Tel Aviv Stock Exchange fulfils a major role in the Israeli economy and
is a key player in the nation's economic growth. It is the home
turf on which corporate Israel raises capital to finance investments
and activities, and for the government to bring the public into its
companies as they are privatized. The state-of-the-art exchange is also
home to the local investment community and securities sector. Today the
market has become an advanced, top of the line venue for trading in
securities of all types.
Multiple reforms have opened the Israeli market to the world, and
brought the world to the Israeli investor. Yet the advanced technology
and the sophistication of its wares, assure that the TASE will remain a
vital trading arena for Israeli and foreign investors alike.
Local trade in securities began in the 1930s, years before the
formation of the State of Israel. 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 pressing need
arose to formalize trade in securities. In September 1953, a number of
banks and brokerages joined forces and established the Tel Aviv Stock
Since the mid-1990s the Tel Aviv Stock Exchange (TASE) has been
adapting to meet the standards of the most advanced exchanges in the
world. Physical trading floors, long abolished, have been replaced by a
computerized system, the TACT (Tel Aviv Continuous Trading), allowing
transaction orders to flow 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.