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22 Cheshvan 5769 - November 20, 2008 | Mordecai Plaut, director Published Weekly
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NEWS
Merrill Lynch Applies for Remote TASE Membership

by Yated Ne'eman Staff

Investment bank Merrill Lynch has applied to become the first remote member on the Tel Aviv Securities Exchange. The application, submitted by its subsidiary, Merrill Lynch International (MLI), is the first of its kind.

Merrill Lynch used to be among the world's largest brokerage firms. It was recently bought by Bank of America. MLI has been listed on the London Stock Exchange for over a decade and serves large institutional and international clients overseen by the Financial Services Authority (FSA) of Britain.

Merrill Lynch's remote membership would allow its brokers to trade directly on the TASE and offer its clients worldwide direct access to Tel Aviv trading. It would also increase TASE-traded companies' exposure to a broad spectrum of foreign investors.

The Tel Aviv Securities Exchange has 28 members, four of which are international banks and investment houses represented in Israel — UBS, Deutsche Bank, HSBC and Citibank.

 

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