In First: Tel Aviv Stock Exchange Trading On Friday
Israel’s stock market entered new territory on Friday as the Tel Aviv Stock Exchange opened for business at the end of the workweek, marking a departure from its long-standing trading calendar.
For decades, the exchange operated from Sunday through Thursday, reflecting the Israeli workweek and the early Friday closures observed by banks and companies ahead of Shabbos. While Sunday functions as a regular business day in Israel, global markets are typically closed, leaving TASE out of sync with international trading patterns.
Finance Minister Bezalel Smotrich said the change is part of a broader effort to integrate Israel more fully into global financial systems. “As part of our reforms to strengthen the Israeli economy, we have moved the stock exchange to operate Mondays through Fridays to align trading days with what is customary in stock exchanges worldwide, enable the Israeli stock exchange to join international indices, and encourage both Israeli and international companies to issue shares under the blue-and-white flag.”
The first Friday session also featured a milestone in derivatives trading. Yaniv Pagot, the Vice President of Trading at TASE, noted the significance of the opening day, saying, “We started the trading day with a historic first option expiration, which saw a trading volume of approximately 106 million shekels.”
Smotrich emphasized that the revised schedule was implemented with religious sensitivities in mind. “We did this, obviously, while taking precautions to avoid desecrating Shabbat, both by setting appropriate operating hours and through regulatory instructions from the Securities Authority, which postpone most of the trading closure activities to Sunday. We will continue, G-d willing, to strengthen Israel’s economy and fortify the power of the State of Israel,” he said.
With the adjustment, Israel’s market hours now mirror those of major exchanges abroad, a move officials say is intended to boost participation, visibility, and growth in the Israeli capital markets.
{Matzav.com}
