Cross listing

Cross-listing (or multi-listing, or interlisting) of shares is when a firm lists its equity shares on one or more foreign stock exchange in addition to its domestic exchange. To be cross-listed, a company must thus comply with the requirements of all the stock exchanges in which it is listed, such as filing.

Cross-listing should not be confused with other methods that allow a company's stock to be traded in two different exchanges, such as:

• Dual listed companies, where two distinct companies (with separate stocks listed on different exchanges) function as one company.
• Depositary receipts, which are only a representation of the stock, issued by a third-party bank rather than by the company itself. However, in practice the two terms are often used interchangeably.
• Admitted for trading, where a foreign share is accessible in a different market through an exchange convention and not actually registered within that different market.

Generally such a company's primary listing is on a stock exchange in its country of incorporation, and its secondary listing(s) is/are on an exchange in another country. Cross-listing is especially common for companies that started out in a small market but grew into a larger market. For example, numerous large non-U.S. companies are listed on the New York Stock Exchange or NASDAQ as well as on their respective national exchanges such as BlackBerry, Enbridge, Equinor, Ericsson, Nokia, Toyota and Sony.