"No reason Apple, Google shouldn’t list on TASE"

Tel Aviv Stock Exchange  picture: Tamar Matzapi
Tel Aviv Stock Exchange picture: Tamar Matzapi

Fahn Kanne Grant Thornton Israel partner Nir Yenni said the TASE can list Fortune 500 companies shares without their approval.

There is no reason why foreign corporate giants, such as Apple Inc., Microsoft Corporation, Google Inc., or Facebook Inc. should not be listed on the Tel Aviv Stock Exchange (TASE), said Fahn Kanne & Co. Grant Thornton Israel partner Nir Yenni CPA. Yenni was speaking yesterday at a session he moderated on increasing liquidity on the TASE at the 2015 Going Public and Raising Capital in Israel and Abroad Conference.

Yenni added that the TASE is in the process of examination of the listing of shares of foreign companies without the need for approval of the foreign company, and without the listing being subject to Israeli securities laws, an accepted practice at stock exchanges around the world. He said that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is not only listed for trading in Israel and the US, but also on nine other stock exchanges, where it is not required to file reports. The listing of a foreign company such as Teva for trading is a unilateral initiative of these stock exchanges.

Yenni said, “The TASE should promote the listing of shares of foreign companies without the need for approval of these companies, and without the listing being subject to Israeli securities laws. This step should be taken in order to attract Fortune 500 companies, which are worth investing in. In this way, it will be possible to boost trading volume, making the TASE worthwhile for Israeli and foreign investors and companies. These foreign companies will not be required to file any reports in Israel, but will be on the shelf for investors in Tel Aviv. There is no reason why Apple, Google, Facebook and Microsoft shouldn't be traded on the TASE." “Reviewing this step is part of a series of measures under examination by the TASE in order to fulfill its growth potential. First, it is necessary to reduce regulatory requirements of small companies and allow semi-annual financial statements, as is already done in the UK and France. Another initiative that should be promoted is to turn the TASE from a non-profit organization into a for-profit corporation, which will increase the options for collaborations between the TASE and foreign stock markets, and might even result in a possible merger between the TASE and a foreign stock exchange. Such a merger is similar to the mergers that have taken place between stock exchanges around the world in recent years.”

Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Tel Aviv Stock Exchange  picture: Tamar Matzapi
Tel Aviv Stock Exchange picture: Tamar Matzapi
Twitter Facebook Linkedin RSS Newsletters âìåáñ Israel Business Conference 2018