Since last two decades the Karachi Stock Exchange (KSE) is progressing very well and has created international recognition in stock trading business. This progress is the result of reformations applied by the Security Commission of Pakistan, with the help of the Government of Pakistan. But still in comparison with developed stock exchanges of the world, KSE is far behind in terms of infrastructure and use of technology for trading. KSE needs a lot of improvement to reach at the level of developed stock markets of the world. This is a comparative study in which the Karachi Stock Exchange (KSE) is compared with two world’s leading stock markets, the London Stock Exchange (LSE) and the OMX Nordic Exchange Stockholm (OMXS) to identify needed changes in KSE to convert it into one of the leading stock exchanges in the region as well as in the world.