|
 | Investing on TASE |  |
| |  | | What is traded on the stock exchange? |
| | Several types of securities, are traded on the stock exchange, with the most common product being stocks. A stock is one type of security that enables the issuing company to raise capital from investors on the stock exchange. In exchange for the money they invest in the stock, investors receive part of the ownership and become partners in the company. As the company increases its operations and profits, investors can benefit from its profits.
The Tel Aviv Stock Exchange is unique in comparison to other stock exchanges, because most of the world's most popular investment instruments, including stocks, government and corporate bonds, Makam, ETFs, options and futures, are traded on it. In other countries trading is split into several exchanges. The concentration of trading in one place optimizes management and operations and enables investors to trade in all products at the same arena. | |
|
|
| | | | | | How is trading conducted on TASE? |
| | Although most people imagine trading as conducted between traders shouting at each other, noisy and colorful trading arenas are a part of the past. In fact, the TASE has been operating since 1999 in sophisticated computerized trading systems, based on advanced computer technologies, without physical trading arenas. The trading system is called "TACT" Tel-Aviv Continuous Trading.
TASE members transfer buying and selling orders continuously and in real-time to the "Central Order Book", which is located on the TASE computers using the "TACT" computerized trading system. The system matches the orders and creates transactions. Trading information is published regularly on thousands of monitors on various websites in Israel and abroad, and is accessible through sophisticated distribution systems.
At the close of trading, transactions are cleared at the TASE Clearing House and securities' buyers receive the securities to their accounts and pay for them (and vice versa, for the sellers of the securities). Everything is computerized, anonymous and without human contact.
| |
|
|
| | | | | | How can I invest in the stock exchange? |
| | Securities traded on the stock exchange can be bought or sold through "TASE members" only (banks and members who are not banks. Connection between the public and TASE members is through investment advisors or portfolio managers (brokers) licensed by the Israel Securities Authority.
An investor wishing to carry out securities transactions is required to open a securities account with one of the TASE members and may trade in several possible ways. Today, it is possible to trade via the internet or cell phone, after receiving appropriate authorization from the TASE member through which the investor trades. It is important to note that all trading, buy or sell orders must pass through a TASE member, but they are anonymous - and reach TASE computers without the name or any other details of the investor. TASE member list > | |
|
|
| | | | | | Securities & Derivatives Prices |
| | Securities prices are quoted in agorot. One agora equals NIS 0.01.
Derivatives (options and futures) prices are quoted in NIS.
| |
|
|
| | | | | | How can one learn more about TASE and Israel's capital market? |
| |
|
| | | | | | Are there mechanisms to protect investors on the TASE? |
| | Various mechanisms are deployed to protect the investing public, as stipulated in Legislation and the TASE Rules and Regulations.
Capital Market Regulation
- The TASE operates under a license granted by the Minister of Finance.
- The Israel Securities Authority supervises the fair and proper management of the TASE, as well as the activity of the TASE Clearing House and MAOF (Derivatives) Clearing House.
- The Ministry of Finance supervises financial services corporations, including: insurance companies, pension funds and provident funds
- TASE members that are banks are supervised by the Supervisor of the Banks at the Bank of Israel, as well as by the TASE regarding the issues involving integrity and fairness of trading
- Non-banking member corporations are supervised by the TASE, by its Membership and Supervision Department
Further information on capital market regulation >
TACT trading system
"TACT", TASE's automated trading system, incorporates various investor protection mechanisms. The most prominent of these is the "circuit breaker" mechanism, which halts trading on the equity market in cases of extreme volatility.
TASE Clearing Houses
In order to mitigate counterparty risk, the TASE Clearing House (TASECH) acts as central counter party (CCP) to all transactions. In this manner it takes on itself the risk that one of the parties to a transaction will not meet its commitment.
| |
|
|
| | | | | | TASE trading and vacation schedules |
| |
|
| |
| | | | Where can you find market data on the TASE ? |
| | The TASE operates in complete transparency and information on trading in the various securities can be obtained through the TASE website, data vendors and TASE members.
The TASE website presents a great deal of information about TASE activity, data on current trading in securities – free, with a 20 minute delay, on trading volumes and indices, and includes historical data - that is, information on changes in indices and securities prices at different periods, such as the past week, or since the launch of the index.
2. Data vendors
Market data on the TASE is distributed through the TASE's data vendors, who receive permission to use data from trading systems and publish it in real time on various websites and software, for a fee. Data vendors must meet the highest standards in order to ensure the information is accurate and updated.
3. TASE members
TASE members have websites that present up-to-date information about trading in securities, and enable their clients to transfer buy or sell orders for securities on TASE
| |
|
|
| | | | | | Real Time vs. Delayed Data |
| | The TASE website operates according to accepted standards for securities exchanges around the globe. Market data for traded securities is displayed at a delay, while data for market indices – continuously.
| |
|
|
| | | | | | Historical trading data |
| | The options for viewing or downloading historical prices data:
- Historical data can be downloaded from the TASE website (explanation follows) separately for each security, from the year 2000 onwards, for free. This applies solely to securities which are currently TASE-traded.
- Derivatives Historical Data
- Information regarding delisted securities
- To obtain historical data for the period preceding 2000, or for securities not currently traded or for cross-sectional data, please contact TASE data vendors.
- Students – pre-2000 historical data can be found in the libraries associated with the faculties of business administration and economics.
Downloading historical data from the TASE website - In the top section of the TASE website – one can conduct a search on any TASE-traded security (after typing the first few letters, a list completing the name will appear automatically).
- On the results page, click on the name of the security
- This will lead to the company page
- Clicking on the "historical prices" tab on the company page leads to the screen which enables the presentation of historical data according to the following:
- Historical prices – prices, trading volume and end-of-day data from 2000 to present;
- Intraday price data – transaction data during the last trading day
- Off-exchange transactions
- Miscellaneous queries:
- Trading halts for a period
- High/low prices for a period
- Average price for a period
- To download the desired historical data, select:
- Period of time
- Frequency of data
- Type of data
- Press the "Display Data" button
- A data table will appear at the bottom of the screen
- To download the data to your computer, click on the "Export Table Data" and save the file on your computer in one of the following formats:
| |
|
|
| | | | | | What is the minimum size of orders? |
| | During the pre-opening phase or the pre-closing phase, the minimum order size is the smallest trading unit in securities on the TASE. In equities, the minimum is one share; in warrants, one trading unit of a warrant; in convertible bonds, one NIS par value.
Minimum sizes of orders in the continuous trading phase, vary depending on the security type – for more information.
To view the minimum amount for continuous trading phase :
| |
|
|
| | | | | | Short Sales |
| | Short sale is the sale of a security that is not owned by the seller. For this purpose, the seller must borrow from another party the securities intended for sale, prior to the short sale. Short sales contribute to enhancing trade and improving liquidity in the market. On the TASE, stocks, ETFs, bonds and Treasury bills (Makam) can be sold short. A short sale is a "reverse order" investment in which the sale precedes the purchase. In a short sale the investor earns when the security price goes down, and loses when the price rises. The TASE website presents data on weekly short sale balance. | |
|
|
| | | | | | TASE Indices |
| | TASE develops and calculates a wide variety of indices. An index reflects average price levels of a selected group of securities. The TA-35 index, for example, reflects average prices of TASE's 35 most highly capitalized shares. Index changes reflect average returns to investors from these shares.
All constituent shares in a TASE index must meet the criteria of the " equity indices universe" and each index has its own specific rules regarding its potential constituent securities.
The Tel-Bond indices track the average price movements of corporate bonds. Other indices track various groups of securities and are published at the end of the trading day.
On the TASE website, each index has a dedicated "Index Page", which includes the following tabs:
- Summary
- About the Index
- Index Components (Constituents)
- Index Linked Notes – additional TASE-traded products based on the index (i.e., for which the index serves as underlying asset)
- Charts – from 2000 onwards
- Historical Prices – from 2000 onwards
- Corporate Disclosures – latest filings by index constituents from the MAYA website (Hebrew only)
| |
|
|
| | | | | | How can one search for companies or securities according to industry or classification? |
| | - Search for types of securities (including to searches according to industry or issuer):
- Companies search according to name/industry
- Sector indices
In addition, one can conduct a cross-sectional "advanced search" according to various criteria (type of security, indices/industries, companies, etc.).
For an explanation on advanced search, click here. | |
|
|
| | | | | | Maintenance list, Trading suspensions, Illiquid Securities |
| | TASE-traded companies must meet certain criteria at the time of their offering and throughout the duration of their TASE listing. These criteria are anchored in the TASE Rules and Regulations.
Maintenance Rules
Minimum requirements imposed on TASE-traded companies, which constitute a condition for their continued TASE listing. The shares of companies placed on the Maintenance List are designated in the market data tables by a "Mn" ( ) notation next to their name on the TASE website market data pages. For the list of shares currently on the maintenance list,>
Trading Suspension
Trading in a security can be suspended for a period of time, if there is a suspicion that it is not possible to conduct fair and orderly trade in that security. Shares placed on the suspension list are designated in the market data tables by a "Sus" ( ) notation next to their name on the TASE website market data pages.
For the list of shares for which trading is currently suspended >
Resume Trading
Rules set by TASE enable companies failing to meet maintenance requirements or for which trading in their securities has been suspended to renew regular trading on the main list, i.e., the list on which most securities are traded.
Delisting
Securities which continue not to meet the criteria enabling orderly trade in them are ultimately delisted from TASE.
Illiquid (Thinly Traded) Securities
A list of illiquid traded shares was established for the purpose of reducing the potential for manipulation of these shares. Securities placed on this list are traded only twice a day during the opening and closing multilateral auctions and are not continuously traded. Illiquid securities are designated by a "IS" ( ) notation next to their name on the TASE website market data pages.
For the list of shares currently on the illiquid securities list > | |
|
|
| |
| | | | Data dissemination – intraday data |
| | To receive intraday data for TASE-traded products, contact to one of the data vendors dealing in TASE market data.
Use of data
The use of data is solely for personal uses as stipulated in the website "Terms of Use" agreement. As stated in the Terms of Use agreement, prior written TASE authorization is required for further dissemination of this data. For this purpose, contact the IT Department at dubi@tase.co.il.
| |
|
|
| | | | | | Data dissemination – end-of-day raw data files |
| | On the " Market Data > File Distribution" menu, one can find raw data in ASCII format, which contain information on TASE-listed companies, traded securities, end-of-trading day statistics, the composition of indices, changes in capital listed for trade, etc.
The raw data files are called "Data Type". These files can be downloaded by clicking the relevant row in the "uncompressed" column (".tas" format). The same files can be downloaded in a "zip compressed" format as well.
For the purpose of deciphering data in a data file, one can view "in the structure data type column" (".def" file) listing all data types by clicking on the name of data type requested (left column).
A picture of the screen depicting the format of the table follows: 
Data Type" is constructed as a series of alpha-numeric characters. In order to decipher the various fields one must divide the series of numbers according to the field length definitions in the relevant ".def" file. It is subsequently possible to decipher each field separately according to type.
Payment-based download of data filesThe download of data files other than those available for free download is subject to payment. The list of Available Data Files can be accessed through Market Data> Raw Data. Details regarding payment can be found on the TASE Price List. To purchase access to files, e-mail micky@tase.co.il.
Use of dataThe use of data is solely for personal uses as stipulated in the website" Terms of Use" agreement. As stated in the Terms of Use agreement, prior written TASE authorization is required for further dissemination of this data (redistribute). For this purpose, contact the IT Department at dubi@tase.co.il
| |
|
|
| | | | | | We are constructing a website. How can we incorporate a ticker of TASE-traded securities? |
| |
|
| | | | | | Am I entitled to display TASE market data on my website? |
| | As stated in the Terms of Use, the data from the TASE website is for personal use only. One must receive a written permission from TASE prior to dissemination of these data. For additional information, please email: dubi@tase.co.il. | |
|
|
| | | | | | How to become an authorized TASE information data vendor? |
| | In order to become an authorized data vendor and receive information directly from TASE, one must send TASE a business plan specifying the intended use of the TASE data, identifying particulars of the company, its owners, etc.
Vendors must sign a distribution agreement with TASE and meet the criteria stipulated in the agreement. The agreement is prepared after acceptance of the application and in accordance with the stated objectives of use.
For your information, the minimum monthly cost of information is NIS 10,000 and there is an initial one-time installation fee of NIS 25,000, as specified in the TASE price list.
One must also take into account ancillary costs for equipment and designated communication lines. For additional information, e-mail: dubi@tase.co.il. | |
|
|
| |
| | Corporate Actions and Disclosures and TASE announcements |
| | | | Corporate Actions and Disclosures and TASE announcements |
| | The TASE operates a website for publishing Corporate Actions and Disclosures alongside TASE announcements ("MAYA"). The Corporate Actions website (available in English) provides a view of corporate events and income payments dates including: dividend, interest rate, exercise dates, general assembly schedule and more. Other filings of listed companies and mutual fund managers are currently available in Hebrew only. In addition, various TASE announcements are published on Maya, such as decisions of the Board of the Directors, Changes on TASE Rules and Regulations, TASE indices component updates. For the Hebrew Disclosures Site > | |
|
|
| | | | | | What are financial statements? |
| | Once a quarter, companies publish statements presenting their financial situation (including their balance sheet, statement of profit or loss and cash flows), as well as information on the challenges they face and their plans for the future. Once a year, the companies publish a more elaborate and thorough annual report.
It should be noted that small entities that have not issued bonds to the public, are permitted to publish financial statements every six months, and are therefore exempt from publishing financial statements for the first quarter and the third quarter of every calendar year. Those entities may also choose to publish financial statements in the first and the third quarters. Information concerning the frequency of reporting is available on the “Company Details” page, which specifies whether the company has elected to utilize the exemption and therefore publishes semi-annual financial statements in the format applicable to an exempt small entity.
Click here for financial statements screen on Maya website > | |
|
|
| | | | | | Corporate Actions |
| |
|
| | | | | | Where can I find TASE notices? |
| | In the MAYA English website, you can find TASE notices concerning trading, indices, new securities, name changes and more.
For your convenience, you can search and filter notices by type on the right-hand side of the screen, as well as by clicking on the TASE Notices button.
Click here for TASE notices on the Maya website> | |
|
|
| |
| | | | Where can one find financial ratios and summary data from financial statements? |
| | Each TASE-listed company has a dedicated company page, which includes basic information about the company, market data on its securities, the indices in which they are included, charts and historical prices, statistics, latest filings from the MAYA website (Hebrew), etc.
Key information from a company's financial statements as well as financial ratios can be accessed through the company page under the "Profile" tag.
The financial ratios displayed include:
- Market-to-book value
- Price/Earnings ratio
- Equity/Asset ratio
- Return on Equity
Accessing a company page
- In the search box at the top of the page start typing the company name and select the icon "company" next to the completed name.
| |
|
|
| | | | | | Where can one view a company's principal shareholders? |
| | - In order to view a list of a given company's principal shareholders one must access the company page.
- In the company page, select the "Profile" tab.
- The pie chart gives the holdings of principal shareholders, institutional investors and the public (free float). Under the pie chart there is a click through link to a list of principal shareholders ("Interested Parties"), which appears in Hebrew and/or English on the language in which the holdings are reported, and details regarding their holdings in absolute, relative and NIS terms.
| |
|
|
| | | | | | Annual Review and TASE Publications |
| | The TASE Annual Review describes developments on TASE which have occurred over the past year. The review includes a summary of trading on the various product markets, multi-annual statistics and a summary of key TASE activities.
| |
|
|
| | | | | | Can one visit the trading floor? |
| | TASE trading is fully automated and is carried out over computer networks.
In 1997 the TASE introduced a fully automated trading system called TACT (Tel Aviv Continuous Trading). By October 1999, all shares, bonds, T-bills and derivatives have been migrated to the new electronic trading platform, marking a new step in the history of the Tel Aviv Stock Exchange. | |
|
|
| | | | | | What is an ISIN? |
| | ISIN stands for International Securities Identification Number - the identity number for securities set by the international standard IS0 6166, contingent on the country of source of the issuer.
| |
|
|
| | | | | | TASE rules and regulations |
| | The law requires the Tel Aviv Stock Exchange, as a condition for obtaining a license, to implement rules. The rules must be approved by the Israel Securities Authority and the Minister of Finance.
The rules and regulations of the TASE include, among other things, rules regarding: TASE members, listing of securities for trading, trade suspensions and maintenance rules, trading on the TASE, publication of information by the TASE, and the commissions the TASE collects. Additional information and the Rules and Regulations sections > | |
|
|
| | | | | | Information concerning foreign investments and foreign currency activity |
| | Data pertaining to foreign investment, economic activity abroad and foreign currency activity, as well as data pertaining to interest and other subjects can be found on the Bank of Israel website, under "Information and Data". | |
|
|
| | | | | | Capital Market Regulation – ISA, Ministry of Finance, Bank of Israel |
| |
|
| |
| | Investment Opportunities for Foreign Investors |
| | | | Being a customer of a local TASE member |
| | Subject to the laws applied in an investor's home country and in Israel, any investor can become a client of a local TASE member and submit to that member transaction orders for securities and financial assets.
Local TASE members are set up to receive client's transaction orders in a number of ways:
- Various modes of communication, such as telephone, fax and e-mail
- A direct access to TASE trading (Direct Market Access – DMA) by:
- Linking the client to the TASE member's trading system over the Internet
- Linking the client's trading system to that of the TASE member
- Global trading networks, such as SunGard's system, linked to the TASE member's trading system of directly to TASE.
| |
|
|
| | | | | | Being a client of a foreign bank or investment house which is a TASE member |
| | TASE currently has eight foreign members:
- UBS
- Citibank
- HSBC
- Merrill Lynch
- Barclays
- Citigroup
- Flow Traders
- Jeffereies
These members enable their customers to trade on TASE as they trade on other markets around the world.
| |
|
|
| | | | | | Being a client of an investment house with international activity |
| | Numerous international investment houses are active on the TASE.
These investment houses engage in proprietary trading as well as conduct transactions on behalf of their clients directly through TASE members or indirectly through third-party investment houses, which are not TASE members.
Clients of these investment houses submit transaction orders to TASE, as they do in other markets, subject to the laws applicable to them and to internal rules and procedures. | |
|
|
| |
| | | | Inquiries to the Israel Securities Authority regarding public companies |
| |
Telephone: 02-6556507
Fax: 02-6513160
Knafei Nesharim 22, Jerusalem 95464 | |
|
|
| | | | | | Public Affairs – Israeli Banks |
| | Name |
Address |
Telephone |
Fax |
|---|
Barclays Bank PLC |
Tel Aviv Platinum Building, Floor 22,
21 Ha'arba'a Street, 64739, Tel Aviv |
03-6238685 |
03-6238666 |
Citibank, N.A |
Tel Aviv Platinum Building, Floor 11,
21 Ha'arba'a Street, 64739, Tel Aviv |
03-6842411 |
03-6842403 |
HSBC Bank PLC |
Beit Moses 74, Rothschild Boulevard, 6578517, Tel Aviv |
03-7101112 |
03-7101180 |
Union Bank of Israel, Ltd.
|
6 Ahuzat Bayit Street, 6514304,Tel Aviv |
03-5191539 |
03-7456931 |
Bank Otsar Ha-hayal
|
11 Menachem Begin Street, 5268104, Ramat Gan, P.O.B. 3506 |
03-7556309 |
03-7964500 |
Israel Discount Bank, Ltd.
|
156 Herzl Street, 6810118, Tel Aviv |
03-5153304 |
03-5153263
03-5158169 |
Bank Hapoalim, Ltd.
|
50 Rothschild Blvd., 6688314, Tel Aviv |
03-5673697 |
03-7136146 |
Bank of Jerusalem, ltd.
|
2 haNegev Street, Motorolla Building, Floor 4, Public Affairs Unit, Airport City |
076-8096026 |
076-8096039 |
Bank of Israel
|
P.O.B. 780
Jerusalem, 9100701 |
02-6552680 |
02-6669077 |
Bank Leumi Le-Israel, Ltd.
|
P.O.B. 88
Lod, 7110002 |
03-5147011 |
03-5148688 |
Mizrahi Tefahot Bank, Ltd.
|
P.O.B. 3450, 5213602,
Ramat Gan |
03-7549216 |
03-5754452 |
Bank Massad Ltd. |
Hogi House, 12, Aba Hillel Silver St., 5250606, Ramat-Gan |
03-5641338 |
03-7170598 |
Mercantile Discount Bank
|
125 Derech Menachem Begin, 6701201, Tel Aviv |
076-8044555 |
076-8044911 |
The First International Bank of Israel, Ltd |
7 Itzhak Sade Street, 6777507, Tel Aviv |
03-6253270 |
03-6253277 |
U-Bank, Ltd.
|
38 Rothschild Blvd., 6688307, Tel Aviv |
03-5645692 |
03-5645123 |
| |
|
|
| | | | | | Inquiries to public companies |
| |
|
| | | | | | Public inquiries to TASE |
| | Extensive information on TASE activities can be found on the TASE website.
For an explanation regarding the structure of the website menus, click here.
For a site map, click here.
Inquiries can be submitted:
- Through the "contact us" form, which is classified according to topic.
- Telephone: 076-8160411, on TASE business days.
- Fax: 076-8160309.
- Address: 2 Ahuzat Bayit St. Tel Aviv, 6525216.
Historical data is available for payment through the "contact us" request by selecting "Historical Data" | |
|
|
| | |
|
|
|
