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Eurex and Tel Aviv exchange partner on derivatives trading

Deutsche Börse’s international Eurex derivatives exchange has signed a cooperation agreement with Israel’s Tel Aviv Stock Exchange (TASE) to list and clear index futures based on the Israeli TA-25 blue chip index.

The cooperation is due to start in the first half of next year. The Eurex/TASE TA-25 index futures will be denominated in US dollars (USD) and bring extra volume to Eurex’s expanded IT architecture.

The average daily volume so far this year of the TA-25 index has been around 190,000 options contracts, so it is in the top ten of the world’s most traded derivatives markets.

Commenting on the deal Ester Levanon, chief executive officer (CEO) of TASE, said: “This cooperation with Eurex opens up exciting new opportunities for our investors by allowing them to develop new trading and hedging strategies. The cross-listing arrangement will contribute to the further development of the Israeli financial market.”

Fellow agreement signee, Mehtap Dinc, a member of the Eurex executive board, said: “The new partnership with TASE is a further milestone in our cooperation strategy to broaden Eurex’s global product suite and improve its regional footprint. For the first time, Eurex Exchange members will have access to the Middle East and benefit from direct trading opportunities in Israeli blue chip companies.”

Both firms will promote the launch of the new Eurex index derivatives contracts.