Tel Aviv Stock Exchange

What Tel Aviv Stock Exchange does

The Tel Aviv Stock Exchange (TASE), founded in 1953 and headquartered in Tel Aviv, is Israel's sole public securities exchange and one of the country's primary capital-market infrastructure operators. It lists approximately 473 companies with an aggregate equity market capitalization of NIS 2.3 trillion as of Q1 2026, and serves as the central venue for Israeli equities, corporate bonds, derivatives, and benchmark index products. TASE operates the MAYA electronic trading and disclosure platform, an in-house clearing house for post-trade settlement, and a family of indices including TA-35, TA-Real Estate 35, TA Banks 5, TA Finance, and TA Oil & Gas, with NIS 82 billion in third-party assets tracking its indices. In January 2026 the exchange transitioned from a Sunday-Thursday to a Monday-Friday trading week (Friday closing at 2 p.m.) to align with international market hours and lower barriers for foreign institutional investors.

TASE generates revenue through four transaction-based streams: trading and clearing commissions, clearing house services, listing and IPO fees, and index-related income from the passive-investment ecosystem. In 2025 the exchange reported record revenue of NIS 563.5 million (+29% YoY), net profit of NIS 181 million (+79%), and adjusted EBITDA of NIS 293.8 million (+58%); Q1 2026 revenue surged 40% YoY to NIS 183.3 million on equity daily-average trading volume of NIS 5.6 billion (+92% YoY). The company is publicly listed on its own exchange under the ticker TASE, and completed a NIS 242 million secondary offering in January 2024 (with notable buyers Bill Ackman and Neri Oxman taking ~4.9% stakes each) earmarked for technology infrastructure upgrades.

The exchange serves three primary customer segments: Israeli public issuers (including dual-listed companies representing 22% of market cap at $114 billion), international institutional investors (drawn in particular by the Monday-Friday alignment and February 2026 dual-listing of Palo Alto Networks), and Israeli retail and institutional investors (49% of the Israeli public now holds active investment portfolios, up from 40%). Go-to-market is anchored on attracting quality IPOs and dual-listings, deepening liquidity through market-making programs (Tailor Made, Bank Leumi equity options) and block-trade-at-close functionality, and expanding the index franchise — including the 2025 launch of TA-Real Estate 35 covering ~80% of the sector by market cap. Leadership is held by CEO Ittai Ben-Zeev and CFO Yehuda Ben-Ezra, and the exchange is regulated by the Israel Securities Authority.

Name

Tel Aviv Stock Exchange

Legal name

The Tel Aviv Stock Exchange Ltd.

Website

https://tase.co.il

Company type

Public

Founded year

1953

Operating status

Operating

Headcount range

251–500 employees

Short description

Tel Aviv Stock Exchange (TASE) is Israel's sole public securities exchange, operating the MAYA trading platform, a central clearing house, and benchmark indices serving ~473 listed issuers, foreign institutional investors, and Israeli retail and institutional participants.

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)

akta.pro secondary industry

Electronic Communication Networks (ECNs) / Crossing Networks (Multi-Asset) (FSAFAEAD)

Keywords

• Securities exchange operations
• Equity trading platform
• Clearing and settlement services
• Stock market indices
• Securities listing services

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Trading and Clearing Commissions: Revenue from equity trading volumes and clearing commissions, which grew 44% year-over-year in Q1 2026. Equity market daily average trading reached NIS 5.6 billion, up 92% year-over-year.
2. Clearing House Services: Central clearing services for securities transactions, generating 69% revenue increase in Q1 2026, making it the fastest-growing revenue stream.
3. Listing and IPO Fees: Revenue from IPOs and new listings. Eight new companies completed IPOs raising NIS 1.9 billion in Q1 2026, compared to 5 IPOs raising NIS 0.8 billion in all of 2024.
4. Index-related Revenue: Revenue from the growing passive investment ecosystem tracking TASE indices, with NIS 82 billion in assets under management linked to TASE indices.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

TASE operates Israel's only regulated securities exchange, providing a marketplace for the trading, clearing, and settlement of equities, derivatives, and corporate bonds. The exchange also administers benchmark equity indices, facilitates IPOs and dual-listings, and runs institutional bond platforms serving Israeli issuers and global investors.

Product overview

The Tel Aviv Stock Exchange (TASE) operates as a comprehensive financial market infrastructure offering a unified trading platform for equities, derivatives, and other securities. The core product suite includes the equity trading platform with clearing house services, supplemented by benchmark indices (TA-35, TA-Real Estate 35) and liquidity-enhancing programs (Tailor Made Market Making, Equity Options Market-Making). Additional features include block trade capabilities and the MAYA information platform for disclosures. The exchange recently transitioned to a Monday-Friday trading week to align with international markets.

Differentiator

Problem solved

Functional benefit

Brands

• TA-Real Estate 35: Index tracking the 35 largest real estate companies by market capitalization in Israel
• TA 35
• TA Banks 5
• TA Finance
• TA Oil & Gas
• MAYA

Products and services

• Equity Trading Platform Core trading platform for buying and selling equities on the Tel Aviv Stock Exchange, providing market access to Israeli and international investors with Monday-Friday trading hours aligned to global standards.
• Clearing House Services Post-trade clearing and settlement services for exchange transactions, generating 69% YoY revenue growth in Q1 2026 and serving as the fastest-growing revenue stream.
• TA-35 Index Primary Israeli stock market index tracking the 35 largest companies on the Tel Aviv Stock Exchange, used as a benchmark by passive funds and institutional investors.
• TA-Real Estate 35 Index Sector index tracking the 35 largest real estate companies by market capitalization in Israel, representing approximately 80% of total sector market cap.
• Institutional Bond Platform Dedicated TASE platform for listing and trading corporate bond offerings by institutional issuers, including ICL Group's $800 million senior notes and Prospect Capital's $167 million notes.

Quantifiable outcome

• Equity market daily average trading increased 92% year-over-year to NIS 5.6 billion in Q1 2026
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Palo Alto NetworksflagshipStrategic or Co-development Partner · 1 February 2026Palo Alto Networks completed a dual-listing on TASE in February 2026, described as a significant vote of confidence in the Israeli capital market and a milestone for attracting quality international listings.
• Idan Financial Instruments of Barak Capital GroupcoreTechnology or Integration · 2 November 2025Idan Financial Instruments of Barak Capital Group began a market-making program in Bank Leumi Equity options on November 2, 2025. The initiative aims to improve liquidity and promote the Israeli derivatives market.
• Proxima DynamicscoreTechnology or Integration · 2 November 2025Proxima Dynamics participates in the market-making program in Bank Leumi Equity options launched on November 2, 2025, alongside Idan Financial Instruments, to enhance liquidity in the Israeli derivatives market.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• NYSE (Intercontinental Exchange): NYSE, operated by Intercontinental Exchange, is the largest global equities exchange and the dominant venue for dual-listed Israeli companies like Teva and Tower Semiconductor. Comparable as a national stock exchange operator serving institutional and retail participants, though materially larger and more diversified globally.
• NASDAQ: NASDAQ is the primary US tech-focused exchange and the dominant venue for Israeli technology dual-listings, with Palo Alto Networks among recent additions. Directly comparable as a competitor for dual-listings of Israeli companies, with TASE positioning to capture incremental trading of these same shares.
• London Stock Exchange Group: LSEG operates the London Stock Exchange, a major global exchange with comparable multi-asset trading, clearing, and index businesses. Comparable as a full-service exchange operator with established international investor base; TASE's Monday-Friday shift partly aims to compete for European capital flows alongside LSE.
• Hong Kong Exchanges and Clearing (HKEX): HKEX is a major Asian exchange and clearing house operator, comparable in offering integrated trading, clearing, and listing services. Both serve as primary capital markets venues for their respective economies (Hong Kong and Israel) with significant mainland/international investor participation.
• Japan Exchange Group (JPX): JPX operates the Tokyo Stock Exchange and Osaka Exchange, the third-largest equity market globally. Comparable as a national exchange operator with significant passive investment ecosystem (TOPIX tracking), serving a developed Asian economy with strong international investor participation.

Direct peers

• Deutsche Börse: Deutsche Börse operates the Frankfurt Stock Exchange plus the Eurex derivatives exchange and STOXX index family. Highly comparable as a multi-asset exchange operator with integrated clearing (Clearstream) and significant index licensing revenue, similar to TASE's clearing house and TA-35 index business.
• Euronext: Euronext operates exchanges across Paris, Amsterdam, Brussels, Dublin, Lisbon, Milan, and Oslo, with integrated clearing and a growing index franchise. Comparable as a multi-country European exchange operator with similar transaction-fee revenue model, dual-listing capabilities, and index products.
• Singapore Exchange (SGX): SGX is a mid-sized Asian multi-asset exchange with equities, derivatives, and fixed income trading plus clearing. Highly comparable in scale, product mix, and international investor focus to TASE; both compete for global capital flows into their respective regional markets.
• ASX (Australian Securities Exchange): ASX operates Australia's primary exchange with equities, derivatives, and post-trade services, and runs benchmark indices (S&P/ASX 200). Comparable in scale, integrated exchange-plus-clearing model, and index business to TASE; both serve as sole national exchanges for developed markets.
• TMX Group (Toronto Stock Exchange): TMX operates the Toronto Stock Exchange and TSX Venture Exchange, plus CDS Clearing and various fixed income and energy platforms. Comparable as a mid-sized national exchange operator with integrated clearing and dual-listing focus on resource and tech issuers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tase_he
• Facebookfacebook.com/tase.il
• LinkedInlinkedin.com/company/tel-aviv-stock-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tel Aviv Stock Exchange