Exchange operator NYSE Euronext and the Tel Aviv Stock Exchange (TASE) have signed a memorandum of understanding (MOU) intended to increase cooperation between the two firms, particularly in the area of cross-listings.
Under the terms of the memorandum, areas of possible cooperation involve encouraging NYSE Euronext-listed companies (listed on NYSE or Euronext markets) to cross-list their securities on TASE, and encouraging TASE-listed companies to cross-list their securities on NYSE Euronext markets. The memorandum also outlines a commitment by both firms to explore holding joint conferences to promote corporate issuers and educate market participants.
“We welcome this opportunity to further strengthen our partnership with the Tel Aviv Stock Exchange,” said Duncan Niederauer, CEO of NYSE Euronext, in a statement. “We are committed to the success of this alliance, which will benefit and create growth opportunities for both markets and their respective customers.”
TASE CEO Ester Levanon added, “The signing of the MOU with NYSE Euronext is another very important step forward in the globalisation of the Israeli capital market. We look forward to working closely with NYSE Euronext over the coming years.”