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.
Stock Exchange: Born in 1793 - slowly dying in 2013
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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