At the Dublin Web Summit today, the Irish Stock Exchange (ISE) and NASDAQ OMX (NASDAQ:NDAQ) announced their intention to bring dual ISE/US market access to Irish companies enabling them to raise capital more easily on both sides of the Atlantic.
This announcement follows the decision by the Irish Government to exempt companies on the ISE Enterprise Securities Market (ESM) from stamp duty.
There are 21 Irish companies listed on the NASDAQ Stock Market but only 6 are of Irish origin. The others such as Accenture and Seagate are only Irish because their headquarters are located in Ireland for tax purposes.
There are 66 Israeli companies listed.
Enda Kenny, taoiseach, is set to ring the opening bell for New York’s NASDAQ Stock Market today, to signal the opening of the Dublin Web Summit.
Aileen O’Donoghue, director of strategy at the ISE, said, “Our goal is to make it as easy as possible for Irish companies to access international capital through our own markets or in collaboration with others. The decision in the Budget to exempt the share trading of ESM companies from stamp duty has enabled the ISE to take this first, but important step, to link with US markets – and it shows that, if we get legislative changes, we can respond to them very quickly."
Bruce Aust, executive vice president global corporate client group at NASDAQ OMX, said, “Ireland has a deservedly strong reputation in the technology sector and we believe that providing a dual US/European market channel here in Ireland will be a compelling proposition to Irish companies in that and other sectors. Dual quotations on both sides of the Atlantic will enable Irish companies to have a high degree of visibility with international investors, particularly global institutions, and re-enforces the connection which already exists between Ireland and the US.”
“The ISE believes that its network of dual listings could be broadened for the benefit of Irish enterprise if all the necessary conditions were in place, including a stamp duty exemption for companies on the ISE Main Securities Market,” O’Donoghue concluded.
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