Tesco has qualified to trade on the OTCQX Best Market in New York.

Announced by OTC Markets Group today (5 January), Tesco’s admission to OTCQX places it alongside a growing list of large-cap European companies that have opted for over-the-counter trading in the US.

This cost effective “third way” is used by the likes of Heineken, Marks & Spencer, Sainsbury’s and Nestlé, said a statement from the share market.

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In 2025 alone, issuers including London Stock Exchange Group, Aviva, Compass, Reckitt Benckiser, Bayer and OMV joined the platform, signalling a broader shift in how established European firms engage with global capital.

For Tesco, the development is primarily about visibility and access rather than fundraising. OTCQX allows US investors to trade Tesco shares in a regulated, transparent environment while the company remains listed and anchored in its home market in London. The model is increasingly seen as a pragmatic response to long-running challenges in European capital markets, including valuation discounts and declining domestic liquidity.

Jason Paltrowitz, executive vice-president of corporate services at OTC Markets Group, said the platform is designed to complement, not compete with, companies’ primary listings.

“Our List Local, Trade Global model allows companies to access US capital efficiently, while remaining anchored in their domestic markets,” he said.

He described OTCQX as an efficient way for globally recognised issuers to deepen US investor engagement without abandoning their domestic exchanges.

The move has particular resonance for the UK retail sector. Large retailers such as Tesco are capital-intensive businesses with significant pension obligations, property assets and long-term investment requirements. Broader access to international investors can support liquidity in their shares and help counter perceptions that UK-listed companies are structurally undervalued compared with US peers.

Tesco’s OTCQX debut also reflects a growing narrative that European companies do not need to pursue full US exchange listings to attract American capital, said a statement from the market group. By using OTC Markets’ cross-border trading framework, companies can expand their investor base while avoiding the cost, regulatory burden and operational complexity associated with a US listing.