Tuesday November 5 2024
News Source: Global Exchanges
Focus: Trading Systems and Technology
Type: General
Country: Israel
On 4th November 2024, the Tel-Aviv Stock Exchange (TASE) announced the launch of a new trading platform that facilitates the pre-arranged and protected execution of large-scale transactions on TASE, commenced November 3rd, 2024, having been approved by the Israel Securities Authority.
The system, which uses a block order, will enable the execution of pre-arranged transactions on TASE in a manner that precludes a price impact and the leak of the information to other parties that could potentially interfere with their execution. By offering investors additional tools, TASE realizes its strategy of standing on par with leading international exchanges that employ various mechanisms for the execution of protected large-scale transactions in securities.
When executing a matching transaction (on-exchange) – customers can coordinate on a bilateral basis the execution of a transaction on TASE and submit buy and sell orders through the order book. Matching orders executed constitute a matching transaction. TASE’s existing trading method, which grants preference based on price and timing, provides no assurance of the transaction being performed with the counterparty. The matching orders are not interference-proof and could be matched with the order of a third party.
In an off-exchange transaction – customers can coordinate a transaction on a bilateral basis and report the transaction to the TASE Clearing House, through the TASE members, as an off-exchange transaction in securities, excluding derivatives.
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