TASE: 473 listed companies, NIS 2.4 trillion ($650B+) market cap, NIS 3.4B daily volume. Big Four banks, Big Five insurers, defense primes, real estate dynasties. Demutualized 2017, self-listed 2019. Rafael and IAI IPOs incoming.
THE ENTITIES · OLAM.BUSINESS
The Tel Aviv Stock Exchange is where the 70% of the Israeli economy that doesn't list on the Nasdaq goes public. 473 listed companies. NIS 2.4 trillion (~$650 billion+) in market capitalization. NIS 3.4 billion in average daily volume. The Big Four banks, the Big Five insurers, the defense primes, the real estate dynasties, the energy companies, the food chains, the telecom operators — they all trade here. Demutualized in 2017, self-listed in 2019, switched from Sunday–Thursday to Monday–Friday trading in January 2026, and now preparing for the two largest IPOs in its 73-year history: Rafael Advanced Defense Systems and Israel Aerospace Industries. The TA-35 hit an all-time high of 4,628.97 on May 6, 2026 — up 38.8% year-over-year.
Snapshot
| Listed companies (equities) | 473 |
|---|---|
| Total market capitalization | NIS 2.4 trillion (~$650B+) |
| TA-35 market cap | NIS 1.24 trillion (Feb 2026) |
| TA-35 all-time high | 4,628.97 (May 6, 2026) |
| TA-35 YoY return | +38.8% |
| Daily trading volume | NIS 3.4 billion (2025 average) |
| Trading days | Monday–Friday (since January 5, 2026) |
| Trading hours | Mon–Thu: 9:59 AM – 5:14 PM · Fri: 9:59 AM – 1:34 PM (Israel time, UTC+2 / UTC+3 DST) |
| Currency | Israeli shekel (ILS / NIS) |
| Corporate bond series | 901 |
| Government bond series | 204 |
| ETFs / ETNs | 416 |
| Mutual funds | 1,231 |
| Founded | 1953 (precursor 1935) |
| Demutualized | 2017 |
| Self-listed | August 1, 2019 (TASE: TASE) |
| TASE Ltd. market cap | ~$4.7B (June 2026) |
| TASE Ltd. revenue (2025) | NIS 563.5M |
| TASE Ltd. net income (2025) | NIS 181M |
| CEO | Itai Ben-Zeev (since 2017) |
| Chairman | Arik Steinberg |
| Regulator | Israel Securities Authority (ISA) |
The Economy Nasdaq Doesn't Show You
Israeli technology primary-lists on the Nasdaq. The rest of the Israeli economy — banks, insurers, defense primes, real estate dynasties, energy, telecom, food — lists on the Tel Aviv Stock Exchange. If you only watch Israeli tickers on the Nasdaq, you're watching one layer. The TASE is the other 70%.
The Big Four Israeli Banks — Bank Leumi (TASE: LUMI), Bank Hapoalim (TASE: POLI), Israel Discount Bank (TASE: DSCT), and Mizrahi-Tefahot (TASE: MZRH). Together: ~95% of Israeli banking assets. Financials account for 32.5% of the TA-35.
The Big Five Israeli Insurers — Harel Insurance (TASE: HARL), Phoenix Holdings (TASE: PHOE), Migdal Insurance (TASE: MGDL), Clal Insurance (TASE: CLIS), and Menora Mivtachim (TASE: MMHD). The institutional capital layer that drives Israeli pension, provident, and long-term savings.
Defense and Industrials — Elbit Systems (dual NASDAQ/TASE: ESLT, $30.2B backlog, NIS 105B market cap — the largest TA-35 constituent by cap), Teva Pharmaceutical (dual NYSE/TASE, $19.5B), ICL Group (TASE: ICL, Dead Sea potash/phosphates), and Tower Semiconductor (dual NASDAQ/TASE: TSEM) — Israel's specialty chip foundry, record Q2 2026 with 24% revenue growth, $29.4B market cap, and the best-performing TA-35 component: +377.9% over twelve months.
Energy — Partners in the Tamar, Leviathan, and Karish/Tanin gas fields. NewMed Energy (TASE: NWMD) anchors the offshore gas position. The new TA-Israel Energy index (launched February 6, 2026) tracks 27 energy-related shares with a combined market cap above NIS 219 billion. Israel's gas economy is a TASE story.
Real Estate — 9.5% of the TA-35. Azrieli Group (TASE: AZRG, the David Azrieli family), Melisron (TASE: MLSR, the Ofer family), Amot Investments, Big Shopping Centers. The new TA-Real Estate 35 index launched in late 2025.
Consumer and Food — Strauss Group, Shufersal (TASE: SAE), Rami Levy (TASE: RMLI), Yochananof (TASE: YHNF).
Telecom — Bezeq (TASE: BEZQ), Cellcom (TASE: CEL), Partner Communications (TASE: PTNR).
January 5, 2026: The Day the TASE Switched to Monday–Friday
For 72 years, the Tel Aviv Stock Exchange traded Sunday through Thursday — aligned with the Israeli work week, misaligned with every other major exchange on Earth. When overseas markets operated on Fridays, Israel was closed. When Israel traded on Sundays, New York and London were dark. The gap cost liquidity, excluded Israel from major global indices, and created two consecutive US trading days during which Israeli investors could not react.
On January 5, 2026, the TASE switched to Monday through Friday. The change — driven by Finance Minister Bezalel Smotrich, the Bank of Israel, the Israel Securities Authority, and TASE CEO Itai Ben-Zeev — was designed to attract foreign investors, improve market accessibility, and clear a key barrier to Israel's inclusion in the MSCI Europe index.
Friday is a shortened trading day: equities trade from 10:00 AM to 1:50 PM, derivatives from 9:45 AM to 2:00 PM, all closing before the start of Shabbat. No IPOs launch on Fridays. Sunday is now a non-trading day, though clearing and settlement continue Sunday through Friday.
The MSCI Europe inclusion — which analysts estimate could bring billions in passive index-fund inflows — was a central motivation. In prior years, Israel's exclusion from the index was attributed directly to the Sunday–Thursday trading calendar. Foreign investors surveyed by the TASE overwhelmingly supported the shift. The transition was attempted and failed multiple times before 2026; what changed was unified institutional support from the Bank of Israel, the banks, and the ISA.
The 2026 IPO Pipeline: Rafael, IAI, and the Largest Listings in TASE History
Two events will reshape the TASE in 2026–2027: the partial IPOs of Israel's two state-owned defense primes.
Rafael Advanced Defense Systems — FY2025 revenue $6.8B, $23.3B order backlog. The Government Companies Authority submitted draft proposals for a 25–30% float on the TASE at NIS 60–70 billion (~$20–23 billion).
Israel Aerospace Industries — FY2025 revenue $7.3B, $33B backlog, ~$20B valuation. A 25–30% float is under discussion, with additional tranches through 2027.
Together, Rafael and IAI would add $8–13 billion in public float — a structural shift in the TASE's sector composition, moving defense from a one-company presence (Elbit) to a three-prime sector. The IPO proceeds are earmarked for Israel's decade-long defense budget expansion.
Beyond defense: XTEND (drone systems, $1.5B Nasdaq target) and other Israeli tech companies are in the pipeline. The full Israeli IPO pipeline is tracked separately.
The $57 Billion M&A Year That Reshaped the Tech Layer
In 2025, Israel recorded its two largest foreign investment deals in history — both in cybersecurity, both completed in March 2026: Google's $32 billion acquisition of Wiz and Palo Alto Networks' $25 billion acquisition of CyberArk. Combined: $57 billion.
Both companies were dual-listed or TASE-connected. The deals removed two of the most valuable Israeli tech companies from the public market while demonstrating the valuation premium Israeli cybersecurity commands. For the TASE, the M&A wave is a double-edged dynamic: it validates Israeli tech at the highest price points in history, but it drains the exchange of its largest technology listings.
Tower Semiconductor (TSEM) has partially filled the gap. Israel's specialty chip foundry posted record Q2 2026 results with 24% revenue growth, raised its 2028 targets to $3.6B in revenue and $1.2B in net profit, and expects its Silicon Photonics segment to reach a $1B annual run rate by end of 2026. Market cap: $29.4 billion. The best-performing TA-35 component, up 377.9% over twelve months.
The New Index Architecture: Eight Indices in Six Months
In the first half of 2026, the TASE launched eight new indices — the most aggressive index expansion in the exchange's history. The goal: attract tracking products (ETFs, index-linked certificates), increase product diversity, and give institutional investors granular sector exposure domestically.
TA-Technology 35 (launched February 6, 2026) — the 35 largest technology stocks on TASE, including dual-listed names. Combined market cap: NIS 424 billion+. Largest constituent: Elbit Systems (NIS 105B). Modeled on the Nasdaq-100 concept for the Israeli market.
TA-Israel Energy (launched February 6, 2026) — 27 energy-related shares, combined market cap NIS 219 billion+. Covers fossil fuels, oil and gas exploration, and renewables.
TA-Defense — tracking Israeli defense companies. The only defense-sector index on any exchange in the Middle East.
TA-Real Estate 35 — tracking the 35 largest real estate companies. Real estate is disproportionately large on the TASE vs. global norms.
TA-Infrastructures — covering Israeli infrastructure and construction companies.
These join the existing TA-35, TA-125, TA BlueTech, Biomed, Tech-Elite, Cleantech, and Tel Bond 20 indices. The expansion reflects a strategic bet that more targeted indices will pull more tracking products, which pull more institutional capital, which pulls more liquidity.
From Members' Club to Public Company: The Demutualization
The TASE spent decades as a member-owned exchange — 15 banks and 11 investment houses collectively owning the platform. By the mid-2010s, that model was a constraint. Israel arrived late to a global trend: NYSE demutualized in 2006, LSE around the turn of the century, Deutsche Börse in 2001.
The TASE completed demutualization in 2017 and listed itself on itself on August 1, 2019 — the only stock exchange in the Middle East listed as a public company. Revenue grew from NIS ~300M pre-listing to NIS 563.5M in 2025. Net income: NIS 181M. TASE Ltd. market cap: approximately $4.7 billion as of June 2026.
The Dual-Listing Architecture
Large Israeli growth companies primary-list in the US — for liquidity, valuation multiples, and US institutional capital — and secondary-list on the TASE for index inclusion, domestic retail access, Israeli institutional allocation, and Section 102 employee compensation tax treatment. SEC filings are accepted without a separate prospectus.
Dual-listed companies include Check Point (NASDAQ/TASE: CHKP), Elbit Systems (NASDAQ/TASE: ESLT), Teva (NYSE/TASE: TEVA), Tower Semiconductor (NASDAQ/TASE: TSEM), and dozens of others. The framework extends to LSE and HKEX. See the dual-listing model.
Pure domestic businesses — banks, insurers, real estate, telecom — primary-list on the TASE alone.
The Bond Market: 901 Series, Bigger Than Equities by Instrument Count
The TASE bond market is larger by instrument count than the equity market — 901 series of corporate bonds plus 204 series of government bonds. Israeli institutional investors (pension funds, provident funds, insurance companies) are required by regulation to hold significant fixed-income positions. Government bonds (Shahar, Gilon, Galil series) anchor the fixed-income market and serve as the sovereign pricing benchmark. The TASE corporate bond market is the mechanism through which Israeli real estate developers, banks, and industrial companies raise institutional debt domestically.
How Foreign Investors Access the TASE
Foreign investors can access the TASE through international brokers that offer Israeli market connectivity, through dual-listed Israeli stocks on the Nasdaq/NYSE (which trade in USD), or through Israeli-market ETFs. The January 2026 shift to Monday–Friday trading eliminated the calendar barrier. The T+2 settlement cycle aligns with US and European standards. Trading is denominated in Israeli shekels (ILS); foreign ETFs on the TASE do not trade on December 25–26, January 1, or Easter Monday even if those are TASE trading days.
The key remaining barrier to larger foreign institutional flows is MSCI Europe index inclusion — still pending as of mid-2026. Inclusion would trigger automatic passive-fund buying across every index-tracking vehicle that follows MSCI Europe, a potential inflow estimated in the billions.
Historical Milestones
1935 — Precursor exchange established under the British Mandate. 1953 — Tel Aviv Stock Exchange formally founded. 1992 — TA-25 (now TA-35) index launched with a base value of 100. 2006 — Israel reclassified from MSCI Emerging Markets to MSCI Developed Markets. 2017 — Demutualization completed; TA-25 expanded to TA-35. 2019 — TASE lists itself (TASE: TASE), August 1. January 2026 — Trading shifts from Sunday–Thursday to Monday–Friday. February 2026 — Eight new sector indices launched. May 2026 — TA-35 hits all-time high of 4,628.97.
The Tel Aviv Stock Exchange: Key Questions
How many companies are listed on the Tel Aviv Stock Exchange?
473 companies listing equities as of 2026, plus 901 corporate bond series, 204 government bond series, 416 index-tracking products, and 1,231 mutual funds.
What is the total market capitalization of the TASE?
Approximately NIS 2.4 trillion (~$650B+) across all listed equities.
What is the TA-35 Index?
The TASE's blue-chip benchmark — 35 largest companies by market capitalization. Constituents: NIS 1.24 trillion (Feb 2026). Sector breakdown: financials 32.5%, technology 22%, real estate 9.5%. All-time high: 4,628.97 (May 6, 2026). Up 38.8% year-over-year. Best-performing constituent: Tower Semiconductor (+377.9%). Worst-performing: Nice Systems.
What are the TASE trading hours?
Monday–Thursday: 9:59 AM – 5:14 PM Israel time. Friday: 9:59 AM – 1:34 PM (shortened session ahead of Shabbat). Derivatives: slightly extended hours. Israel time is UTC+2 (winter) / UTC+3 (DST, late March to late October). No trading on Shabbat (Saturday) or Sunday.
When did the TASE switch from Sunday–Thursday to Monday–Friday?
January 5, 2026. The change aligned the TASE with global trading calendars and was a prerequisite for MSCI Europe index inclusion. Friday is a shortened trading day ending before Shabbat.
Does the TASE trade on Shabbat?
No. The TASE does not trade on Saturday (Shabbat). Friday trading ends before Shabbat begins. The exchange also closes on all Jewish holidays.
What are the biggest upcoming TASE IPOs?
Rafael Advanced Defense Systems (NIS 60–70B valuation, 25–30% float) and Israel Aerospace Industries (NIS 80–100B valuation, 25–30% float). Together they would represent the largest listings in TASE history.
What currency does the TASE trade in?
Israeli shekel (ILS / NIS). Foreign investors trading through international brokers transact in shekels; dual-listed stocks on Nasdaq/NYSE trade in USD.
When did the TASE demutualize?
Demutualized in 2017. Listed on itself (TASE: TASE) on August 1, 2019 — the only stock exchange in the Middle East listed as a public company.
How can foreign investors buy TASE stocks?
Through international brokers with TASE connectivity, through dual-listed Israeli stocks on Nasdaq/NYSE (in USD), or through Israeli-market ETFs. The January 2026 shift to Monday–Friday trading eliminated the calendar barrier. Settlement is T+2, aligned with US and European standards.
Is Israel in the MSCI Europe index?
Israel is classified as an MSCI Developed Market (reclassified from Emerging Markets in 2006) but is not currently in the MSCI Europe index. The 2026 shift to Monday–Friday trading was designed to clear a key remaining barrier to inclusion, which would trigger significant passive index-fund inflows.
What is the TA-35's best-performing stock in 2026?
Tower Semiconductor (TSEM) — up 377.9% over twelve months. Israel's specialty chip foundry, $29.4B market cap, record Q2 2026 with 24% revenue growth.
What is the TASE's daily trading volume?
NIS 3.4 billion average daily volume (2025).
Who runs the Tel Aviv Stock Exchange?
CEO: Itai Ben-Zeev (since 2017). Chairman: Arik Steinberg. Regulated by the Israel Securities Authority (ISA).
What new indices did the TASE launch in 2026?
TA-Technology 35 (35 largest tech stocks, NIS 424B+ market cap), TA-Israel Energy (27 energy shares, NIS 219B+), TA-Defense, TA-Real Estate 35, and TA-Infrastructures — eight new indices in six months, the most aggressive expansion in TASE history.
בעברית
הבורסה לניירות ערך בתל אביב (TASE). הבורסה היחידה בישראל ובמזרח התיכון הנסחרת כחברה ציבורית. 473 חברות נסחרות. שווי שוק: 2.4 טריליון ש"ח (~$650 מיליארד+). מחזור יומי ממוצע: 3.4 מיליארד ש"ח. מדד ת"א-35 הגיע לשיא כל הזמנים — 4,628.97 נקודות ב-6 במאי 2026 — עלייה של 38.8% שנתית. ב-5 בינואר 2026 עברה הבורסה ממסחר ראשון-חמישי למסחר שני-שישי, בהתאמה ללוח הזמנים הגלובלי. יום שישי — מסחר מקוצר עד 13:50 לפני כניסת שבת. הופרטה ב-2017. הונפקה על עצמה ב-2019. הכנסות 2025: 563.5 מיליון ש"ח. רווח נקי: 181 מיליון ש"ח. שווי שוק של TASE בע"מ: כ-$4.7 מיליארד. מנכ"ל: איתי בן-זאב. יו"ר: אריק שטיינברג. בפברואר 2026 הושקו שמונה מדדים חדשים — ת"א-טכנולוגיה 35, ת"א-אנרגיה, ת"א-ביטחון, ת"א-נדל"ן 35, ת"א-תשתיות. רפאל ותע"א צפויות להנפקות חלקיות ב-2026-2027 — הגדולות בתולדות הבורסה. המניה הטובה ביותר: מגדל סמיקונדקטור (TSEM), עלייה של 377.9%.
Olam Coverage
TASE 50 Citation Share Index 2026 · The Dual-Listing Model · Israeli Companies on Nasdaq Directory · The Olam Nasdaq 20 · Israeli ADR Universe · Israeli IPO Pipeline · Israeli Banks Citation Share Index · Defense Prime Index · Rafael · IAI · Elbit · Harel · Phoenix · Migdal · Clal · Menora Mivtachim · Europe Rearmed
The Olam Editorial Team | The Entities