Continuing to Upgrade the Israeli Capital Market – TASE kicks-off an initiative for the upgrading of the clearing & settlement systems to support the launch of advanced technologies and products that provide access to international investors and institutions The initiative is part of TASE’s strategic preparation for the development of advanced clearing & settlement solutions and innovative models that build on grounbreaking technologies in the field TASE has commissioned international consulting firm, Oliver Wyman, to assist in the review and assessment of the relevant business-technology-regulation trends and in setting the goals for the move
TASE publishes today, in coordination with the Israel Securities Authority, a call for public consultation concerning the upgrading of the core systems at the TASE Clearing House, with the aim of developing and integrating advanced clearing & settlement solutions in Israel as well as innovative models that build on groundbreaking technologies in the field, on par with leading international standards, thereby facilitating the upgrading of the local capital market and improving its accessibility to international investors and financial institutions, while also enhancing the competition in the local capital market.
In recent years, various factors began to affect global securities clearing processes - starting in changes in the clearing times through to changes in investors’ capital allocation preferences. The emergence of new technologies, such as Distributed Ledger Technology (DLT), and Generative AI, accompanied by the transition to cloud-based solutions, also motivate global exchanges around the world to keep ahead of developments.
TASE believes that the development and upgrading of the clearing & settlement systems are crucial to its ability to prepare for upcoming developments in the Israeli capital market in the coming decades. As part of the process, TASE will work to adapt the advanced technological systems to support the clearing & settlement activity in Israel by examining and advancing, inter alia, infrastructure solutions for the clearing & settlement of innovative products, the provision of direct clearing & settlement services to end customers, the upgrading of the connectivity and links with financial market infrastructures and international investors, the promotion of advanced and innovative monetary clearing solutions, the provision of services in relation to cryprocurrency, the development of solutions and services for alternative products and more.
For this purpose, TASE has commissioned international consulting firm, Oliver Wyman, to assist in the review of the business, technology and regulation trends, map similar processes conducted by other clearing houses around the world, and collect comments and highlights from all relevant stakeholders. Oliver Wyman is a leading international consulting firm, with branches in more than 70 cities across 30 countries worldwide. Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, and risk management. Oliver Wyman's teams offer extensive knowledge and experience working with global and national financial market infrastructures, including experience with stock exchanges and clearing houses.
Click to view the draft for public comments on the MAYA website:
