US listed equities: USD 68.9 tn at the end of 2025, 48.8% of the World Bank world total, or 52.7% excluding India, whose 2025 value is not comparable. The ten largest comparable markets hold 88%; world market capitalization rose 22.8% in 2025 as reported, +18.9% excluding India (shares and growth: Global Macro Expert calculation).
Asset managers are net long in 7 of 8 equity index futures (net short: VIX), CFTC report of 6 Oct 2026. At a 3-year extreme (index ≤ 10 or ≥ 90): asset managers in Dow (91, 3-year high zone), asset managers in VIX (0, 3-year low zone), leveraged funds in Russell 2000 (9, 3-year low zone) and leveraged funds in VIX (96, 3-year high zone).
Systemic stress is low in the euro area (ECB CISS 0.012, 17th percentile since 1980) and low in the United States (0.008, 13th percentile); the OFR Financial Stress Index is −2.15, 34th percentile since 2000 (below its median).
Foreign investors hold 20.3% of US-issued corporate equities (2026 Q2, −0.1 pp y/y); US residents hold 14.2% of their own equity holdings in foreign shares (ratios: Global Macro Expert calculation from Federal Reserve Z.1).

How the summary sentences are written: they are generated from the data with fixed thresholds and describe the numbers only. Stress level by percentile since the series start (below 25: low; 25–50: below its median; 50–75: above its median; 75–90: elevated; 90–100: high). Positioning extremes: 3-year index at or below 10 or at or above 90. Shares excluding not-comparable values and percentiles: Global Macro Expert calculation.

Where the money is · largest stock markets

Market capitalization of listed domestic companies, end of 2025, USD tn

All markets →

The ten largest comparable markets hold 88% of the world total excluding India; the United States alone 53% (Global Macro Expert calculation).

7.6 Hong Kong SAR, China

Not in the 2025 data: United Kingdom, France, Belgium, Ireland, Portugal, Netherlands, Italy, Finland, Sweden and Taiwan. The World Bank world total covers reporting economies only, so European markets in particular are under-represented.

World Bank, World Development Indicators (source: World Federation of Exchanges), CC BY 4.0, accessed 2026-10-15 · Converted to USD tn; shares and ranks: Global Macro Expert calculation

Who is positioned how · equity index futures

Net position, % of open interest · CFTC report of 6 Oct 2026 (positions as of Tuesday) · 3Y index ≤ 10 or ≥ 90 in bold

Positioning →

Contract	Asset mgrs	Lev. funds	Dealers	AM 3Y idx	LF 3Y idx
E-mini S&P 500 (CME)S&P 500	+46.9	−21.5	−31.1	61	31
Nasdaq-100 mini (CME)Nasdaq-100	+26.0	−6.8	−25.6	61	65
Dow Jones (DJIA x $5, CBOT)Dow	+20.5	−4.4	−22.9	91	46
E-mini Russell 2000 (CME)Russell 2000	+10.7	−24.8	+14.4	34	9
Nikkei Stock Average, yen (CME)Nikkei	+31.4	−8.2	−6.3	38	19
MSCI EAFE (ICE Futures U.S.)MSCI EAFE	+53.0	+0.1	−55.1	87	59
MSCI Emerging Markets (ICE Futures U.S.)MSCI EM	+46.6	+4.3	−51.4	72	47
VIX futures (CFE)VIX	−18.3	+1.2	+16.3	0	96

Source: U.S. Commodity Futures Trading Commission (CFTC), Traders in Financial Futures. · Index names are trademarks of their owners and identify the futures contracts only. No index levels are shown.

How stressed is the system

ECB composite indicator of systemic stress (0–1, unmodified ECB values) · dashed: euro area median and 90th percentile since 1980 (Global Macro Expert calculation)

Stress →

Euro areaUnited StatesUnited KingdomChinaEuro area median · 90th pct

Measure	Latest	Pctl	Level	Date
Euro area CISS	0.012	17	low	13 Oct 2026
United States CISS	0.008	13	low	13 Oct 2026
United Kingdom CISS	0.007	12	low	13 Oct 2026
China CISS	0.001	0.4	low	9 Oct 2026
Global OFR FSI	−2.15	34	below its median	12 Oct 2026

Percentile = share of all daily observations since the series start at or below the latest value. Levels: fixed percentile bands (see the note under “What the data says”).

Source: ECB statistics. · Office of Financial Research, "OFR Financial Stress Index," refreshed daily, https://www.financialresearch.gov/financial-stress-index/ (accessed 2026-10-15). · Percentiles, medians and levels: Global Macro Expert calculation

OFR General Disclaimer: “This OFR monitor is presented solely for informative purposes and should not be relied upon for financial decisions; it is not intended to provide any investment or financial advice. If you have any specific questions about any financial or other matter please consult an appropriately qualified professional. The OFR makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, completeness, reliability, and usefulness of any information that is available through this website, nor represents that its use would not infringe on any privately owned rights.”

Who owns US equities

Holders of corporate equities in the US financial accounts, 2026 Q2, % of USD 123.7 tn held (US issues and foreign issues held by US residents)

Ownership →

Households and nonprofits

42.1%Investment funds (non-MMF)

26.5%Rest of the world

18.0%Pension funds

8.2%Insurance companies

1.2%General government

0.5%

The rest of the world holds US issues only: 20.3% of the USD 109.2 tn of US-issued corporate equities.

Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), release 2026-09-11. · Shares: Global Macro Expert calculation

Sources and licences

Every series names its source; derived figures are labelled. Index levels and share prices are not shown: they are licensed (see Data licences).

U.S. Commodity Futures Trading CommissionSource: U.S. Commodity Futures Trading Commission (CFTC), Traders in Financial Futures.Public domain (U.S. government information) · terms
Board of Governors of the Federal Reserve SystemSource: Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), release 2026-09-11.Public domain unless otherwise indicated (Board-owned information) · terms
World BankWorld Bank, World Development Indicators (source: World Federation of Exchanges), CC BY 4.0, accessed 2026-10-15CC BY 4.0 · terms
European Central BankSource: ECB statistics.ECB statistics usage policy: free reuse with the source quoted and the statistics unmodified · terms
Office of Financial Research (U.S. Department of the Treasury)Office of Financial Research, "OFR Financial Stress Index," refreshed daily, https://www.financialresearch.gov/financial-stress-index/ (accessed 2026-10-15).OFR policies: "OFR data are available for use in your own application." (U.S. government work) · terms

Notes, definitions and sources

India: Break in 2025: listed domestic companies jump from 2,673 (2024) to 8,510 and market capitalization from USD 5.1 tn to USD 10.6 tn. The jump is consistent with both BSE and NSE being counted from 2025, in which case companies listed on both exchanges are counted twice. Treat 2025 as not comparable with earlier years: India is left out of the 2025 ranks, and like-for-like world figures exclude India in both years (Global Macro Expert calculation). The World Bank World total includes it. Global Macro Expert note; the World Bank publishes no footnote for this.