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Press Release
January 15, 2017
  Trading Halts Shortened to Half an Hour
 
The Tel Aviv Stock Exchange (TASE) announces that the changes regarding the shortening of trading halts will come into effect on 16 January 2017.

The TASE Board of Directors resolution shortens the duration of trading halts by 15 minutes, from 45 Minutes to 30 Minutes. A trading halt occurs when material information is released about a trading company, its controlling shareholders or its securities. Under these circumstances, TASE's CEO or an individual authorized by him, may temporarily suspend trading in the company’s securities.  Trading halts are designed to give investors the time to consider and plan their next steps based on the new disclosure.

The decision to shorten the duration of the trading halt from 45 minutes to 30 minutes was made, following requests from TASE members and investors. In light of the technological advances made since the introduction of the existing framework of trading halts, including  the posting of corporate reports online on MAYA and the improved accessibility and timeliness of order submission on TASE, the Board decided that there is no longer a need for such long trading halts. The shorter trading halts give investors ample time to process the newly released information on the one hand, and will minimize interruptions to the continuous trade flow on the other.

Shorter trading halts also conform to accepted practice in leading stock exchanges worldwide.

As has been the case until now, during the first 15 minutes of the trading halt, the submission of new orders or changes to previous orders will not be permitted.  In contrast to the existing procedure, however, the cancellation of orders will be allowed. Blocking the ability to submit new orders during the first 15 minutes is designed to provide the public sufficient time to review the new information and make decisions accordingly, without having to act hastily for the sole purpose of securing priority order handling based on the time of submission. In the subsequent 15- minute period of the trading halt, orders will be accepted, including orders to cancel or amend previously submitted orders. Trade will be resumed at a random point of time during the 30th minute of the trading halt, opening with a Call auction.