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| Thomas Murray, an international rating agency, which rates over 130 securities depositories and other financial entities worldwide, announced that is upgrading its rating of the Tel Aviv Stock Exchange Clearing House (TASECH) from A to A+.
In a published statement, the rating company cited improvements instituted by TASECH as the main reason for the upgrade. These improvements lower the risks to which investors and other participants in the Israeli capital market are exposed. The updated A+ CSD (Central Securities Depository) rating indicates a “low overall risk” profile and places TASECH among the leading clearinghouses worldwide. In addition to the upgrade, Thomas Murray granted TASECH a forecast of “steady”, indicating that the rating will probably not decline in the near future.
Thomas Murray's CSD rating measures clearing house performance from the standpoint of clearing risk management.
The rating system measures overall exposure from six key risk factors and assesses the capacity of the clearinghouse to protect the users of their services against various losses. The rating is on the familiar C to AAA scale accepted by the industry.
TASECH, clears and settles all TASE securities transactions. In addition, TASECH provides clearing services for mutual fund units and extends securities custody services such as dividend and interest payments, share dividends, and redemption and exercise payments for derivatives, bonds, rights, etc. TASECH is a member of the U.S. Depository Trust & Clearing Corporation, through which it provides clearing services for shares cross-listed on TASE and U.S. exchanges.
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