JERUSALEM Oct 10 The interim CEO of the Tel
Aviv Stock Exchange (TASE) will step down at the end of the
year, the bourse said on Monday, adding to uncertainty
surrounding the exchange as it battles to recover from a drop in
trading volumes and company listings.
Gal Landau-Yaari, 41, took the reins at TASE in June after
CEO Yossi Beinart started a leave of absence due to illness.
Beinart later said he would resign and the TASE said its board
would form a search committee to select a new CEO.
Since October 2015, Landau-Yaari had served as deputy CEO
and chief operating officer of the exchange. In a statement, the
TASE did not give a reason for Landau-Yaari's planned
resignation, which comes at a difficult time for the exchange.
The TASE is in the process of a demutualisation plan that
has already been approved by the bourse's members and Israel's
government and is awaiting parliamentary approval.
The plan aims to make the exchange more competitive, enable
it to better cooperate with foreign exchanges and end Israeli
banks' control over the exchange.
Trading volumes this year have averaged 1.25 billion shekels
($329 million) a day, down 14 percent from 1.45 billion in 2015
and 2 billion in 2010. The number of companies listed on the
bourse has dropped by 200 over the past decade to 453 while
there are very few public share offerings.
Rather than raise money on the TASE, many high-tech
companies have sold out to larger international players or
chosen to list abroad, which has led to a steep drop in Israel's
Securities regulator Shmuel Hauser has partly blamed the
bourse's woes on an anti-business environment in Israel as well
as hefty regulations that the agency is in the process of
easing. He has admitted the stock market was "in a battle of to
be or not to be."
Last month, a senior Nasdaq official said the TASE must make
significant changes to its structure, regulations and image or
it will run itself out of business.
($1 = 3.7970 shekels)
(Reporting by Steven Scheer; Editing by Mark Potter)