15 December 2017
visit http://response.ncr.com

Merrill Lynch International applies for remote membership of Tel-Aviv Stock Exchange

17 November 2008  |  4316 views  |  0 Source: Tel-Aviv Stock Exchange

Leading global investment house, Merrill Lynch, applied for remote membership to the Tel-Aviv Stock Exchange (TASE).

The application, submitted by its subsidiary Merrill Lynch International (MLI), is the first application for remote membership.

Merrill Lynch is one of the largest brokerage houses in the world. Its subsidiary, Merrill Lynch International, a member of the London Stock Exchange for over ten years, operates on behalf of large institutional investors around the globe. The company is regulated by the UK Financial Services Authority (FSA).

Merrill Lynch's remote membership will enable the company to provide its clients with direct access to TASE trading. At the same time, its membership will increase the exposure of TASE listed companies to a broad spectrum of foreign investors.

Merrill Lynch submitted its application to TASE after a process of preparation, beginning in 2007, which includes building the computer interface between its offices in London and TASE's trading platform. This enables Merrill Lynch's traders in London to trade directly on TASE.

TASE has 28 members, of which four are foreign with permanent representation in Israel: UBS, Deutsche Bank, HSBC and Citibank.

Yoram Inbar, Managing Director, EMEA Investment Banking at Merrill Lynch and Merrill Lynch Country Head for Israel, said: "We are proud to strengthen our involvement in the Israeli market despite the challenging global environment. Merrill Lynch's decision to become a remote member of the TASE is a sign of confidence in the Israeli economy and deepens Merrill's trading platform on the Tel-Aviv Stock Exchange. This further enhances Merrill Lynch's long term commitment to the State of Israel and its capital markets."

"Israel plays a vital part of our overall EMEA equities strategy", added Henry Hall, Managing Director, EMEA Emerging Markets Sales and Trading at Merrill Lynch. "By obtaining remote membership we are able to more efficiently and effectively bring our large international equity client base to the Israeli markets and further increase our Israeli equity trading volume."

Ester Levanon, TASE's Chief Executive Officer, welcomed Merrill Lynch's application, stating, "Merrill Lynch's desire for remote membership in TASE expresses its confidence in Israel's capital market and the Tel Aviv Stock Exchange. The robustness exhibited by TASE strengthens the interest large international financial organizations have in our market. MLI's candidacy marks another step in Israel's continual integration in global capital markets. We are confident that this step will be instrumental in broadening the circle of foreign investors active in Israel."

"Remote membership exists in most European exchanges", added Yosi Levi, Senior Vice President, Membership & Supervision Department. "We hope and believe that Merrill's membership in TASE will strengthen foreign investment in Israel's capital market and encourage other investment houses to follow suit."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.thomsonreuters.infovisit www.atos.net

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10200 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9375 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8954 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7597 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7225 views comments | 15 tweets | 24 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job