In a move that formalizes their long-standing relationship, the NASDAQ Stock Market and the Tel Aviv Stock Exchange signed a Memorandum of Understanding on Monday that will facilitate the stronger trading of company shares admitted on both markets.
"The development of the Tel Aviv Stock Exchange's international capability is a key strategic objective of the Exchange, said Ester Levanon, CEO of the TASE. "The MOU is an important event and is testament to the quality and opportunity that Israel's capital markets represent for US investors today. With the number of NASDAQ-listed Israeli companies expected to grow over the coming years, NASDAQ will play an important role in the ongoing international development of our markets. I am very much looking forward to a long and mutually beneficial relationship."
To mark the signing of the Memorandum, Levanon attended the closing bell ceremony at NASDAQ in New York yesterday.
In addition, today, NASDAQ and TASE, in association with CIBC World Markets, will host the 2nd Annual NASDAQ-TASE Israeli Investor Conference. The conference is aimed at bringing Israeli issuers and the US investment community closer together. Leading companies from the technology, healthcare, financial and industrial sectors are expected to attend. Yadin Antebi, the director of Capital Markets, Insurance & Savings in the Finance Ministry, will present the keynote address.
"NASDAQ has had a thriving relationship with the Tel Aviv Stock Exchange for several years now. The MOU will formalize these ties and allow us to focus on helping each other and provide an even better capital markets environment for companies listed on both markets," said Robert Greifeld, President and CEO of NASDAQ.
NASDAQ currently has 70 Israeli companies listed on the exchange. These companies have a combined global market cap of over $60 billion.
NASDAQ is the largest US equities exchange. With approximately 3,100 companies, it lists more companies and, on average, trades more shares per day than any other US market.
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