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FILE PHOTO: A man enters the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017. REUTERS / Baz Ratner
JERUSALEM (Reuters) – U.S. financial services firm Jefferies will join the Tel Aviv Stock Exchange (TASE) as a remote member, the Israeli stock market said on Sunday.
Jefferies will become the second remote member of TASE along with Merrill Lynch International. A remote member does not have a permanent representation or branch in Israel.
It has the same characteristics as Citi, UBS, HSBC and Barclays, who are regular members and have a presence in Israel.
Israel's securities regulator separately said the addition of Jefferies would boost competition in the market and open Israel's capital market to the world's leading markets.
The TASE, which has 22 members, said Jefferies is one of the largest and most significant international players in Israel's high-tech and biotech sectors. Its membership will enable the bank's investors to enter the Israeli tech firms.
"Our company has been doing business in Israel for 20 years," said Natti Ginor, Head of Israel Markets at Jefferies.
Reporting by Steven Scheer; Editing by Tova Cohen
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