The Tel Aviv Stock Exchange (TASE: TASE) announced on 3 June that Barak Capital Investments 2006 Ltd. has applied for TASE “Nostro Membership". A “Nostro Member" is a member that engages in proprietary trading.
The first application for proprietary membership was made possible following TASE's initiative to remove barriers and encourage new TASE memberships, including for proprietary members, as outlined in TASE's strategic plan.
The applicant is a subsidiary of the Barak Capital Group, whose core business is trading securities, derivatives and other financial instruments in Israel and abroad. Barak Capital has been a leading player in Israel's capital market since 2006, under the management of Mr. Eyal Bakshi.
Eyal Bakshi, Chairman and CEO of Barak Capital remarked: “We welcome the opportunity made possible by TASE's management to add new TASE members and we look forward to future cooperations that will lead to an increase in the turnover and liquidity on the Tel Aviv Stock Exchange.“
Ittai Ben Zeev, TASE CEO, stated, “We are pleased with Barak Capital's decision to join TASE as our first Israeli proprietary member. This is a result of TASE's commitment to remove barriers and revise rules to enable the addition of new members that trade as proprietary trading firms. Expanding the types of membership and enhancing competition are among our key strategic goals. We believe that by adapting the rules, we will pave the way for other financial institutions to join the ranks of TASE members."
The decision is subject to the approval of TASE's board of directors.
