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Tel-Aviv Stock Exchange

Name Tel-Aviv Stock Exchange
Country Israel
Number of listed companies 455
Domestic market capitalization 262000 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

Has written guidance on ESG reporting No

Offers ESG related training No

Market covered by sustainability-related index Yes

Has sustainability bond listing segment No

Has SME listing platform No

Additional information

Organizational model of stock exchange
  • Listed since August 2019

Regulatory bodies

Regulatory model
  • Strong exchange SRO
  • The Tel-Aviv Stock Exchange (TASE) has strong regulatory jurisdiction when it comes to market operation. TASE’s own rules govern membership, listing and registration of companies and securities,  and obligations of listed companies. Any additional regulation comes from the Israel Securities Authority, which acts as a second layer of regulation and market oversight.

About the stock exchange
The Tel Aviv Stock Exchange (TASE) was established in Israel in September 1953.

TASE plays a central role in the Israeli economy and provides a market infrastructure that is central to the economy’s growth. As TASE is the only securities exchange in Israel, where access to it is protected by high barriers to entry in terms of regulation and the need for reliable technological infrastructure, Israeli companies and the Israeli government rely on TASE’s markets for capital and liquidity.

TASE is the “home court” for Israeli companies seeking to raise capital to meet their growth and liquidity objectives. In so doing, TASE contributes significantly to Israel’s economic growth and employment.

TASE is also the “home court” for the Israeli investment community and provides investors with a reliable and comprehensive trading platform for the buying and selling of a wide range of securities and other financial instruments. TASE serves hundreds of thousands of investors, including households, who invest in TASE’s markets, largely through investment management companies including pension funds, insurance companies, provident funds, advanced study funds and other entities.

TASE provides markets for the listing and trading of a vast range of securities and derivative instruments. These include shares, corporate bonds, government bonds, Treasury bills, ETFs, convertible securities, single stock options, options and futures on equity indices, and options and futures on foreign currency exchange rates. Trading is fully automated, order-driven, real-time and continuous through our sophisticated Tel Aviv Continuous Trading “TACT” system.
TASE members (banks or brokerage houses) conduct all trading on TASE.

As of August 1, 2019, the Tel Aviv Stock Exchange is a TASE traded public company, following its IPO at the end of July 2019. At that time, TASE floated 31.7% of its shares to foreign and Israeli institutional investors and to the public at large. The shares trade under ticker symbol “TASE”.

As a vertically integrated platform that is a “one-stop-shop” for clients across asset classes, TASE’s wholly-owned subsidiaries include the Tel Aviv Stock Exchange Clearing House, the MAOF Clearing House (derivatives) and the Tel Aviv Stock Exchange Nominee Company, which provide the only clearing and settlement infrastructure in Israel and securities registration services.

Source

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include: 

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.