The Nasdaq Stock Market, Inc. and the Tel Aviv Stock Exchange announced the signing of a Memorandum of Understanding to formalize the relationship between the two markets.

Under the agreement, Nasdaq and TASE will develop the channels of communication between the two markets and work to facilitate the stronger trading of company shares admitted on both markets.

Robert Greifeld, president and CEO of Nasdaq, said “Nasdaq has had a thriving relationship with the Tel Aviv Stock Exchange for several years now. The MOU will formalize these ties and allow us to focus on helping each other and provide an even better capital markets environment for companies listed on both markets.”

Commenting on the agreement, Ester Levanon, CEO of the Tel Aviv Stock Exchange, said, “The development of the Tel Aviv Stock Exchange’s international capability is a key strategic objective of the exchange. Today’s MOU is an historic event and is testament to the quality and opportunity that Israel’s capital markets represent for U.S. investors today. With the number of Nasdaq-listed Israeli companies expected to grow over the coming years, Nasdaq will play an important role in the ongoing international development of our markets.”