The American Stock Exchange® (Amex®) is committed to the Israeli market and looking to partner with companies to assist them with growth initiatives in the U.S. capital markets. The Amex market structure and customized services benefits companies of every size and stage of development. The Amex specializes in providing an efficient market for small and mid-sized companies striving for enhanced visibility, liquidity and institutional ownership.
The Amex listed its first Israeli company, American Israeli Paper Mills Ltd. (AIP), in 1959. American Israeli Paper still trades on the Amex. In 2006, Amex-listed Ivax Pharmaceuticals merged with Teva Pharmaceuticals Industries Ltd. creating the largest generic drug company in the world to date. Ivax, listed in 1987 at approximately $100 million dollars in value, grew to almost $8 billion at the time of the merger and is just one example of the extraordinary growth of companies on the Amex. The Amex has expanded its industry representation into energy and telecom with Xfone, Inc. and Zion Oil and Gas, Inc. More recently in March of 2007, Amex listed Protalix BioTherapeutics, Inc., an emerging clinical stage biopharmaceutical company, valued at approximately $1.8 billion.
AEMISM, Amex's new state-of-the-art electronic trading platform, offers market participants a greatly expanded range of automated transaction services for these securities and combines the speed of an electronic market with the dedicated liquidity of an auction market for times of order imbalances, complex trades, or when natural liquidity cannot be found. AEMI has provided increased volume and speeds at multiples of our previous system.
Amex-listed companies have powered the Amex Composite Index (XAX) to outperform the New York Stock Exchange Composite, the Nasdaq Composite, the Standard & Poor's 500 and the Dow Jones Wilshire 5000, for the past five and 10 years. In addition to Equities, the Amex also has other strong business lines, including Exchange Traded Funds (ETFs) - which the Amex created in 1993 and dominates today- and Options, where we operate one of the largest markets in the U.S. The Amex is also the leading venue for Structured Products. Unlike the Nasdaq Stock Market and the New York Stock Exchange, the Amex has been an innovator and entrepreneur in our industry.
Along with the significant enhancements to our trading technology, the Amex continues to provide unparalleled support through its Issuer Services programs. Companies have numerous resources including the exclusive Amex IR Alliance program, the proprietary AmexOnline investor database and an Issuer Services Director who is personally focused on your company's satisfaction.