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Tel Aviv Stock Exchange

Tel Aviv Stock Exchange
TASE logo
TASE new building
Type Stock exchange
Location Tel Aviv, Israel
Founded 1953 (1953)
(precursor 1935)
Owner 15 banks and 11 investment houses
Key people Ran Malka, Chairman (acting)
Yossi Beinart, Chief Executive Officer
Currency New Israeli Shekel
No. of listings

473 companies listing equities[1]
901 series of corporate bonds,
204 series of government bonds,
416 index-tracking products,

1,231 mutual funds
Market cap

Equities: US$ 216 billion;

Bonds: US$ 196 billion
Volume 546 million US$ daily (2010)
Indices TA-25 Index, TA-100 Index, TA BlueTech-50 Index

The Tel Aviv Stock Exchange (TASE; Hebrew: הבורסה לניירות ערך בתל אביב‎; colloquially known as The Bursa or הבורסה[2]) in Tel Aviv is Israel's only public stock exchange.

TASE plays a major role in the Israeli economy. TASE lists some 473 companies, about 47 of which are also listed on stock exchanges in other countries.[1] TASE also lists some 180 exchange-traded funds (ETFs), 60 government bonds, 500 corporate bonds, 591 Exchange traded notes (ETN's)[1]
and more than 1000 mutual funds.

In 2009, the trading day was set at 9:30 AM–4:30 PM. At a news conference in December 2012, CEO Ester Levanon announced that trading would be extended by an hour to bring working hours closer to those of the European market.[3] Since June 2013, the trading day has been 9:30 AM–4:30 PM on Sundays and 9:30 AM–5:30 PM Monday to Thursday.


  • History 1
    • Performance 1.1
    • International agreements 1.2
  • Listing 2
  • Trading 3
  • Indices 4
  • Regulation and controls 5
  • Clearing houses 6
  • References 7
  • External links 8


Yossi Beinart, Tel Aviv Stock Exchange Chief Executive Officer

The precursor to the TASE was the Exchange Bureau for Securities, founded by the Anglo-Palestine Bank (which became Bank Leumi) in 1935. With rapid growth of the Israeli economy after the founding of the state, a formal stock exchange was incorporated and began operations in Tel Aviv in 1953. In 1983 the exchange moved to Ahad Ha'am Street in Tel Aviv, where it remained for over 30 years, until it moved to its current location in 2014.

In 1993 TASE had the third largest number of IPOs of all the world stock exchanges.[4]

The exchange completed its conversion to electronic trading in 1999, under the supervision of Ester Levanon, who was later named CEO of the exchange.[5]

In 2005, non-Israeli investment in TASE reached an all-time high of NIS 2 billion, while the TA-25 increased 34%. By the end of the year foreign investment banks UBS, Deutsche Bank, and HSBC had become members of TASE.[6]

In September 2006, TASE bought out the shares of TASE Clearing House from TASE members, making it a fully owned subsidiary.[7]

In 2007, trading averaged $500 million a day, a 55% increase over the previous year. The number of exchange-traded funds (ETFs) grew to 240. The Tel Bond-20 index was also launched that year.[8] The TA-25 rose 175% in the period 2004–07.[5]

In May 2008 Northern Trust started the first US exchange-traded fund on the NYSE based on TASE's benchmark, the TA-25 Index.[9]

In 2014, TASE moved to its new premises in Tel Aviv, located at 2 Ahuzat Bayit Street. The modern building covers an area of 22,600 square meters and has 14 floors.


A broker giving an order to purchase stocks, 1989

As of May 25, 2010, TASE's largest stocks by market cap were Teva Pharmaceutical Industries ($51.5B), Israel Chemicals ($14.3B), Bank Leumi ($6.1B), and Bezeq ($6.0B). Daily turnover of shares and convertibles in 2009 was USD 432 million, $1,035M of bonds and exchange-traded notes (ETNs), $163M of T-bills, and 252,000 options and futures contracts. Total market cap at the end of 2009 was $189B shares and convertibles, $174B government and corporate bonds, and $23B T-bills, a total of $386B. On April 25, 2010, TASE's benchmark TA-25 index reached a record high of 1,239 points.

For the decade ending 12 February 2012, the TA–25 index topped the Bloomberg Riskless Return Ranking list, outperforming 23 other developed-nation benchmark indexes when adjusting for volatility.[10]

CEO Ester Levanon resigned on 18 July 2013, effective 31 December 2013. A week later, on 25 July 2013, Chairman Saul Bronfeld resigned. According to Bloomberg, the executives’ decisions follow a drop in trading volume and the bourse’s failed bid to join MSCI Inc.’s Europe Index. Bronfeld, who served as chairman since 2006, cited the “hostile control” by the Israel Securities Authority and the regulator’s interference in the executive management of the bourse as the main reasons for his resignation.

The TASE CEO since January 2014 is Mr. Yossi Beinart. He is a Director at the Tel-Aviv Stock Exchange clearing house Ltd. board and at the MAOF clearing house Ltd. board. Mr. Amnon Neubach is the Chairman of the TASE Board since April 2014.

International agreements

In February 2007 the TASE and the London Stock Exchange signed a formal memorandum of understanding intended to smooth the trading of securities listed on both exchanges. At the time, 50 Israeli companies were listed on the London Stock Exchange.[11] A similar memorandum of understanding was signed between the TASE and The Nasdaq Stock Market in November 2007.[12] NASDAQ at the time had 70 Israeli companies listed on the exchange, with a combined global market cap of over US$60 billion.[13][14]

In July 2008 the TASE and NYSE Euronext entered into a memorandum of understanding. At the time seven Israeli companies traded on the NYSE.[9]

In November 2008 the TASE and the Shanghai Stock Exchange signed a memorandum of understanding, with delegations to be sent to each other's markets to deepen understanding and promote trade.[15]

In February 2010 the TASE and the Toronto Stock Exchange signed a memorandum of understanding, committing to the cultivation of stronger ties between the two exchanges.[16]


The Exchange offers four programs under which companies can list on the exchange: three programs for normal operating companies, and an additional venture program for development-stage technology companies. In addition, the TASE has a program for the listing of Limited Partnership Units.


Trading in shares takes place Sunday through Thursday between 9:00 a.m. and 4:30 p.m. local time (GMT+2) on a computerized trading system. Bonds and Treasury bills are traded between 9:30 a.m. and 4:30 p.m. Derivatives trading runs from 9:30 a.m to 4:30 p.m.[17][18] Dual listing is permitted, and many larger Israeli companies are dually listed on the TASE and one or more foreign markets, usually the New York Stock Exchange or NASDAQ, but also the American Stock Exchange and London Stock Exchange.[19]

During regular trading hours the TASE can process orders of four varieties: LMT, MKT, FOK, and IOC.[20]

TASE links to the U.S. markets with a direct link to DTC, a subsidiary of the Depository Trust & Clearing Corporation, which facilitates the trading of dually listed securities.

The ETF that tracks the performance of Israel's overall market is the iShares MSCI Israel Capped Investable Market Index Fund, or EIS (NYSE Arca: EIS).[21]


The major stock market indices of the TASE include:

  • TA-25 Index – TASE's flagship index, listing TASE's 25 largest stocks by market cap. Also called the Ma'of.
  • TA-100 Index – TASE's 100 largest stocks
  • TA-75 – Stocks on TA-100 which are not included in TA-25
  • Mid-Cap 50 – The largest 50 shares which are not included in TA-100 Index (replaced the Yeter-30)
  • Mid Cap TA – All other TASE's stocks which are not included in TA-100 Index
  • TA Composite - The index includes all the shares traded on the exchange
  • TA BlueTech-50 Index - The index is composed of 50 shares with the highest market capitalization that are part of the TA-Technology Index and the TA-Biomed index. The Index replaces the Tel-Tech Index that ceased being published in April 2011.
  • TA-Technology Index – The index is composed of all technology shares on TASE
  • TA-Biomed Index - The index composed of all the Biomed sector shares on TASE
  • TA-Oil & Gas Index is composed of all shares included in oil & gas exploration sector shares on TASE
  • TA Real-Estate 15 – TASE's 15 largest real-estate sector stocks
  • TA Finance 15 – TASE's 15 largest Finance sector stocks
  • Tel-Div 20 – Index of the 20 issues listed on the TA-100 Index with the highest annual dividend yield.
  • Maalasocially responsible investing index
  • Tel-Bond 20 – consists of the 20 corporate bonds, fixed-interest and CPI-linked, with the highest market cap among all the bonds traded on the TASE.

These and other indices are explained on the TASE website indices section.[22]

Regulation and controls

The TASE is regulated by the Securities Law (1968), and falls under the direct supervision of the Israel Securities Authority.[23]

Clearing houses

Two clearing houses operate at the TASE as subsidiaries:

  • The TASE Clearing House was established in 1966. It clears all securities transactions executed on and off the stock exchange and carries out income payments on behalf of companies. The TASE Clearing House also operates a Global Clearing, Settlement, and Custody Services unit in collaboration with Citigroup.
  • The Derivatives Clearing House was established in 1993 with the opening of the TASE derivatives market. It is responsible for clearing options and futures traded on the TASE.


  1. ^ a b c "EXCHANGING HISTORY" (PDF). Tel Aviv Stock Exchange. Retrieved 2015-05-14. 
  2. ^ אתר הבורסה – דף הבית [The Bursa site – homepage] (in Hebrew). Tel Aviv Stock Exchange. Retrieved 2011-09-21. 
  3. ^ TASE plans extra hour to trading day, Haaretz
  4. ^ "TASE is third in 1993 IPOs". Israel Business Today. 1994-07-22. Retrieved 2011-03-23. 
  5. ^ a b Ser, Sam (2008-01-31). "Bulls on parade". Jerusalem Post. Retrieved 2015-07-14. 
  6. ^ Wrobel, Sharon (2005-12-28). "TASE lures foreign investment". Jerusalem Post. Retrieved 2015-07-14. 
  7. ^ "Tel Aviv Stock Exchange buys out Tase Clearing House". 2007-02-19. Archived from the original on 2012-01-13. Retrieved 2015-07-14. 
  8. ^ Krieger, Matthew (2007-12-27). "TASE aims to boost global reach in '08". Jerusalem Post. Retrieved 2015-07-14. 
  9. ^ a b Bloomberg (2008-07-01). "Tel Aviv, New York bourses sign accord". Jerusalem Post. Retrieved 2011-03-23. 
  10. ^ Barak Harif, Tal (21 February 2012). "Israel Safest as Investors Discount War Threat".  
  11. ^ "LSE and Tel Aviv Stock Exchange sign MoU". 2007-02-20. Archived from the original on January 13, 2012. Retrieved 2015-07-15. 
  12. ^ Langton, James (2007-11-26). "Nasdaq, Tel Aviv Stock Exchange formalize ties". Investment Executive. Retrieved 2015-07-15. 
  13. ^ "Tel Aviv Stock Exchange". 2007-11-26. Retrieved 2011-03-23. 
  14. ^ "Nasdaq cements tie with Israeli exchange". Retrieved 2012-11-14. 
  15. ^ "Shanghai Stock Exchange And Tel Aviv Stock Exchange sign MoU". 2008-11-10. Archived from the original on January 13, 2012. Retrieved 2015-07-14. 
  16. ^ Fleisher, Malkah (10 February 2010). "Tel Aviv and Toronto Stock Exchanges Sign Mutual Memorandum".  
  17. ^ "TASE Site". Retrieved 2011-03-23. 
  18. ^ "TACT Overview". Retrieved 2011-03-23. 
  19. ^ "Dual Listing". Retrieved 2011-03-23. 
  20. ^ Reich, Dror (15 February 2012). הבורסה משיקה שתי פקודות מסחר חדשות בשלב הרציף [TASE launches two new exchange orders for regular trading hours].  
  21. ^ "EIS — iShares MSCI Israel Capped Investable Market Index Fund". ETF Channel. Retrieved 2011-09-02. This ETF is a fund, created in March 2008, that corresponds to the price and yield performance, before fees and expenses, of the MSCI Israel Capped Investable Market Index. 
  22. ^ "TASE Site - Market Cap Indices". 2011-08-13. Retrieved 2012-02-13. 
  23. ^ "SEC Info – Israel State of – 18-K/A – For 12/31/06 – EX-99.D". Retrieved 2011-03-23. 

External links

  • Stock Market
  • Tel Aviv Stock Exchange website
  • About Tel Aviv Stock Exchange
  • Tel Aviv Stock Exchange Corporate Actions System
  • Tel Aviv Stock Exchange Disclosure System (Hebrew Only)
  • Tel Aviv Stock Exchange – Market Data
  • Tel Aviv Stock Exchange – Trading System
  • Tel Aviv Stock Exchange – Clearing & Settlement
  • Tel Aviv Stock Exchange – Listed Companies
  • Ester Levanon, CEO of the Tel Aviv Stock Exchange, presides over the Market Close –, September 14, 2006
  • MSCI upgraded Israel from an emerging market to a developed market, interview with Ester Levanon, CEO of the Tel Aviv stock exchange
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