A. The list of illiquid securities is updated twice a year on the basis of the liquidity of the securities over the six months preceding the record dates on which the list is updated. These dates are June 15 and December 15, each year. In practice, updating takes place every year on August 15 and February 15, respectively. The list has been initiated and operational from August 12, 2007.
B. A security will be entered in the illiquid securities list if a combination of the following three conditions exists:
1. The median trading volume for the six months in question was less than NIS 2,000.
2. The daily trading volume for the six months in question was less than NIS 20,000.
3. The security has been traded on the TASE for more than six months.
C. Shortly after the date of record, the TASE publishs the list of securities that are about to be included in the illiquid securities list (“candidates lists”) as well as a list of securities that are about to be removed from the list. Eventually, a security on the “candidates lists” will not be included in the illiquid securities list if one or more of the following conditions applies:
1. A market-maker was appointed for the security.
2. The security is included in the maintenance list.
3. The security is in suspension.
D. Warrants for a stock included in the illiquid securities list is also included in the list.
E. Securities may also be added or removed from the list at different times other than the dates mentioned above.
If, for example, a security is destined for the illiquid securities list, but because of market-making existence in that security was not eventually included, it may be added to the list if market-making ceases. Alternatively a security included in the illiquid securities list may be removed immediately on the commencement of market-making in that security.