The Ledger Financial Institutions Index
Top 100 Global Financial Institutions
Ranking the institutions with the greatest enduring influence over monetary policy, global capital, banking, markets, payments, investment, financial stability, and the infrastructure supporting the international financial system.
| Rank | Financial Institution | Category |
|---|---|---|
| 1 | Federal Reserve System | Central Bank |
| 2 | European Central Bank | Central Bank |
| 3 | People’s Bank of China | Central Bank |
| 4 | BlackRock | Asset Manager |
| 5 | International Monetary Fund | Multilateral Financial Institution |
| 6 | Bank for International Settlements | Central-Bank Institution |
| 7 | JPMorgan Chase | Global Bank |
| 8 | Bank of Japan | Central Bank |
| 9 | Vanguard Group | Asset Manager |
| 10 | Bank of England | Central Bank |
| 11 | World Bank Group | Multilateral Financial Institution |
| 12 | Industrial and Commercial Bank of China | Global Bank |
| 13 | SWIFT | Global Payment Infrastructure |
| 14 | Depository Trust & Clearing Corporation | Market Infrastructure |
| 15 | Goldman Sachs | Investment Bank |
| 16 | Bank of America | Global Bank |
| 17 | State Street | Asset Manager and Custodian |
| 18 | China Construction Bank | Global Bank |
| 19 | Visa | Payment Network |
| 20 | Mastercard | Payment Network |
| 21 | Bank of China | Global Bank |
| 22 | Agricultural Bank of China | Global Bank |
| 23 | Fidelity Investments | Asset Manager |
| 24 | Morgan Stanley | Investment Bank |
| 25 | Citigroup | Global Bank |
| 26 | HSBC | Global Bank |
| 27 | UBS | Global Bank and Wealth Manager |
| 28 | Reserve Bank of India | Central Bank |
| 29 | Intercontinental Exchange | Exchange and Market Infrastructure |
| 30 | CME Group | Derivatives Exchange |
| 31 | European Investment Bank | Multilateral Development Bank |
| 32 | BNP Paribas | Global Bank |
| 33 | Saudi Public Investment Fund | Sovereign Wealth Fund |
| 34 | Norges Bank Investment Management | Sovereign Investment Manager |
| 35 | Abu Dhabi Investment Authority | Sovereign Wealth Fund |
| 36 | Singapore Exchange | Exchange |
| 37 | London Stock Exchange Group | Exchange, Data and Index Provider |
| 38 | Nasdaq | Exchange and Market Technology |
| 39 | Hong Kong Exchanges and Clearing | Exchange and Clearing Institution |
| 40 | New York Stock Exchange | Stock Exchange |
| 41 | Swiss National Bank | Central Bank |
| 42 | Monetary Authority of Singapore | Central Bank and Regulator |
| 43 | Euroclear | Securities Settlement Infrastructure |
| 44 | CLS Group | Foreign-Exchange Settlement Infrastructure |
| 45 | Clearstream | Securities Settlement Infrastructure |
| 46 | Mitsubishi UFJ Financial Group | Global Bank |
| 47 | Deutsche Bank | Global Bank |
| 48 | Wells Fargo | Global Bank |
| 49 | Crédit Agricole | Global Bank |
| 50 | Barclays | Global Bank |
| 51 | Blackstone | Alternative Asset Manager |
| 52 | Apollo Global Management | Alternative Asset Manager |
| 53 | KKR | Alternative Asset Manager |
| 54 | Asian Development Bank | Multilateral Development Bank |
| 55 | Asian Infrastructure Investment Bank | Multilateral Development Bank |
| 56 | Export-Import Bank of China | Policy Bank |
| 57 | China Development Bank | Policy Bank |
| 58 | GIC | Sovereign Wealth Fund |
| 59 | Temasek Holdings | Sovereign Investment Company |
| 60 | Qatar Investment Authority | Sovereign Wealth Fund |
| 61 | Kuwait Investment Authority | Sovereign Wealth Fund |
| 62 | Abu Dhabi Developmental Holding Company | Sovereign Investment Company |
| 63 | S&P Global | Ratings, Data and Indices |
| 64 | Moody’s | Credit Ratings and Analytics |
| 65 | MSCI | Index and Financial Data Provider |
| 66 | Fitch Ratings | Credit Ratings |
| 67 | Capital Group | Asset Manager |
| 68 | Allianz | Insurance and Asset Management |
| 69 | Amundi | Asset Manager |
| 70 | PIMCO | Fixed-Income Asset Manager |
| 71 | BNY | Custodian Bank and Asset Servicer |
| 72 | Northern Trust | Custodian Bank and Asset Manager |
| 73 | Sumitomo Mitsui Financial Group | Global Bank |
| 74 | Mizuho Financial Group | Global Bank |
| 75 | Postal Savings Bank of China | Global Bank |
| 76 | Bank of Communications | Global Bank |
| 77 | Royal Bank of Canada | Global Bank |
| 78 | Toronto-Dominion Bank | Global Bank |
| 79 | Santander | Global Bank |
| 80 | Société Générale | Global Bank |
| 81 | UniCredit | Global Bank |
| 82 | ING Group | Global Bank |
| 83 | Standard Chartered | Global Bank |
| 84 | Banco Bilbao Vizcaya Argentaria | Global Bank |
| 85 | DBS Group | Global Bank |
| 86 | China Investment Corporation | Sovereign Wealth Fund |
| 87 | Australian Securities Exchange | Exchange and Clearing Institution |
| 88 | Japan Exchange Group | Exchange and Market Infrastructure |
| 89 | Shanghai Stock Exchange | Stock Exchange |
| 90 | Shenzhen Stock Exchange | Stock Exchange |
| 91 | Deutsche Börse Group | Exchange and Market Infrastructure |
| 92 | Euronext | Pan-European Exchange |
| 93 | Cboe Global Markets | Exchange and Market Infrastructure |
| 94 | Options Clearing Corporation | Derivatives Clearing Institution |
| 95 | UnionPay | Payment Network |
| 96 | American Express | Payment Network and Financial Institution |
| 97 | PayPal | Digital Payment Platform |
| 98 | Stripe | Payment Infrastructure |
| 99 | New Development Bank | Multilateral Development Bank |
| 100 | African Development Bank | Multilateral Development Bank |
About the Index
The Ledger Financial Institutions Index ranks institutions according to their capacity to influence the global financial system over time. It is not a ranking of the largest institutions by assets, deposits, revenue, market capitalization, or funds under management.
The ranking considers monetary-policy authority, control or allocation of capital, systemic importance, market infrastructure, international reach, financial-market participation, regulatory influence, replaceability, institutional durability, and the ability to affect governments, businesses, investors, and economic conditions worldwide.
Central banks rank prominently because their decisions influence interest rates, currencies, liquidity, credit conditions, sovereign borrowing costs, and asset prices. The Federal Reserve ranks first because of the U.S. dollar’s central role in international finance and the Federal Reserve’s influence over dollar liquidity and global capital markets.
The index also includes asset managers, banks, sovereign funds, exchanges, payment networks, clearing systems, settlement providers, ratings agencies, index providers, and multilateral lenders because global financial influence is distributed across both capital owners and the infrastructure through which capital moves.