Nasdaq, Tel Aviv exchanges ink pact
The Nasdaq and the Tel Aviv, Israel, stock exchanges said they would develop a closer relationship that benefits companies listed on both exchanges.
The exchanges said in a joint statement their memorandum of understanding "develops the lines of communication" and establishes a basis upon which other agreements could be built, The Wall Street Journal reported Tuesday.
Nasdaq has enjoyed a "thriving relationship" with the Tel Aviv Stock Exchange for several years, Nasdaq President and Chief Executive Robert Greifeld said. The memorandum would "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."
"The development of the Tel Aviv Stock Exchange's international capability is a key strategic objective of the Exchange," Tel Aviv Stock Exchange Chief Executive Ester Levanon said.
As the number of Nasdaq-listed Israeli companies grows during the coming years, "Nasdaq will play an important role in the ongoing international development of our markets," Levanon said.
Nasdaq lists 70 Israeli companies. // Copyright 2007 by United Press International
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