NYSE and Tel Aviv Stock Exchange to promote dual listings

Rick Steves

“This major step is intended to foster collaborations between the two exchanges and to encourage the dual listing of Israeli companies in their home market and on the NYSE.”

new york

The New York Stock Exchange (NYSE) and the Tel Aviv Stock Exchange (TASE) have signed a memorandum of understanding for a broad collaboration that includes the dual listing of companies.

Dual listing companies on both the NYSE and TASE can potentially broaden the investor pool for these securities and provide investors with exposure to two of the world’s most innovative economies.

“The importance of our global capital markets has never been greater”

Lynn Martin, NYSE President, commented: “The New York Stock Exchange is pleased to announce this collaboration with the Tel Aviv Stock Exchange, allowing two organizations renowned for innovation to share their experience and expertise. Our exploration of dual listings will provide investors with potential exposure to listed companies and economic activity in both markets. The importance of our global capital markets has never been greater, and we look forward to demonstrating what two great exchanges can accomplish when they work together.”

Ittai Ben-Zeev, CEO of TASE, said: “This major step is intended to foster collaborations between the two exchanges and to encourage the dual listing of Israeli companies in their home market and on the NYSE. Dual listing serves the interests of Israeli companies and of the State of Israel by allowing companies to maintain a strong link to Israel and ecosystem it offers while benefiting from the upsides of listing on the world’s largest exchange.

“In addition, the two exchanges will collaborate in a variety of other areas, including ETFs and ESG with the view to diversifying and enhancing the Israeli capital market. The agreement with NYSE is the natural next step for TASE as it continues its growth momentum in all areas of activity and for the Israeli capital markets, which experienced robust and stable performance in its major indexes at this turbulent time.”

The deal between the two exchanges will see them exploring ways to identify dual-listing candidates, promote its benefits, and support related marketing activities. The development of new products in the areas of ESG, ETFs, indexes and data, is also considered in the MoU.

TNS is now connected to the TASE matching engine

The partnership between NYSE and TASE follows the recent announced by Transaction Network Services (TNS) that it has connected to Tel Aviv Stock Exchange as a market data vendor.

Order routing and market data connectivity to the TASE matching engine in Tel Aviv will allow TNS’ customers to capitalize on trading activities in this growing market and Israel’s sole exchange.

According to the announcement, TNS can deliver TASE market data globally via a high-availability backbone with minimal network latency, thus enabling clients to access TASE alongside the already established European, US and Asia Pacific exchange connectivity.

TASE is the listing exchange for Israeli companies and home to a derivatives market including equity index derivatives, FX derivatives and equity options. In 2021, daily turnover on TASE for equities was US$581 million, up from $540 million in 2020.

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