On Sunday the market regulator of Israel proposed that all the companies that are listed on the Tel Aviv Stock Exchange must be allowed to report in English thereby helping them to attract a greater amount of investment from international dealers.
Currently, most of the companies in Tel Aviv must report in Hebrew. The only exception to this is the high tech as well as the dual listed firms which have the permission to do the reporting in English.
This new proposition by the regulatory market will be offering the option of using English to all the businesses. The main aim is to align Tel Aviv in line with the leading global exchanges where English is accepted as well as used.
The chair of the Israel Securities Authority, Anat Guetta stated that by offering the option of reporting in English is expected by them to act in the course of the removal of the barrier of language thereby further opening the market of Israel to the world.
In the past few years Israel has been taking the steps so as to boost its trading volumes in Tel Aviv. This has been possible by the reduction of regulations and the encouragement of the dual listings.
So as to respond to the proposal, the public has been given the time until the 16th of January.
If the proposal is accepted and then the law is amended in the wake of this radical change, the companies making an IPO (Initial Public Offering) in Tel Aviv will have an option of choosing English as the language.
However, the companies which have already been listed on the Tel Aviv will be requiring the permission of the board as well as the shareholders to switch the languages.
Source: Reuters, Algemeiner
