Tel Aviv Stock Exchange
The
Tel Aviv Stock Exchange (
TASE) is
Israel's only
stock exchange, located in
Tel Aviv.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 its current location in Tel Aviv.
Trading in shares takes place Sunday through Thursday between 8:30 a.m. and 5:30 p.m. local time (
GMT+2), overlapping the American markets for a full hour (9:30 a.m. to 10:30 a.m.
EST).
Bonds and
T-bills are traded on a slightly different schedule - between 9:30 a.m. and 4:50 p.m. Derivatives trading runs from 9:30 a.m to 5:30 p.m. Many larger Israeli companies are dually listed -- both on the TASE and primarily the
NASDAQ or the
NYSE.
The exchange is regulated by the Securities Law (1968), and falls under the direct supervision of the
Israel Securities Authority. 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. The TASE allows for dual listing of any company accepted for trading on the
NASDAQ,
NYSE,
AMEX, or
LSE.
TASE links to the US markets with a direct link with
DTC, a subsidiary of The
Depository Trust & Clearing Corporation, which facilitates the trading of dually listed securities.
TASE lists some 660 companies, about 60 of which are also listed on stock exchanges in other countries (mostly on the
NASDAQ and the
NYSE, some others in Europe). TASE also lists some 40
ETFs, 60
government bonds, 500
corporate bonds, and 900
mutual funds.
Daily turnover of shares and convertibles in December
2005 was
USD 280 million, $312M of bonds, $191M of T-bills and $315M of options.
Total
market cap at the end of 2005 was $123B shares and convertibles, $57B government bonds, $23B corporate bonds and $19B T-bills, a total of $221B. As of 1/1/2005, TASE's largest stocks by market cap were
Teva ($18.7B),
Bank Hapoalim ($4.2B),
Bank Leumi ($3.9B),
Bezeq ($3B) and
Israel Chemicals ($2.9B).
These and other up-to-date stats are available on the
TASE website stats section.
The major
stock market indices of the TASE include:
*
TA-25 - TASE's flagship index, listing TASE's 25 largest stocks by market cap. Also called the
Ma'of.
*
TA-100 - TASE's 100 largest stocks
*
TA-75 - Stocks on
TA-100 which are not included in
TA-25*
Mid-Cap 30 - The largest 30 shares which are not included in
TA-100*
Yeter - All other TASE's stocks which are not included in
TA-100*
Tel-Tech 15 - TASE's 15 largest
high-tech stocks
*
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 twenty shares listed on the TA-100 with the highest annual
dividend yield.
*
Maala Socially Responsible Investing (SRI) Index
These and other indices are explained on the
TASE website indices section.
*
Tel Aviv Stock Exchange website*
Tel Aviv Stock Exchange Disclosure System (Hebrew Only)*
Tel Aviv Stock Exchange - Links
