The Tel Aviv Stock Exchange’s 2023-2027 published roadmap includes blockchain technology and asset tokenization.
On Oct. 24, 2022, the Tel Aviv Stock Exchange (TASE) released a strategic plan for 2023-2027 after it was approved by the board of directors and management.
Blockchain and tokenization key goals
The new plan focuses on four forward-looking areas, including offering crypto products directly to institutional investors.
Firstly, the TASE wants to bolster its core business value through four initiatives. It intends to improve its product range to attract foreign investors. The exchange will also look to strengthen its derivatives offerings and improve its systems to clear and report over-the-counter (OTC) transactions. It wants to improve distribution channels to current customers.
Secondly, the TASE wants to improve its digital capabilities and sharing of analytics. To do this, it wants to create new virtual assets and services that cater to institutional customers and liquidity providers. It hopes these efforts will improve its customers’ efficiency and encourage competition.
Thirdly, the TASE wants to tokenize traditional assets and implement blockchain technology. Accordingly, on Oct. 19, 2022, the TASE and the Accountant General decided to pilot issuing tokenized government bonds using blockchain, smart contracts, and tokenization. TASE will also look into upgrading current infrastructure to new Web3 or blockchain standards and offering a product that tracks a basket of crypto assets.
Finally, it wants to promote its Israeli technology by marketing it to smaller exchanges.
Tel Aviv exchange joins growing cohort of institutional interest
While crypto was designed to be decentralized, many customers feel comfortable accessing them through traditional companies.
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As a case in point, the CME Group, the world’s largest derivatives exchange, has launched multiple crypto-derivative products. The company is an established player in the derivatives market, launching its first futures contract in 1961. Therefore it was no surprise that when it launched its first Bitcoin futures product in Dec. 2017, bitcoin reached an all-time high of$19,423.58. ETH also rallied to $728.70 before reaching $1,448.18 in Jan 2018. Also, after ProShares launched its bitcoin futures ETF in Oct. 2021, both ETH and Bitcoin started rallying and reached their all-time highs in Nov. 2021.
According to Mastercard’s chief digital officer, consumers want crypto exposure but feel better if it’s through a trusted intermediary like a bank. Accordingly, the payments provider announced on Oct. 17, 2022, that it would pilot a project in 2023 to help customers trade crypto assets through their banks. The crypto assets would come from an exchange called Paxos.
TASE boasts three foreign bank members
By bringing digital assets and tokenization under its banner, the Tel Aviv Stock Exchange lends the crypto space an air of credibility. It is a highly-regulated institution and operates under a license given by the country’s finance minister. The Israel Securities Authority supervises the exchange, including the TASE Clearing House and the Derivatives Clearing House. The clearing houses act as central counterparties to transactions, bearing the risk that a transaction party will not meet their obligation.
Banks that are TASE members are supervised by an entity of the Bank of Israel, which provides the public with a further layer of protection. The public can only access TASE’s products through its members. Three foreign banks are TAS members: Barclays Bank PLC, Citibank, and HSBC Bank PLC. But the company’s roadmap, if executed successfully, could result in more foreign banks coming on board.
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