Israeli Regulator Approves Dual-Listing on Singapore, Hong Kong and Toronto Stock Exchanges

On Sunday, the Israel Securities Authority assembly approved Chairman Shmuel Hauser’s bill to expand dual-listing to the stock exchanges of Hong Kong, Singapore, and Toronto. The authority has enabled dual-listing on the London and New York Exchanges since 2000, allowing companies listed on these exchanges to also trade on the Tel Aviv Stock Exchange.

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Mr. Hauser first announced his intention to expand the recognized dual-listing in May 2017. About 60 companies listed on the TASE today are also listed on London or New York, the authority said in a statement, adding that in recent years, dual-listed companies have made up 40%-60% of the Israeli exchange’s market capitalization value.

In a statement, the authority said that there is a growing interest among Israeli companies in listing on Asian exchanges, which are considered attractive markets for raising capital.

“The Tel Aviv Stock Exchange is no longer a monopoly,” Mr. Hauser said in a statement. “We have to allow it to compete successfully with other stock exchanges.” Mr. Hauser added that Hong Kong, Toronto and Singapore are highly regulated markets, and that dual-listing could encourage trading on the Tel Aviv Exchange.

The bill now awaits the approval of the Minister of Finance and the parliamentary finance committee.