AXA to delist from NYSE

AXA is to voluntarily delist from the New York Stock Exchange (NYSE) and to voluntarily deregister with the US Securities and Exchange Commission (SEC).

AXA’s delisting and deregistering will focus trading of its ordinary shares on AXA’s primary trading market (EuroNext Paris). This accounts for more than 95% of worldwide trading volume.

The delisting and deregistration will have no impact on the listing of AXA on Euronext Paris.

Cost benefit analysis

Henri de Castries, chairman, said” “The Group has derived a number of important benefits from its NYSE listing since 1996 including the financial reporting discipline we have achieved thanks to our Sarbanes 404 program and we intend to ensure that this discipline is maintained with an annual program to test the effectiveness of our internal controls going forward. Trading volumes and liquidity on the NYSE, however, have not developed to the level we had hoped when we initially listed.

“Since 1996, trading volume on the NYSE has represented a small portion of the Group’s global trading volume (currently less than 5%) and the market has not developed sufficient liquidity to be attractive for most institutional investors who continue to prefer the liquidity of our primary trading market on Euronext Paris.

“After considering all the pros and cons very carefully, we came to the conclusion that this decision is the right move for the Group at this stage in its evolution because the burdens of maintaining our listing and registration seem disproportionate to the benefits we have derived.”