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The Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange
 Established in September 1953, the Tel Aviv Stock Exchange (TASE) is an efficient one-stop shop for the securities industry, hosting an increasingly­ sophisticated range of products for iinvestors, including shares, corporate bonds, treasury bills and bonds, index-tracking products and derivatives on shares, indices and currency exchange rates. 
TASE is a fully automated exchange with a central order book trading system, providing clearing, settlement and depository services. Supervised by the Israel Securities Authority, it is a regulated market.
TASE is an internationally recognized exchange and is a member of the World Federation of Exchanges (WFE), an observer member of the Federation of European Stock Exchanges (FESE) and an affiliate member of the International Organization of Securities Commissions (IOSCO).
For further information, see:
         About TASE
         Regulation In Israel

Mission Statement
TASEs mission is to promote Israels capital market and TASE-listed companies in Israel and abroad, by providing the most advanced infrastructure for securities trading and clearing, adhering to the highest standards of excellence and by being guided by the principles of market integrity; and to position itself and Israel as an international financial center for the listing and trading of technology companies.
TASE Members
TASE is mutually owned by its member firms, which include banks (including Israels central bank, the Bank of Israel) and non-bank brokerage firms. Its membership includes major foreign banks and investment houses, which serve as either resident or remote members.
The TASE is the home market for Israeli companies, which issue equities, convertible securities and fixed income instruments to the public.
Many Israeli companies that trade on the Tel Aviv Stock Exchange also trade on overseas exchanges. The dual listing provisions of Israels Securities Law enable Israeli companies listed on major US markets and the LSE - Main Market to cross list shares on the TASE without incurring additional regulatory requirements or costs.
For more information:
         IPO Overview
         Dual listings
Trading & Investor Protection
The Tel Aviv Continuous Trading (TACT) system is an order-driven, fully automated open system for securities trading, which combines the advantages of a call market with those of continuous trading.
TACT provides investors transparency and liquidity, combined with mechanisms for investor protection. With market data distributed in real-time, it assures access to fair and orderly trade for all investors.
Trading on the TASE is conducted Sunday through Thursday from 09:00 until 16:30. Clearing and settlement is executed Sunday through Friday, with the exception of certain holidays (see TASE vacation schedule link below).
The TASE facilitates market making in securities and derivatives. Market makers operate as liquidity providers, especially in thinly traded securities and derivatives.
More Information
         Trading Schedule
         TASE Vacation Schedule
         Short Sales
         Off-market block trading
         Market Makers
         Investor Protection

Share prices as well as other type of securities are published in agorot (100 agorot equal one New Israeli Shekel). For example, a stock quoted at 4650 trades at NIS 46.50 The TASE uses symbols for identification of listed shares. The TASE, a member of the Association of National Numbering Agencies (ANNA), allocates and uses International Securities Identification Number (ISIN) codes for all Israeli securities and financial instruments.
Daily price quotes can be accessed through:
         TASE Website
         Data Vendors
Key TASE Indices
TASE has launched a number of share and corporate bond price indices to serve as benchmarks for investors and in order to facilitate the creation of market-linked products and derivatives traded on TASE and abroad. Share price indices include market cap, industry and specialized indices. Bond indices facilitate investment in baskets of CPI-linked and unlinked (shekel-denominated) corporate bonds.
For example, the TA-25 Index, which is the TASE's flagship index, tracks the prices of the shares of the 25 companies with the highest market capitalization listed on the exchange.
The TASE calculates and publishes the main indices continuously throughout the trading day, every 15 seconds. Other indices are calculated and published only at the end of the trading day.
For further information, see:
         Indices Overview
         Equity Indices
o        Market Cap. Indices
TA-25 Index, TA-75, TA-100, Mid Cap-50, Mid Cap-TA and TA Composite Index.
o        High-Tech Indices
 TA-BlueTech-50, TA-Technology and TA-Biomed .
o        Financial Sector Indices
TA-Finance, TA-Banks and TA-Insurance .
o        Other Sector Indices
TA-Oil & Gas, TA-Com and Real Estate-15.
o        Qualitative Characteristic Indices
Maala Index and the Tel-Div index.
         Corporate Bond Indices
o        CPI-linked
         Tel Bond-20
         Tel Bond-40
         Tel Bond-60
o        NIS-denominated (non-linked)
         Tel Bond Shekel  
Derivative markets
The Tel Aviv Stock Exchange trades options and futures on local indices (TA-25 Index, TA-Banking Index), options on foreign exchange rates (NIS-dollar, the NIS-euro) and equity options (ICL, Bank Hapoalim, Bank Leumi, Teva Pharmaceutical Industries, Israel Discount Bank, Mizrahi Tefahot Bank, Avner, Isramco Negev 2 LP and Ratio Oil Exploration LP).
Buying and selling shares on the TASE
Foreign investors may purchase securities on the Tel Aviv Stock Exchange without restriction. The simplest way for overseas investors to execute orders on the TASE is through their local broker. Most US brokerage firms have relations with TASE members, which will execute requested transactions, thereby eliminating the need for an individual to open additional bank and brokerage accounts.
Clearing & Settlement 
Two clearing houses operate at the TASE:
         The TASE Clearing House (TASE-CH)
 TASE Website
The TASE Web site ( offers extensive market data as well as vital information on Israel's capital markets. The main feature of the site is a user-friendly, interactive, comprehensive presentation, in Hebrew and English, of market data and trading statistics, both current and historic. An in-depth description of all products traded on the TASE alongside information on Israel capital market is provided for the convenience of users.
The Corporate Action system provides information on interest payments, dividend distributions, splits, rights issues, shareholders meetings etc.
All information available on the website is free of charge.
 Contact information
Address: 54 Ahad Haam St., POB 29060, Tel Aviv 61290 Israel
 Tel: 972-3-567-7405
Fax: 972-3-510-5379
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Reprinted from the Equities Israel web site -