International Listings
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Learn more about listing at the NYSE
Key International Listings Information
The New York Stock Exchange has two sets of listing standards for international companies: domestic standards and worldwide standards.
Regardless of which standard is used, an international company must have a minimum share price of $4 at time of listing.
When deciding which to follow, first look at the share distribution criteria. This will determine whether a company is eligible to use the financial criteria in one of the domestic standards or the financial criteria in one of the worldwide standards.
At time of listing, will you meet the following three share distribution criteria?
- 400 or more round lot shareholders in the U.S (for companies incorporated in North America, NYSE counts round lot holders and shares held in the U.S., Canada and Mexico)
- 1.1 million or more (include IPO shares) of publicly-held shares in the U.S
- $40 million or more in value of publicly held shares in the U.S. in the case of an IPO or spin-off, or $100 million in the case of all other companies
- If a company meets all three criteria, then it may use the domestic standards
- 5,000 shareholders worldwide,
- 2.5 million publicly-held shares, and
- $100 million or more in value of publicly held shares
- If a company meets these three criteria, then it may use the worldwide standards.
Listings standards, documents, and monthly trading reports for non-U.S. stocks
International Company Listing Standards
International Company Listing Fees
International Company Listing Directory
Non-U.S. Issuers
As of May 31, 2021 there are 494 NYSE and NYSE American-listed Non-U.S. Issuers from 45 countries.
Key participants and materials for international listings
U.S. SEC
Banks With ADR Services
Audit Firm Publications
Cost Studies
NYSE International Stats
| Region | % listed | NYSE listings | Total Value |
| Canada | 94% | 120 | $1.3 T MV |
| United States | 63% | 1729 | $20.47 T MV |
| Latin America | 91% | 115 | $952 B MV |
| Europe | 88% | 156 | $4.43 T MV |
| Africa | 99% | 7 | $33.5 B MV |
| Asia/Pacific | 89% | 116 | $2.79T MV |
Why International Companies Choose the NYSE
- More Confidence - The NYSE has a unique market model that combines a high speed trading platform with human judgment. Each company has a Designated Market Maker, who participates during times of stress, to lower volatility up to 48%, tighten spreads and provide better pricing dynamics.
- More Visibility - Celebrate listing day and corporate milestones by ringing the iconic NYSE bell, access 30+ media outlets on the floor and use NYSE’s stunning rooms to host investor days. Take a deeper look at our global visibility solutions.
- Prestigious Network - Join the NYSE network of the world’s leading companies, trade alongside U.S. and global peers, and join exclusive NYSE events with peers and visionaries. 90% of global listings chose the NYSE over any other US exchange3.
- Holistic C-Suite Solutions - Utilize the greatest complimentary suite of corporate services for the entire C-suite, from CFOs and Investor Relations professionals to Compliance teams and CMO and Public Relations reps.
- Unparalleled Service - Get a dedicated, multilingual client service manager who is incentivized based on client satisfaction.
International companies listing in the U.S. can choose to:
- Use IFRS (in its original IASB version) instead of U.S. GAAP. While not an option (yet) for U.S. Companies, rule changes passed in 2007 enable international companies to use IFRS reporting language in their filings.
- Follow home country corporate governance practices. Numerous corporate governance requirements adhered to by U.S. companies are not required for foreign private issuers. Among the most notable: U.S. proxy rules do not apply to International Companies. For the proxy process, international companies are only required to solicit proxies from their U.S. holders. In doing so, they do not need to use a proxy statement compliant with the U.S. rules.
- List ADRs or Common Shares (same requirements). A company (whether it is a dual listing or a single listing) is not limited to using only ADRs.
Mandates for international companies:
International companies are REQUIRED to follow select key provisions of the Sarbanes Oxley Act or SOX:
- Abide by the internal control requirements of SOX 404 (Internal Controls). However, continuous cost reductions with the elimination of excessive testing (materiality) and documentation have decreased the burden on listed companies.
- This snapshot of requirements that don’t apply to foreign companies—and those that do--should not to be mistaken for legal advice. Please check with any member of the NYSE team on details. We are at your disposal.
Requirements that don't apply to international companies:
There are certain rules and regulations that apply to publicly listed companies based in the U.S., and not to foreign private issuers. International companies do not have to meet the following requirements:
- Report on a quarterly basis. Unlike domestic filers (with their 10-K and 10-Q filings), international companies file their annual report as a 20-F and interim reports (minimum frequency is set by home country requirements) are submitted, like any press release, on a Form 6-K.
- Have a majority independent board. The independence test is focused on the Audit Committee. The Audit Committee can consist of one person.
- Have a compensation or nominating committee. The only committee required for an international company is the Audit Committee.
- Receive shareholder approval for equity compensation or other stock issuances.
Why Companies List in the U.S.
- More Liquidity - Companies listed in the U.S. are exposed to the largest pool of liquidity in the world1.
- Diversified Investors - Gain exposure to a broad, varied and increased range of global investors (retail and institutional; short-term, long-term and sector specific).
- More Analyst Coverage - NYSE dual-listed companies get more sell-side research analyst coverage than companies listed solely in their home country.
- Trade in U.S. Currency – U.S.-dollar denominated shares enable U.S. based acquisitions and other transactions.
- Welcoming Regulatory Environment - The U.S. has a positive regulatory environment for non-U.S. companies2.
- U.S. Market Awareness - Gain awareness with American consumers, 27% of the world’s consumer market.
Disclaimers
1 19% of liquidity is executed on the NYSE vs. 15% on NASDAQ OMX, 9% on LSE, 2% on Euronext, and 55% on 60 combined, remaining exchanges comprising the World Federation of Exchanges.
2 2012 JOBS Act and acceptance of IFRS provided for regulatory and financial reporting relief; Non-US companies can follow home country governance practices; and Sarbanes-Oxley Act less onerous to comply with
3 90% by market cap