The Tel-Aviv Stock Exchange's Global Clearing, Settlement and Custody Services Unit (Galaxy) was established in 2001 in collaboration with Citigroup, one of the world's leading global custodians.

The Galaxy Unit offers Custody services for a variety of securities traded on the US markets, all of which are provided by Citibank.

TASE developed a proprietary system, which allows members to effectively manage, reconcile and standardize their clearing and settlement processes and minimize risk.  Galaxy Services are open to all TASE members that have a standing QI agreement with the IRS and are interested in having Citibank as their US Custodian.

The Galaxy team of security specialists provides hands-on, dedicated back-office support during local business hours with the aim of increasing members' day to day operational efficiencies. Among Galaxy's customers are five leading financial institutions in Israel - three Banks and two Investment Companies.

Galaxy manages segregated tax rate pool safekeeping accounts on behalf of its members, and provides them with all related assets services; including:

• Settlement of securities, both book-entry and physical certificates
• Pre-advises and payments for Income and Corporate Actions
• ADR conversions, Meetings and Class Action services
• QI support in US tax aspects
• Daily reporting on settlements, balances, market events, rates, etc.