Nyse Euronext and Tel Aviv Stock Exchange ink cooperation agreement

Source: Nyse Euronext

Nyse Euronext (NYSE Euronext: NYX) CEO Duncan L. Niederauer and Tel Aviv Stock Exchange (TASE) Chief Executive Officer Ester Levanon today signed a memorandum of understanding (MOU) that establishes enhanced cooperation between the two exchange companies, in particular in the area of cross-listings.

"We welcome this opportunity to further strengthen our partnership with the Tel Aviv Stock Exchange," said Mr. Niederauer today during a signing ceremony at the NYSE. "We are committed to the success of this alliance, which will benefit and create growth opportunities for both markets and their respective customers."

"The signing of the MOU with NYSE Euronext is another very important step forward in the globalization of the Israeli capital market," said Ms. Levanon. "The Israeli capital market is performing very well and there is a high level of investor confidence. We look forward to working closely with NYSE Euronext over the coming years."

Areas of possible cooperation:

Under the terms of the NYX-TASE MOU signed today, areas of possible cooperation involve encouraging NYSE Euronext-listed companies (listed on NYSE or Euronext markets) to cross-list their securities on the TASE, and encouraging TASE-listed companies to cross-list their securities on NYSE Euronext markets. The MOU also outlines a commitment by both exchange companies to explore holding joint conferences to enhance the visibility of corporate issuers and provide market participant education.

NYSE Euronext-Israel recent background:

  • The NYSE currently lists seven Israeli (or Israeli-derived) companies. In Europe, six Israeli companies are listed on Euronext markets.
  • Trading volume in NYSE-listed Israeli companies has increased 31% annually since 2001.
  • The dollar value of trading in NYSE-listed Israeli companies has increased 52% annually since 2001, from $320,000 to $6.1 million on the NYSE.
  • On June 17, 2008, Yair Shiran, Israel's Economic Minister to North America, along with executives from leading Israeli technology companies, visited the NYSE.
  • On May 12, 2008, Zohar Goshen, Chairman of the Israel Securities Authority, visited the NYSE.
  • On Nov. 28, 2007, Ester Levanon, C CEO of the Tel Aviv Stock Exchange, and officials from the Tel Aviv Stock Exchange visited the New York Stock Exchange.
  • On Nov. 12, 2007, Israel Day, AIFL Chairman Kenneth J. Bialkin and AIFL Israel Chairman Benjamin D. Gaon, joined by Israeli business leaders, visited the New York Stock Exchange for Israel Day and rang The Opening Bell

Comments: (0)