Brussels/Tel Aviv – 12 August 2019 - Euroclear Bank and the Tel Aviv Stock Exchange are pleased to announce that Euroclear Bank has become the first financial institution to become a custodial member of the Tel Aviv Stock Exchange (TASE) group. The custodial membership will allow Euroclear Bank to access directly to TASE without engaging in any trading activity.
The TASE - Euroclear custodial membership will enable Euroclear Bank to provide settlement and asset services for domestic Israeli securities through its direct account in the CSD (TASECH) operated by Citibank NA, Israel. The benefits to international investors include a higher level of asset protection, increased market proximity and faster access to securities. Euroclear Bank will have a securities account at TASE through which it will serve its global client base.
Euroclear Bank is the first institution to join TASE as a custodial member following TASE’s approval of such membership.
Orly Grinfeld, EVP and Head of Clearing, Tel Aviv Stock Exchange commented: “We are delighted that Euroclear Bank has chosen to join the Tel Aviv Stock Exchange as a custodial member. By joining TASE, foreign investors will be able to hold Israeli securities via Euroclear direct account in TASE. It is one of TASE’s strategic goals to enhance membership types, increase competition, and expand foreign investors’ involvement in trading on TASE. We believe that other international institutions will follow Euroclear’s lead and will join the Tel Aviv Stock Exchange as TASE members”.
Frank Slagmolen, Deputy Head of Global Capital Markets at Euroclear, added: “Asset protection and efficiency are key factors for international investors when they make investments in domestic capital markets. With Euroclear Bank becoming the first participant with direct access to the Tel Aviv Stock Exchange’s CSD, we are pleased to make settling in Israeli instruments safer and easier for our global client franchise, further strengthening our global network.”