Harel Finance Seeks Stock Exchange Membership
Translated & summarized from Ice by baba
Harel Finance has applied to become a member of the Tel Aviv Stock Exchange through its subsidiary, Harel Securities Trading. The move aims to expand its services to private clients, offering direct access to trading in Israeli and international markets. The application is pending approval from the TASE board. This development is seen as a significant strengthening of the Israeli capital market.
The story in 6 lines · by baba
- Harel Finance applied to become a member of the Tel Aviv Stock Exchange via its subsidiary.
- The new trading platform will offer diverse services to private clients in Israel and abroad.
- Elad Simas was appointed CEO of the new Harel Securities Trading company.
- Harel Finance manages over NIS 200 billion in assets.
- The TASE CEO welcomed the application, citing increased competition and accessibility.
- Membership is subject to approval by the TASE board of directors.
Harel Finance, a leading Israeli investment house managing over NIS 200 billion in assets, has submitted a formal application to become a member of the Tel Aviv Stock Exchange (TASE). The application was filed through its subsidiary, Harel Securities Trading Ltd. This move aims to expand Harel Finance's services, which currently include mutual funds, deposits, and investment portfolios, by establishing a new platform for trading securities in Israel and international markets.
The new entity will offer a wide range of services such as stock and financial instrument trading, foreign currency conversions, derivatives, securities lending, and credit provision for capital market activities. Harel Finance intends to focus on providing private clients with direct and convenient access to these trading and investment services. Elad Simas, formerly VP of Data and Innovation at Harel Finance, has been appointed CEO of the new trading company, bringing approximately 20 years of financial industry experience.
Michael Ben-Veleghi, CEO of Harel Finance, expressed excitement about the initiative, linking it to the global growth in private investor activity. He stated that the stock exchange membership is a key part of the company's strategy to offer comprehensive services to its clients and highlighted the significant support from the Harel Group in establishing the new operation. The company is currently focused on building the necessary infrastructure and support systems.
Itai Ben-Ze'ev, CEO of the Tel Aviv Stock Exchange, welcomed the application, calling Harel's potential membership a significant strengthening of the Israeli capital market. He believes that increased competition from quality entities will broaden the range of products and services, making the capital market more accessible to investors. Ben-Ze'ev also noted the significant growth of the Israeli stock market in recent years, while acknowledging its potential for further expansion compared to developed global markets, anticipating more local and international firms joining the exchange. Harel's admission as a member is subject to approval by the TASE board of directors.
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