In an attempt to boost falling trading turnover, the Tel Aviv Stock Exchange (TASE) Board of Directors supports CEO Yossi Beinart's proposal to replace Sunday trading with Friday trading. The TASE issued a statement today proposing Monday to Friday trading with the market closed on Sundays and Friday trading ending at 2 pm. Trading on Monday to Thursday would end at 4.30 pm instead of the current 5.30 pm.
The statement said, "The Board announces that it supports the step as part of its plan to implement it and asks TASE staff to carry out the required examination with TASE members and the necessary amendments in the TASE regulations and guidelines. Discussions on the matter took place after a preliminary examination was conducted by the TASE staff vis-a-visa capital market organizations."
In the coming days TASE management will speak to members about the repercussions of such a move including trading hours, clearing times, the influence on work schedules and staffing levels, changes required in computer systems etc.
The TASE added, "Alongside these examinations, we will complete gathering data about the impact of the changed hours (that came into effect last year) and these figures will also be taken into account."
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2014
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