A security that is traded on more than one exchange. For example, a Japanese company may list its shares in Tokyo and New York at the same time. In this sense, dual-listed securities differ from ADRs and tracking stocks. A security traded on two exchanges (or more) is the same security, with the only difference being the exchange rate, as the security trades in local currency on the exchanges where it is listed. Dual-listed securities have to meet the exchange-listing requirements on every exchange. Therefore, investors can obtain more information about such securities. In general, dual-listed securities tend to trade at a premium to securities listed on a single exchange.