Investment bank Merrill Lynch is in the final stages of obtaining remote membership to the Tel-Aviv Stock Exchange (TASE). The deal will enable Merrill Lynch traders in London to trade directly on TASE.
The process began in 2007, after a period of preparation which included building the computer interface between Merrill Lynch’s offices in London and TASE’s trading platform.
The application, submitted by the bank’s subsidiary Merrill Lynch International (MLI), was the first of its kind to TASE and the firms are now in the final stages of testing. Merrill Lynch’s remote membership will enable the company to provide its clients with direct access to TASE trading. At the same time, the bank’s membership will increase the exposure of TASE listed companies to foreign investors.
TASE has 28 members, of which four – UBS, Deutsche Bank, HSBC and Citibank – are foreign with permanent representation in Israel.
“Merrill Lynch’s decision to become a remote member of the TASE is a sign of confidence in the Israeli economy and deepens Merrill’s trading platform on the Tel-Aviv Stock Exchange,” said Yoram Inbar, managing director, EMEA investment banking, Merrill Lynch and country head for Israel, in a statemkent..
Ester Levanon, CEO, TASE, welcomed Merrill Lynch’s application, adding,
“MLI’s candidacy marks another step in Israel’s continual integration in global capital markets. We are confident that this step will be instrumental in broadening the circle of foreign investors active in Israel.”