Galen Stops looks at why declining ETD volumes in Tel Aviv isn’t necessarily bad news for Israeli traders and asks if the exchange is capable of recovering its lost liquidity.
Israel’s GDP grew at 12% from
$217bn in 2010 to $243bn in 2011 according to figures from the
World Bank, economically it is a country on the rise and a
recent report showed that hedge fund activity has risen by 162%
in the last six years. But despite this, 2012 has not exactly
been a vintage year for the Tel Aviv Stock Exchange (TASE) as
the volume of derivatives being traded on its platform has
TASE is owned by its members, which are
comprised of the Bank of Israel and 16 other banks and 13
investment houses and its derivatives trading platform is fully
automated, real-time and order driven. Safeguards such as price
monitoring and circuit breakers are integrated into the trading
system while there is also a back-up installation to ensure
that trading can continue even in emergency situations.
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