Every six months, the next calculation will be performed for each of the shares that are traded on TASE:
- The median trading velocity
- The median daily trading volume;
Based on the output, all shares shall be divided, in descending order, into 8 median trading velocity (T) and into 8 median daily trading volume (V) categories, as described in the table below:
|
Category |
Trading velocity category (T) |
Trading volume category (V) |
|---|---|---|
|
A |
0%-10% |
0%-10% |
|
B |
10%-20% |
10%-20% |
|
C |
20%-25% |
20%-25% |
|
D |
25%-35% |
25%-35% |
|
E |
35%-45% |
35%-45% |
|
F |
45%-60% |
45%-60% |
|
G |
60%-80% |
60%-80% |
|
H |
80%-100% |
80%-100% |
The lowest value in each trading velocity category (T) and the lowest value in each trading volume category (V) will serve as the fixed minimum value of this category.
On each quarterly record date for a parameter update, the calculation described above shall be performed for each of the shares.
Based on the output, the shares will be assigned to the trading velocity categories and to the trading volume categories
For each share, the liquidity bracket will be determined based on the assignment of the share to the group with the highest liquidity ratio
| bracket |
Trading velocity category (T) / trading volume category (V) |
Liquidity ratioLiquidity |
|---|---|---|
|
A |
V10% or T10% |
1 |
|
B |
V20% or T20% |
0.8 |
|
C |
V25% or T25% |
0.6 |
|
D |
V35% or T35% |
0.45 |
|
E |
V45% or T45% |
0.35 |
|
F |
V60% or T60% |
0.25 |
|
G |
V80% or T80% |
0.2 |
|
H |
V100% or T100% |
0.1 |
On each parameter update date, the liquidity bracket of each share will be updated by a maximum of one bracket.
The liquidity bracket of a new share will be H.
