Securities trading - Israel
Key market-tradable securities
| Denomination currency | Maturity profile | Interest rate | Interest/Dividend payment frequency | Place of settlement | Form |
| Government bonds | |||||
| ILS | 5, 10, 15 or 20 years | Fixed / Floating (CPIa-linked) | Quarterly, semi-annual, annual | TASE-CH | Book-entry |
| Treasury bills (MAKAM) | |||||
| ILS | 3 to 12 months | Traded at discount | Zero-coupon | TASE-CH | Book-entry |
| Corporate bonds | |||||
| ILS | Varied | Fixed / Floating (CPI-linked) | Semi-annual, annual | TASE-CH | Book-entryb |
| Convertible securities (including warrants and convertible bonds) | |||||
| ILS | Varied | Convertible bonds: Fixed / Floating and as per company prospectus | Convertible bonds: Quarterly, semi-annual, annual as per company prospectus | TASE-CH | Book-entryb |
| Equities | |||||
| ILS | - | - | Quarterly, semi-annual, annual | TASE-CH | Book-entryb |
a. CPI=Consumer Price Index.
b. Physical/immobilised certificates exist but cannot be traded via the exchange.
Tradable platforms
Israel offers trading on:
- The TASE for equities, corporate bonds, government bonds, Treasury bills and convertible securities. Since March 2009, the TASE has permitted remote membership for brokers that do not necessarily maintain a local presence in Israel. Trading is conducted from Sunday till Thursday.
The TASE employs “circuit breakers” that halt trading for 45 minutes if fluctuations in the TA-25 index exceed 8% from the previous day’s close. If fluctuations in the TA-25 index exceed 12% from the previous day’s close, the TASE will halt trading for the rest of the day. When an individual security releases price sensitive information, the TASE will halt trading in that company’s shares for 45 minutes in order to ensure that the reports are widely disseminated. - Since September 2006, it has been possible for primary dealers to trade certain Israeli government bonds via MTS Israel. MTS Israel trades are also cleared and settled via the TASE-CH.