18 Israeli cos. make new Nasdaq Global Select list

There are currently 3,200 companies listed on NASDAQ, but of these only 1,200 qualify for the more stringently vetted Global Select tier. Some 75 Israeli companies are listed on the Nasdaq.

By SETH FREEDMAN
June 29, 2006 07:36
1 minute read.
18 Israeli cos. make new Nasdaq Global Select list

nasdaq 88. (photo credit: )

 
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Check Point Software, Retalix and Teva Pharmaceutical Industries are among 18 Israeli companies that will be included in the NASDAQ's new Global Select Market tier to be launched July 3. NASDAQ - the largest electronic screen-based equity security market in the US - said the Global Select listings market would have "the highest qualifications standards in the world." There are currently 3,200 companies listed on NASDAQ, but of these only 1,200 qualify for the more stringently vetted Global Select tier. Some 75 Israeli companies are listed on the Nasdaq. "The lack of Israeli companies who have made it into Global Select is mainly due to their relatively small market capitalizations," said Avi Weinreb, broker at Clal Finance Batucha. "Israel might be the third most represented nation on NASDAQ, but most of the stocks are at the lower end of the scale in terms of size," he added. One notable exclusion from the list is Comverse Technologies. The current issues surrounding its late filing of results prevent the company meeting the required guidelines for entry into Global Select (See box). At the same time as the Global Select Market is introduced, the NASDAQ National Market will be renamed the NASDAQ Global Market. NASDAQ is currently seeking to aggressively expand its reach around the world, having built a 25.1% stake in the London Stock Exchange before launching an unsuccessful takeover bid for the company in March.

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