Exchanges should be ranked on realized market outcomes — not brand perception.
A practical framework evaluates three core dimensions:
- Post-listing price performance.
- Sustained trading KPIs — including volume quality, order book depth, and spread stability.
- Accessibility, including geographic reach and capital composition.
When weighted together, these factors produce a value-based ranking grounded in execution quality rather than logo strength. Any rankings should be treated as directional and reflective of prevailing market conditions at a given point in time.