“Call for Comments” – Upgrading the Clearing Systems of the Tel Aviv Stock Exchange Clearing House
19 March 2025
We would like to bring to your attention that on March 10, 2025, the Tel Aviv Stock Exchange Ltd. (the “TASE”), in coordination with the Israel Securities Authority (the “ISA”), published a “Call for Comments” regarding the upgrading of core systems which support the clearing and settlement activities of the TASE Clearing House.
The TASE has announced a strategic initiative to develop advanced clearing solutions and innovative models based on groundbreaking technology, which will contribute to the continued perfection of the Israeli capital market and ensure the continued provision of clearing services at international standards.
For the purpose of this initiative, the TASE engaged the international consulting firm Oliver Wyman.
The process includes three stages: (1) examination of the business-operational framework in which the TASE Clearing House should operate in the following years, utilizing its ability to optimize and perfect markets and business segments, and connect global markets with the Israeli capital market; (2) Assessment of technological developments which could contribute to the upgrading of the clearing systems and to the fulfillment of the business-operational goals; (3) Implementation of conclusions.
The TASE calls the public and other interested parties to submit opinions, suggestions and information regarding several central aspects in the design of clearing systems:
| 1. Products, Services, and Areas of Activity
2. Account Structure in the Clearing House 3. Types and Conditions of Membership in the Clearing House 4. Securities Clearing Processes 5. CSD Services and Corporate Event Operations 6. Connectivity and Linkage 7. Financial Risk Management 8. Digital Assets 9. Cash Settlement 10. Services for Funds and Alternative Products
|
11. Over-the-Counter Transactions
12. Securities Lending and Repo 13. Technological Innovation 14. Regulatory Framework 15. Ancillary Information Services for Clearing Operations 16. Transparency and Reporting 17. Availability and Operating Hours 18. Flexibility and Adjustments 19. Information Security 20. Business Continuity |
Written references can be submitted by April 2, 2025, to the following email address: CHNextGen@tase.co.il.
To read the “Call for Comments” as published by ISA (March 10, 2025), please use the following link.
Our firm has extensive expertise and vast experience in the fields trading, custody, clearing and settlement. We are highly involved in the regulatory developments in these fields and advise the leading international and Israeli market participants in this context. We will be delighted to assist you in any issue relating to these fields.
Banking and Finance Department, Capital Markets and Securities Regulation
Herzog Fox and Neeman
