TASE extends trading to overlap with US
Starting June 16, trading hours on Tel Aviv Stock Exchange will be extended by one hour in bid to attract more foreign investors to Israeli stocks, bonds
Starting June 16, the TASE will close at 5:25 pm rather than 4:25 pm on Monday to Thursday, giving it an hour of overlap with New York, the TASE said on Thursday.
On Sunday, when foreign bourses are closed, the Israeli exchange will close at 4:25 pm as it does now. The opening will remain unchanged at 9:45 am.
The plan had been approved by the TASE's board in February but needed approval from Israel's securities regulator.
The TASE has been trying to figure out a way to boost foreign involvement and volumes after a wave of outflows the past few years after the TASE in 2010 was upgraded to a developed market in the MSCI index from an emerging market.
MSCI next month is expected to decide on whether the TASE will be included in the MSCI Europe index, a move officials believe will increase foreign participation.
The TASE has said it studied the changes in volume for periods of trading where there was some overlap with Europe and the United States – in March and October 2012. Turnover in stocks rose 15% to 30% during those times.
