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U.S.-Israel Dual Stock Listings Approved

Israeli Finance Minister Avraham Shochat finally signed the long awaited dual-listing regulation. This move permits Israeli companies traded in the U.S. to list on the Tel Aviv Stock Exchange without requiring additional filings. The Finance Minister said that the dual listing would encourage the Israeli stock exchange to compete internationally as well as allowing Israeli capital markets to integrate in the globalization of capital markets throughout the world. More than 100 companies now traded in the U.S. are believed to be candidates for dual listings. Not counting the 17 companies that are already dual listed, the combined market value of the companies trading in the U.S. is close to $50b. The regulation requires that the companies be listed on a U.S. market for a minimum of one year. Those companies that have not been listed abroad for a year can register on the TASE if their market capitalization is greater than $350m. Companies that are already traded both in the US and Israel will no longer be obligated to file separately in Israel and the U.S. Dual listing will allow Israeli companies to offer stock options to employees. Others who are expected to benefit from the dual listing include Israeli and European investors, who will enjoy lower transaction costs and similar trading hours.

Source: Various news agencies.