Interactive Brokers (UK) Ltd, the British arm of US brokerage Interactive Brokers (IB), announced today that it plans to apply for remote membership with the Tel-Aviv Stock Exchange (TASE), according to a corporate statement.
IBUK's status as a remote member will enable the FCA-regulated broker to provide its traders with direct access to TASE trading. At the same time, its membership will increase the exposure of the bourse’s listed companies to a broad spectrum of foreign investors.
The TASE said that Interactive Brokers’ decision to become a remote member of the exchange is a sign of confidence in the Israeli economy whilst further deepening the company’s Trading Platform on the Tel-Aviv Stock Exchange.
Ittai Ben-Zeev, TASE's Chief Executive Officer, welcomed IBUK's application, stating: “We are pleased that Interactive Brokers is planning to join TASE as a remote member. The addition to TASE of one of the world’s largest international brokerage firms is an expression of confidence in the Israeli capital market and in Israeli investors. This is a direct result of our strategic plan and aspiration to increase the number of Israeli and international TASE members, to enhance competition for the benefit of the public investors and to make TASE trading more accessible for the public investors in Israel and abroad.”
Jon Chait, COO at Interactive Brokers, added: “We are delighted to join the Tel Aviv Stock Exchange. We believe IB’s international scope provides opportunities for investors to efficiently and cost effectively access smaller markets that larger established financial institutions don’t serve because they don’t see sufficient scale.”
Mr. Chait also noted: “IB’s technology driven business model is not limited in this way. Our software is borderless, so investors can access international markets with the same efficiency regardless of where they are located.”
