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Tel Aviv Stock Exchange (TASE) Updates Price List for Custody Services (Account Management Fees) of TASE Clearing House
TEL AVIV, Israel, July 18, 2024 /PRNewswire/ — Following a study conducted by the Tel Aviv Stock Exchange Ltd. (LEVEL: LEVEL) (hereinafter, hereinafter – “LEVEL“) in recent months, with the help of international consultants, regarding fees charged to stock exchanges and clearing houses around the world, which found, among other things, that both in respect of custody and other clearing services, the TASE clearing house's rates Israel are significantly lower than standard fees worldwide, TASE is seeking to update the custody fees charged to its members (hereinafter – “the Price List Update”).
The update of the price list will be carried out in three annual stages, in order to reduce the aforementioned gap between the fees charged in Israel and the usual commission on comparable financial markets. The first stage will begin on January 1, 2025the second at the end of one year from the said date, and the third at the end of two years from the said date.
TASE will release a draft proposal for public comment.
It should be noted that the price list update is subject to approval by the TASE Board of Directors and the Israel Securities Authority.
In TASE's assessment, based on the total market capitalization of assets held in custody at the clearing house as of June 30, 2024the full implementation of the above-mentioned price list update is expected to generate additional revenue for TASE from management fees in an estimated annual volume of approximately 11 million NIS in 2025, 26 million NIS in 2026 and 44 million NIS in 2027 and after.
TASE's estimates of additional revenue from management fees constitute forward-looking information, which is based on the market capitalization of assets held in custody at the clearing house as of June 30, 2024 and on the rate of increase in management fees. This information may not be realized or may be realized in a materially different manner, including due to the inability to obtain the necessary approvals to update the price list and due to changes in the volume and market capitalization of assets held on deposit with the clearing house, to which the increased rates will apply.
https://maya.tase.co.il/reports/details/1606094
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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Sources 2/ https://www.prnewswire.com/il/news-releases/the-tel-aviv-stock-exchange-tase-update-its-pricelist-for-custody-services-account-management-fees-of-the-tase-clearing-house-302200865.html The mention sources can contact us to remove/changing this article |
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