The New York Stock Exchange (NYSE), part of Intercontinental Exchange Inc. ICE, and the Tel Aviv Stock Exchange signed a memorandum of understanding for extensive cooperation that includes dual registration of Israeli companies.
The NYSE and the Tel Aviv Stock Exchange will jointly examine ways to identify new companies that are candidates for dual listing, promote the benefits associated with dual listing and promote marketing efforts on the matter. As part of the cooperation, the Israeli companies will be able to issue on both stock exchanges at the same time already at the issue stage in cooperation with international investment banks. In addition, both exchanges will work to develop new products in the field of digital assets, and in other areas such as: ESG, basket funds, indices and data.
The memorandum of understanding was drawn up during the visit of the CEO of the stock exchange, Itai Ben Zeev and the chairman of the board of the stock exchange, Salah Saabana, to the NYSE stock exchange.
“NYSE is pleased to announce the collaboration with the Tel Aviv Stock Exchange, which allows the two exchanges, known for their innovation, to share their experience and expertise,” said Lynn Martin, president of the NYSE. “The dual listing project between the two exchanges will provide Israeli and international investors exposure to the companies traded and the economic activity in both markets. The importance of our global capital markets has never been so great; we intend to illustrate what two large exchanges can achieve when they cooperate.”
Dual companies that are traded on both stock exchanges as part of dual listing will be able to expand the pool of investors available to them and provide investors with exposure to two of the most innovative economies in the world today.
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Itay Ben Ze’ev, CEO of the Stock Exchange said: “This is an important step designed to create cooperation between the two exchanges, in order to encourage Israeli companies to perform dual registration. The dual listing is a fundamental interest of the State of Israel and of the companies themselves, the purpose of which is, on the one hand, to strengthen the ties of the companies to Israel and, on the other hand, to allow the companies to enjoy the benefits of listing on the largest stock exchange in the world. The move is even more necessary in periods of instability and uncertainty in the markets. In addition, the two exchanges will work together to develop various financial products that will contribute to the diversification and perfection of the Israeli capital market. The agreement with the New York Stock Exchange is a natural step for the continued momentum of the Israeli Stock Exchange, which continues to show growth in all areas of activity, as well as the strength and stability of the leading indices in this turbulent period.”
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