Yossi Beinart, Former CEO of Tel Aviv Stock Exchange, Dies at 61

After a long career in U.S., he was brought in to turn around the ailing bourse but had to step down due to illness

Bloomberg

Yossi Beinart, who served as Tel Aviv Stock Exchange CEO for three years after a long career in the United States as an expert of algorithmic trading, died late on Wednesday after a long illness. He was 61.

Beinart took the helm of the TASE in October 2013, charged with the task of reviving an exchange that was suffering from management turmoil, declining trading volumes and a wave of delistings.

Beinart sought to implement changes to the TASE’s structure and regulations but soon found himself engaged in a power struggle inside the bourse. As his illness grew worse he had to hand over much of his responsibilities to Deputy CEO Gal Landau-Yaari. He finally stepped down last September.

Beinart was born in Jerusalem in 1956. His father was Haim Beinart, a Hebrew University historian who specialized in medieval Spanish Jewry. Yossi Beinart served in the Israel Defense Forces armored corps, rising to the rank of lieutenant colonel, before getting a degree in computer science from Hebrew University in 1985.

From there, he made a career in the United States. His first significant role was being named vice president of software development at Integrated Analytics Corporation in 1988. The Los Angeles-based company specialized in algorithmic trading – using computers to make securities trades based on a defined set of instructions in order to generate profits at a speed and frequency far faster than a human can.

After IAC was sold to Investment Technology Group in 1992, Beinart stayed on for another decade as an executive. In 2000, he took a break from algo-trading to become CEO at ShieldIP, which develops intellectual property protection products. Four years later moved to Portero in New York, where he developed an e-commerce platform for trading luxury goods.

He returned to the world of finance in 2006 as technology director for IG Group, a U.K.-based company providing trading in financial derivatives. Two years later he was named CEO of Nadex, an online binary options exchange based in Chicago.

Apart from his work, Beinart was active in the Israel Venture Network, which deals in social investments, and was on the board of the New Israel Fund.