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73-533: As of 2024, Shufersal had 316 stores in total, and 96 branches of Be Drugstores Ltd. The company employs 15,500 employees. It also engages in commercial real estate. Shufersal shares are traded on the Tel Aviv Stock Exchange , and it is a constituent of the TA-125 Index . Shufersal was founded in 1958 by a group of grocers from Detroit , Michigan . Nate Lurie of Southfield, Michigan was

146-606: A co-Founder and served as the first Chairman of the Board. The name was originally a portmanteau of the Aramaic *shufra* שופרא, meaning "premium" and *sal* סל, Hebrew for "basket". In 2005, the company implemented a strategic growth plan, creating three supermarket categories: "Shufersal Deal", "Shufersal Big", and "Shufersal Sheli". In early 2006, Shufersal purchased the third-largest retail chain in Israel, Clubmarket. In October 2006,

219-587: A considerable discount from both the banks and the investment houses, so that the fees collected from the larger traders are at tariffs approaching the TASE pricelist. Furthermore, the Israeli banks collect a range of different fees in relation to transactions with TASE, such as distribution fees for mutual funds and " custodianship fees ", which is an archaic fee that very few of the investment houses continue to collect; it amounts to 0.1–0.2% annually and originates from

292-691: A day, a 55% increase over the previous year. The number of exchange-traded funds (ETFs) grew to 240. The Tel Bond-20 index was also launched that year. The TA-25 rose 175% in the period 2004–07. In May 2008 Northern Trust started the first US exchange-traded fund on the NYSE based on TASE's benchmark, the TA-25 Index. As of May 25, 2010, TASE's largest stocks by market capitalization were Teva Pharmaceutical Industries ($ 51.5 billion), Israel Chemicals ($ 14.3bn), Bank Leumi ($ 6.1bn), and Bezeq ($ 6.0bn). Daily turnover of shares and convertibles in 2009

365-475: A fee that is 100–200 times higher than the TASE fee charged to them. It is usually possible to obtain a discount of tens of percent from the banking pricelist, just by asking, even if volumes are not significant (reducing the fee to 0.2–0.3%). The fee collected from low-volume traders by non-bank members (i.e., the investment houses) is lower (approximately 0.1%), only some 20 times higher than the TASE fee. Significant-volume private and institutional traders receive

438-750: A for-profit company, while separating the ownership and control of TASE from membership therein. The Israel Securities Authority has regulatory oversight over TASE's operations, as well as over the Tel-Aviv Clearing House, the MAOF Clearing House and the Tel-Aviv Stock Exchange Nominee Company, which are wholly owned subsidiaries of TASE. In 2018, the Nominee Company was established as a private subsidiary of TASE. The Nominee Company

511-594: A higher value and more stringent threshold criteria in relation to the free float. The Tamar universe comprises some 350 shares, including smaller value shares as well as shares with a lower free float. (formerly, the MAOF Index ) 1983 Israel bank stock crisis The bank stock crisis was a financial crisis that occurred in Israel in 1983, during which the stocks of the four largest banks in Israel collapsed. In previous episodes of share price weakness,

584-610: A second bank, and buy the second bank's stocks for a similar sum. Under pressure from the Israeli Securities and Exchange Commission , the banks reported the adjustments in their reports, but these reports were partial, misleading, and sometimes even false. Toward their clients the banks acted in a manner later described by the Bejski Commission as based on their own interests, ignoring the clients' interests. The adjustments were made possible, in large part, by

657-570: A share's maximum weighing in an index. For instance, the Tel Aviv 25 Index, which was considered TASE's flagship index was expanded from 25 to 35 shares, with its name being changed to the TA- 35 Index , accordingly. The maximum weighting for a share in the Index was reduced from 10% to 7%. One of the main objectives of the reform was to reduce the level of concentration in the indices. Since more than 70% of

730-483: Is engaged in two main areas of activity: it ensures the proper and complete registration of the number of securities registered in its name (held by the public) and serves as a conduit for the transfer of payments deriving from corporate actions (such as dividends, interest) between the issuing companies and the end-holders of the securities. In August 2018, the Israel Securities Authority approved

803-604: Is the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the Securities Law (1968) and is under the direct supervision of the Israel Securities Authority (ISA). The TASE plays a significant role in the Israeli economy , facilitating the trade of securities and the raising of capital and debt for companies and

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876-614: The London Stock Exchange's Main Market and the Nasdaq Small Cap Market. Today, tens of dual-listed companies are traded on TASE (being listed in Tel Aviv and on overseas exchanges, in parallel). In 2005, market makers began operating on TASE. In 2007, the annual volume of securities and convertibles hit a new record of NIS 593.2 billion. Since 2008, against the backdrop of the global economic crisis ,

949-491: The National Religious Party , or close to them). The banks' managers ran the banks for owners who understood little of banking and did not involve themselves in these actions. The fourth major bank to join this practice, Discount Bank , was different, insofar as management and control had not been ceded to outside managers. Also contributing to the possibility of the adjustment was the capital structure of

1022-467: The "hostile control" by the Israel Securities Authority and the regulator's interference in the executive management of the bourse as the main reasons for his resignation. Increase in trading volumes in 2020 The average daily trading volume on the equities market in 2020 amounted to approximately NIS 1.9 billion, some 35% higher than the average volume in the years 2015–2019 (that amounted to approximately NIS 1.4 billion per day). The major contributor to

1095-486: The 1960s, the scope of activity on TASE was limited and, in 1965, only 80 companies were listed on TASE. At the end of January 2021, 457 companies were listed on TASE with a total market cap of NIS 837 billion. Since the Israeli stock exchange indices reform at the beginning of 2017, there have been two equity universes. The Rimon universe is the senior of the two and comprises some 230 shares that are suitable to be used as underlying assets for derivatives. Such shares have

1168-468: The CEO of Bank Leumi. In the office that served as the stock exchange, daily trading within the framework of the "Exchange Bureau of Securities" lasted for just one hour. Among those that conceived the original idea were bankers who had immigrated from Germany such as Max Kollenscher and his brother Leo. In 1968, TASE activity was regulated by law and the Israel Securities Authority, which supervises TASE activity,

1241-710: The ETF is subject to the Joint Investment Trusts Law. TASE collects fees from its members on every transaction executed thereon, calculated in thousands of a percent of the asset value in the case of the TACT system and in tens of agorot per MAOF option unit. Citizens interested in trading on TASE do so through the TASE members (the abovementioned banks and investment houses), which collect a considerably higher fee for their services from low-volume traders. The banks collect, using their default pricelist (0.6–0.8%),

1314-478: The European MSCI. Several financial products are traded on TASE: The fund does not guarantee a return linked to the movement in the index and the return for the investor can be higher or lower than the movement in the selected index, due to the fund's trading activity and the deviation (generally, small) in the composition of the fund's assets. Actually, an ETF is obligated to make its best effort to track

1387-537: The Index's weighting related to just 10 shares, a sharp change in the value of just one of these would cause the Index to react dramatically, and the Index was considered to be too concentrated. As part of the reform, new indices were created with the aim of raising investors' interest in TASE and increasing activity thereon. The new indices that were created are: the TA-BlueChip15Price, the TA-SME150 and

1460-541: The Israeli market, such as the kibbutzim , were according to the government's wishes, the government would guarantee these loans. Due to these reasons, the banks used the adjustments to issue more and more stocks, until, during the 1980s, bank stocks accounted for more than 90% of all issued shares on the stock market. They used the capital thus gained to give out loans and make investments. The banks also grew exponentially, building hundreds of new branches and hiring thousands of new employees. The large banks got addicted to

1533-522: The Israeli market. During the years following the establishment of the State of Israel, the governments used the banks as a channel for procuring capital, and instructed them on how to invest their funds. This level of control, coupled with the control of interest rates, allowed the government to effectively "print money", by getting the banks to buy government bonds. Additionally, the banks usually assumed that since their investments and loans in major players of

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1606-539: The State Attorney. In 1990 the Supreme Court decided to order a trial of the banks' managers, and the accountants who lied to the commission. On the administrative side, the commission concluded that investment recommendations should be separated from ownership, that is, the provident funds and mutual funds should be separated from the banks. These recommendations were not implemented, due to pressure from

1679-645: The TA Rimon indices. The Israeli Stock Exchange has 23 members The central Bank of Israel In 1960, TASE moved to its own premises in the "Passage" at 113 Allenby Street in Tel Aviv and, in February 1983, TASE moved premises to 54 Ahad Ha'Am Street in Tel Aviv. In 2001, a Visitors Centers was opened on the historic trading floors of the TASE building. Educational visits took place in the Visitors Center, as well as conventions and events associated with

1752-595: The TASE and the Toronto Stock Exchange signed a memorandum of understanding, committing to the cultivation of stronger ties between the two exchanges. TASE only operates from Sunday through Thursday. TASE does not operate on Friday as it is a short workday. TASE also does not operate on Israeli national and religious holidays[2]. Every so often, the idea of changing the trading days is raised such that TASE would not operate on Sundays and would operate on Fridays. The reasons for proposing this change include

1825-683: The TA–25 index topped the Bloomberg Riskless Return Ranking list, outperforming 23 other developed-nation benchmark indexes when adjusting for volatility. CEO Ester Levanon resigned on 18 July 2013, effective 31 December 2013. A week later, on 25 July 2013, Chairman Saul Bronfeld resigned. According to Bloomberg, the executives' decisions follow a drop in trading volume and the bourse's failed bid to join MSCI Inc.'s Europe Index. Bronfeld, who served as chairman since 2006, cited

1898-423: The adjustments frenzy was First International Bank of Israel (FIBI). The adjustments were performed through the use of other companies. For example, Bank Leumi used the " Jewish Colonial Trust Holdings and Development Company". The funding for these actions originated in loans from the bank's pension funds and similar sources. Sometimes the banks would practice mutual purchases – one bank would sell its stocks to

1971-473: The afternoon (and for derivatives – 17:35) local time ( GMT +2). Since March 8, 2020, trading on Sundays occasionally ends at between 15:49 and 15:50 local time ( GMT +2). Correspondingly, derivatives trading on such Sundays ends 35 minutes earlier, viz. at 16:00 on local time ( GMT +2). Calcalist reported in May 2024 that TASE is expected to begin operating also on fridays. This will allow TASE to be included in

2044-399: The banks bought back their own stocks , creating the appearance of constant demand for the stock, and artificially supporting their values. By October 1983, the banks no longer had the capital to buy back shares and to support the prices causing share prices to collapse. The Tel Aviv Stock Exchange closed for eighteen days beginning October 6, 1983, whilst a recovery plan was implemented and

2117-513: The banks and the government's conflict of interests as the banks' owner at the time. The government later sold some of the banks to private investors, selling Bank Hapoalim in 1996, and HaMizrachi in 1998. The government also sold a major part of its stock in Bank Leumi in 2005, and of Discount in 2006. In the early years of the 21st century, some of the commission's recommendations were finally put into place. After all four banks were sold by

2190-570: The banks had to transfer more and more funds from their offshore tax havens to keep maintaining the illusion of safety of investing in their stocks. In early 1983, share prices across all non-financial stocks on the Tel Aviv Stock Exchange suffered from weakness. The banks invested heavily in all issues, hoping to maintain liquidity in the market. From January through March, some regulators, among them Finance Minister Aridor and Bank of Israel Governor Moshe Mendelbaum , approached

2263-655: The banks several times, trying to get them to gradually reduce their adjustments. Although some bank managers realized they could not continue this for long, they did not stop. Fearing a market collapse, Finance Ministry officials kept knowledge of this from the public. However, the 8% devaluation in August was far too small to accomplish the purpose. Additionally, the supplies in the stock market grew steadily, and reached new heights in September. The public unrelentingly sold bank stocks, and purchased U.S. dollars . Failing to stop

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2336-503: The banks were nationalized . During the 1970s, Bank Hapoalim , and its manager, Yaakov Levinson, began attempting to control the bank's stock price on the Tel Aviv Stock Exchange by recommending to their customers that they invest in the bank's stocks by fraudulently providing guarantees that the prices of shares in the banks would rise indefinitely. These investments allowed the bank to increase its available capital for investments, loans, etc. The bank also gave out generous loans to allow

2409-632: The banks' managers, they did nothing, failing even to warn the public. The Minister of the Finance , Yoram Aridor , even remarked on television that had he had the funds to do so, he would invest in the stock market. The adjustments were based on the promise of a constant rise in the banks' stock prices, irrespective of the economic situation. The artificial prices thus achieved created an economic bubble , where everyone involved continued to invest increasing sums of money for lesser returns. Every new issue of bank stocks further destabilized them, since more of

2482-414: The banks' managers, who demanded the government limit the public's purchases of U.S. dollars, and allow it only for plane tickets. They assumed that without an option to save the money themselves, due to the high inflation, the public would be forced to invest in the banks' stocks. Even if their thesis was correct, one can assume such a move would only fuel the panic, and exacerbate the crisis. On October 5,

2555-526: The banks' ownership structure. Bank Hapoalim was controlled by the Histadrut labor union's Workers Company (Hevrat HaOvdim), and Bank Leumi by the "Jewish Colonial Trust". The Hapoel HaMizrachi organization had almost none of Bank HaMizrachi's ordinary stocks, but all of its controlling shares. The owners' representatives were usually members of the ruling political parties (especially the Alignment , and

2628-467: The banks' stocks from the public, to prevent the loss of their investments. On Sunday, October 9, the stock exchange remained closed, and stayed closed till October 24. In the meantime the shekel was devalued by 23%. The stocks sold by the public were bought by the Bank of Israel (the nation's central bank) at an average loss of 17%. Eventually, 35% of the stocks' value was lost. The immediate consequences of

2701-591: The banks, Finance Ministry officials wished to execute a large devaluation of the Shekel as an excuse to stop the adjustments. Bank stocks remained under pressure. On October 2, the first trading day after the Sukkot holiday, the public sold more bank stocks than in the entire month of September. On October 4, the Minister of Finance appeared on television saying, "We will not let the public dictate our moves," to say

2774-567: The bare minimum requires a very strict risk control based on transparency. However, because the capital changed hands multiple times between banks and their clients-investors, the actual degree of leverage was masked from involved parties as well as from government regulatory bodies. Other banks joined the practice, called adjustments . Eventually all major banks manipulated their stock price this way, among them Bank Leumi , Discount Bank , Bank Igud , Bank HaMizrachi , and Bank Clali ( General Bank , now U-Bank ). The only prominent bank not to join

2847-483: The capital market[ On July 24, 2014, TASE moved to its new home on the corner of Montefiore Street and Ahuzat Bayit Street, close to the Shalom Meir Tower. The TASE complex stands on a one and a half dunam plot that was acquired by it in 2007 at a cost of NIS 58 million and construction took five years. The 14 story building tops out at 60 meters and has 22,600 m of floor space. The nonstandard ratio between

2920-611: The capital was invested in maintaining the adjustment regime instead of profitable loans. Also, as the market share of bank stocks grew, the adjustments became weaker, as every cent ( agora , actually) invested by the banks became a smaller part of the total invested capital. The real return (i.e. over and above the Consumer Price Index ) on investment in the banks' stocks diminished, from a 41% return in 1980, to 34% in 1981, to 28% in 1982. Other investment options, especially purchasing U.S. dollars became more appealing, and

2993-537: The chain launched the Shufersal Credit Card. Sales turnover for the chain in 2007 totaled NIS 9,935 million. In 2009 it launched a subsidiary, Yesh, targeting the Haredi market. Features of Yesh stores include products marketed to larger families, lower prices, stricter kashrut standards, and in some stores, separate hours for men and women In 2009, Shufersal was threatened with an antitrust suit for

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3066-477: The client to get them to purchase stocks; conditioning one service on another; and perjury before the commission. The commission's report states the regulatory bodies acted negligently and irresponsibly, but there were no recommendations for actions against them. Following the commission's conclusions, and after a long struggle, the banks' managers were dismissed, but no criminal charges were brought against them initially, due to "lack of public interest", according to

3139-533: The crisis were the loss of a third of the public's investments in the banks, the acquisition of the banks by the government at a total cost of $ 6.9 billion (for reference, Israel's entire GDP in 1983 was about $ 27 billion), and the nationalization of the major banks (Leumi, Hapoalim, HaMizrachi, Discount, and Clali). Executives of each of the banks were convicted of criminal charges. Raphael Recanati of Discount Bank and Mordechai Einhorn of Bank Leumi were both sentenced to 8-month prison terms. Recanati's sentence

3212-592: The curtain on the trading floors era and completed the changeover to fully automated trading making use of a "continuous" trading system (TACT). In 2000, the Knesset passed Amendment No. 21 to the Securities Law, which makes it easier for companies whose shares are listed in the United States, to also list in Tel Aviv ("dual listing"). In July 2005, dual listing was expanded to include companies listed on

3285-447: The customers to continue their investments, also profiting from the interest. In practical sense banks loaned out the capital for clients to buy bank's own stocks, increasing bank capital to loan out. While being a loop rather than the "pyramid", this scheme is similarly precarious, as nominal volumes of capital and loans grow very large in proportion to the actual capital in the system. This very high leverage - called over-leverage - at

3358-408: The dividends (15.8 billion shekels) in 2022. The remaining dividends were paid to stakeholders. The average dividend yield of the listed companies in 2023 amounted to approximately 2.9%, compared to about 2.8% in the previous year. This was the highest yield since 2017, topping the yield of the record year of 2022. The market value in 2023 was approximately 9% lower than in 2022, while the total dividend

3431-435: The easy capital, but this method soon became a trap. Like the government, fearing recession, the banks avoided any move to limit their expenses. They feared for the pockets and jobs of the managers, but also the fact that the first bank to make such a move would appear inferior compared to the other banks. All of the regulatory bodies were well aware of the adjustments regime, but aside from slight warnings, easily dismissed by

3504-435: The energy, oil and gas sectors, as well as in the banking and financial services sector. The Tel Aviv Stock Exchange reported that 206 listed companies distributed dividends totalling approximately 27.2 billion shekels in 2023. This was slightly less than the all-time high recorded in 2022 when 233 companies distributed about 28.6 billion shekels. Despite these uncertainties, the percentage of public holdings in traded stocks on

3577-399: The exchange has gradually increased over the recent years, reaching 63.3% by the end of 2023. This trend contributed significantly to an increase in the proportion of dividends received by the public. The year 2023 also marked a record in the total dividends distributed to public shareholders, which was about 62% of the distributed sum (16.8 billion shekels), as opposed to approximately 55% of

3650-497: The general public during 2020, compared to some 98,000 new accounts in 2019, a 44% increase. The pace at which non-bank members acquired new members – some 170% more than in 2019 – was particularly noticeable. Among the banks, the growth was 36% up on the previous year. In 2023, despite significant events such as war and legal reform, about 40% of the companies listed on the Tel Aviv Stock Exchange continued to distribute dividends to their shareholders. This included notable dividends in

3723-568: The government on the Israeli capital market. Trading on the TASE is conducted exclusively through its 23 members, which include major banks and investment houses that collect a fee for their services. The TASE was founded in 1953, with its precursor dating back to 1935. As of 2021, it lists 473 companies, 901 series of corporate bonds, 204 series of government bonds, 416 index-tracking products, and 1,231 mutual funds. The exchange's market capitalization for equities stands at US$ 216 billion, and for bonds at US$ 196 billion. The Tel Aviv Stock Exchange

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3796-457: The index and, as such, the ETF should generate a similar, if not an identical, return to the movement in the index that it tracks. An ETF is a hybrid product, since it is listed on TASE like any other security listed on TASE and can be bought or sold on TASE. However, in addition to this, the investor has the possibility of buying or selling the ETF, in a similar fashion to open-end mutual funds (funds that are not listed on TASE). Like mutual funds,

3869-561: The infrastructure for launching new indices. At the beginning of 2017, the Knesset passed the second and third readings of a law for TASE's demutualization, which created the outline for turning it into a for-profit company. In April 2017, the Knesset passed an amendment of the Securities Law enabling changes to TASE's ownership structure; in September 2017 the District Court ratified the TASE demutualization arrangement, enabling changes to TASE's ownership structure, whereby TASE became

3942-476: The large supplies would not bring about a devaluation or change of policy. During those years the public's trust in the Finance Minister's promises was non-existent. Most of the public assumed the minister would lie at any time, and paid no attention to his statements. Most of all, Aridor's denial made it clear that at this point the public was dictating the government's moves. Aridor later met with

4015-425: The lowest volume since 2004. In 2016, TASE launched an analysis project for high-tech companies, within the framework of which the international research company, Frost and Sullivan, publishes informational and financial analyses regarding technology and biomed companies that are listed on TASE. In 2017, the TASE indices underwent a reform – "the diffusion reform", which had several objectives, including: improving

4088-584: The mid-2000s, the recommendations of the subsequent Bachar Committee , which reached the same conclusions regarding separating the banks' depository and investment banking/fund management operations as the Bejski commission, were finally carried out as well. It may be argued that the timing of the crisis may have also had some additional positive effect, as the implementation of the subsequent tough banking regulations and reforms, albeit somewhat belatedly, were put in place just in time to help Israeli banks avert many of

4161-755: The new controlling shareholders of Shufersal. They purchased of a 24.99% stake in Israel's biggest supermarket chain for NIS 1.5 billion from a range of institutional investors. Shufersals sells more than 1,300 store brand products in its stores. Shufersal also markets its products through a computerized telephone marketing center for shopping by phone, fax, or the internet. Ariel Zilber song בחברה להגנת הטבע beChevrah leHaganat haTeva, pronounced "supersol" Tel Aviv Stock Exchange 34°46′14″N 32°03′52″E  /  34.77059°N 32.06455°E  / 34.77059; 32.06455 The Tel Aviv Stock Exchange ( TASE ; Hebrew : הַבּוּרְסָה לִנְיָירוֹת עֵרֶךְ בְּתֵל אָבִיב ), colloquially known as The Bursa ,

4234-580: The number of stories and the building's height is due to the building having stories with high ceilings, such as the ground floor that rises to a height of 10 meters. In 1993 TASE had the third largest number of IPOs of all the world stock exchanges. In 2005, non-Israeli investment in TASE reached an all-time high of NIS 2 billion, while the TA-25 increased 34%. By the end of the year foreign investment banks UBS , Deutsche Bank , and HSBC had become members of TASE. In 2007, trading averaged $ 500 million

4307-599: The purchase of Clubmarket. On March 5 2023, Shufersal entered a partnership with the Dutch-French multinational retailer Spar to open at least 10 SPAR stores in Israel over the next three years as well as a monopoly on selling Spar-branded products in Israel. In September 2023, Shufersal announced that it had decided to withdraw from the deal due to restrictions by the Competition Authority  [ he ] . In 2024, Shlomi and Yossi Amir have become

4380-426: The relatively low trading volume on Sundays, due mainly to the world's main stock exchanges not operating on Sundays. The TASE trading schedule on workdays is divided into five phases: "Pre-opening", "Opening auction", "Continuous trading", "Pre-closing", and "Closing auction" On the days when operations are conducted, trading is executed between the hours of 9:25 in the morning (derivatives – from 9:45) and 17:25 in

4453-457: The rise in trading volumes was global coronavirus pandemic, which reached Israel in February 2020, and led to a steep increase in trading volatility on the markets. Growth in the number of retail accounts with Israeli members of TASE in 2020 The Israeli capital market was stormed by the local retail public in 2020, which opened a significantly greater number of new accounts with TASE members than in 2019. Some 141,000 new accounts were opened by

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4526-509: The sale of 71.7% of TASE's shares to five groups of foreign investors. On August 1, 2019, trade in TASE shares commenced on the Tel-Aviv Stock Exchange. The 2017 indices reform At the beginning of 2017, TASE carried out a comprehensive reform of the security indices listed on it and established new indices. Among the principal changes made by the reform was expanding the number of shares included in each index and lowering

4599-449: The stability of the TASE indices, broadening the sectoral diffusion within the various indices, setting more stringent threshold terms for the flagship indices and easing the threshold terms for the other indices, encouraging foreign investors to invest in the TASE indices, significantly increasing the free float rate for the shares included in the flagship indices, fully realizing the potential of small and medium company shares, and enlarging

4672-421: The stock exchange again opened with large numbers of sell offers, and on October 6, 1983, nicknamed "Black Thursday", there was an onslaught of sales. It was clear a collapse was a matter of days away at most, since the banks declared that day they would be unable to absorb additional supplies without government assistance. That night, in a meeting at Aridor's home, it was decided that the government would purchase

4745-665: The tightening of the regulatory regime in which TASE operates (by the Israel Securities Authority , the Capital Market, Insurance and Savings Division at the Israeli Ministry of Finance, the Anti-Money Laundering Authority, etc.) and other factors, the number of trading participants and trading volumes have become less significant. In 2012, the annual volume of securities and convertibles amounted to just NIS 265.1 billion (a 54% decrease) –

4818-564: The time had 70 Israeli companies listed on the exchange, with a combined global market capitalization of over US$ 60 billion. In July 2008, the TASE entered into a memorandum of understanding with NYSE Euronext . At the time seven Israeli companies traded on the NYSE. In November 2008 the TASE and the Shanghai Stock Exchange signed a memorandum of understanding, with delegations to be sent to each other's markets to deepen understanding and promote trade. In February 2010,

4891-454: The time when securities were actual paper documents that were kept in a safe for the bank's customers. In the digital world, the justification for this fee is less clear and most of TASE's non-bank members do not collect this fee from their customers; the banks too are tending to waive this fee for some of their customers. TASE publishes a fees comparison table on its website, which allows the different trading fees to be swiftly compared. During

4964-424: Was US$ 432 million, $ 1,035M of bonds and exchange-traded notes (ETNs), $ 163M of T-bills, and 252,000 options and futures contracts. Total market capitalization at the end of 2009 was $ 189bn shares and convertibles, $ 174bn government and corporate bonds, and $ 23bn T-bills, a total of $ 386bn. On April 25, 2010, TASE's benchmark TA-25 index reached a record high of 1,239 points. For the decade ending 12 February 2012,

5037-569: Was established in 1953. Even prior to this, commencing in 1935, securities trading was carried out in the Land of Israel and, afterwards, in the State of Israel at the mandate-period Anglo-Palestine Bank (today, Bank Leumi ). The trade was conducted at the bank, in the office of Mordechai Pinchas Hasson , an Israeli banker who was one of the founders of the Exchange Bureau of Securities and

5110-445: Was established. In 1983, TASE was hit by the bank stock crisis , during which the share price of Israel's four largest banks collapsed – resulting in the state's nationalization of the banks and a third of the public's investment in them being wiped out. In the same year, TASE moved from its premises at 113 Allenby Street to a building at 54 Ahad Ha'Am Street, Tel Aviv. In 1993, trade in derivatives commenced. In 1999, TASE brought down

5183-466: Was headed by Judge Moshe Bejski . The commission presented its findings on April 16, 1986. The Bejski Commission came to the conclusion that the October 1983 crisis was a direct result of the stock adjustment. The commission pointed to four criminal offenses allegedly committed during the adjustment: financing and giving loans for the purchase of bank stock by the banks themselves; fraud and deceit of

5256-541: Was only about 5% lower than the previous year. In February 2007 the TASE signed a formal memorandum of understanding with the London Stock Exchange intended to smooth the trading of securities listed on both exchanges. At the time, 50 Israeli companies were listed on the London Stock Exchange. A similar memorandum of understanding was signed with The Nasdaq Stock Market in November 2007. NASDAQ at

5329-631: Was suspended on appeal when one of five charges was quashed. As part of the settlement, the controlling interest in Discount Bank , as well as the other banks, was ceded to the government. Following the scandal, in 1984, the State Comptroller issued a report on the crisis, causing the Knesset State Review Committee to decide on January 7, 1985, to establish a national commission of inquiry. The commission

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