Aggregated News From Investment Management Regulators

Israel Securities Authority and the Tel-Aviv Stock Exchange Announced joint call to promote technological innovation in retail brokerage in Israel


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ISA Chairwoman, Anat Guetta: “We are committed to providing investors with a high-quality offering of accessible, affordable and advanced securities trading services. The initiative announced today will make it easier for fintech companies to help local investors by aligning Israel with the world’s most advanced capital markets. The retail brokers will join existing players in boosting capital market competition”

TASE CEO, Ittai Ben-Zeev: “The joint collaboration with the Israel Securities Authority is an important step to open the Tel Aviv Stock Exchange to new players. As Part of our strategic plan, TASE is updating the rules to remove barriers and aligning itself to international standards, to increase the number of active members of TASE. We are confident that the entry of new players with advanced technologies into the Israeli capital market will increase competition for investors and will make the Tel Aviv Stock Exchange dominant and more accessible to the public”

Tel Aviv, August 14, 2019 – The Israel Securities Authority (ISA) and the Tel-Aviv Stock Exchange (TASE) today published a public call to parties interested in becoming retail brokers in Israel, whether in securities trading or in the distribution of mutual funds.

The call is intended to create an offering of direct, advanced, affordable and accessible trading services. This step is aligned with ISA and TASE’s strategic plans for promoting technological innovation in the capital market and driving down the cost of financial services. The call is a further measure following the launch of the new “Portfolio Management 2.0” model promoted by ISA.

ISA and TASE met recently with 15 entities and are planning to promote changes in the relevant regulatory rules and in TASE’s by-laws to facilitate the work of retail brokers on the local market. The changes contemplated include reducing capital requirements and promoting full digitization of the securities account-opening process, as has already been implemented in the world’s most developed and advanced capital markets.

ISA and TASE believe that these measures will diversify the range of brokers active on the local market while increasing competition.

As mentioned, in their joint call, ISA and TASE are inviting entities interested in participating in the local capital market as retail brokers to share with them the main challenges and actions needed to make the initiative successful. Based on comments received, ISA and TASE will consider the changes and adjustments that will need to be made in the current regulation and in TASE’s by-laws in order to promote the initiative.

Entities considering becoming active in Israel’s capital market as retail brokers are invited to comment by September 15, 2019.

Click here – for full details of the request for comments on the retail brokers.

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