For the First Time, the Tel-Aviv Stock Exchange (TASE) has started publishing on its website trading and clearing fees that TASE members charge their clients, in a manner that enables comparison between fees charged by different TASE members.
The TASE Ownership Restructuring Law, which was promoted by the Ministry of Finance and the Israel Securities Authority, and approved in April 2017, includes requirements for TASE members to report the trading and clearing fees that they charge from their clients to TASE and for TASE to publish the fee comparison on its website.
In addition, the law prescribes that a TASE member must inform any client seeking to open and manage a securities account, that the fees TASE members charge for their services are published on TASE website and that they can be compared to fees charged by other members.
The information available on TASE’s website for the comparison of trading and clearing fees is as follows:
- The average fees actually collected from clients, according to the securities portfolio value;
- The trading and clearing fees that the TASE member charges from its clients, in accordance with the TASE member’s tariff list.
The website makess it possible to compare between the TASE members, separately for each type of fee; it will also be possible to view fee details for each TASE member.
Ittai Ben-Zeev
TASE’s CEO, Ittai Ben-Zeev, commented:
This is another stage in the joint process executed by the Ministry of Finance and the Israel Securities Authority towards restructuring TASE’s ownership, similarly to other stock exchanges around the world. Publication of the trading fee comparison will drive more competition for the investors and will make TASE more prominent and more accessible for the general public.