Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Tel Aviv Stock Exchange Ltd. Earnings Release 2024

Aug 7, 2024

7071_rns_2024-08-07_236f70e4-9612-4137-bc97-ecd17e559ffe.pdf

Earnings Release

Open in viewer

Opens in your device viewer

THE TEL-AVIV STOCK EXCHANGE LTD REPORTED SECOND QUARTER 2024 RESULTS

August 7, 2024 (Tel Aviv) -Tel Aviv Stock Exchange Ltd (TASE:TASE) today announced its financial results for the second quarter ended June 30, 2024 1 .

1. General

.

TASE continue to achieve strong financial results. The revenue amounted to NIS 105.1 million, despite a 2% reduction in the number of trading days, and increased by 13% compared to the corresponding quarter of 2023. Adjusted net profit increased significantly by 26% in the second quarter of 2024 to NIS 25.7 million, compared to NIS 20.4 million in the corresponding quarter last year.

1.1 Highlights of TASE's Results for the Second Quarter of 2024

Second Quarter Results

  • TASE revenues amounted to NIS 105.1 million in the second quarter of 2024, an increase of 13% compared to the corresponding quarter last year. The increase in revenue is due mainly to an increase in revenues deriving from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees.
  • Adjusted EBITDA amounted in the second quarter of 2024 to NIS 45.8 million, compared to NIS 35.6 million in the corresponding quarter last year,
  • Adjusted net profit amounted to NIS 25.7 million in the second quarter of 2024, compared to NIS 20.4 million adjusted net profit in the corresponding quarter last year, an increase of 26%. The increase is due mainly to revenue from services, less the increase in costs and in tax expenses .

1.2 Business and Corporate Highlights for the Second Quarter of 2024 BUSINESS HIGHLIGHTS

  • The average daily trading volume of shares in the second quarter of 2024 amounted to approximately NIS 2.2 billion, a 5% increase compared to the volumes in the corresponding quarter in the previous year.
  • The average daily trading volume of corporate bonds in the second quarter of 2024 amounted to approximately NIS 1.1 billion, a 20% increase compared to the volumes in the corresponding quarter in the previous year. The average daily trading volume of government bonds in the second quarter of 2024 amounted to approximately NIS 3.3 billion, a 24% increase compared to the volumes in the corresponding quarter in the previous year.

1 The Board of Directors of TASE today approved the Consolidated Financial Statement as of June 30, 2024. The consolidated financial statements of the Company were prepared in accordance with IFRS. This is an English translation of parts of the information included in the approved financial statements. In the event of any discrepancy between the original Hebrew and the translation to English, the Hebrew version alone will prevail. The consolidated financial statements in the English Version will be published on the website by the end of September 2024.

. THE TEL-AVIV STOCK EXCHANGE LTD. Second Quarter 2024 Results

  • The average daily trading volume of T-bills in the second quarter of 2024 amounted to NIS 1.4 billion compared with NIS 1.3 billion in the corresponding quarter in the previous year, an increase of 5%.
  • The average daily redemptions or creations volume of mutual funds in in the second quarter of 2024 amounted to NIS 1.8 billion compared with NIS 1.3 billion in the corresponding quarter in the previous year, an increase of 40%.
  • The daily average trading volume of derivatives in the second quarter of 2024 amounted to 167.8 thousand units a day, compared with 153.2 thousand units in the corresponding quarter in the previous year, an increase of 10%.
  • In the second quarter of 2024, NIS 1.1 billion was raised on TASE in shares, a decrease of 24% over the corresponding quarter in the previous year. of which NIS 0.3 billion was raised in a single IPO.
  • In the second quarter of 2024, NIS 18 billion was raised on TASE in corporate bonds, decrease of 28% over the corresponding quarter in the previous year and NIS 43.8 billion was raised on TASE in government bonds, an increase of 149% over the corresponding quarter in the previous year.
  • In the second quarter of 2024, NIS 113.7 billion was raised on TASE in T-bills, an increase of 44% over the corresponding quarter in the previous year.
  • The leading indices TA-35, TA-90, TA-125 and TA-SME60 decreased by 1.3%, 12.9%, 4.4% and decreased by 5.8% respectively, in the second quarter of 2024.
  • The marketing expenses of the company totaled NIS 0.7 million in the second quarter of 2024, a decrease of 73% over the corresponding quarter in the previous year. The expenses in the quarter include the cost of a new campaign launched at the end of the quarter, as compared to campaign launched in the corresponding quarter last year.
  • Net financing income in the second quarter of 2024 amounted to NIS 2 million, as compared to net financing income of NIS 3.6 million in the corresponding quarter last year, a 45% decrease. The decrease in net financing income was due to an increase in interest expenses as a result of a loan that was obtained at the end of 2023, despite an increase in interest income on deposits

2. Summary of Information Relating to the Results for the Second Quarter of 2024 (NIS, in thousands)

Three Months Ended June 30, 2024 Compared to the Three Months Ended June 30, 2023

Statement of Profit or Loss

Quarter ended Difference
30.6.2024 30.6.2023 Amount %
Revenue from services 105,110 92,903 12,207 13%
Expenses 74,766 72,591 2,175 3%
Profit before financing income, net 30,344 20,312 10,032 49%
Financing income (expenses) 1,999 3,616 (1,617) (45%)
Profit before Taxes on income 32,343 23,928 8,415 35%
Taxes on income 8,063 5,153 2,910 56%
Net profit 24,280 18,775 5,505 29%
% of total revenue from
services for the quarter		 23.1% 20.2%
  • Revenue in the second quarter of 2024 totaled NIS 105.1 million, compared to revenue of NIS 92.9 million in the corresponding quarter last year, an increase of 13%. The increase in revenue is due mainly to an increase in revenue from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees.
  • Costs in the second quarter of 2024 totaled NIS 74.8 million, compared to costs of NIS 72.6 million in the corresponding quarter last year, a 3% increase. The higher costs are due mainly to the increase in payroll expenses and in computer and communication expenses.
  • Net financing income in the second quarter of 2024 totaled NIS 2 million, as compared to net financing income of NIS 3.6 million in the corresponding quarter last year, a 45% decrease. The decrease in net financing income was due to an increase in interest expenses as a result of a loan that was obtained at the end of 2023, despite an increase in interest income on deposits.
  • Tax expenses, net in the second quarter of 2024 totaled NIS 8.1 million, as compared to NIS 5.2 million in the corresponding quarter last year, a 56% increase. The increase in the tax expenses was due to the increase in the pre-tax profit. The increase in the effective tax rate is due to losses on securities in previous years, for which deferred taxes were not created
  • The profit in the second quarter of 2024 totaled NIS 24.3 million, compared to NIS 18.8 million in the corresponding quarter last year, an increase of 29%. The increase in profit was due mainly to the increase in revenue, less the increase in costs and in tax expenses, as explained above.
Quarter ended
30.6.2024 30.6.2023 Difference
%
Weighted average number of ordinary shares
used to compute
Basic earnings per share 92,444,048 98,254,632 (6%)
Diluted earnings per share 95,784,038 99,730,939 (4%)
Basic earnings per share in NIS 0.263 0.191 37%
Diluted earnings per share in NIS 0.253 0.188 35%

The revenue in the second quarter of 2024 – below is the composition of the second quarter's revenue, compared to the corresponding quarter last year:

Quarter ended
Revenue from
services		 30.6.2024 % of the
Company's
total revenues		 30.6.2023 % of the
Company's
total revenues		 % change
Trading and
clearing
commissions		 38,812
37%
35,528
38%
9%
15% of the increase in revenue from trading and clearing commissions is due to an
increase in the trading volumes and in the volume of creations/redemptions of mutual
fund units. In opposition, a reduction in the effective commission rate in revenue from
mutual funds and T-bills reduced the aforesaid increase in revenue by 4%, and there
being one less trading day in the current quarter reduced revenue by an additional 2%.
Listing fees and
levies		 21,715
quarter last year.		 21% 20,143 22%
5% of the increase in revenue from listing fees and levies is due to an increase in
revenue from annual levies, both as a result of the increase in the number of companies
and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI.
In addition, 3% of the increase is due to an increase in revenue from examination and
listing fees, due mainly to an increase in the volumes listing and offering applications
by companies and in the volume of T-bill issuances compared to the corresponding		 8%
Clearing House
services		 21,531
20%
18,974
20%
13%
6% of the increase in revenue from Clearing House services is due to an increase in
revenue from Clearing House services to companies and funds, 4% of the increase is
due to Clearing House services to members, mainly as a result of the expansion of the
services in relation to information on OTC transactions and the linkage of the clearing
fees to the CPI, and 3% of the increase in revenue is due to the rise in revenue from
custodian fees as a result of the increase in the value of assets that are held in
custodianship at TASE-CH.
Data distribution
and connectivity
services		 22,119
21%
17,367
19%
27%
19% of the increase in revenue from data distribution and connectivity services is due
to an increase in revenue from authorizations to use the TASE indices, mainly as a
result of the updating of the index-usage authorization fees and the increased use of
the TASE indices, 5% of the increase is due to an increase in revenue from data
distribution to private customers, and 3% of the increase is due to an increase in
revenue from connectivity services.
Other revenue 933
Conference Center.		 1% 891 1%
Most of the increase in other revenue is due to an increase in the activity of the		 5%
Total revenue
from services		 105,110 100% 92,903 100% 13%

Adjusted Net Profit and Adjusted EBITDA Data2

Quarter ended Difference
30.6.2024 30.6.2023 Amount %
Adjusted EBITDA for the quarter:
Profit before financing income
(expenses), net		 30,344 20,312 10,032
Adjustments:
Share-based payment expenses 1,405 1,645 (240)
Depreciation and capital losses 14,063 13,618 445
Adjusted EBITDA for the quarter: 45,812 35,575 10,237 29%
% of total revenue from services for
the quarter		 43.6% 38.3%
Adjusted profit for the quarter:
Profit for the quarter 24,280 18,775 5,505
Adjustments:
Share-based payment expenses 1,405 1,645 (240)
Adjusted profit for the quarter: 25,685 20,420 5,265 26%
% of total revenue from services for
the quarter		 24.4% 22.0%
  • − Adjusted EBITDA in the second quarter of 2024 totaled NIS 45.8 million, compared to NIS 35.6 million in the corresponding quarter last year, an increase of 29%. The increase is due mainly to an increase in profit before financing.
  • − Adjusted net profit in the second quarter of 2024 totaled NIS 25.7 million, compared to NIS 20.4 million in the corresponding quarter last year, an increase of 26%. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses.

2 Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): These data are based on the data in the Company's financial statements for the reported periods, after eliminating the effects of certain events and factors, as explained above, that are not typical of the Company's operating activities.

It is hereby clarified that the data presented above are not presented in accordance with generally accepted accounting principles and do not reflect the Company's cash flows from operating activities or its operating profits and net profit and, accordingly do not constitute a substitute for the data in the Company's financial statements regarding the operating profit and/or the net profit. Nevertheless, in the Company's opinion, these data enable a better comparison to be made of the Company's performance in the reported periods.

3. Presented below is information relating to the results for the six months of 2024 (NIS, in thousands)

Six Months Ended June 30, 2024 Compared to the Six Months Ended June 30, 2023

Statement of Profit or Loss

Six months ended
30.6.2024 30.6.2023 Difference % Change
Revenue from services 213,403 192,919 20,484 11%
Costs 150,133 142,567 7,566 5%
Profit before financing income
(expenses), net		 63,270 50,352 12,918 26%
Financing income (expenses), net 3,436 6,144 (2,708) (44%)
Profit before Taxes on income 66,706 56,496 10,210 18%
Taxes on income 16,716 12,240 4,476 37%
Profit for the period 49,990 44,256 5,734 13%
% of total revenue from services for the
period		 23.4% 22.9%
  • Revenue in the first half of 2024 totaled NIS 213.4 million, compared to revenue of NIS 192.9 million in the corresponding period last year, an 11% increase. The increase in revenue is due mainly to an increase in revenue from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees.
  • The costs in the first half of 2024 totaled NIS 150.1 million, compared to costs of NIS 142.6 million in the corresponding period last year, a 5% increase. The higher costs are due mainly to the increase in employee benefits expenses and in computer and communication expenses.
  • Net financing income in the first half of 2024 totaled NIS 3.4 million, compared to net financing income of NIS 6.1 million in the corresponding period last year, a 44% decrease. Financing income in the period increased due to interest income on the deposits. At the same time, financing expenses also increased as a result of a bank loan obtained at the end of 2023, resulting in reduced net financing income.
  • Net tax expense in the first half of 2024 totaled NIS 16.7 million, compared to NIS 12.2 million in the corresponding period last year, a 37% increase. The increase in the tax expense stemmed from the higher pre-tax profit. The increase in the effective tax rate is due to losses on securities in previous tears for which deferred taxes were not created.
  • The profit in the first half of 2024 totaled NIS 50 million, compared to NIS 44.3 million in the corresponding period last year, a 13% increase. Most of the increase in profit was due to the increase in revenue, less the increase in costs and in tax expenses, as explained above.

THE TEL-AVIV STOCK EXCHANGE LTD. Second Quarter 2024 Results

Six Months ended
30.6.2024 30.6.2023 Difference %
Weighted average number of
ordinary shares used to
compute
Basic earnings per share 92,444,048 98,833,478 (6%)
Diluted earnings per share 95,429,554 100,439,296 (5%)
Basic earnings per share in
NIS		 0.541 0.448 21%
Diluted earnings per share in
NIS		 0.524 0.441 19%

The revenue in the first six months of 2024 – below is the composition of the first six months revenue, compared to the corresponding period last year:

Six Months ended
Revenue from
services		 30.6.2024 % of the
Company's
total
revenues		 30.6.2023 % of the
Company's
total
revenues		 % change
Trading and
clearing
commissions		 81,766 38%
11% of the increase in revenue from trading and clearing commissions is due to an
increase in the trading volumes and in the volume of creations/redemptions of mutual fund
units. In opposition, a reduction in the effective commission rate in revenues from trading
and clearing commissions on mutual funds and T-bills deducted 3% from the increase in
revenue and there being two trading days less this period compared to the corresponding
period last year reduced revenues by an additional 2%.		 77,451 40% 6%
Listing fees
and levies		 43,318
20%
40,445
21%
7%
4% of the increase in revenue from listing fees and levies is due to an increase in revenue
from annual levies, both as a result of the increase in the number of companies and funds
that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, 3%
of the increase is due to an increase in revenue from examination fees and listing fees,
mainly as a result of an increase in the listing applications and in the volumes raised this
period compared to the corresponding period last year.
Clearing
House
services		 41,511
20%
38,087
20%
9%
4% of the increase in revenue from Clearing House services is due to an increase in
revenue from Clearing House services to members, mainly as a result of the expansion of
the services in relation to information on OTC transactions and the linkage of the clearing
fees to the CPI, 2% of the increase is due to an increase in revenue from Clearing House
services to companies and funds, and 3% of the increase is due to an increase in revenue
from custodian fees, as a result of the increase in the value of assets that are held in
custodianship at TASE-CH.
Data
distribution
and
connectivity
services		 44,720
from connectivity services.		 21%
20% of the increase in revenue from data distribution and connectivity services is due to
an increase in revenue from authorizations to use the TASE indices, mainly as a result of
the updating of the index-usage authorization fees and the increased use of the TASE
indices, 7% of the increase is due to an increase in revenue from data distribution to
business and private customers, and 3% of the increase is due to an increase in revenue		 34,491 18% 30%
Other revenue 2,088 1%
The reduction in revenue is due mainly to one-time income received in the first quarter last
year - a refund of municipal taxes for prior years in an amount of NIS 0.6 million.		 2,445 1% (15%)
Total revenue
from services		 213,403 100% 192,919 100% 11%

Adjusted net profit and adjusted EBITDA data3

Six Months ended Difference
30.6.2024 30.6.2023 Amount %
Adjusted EBITDA for the period:
Profit before financing income
(expenses), net		 63,270 50,352 12,918
Adjustments:
Share-based payment expenses 3,518 2,256 1,262
Depreciation and capital losses 27,592 26,501 1,091
Adjusted EBITDA for the period: 94,380 79,109 15,271 19%
% of total revenue from services for
the period		 44.2% 41.0%
Adjusted profit for the period:
Profit for the period 49,990 44,256 5,734
Adjustments:
Share-based payment expenses 3,518 2,256 1,262
Adjusted profit for the period: 53,508 46,512 6,996 15%
% of total revenue from services for
the period		 25.1% 24.1%
  • − The adjusted EBITDA in the first half of 2024 totaled NIS 94.4 million, as compared to NIS 79.1 million in the corresponding period last year, a 19% increase. The increase is due to an increase in profit before financing, in an amount of NIS 12.9 million, eliminating share-based payment expenses and depreciation expenses in an amount of NIS 2.4 million.
  • − The adjusted profit in the first half of 2024 totaled NIS 53.5 million, compared to NIS 46.5 million in the corresponding period last year, a 15% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses, and the adjustment of the increase in costs with respect to share-based payments..

3 Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): These data are based on the data in the Company's financial statements for the reported periods, after eliminating the effects of certain events and factors, as explained above, that are not typical of the Company's operating activities. It is hereby clarified that the data presented above are not presented in accordance with generally accepted accounting principles and do not reflect the Company's cash flows from operating activities or its operating profits and net profit and, accordingly do not constitute a substitute for the data in the Company's financial statements regarding the operating profit and/or the net profit. Nevertheless, in the Company's opinion, these data enable a better comparison to be made of the Company's performance in the reported periods.

Summary of Information Relating to the Financial Position as of June 30, 2024 (NIS, in thousands):

As of
30.06.2024		 As of
31.12.2023
NIS, in thousands Difference % Change
Cash and cash equivalents and short
term financial assets		 479,107 498,666 (19,559) (4%)
Other current assets 38,656 28,048 10,608 38%
Property and equipment and intangible
assets		 467,646 460,460 7,186 2%
Other non-current assets 10,584 9,391 1,193 13%
Total assets (*) 995,993 996,565 (572) (0%)
Current liabilities 165,171 399,390 (234,219) (59%)
Non-current liabilities 171,819 195,455 (23,636) (12%)
Total liabilities (*) 336,990 594,845 (257,855) (43%)
Total equity 659,003 401,720 257,283 64%
Ratio of equity to total assets (*) 66% 40%
Ratio of adjusted equity to total
assets () (*)		 77% 51%
Surplus equity over regulatory
requirements (in NIS millions)		 569 318 251 79%
Surplus liquidity over regulatory
requirements (in NIS millions)		 115 145 (30) (21%)
  • (*) The total assets and liabilities in the balance sheet as of 30.6.2024 and 31.12.2023, include a balance of assets and liabilities in respect of open derivative positions amounting to NIS 1,304 million and NIS 1,695 million, respectively, which for reasons of convenience in analyzing the financial position have been offset against each other in this report.
  • (**) The adjusted equity also includes the total deferred income from listing fees.
    • − The total assets as of 30.6.2024 amounted to NIS 996 million, compared to NIS 996.6 million as of 31.12.2023. The change in total assets is due to an increase in other receivables and property and equipment are offset by a decrease in cash and cash equivalents.
    • − The total liabilities as of 30.6.2024 amounted to NIS 337 million, compared to NIS 594.8 million as of 31.12.2023, a 43% decrease. Most of the decrease is due to a dividend declared and paid and to principal payments of a bank loan.
    • − The total equity as of 30.6.2024 amounted to NIS 659 million, compared to NIS 401.7 million as of 31.12.2023, a 64% increase. Most of the increase is due to an increase in a capital reserve as a result of receipts from the sale of shares within the framework of the TASE restructuring, in an amount of NIS 242.5 million.

Summary of Cash Flows for the Three Months Ended June 30, 2024 (NIS, in millions):

Three months
ended June 30,
Item 2024 2023 Explanations of the Company
Net cash
from
operating		 Adjusted
EBITDA		 45.8 35.6 The increase in adjusted EBITDA is due mainly to an
increase in pre-tax profit, in an amount of NIS 10
million.
Changes in
working capital		 (22.9) (2.2) The decrease in working capital is due mainly to a
decrease in trade and other receivables, as well as to
a reduction in the liability for employee benefits.
activities Financing and
tax		 (3.0) (2.5) The decrease is due mainly to higher tax payments
compared to the corresponding quarter last year.
Total 19.9 30.9 Cash flows from operating activities decreased by
5.6% between the quarters.
Net cash
for
investing
activities		 Investments in
property and
equipment and
in intangible
assets and
capitalized
payroll costs		 (9.1) (10.8) The increase is due to the timing of implementation of
the Group's investment work plans in the quarters.
Acquisition of
financial assets,
net		 (0.4) (1.2) Acquisition of assets in accordance with the Company's
investments policy.
Total (9.5) (12.0)
Lease payments (2.3) (2.3)
Short-term credit - (0.9)
Acquisition of
treasury shares		 - (108.0)
Net cash
for
financing
activities		 Long-term loan (12.5) -
Payments
carried directly
to equity within
the framework of
implementing
the TASE
Restructuring
Law, net		 - 6.8 Receipts the shareholders that realized shares that are
subject to the provisions of the TASE Restructuring
Law.
Total (14.8) (104.4)
Total decrease in cash
and cash equivalents		 (4.4) (85.5)

Presented below are Cash Flows for the Six months Ended June 30, 2024 (NIS, in millions):

Six months ended
June 30,
Item 2024 2023 Explanations of the Company
Net cash
from
operating
activities		 Adjusted EBITDA 94.4 79.1 The increase in adjusted EBITDA is due mainly to
an increase of NIS 12.9 million in profit before
financing, net of share-based payment expenses
and depreciation expenses of NIS 2.4 million.
Changes in
working capital		 (18.1) 6.7 The decrease in working capital is due mainly to the
reduction of the obligation for employee benefits.
Financing and tax (14.4) (6.5) The decrease is due mainly to higher tax payments,
net compared to the corresponding period last year.
Total 61.9 79.3 Cash flows from operating activities decreased by
21.9% between the periods
Net cash
for
investing
activities		 Investments in
property and
equipment,
intangible assets
and capitalized
payroll costs		 (22.1) (22.2)
Disposal
(acquisition) of
financial assets,
net		 0.1 (2.6) Acquisition of assets in accordance with the
Company's investments policy.
Total (22.0) (24.8)
Lease payments (4.7) (4.4)
Payments for the
acquisition of
treasury shares		 - (132.4)
Long-term loan (25.0) -
Net cash
for		 Dividend paid (272.7) -
financing
activities		 Receipts carried
directly to equity
within the
framework of
implementing the
ownership
restructuring, net.		 242.5 8.6 Receipts from shareholders that realized shares
that are subject to the provisions of the TASE
Restructuring Law.
Total (59.9) (128.2)
Total decrease in cash
and cash equivalents		 (20.0) (73.7)

4. Seasonality

The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days.

Presented below are expected trading days:

Q1 Q2 Q3 Q4 TOTAL
Year
2023 64 58 61 66 249
2024 63 57 65 58 243

5. Events During the Reporting Period and Thereafter

5.1 Disclosure on the effects of the "Swords of Iron" War

On 8.10.2023, the Government of Israel declared a state of war (which is still ongoing after the reporting date). This has had an unsettling effect on TASE and on the Israeli economy as a whole. The capital market declined, the Fear Index surged and the exchange rate of the dollar broke the NIS 4 ceiling. Nevertheless, the local market proved resilient, and already close to the end of October 2023 managed to curb the price drops and resume growth, as the indices regained and even somewhat exceeded their pre-war levels. Overall, in 2023 TASE's leading indices: TA-35, TA-90 and TA-125, increased by 4%, each, and by the end of 2023 the devaluation of the shekel subsided and the Fear Index dropped close to its pre-war level. The War, the duration, intensity and scope of which are uncertain, has adverse effects on the Israeli market and economy, including: economic slowdown, exchange rate fluctuations, disruptions in the manufacturing and supply chain, further rise in food, commodity and energy prices, and increase in the government deficit and in the Debt-GDP ratio.

In response to the rising economic risk ensuing from the ongoing fighting and concerns for its expansion, the international credit rating agencies downgraded the State of Israel's sovereign credit rating, as follows: in mid-October 2023, Fitch and Moody's announced that Israel's credit rating is now under "Rating Watch Negative", and S&P reduced the rating outlook from "stable" to "negative".

In February 2024, Moody's reduced the State of Israel's credit rating from A1 to A2. Further to that, Moody's also reduced the credit rating of the five largest Israeli banks from A2 to A3, with a negative outlook.

In April 2024, international rating agency, S&P, also downgraded the State of Israel's credit rating from AAto A+, maintaining the "negative" outlook. In April 2024, international rating agency, Fitch, affirmed Israel's credit rating of A+, but downgraded the outlook from "stable" to "negative".

The market volatility continued to revolve primarily around the security events, and at the end of the first quarter of 2024 the dollar appreciated by 3.6% relative to the shekel, the TA-125 index increased by 3.5% and the TA-90 index decreased by 3.4%.

5.1 Disclosure on the effects of the "Swords of Iron" War (cont.)

In July 2024, the Bank of Israel published a macroeconomic forecast, which updated the principal macro parameters: GDP, inflation and interest. The new forecast was formulated based on the assumption that the direct economic effect of the fighting on the southern and northern fronts will persist through to the beginning of 2025. This assumption reflects persistent and more intense fighting compared to that perceived in the assumption that served as the basis for the previous forecast. Accordingly, the GDP growth rate was revised down, the anticipated inflation rate was revised up, and the interest rate is expected to reach 4.25% in the second quarter of 2025. The forecast is characterized by a particularly high degree of uncertainty, with a higher probability of more acute security scenarios than those embodied in the forecast, such as further prolonging of the war and enhancement of its intensity on the various fronts.

Alongside the anticipated impact of the Swords of Iron War on Israel's macroeconomic indicators and the growing uncertainty in the market, the War is also expected to affect the operations and profitability of corporations in Israel and increase the occurrence of insolvency proceedings and debt arrangements, which will entail higher credit losses and provisions for credit losses by financiers. Those effects, combined with the macroeconomic effects, could also affect, both indirectly and directly, the operations and profitability of TASE, this, inter alia, as a result of: changes in the prices of shares, changes in the prices of government and corporate bonds, changes in the volumes of activity in the various channels, change in the activity of the foreign investors and the institutional investors, and change in the volumes of capital and debt raising on TASE. At this stage, despite the time that has elapsed since the breakout of the war, due to the uncertainty surrounding the intensity and duration of the War, the Company is unable to assess the impact of those changes on its operations and profitability.

5.2 Move for the Sale of the Arrangement Shares

On 14.12.2023, the Board of Directors of TASE approved a move concerning the Arrangement Shares (hereafter in this section: "the Move"), this following the discussions held over the past two years between TASE and the five TASE members that hold the Arrangement Shares, which included controversies in relation to their continued holding of the Arrangement Shares and their entitlement to a dividend and TASE's resolution to discontinue the dividend distribution policy and adoption and execution of buyback plans. Within the framework of the Move, it was agreed that, subject to the payment by TASE of a special dividend in an amount of NIS 2.5 per share to all shareholders at TASE, the five TASE members that hold 17,156,677 Arrangement Shares (hereafter: "the Selling Shareholders") granted an irrevocable power of attorney to Leader & Co. Investment House Ltd. (hereafter: "Leader") for the sale of the aforesaid shares, for the duration of 12 months from the payment date of the aforesaid dividend, whereby, for each such sale TASE will receive the Excess Consideration (net of commissions and other related expenses).

5.2 Move for the Sale of the Arrangement Shares (cont.)

It should be noted that, on 13.12.2023, the position of the Israel Securities Authority was received, pursuant to which it does not intervene in TASE's position that the Move does not contradict the provisions of Amendment No. 63.

The move included the mutual waiver by the parties of any contention, demand or claim in connection with arguments that had been exchanged between them in relation to the Arrangement Shares, as aforementioned.

On 24.1.2024, the book building process was completed for the acquisition of the 17,156,677 Arrangement Shares by a number of Israeli public institutions and foreign public institutions (hereafter collectively: "the Acquiring Institutions"), at a price of NIS 20.6 per share.

The (gross) consideration for the shares totaled NIS 353.4 million, of which NIS 87 million was paid to the Selling Shareholders and TASE received (net, after deduction of commissions and other related expenses) NIS 242 million. The consideration transferred to TASE was carried directly to the equity of TASE and, in accordance with the provisions of Amendment No. 63 of the Securities Law, will be used for investment in technological infrastructure of TASE.

To complete the picture, it should be noted that, for the purpose of implementing the move and arranging the settlement of the transactions with the foreign Acquiring Institutions, TASE, Leader and Jefferies LLC (hereafter: "Jefferies") entered into a distribution agreement.

As customary in this type of agreements, the distribution agreement includes representations by the parties thereto, including representations by TASE, inter alia, in relation to the appropriateness of the disclosure provided in the reports of TASE and the non-use of insider information. In addition, the Company has undertaken to indemnify Jefferies in instances set out in the distribution agreement. For details, see note 18 F to the annual financial statements.

It should also be noted that, as part of the Move and despite the existence of sufficient liquid balances, the Board of Directors of TASE has approved TASE's engagement in an agreement with a bank for the receipt of a loan in an amount of up to NIS 150 million, for details see note 13 B to the annual financial statements for 2023 (hereafter: "the 2023 Annual Report").

5.3 Dividends

On 2.1.2024, the Company paid a dividend of NIS 2.5 per share, in a total amount of NIS 231 million. For additional information, see the immediate report published by the Company on 14.12.2023 (reference no.: 2023-01-113470).

On 21.3.2024, the Company paid a dividend of NIS 0.45 per share, in a total amount of NIS 41.6 million. For additional information, see the immediate report published by the Company on 6.3.2024 (reference no.: 2024-01-023136).

5.4 Dividend Distribution Policy

On 6.3.2024, the Board of Directors of the Company approved a dividend distribution policy in connection with the profits of the Company in the years 2024 to 2026 (hereafter: "the Dividend Distribution Policy"), pursuant to which, commencing on the date of approval of the financial statements as of 31.12.2024 through to the date of approval of the financial statements as of 31.12.2026, the termination date of the Dividend Distribution Policy, the Company will work to distribute to its shareholders a cash dividend at the rate of 50% of the annual net profit as per the Company's consolidated annual financial statements, this on the date of approval of the annual financial statements.

To remove any doubt, it is hereby clarified that the approval of the Dividend Distribution Policy does not obligate the Board of Directors of the Company to pass a resolution on the distribution of a dividend. Any resolution on the distribution of a dividend will be passed subject to compliance with the distribution criteria set out in the Companies Law, which would be reviewed on the date of passing of a resolution to distribute a dividend, and in consideration of the current business needs of the Company, the budget and the work plan of the Company for the year pertaining to the distribution, the liquidity situation of the Company, liabilities and covenants, as well as regulatory requirements that apply to companies in the Group (e.g. liquidity requirement and minimum capital requirement), all on the date that such resolution is passed. It is further clarified that the Board of Directors may modify and/or cancel and/or deviate from the Dividend Distribution Policy at any time.

5.5 Collective relations in the Group

Further to the stated in sections 1.25.3 and 1.42.17 of the "Description of the Company's Business" chapter included in the Company's periodic report for 2023 published on 6.3.2024 (reference No.: 2024- 01-019876), regarding collective relations in the Company, on 28.3.2024, after obtaining the Board of Directors' approval, the Company entered into a special collective agreement for 2024-2028 (hereafter: "the New Collective Agreement") with the New General Labor Federation and the Company's Employees Representation.

The New Collective Agreement, similarly to the previous collective agreements, contains various provisions regarding the terms of employment of the Company employees, including provisions that prescribe work hours and terms of wages as well as related benefits and conditions (such as: annual bonuses, pay rises, social and related benefits such as pension insurance, severance pay, advanced study fund, vacations, sick pay, recreation, travel expenses/company car/lease, employee loans, welfare expenses, etc.). The principal changes in the New Collective Agreement relative to previous collective agreements include modification of the calculation of overtime; stipulation of arrangements for the employment of outsourced workers; updating of the pay rise to the effect that, starting in the New Collective Agreement and thereafter, the annual pay rise for employees will be at a rate of 3% of the total salary, and cancellation of the linkage to the CPI (*);

5.5 Collective relations in the Group

setting of a mechanism and provisions for the payment of an annual bonus at a rate of 12% of the annual profit (before tax) as reported in the Company's statement of profit or loss, excluding extraordinary profits or losses, which shall not exceed the ceiling stipulated in the Agreement and will be payable subject to the achievement of a minimum profit target; the application of Section 14 of the Severance Law to any employee hired by TASE starting on the date of the Agreement and thereafter.

The Company believes that the effect on the results of the Company of the Collective Agreement is immaterial.

Upon the signing of the New Collective Agreement, the labor dispute declared on 6.11.2022 was rescinded. The New Collective Agreement is exhaustive of the demands of the Employees Representation, including any financial demand through to the end-date of the Agreement, and includes an undertaking by the Employees Representation to refrain from industrial action throughout the period of the Agreement, while TASE, on its part, has undertaken to refrain from unilateral changes in vested rights and terms of employment.

For additional information, see the immediate report published by the Company on 6.3.2024 (reference no.: 2024-01-034584).

(*) This, compared to a pay rise at a rate of 3.5% of the salary or at the rate of increase in the CPI with the addition of 1.5%, as the greater of the two, pursuant to previous collective agreements.

5.6 Appointment and equity compensation of the Legal Counsel - 2023 warrant plan

On 15.2.2024, the Legal Counsel of the Company was granted 176,342 warrants out of the Company's pool of warrants, which are exercisable, each, into one ordinary share of the Company at an exercise price of NIS 23.58. For additional information, see note 7 to the Company's consolidated financial statements as of 31.3.2024.

5.7 Equity compensation to directors

On 27.2.2024, Mr. Yoav Chelouche, a director of the Company, stepped down. Accordingly, 52,011 warrants that had been granted to him were forfeited and returned to the Company's pool of warrants. For details, see section 5.2 to the Description of the Company's Business.

5.8 Retention plan for the CEO

On 30.5.2024, the term of the CEO's retention loan of NIS 3.5 million, which had been granted as part of a first retention plan, as described in note 14 E (b)(2) to the annual financial statements as of 13.12.2023, expired. The amount of the loan became a one-time bonus to the CEO.

5.9 Updating of TASE's Pricelist for Custody Services (Account Management Fees) of the TASE clearing House.

In July 2024, TASE published a pricelist update proposal for public comments in connection with the updating of the custody commission (account management fees) that is collected by TASE-CH from TASE-CH members that are not exclusively custodians.

For further details, see the immediate report published by the Company on 18.07.2024 (reference no.: 2024- 01-076141).

ABOUT TASE

The Company, including by means of the subsidiaries consolidated in its financial statements (collectively, "the Group"), is engaged in the area of securities trading and securities clearing.

Within this framework, the Group is engaged in setting rules regarding the TASE companies, rules for listing securities on TASE (including the obligations that apply to companies whose securities are listed) and rules regarding trading on TASE. The Group operates trading systems and provides clearing services for both listed and non-listed securities. In addition, the Group operates a derivative clearing house that writes derivatives that are traded on TASE, clears them and serves as a central counterparty for transactions in them. The Group provides central counterparty (CCP) services for transactions in securities and derivatives that are executed on TASE and also provides central securities depository (CSD) services for securities. The Group engages in calculating security indices, in authorizing the use of indices for the creation of financial instruments that track the indices, and in distributing TASE trading data. In addition, since January 2018, the Group operates a nominee company as defined in the Securities Law (securities traded on TASE are registered in the nominee company's name). The Company has one area of activity that is reported as a business segment in the Company's consolidated financial statements – trading and clearing transactions in securities

CONTACTS
Yehuda Ben Ezra Orna Goren
EVP, CFO Head of Communication and Public Relations Unit
Email: [email protected] Email: [email protected]
Tel: +972-76-8160442 Tel: +972-76-8160405

THE TEL-AVIV STOCK EXCHANGE LTD.

20

Information relating to the results for the second quarter of 2024 (NIS, in thousands)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands)

June 30, December
31,
2024 2023 2023
Assets
Current assets
Cash and cash equivalents 388,705 118,958 408,484
Financial assets at fair value through profit or loss 90,402 200,026 90,182
Trade receivables 19,956 16,420 18,671
Other receivables 18,700 20,093 9,377
517,763 355,497 526,714
Assets derived from clearing operations in respect of
open derivative positions		 1,303,830 1,545,977 1,695,082
Total current assets 1,821,593 1,901,474 2,221,796
Non-current assets
Cash restricted as to use - 731 -
Deferred tax assets 3,101 4,660 4,033
Property and equipment, net 309,214 303,672 307,144
Intangible assets, net 158,432 146,482 153,316
Other long-term receivables 7,483 6,791 5,358
Total non-current assets 478,230 462,336 469,851
Total assets 2,299,823 2,363,810 2,691,647

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands) (CONT.)

June 30, December
31,
2024 2023 2023
Liabilities and Equity
Current liabilities
Current maturities of a loan from a bank 49,934 - 49,946
Current maturities of lease liabilities 8,270 6,563 4,740
Trade payables 9,156 8,889 13,063
Other payables 4,424 5,437 5,204
Dividend declared - - 231,110
Income received in advance with respect to annual levies 22,838 19,956 -
Deferred income from listing fees, levies and others 28,246 28,213 28,734
Current tax liabilities 10,048 5,853 11,196
Short-term liabilities for employee benefits 32,255 41,423 55,397
165,171 116,334 399,390
Liabilities derived from clearing operations in respect of
open derivative positions		 1,303,830 1,545,977 1,695,082
Total current liabilities 1,469,001 1,662,311 2,094,472
Non-current liabilities
Loan from a bank 74,936 - 99,888
Lease liabilities 13,768 4,542 9,009
Deferred income from listing fees and levies 76,664 76,577 77,058
Non-current liabilities for employee benefits 6,451 5,008 9,500
Other liabilities - 731 -
Total non-current liabilities 171,819 86,858 195,455
Equity
Remeasurement of net defined benefit liability 7,671 7,945 4,745
Capital reserve in respect to share-based payment
transactions		 43,445 36,043 39,927
Other capital reserves 309,432 66,057 66,975
Retained earnings 298,455 504,596 290,073
Total equity 659,003 614,641 401,720
Total liabilities and equity 2,299,823 2,363,810 2,691,647

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(NIS, in thousands)

Six months ended June
30,		 Three months ended
June 30,		 Year ended
December 31,
2024 2023 2024 2023 2023
Revenue from services:
Trading and clearing
commissions		 81,766 77,451 38,812 35,528 155,589
Listing fees and levies 43,318 40,445 21,715 20,143 81,120
Clearing House services 41,511 38,087 21,531 18,974 78,208
Distribution of data and
connectivity services		 44,720 34,491 22,119 17,367 71,176
Other revenue 2,088 2,445 933 891 3,762
Total revenue from
services		 213,403 192,919 105,110 92,903 389,855
Cost of revenue:
Employee benefits expenses 78,328 75,238 39,298 37,067 153,643
Expenses in respect to
share-based payments		 3,518 2,256 1,405 1,645 6,140
Computer and
communications expenses		 21,306 17,927 10,469 8,914 38,559
Property taxes and building
maintenance expenses		 6,654 6,461 3,390 3,234 13,732
Other operating expenses 1,700 1,133 1,000 599 2,470
General and administrative
expenses		 4,901 4,602 2,416 2,357 9,389
Marketing expenses 2,004 3,291 663 2,428 5,693
Fee to the Israel Securities
Authority		 4,135 4,857 2,043 2,428 8,098
Depreciation and
amortization		 27,556 25,908 14,060 13,040 52,412
Other expenses 31 894 22 879 1,380
Total costs 150,133 142,567 74,766 72,591 291,516
Profit before financing
income (expenses), net		 63,270 50,352 30,344 20,312 98,339
Financing income 8,721 6,344 4,508 3,696 11,952
Financing expenses 5,285 200 2,509 80 645
Total financing income
(expenses), net		 3,436 6,144 1,999 3,616 11,307
Profit before taxes on
income		 66,706 56,496 32,343 23,928 109,646
Taxes on income 16,716 12,240 8,063 5,153 26,440
Profit for the year 49,990 44,256 24,280 18,775 83,206
Basic earnings per
share (NIS)		 0.541 0.448 0.263 0.191 0.859
Diluted earnings per
share (NIS)		 0.524 0.441 0.253 0.188 0.840

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (NIS in thousands)

Share
based
payment
reserve		 Remeasurement
of net defined
benefit liability		 Other
capital
reserves		 Retained
earnings		 Total
Balance at January 1, 2024 39,927 4,745 66,975 290,073 401,720
Profit for the period - - - 49,990 49,990
Other comprehensive loss
for the period		 - 2,926 - - 2,926
Total comprehensive
income for the period		 - 2,926 - 49,990 52,916
Share-based payment - - - (41,608) (41,608)
Acquisition of Treasury
shares		 3,518 - - - 3,518
Receipts from shareholders
within the framework of
implementing the ownership
restructuring, net		 - - 242,457 - 242,457
Balance at June 30, 2024 43,445 7,671 309,432 298,455 659,003
Share
based
payment
reserve		 Remeasurement
of net defined
benefit liability		 Other
capital
reserves		 Retained
earnings		 Total
Balance at April 1, 2024
42,040 5,058 309,432 274,175 630,705
Profit for the period - - - 24,280 24,280
Other comprehensive loss
for the period		 - 2,613 - - 2,613
Total comprehensive
income for the period		 - 2,613 - 24,280 26,893
Share-based payment 1,405 - - - 1,405
Acquisition of Treasury
shares		 - - - - -
Receipts from shareholders
within the framework of
implementing the
ownership restructuring,
net		 - - - - -
Balance at June 30, 2024 43,445 7,671 309,432 298,455 659,003

CONSOLIDATED STATEMENTS OF CASH FLOWS (NIS, in thousands)

Six months ended
June 30,		 Three months ended
June 30,		 Year
ended
December
31,
2024 2023 2024 2023 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 49,990 44,256 24,280 18,775 83,206
Expenses in respect of share-based payments 3,518 2,256 1,405 1,645 6,140
Tax expenses recognized in profit or loss 16,716 12,240 8,063 5,153 26,440
Net financing expenses (income) recognized in profit or loss (3,436) (6,144) (1,999) (3,616) (11,307)
Depreciation and amortization 27,556 25,908 14,060 13,040 52,412
Loss from disposal of property and equipment and intangible
assets		 36 593 3 578 691
94,380 79,109 45,812 35,575 157,582
Changes in asset and liability items:
Decrease (increase) in trade receivables and other receivables (12,733) (15,591) (86) 5,047 (9,130)
Decrease (increase) in receivables in respect to open derivative
positions		 391,252 (608,718) 448,925 (174,882) (757,823)
Increase in trade payables and other payables (4,905) (1,475) (2,141) (1,799) 1,212
Increase in income received in advance with respect to annual
levies		 22,838 19,956 (8,634) (8,464) -
Increase (decrease) in deferred income from listing fees, levies
and others		 (882) (2,081) (1,880) (809) (1,079)
Increase (decrease) in payables in respect to open derivative
positions		 (391,252) 608,718 (448,925) 174,882 757,823
Increase (Decrease) in liabilities for employee benefits (22,391) 5,843 (10,192) 3,874 20,152
(18,073) 6,652 (22,933) (2,151) 11,155
Interest received 8,383 4,872 4,258 2,089 10,564
Interest paid (4,999) (318) (2,191) (150) (567)
Tax payments - operating activities (17,806) (11,015) (5,075) (4,401) (18,461)
(14,422) (6,461) (3,008) (2,462) (8,464)
Net cash provided by operating activities 61,885 79,300 19,871 30,962 160,273
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (3,249) (1,744) (865) (548) (10,138)
Acquisitions of intangible assets (9,738) (9,070) (4,501) (4,442) (20,836)
Payments in respect to costs capitalized to property and
equipment and to intangible assets		 (9,104) (11,411) (3,727) (5,786) (19,591)
Disposal (acquisition) of financial assets at fair value through
profit or loss, net		 117 (2,623) (355) (1,223) 107,589
Net cash used in investing activities (21,974) (24,848) (9,448) (11,999) 57,024
CASH FLOW FROM FINANCING ACTIVITIES:
Lease payments (4,697) (4,398) (2,347) (2,273) (8,848)
short term credit - - - (889) -
Dividend paid (272,718) - - - -
Acquisition of Treasury shares - (132,408) - (108,030) (155,255)
Loan from a bank (25,000) - (12,500) - 150,000
Receipts (payments) carried directly to equity within the
framework of implementing the TASE Restructuring Law, net		 242,457 8,620 - 6,771 12,753
Net cash provided by (used in) financing activities (59,958) (128,186) (14,847) (104,421) (1,350)
Net increase in cash and cash equivalents (20,047) (73,734) (4,424) (85,458) 215,947
Cash and cash equivalents, beginning of the period 408,484 192,416 392,955 204,271 192,416
Effect of changes in exchange rates on cash balances held
in foreign currency		 268 276 174 145 121
Cash and cash equivalents, end of the period 388,705 118,958 388,705 118,958 408,484

Quarterly statements of profit or loss for 2023 and for the first half of 2024 (NIS, in thousands)

Jan
Mar
2023		 Apr-Jun
2023		 Jul-Sep
2023		 Oct-Dec
2023		 Jan-Mar
2024		 Apr-Jun
2024		 2023
Item (Unaudited) (Audited)
Number of trading days 64 58 61 66 63 57 249
Revenue from services:
Trading and clearing
commissions		 41,923 35,528 36,948 41,190 42,954 38,812 155,589
Listing fees and levies 20,302 20,143 20,489 20,186 21,603 21,715 81,120
Clearing House services 19,113 18,974 19,155 20,966 19,980 21,531 78,208
Distribution of data and
connectivity services		 17,124 17,367 18,111 18,574 22,601 22,119 71,176
Other revenue 1,554 891 785 532 1,155 933 3,762
Total revenue from
services		 100,016 92,903 95,488 101,448 108,293 105,110 389,855
Cost of revenue
Expenses in respect of
employee benefits, net		 38,171 37,067 38,071 40,334 39,030 39,298 153,643
Share-based payment
expenses		 611 1,645 1,883 2,001 2,113 1,405 6,140
Computer and
communication expenses		 9,013 8,914 10,183 10,449 10,837 10,469 38,559
Property taxes and
building maintenance
expenses		 3,227 3,234 3,836 3,435 3,264 3,390 13,732
General and
administrative expenses		 2,245 2,357 2,166 2,621 2,485 2,416 9,389
Marketing expenses 863 2,428 820 1,582 1,341 663 5,693
Fee to the Israel
Securities Authority		 2,429 2,428 1,242 1,999 2,092 2,043 8,098
Other operating
expenses		 534 599 760 577 700 1,000 2,470
Depreciation and
amortization expenses		 12,868 13,040 13,046 13,458 13,496 14,060 52,412
Other expenses 15 879 56 430 9 22 1,380
Total cost of revenue 69,976 72,591 72,063 76,886 75,367 74,766 291,516
Profit before financing
income (expenses), net		 30,040 20,312 23,425 24,562 32,926 30,344 98,339
Financing income 2,648 3,696 2,128 3,480 4,213 4,508 11,952
Financing expenses 120 80 140 305 2,776 2,509 645
Total financing income
(expenses), net		 2,528 3,616 1,988 3,175 1,437 1,999 11,307
Profit before taxes on
income		 32,568 23,928 25,413 27,737 34,363 32,343 109,646
Taxes on income 7,087 5,153 7,186 7,014 8,653 8,063 26,440
Net profit 25,481 18,775 18,227 20,723 25,710 24,280 83,206

Transactional Services

Six months ended Three months ended Year ended
June 30, June 30, December
31,
2024
2023		 2024 2023 2023
Number of trading days 120 122 57 58 249
SHARES
Shares (ex. ETFs) 964 927 964 927 953
ETFs on share indices 123 82 123 82 102
Market value (in NIS billions) 1,087 1,009 1,087 1,009 1,055
Shares (ex. ETFs) 1,666 1,715 1,731 1,696 1,598
ETFs on share indices 483 387 431 369 400
Average daily turnover (in NIS
millions)		 2,149 2,102 2,162 2,065 1,998
Average commissions 0.01120% 0.01106% 0.01131% 0.01129% 0.01129%
Revenue (in NIS thousands) 28,886 28,353 13,934 13,526 56,176
BONDS
Corporate bonds 447 425 447 425 447
ETFs on bond indices 30 28 30 28 29
Total market cap (in NIS billions) 477 453 477 453 476
Corporate bonds ADV excluding ETFs
(in NIS millions)		 1,040 905 1,024 834 902
ETFs on bond indices 101 112 96 98 114
Total average daily volume (in NIS
millions)		 1,141 1,017 1,120 932 1,016
Corporate bonds - Average commissions 0.00712% 0.00703% 0.00718% 0.00705% 0.00705%
Revenue from corporate bonds (in
NIS thousands)		 9,753 8,720 4,581 3,811 17,833
Government bonds -Unlinked 347 292 347 292 308
Government bonds -Linked 315 309 315 309 304
Total market cap (in NIS billions) 662 601 662 601 612
Government bonds - Unlinked ADV (in
NIS millions)		 2,333 1,774 2,183 1,651 1,902
Government bonds - Linked ADV (in NIS
millions)		 1,024 1,047 1,084 979 1,009
Total average daily volume (in NIS
millions)		 3,357 2,821 3,267 2,630 2,911
Government bonds Unlinked - Average
commissions		 0.00201% 0.00196% 0.00200% 0.00198% 0.00202%
Government bonds Linked - Average
commissions		 0.00299% 0.00296% 0.00298% 0.00298% 0.00303%
Government bonds (in NIS thousands) 5,630 4,247 2,484 1,897 9,579
Government bonds (in NIS thousands) 3,672 3,775 1,844 1,690 7,615
Revenue from Government bonds (in
NIS thousands)		 9,302 8,022 4,328 3,587 17,194
TREASURY BILLS
Market value (in NIS billions) 249 282 249 282 305
Treasury bills ADV (in NIS millions) 1,660 1,341 1,365 1,302 1,397
Average commissions 0.00317% 0.00453% 0.00359% 0.00407% 0.00379%
Revenue (in NIS thousands) 6,313 7,409 2,797 3,077 13,170

THE TEL-AVIV STOCK EXCHANGE LTD. Second Quarter 2024 Results

Six months ended
June 30,		 Three months ended Year ended
December
31,
June 30,
2024 2023 2024 2023 2023
MUTUAL FUNDS
Market value (in NIS billions) 375 297 375 297 330
Average daily value of creation /
redemptions (in NIS millions)		 1,827 1,407 1,826 1,306 1,424
Average commissions 0.00758% 0.00815% 0.00769% 0.00860% 0.00813%
Revenue (in NIS thousands) 16,615 13,984 8,005 6,516 28,819
DERIVATIVES
Options on indices 108.8 108.4 117.9 106.4 108.5
Derivatives on FX 34.6 39.5 39.8 36.7 36.1
Derivatives on single shares 15.3 11.3 10.1 10.1 12.7
Total derivative contracts (in '000
units)		 158.7 159.2 167.8 153.2 157.3
Options on indices - Average
commissions		 0.563 0.580 0.545 0.580 0.580
Derivatives on FX -Average
commissions		 0.360 0.360 0.360 0.360 0.360
Derivatives on single shares- Average
commissions		 1.0 1.0 1.0 1.0 1.0
Revenue (in NIS thousands) 10,798 10,825 5,126 4,947 22,170
OTHER
Other (MTS) (in NIS thousands) 99 138 41 64 227
Total revenue from Trading and
clearing commissions		 81,766 77,451 38,812 35,528 155,589

Non-Transactional Services

Six months ended
June 30,		 Three months ended
June 30,		 Year ended
December
31,
2024 2023 2024 2023 2023
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions) 3,121 2,853 3,132 2,877 2,890
Avg. commissions from Custodian Fees 0.00108% 0.00110% 0.00108% 0.00110% 0.00110%
Revenue from: (in NIS thousands)
Custodian Fees 16,875 15,632 8,458 7,891 31,711
Clearing House services for members 13,399 11,999 6,510 5,574 25,823
Clearing House services for company events 8,341 7,637 5,209 4,071 15,120
Other 2,896 2,819 1,354 1,438 5,554
Total revenue from Clearing House services 41,511 38,087 21,531 18,974 78,208
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies		 620 627 619 624 621
Mutual funds and ETFs 2,288 2,326 2,264 2,309 2,314
Avg. revenue from levies (in NIS thousands)
Companies		 11.4 10.9 5.7 5.5 22.0
Mutual funds and ETFs 4.3 4.0 2.2 2.0 8.0
Revenue from Annual Levies from: (in NIS thousands)
Companies 7,100 6,840 3,543 3,443 13,670
Mutual funds and ETFs 9,859 9,392 4,926 4,652 18,682
Nominee Company and others 4,609 3,658 2,408 1,820 7,399
Total revenue from Annual levies 21,568 19,890 10,877 9,915 39,751
The value of issuance used to calculate Listing fees (in
NIS millions)
Companies – Shares, Bonds and ETFs 73,445 59,470 30,356 30,806 139,052
Government bonds (including swap transactions) 116,487 40,379 49,156 23,928 116,323
Treasury-bills 215,572 208,889 113,658 79,196 403,460
Number of issuances
Number of public offerings of shares on TASE (including on
TASE-UP)		 30 35 10 19 66
Number of new issuers of shares 3 1 1 - 1
Number of new (dual-listed) companies 2 2 2 - 2
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions) 458 145 313 - 145
Amount raised in bond offerings by new issuers (in NIS
millions)		 136 523 136 418 2,049
Number of corporate bond offerings to the public 89 67 34 34 137
Number of corporate bond offerings to the public by new
companies		 1 3 1 1 9
Average revenue from Examination and Listing Fees
Companies – shares, bonds and ETFs 0.0156% 0.0173% 0.0144% 0.0180% 0.0166%

THE TEL-AVIV STOCK EXCHANGE LTD. Second Quarter 2024 Results

Six months ended Three months ended Year ended
June 30, June 30, December
31,
2024 2023 2024 2023 2023
Revenue from Examination and Listing Fees (in NIS
thousands)
Examination fees 4,201 3,726 2,161 1,780 7,048
Receipts from listing Fees
Listing fees - shares, bonds & ETF's 11,470 10,273 4,368 5,543 23,152
Listing fees - government bonds 3,238 3,133 1,619 1,566 6,266
Listing of T-bills 1,508 1,462 795 554 2,824
Levies and examination fees from members 893 57 863 - 226
Other 404 122 181 96 490
Total receipts 17,513 15,047 7,826 7,759 32,958
Accounting adjustments to revenue recognition 36 1,782 851 689 1,363
Total revenue from listing Fees 17,549 16,829 8,677 8,448 34,321
Total revenue from examination and listing fees (in NIS
thousands)		 21,750 20,555 10,838 10,228 41,369
Total revenue from listing fees and levies 43,318 40,445 21,715 20,143 81,120
DATA DISTRIBUTION AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients 7,444 7,312 7,397 7,245 7,345
Overseas business clients 5,357 5,845 4,866 5,968 5,892
Non-display data 216 269 200 230 261
Revenue from distribution and connectivity services (in
NIS thousands)
Domestic business clients 9,379 8,830 4,656 4,380 17,800
Overseas business clients 5,737 5,623 2,728 3,034 12,330
Private clients 5,377 4,120 2,879 2,017 8,584
Derivative date and non-display data 2,331 2,273 1,165 1,074 4,613
Data files and other data 2,579 2,295 1,320 1,128 4,656
Authorization for indices usage 12,043 4,973 5,757 2,511 10,181
Connectivity services 7,274 6,377 3,614 3,223 13,012
Total revenue from Data distribution and Connectivity
services		 44,720 34,491 22,119 17,367 71,176

Presented below are details regarding the velocity of trading (1) in Israel in the reported period:

Six months ended
June 30,		 %
Change		 Three months
ended
June 30,		 %
Change		 Year ended
December
31,
2024 2023 2024 2023 2023
Velocity of
trading
Shares 40.6% 44.7% (9%) 42.2% 44.3% (5%) 42.5%
Corporate bonds (2) 57.8% 59.4% (3%) 55.8% 54.7% 2% 57.6%
Government bonds
shekel (3)
–		 138.9% 130.7% 6% 128.0% 121.9% 5% 132.4%
Government bonds
linked (4)
–		 70.4% 74.8% (6%) 74.3% 69.1% 7% 72.2%
Treasury bills 141.7% 116.5% 22% 123.5% 107.3% 15% 110.8%

(1) The velocity of trading does not include off-exchange transactions.

(2) The velocity of trading does not include data of corporate bonds traded on TASE UP.

(3) Including "Shahar" fixed-interest shekel bonds and short-term government bonds.

(4) Including CPI-linked bonds, "Gilon" variable-interest shekel bonds and global government bonds.

Deferred income from listing fees

Deferred
income
from listing
fees as of		 Total
receipts
for the Six
months
ended		 Income
recognition
in Six
months
ended		 Deferred
income
from
listing
fees as of		 Income recognition in Twelve
months ended		 Deferred
income
from
listing
fees as
of
31.12.23 30.06.24 30.06.24 30.06.24 30.06.25 30.06.26 30.06.27 30.6.27
Listing of
Shares 25.5 2.3 3.0 24.8 5.6 4.8 3.9 10.5
Corporate bonds (1) 43.0 6.5 7.5 42.0 12.9 9.4 6.6 13.1
ETF 22.7 2.7 2.5 22.9 4.8 4.0 3.2 10.9
Government bonds 12.5 3.2 2.4 13.3 3.4 3.1 2.8 4.0
T-bills 1.3 1.5 1.4 1.4 1.4 0.0 0.0 0.0
Total 105.0 16.2 16.8 104.4 28.1 21.3 16.5 38.5

(1) Including TASE-UP.

More from Tel Aviv Stock Exchange Ltd.

Report Publication Announcement 2026
May 24
M&A Activity 2026
May 24
Report Publication Announcement 2026
May 20
Regulatory Filings 2026
May 20
Major Shareholding Notification 2026
May 14
Regulatory Filings 2026
May 14
Transaction in Own Shares 2026
May 14
Director's Dealing 2026
May 14
Report Publication Announcement 2026
May 12
Proxy Solicitation & Information Statement 2026
May 12
View all filings →