The Tel Aviv Stock Exchange’s new market making program for corporate bonds, launched on March 1, 2026, continues to expand and gain momentum. Over the past month, 24 additional bond series with an aggregate market value of approximately NIS 15 billion joined the program, and, at the same time, More Tech and Capital Markets was appointed for the first time as a market maker in the program.
The program is designed to significantly improve trading quality and liquidity in the corporate bond market by increasing competition among market makers and expanding coverage of bond series. Under the program, two market makers will be appointed for 14 series, which is expected, among other things, to help narrow bid-ask spreads, moderate price fluctuations, increase tradability, and enable investors to buy and sell bonds more easily and efficiently.
The average spread and the market-cap-weighted spread of the series, according to which the market makers will quote, are approximately 0.18% and 0.15%, respectively. The average quantity and the market-cap-weighted quantity of the series will amount to approximately NIS 145 thousand and NIS 190 thousand, respectively.
In addition, improved liquidity is expected to support more efficient price discovery and more accurate valuation of the bonds and issuing companies, as well as increase the attractiveness of the Israeli corporate bond market to foreign investors.
More Tech and Capital Markets have been operating as a market maker in ETFs on TASE since the beginning of 2026 and is now expanding its activity into market making in corporate bonds as well.
Following More’s joining, eight market makers currently operate under the program: Bina Investments, Migdal Market Making, Meitav Trade, Meitav Market Making, Solid Liquidity, Aloha, Proxima, and More Tech and Capital Markets.
The program’s range of market makers includes firms with expertise in proprietary trading, market making and ETFs, with the aim of ensuring a high level of service and effective competition for the benefit of the investing public.
