July 9, 2019 / 1:44 PM / 2 months ago

NYSE to assist Israel in creating secondary tech stock exchange

TEL AVIV, July 9 (Reuters) - The New York Stock Exchange (NYSE) will work with Israel in setting up a secondary stock exchange for high-tech companies, Israel’s Finance Ministry said on Tuesday.

During a meeting between senior NYSE and ministry officials, they agreed to form a joint team to set up the secondary exchange, a move that is part of Israel’s securities regulator’s strategy to create secondary and digital stock markets, the ministry said.

No further details were provided.

“This is an expression of confidence by the world’s strongest stock exchange in Israel’s economy,” said Finance Minister Moshe Kahlon.

Israel has a bustling technology sector but most start-ups and established companies opt for private sources of funding rather than tap the Tel Aviv Stock Exchange (TASE), whose regulations are deemed too stringent for smaller companies.

The TASE and the Israel Securities Authority (ISA) have long tried to lure tech firms to the stock exchange with little success.

ISA chairwoman Anat Guetta said her goal for the future was to lay the foundations today to shape an innovative and relevant stock exchange. “We are working to examine the establishment of digital markets in Israel,” she said.

Reporting by Steven Scheer

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