TASE signs cooperation deal with London

Under the memorandum of understanding, the LSE and the TASE will establish a series of regular meetings between senior executives and agree to exchange information on shares of companies.

By SHARON WROBEL
February 21, 2007 07:12
1 minute read.
london stock biz 88 298

london stock biz 88 298. (photo credit: Courtesy)

The Tel Aviv Stock Exchange on Tuesday signed a cooperation deal with the London Stock Exchange, the first of its kind, in an effort to generate more liquidity and attract foreign investment into the bullish Israeli market. "We hope that the cooperation will attract more Israeli or other companies into dual listings and also bring more foreign investors to Israel," said Ester Levanon, CEO of the Tel Aviv Stock Exchange in a telephone interview with The Jerusalem Post ahead of the opening of the TASE's annual international investor conference in London on Wednesday, showcasing a number of the largest listed Israeli companies and banks including Bank Hapoalim, Africa Israel, Strauss and Gazit Globe. "London is not the only market we are seeking cooperations with, but they proved to be the quickest. We also have an interest in forging similar deals with the Nasdaq and the New York Stock Exchange." Under the memorandum of understanding, the LSE and the TASE will establish a series of regular meetings between senior executives and agree to exchange information on shares of companies, in order to facilitate orderly trading in the shares of companies admitted to both markets. Levanon added that the cooperation between the two exchanges might open an opportunity to have a swap of employees and working teams. As a result of the closer ties between the two trading floors, an Israeli or other company listed in London and Tel Aviv, can publish all its reports according to the rules of the Financial Services Authority, as well as publish them in English in Israel without having to translate them into Hebrew. "In the last few years, the London Stock Exchange has become the overseas market of choice for ambitious Israeli companies looking to expand their businesses internationally and we believe that this agreement will bring further benefits to both exchanges and the Israeli companies we look to serve," said Tracey Pierce, head of Global Business Development at the LSE. A total of 50 companies of Israeli origin are listed on the LSE's main market and AIM. Of these, 36 have joined in the last two years. Over that period, more Israeli companies have listed on the London Stock Exchange then any other exchange outside of Israel.


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