Nasdaq and Tel-Aviv Stock Exchange Sign Landmark Strategic Agreement
WillFormaNewJointPlatformforPrivateIsraeli Growth Companies
Tel-Aviv to Expand Business and Boost Trading Technology WithGeniumINET
NEW YORK and TEL AVIV, Israel, Jan. 06, 2016 (GLOBE NEWSWIRE) -- Nasdaq(Nasdaq:NDAQ) andTel-Aviv Stock Exchange(TASE) have officially announceda strategic cooperation. The two haveagreed to form a jointly-operated venture to support private growth companies in Israel. Theventure, which will operate out of Tel Aviv, will offer various benefits to private companies including strategic counseling and mentoring, exclusive networking, a secondary market for liquidity events and debt financing services. The private market will have an independent management team chosen by both exchanges. Further details of the venture will be announced duringfirst half of 2016.
In addition,Tel-Aviv Stock Exchange has entered into an agreement to deploy Nasdaq’s Genium INET technology for trading across a variety of asset classes including equities, derivatives, bonds, fixed income, as well as commodities.The technology overhaul will support TASE’s growth focus to attract capital both domestically and internationally, and runcutting-edgetechnologybasedon international standards and best practices.
“We are proud of this important agreement with TASE, which brings both technology and innovation together in a very ambitious way,” saidSandy Frucher, Vice Chairman, Nasdaq.“By leveraging our world-renownedGeniumINET platform, TASEwill have limitless opportunity to expand their product and business offerings to the domestic and international markets. Further, our collaboration to build a private market to support regional growth companies will also enhance Tel Aviv as a capital markets hub. Our own successful history creating public and—recently in the U.S.—private markets only underscores our sincere commitment to developing this new and exciting venture. We look forward to a long and successful partnership with TASE.”
"The cooperation with Nasdaq is great news for the Tel-Aviv Stock Exchange and the Israeli economy,” saidYossiBeinart, CEO of TASE."For the first time we can offer Israeli companies a realsolutiontochallenges in their growth and give them a real alternativeto anexit, so thattheywill continue to operate as independent companieswithsignificant operationsin Israel. The newjointmarket will offer variousmodels for raising capital tocompanies not yet ripe togopublicandto bea bridge fortheirdesire to continuedevelopment in Israelandlater in markets worldwide.The exchangesystemweareadoptingis the cutting edge of trading technology in accordance with thestandardaccepted worldwideand will help us to standas equalswith the leading marketsfacingrapid changes in the global world. We would like to thank theNasdaqfor theirvote of confidencein theTel-Aviv Stock Exchangeand in Israeligrowth companies,and welook forwardto realizingtogetherthe tremendous potential ofthiscooperation.”
Nasdaq'sexchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across North and Latin America,Europe,Asia,Australia,Africaand theMiddle East.
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets.As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of approximately $9.6 trillion and more than 10,000 corporate clients. To learn more, visit:nasdaq.com/ambitionorbusiness.nasdaq.com.
Established in September 1953, the Tel-Aviv Stock Exchange (TASE) is an efficient one-stop shop for the Israeli securities industry, hosting an increasingly sophisticated range of products available to investors, including shares, corporate bonds, treasury bills and bonds, index-tracking products and derivatives. The exchange is home to 461 listed companies with a total market capitalization of U.S.$200 billion, 597 corporate bonds and 640 Exchange-Traded Notes. TASE is a fully-automated exchange with a central order book trading system, providing clearing, settlement and depository services to local and international investors. To learn more VisitTASE.
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