NEW YORK and TEL AVIV, Israel, Nov. 26, 2007 (PRIME NEWSWIRE) -- The NASDAQ Stock Market, Inc. (NASDAQ(r)) (Nasdaq:NDAQ) and the Tel Aviv Stock Exchange (TASE) today announced the signing of a Memorandum of Understanding (MOU) to formalise the relationship between the two markets. Under the agreement, NASDAQ and TASE will develop the channels of communication between the two markets and work to facilitate the stronger trading of company shares admitted on both markets.
To mark the signing of the Memorandum, the Chief Executive of the Tel Aviv Stock Exchange, Ms. Ester Levanon, will attend the closing bell ceremony at NASDAQ in New York today. In addition, on 27 November, NASDAQ and TASE, in association with CIBC World Markets, will host the 2nd Annual NASDAQ TASE Israeli Investor Conference in New York, to bring Israeli issuers and the U.S. investment community closer together. Leading companies from the technology, healthcare, financial and industrial sectors are confirmed to present and host one-on-one meetings, in addition to a keynote address by Yarom Ariav, Director General, Ministry of Finance, Israel.
Robert Greifeld, President and Chief Executive Officer of NASDAQ, said "NASDAQ has had a thriving relationship with the Tel Aviv Stock Exchange for several years now. The MOU will formalize these ties and allow us to focus on helping each other and provide an even better capital markets environment for companies listed on both markets."
Commenting on the agreement, Ester Levanon, Chief Executive of the Tel Aviv Stock Exchange, said: "The development of the Tel Aviv Stock Exchange's international capability is a key strategic objective of the Exchange. Today's MOU is an historic event and is testament to the quality and opportunity that Israel's capital markets represent for U.S. investors today. With the number of NASDAQ-listed Israeli companies expected to grow over the coming years, NASDAQ will play an important role in the ongoing international development of our markets. I am very much looking forward to a long and mutually beneficial relationship."
About NASDAQ
After more then 26 years of commitment to Israel, NASDAQ currently has 70 Israeli companies listed on the exchange. These companies have a combined global market cap of over US$60 billion.
NASDAQ is the largest U.S. equities exchange. With approximately 3,100 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks as well as a leading liquidity pool for trading NYSE-listed stocks. For more information about NASDAQ, visit the NASDAQ website at www.nasdaq.com or the NASDAQ Newsroom at www.nasdaq.com/newsroom/
About the Tel Aviv Stock Exchange
Established in 1935, The Tel Aviv Stock Exchange is a fully-automated exchange with a central order book trading system. With approximately 633 listed companies and a total market capitalization of US$208 billion, The Exchange is a 'one-stop shop' for capital market activity in Israel, with an increasingly sophisticated range of products available to investors, including 120 ETFs (Index Products). The state-of-the-art Exchange is also home to the local investment community and securities sector. Today the market has become an advanced, top of the line venue for trading in securities of all types. For more information about the Exchange, visit the website at www.tase.co.il.
NDAQG