Tel Aviv Stock Exchange Infusing NIS 30 Million Into The TASE Clearing House - It Is An Integral Part Of The TASE Strategy To Turn The Clearing House Into A Fully-Owned Subsidiary Of The TASE

In September 2006, the Tel Aviv Stock Exchange completed the transformation of the TASE Clearing House into a fully-owned subsidiary, by buying out the shares held by TASE members. In December the TASE increased the shareholders equity of the Clearing House by NIS 30 million.

The TASE Clearing House maintains a NIS 620 million risk fund as a primary cushion of protection from potential risks, in addition to the NIS 30 million in shareholders equity.

"TASE's recent initiatives which include the aforementioned capital increase and the change in organizational structure, as well as the recent transition to a T+1 trading cycle, serve to strengthen the TASE Clearing House's financial independence," observed Dror Shalit, Senior VP and Head of Trade and Clearing at the TASE. "The strength and stability of the Clearing House are key parameters in an efficient market” added Mr. Shalit.