Monday November 13, 4:37 am Eastern Time

Magic Software to list in Tel Aviv

TEL AVIV, Nov 13 (Reuters) - Israel's Nasdaq-traded Magic Software Enterprises will be the first company to also list its shares in Tel Aviv following an easing of dual-listing rules by the Israeli bourse in July, the stock exchange said on Monday.

Magic shares will begin trading in Tel Aviv later this week, the exchange said. Its parent company Formula Systems already trades both on Nasdaq and Tel Aviv but had dual-listed before the rules were changed.

Ronit Harel Ben-Ze'ev, head of the Tel Aviv Stock Exchange's economics department, said several other companies are in advanced stages of dual-listing their shares.

In an effort to boost volume and liquidity, Israel's parliament in July approved measures to allow Israeli companies traded in the United States to also list in Tel Aviv without additional reporting.

According to the new regulations, U.S.-listed Israeli companies will be able to report to the Tel Aviv Stock Exchange using a form required of foreign companies by the U.S. Securities and Exchange Commission.

Dual-listed companies will not have to translate their financial reports into Hebrew or convert dollars into shekels.

More than 100 Israeli companies are traded in the United States, mainly on Nasdaq, but only a handful are dual listed.