Ronit Harel Ben Ze' ev, senior vice president and head of the TASE's Economic Department, welcomed Polycom to the Exchange. "Israel's dual-listing law enables U.S.-listed companies to list their shares on the TASE with no additional regulatory requirements and no added costs," Mrs. Harel Ben Ze'ev said.
Since the Knesset, Israel's parliament, enacted the dual-listing law in October 2000, six U.S.-listed Israeli companies have dual-listed on the TASE. Polycom is the first U.S.-headquartered company to take advantage of the liberal regulatory framework created by the dual-listing law. The TASE listing will ease the way for Polycom to acquire Accord Networks (Nasdaq: ACCD), an Israeli manufacturer of visual and voice networking products.
Dual listing provides substantial benefits to the listed companies and the investment community, both in Israel and abroad. The companies get a new investor base as Israeli and European and investors can trade dual-listed shares on convenient hours and take advantage of the TASE's low trading fees. Investors can more easily access and assess the many innovative technology and other companies that are finding the Tel Aviv Stock Exchange a natural trading arena for their shares.
Ms. Harel Ben Ze'ev said that more Israeli and international companies, including U.S.-incorporated companies based in Israel, are expected to dual-list on the TASE in the near future. "New dual listings are the greatest potential for our market," she said. "More U.S.-listed companies will bring in more investors, Israeli and European, and stronger trading volumes."
