Finance C'tee confirms TASE week won't change

TASE

The Tel Aviv Stock Exchange will continue to operate Sunday-Thursday after the change in its ownership structure.

As "Globes" reported earlier this week, the Tel Aviv Stock Exchange (TASE) will not switch to a Monday to Friday working week. The measure has been removed from the legislation to change the ownership structure of the TASE and turn it into a for-profit company. The Knesset Finance Committee discussed the amendment to the Securities Law concerning the change in ownership structure with the section on changing the working week from Sunday-Thursday to Monday-Friday removed. The TASE and the Israel Securities Authority did not object.

The banks in Israel were also opposed to a change in the TASE working week, which would have brought Israel's stock market into line with most of the rest of the world, on the grounds that it would be expensive and would not bring substantial benefit.

The heads of the TASE and the Israel Securities Authority hope that turning the TASE into a for-profit company not owned by its members will lead to a change in the exchange's fortunes. Trading volumes have been weak for a long time, especially in equities. Minister of Finance Moshe Kahlon shares these hopes, and is backing the amendment. Opponents of it say that trading is liable to become more expensive, and that the banks are receiving too large a windfall for their share in the TASE.

Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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