Continuous trading was extended by one hour and 15 minutes, to 4:45 p.m. from 3:30. Accordingly, trading at the closing prices, known as the crossing phase, now begins at 4:45 and ends at 5 p.m. The equity market's opening time remains 9:45 a.m. for the TA 100 shares and 10:15 a.m. for the remaining (or Yeter) shares. Derivatives continue to trade from 9:30 a.m. to 5 p.m.
Continuous trading on the fixed-income market also was extended, to 4:35 from 3:40. The crossing phase for bonds and T-bills now takes place from 4:35 through 4:50. The fixed-income market's opening time remains 10:45.
Dror Shalit, head of the TASE's trading and clearing department, said the decision to extend equity and fixed-income trading responds to market demand and benefits traders and investors.
"Interest in the Tel Aviv market from international and Iocal investors is growing, and a longer trading day will provide more opportunities for them," Mr. Shalit said.
"The extension also creates greater overlap with trading on U.S. markets, enabling TASE investors to better respond to developments abroad in real time."
The effect of U.S. markets on the TASE has been growing in recent years as 20 Israeli companies have dually listed shares on the TASE and in the U.S. These companies, their subsidiaries and other related companies represent some 30% of the TASE's total market capitalization.
More than 80 Israeli companies are listed exclusively on U.S. markets, mostly on Nasdaq. Israel has more companies listed on U.S. markets than any other foreign country except Canada. To attract these companies to dual-list on their local exchange, the TASE has urged passage of an amendment to the Securities Law, which will enable nearly automatic TASE listing for U.S.-listed Israeli companies. The amendment is expected to gain approval from the Knesset, Israel's parliament, by the end of the third quarter of 2000.
