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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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