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How Many Canadian Companies Trade on American Exchanges? Thumbnail

How Many Canadian Companies Trade on American Exchanges?

Did you know that companies sometimes list on different countries' stock exchanges? Canada is one of those countries! There are currently 238 Canadian companies that trade on stock exchanges in the United States (US). This practice is called cross-listing.1

In this article, we'll dive into what cross-listing is and why companies do it and share some Canadian companies that are currently trading on American exchanges.

What is Cross-Listing?

According to Investopedia, cross-listing happens when a company in one country is listed on more than one exchange or an exchange in another country. To be allowed to cross-list in another country, a company must follow rigorous accounting policies, such as going through an initial filing as well as ongoing filings. Every international exchange may have its own requirements.2

Why Do Companies List on Multiple Exchanges?

There are a few reasons why companies may decide to cross-list on multiple exchanges, such as:

Access to Capital

When a company is on multiple exchanges, it can have shares trading in multiple time zones and multiple currencies. This means that the company can have more liquidity and thus raise more capital to invest back into the business.


If a company wants to boost its brand in another country, it may decide to list on an international stock exchange. For example, Alibaba, Toyota, and Honda are all examples of international companies that are listed on the US stock exchange, partly because they want to make a name for themselves in the US market.

Multiple Locations

Companies may also choose to cross-list on international exchanges because they want a local presence in another country. If they are listed on a country's exchange, they may not be viewed as a foreign corporation.

Examples of Canadian Companies on US Stock Exchanges

Because there are over 200 Canadian companies currently trading on US stock exchanges, we won't go through every single one here. But there are some notable examples to highlight, as well as some common patterns that illustrate the kinds of Canadian companies that cross-list on international exchanges.

Many of the cross-listed Canadian companies are financial institutions, including:

  • Royal Bank of Canada (CT:RY)
  • The Toronto-Dominion Bank (CT:TD)
  • Brookfield Asset Management (CT:BAM-A)
  • Bank of Montreal (CT:BMO)
  • The Bank of Nova Scotia (CT:BNS)
  • Canadian Imperial Bank of Commerce (CT:CM)

Another sector that has a lot of cross-listed companies is energy. Here are some of the energy companies that are cross-listed on both the Canadian and American exchanges:

  • Enbridge (CT:ENB)
  • Canadian Natural Resources Limited (CT:CNQ)
  • Suncor Energy Inc. (CT:SU)
  • TransCanada Corporation (CT:TRP)
  • Cenovus Energy Inc. (CT:CVE)

Lastly, another big sector that trades on both exchanges is Industrials, including companies like:

  • Canadian National Railway Company (CT:CNR)
  • Canadian Pacific Railway Limited (CT:CP)
  • Thomson Reuters Corporation (CT:TRI)
  • Waste Connections Inc (CT:WCN)
  • TFI International Inc. (CT:TFII)

As you can see, most of the companies that are cross listed internationally represent some of Canada's largest sectors.

It's interesting to consider a company's journey and then see it listed not only on its country's stock exchange but also on the stock exchanges of other nations. Canada has a good number of companies listed on the US stock exchange, which shows how important the relationship between the two countries is.

  1. https://stockmarketmba.com/canadiancompaniesthattradeonusexchanges.php
  2. https://www.investopedia.com/terms/c/cross-listing.asp

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.