The Tel Aviv Stock Exchange (TASE) and Eurex Exchange, the international derivatives marketplace and part of Deutsche Börse Group, have signed a cooperation agreement. Under the agreement, Eurex Exchange will list and clear index futures based on the Tel Aviv 25 index, Israel’s blue chip index and one of the most heavily traded regional equity indexes. Eurex’s Tel Aviv 25 index futures will be denominated in US dollars. The launch is planned for the first half of 2014.
The cooperation agreement was signed today in Tel Aviv by TASE outgoing CEO Ester Levanon, and Mehtap Dinc, a Eurex executive board member. Both partners will jointly promote the launch of the new Eurex index derivatives contracts.
Levanon said, “This cooperation with Eurex opens up exciting new investment opportunities for our investors by allowing them to develop new trading and hedging strategies. The cross-listing arrangement will contribute to the further development of the Israeli financial market.”
Dinc said, “This new partnership with TASE is a further milestone of our cooperation strategy to broaden Eurex’s global product suite and improve the regional footprint. For the first time, Eurex Exchange members will have access to the Middle East and benefit from direct trading opportunities in Israeli blue chip companies."
As of September 30 2013, Tel Aviv 25 index options were the tenth most traded index derivatives contracts worldwide. The year-to-date 2013 average daily volume in Tel Aviv 25 index options traded on the TASE is around 190,000 contracts.
Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2013
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