duallisted

Duallisted is a term used in finance and corporate governance to describe securities, companies, or assets that are listed on two or more stock exchanges in different jurisdictions. In practice, it most often refers to a single company whose shares are traded on multiple exchanges (cross-listing), but it can also describe a corporate structure historically known as a dual-listed company, where two legally separate firms maintain a unified business and coordinated management.

Two main forms exist. Cross-listing involves a single company making its existing shares tradable on additional exchanges, often through local listings, depositary receipts, or sponsored programs such as American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). A true dual-listed company (DLC) historically consists of two separate legal entities with cross-ownership and a shared business, sometimes created to secure access to capital and markets in different countries.

Benefits of dual listing include broader access to capital, enhanced liquidity, and a wider investor base, as well as potential pricing efficiencies and currency diversification. However, dual listing also introduces complexity and risk: differing regulatory requirements across exchanges, potential price divergence between listings, and the need to coordinate corporate actions, financial reporting, and governance across jurisdictions.

Examples of dual-listed activity are common among multinational corporations across sectors such as finance, energy, and consumer goods, with listings on major exchanges such as the London Stock Exchange, Euronext, or the New York Stock Exchange. The specific structure and benefits depend on the company's goals and the regulatory environments involved. See also cross-listing, depository receipts.