Access to Clearing Services in a Variety of Leading
Currencies will Enable Local and International Investors to Settle
Transactions in Foreign Currencies alongside the Local Currency and
Allow Companies to Raise Capital settled in Foreign Currency as
Well
TEL
AVIV, Israel, July 17,
2024 /PRNewswire/ -- The Tel Aviv Stock Exchange
Ltd (TASE: TASE) plans to upgrade and expand clearing services
in foreign currency as part of its strategy of evolving the capital
market in alignment with international standards.
Expanding clearing services and adding settlement foreign
currencies, such as US Dollar and Euro, will allow the public
companies to raise money from the public in foreign currency,
enable the TASE members to settle OTC transactions in foreign
currency, and give Israeli and international investors access to a
wide range of corporate actions (e.g. redemption and interest and
payment for tender offers) in foreign currency.
These changes will benefit all stakeholders in the local capital
market: mutual fund managers will be able to issue mutual funds,
including money market funds, that are denominated in foreign
currency as a way of offering the public exposure to a variety of
additional investment vehicles. International investors will be
able to buy shares and bonds via OTC transactions directly in their
own local currency, without the conversion need to shekels. The
Government and the public companies that conducts their main
business in foreign currency will be able to issue shares and bonds
and settle the issuance consideration directly in foreign currency.
Furthermore, investors will be able to receive bond's interest and
redemption payments directly in foreign currency, eliminating
substantial conversion costs for both the investors and the public
companies.
Expanding clearing infrastructure to support settlement in
additional foreign currencies is another step forward in the
implementation of TASE's strategy to evolve the Israeli capital
market. This will align it with international standards and opening
up the Tel Aviv Stock Exchange to global markets and international
investors. The aim is to offer the general public, public companies
and investors a broader and more diverse range of activities on the
Israeli capital market.
Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
tase.ir@tase.co.il
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content:https://www.prnewswire.com/news-releases/the-tel-aviv-stock-exchange-tase-upgrades-and-expands-foreign-currency-clearing-services-aligning-the-israeli-capital-market-with-international-standards-302199197.html
SOURCE The Tel Aviv Stock Exchange Ltd.