TASE is launching a new trading phase, Trading at Last (TAL), which will enable the execution of trades at the security’s closing price after the closing auction phase.
This initiative follows a record-breaking first half of 2025 for the capital market: the TA-35, TA-90, and TA-125 indices all hit historical highs, with a cumulative gain of 20% since January 2025, despite significant domestic and international challenges, and the TA-35 index crossed the 3,000 points mark for the first time. Additionally, the average daily trading volume in the first half of 2025 reached NIS 3 billion, an increase of 35% compared to the second half of 2024. Currently, close to NIS 305 billion is managed through tracking assets, of which NIS 167 billion tracks Israeli indices, which are expected to benefit from reduced tracking error enabled by the TAL.
Final opportunity of the day to trade at the precise closing price
The TAL phase will immediately follow the closing auction phase and will last 5-6 minutes. During the TAL phase, orders can be submitted without a price. These orders will be executed at the closing price determined after the closing auction, ensuring precise execution aligned with the customer’s needs.
This initiative addresses a direct demand from the market, particularly from institutions, asset managers, mutual funds, and foreign investors. It also aligns Israel's trading practices with those prevalent in leading global exchanges.
Enhancing liquidity, transparency and alignment with international standards
The launch of the TAL phase is part of a global trend to strengthen end-of-day trading activity, offering significant advantages:
- Passive Funds gain an “effective additional opportunity” to cover securities in line with their tracking assets and minimize tracking errors.
- Institutional investors can ensure accurate pricing for their portfolio without the typical volatility of an auction.
- Foreign Investors can operate using similar methods to those common in global markets.
- All Participants benefit from an additional time window to execute orders, even those not submitted during the closing auction phase.
The process
- The TAL phase will last 5–6 minutes from the end of the closing auction phase.
- Trades will be executed at the closing price set for the security.
- Types of orders in the TAL phase: TAL order and TAL Ice (iceberg) order, to maintain confidentiality.
Block trading (large-volume transactions) is also supported: block orders can be submitted during the TAL phase, enabling share distributions to be executed directly within the trading session, rather than as an OTC transaction.
Key Features of TAL Transactions:
- The transactions will be published immediately upon execution.
- The transactions will be included in the calculation of the trading volumes on TASE.
- Securities, the trading in which was concluded earlier than anticipated (e.g., due to a trading suspension that is expected to terminate after the closing auction phase), will not be included in the TAL phase.
The new trading phase has been approved as part of the ongoing enhancement of trading capabilities and expansion of the range of services and order types, pursuant to TASE's strategic plan of upgrading the capital market, aligning it with international standards and enhancing the liquidity and accessibility of the Israeli capital market for international investors. This comprehensive plan includes, among others, the transition to Monday-to-Friday trading, set to begin in 2026, the launch of the Block platform for executing large, coordinated, and protected transactions, which are immediately and transparently published on TASE's systems, the new market making program, featuring an increase in the number of market makers in shares, and a tailor-made market making program for public companies, with Bank Hapoalim being the first to join.
Yaniv Pagot, EVP, Head of Trading at TASE: “The launch of the TAL trading phase underscores our commitment to developing and upgrading the capital market. This new trading phase will ensure precision, accessibility, and transparency even at the end of the trading day, benefiting all participants, both local and international. We are proud to align with leading global exchanges, while also adapting to the specific needs of the local capital market.”
TAL will be available commencing on August 10, 2025.
