TASE experiences troublesome trading day
Labor dispute in Tel Aviv Stock Exchange escalates as union's order to temporarily shut down computer systems causes near-cancellation of trading day
The Tel Aviv Stock Exchange announced it will resume Monday's trading at 1 pm, despite a previous announcement canceling it.
Earlier in the day, the TASE Workers' Union's escalated its labor dispute, ordering its members to temporarily shut down all operational computer systems in the exchange, including payment clearing systems until 11 am, prompting the Tel Aviv Stock Exchange management to declare Monday's trading day canceled.
"We regret the union's decision to implement such reckless measures. The union is unwilling to make any headway in the labor negotiations," said a TASE statement.
"The trading demands brought forward by the workers are unreasonable and do not coincide with the common sense leading the financial activity is Israel.
Unreasonable demands? (Illustration: Image Bank)
"In order to protect our investors we call upon the union to act responsibly… the management is interested in seeing Israel's stock exchange and financial market grow; and we hope the workers wish to see that as well."
The TASE Workers' Union's step is part of its struggle to have management have 80 outsourcing workers sign the collective work agreement customary in the exchange. TASE management is refusing to do so citing it would disrupt trading orders.
Yitzhak Lerner, head of the TASE Workers' Union's told Ynet that canceling the trading day was the management's call, not the union's, adding the management's has continuously ignored their requests to negotiate over the past few days.
By resuming the trade, TASE management agreed to a temporary compromise with the employees, brokered by Ofer Eini, Chairman of the Histadrut Labor Federation.
Tel Aviv Stock Exchange Chief Ester Levanon is expected to meet with Gershon Gelman of the Histadrut Labor Federation's Tel Aviv bureau at 5 pm, in order to try and resolve the two-month labor dispute plaguing the stock exchange.
The Tel Aviv Stock Exchange is expected to end its trading day at the end of business - 5:30 pm - for the first time in a month.
