Securities trading - Israel


Key market-tradable securities

Denomination currencyMaturity
payment frequency
Place of settlementForm
Government bonds
ILS5, 10, 15 or 20 yearsFixed / Floating
Quarterly, semi-annual, annualTASE-CHBook-entry
Treasury bills (MAKAM)
ILS3 to 12 monthsTraded at discountZero-couponTASE-CHBook-entry
Corporate bonds
ILSVariedFixed / Floating
Semi-annual, annualTASE-CHBook-entryb
Convertible securities (including warrants and convertible bonds)
ILSVariedConvertible bonds: Fixed / Floating and
as per company prospectus
Convertible bonds: Quarterly, semi-annual, annual as per company prospectusTASE-CHBook-entryb
ILS--Quarterly, semi-annual, annualTASE-CHBook-entryb

a. CPI=Consumer Price Index.
b. Physical/immobilised certificates exist but cannot be traded via the exchange.

Tradable platforms

Israel offers trading on:

  • The TASE for equities, corporate bonds, government bonds, Treasury bills and convertible securities. Since March 2009, the TASE has permitted remote membership for brokers that do not necessarily maintain a local presence in Israel. Trading is conducted from Sunday till Thursday.
    The TASE employs “circuit breakers” that halt trading for 45 minutes if fluctuations in the TA-25 index exceed 8% from the previous day’s close. If fluctuations in the TA-25 index exceed 12% from the previous day’s close, the TASE will halt trading for the rest of the day. When an individual security releases price sensitive information, the TASE will halt trading in that company’s shares for 45 minutes in order to ensure that the reports are widely disseminated.
  • Since September 2006, it has been possible for primary dealers to trade certain Israeli government bonds via MTS Israel. MTS Israel trades are also cleared and settled via the TASE-CH.