Tesco launches on New York’s OTCQX

Supermarket giant Tesco has broadened its reach to US investors by listing on New York’s OTCQX Best Market. The company, which can be found under the symbols ‘TSCDY’ and ‘TSCFD’, has been upgraded from the Pink Limited Market.

By listing on this platform, Tesco joins a number of UK-based companies seeking to provide “transparent trading” for US investors. The format allows them to make reporting information more widely available to the US, while remaining listed in their home market.

In a statement, Jason Paltrowitz, EVP of corporate services at Over-the-counter (OTC) Markets Group, said: “We are excited to welcome Tesco to the OTCQX Market. As one of the world’s most recognised retail brands, Tesco’s addition to OTCQX enhances US investors’ ability to access global leaders and strengthens the connection between UK and US capital markets.”

In a separate release, Paltrowitz explained that the OTCQX intends to complement, instead of compete, with a company’s home exchange. “Our ‘list local, trade global’ model allows companies to access US capital efficiently, while remaining anchored in their domestic markets,” he added.