NY Stock Exchange Invites Israeli Companies

This is a major validation of the Israeli economy by a prominent external source. In December we read rosy reports that included these indicators, "... Warren E. Buffett, the billionaire investor, paid $4 billion for an Israeli company, and Donald Trump is developing a 70-story luxury residential tower on the outskirts of Tel Aviv." This is further evidence to counter those catastrophic Zionists who predict the imminent economic collapse of the State of Israel.
NYSE seeks more Israeli firms to list on exchange
Wed Jan 31, 2007 10:49 AM ET

TEL AVIV, Jan 31 (Reuters) - The New York Stock Exchange Group is keen to get more listings from Israeli companies, President and co-Chief Operating Officer Catherine Kinney said on Wednesday.

Emerging companies that previously did not qualify to list on NYSE can now list on NYSE-Arca, a fully electronic stock exchange that allows smaller companies to transfer to NYSE.

NYSE-Arca was created following a merger with electronic trading platform Archipelago Holdings Inc. that transformed the 213-year-old member-owned club into a for-profit, public company last March.

"In the past we never had the opportunity to reach out to many of the Israeli companies that were in a much higher growth phase, but with the new portfolio we hope to change that," Kinney told a conference at the Tel Aviv Stock Exchange (TASE).

"Depending on the IPO pipeline, and given Israel's robust economy, I think there should be many more opportunities for Israeli companies to join," Kinney said.

She noted that Israel currently has 7 companies traded on NYSE, while Cellcom, Israel's largest mobile operator, has filed for an initial public offering (IPO).

Highlighting the benefits of dual listing, Ester Levanon, chief executive of the Tel Aviv Stock Exchange, underlined increased exposure to investors and 13 hours of continuous trading.

Kinney said a recent study by NYSE showed that dual-listed companies enjoyed 30 percent more liquidity relative to those that were not.

"Israel has a sophisticated banking system, a sophisticated legal system, a wonderful exchange, and great companies...as opposed to other emerging markets which have some but not all of the criteria," Kinney said.

No comments: