TACT-Institutional is a system for trading bonds and convertible bonds issued to institutional investors without a prospectus.
Trading on the TACT-Institutional system uses a method similar to trading in bonds issued to the public (TACT-Bonds), but only institutional investors participate. The establishment of the TACT-Institutional system represents the implementation of the Bachar Committee recommendations that refer to the need for a trading system that allows institutional entities to trade in bonds of this type among themselves, similarly to the systems in place in the US..
Listing of bonds on the TACT-Institutional system does not involve compliance with any regulatory obligations on the part of the issuers. Institutional investors who did not participate in the issue may also trade in the bonds. The TACT-Institutional system provides liquidity to bond holders and improves flexibility in their investment management, while preserving anonymity during trading.
Institutional investors using the TACT-Institutional system benefit from real-time execution of transactions and automatic clearing by the TASE Clearing House, which functions as a central counterparty (CCP) to these transactions.
Data on trading in the TACT-Institutional system is released (in Hebrew) through TASE information networks. Details regarding each bond’s next interest payment (as well as other payments) appear on the TASE’s online reporting site, the MAYA website.