Saturday 24 March 2018

People falling on their swords – what's that all about then?

IT couldn't happen here. Tel-Aviv Stock exchange chairman Saul Bronfeld has stepped down, a week after chief executive officer Ester Levanon announced her resignation. The departures follow a drop in trading volume and the bourse's failed bid to join MSCI's Europe Index.

Mr Bronfeld cited "hostile control" by the Israel Securities Authority (ISA) and the regulator's interference as the main reasons for his exit.

There weren't too many tears, it seems.

ISA chairman Shmuel Hauser said that new management will "strengthen the bourse", while analyst Zach Herzog crowed that "the old guard has exited and we hope for a fresh start."

The strange thing from an Irish perspective is that trading volume has plunged on the benchmark TA-25 Index since the country was granted developed-market status in May 2010 from its emerging-market rank.

Volume dropped 44pc from the start of 2010 to the end 2012, compared with an 18pc retreat across the world.

The campaign to get the ISEQ listed as an emerging market begins here.

Irish Independent

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