New York Stock Exchange (NYSE) vs NASDAQ: Full Comparison of History, Listing Requirements, Market Capitalization, and Trading Hours 2025"

NYSE vs NASDAQ: Ultimate Stock Exchange Comparison

The New York Stock Exchange (NYSE) and NASDAQ are the two pillars of U.S. equity markets. Founded under the Buttonwood Agreement in 1792, the NYSE combines a historic trading floor with modern electronic systems. NASDAQ, launched in 1971, pioneered fully electronic, dealer-based trading. In this guide, we’ll compare their origins, structures, listing requirements, market scales, trading hours, and flagship indices to help investors understand where and how their stocks trade.

1. Origins & Evolution

1.1 NYSE’s Buttonwood Beginnings

On May 17, 1792, 24 brokers signed the Buttonwood Agreement, laying the foundations for the NYSE. By 1863, it adopted its current name and has since become the world’s largest stock exchange.

1.2 NASDAQ’s Electronic Birth

NASDAQ opened in 1971 as the first electronic stock market, revolutionizing the speed and accessibility of trading.

2. Market Structure

NYSE: Hybrid auction model with a physical floor and electronic order matching via Designated Market Makers.

NASDAQ: Dealer model relying exclusively on market makers and electronic communication networks.

3. Listing Requirements

Exchange	Min. Shares	Min. Market Cap	Min. Earnings
NYSE	1.1 M	$40 M	$10 M (3 yrs)
NASDAQ	1.25 M	$70 M	$11 M (3 yrs)

4. Scale & Capitalization

NYSE lists over 2,300 companies and remains the largest by total market cap. NASDAQ lists nearly 3,900 companies and ranks second in global market cap.

5. Trading Hours & Sessions

Both exchanges operate core trading from 9:30 a.m. to 4:00 p.m. ET, Monday–Friday, with extended pre-market and after-hours sessions for advanced traders.

6. Flagship Indices

NYSE: Hosts the Dow Jones Industrial Average, S&P 500, and the NYSE Composite.

NASDAQ: Home to the Nasdaq Composite (over 2,500 listings) and the Nasdaq-100 index.

7. Global Importance

Together, they drive the majority of U.S. equity liquidity, set benchmarks for global portfolios, and reflect economic trends and investor sentiment worldwide.

8. Conclusion

Understanding the nuances of the NYSE and NASDAQ— from their histories and market models to their listing gates and trading windows—helps investors make informed decisions about where to list, trade, and analyze equities.