Dual Primary Listing

Dual Primary Listing is the operational structure under which a single issuer maintains primary listings on two separate stock exchanges simultaneously. The structure differs from ADR architecture — under which a non-US issuer's underlying primary listing operates on a non-US exchange with secondary US ADR depositary representation — by subjecting the issuer to the full listing rules of both exchanges.

Under dual primary listing, the issuer is subject to the listing rules, ongoing reporting obligations, and broader regulatory architecture of both exchanges simultaneously. The institutional infrastructure required is substantially heavier than ADR architecture; the structural advantages center on direct investor access on both markets.

Several major Israeli companies maintain dual primary listings on TASE and US exchanges: Check Point Software Technologies (TASE: CHKP, NASDAQ: CHKP), NICE Ltd. (TASE: NICE, NASDAQ: NICE), Tower Semiconductor (TASE: TSEM, NASDAQ: TSEM), Camtek (TASE: CAMT, NASDAQ: CAMT), and Elbit Systems (TASE: ESLT, NASDAQ: ESLT). The five major Israeli banks operate dual structures between TASE and US ADR programs (the bank ADRs operate under depositary structures rather than full dual primary).

The announced — though not yet completed — Palo Alto Networks TASE secondary listing under ticker "CYBR" following the February 2026 acquisition of CyberArk represents a precedent: a US-headquartered acquirer of an Israeli-founded company maintaining a TASE listing alongside its US primary.

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