BREAKING NEWS

Tel Aviv Stock Exchange becomes for-profit in bid to revive business

By REUTERS

SEPTEMBER 7, 2017 16:14

Israel's stock market won the right to become a for-profit bourse on Thursday, culminating a three-year push to alter its structure to make it more competitive, cheaper and more efficient.

The Tel Aviv Stock Exchange's (TASE) demutualization plan, approved by the city's district court on Thursday, aims to end banks' control and boost listings and trading volumes.

Most stock exchanges in Western countries have adopted for-profit structures in recent decades.

TASE, which will now be entitled to distribute its earnings and even issue shares in public offerings, has struggled for years to revive flagging listings and volumes, despite attempts to reform.

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