June 2, 2019 / 10:30 AM / 4 months ago

Jefferies to become member of Tel Aviv Stock Exchange

FILE PHOTO: A man enters the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017. REUTERS/Baz Ratner

JERUSALEM (Reuters) - U.S. financial services firm Jefferies will join the Tel Aviv Stock Exchange (TASE) as a remote member, the Israeli bourse said on Sunday.

Jefferies will become the second remote member of the TASE along with Merrill Lynch International. A remote member does not have a permanent representation or branch in Israel.

It contrasts with other foreign banks like Citi, UBS, HSBC and Barclays, who are regular members and have a presence in Israel.

Israel’s securities regulator separately said the addition of Jefferies would boost competition in the market and open Israel’s capital market to the world’s leading markets.

The TASE, which has 22 members, said Jefferies is one of the largest and most significant international players in Israel’s high-tech and biotech sectors. Its membership will enable the bank’s investors to deepen their exposure to Israeli tech firms.

“Our company has been doing business in Israel for 20 years ... and we are looking forward to helping the continued growth of TASE and the companies listed on it,” said Natti Ginor, head of Israel markets at Jefferies.

Reporting by Steven Scheer; Editing by Tova Cohen

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