Tel Aviv Stock Exchange

[5] Trading on the TASE is conducted exclusively through its 23 members, which include major banks and investment houses that collect a fee for their services.

Among those that conceived the original idea were bankers who had immigrated from Germany such as Max Kollenscher and his brother Leo.

Today, tens of dual-listed companies are traded on TASE (being listed in Tel Aviv and on overseas exchanges, in parallel).

[8] Since 2008, against the backdrop of the global economic crisis, the tightening of the regulatory regime in which TASE operates (by the Israel Securities Authority, the Capital Market, Insurance and Savings Division at the Israeli Ministry of Finance, the Anti-Money Laundering Authority, etc.)

At the beginning of 2017, the Knesset passed the second and third readings of a law for TASE's demutualization, which created the outline for turning it into a for-profit company.

The Israel Securities Authority has regulatory oversight over TASE's operations, as well as over the Tel-Aviv Clearing House, the MAOF Clearing House and the Tel-Aviv Stock Exchange Nominee Company, which are wholly owned subsidiaries of TASE.

The Nominee Company is engaged in two main areas of activity: it ensures the proper and complete registration of the number of securities registered in its name (held by the public) and serves as a conduit for the transfer of payments deriving from corporate actions (such as dividends, interest) between the issuing companies and the end-holders of the securities.

In August 2018, the Israel Securities Authority approved] the sale of 71.7% of TASE's shares to five groups of foreign investors.

As part of the reform, new indices were created with the aim of raising investors' interest in TASE and increasing activity thereon.

[12] The Israeli Stock Exchange has 23 members[13] The central Bank of Israel In 1960, TASE moved to its own premises in the "Passage" at 113 Allenby Street in Tel Aviv and, in February 1983, TASE moved premises to 54 Ahad Ha'Am Street in Tel Aviv.

Educational visits took place in the Visitors Center, as well as conventions and events associated with the capital market[ On July 24, 2014, TASE moved to its new home on the corner of Montefiore Street and Ahuzat Bayit Street, close to the Shalom Meir Tower.

The TASE complex stands on a one and a half dunam plot that was acquired by it in 2007 at a cost of NIS 58 million and construction took five years.

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

[20] As of May 25, 2010, TASE's largest stocks by market capitalization were Teva Pharmaceutical Industries ($51.5 billion), Israel Chemicals ($14.3bn), Bank Leumi ($6.1bn), and Bezeq ($6.0bn).

Daily turnover of shares and convertibles in 2009 was US$432 million, $1,035M of bonds and exchange-traded notes (ETNs), $163M of T-bills, and 252,000 options and futures contracts.

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.

[22] Growth in the number of retail accounts with Israeli members of TASE in 2020 The Israeli capital market was stormed by the local retail public in 2020, which opened a significantly greater number of new accounts with TASE members than in 2019.

[23] In 2023, despite significant events such as war and legal reform, about 40% of the companies listed on the Tel Aviv Stock Exchange continued to distribute dividends to their shareholders.

The Tel Aviv Stock Exchange reported that 206 listed companies distributed dividends totalling approximately 27.2 billion shekels in 2023.

Despite these uncertainties, the percentage of public holdings in traded stocks on the exchange has gradually increased over the recent years, reaching 63.3% by the end of 2023.

The average dividend yield of the listed companies in 2023 amounted to approximately 2.9%, compared to about 2.8% in the previous year.

[26] NASDAQ at the time had 70 Israeli companies listed on the exchange, with a combined global market capitalization of over US$60 billion.

TASE collects fees from its members on every transaction executed thereon, calculated in thousands of a percent of the asset value in the case of the TACT system and in tens of agorot per MAOF option unit.

It is usually possible to obtain a discount of tens of percent from the banking pricelist, just by asking, even if volumes are not significant (reducing the fee to 0.2–0.3%).

At the end of January 2021, 457 companies were listed on TASE with a total market cap of NIS 837 billion.

[68] In light of the ever-increasing interest from Israeli companies to also list on markets in the Far East, including Singapore and Hong Kong, due either to business links with these markets or to perceiving the attractiveness of these markets for fundraising, the Israel Securities Authority submitted a proposal that was approved by the Knesset Finance Committee in June 2018, pursuant to which the dual-listing arrangements were extended so as to include three additional stock exchanges: Singapore, Hong Kong and Toronto.

Tel Aviv Stock Exchange (TASE)
The display in the lobby of the Tel Aviv Stock Exchange
A broker giving an order to purchase stocks, 1989