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A security may be listed and therefore trade on multiple exchanges in several markets providing that a reporting issuer meets securities and listing requirements of the jurisdiction where it trades. When a security is listed on more than one exchange – for example, on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) – it is referred to as being interlisted.

Issuers may choose to list the same security on multiple exchanges to increase a security’s liquidity—offering a security for purchase in more than one market increases an issuer’s access to capital and generally also the relative ease with which investors can exchange an investment or asset into cash.

Each respective listing generally is traded in the currency of the market in which it is listed. Exchange rate fluctuations generally cause the prices of an interlisted security to adjust to reflect the relative value of the currencies, which may create the appearance of a difference in performance.

For personalized advice on any differences in trading costs or the treatment of tax from the purchase of a security on one exchange versus another, and for any other personalized financial, accounting, legal, tax or other professional advice, we recommend you consult with a qualified advisor.