Although most people imagine trading as conducted between traders shouting at each other, noisy and colorful trading arenas are a part of the past. In fact, the TASE has been operating since 1999 in sophisticated computerized trading systems, based on advanced computer technologies, without physical trading arenas. The trading system is called "TACT" Tel-Aviv Continuous Trading.
TASE members transfer buying and selling orders continuously and in real-time to the "Central Order Book", which is located on the TASE computers using the "TACT" computerized trading system. The system matches the orders and creates transactions. Trading information is published regularly on thousands of monitors on various websites in Israel and abroad, and is accessible through sophisticated distribution systems.
At the close of trading, transactions are cleared at the TASE Clearing House and securities' buyers receive the securities to their accounts and pay for them (and vice versa, for the sellers of the securities). Everything is computerized, anonymous and without human contact.
