Two of the biggest bourses in Asia and Latin America have for the first time overtaken rivals in New York and London by market capitalisation in a sign of how the economic crisis and tough competition in mature markets is reshaping the global exchange landscape.

Hong Kong Exchanges and Clearing (HKEx) and Brazil’s BM&F Bovespa have vaulted ahead of NYSE Euronext, Nasdaq OMX and the London Stock Exchange in the value of shares in the exchange companies themselves.