1. Homepage
  2. Equities
  3. Israel
  4. TEL AVIV STOCK EXCHANGE
  5. The Tel-Aviv Stock Exchange Ltd.
  6. News
  7. Summary
    TASE   IL0011590291

THE TEL-AVIV STOCK EXCHANGE LTD.

(TASE)
  Report
End-of-day quote TEL AVIV STOCK EXCHANGE  -  2022-08-15
16.35 ILS   -1.62%
08/09TEL AVIV STOCK EXCHANGE : TASE Conference Call Recording August 08, 2022- Financial Report Q2 2022
PU
08/09TEL AVIV STOCK EXCHANGE : Management of Carasso Real Estate Opens Trading in Celebration of its IPO on TASE
PU
08/08TRANSCRIPT : The Tel-Aviv Stock Exchange Ltd., Q2 2022 Earnings Call, Aug 08, 2022
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Tel Aviv Stock Exchange : Continues to Upgrade the Israeli Capital Market and Adjust It with International Standards An all New Bond Indices Methodology is Introduced -

05/25/2022 | 01:01pm EDT
The Tel Aviv Stock Exchange Continues to Upgrade the Israeli Capital Market and Adjust It with International Standards An all New Bond Indices Methodology is Introduced -Starting on June 30th, 2022 the bond indices will be updated once a month instead of semi-annually, this in line with common practices applied to international standards and with the TASE's equity indices methodology.
Press Release
25/05/2022

​The Board of Directors of TASE approved in its meeting on May 24th, 2022 the principles of an All New bond Indices Methodology, which will take effect on June 30th, 2022.

As part of the All New Index Methodology, the calculation of the bond indices will be automated and updated once a month, which will facilitate a significant upgrading of the management of the indices, the introduction of elements such as a weight cap factor per bond series and per issuer, the addition of new series to the indices on a monthly basis, the gradual reduction of the weight of a series as it approximates maturity, and the development of new and more complex bond indices. Government bond indices will be renamed under "Tel-Gov" trademark.

The bond indices are traded on TASE as part of the real time trading, similarly to equities, whereas on international exchanges the bond indices are traded off-exchange, in OTC format. The trading method applied at TASE offers a significant advantage, as it enables the public transparent and real time trading of bond indices in Israel. TASE's bond indices comprise of 45 indices with a record volume of managed assets of NIS 50 billion.

Presented below are the principal anticipated changes under the bond indices reform:

The Bond Indices Update schedule under the new methodology:

Record date 10th of every month
Publication date The trading day preceding the rebalancing date by 5 trading days
Update date The trading day preceding the final trading day of the month
Effective date The trading day following the rebalancing date

Fixed parameters for calculation of weight

Today, any change in the capital of a bonds series is reflected in the weight of the bond series on the day immediately following the change and the weight cap is adjusted daily. These frequent changes require those tracking the indices to inform their clients accordingly, making tracking cumbersome.

As part of the All New Index Methodology, the parameters for calculating the weight of a bond series will be fixed once a month and used to calculate the index throughout the month, similarly to common practice for international bond indices and to the methodology applied by TASE for equity indices. The fixing of the parameters will significantly simplify the process for trackers and enable the launch of innovative indices that rely on the ability to fix the composition and manage the weight of the series in the index based on the defined theme, whether it is a qualitative theme (e.g., ESG), a quantitative theme (e.g., statistical calculations) or a financial theme (e.g., financial statements and financial ratios).

Weight cap per issuer

The Regulations pursuant to the Law for Joint Investment in Trust limit the exposure of a tracking fund and an ETF for all bond series of a single issuer to 25% that, if exceeded, entails enforcement measures by the Israel Securities Authority. Under the new methodology, an "issuer factor" will be set for each series of the issuer, such that the weight cap of the issuer would be proportionally distributed among all the series of the issuer that meet the threshold criteria of the index, eliminating the need to remove a compliant series.

Gradual removal from and addition to an index

The existence of a fixed weight cap factor within the framework of a monthly rebalancing that offers a monthly "window" for changes will enable the gradual addition of a bond series to an index over 3 consecutive update dates, in place of the current bulk addition. Also, with regard to anticipated removal, such as redemption, the weight of a series would be reduced gradually over the 3 final monthly update dates of the series.

Monthly Updates =Fast Track

The transition to a monthly updates of the indices' composition is equivalent to the fast-track entrance to the equity indices. A new bond series would be added to the indices shortly after its listing without a prolonged waiting period.

<_ie3a_menuitem id="MSOMenu_Help" iconsrc="/_layouts/15/images/HelpIcon.gif" onmenuclick="MSOWebPartPage_SetNewWindowLocation(MenuWebPart.getAttribute('helpLink'), MenuWebPart.getAttribute('helpMode'))" text="Help" type="option" style="display:none">

Disclaimer

TASE - Tel Aviv Stock Exchange Ltd. published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 16:12:34 UTC.


© Publicnow 2022
All news about THE TEL-AVIV STOCK EXCHANGE LTD.
08/09TEL AVIV STOCK EXCHANGE : TASE Conference Call Recording August 08, 2022- Financial Report..
PU
08/09TEL AVIV STOCK EXCHANGE : Management of Carasso Real Estate Opens Trading in Celebration o..
PU
08/08TRANSCRIPT : The Tel-Aviv Stock Exchange Ltd., Q2 2022 Earnings Call, Aug 08, 2022
CI
08/08TEL AVIV STOCK EXCHANGE : Tase) investors presentation q2 2022
PU
08/08TEL AVIV STOCK EXCHANGE : Financial results for the Second quarter ended June 30, 2022
PU
08/08TEL AVIV STOCK EXCHANGE : Reports the results of the financial statements for the second q..
PU
08/08TEL AVIV STOCK EXCHANGE : U.S. Investment Fund, Artisan Partners, Becomes a Stakeholder in..
PU
08/08The Tel-Aviv Stock Exchange Ltd. Reports Earnings Results for the Second Quarter and Si..
CI
07/24TEL AVIV STOCK EXCHANGE : Management of Fintech Company, Tarya, Opens Trading in Celebrati..
PU
07/21TEL AVIV STOCK EXCHANGE : Management of Technology Company, Parkomat International, Opens ..
PU
More news
Financials
Sales 2022 367 M 113 M 113 M
Net income 2022 81,2 M 24,9 M 24,9 M
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 1 668 M 512 M 512 M
Capi. / Sales 2022 4,54x
Capi. / Sales 2023 4,28x
Nbr of Employees 258
Free-Float 99,4%
Chart THE TEL-AVIV STOCK EXCHANGE LTD.
Duration : Period :
The Tel-Aviv Stock Exchange Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends THE TEL-AVIV STOCK EXCHANGE LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 16,35 ILS
Average target price 21,00 ILS
Spread / Average Target 28,4%
Managers and Directors
Ittai Ben Zeev Chief Executive Officer
Yehuda Menachem van der Walde Chief Financial Officer & Executive Vice President
Salah Saabneh Chairman
Uri Shavit EVP, Chief Information & Operation Officer
Adi Barkan EVP, Chief Compliance & Enforcement Officer
Sector and Competitors