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| The exchange is regulated by the Securities Law (1968), and falls under the direct supervision of the ]. 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 ], ], ], or ]. | The exchange is regulated by the Securities Law (1968), and falls under the direct supervision of the ]. 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 ], ], ], or ]. | ||
| 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. | |||
| ==Statistics== | ==Statistics== | ||
Revision as of 03:44, 23 July 2006
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.
Statistics
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.
TASE stock indices
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.
External links
- Tel Aviv Stock Exchange website
- Tel Aviv Stock Exchange Disclosure System (Hebrew Only)
- Tel Aviv Stock Exchange - Links
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