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Tel Aviv Stock Exchange (TASE) Modernizes and Expands Foreign Exchange Clearing Services, Bringing Israeli Capital Market in Line with International Standards
Access to clearing services in a variety of leading currencies will enable local and international investors to settle foreign currency transactions alongside the local currency and enable companies to raise capital settled also in foreign currencies.
TEL AVIV, Israel, July 17, 2024 /PRNewswire/ — The Tel Aviv Stock Exchange (TASE: TASE) plans to modernize and expand its foreign exchange clearing services as part of its strategy to evolve the capital market in alignment with international standards.
The expansion of clearing services and the addition of foreign settlement currencies, such as the US dollar and the euro, will enable public companies to raise funds from the public in foreign currencies, enable TASE members to settle OTC transactions in foreign currencies, and give Israeli and international investors access to a wide range of corporate actions (e.g., repurchase, interest and takeover bid payments) in foreign currencies.
These changes will benefit all participants in the local capital market: Mutual fund managers will be able to issue mutual funds, including money market funds, denominated in foreign currencies in order to provide the public with exposure to a variety of additional investment vehicles. International investors will be able to purchase stocks and bonds via OTC transactions directly in their own local currency, without having to convert them into shekels. The government and public companies that conduct their primary business in foreign currencies will be able to issue stocks and bonds and settle the issue price directly in foreign currencies. In addition, investors will be able to receive interest and redemption payments on bonds directly in foreign currencies, eliminating substantial conversion costs for both investors and public companies.
The expansion of the clearing infrastructure to support settlement in additional foreign currencies is another step in implementing TASE’s strategy to evolve the Israeli capital market. This will align it with international standards and open the Tel Aviv Stock Exchange to global markets and international investors. The goal is to offer the general public, public companies and investors a broader and more diversified range of activities in the Israeli capital market.
Contact:
Orna Goren
Head of the Communication and Public Relations Unit
Tel.: +972 76 8160405
[email protected]
SOURCE Tel Aviv Stock Exchange Ltd.
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