Technology and Connectivity
The TASE as an Advanced Technological Organization
The Tel Aviv Stock Exchange is a central meeting point between companies raising capital and the investing public.
Trading on the TASE is currently completely automated, and the computer systems, which are amongst the most advanced and sophisticated in the world, enable continuous, safe and efficient trading in securities.
The large increase in trading and clearing volumes in recent years has required the TASE to be capable of meeting unprecedented loads. Thus, the trading servers, the central computer, the communications networks and the various backup systems were upgraded in the TASE building as well as in the backup site.
The online trading method requires ongoing development and maintenance of the computer systems, and today more than half of the TASE employees are computer and infrastructure personnel, responsible for the establishment and maintenance of computer systems.
Order Entry Network and Protocol
The TASE's trading network is intended for use by TASE members only, and is used for trading and for receiving real-time market data.
TASE provides its members with an interface for sending new orders and obtaining order approvals and their execution accordingly. The interface is a proprietary protocol of the TASE over TCP, called CTCI. The protocol includes:
- New (buy / sell) orders
- Order updates and cancellations
- Order confirmations
- Trade confirmations
- Security / market status messages
TASE members that wish to connect to TASE can develop their own interfaces to TASE or, alternatively, use the services of a third party - Independent Software Vendor (ISV).
These software vendors have developed TASE interfacing software and have tested it with the TASE. Some also provide connectivity infrastructure to TASE's (e.g. FIS).
Following is a list of Independent Software Vendors:
- E&A Financial Software (TradeOne)
- FIS Global Trading
- FMR Computers and Software Ltd.
- Ivory Software Systems Ltd.
- SIVRON Technologies
- Vela Trading Technologies
The trading network is also used to distribute real-time market data to TASE members, as detailed in the following section.
Dissemination of Data Files
In addition to real-time information, the TASE also provides its members with trading information in files. The information provided in the files includes:
- Securities description and their characteristics
- Index information
- Daily order breakdown
- Daily statistics
Some of the information is available for download on TASE's website, according to the conditions detailed on the TASE website, free of charge, or for a fee. Some files are restricted and can be obtained only by TASE members via the TASE's secure file distribution network.
As of 2019 TASE offers Co-Location services to its customers. The service enables Stock Exchange member firms and their clients, Data Vendors, ISVs and other customers to place their trading servers in TASE's Data Center and benefit low latency connectivity to TASE's trading and Market Data systems. The Co-Location service implements the most advanced infrastructure and offers equal latency for all Co-Location customers regardless of their location internally in the Co-Location DC.
London bridge (Global access point)
TASE has established a POP in London (LD6) that is connected to its main site in Tel-Aviv as well as to its DR site via secured reliable lines.
Clients can use this service to trade in TASE (Order entry) directly from Europe , receive market data or to connect their systems in TASE'
Trading Data for Investors
TASE investors can view TASE trading data on the TASE website
, through one of the TASE members, or through data vendors connected to the TASE.
Market data vendors disseminate the information to their customers via standard protocols, via GUI, or through their own software API.
TASE provides real time market data to its members and to Market Data vendors connected to the TASE. The information includes:
- Market status
- Market by Price (5 highest levels)
- Prices (e.g. Projected Opening, Opening, Closing)
- Last Trade info
The information is provided by TASE in real time in two protocols:
- The "Spider" protocol – TASE's proprietary protocol over TCP where the fields are predetermined for each type of message in a structure with a fixed length format.
- FIX / FAST protocol – Standard protocol in the FIX 5.0 version with FAST 1.1 compression over TCP.
TASE members can receive the data through designated communication lines or through other information providers market data vendors.
Market data Vendors can receive the information via designated communication lines, or through external communication infrastructure suppliers that are connected to TASE (e.g. BT Radianz).
Backup and DRP
A great deal of effort has been invested in the design and construction of the "TACT" system to ensure that it is always available for TASE's customers without interruption or malfunction.
TASE has established a backup system for the Trading & Clearing systems, communications and electrical systems, at its main site in Tel Aviv as well as at At the TASE's backup facility (DR site) located at a remote location from Tel-Aviv.
The DR site enables trading and clearing to be executed in case they cannot be carried out in the TASE main site in Tel Aviv. The DR site is connected to all TASE members and Market Data vendors. The TASE's order entry Market Data protocols support transition to the backup site during the course of a trading day.
TASE Command and Control Center (Mashov)