|
| |
| At its March 15, 2012 meeting, the Tel Aviv Stock Exchange (TASE) Board of Directors approved the division of the Trading and Clearing Department into two separate departments. In so doing, TASE aligns itself with the practice of securities exchanges which own clearing houses abroad.
Mr. Robby Goldenberg, who currently manages the Trading Methods unit of the Trading & Clearing Department and serves as "No. 2" in the department, will head the new Trading & Derivatives Department.
Ms. Orly Grinfeld, who for the past two years has served as TASE's Chief Risk Officer will head the new Clearing & Settlement Department.
The division into two departments will enable each department to focus on key issues, in addition to tending to regular operations, including:
Trading & Derivatives Department - Developing and launching new financial products. Identifying the needs of Israel's capital market and the means for providing solutions addressing these needs, primarily in the installation and integration of TASE's next generation trading system; Initiating international cooperation in the area of trading;
Clearing & Settlement Department – Initiating and operating new clearing and settlement services, such as CCP services for OTC derivative products and developing a central securities lending facility. Deepening the treatment of clearing and settlement risk management; initiating cooperation with foreign clearing agencies;
Saul Bronfeld, TASE Chairman of the Board commented that this organizational restructuring constitutes an added step in TASE's modernization. The separation into two departments enables TASE to invest the resources and attention needed to develop the clearing houses and improves control over clearing and settlement risks. Bronfeld added that the Board welcomes the opportunity to promote able managers from within TASE ranks, and congratulated Goldenberg and Grinfeld on their well-deserved promotion.
TASE CEO, Ester Levanon, stated, "The challenges facing TASE in the coming years demand a clear focus on trading and clearance, which lie at the heart of TASE operations. The appointment of Robby Goldenberg and Orly Grinfeld ensures that talented and experienced managers stand at the helm in each of these areas; their familiarity with TASE operations will contribute towards propelling TASE and Israel's capital market forward."
About TASE's new managers
Robby Goldenberg was born in 1961 and holds a B.A. in Economics and Management as well as an MBA with a specialization in Finance from Tel Aviv University. He joined the TASE staff in 1995, after serving six years as a senior economist at Bank Leumi. From 1999 Goldenberg has managed the Trading Methods Unit at TASE and was involved in the development and integration in key projects pertaining to TASE's trading operations, including: the transition from open outcry to automated trading on TASE's TACT system, the development of securities lending and short sales on TASE, the development of TASE share and bond price indices, the establishment and regulation of market making activity on TASE and the development of derivatives trading. In addition, he represented TASE in joint committees TASE-Israel Securities Authority committees, (including the two "Hauser Committees" formed to regulate market making and to examine ways to minimize market abuse and the committee established to regulate short selling).
Orly Grinfeld was born in 1972 and holds a B.A. in Economics from Tel Aviv University and an MBA from Ben Gurion University. She joined the TASE staff in 2010 after managing the Risk management department at Ernst & Young Israel's Advisory Division for seven years. Prior to that time, she served as an auditor in the risk management team in the Banking Corporation Audit Unit of the Bank of Israel's Bank Supervision Department.
Since joining TASE in 2010, Grinfeld launched organization-wide risk management operations. Accordingly, she set up a comprehensive ERM system covering TASE and its clearing houses, designed a new model for the clearing house's risk funds and prepared a contingency system for addressing potential default of a clearing member.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
