Nasdaq strikes JV deal with TASE

Nasdaq and Tel-Aviv Stock Exchange have announced the creation of a jointly operated venture to support private growth companies in Israel. The Tel Aviv-based venture will offer a number of benefits to private companies including strategic counseling and mentoring, exclusive networking, a secondary market for liquidity events and debt financing services.  The private market will have an independent management team chosen by both exchanges; further details of the venture will be announced during first half of 2016.

Tel-Aviv Stock Exchange has also agreed to deploy Nasdaq’s Genium INET technology for trading across a variety of asset classes including equities, derivatives, bonds, fixed income, as well as commodities. The technology overhaul will support TASE’s growth focus to attract capital both domestically and internationally, and run cutting-edge technology based on international standards and best practices.

Said Yossi Beinart, CEO of TASE. “For the first time we can offer Israeli companies a real solution to challenges in their growth and give them a real alternative to an exit, so that they will continue to operate as independent companies with significant operations in Israel. The new joint market will offer various models for raising capital to companies not yet ripe to go public and to be a bridge for their desire to continue development in Israel and later in markets worldwide.”

Added Sandy Frucher, vice chairman, Nasdaq: “By leveraging our world-renowned Genium INET platform, TASE will have limitless opportunity to expand their product and business offerings to the domestic and international markets. Further, our collaboration to build a private market to support regional growth companies will also enhance Tel Aviv as a capital markets hub. Our own successful history creating public and—recently in the U.S.—private markets only underscores our sincere commitment to developing this new and exciting venture. We look forward to a long and successful partnership with TASE.”