The distinguished leaders of several dozen of the world's major derivatives markets from North America, Europe, Asia and Australia participated in the conference, which featured panel discussions and presentations.
Prof. Yair Orgler, Chairman of the TASE, said the conference participants presented the newest derivative products traded worldwide as well as the latest cross-border on-line systems for trading and clearing derivatives and new methods for risk management.
In addition, Prof. Orgler said, participants discussed the opportunities and challenges created by the globalization of the capital markets, which has been driven particularly by automation and deregulation.
"The Tel Aviv Stock Exchange, based in Israel, is one of the world's technological centers, and we are pleased to have it as the host of the IOMA/IOCA 2000 conference," said Gerald Lacoste, President of IOMA. The TASE offers an integrated market of securities and derivatives products, thus being in the forefront of the global integration of markets. "The conference provided the participants with an excellent opportunity to present new products and technologies, to exchange ideas, and to network," added Prof. Orgler.
Automated trading systems attracted 40% of global trading volume in 1999, compared with 26% in 1998. Almost 75% of the trades in equity-index options in 1999 were executed on automated exchanges.
Here in Tel Aviv, volumes of TA 25 Index options, the TASE's leading product, have tripled since last October, when trading was computerized. An average of more than 110,000 TA 25 Index options are traded daily.
Responding to demand from investors, the Tel Aviv Stock Exchange is expanding its variety of derivative products. These include the TA 75 Index options and futures, scheduled to be launched on August 24, and the TA Banking Index derivatives, which will start trading later this year.
The Tel Aviv Stock Exchange, founded in 1953, is owned by its 28 member firms and is regulated by the Israel Securities Authority. The Exchange provides a highly advanced electronic trading system for shares, bonds, Treasury bills and derivatives. All trades are cleared and settled by the TASE Clearing House. The TASE offers international investors a combination of attractive investment opportunities and a full complement of market services, including an elaborate and user-friendly Website at www.tase.co.il.
