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History was made on the Tel Aviv Stock Exchange on Wednesday. The highest volume of trade was posted not by shares in Teva or Bank Hapoalim, but in units of a derivative: the KSM-TA 25, which tracks the blue-chips TA-25 index.

Turnover in the index-linked note reached a gigantic NIS 139 million, which was 15% of the total NIS 913 million turnover on the TASE on Wednesday.

The note had been issued by Excellence-Nessuah, which commented that the remarkable trading volume was probably due to unusually intensive activity by a few bodies. Usual daily turnover in the KSM-TA 25 is NIS 27 million. 

The second-most security on Wednesday was shares in  Israel Chemicals (TASE: CHIM), which published its second-quarter financial statement yesterday. No less than NIS 79 million worth of its shares changed hands.

The third-liveliest share on the Tel Aviv Stock Exchange on Wednesday was Bank Hapoalim (NIS 65 million), followed by Bank Leumi (NIS 51 million). Teva, the biggest generic drugs company in the world, found itself in fifth place with turnover of NIS 48 million.

Excellence-Nessuah issued the KSM-TA-25 a year ago, in August 2005. Derivatives tracking indexes, and commodities too, have become hugely popular in Tel Aviv. No less than 88 types are presently traded, of which 67 track indexes, 11 are reverse certificates and ten are index-linked notes tracking bonds.