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June 2, 2019 10:17 am

Jefferies to Become Member of Tel Aviv Stock Exchange

avatar by Reuters and Algemeiner Staff

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

US 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.

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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.

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