Last month, a rare event in Israeli high-tech drew international attention: Via, a mobility technology company founded in Israel, held a successful IPO on Wall Street at a valuation of $3.65 billion — higher than in its previous funding round. But what made the offering unusual wasn’t the IPO itself, it was where the company chose to list — on the New York Stock Exchange (NYSE).
Though the NYSE is the largest and oldest stock exchange in New York, Israeli tech companies have traditionally favored its rival, the Nasdaq. Dozens of Israeli firms trade on Nasdaq, while fewer than 10 are listed on the NYSE. Via’s strong debut, however, has renewed interest in what the NYSE can offer Israeli companies.
A few weeks ago, Cassandra Seier, head of international capital markets at the NYSE, visited Israel as a guest of the 2025 Capital Markets and Finance Conference hosted by Scala and Calcalist in Eilat. Her main message was clear: now is a good time for companies to go public in the U.S.
“The primary reason companies continue to list in the U.S. is liquidity,” Seier said. “When a company succeeds, you want to list it where liquidity is highest — and right now, that’s the U.S. A CEO looking to raise capital has a responsibility to shareholders and employees to access the best market possible — one that will value the company appropriately.”
The NYSE, founded 233 years ago — second in age only to the Amsterdam Stock Exchange — is located on Wall Street in Manhattan, a name that has become synonymous with global finance. By contrast, Nasdaq isn’t located on Wall Street, but both are often grouped under the same shorthand label.
An interesting fact: the NYSE’s parent company, Intercontinental Exchange (known by its ticker symbol ICE), operates a major R&D center in Israel employing about 300 people. Beyond managing several global securities exchanges, ICE develops mortgage technology and financial data services, with its Israeli teams responsible for building risk management systems.
Seier’s team is part of the NYSE’s broader effort to attract more Israeli listings and support them through the registration process. “We’ve established a dedicated capital markets presence in Israel, based in our Tel Aviv office,” she said. “We have someone whose full-time job is to monitor Israel’s capital markets—to inform and educate. Our people participate in conferences and roundtable discussions, offering access to legal, accounting, and banking expertise. Our role is to connect the dots.”
Asked why she visited Israel now, Seier replied, “I want to demonstrate our commitment and support for Israel, even in challenging times. I meet with Israeli companies in New York, but when I’m here, I make it a point to meet them on their home turf. The one-on-one relationship is very important to me.”
Seier admits she’s almost always glued to her phone, often using Apple’s FaceTime app. “When I travel abroad, I call home twice a day,” she said. “I have a son I speak to, and as a mother and wife, it’s important for me to let my husband know I’m safe — you know, I’m in Israel,” she added with a laugh. “But the second reason is to stay available. Many companies don’t realize how accessible the NYSE really is.”
The race for listings
The NYSE’s growing interest in Israeli companies also reflects intensifying competition among global exchanges — especially with Nasdaq, but increasingly with others both in and outside the U.S. Just recently, the U.S. Securities and Exchange Commission approved the establishment of the Texas Stock Exchange (TXSE), based in Dallas and backed by $160 million from major investors including BlackRock and Citadel Securities.
Texas’ booming economy has already attracted corporate giants like Tesla and SpaceX, and now it’s drawing attention as an emerging financial hub. The TXSE is expected to lure new listings from New York, offering easier entry requirements and lower trading costs. Earlier this year, the NYSE opened a subsidiary exchange in Texas, relocating from Chicago. The first company to list there was Donald Trump’s Trump Media & Technology Group, the operator of Truth Social. Nasdaq has also expanded its presence in Texas, opening a new regional headquarters in Dallas.
The rivalry between the two New York exchanges remains fierce. The NYSE has fewer companies listed but boasts a combined market value exceeding $30 trillion, while Nasdaq’s total is about $25 trillion. Each is willing to go to great lengths to win major listings.
One recent example is the battle over Klarna, the Swedish fintech giant that laid off hundreds of employees in favor of automation before staging a turnaround and preparing a $15 billion IPO. The two exchanges waged an aggressive campaign for Klarna’s listing, and Seier’s team ultimately secured the win for the NYSE. “My team and I worked on it for quite some time — it was amazing,” she said.
Competition also extends to poaching listed companies. Nasdaq claims that more than 500 firms have switched from the NYSE to its exchange. One of the most notable — and painful — losses for the NYSE was Palantir, the American defense and data analytics firm, which saw its stock surge after moving to Nasdaq and joining the prestigious Nasdaq-100 index. At the NYSE, the sting from that defection still lingers.
The defection of Palantir to Nasdaq marked a trend of companies leaving the NYSE — something Seier is determined to reverse.
“I think every company should choose the exchange that best fits its needs,” Seier said. “That said, over the past four years, we’ve led the industry in attracting transfers from Nasdaq to the NYSE. Many large corporations and banks have come to us — for example, fintech firm Fiserv, valued at $73 billion, moved last year, and Virtu, one of the biggest trading firms, joined recently. These are major companies that made a very deliberate choice to list on the New York Stock Exchange.”
'Helping companies worldwide raise capital'
Hundreds of non-U.S. companies are listed on the NYSE. The largest contingent comes from Canada, followed by China, the United Kingdom, and Brazil. Fewer than ten Israeli firms currently trade there, including Via, which went public last month at a $75 million valuation, as well as Fiverr, Riskified, SentinelOne, Teva, and Zim Integrated Shipping Services.
Seier’s main job is to attract more global listings — both initial public offerings and secondary listings for companies already traded elsewhere. “Investors benefit when we give them access to companies that raise capital and reinvest it in their home markets,” she said. “That’s something I’m truly proud of — helping businesses from all over the world come to New York to raise capital.”
To achieve that, Seier travels widely, meeting with CEOs, venture capital investors, and regulators, while promoting cross-listing partnerships with exchanges such as those in Tel Aviv, Indonesia and Singapore. Recently, she led the opening-bell ceremony marking Singapore’s 60th anniversary, a country she has a special connection to as her birthplace.
Seier frequently gives interviews during her travels, tailoring her message to local audiences. In an interview with The Times of London, she said the NYSE can serve as a “showcase” for British companies and “a gateway to the American dream.” In 2023, she told the Chinese news outlet Yicai that the NYSE was “ready to welcome more Chinese companies,” adding, “The coming Year of the Dragon is a good omen — perhaps we’ll see more Chinese firms ringing the bell in New York.”
Speaking with The Korea Times, she noted that interest in dual listings among Korean firms is rising, even though no new Korean companies have joined since 2021. “When a company lists on our platform, people know who they are, what they do, and what their business model is,” she said. “It’s a very strong network and community.”
Competing for global listings
Across these conversations, Seier’s key message remains consistent: now is the right time to go public, and the NYSE is the premier platform for doing so. She emphasizes that the exchange’s model suits not only large corporations but also mid-sized and smaller firms. Dual listings, she adds, are highly recommended because they provide access to deep liquidity.
Still, Israel poses a unique challenge. Many Israeli companies eyeing U.S. listings are tech-driven, and the prevailing assumption is that Nasdaq is the “natural home” for tech IPOs. Seier wants to change that perception.
“We have incredible technology companies listed on the NYSE,” she said. “People think industrial firms go to the NYSE and tech firms go elsewhere, but that’s not true. Since 2014, tech, pharma, and life sciences companies — even those not yet profitable — can list based on market capitalization rather than earnings. Market cap is the real benchmark.”
The NYSE’s roster of tech listings includes global names like Alibaba, Tencent Music, Spotify and Reddit. More recently, crypto firms Circle and Bullish, digital health company Hinge Health, and Israeli firm Via have joined. “If people say the NYSE isn’t a tech exchange, they’re just not paying attention,” Seier said.
When speaking with Israeli tech executives and investors, Seier often hears that the Nasdaq remains the ultimate goal for growth companies. “I don’t agree,” she said. “The New York Stock Exchange is itself a massive technology company. Our parent firm, Intercontinental Exchange (ICE), valued at around $100 billion, is deeply rooted in tech. If Israeli startups are looking for a technology-driven partner, ICE is exactly that. We have the systems, the innovation, and the tools to help companies tell their stories.”
Do Israeli companies even know that? “Honestly, part of our job is to make sure they do,” Seier replied. “That’s a big part of what we do — communicating that we’re the largest and most advanced exchange in the world. We just need to make sure companies know it.”
First published: 22:52, 10.06.25