Nasdaq and Tel-Aviv Stock Exchange Sign Landmark Strategic Agreement
(Thomson Reuters ONE) -
Will Form a New Joint Platform for Private Israeli Growth Companies
Tel-Aviv to Expand Business and Boost Trading Technology With Genium INET
NEW YORK and TEL AVIV, Israel, Jan. 06, 2016 (GLOBE NEWSWIRE) --
Nasdaq (Nasdaq:NDAQ) and Tel-Aviv Stock Exchange (TASE) have officially
announced a strategic cooperation. The two have agreed to form a jointly-
operated venture to support private growth companies in Israel. The venture,
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 during first 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 run cutting-
edge technology based on 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," said Sandy Frucher,
Vice Chairman, Nasdaq. "By leveraging our world-renowned Genium INET platform,
TASE will 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," said Yossi Beinart, CEO of TASE. "For the first time we
can offer Israeli companies a real solution to challenges in their growth and
give them a real alternative to an exit, so that they will continue to operate
as independent companies with significant operations in Israel. The
new joint market will offer various models for raising capital to companies not
yet ripe to go public and to be a bridge for their desire to
continue development in Israel and later in markets worldwide. The
exchange system we are adopting is the cutting edge of trading technology in
accordance with the standard accepted worldwide and will help us to stand as
equals with the leading markets facing rapid changes in the global world. We
would like to thank the Nasdaq for their vote of confidence in the Tel-Aviv
Stock Exchange and in Israeli growth companies, and we look forward to
realizing together the tremendous potential of this cooperation."
Nasdaq's exchange technology, including trading, clearing, CSD and market
surveillance systems, is in operation in over 100 marketplaces across North and
Latin America, Europe, Asia, Australia, Africa and the Middle East.
About Nasdaq
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/ambition or business.nasdaq.com.
About TASE
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 Visit TASE.
NDAQG
Media Contacts
* For Nasdaq:
Ryan Wells (ryan.wells(at)nasdaq.com or +44 (0) 7809 596 390)
* For TASE:
Orna Goren (ornag(at)tase.co.il or +972 (0) 52 523400843)
Yael Arnon (yaela(at)scherfcom.com or +972 (0) 52 7202703
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nasdaq via GlobeNewswire
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