New York Stock Exchange and the Tel Aviv Stock Exchange Sign Memorandum of Understanding on Dual Listings

December 6, 2022 - The New York Stock Exchange, part of Intercontinental Exchange, Inc. and the Tel Aviv Stock Exchange announced that they have signed a memorandum of understanding for a broad collaboration that includes the dual listing of companies.

The NYSE and the TASE will explore ways to identify dual-listing candidates, promote the benefits of dual listings, and support related marketing activities. The two exchanges also will consider the development of new products in the areas of ESG, ETFs, indexes and data.

The memorandum of understanding was finalized during a visit to the NYSE by Ittai Ben-Zeev, Chief Executive Officer of the Tel Aviv Stock Exchange and Salah Saabneh, Chairman of the Tel Aviv Stock Exchange.

"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," said Lynn Martin, NYSE President. "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."

"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," said Ittai Ben-Zeev, CEO of TASE. "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."

Dual listing companies on both the NYSE and TASE will aim to broaden the investor pool for these securities and provide investors with exposure to the two economies.