The Tel Aviv Stock Exchange’s (TASE) Board of Directors decided on Thursday, 4 December 2008 to shorten trading hours by one hour. The pre-opening phase will begin at 9:00 instead of 8:30 and trading will close at 16:30. Clearing house operations will last 2 hours after trade closing, until 18:30.
The trial of the shorter trading day conducted in March and April 2008 indicated that TASE turnover does not suffer from the shorter hours. Accordingly, TASE’s CEO, Ester Levanon, appointed a committee to study the matter.
Ms. Levanon stated, “The committee found that most TASE members welcome the shorter trading day and believe that it contributes to reducing costs and to the welfare of those working in the capital market. TASE members do not anticipate a decline in trading volume and believe that the shorter trading day will not adversely affect the activity of foreign investors.”
|
|
|
Current |
New |
Change |
|
1 |
Pre-opening phase for all securities |
8:30 |
9:00 |
30-minute delay |
|
2 |
Publication of theoretical prices |
9:00 |
9:10 |
10-minute delay |
|
3 |
Opening
for bonds and T-bills |
9:30 |
9:30 |
Unchanged |
|
4 |
Opening
for derivatives |
9:30 |
9:30 |
Unchanged |
|
5 |
Opening
for TA-100 shares |
9:45-9:50 |
9:45-9:50 |
Unchanged |
|
6 |
Opening for all other shares (yeter) |
10:30 |
10:15 |
15-minute advance |
|
7 |
Pre-closing for all shares |
17:16-17:17 |
16:16-16:17 |
60-minute advance |
|
8 |
Closing trade for all shares |
17:25-17:30 |
16:25-16:30 |
60-minute advance |
|
9 |
End of derivatives trading |
17:30 |
16:30 |
60-minute advance |
|
10 |
End
of derivatives clearing
(MAOF Clearing House) |
18:30 |
17:30 |
60-minute advance |
|
11 |
End
of cash market clearing (TASE Clearing House) |
19:00 |
18:30 |
Two
hours from the close of trade rather 1 ½
hours
currently |
