Under the MoU, the exchanges will work to broaden relations between them by developing channels of communication; advancing opportunities for cross listing; supporting the respective regulatory authorities to develop a mutual recognition agreement; exploring the development and listing of financial instruments tracking the other’s market indices; initiating joint conferences, and more.
Ungad Chadda, senior vice president of TSE, said: “Toronto Stock Exchange and our public venture capital marketplace, TSX Venture Exchange, are very pleased to be working more closely with the Tel Aviv Stock Exchange. This MOU strengthens ties between the Israeli and Canadian capital markets and provides important opportunities for listed companies in both countries.”
Ester Levanon, CEO of the TASE, said: “The development of the Tel Aviv Stock Exchange’s international exposure is one of TASE’s key strategic objectives. This MoU is an important event and a testament to the opportunity that Israel’s capital market represents for international investors seeking quality and growth. I look forward to a long and mutually beneficial relationship between TASE and the Toronto Stock Exchange.”
Established in September 1935, the Tel-Aviv Stock Exchange is Israel’s sole stock exchange, offering a range of products to investors, including equity, corporate bonds, treasury bills and notes, index products and derivatives.
TASE features 622 companies listing equities, 372 index-tracking products, 38 series of government bonds, 594 series of corporate bonds and 1218 mutual funds. As of January 2010, the exchange’s market capitalization in equities was over $216bn.
Reportedly, the MoU is the fifth signed by the TASE, following those with LSE (England), NASDAQ (USA), NYSE-Euronext (USA & Europe) and SSE (China).
