Exchange operator Nasdaq and the Tel-Aviv Stock Exchange (TASE) have officially announced a strategic cooperation to create a venture type exchange for Israel-based companies that want to raise capital.
By creating a new trading exchange platform, the US-based operator brings its technological prowess to the Tel Aviv bourse to help smaller companies attract investment dollars and grow their businesses. Tel-Aviv will use Nasdaqs Genium INET technology.
Nasdaqs Genium INET technology for trading offers users more trading efficiency across a variety of asset classes including equities, derivatives, bonds, fixed income, as well as commodities. The technology overhaul will support TASEs growth focus to attract capital both domestically and internationally, and run cutting-edge technology based on international standards and best practices.
The new venture, which will operate out of Tel Aviv, will offer various 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.
We are proud of this important agreement with TASE, which brings both technology and innovation together in a very ambitious way, said 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.
Nasdaq’s exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across North and Latin America, Europe, Asia, Australia, Africa and the Middle East.
