brand Finance

  • CME retains status as most valuable exchange brand in the world for 9th year running
  • Hong Kong Exchanges and Clearing Limited (HKEX) brand value grows 3% to $2.1 billion
  • Driven by strong revenue growth, TMX reappears in the top 10 exchange brands for the first time since 2016

View the full Brand Finance Exchanges 10 Ranking

CME is once again the most valuable exchange brand in the world, up 5% with a brand value of USD2.4 billion, according to Brand Finance, the world’s leading brand valuation consultancy. Markets in 2023 were impacted by rising interest rates, geopolitical uncertainty, and sluggish economic growth, and Brand Finance data revealed exchanges that developed and executed strategies to navigate those challenges saw strong returns on brand value. Innovation and market expansion were also significant drivers of brand value in Brand Finance’s Exchanges 10 2024 ranking.

Nasdaq is the fastest-growing exchange brand (brand value up 32% to USD2.3 billion) and jumped two spots in the ranking, from fourth to second. NYSE, a brand owned by ICE (Intercontinental Exchange), has seen a notable improvement in its brand value (up 14% to USD2 billion) and brand strength (up from 79.6 to 82.0), metrics that indicate a stronger market position and enhanced brand perception.

Outside of the US, Hong Kong Exchanges and Clearing Limited (HKEX) demonstrated a commitment to expansion and innovation, drivers of a brand value increase of 3% to USD2.1 billion this year. The brand value of TMX resurged, enabling the brand to re-enter Brand Finance’s Exchanges 10 ranking for the first since 2016. The Canadian brand’s value rose 11% to USD386 million.

The London Stock Exchange brand was included in the Brand Finance Exchanges ranking in previous years but has been incorporated into the broader LSEG brand as part of the Brand Finance’s Commercial Services ranking. This reallocation was made in recognition of the LSEG rebranding and identity alignment across the LSE, Refinitiv, LCH, and FTSE Russell products last year. As part of the Brand Finance Global 500 ranking, the now-unified LSEG brand was valued at just under USD8 billion, far larger than any of the other brands included in the Exchanges ranking.

View the full Brand Finance Exchanges 10 Ranking

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 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 over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization 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.

Definition of Brand

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

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 Valuation Approach

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.

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