The Australian stock market comprises of two major stock exchanges, the National Stock Exchange of Australia Limited and the Australian Securities Exchange (ASX). The largest stock exchange in Australia is the ASX. This bourse was formed in December 2006 by the merger of the Australian Stock Exchange and the Sydney Futures Exchange. As of June 30, 2007, 2,090 companies, with a market capitalization of $1.63 trillion, were listed on the ASX. On an average, the exchange handles $5,422 million worth of trade daily.