The Tel-Aviv Stock Exchange Ltd.

TASETASEIL0011590291₪14B

Investment Thesis

Generates revenue by operating an exchange for trading and clearing of securities, ETFs, mutual funds and derivatives. Additional revenue comes from issuer listing/prospectus-related fees, clearing/custody services, and market data, index licensing and connectivity offerings.

Geographic Exposure

IsraelN/A

Abroad (foreign business customers)N/A

Revenue Drivers

Trading and clearing fees

Transaction fees for exchange trading and related clearing services.

CORE38%

Market data and connectivity

Real-time data products, index usage permissions, and connectivity/co-location services.

SIGNIFICANT21%

Listing and issuer fees

Prospectus review, listing, and annual fees charged to issuers.

SIGNIFICANT20%

Clearing and custody services

Custody, corporate actions processing, and other non-trade clearing services.

SIGNIFICANT20%

End Markets

Exchange and clearing members (banks and brokers)
Listed companies and security issuers
Asset managers and institutional investors
Market data vendors and information-service providers
Government and central bank entities
Retail investors (via exchange information products)

Specializations

Order-driven electronic trading systemCentral counterparty (CCP) clearing risk frameworkCentral securities depository (CSD) and corporate actions servicingOTC transaction clearing and reporting mechanismsCo-location (data center) hosting for low-latency accessTailor-made indices for institutional clients+3 more

Activities

Exchange trading platform operation
Clearing, settlement and custody operations
Index administration and methodology development
Market data production and distribution
Technology infrastructure and connectivity services