JERUSALEM Feb 28 Israel may soon allow major
international companies to be cross-listed on the Tel Aviv Stock
Exchange as part of a broader effort to improve slumping trade
The initiative passed its main hurdle on Tuesday when
parliament's finance committee approved a bill to let the
exchange register shares from up to 50 foreign-listed companies,
each with at least a $50 billion value, on a new, separate
The Finance Ministry called it a "non-voluntary
cross-listing" system - the company itself need not agree or be
involved at all in the process. Many of Israeli regulatory
requirements will not apply.
Israel already allows dual listing, which is a stricter
process that results in shares trading on the main exchange.
"The amendment is meant to diversify the investment options
on the stock exchange and increase interest in it," Finance
Minister Moshe Kahlon said.
More than 200 companies have been de-listed in Tel Aviv over
the past decade and trade volumes have slumped, averaging 1.27
billion shekels ($343 million) in 2016, down from 1.45 billion
in 2015 and 2 billion a day in 2010.
The bill requires a final parliamentary vote.
(Reporting by Ari Rabinovitch, editing by Larry King)