TASE may shorten trading day
Interest in shares has waned of late and the Tel Aviv Stock Exchange is thinking of shortening its working day. The trading day might be shortened by an hour, or half an hour.
Wednesday finally brought an end to the longest labor dispute in the TASE's history, during which a wildcat shutdown halted trading one day, and for weeks management preempted possible shutdowns by workers through ending trading early. The investment community quickly adjusted to the truncated trading hours, judging by daily turnovers.
Sources at the TASE said that for weeks the workers had disrupted work, forcing the exchange to close at 2:30 P.M. every day. "It turns out that the disruptions didn't reduce turnovers, which reached NIS 1.5 billion a day. Therefore, there's no reason not to shorten the trading day on a permanent basis," one explained.
TASE chief executive Ester Levanon has empaneled a team to consider the issue of a truncated trading day.
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