Difference between revisions of "Tel-Aviv Stock Exchange"

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{{Infobox_Company
 
{{Infobox_Company
 
| company_name = Tel-Aviv Stock Exchange
 
| company_name = Tel-Aviv Stock Exchange
| company_logo =  
+
| company_logo = [[Image:Tase.png{{!}}200px]]
| key_people = Ester Levanon, CEO; Yoni Shemesh, Senior Vice President of IT & Operations
+
| key_people = Ittai Ben Zeev, CEO
 
| foundation = 1935
 
| foundation = 1935
 
| location = Tel Aviv, Israel
 
| location = Tel Aviv, Israel
Line 10: Line 10:
 
}}
 
}}
  
The Tel-Aviv Stock Exchange (TASE) is a fully automated [[exchange]] that has approximately 633 listed companies an a total [[market capitalization]] of $208 billion, the exchange also makes available 120 [[ETF]]s to its users. The exchange was established in 1935.
+
The Tel-Aviv Stock Exchange (TASE), founded in 1935, is a fully automated equity and derivatives [[exchange]].
  
On June 30, 2008, [[NYSE Euronext]] and the TASE signed a [[memorandum of understanding]] (MOU) that established "enhanced cooperation" between the two [[exchange]] companies, especially in the area of [[cross-listing]]s.<ref>{{cite web|url=http://www.nyse.com/press/1214823753222.html|name=Press Release|org=NYSE Euronext|date=October 21, 2008}}</ref>
+
In 2019, it provided listings for 447 companies with a total [[market capitalization]] of $209 billion. The exchange also offers 120 [[ETF]]s and derivatives on a number of underlying [[asset]]s, including the TA-25 index, the TA-Banks index, the ILS/USD exchange rate, the ILS/Euro exchange rate, and 10 individual stocks included in the TA-100 index.
 +
 
 +
The exchange is expected to go public in 2019, listing almost one-third of its shares. As a privately held company, it has an estimated market cap of $152 million.<ref>{{cite web|url=https://www.nasdaq.com/article/tel-aviv-stock-exchange-expects-ipo-to-go-ahead-this-year-20190218-00133|name=Tel Aviv Stock Exchange expects IPO to go ahead this year|org=Reuters|date=February 26, 2019}}</ref> 
 +
 
 +
The TASE Clearing House, a subsidiary of the Tel Aviv Stock Exchange, provides clearing and custody services in securities traded on the TASE and in the MTS system, a European trading system in which, among other things, government bonds of the State of Israel are traded.<ref>{{cite web|url=https://www.tase.co.il/Eng/PublicationsandEducation/FAQ/FAQ_TASECH/Pages/FAQ_TASECH.aspx|name=TASE Clearing House|org=TASE|date=April 13, 2018}}</ref>
  
The exchange lists derivatives on a number of underlying [[asset]]s, including the TA-25 index, the TA-Banks index, the ILS/USD exchange rate, the ILS/Euro exchange rate, and 10 individual stocks included in the TA-100 index. The TASE board of directors approved the launch of options and futures on the TA-100 index on Oct. 8, 2014.<ref>{{cite web|url=http://www.hedgeweek.com/2014/10/08/211163/tase-launches-options-and-futures-ta-100-index|name=TASE launches options and futures on TA-100 index|org=Hedgeweek|date=October 8, 2014}}</ref>
+
TASE ranked 27th in derivatives volumes globally in 2017, with 48 million contracts traded, up 3 percent from a year earlier, according the to [[Futures Industry Association]]'s Annual Volume Survey.<ref>{{cite web|url=https://marketvoice.fia.org/articles/record-year-derivatives|name=2018 Annual Volume Survey|org=Futures Industry.org|date=April 8, 2019}}</ref>  
  
 +
== Products ==
 +
TASE offers trading in stocks and stock indices, convertible securities, bonds, T-bills, ETNs, mutual funds and derivatives. <ref>{{cite web|url=https://www.tase.co.il/Eng/Products/Pages/Products.aspx|name=Products|org=TASE|date=April 13, 2018}}</ref>
 +
 
== History ==
 
== History ==
 +
Local trade in securities began in Tel-Aviv in the 1930s, before the State of Israel was formed. Trade was carried out through the Exchange Bureau for Securities, founded by the Anglo-Palestine Bank (which became Bank Leumi Le-Israel) in 1935.  With the formation of the State of Israel in 1948, a need arose to formalize trading in securities. In September 1953, a number of banks and brokerages joined together to establish the Tel Aviv Stock Exchange.<ref>{{cite web|url=https://www.tase.co.il/Eng/AboutTASE/Overview/Pages/Overview.aspx?utm_source=TASE_Eng_Homepage&utm_medium=Page_banner&utm_campaign=AboutTASE|name=Overview|org=TASE|date=April 10, 2018}}</ref>
 +
 +
In the 1990s the exchange replaced its trading floors with a computerized system called the TACT (Tel Aviv Continuous Trading), allowing transaction orders to take place in real time. The TACT handles trade in all forms of securities: stocks, convertible securities, corporate and government bonds, short-term certificates (T-bills known in Israel as Makams), index options and futures, currency options and futures and a variety of securities derivatives such as Index Linked Notes (ILNs), reverse certificates and covered warrants.<ref>{{cite web|url=https://www.tase.co.il/Eng/AboutTASE/Overview/Pages/Overview.aspx|name=Overview|org=Tel-Aviv Stock Exchange|date=April 6, 2018}}</ref>
 +
 +
On June 30, 2008, [[NYSE Euronext]] and the TASE signed a [[memorandum of understanding]] (MOU) that established "enhanced cooperation" between the two [[exchange]] companies, especially in the area of [[cross-listing]]s.<ref>{{cite web|url=http://www.nyse.com/press/1214823753222.html|name=Press Release|org=NYSE Euronext|date=October 21, 2008}}</ref>
 +
 +
The board of directors approved the launch of options and futures on the TA-100 index on Oct. 8, 2014.<ref>{{cite web|url=http://www.hedgeweek.com/2014/10/08/211163/tase-launches-options-and-futures-ta-100-index|name=TASE launches options and futures on TA-100 index|org=Hedgeweek|date=October 8, 2014}}</ref>
 +
 +
In February of 2017 the TASE revamped its indexes, adding 10 more companies to its blue-chip index.
 +
 +
In March of 2017, Israel’s parliament voted to end Israeli banks’ control of the Tel Aviv Stock Exchange in a reform designed to turn it into a for-profit bourse. The Knesset passed legislation to demutualise Israel’s only stock exchange and ordered that the banks had to sell their TASE shares within five years so that each would hold no more than 5 percent of the exchange.<ref>{{cite web|url=https://www.reuters.com/article/israel-markets-bourse/israel-enacts-law-to-turn-tel-aviv-exchange-to-for-profit-bourse-idUSL5N1GX57I|name=Israel enacts law to turn Tel Aviv exchange to for-profit bourse|org=Reuters|date=April 6, 2018}}</ref>
 +
 +
In 2018, TASE sold almost 20 percent of the exchange to [[Manikay Partners]], an investment fund and another 19 percent to foreign investors. The exchange also aimed to sell at least 31.7 percent of the exchange to retail investors in 2018 but that plan was postponed. 
  
 
== Contract Volume ==
 
== Contract Volume ==
Line 24: Line 44:
 
|'''Total Annual Volume'''
 
|'''Total Annual Volume'''
 
|'''Percent Change'''
 
|'''Percent Change'''
|'''World Ranking'''
+
|- align="left" style="background:#EEEEEE;"
 +
|2018
 +
|48,107,098
 +
|3,1%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2017
 +
|46,641,131
 +
|(-10.5%)
 +
|- align="left" style="background:#EEEEEE;"
 +
|2016
 +
|52,097,656
 +
|(-10.5%)
 +
|- align="left" style="background:#EEEEEE;"
 +
|2015
 +
|66,054,567
 +
|(-21.2%)
 +
|- align="left" style="background:#EEEEEE;"
 +
|2014
 +
|64,052,496
 +
|5.8%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2013
 +
|60,514,431
 +
|(-)9.9%
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2012
 
|2012
 
|67,179,795
 
|67,179,795
 
|(-) 32.1%
 
|(-) 32.1%
|27
 
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2011
 
|2011
 
|98,965,159
 
|98,965,159
|(+) 23.0%
+
|23.0%
|25
+
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2010
 
|2010
 
|80,440,925
 
|80,440,925
|(+) 13.4%
+
|13.4%
|23
+
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2009
 
|2009
 
|70,914,245
 
|70,914,245
| --
 
 
| --
 
| --
 
|}
 
|}
  
 
== Key People ==
 
== Key People ==
*[[Ester Levanon]], CEO
+
*[[Ittai Ben Zeev]], CEO
 
*[[Robby Goldenberg]], senior vice president and head of the trading, derivatives and indices department
 
*[[Robby Goldenberg]], senior vice president and head of the trading, derivatives and indices department
 
*[[Yoni Shemesh]], senior vice president of IT & operations
 
*[[Yoni Shemesh]], senior vice president of IT & operations
 
== News ==
 
On June 19, 2008, the TASE announced it would not open for trade due to a strike of its support staff.<ref>{{cite web|url=http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL199064520080619|name=Strike Shuts Tel Aviv Stock Exchange|org=Reuters|date=October 21, 2008}}</ref>
 
 
  
 
== References ==
 
== References ==

Latest revision as of 16:29, 16 April 2019

Tel-Aviv Stock Exchange
Tase.png
Founded 1935
Headquarters Tel Aviv, Israel
Key People Ittai Ben Zeev, CEO
Website http://www.tase.co.il

The Tel-Aviv Stock Exchange (TASE), founded in 1935, is a fully automated equity and derivatives exchange.

In 2019, it provided listings for 447 companies with a total market capitalization of $209 billion. The exchange also offers 120 ETFs and derivatives on a number of underlying assets, including the TA-25 index, the TA-Banks index, the ILS/USD exchange rate, the ILS/Euro exchange rate, and 10 individual stocks included in the TA-100 index.

The exchange is expected to go public in 2019, listing almost one-third of its shares. As a privately held company, it has an estimated market cap of $152 million.[1]

The TASE Clearing House, a subsidiary of the Tel Aviv Stock Exchange, provides clearing and custody services in securities traded on the TASE and in the MTS system, a European trading system in which, among other things, government bonds of the State of Israel are traded.[2]

TASE ranked 27th in derivatives volumes globally in 2017, with 48 million contracts traded, up 3 percent from a year earlier, according the to Futures Industry Association's Annual Volume Survey.[3]

Products

TASE offers trading in stocks and stock indices, convertible securities, bonds, T-bills, ETNs, mutual funds and derivatives. [4]

History

Local trade in securities began in Tel-Aviv in the 1930s, before the State of Israel was formed. Trade was carried out through the Exchange Bureau for Securities, founded by the Anglo-Palestine Bank (which became Bank Leumi Le-Israel) in 1935. With the formation of the State of Israel in 1948, a need arose to formalize trading in securities. In September 1953, a number of banks and brokerages joined together to establish the Tel Aviv Stock Exchange.[5]

In the 1990s the exchange replaced its trading floors with a computerized system called the TACT (Tel Aviv Continuous Trading), allowing transaction orders to take place in real time. The TACT handles trade in all forms of securities: stocks, convertible securities, corporate and government bonds, short-term certificates (T-bills known in Israel as Makams), index options and futures, currency options and futures and a variety of securities derivatives such as Index Linked Notes (ILNs), reverse certificates and covered warrants.[6]

On June 30, 2008, NYSE Euronext and the TASE signed a memorandum of understanding (MOU) that established "enhanced cooperation" between the two exchange companies, especially in the area of cross-listings.[7]

The board of directors approved the launch of options and futures on the TA-100 index on Oct. 8, 2014.[8]

In February of 2017 the TASE revamped its indexes, adding 10 more companies to its blue-chip index.

In March of 2017, Israel’s parliament voted to end Israeli banks’ control of the Tel Aviv Stock Exchange in a reform designed to turn it into a for-profit bourse. The Knesset passed legislation to demutualise Israel’s only stock exchange and ordered that the banks had to sell their TASE shares within five years so that each would hold no more than 5 percent of the exchange.[9]

In 2018, TASE sold almost 20 percent of the exchange to Manikay Partners, an investment fund and another 19 percent to foreign investors. The exchange also aimed to sell at least 31.7 percent of the exchange to retail investors in 2018 but that plan was postponed.

Contract Volume

Year Total Annual Volume Percent Change
2018 48,107,098 3,1%
2017 46,641,131 (-10.5%)
2016 52,097,656 (-10.5%)
2015 66,054,567 (-21.2%)
2014 64,052,496 5.8%
2013 60,514,431 (-)9.9%
2012 67,179,795 (-) 32.1%
2011 98,965,159 23.0%
2010 80,440,925 13.4%
2009 70,914,245 --

Key People

References

  1. Tel Aviv Stock Exchange expects IPO to go ahead this year. Reuters.
  2. TASE Clearing House. TASE.
  3. 2018 Annual Volume Survey. Futures Industry.org.
  4. Products. TASE.
  5. Overview. TASE.
  6. Overview. Tel-Aviv Stock Exchange.
  7. Press Release. NYSE Euronext.
  8. TASE launches options and futures on TA-100 index. Hedgeweek.
  9. Israel enacts law to turn Tel Aviv exchange to for-profit bourse. Reuters.