INTERVIEW-OTC Markets hopes number of Israeli listings can double this year
by:Tuowei2019-09-09
* OTC hopes to attract up to 18 Israeli companies in 2017. S. On May 17, Steven Scheer of Tel Aviv also listed the stock exchange as a stepping stone to Nasdaq (Reuters)-U. S. The OTC market, the financial trading platform, said it wanted to attract up to 18 Israeli companies this year, twice as many as last year, as they were looking for a cheaper alternative rather than listing on traditional exchanges such as Nasdaq. New York- There are three markets in the OTC market. QX for large companies, QB for venture companies, and its open market -- Companies such as Lufthansa, Roche and Air Canada use OTC in the United States. S. listings. Last year, nine Israeli companies listed in the top two markets of OTC, up from five in 2015. Jason Paltrowitz, executive vice president of OTC Markets, said that as smaller companies become more aware of other financing options besides keeping private or listing in national markets such as Nasdaq, the figure is likely this year \"National exchanges in the United StatesS. Paltrowitz told Reuters on Wednesday during a visit to Israel to promote OTC to Israeli businesses. \"Companies in the early stages are not ready yet. \"The average cost of listing on OTC is about $250,000, compared to around $2. He said it would be 5 million on Nasdaq. \"If you have a market value of $20 million, it will cost a lot of money. Paltrowitz sees OTC as a stepping stone to listing in a larger market and a complement to the Tel Aviv exchange. About 500 companies have graduated from OTC to Nasdaq, including Nano Dimension, an Israeli manufacturer of 3D printers, he said. At present, about 70 Israeli companies are trading in these three markets, 22 of which are trading on QX and QB, while some of Israel\'s largest companies- Telecom group Bezeq, Bank Hapoalim and enterprise group Delek group- Trading on the pink exchange Paltrowitz said he is in talks with Hapoalim, Israel\'s largest bank, to \"upgrade\" to QX, which will provide a larger pool of investors for only $20,000 He also wants other Israeli companies to move to QX, which requires a minimum market value of $10 million. Unlike NASDAQ and the New York Stock Exchange, OTC trading will be the company\'s secondary market. It accepts foreign disclosure and reporting requirements such as the Tel Aviv Stock Exchange, keeping the company\'s costs low. At the end of 2016, there were 9,620 people in the United States. S. In the first quarter of this year, global securities traded in the OTC market and 51 international companies listed in the OTC market. ( Report by Stephen Hill. Editor Susan Fenton)