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Tel Aviv Stock Exchange Ltd. Investor Presentation 2021

Aug 11, 2021

7071_rns_2021-08-11_3c355683-5bea-4bf5-9839-de80de55c35a.pdf

Investor Presentation

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Tel-Aviv Stock Exchange (TASE) Investors Presentation

Second quarter 2021

1

IMPORTANT: You must read the following before continuing. The following applies to the presentation with respect to The Tel-Aviv Stock Exchange Limited and its subsidiaries and affiliates (collectively, "TASE"). In accessing the presentation, you agree to be bound by the following terms and conditions.

The presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase the securities of TASE, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding the securities. Any investment decision in respect of the securities should be made solely on the basis of the information to be contained in the public reports of TASE.

The information in the presentation is basic and concise while the public reports of TASE contain more detailed information which may be different from, or additional to, the information contained in this presentation. In the event of any contradiction or discrepancy between the presentation and the public reports, the information in the public reports prevails. Thus, the presentation is not intended to serve as a substitute to reading TASE's public reports.

The Information contains statements and information that are forward-looking. Such forward-looking statements and information are only predictions and cannot assure TASE's future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and uncertainties relating to the operations and business of TASE. As a result of such risks and uncertainties, the actual results of TASE may be materially different from any future result expressed or implied in the forward-looking statement or information contained herein. Any opinions expressed in this presentation are subject to change without notice and TASE is not under obligation to update or keep current any of the forward-looking statement or information contained herein.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein. The information, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurances as to future results. TASE expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the information that may result from any change in TASE's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document

TASE at a Glance / Q2'21 by the Numbers

Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market

TASE plays a critical role in the market infrastructure of Israel as well as the overall growth of its economy

  • "Home court" for Israeli companies looking to raise capital
  • Primary source of capital raising for the Israeli government
  • Only clearing house infrastructure in Israel, including clearing/ settlement of mutual funds (major retail investing channel)

(1) Includes corporate, government bonds ,ETFs and structured bonds. (2) Excludes options on single shares and TA-Banks indices. (3) Includes corporate, government and structured bonds.

The results for Q2'21

NIS, in thousands

Quarter Ended
IFRS (GAAP) June 30,
2021		 June 30, 2020 Difference
-%
Revenue from services 84,592 73,547 15%
Expenses 70,422 63,908 10%
Profit before financing income, net 14,170 9,639 47%
Financing income (expenses) 1,338 3,505 )62%(
Taxes on income 3,435 3,114 10%
Profit for the quarter 12,073 10,030 20%
Diluted
EPS (in NIS)		 0.115 0.097 19%
Non GAAP
Adjusted EBITDA* 26,227 20,977 25%
%
EBITDA
Adjusted margin		 31% 29%
Adjusted net profit* 12,309 10,400 18%
% Adjusted net profit margin 15% 14%

Revenue Q2'21

NIS, in thousands

Quarter Ended 63% non-transactional
June 30,
2021		 % of the
Company's
total
revenues		 June 30,
2020		 % of the
Company's
total
revenues		 Difference
-
%		 5%
Trading and
clearing
commissions		 31,649 37% 32,187 44% )2%( The
decrease
in
revenue
from
trading
and
clearing
commissions
is
due
to
a
reduction
in
the
trading
volumes
of
corporate
bonds,
derivatives
and
T-bills
compared
to
the
trading
volumes
in
the
corresponding
quarter
last
year
(9%),
due
to
the
effect
of
the
coronavirus
crisis
outbreak
in
the
first
quarter
last
year
on
the
trading
volumes
in
the
second
quarter
of
2020.
In
opposition,
the
greater
number
of
trading
days
in
the
quarter
compared
to
the
corresponding
period
last
year
resulted
in
a
partial
offset
of
the
reduction
in
revenue
from
trading
and
clearing
(7%).		 16%
Q2'21
37%
Revenue
84.6
Listing fees and
levies		 18,345 22% 14,765 20% 24% The
increase
in
revenue
is
due
mainly
to
an
increase
in
revenue
from
listing
fees
(13%),
including
by
virtue
of
an
agreement
signed
with
the
Ministry
of
Finance.
The
other
increase
in
revenue
is
due
to
an
increase
in
the
number
of
prospectuses
submitted
for
review
in
the
quarter
(6%),
in
the
number
of
companies
and
funds
that
pay
an
annual
levy
(3%)
and
due
to
the
charging
of
new
annual
levies
(2%).		 20%
NIS Millions
Clearing House
services		 16,945 20% 14,127 19% 20% Most
of
the
increase
in
revenue
is
due
to
an
increase
in
custodial
fees
resulting
from
the
appreciation
in
the
value
of
the
Clearing
House
managed
assets
(11%),
as
well
as
an
increase
in
revenue
from
Clearing
House
services
to
members
(5%),
in
revenue
from
new
Clearing
House
services
(3%)
and
in
revenue
from
Clearing
House
services
to
companies
(1%).		 22%
Data
distribution and
Connectivity
services		 13,195 16% 12,183 17% 8% The
increase
in
revenue
is
due
mainly
to
an
increase
in
revenue
from
data
distribution
to
customers
outside
Israel
(4%),
inter
alia,
in
view
of
a
modification
to
the
pricelist
that
came
into
effect
at
the
beginning
of
the
quarter.
The
other
increase
in
revenue
is
due
to
an
increase
in
revenue
from
the
distribution
of
derivative
data
(2%)
and
in
revenue
from
BSO
and
Colocation
services
(2%).		 Trading and clearing commissions
Securities listing fees, and annual levies
Other revenue 4,456 5% 285 0% 1464% Most
of
the
increase
in
other
revenue
is
due
mainly
to
the
effect
of
an
agreement
signed
between
TASE
and
TASE-CH
and
the
Ministry
of
Finance
in
May
2021,
which
provides
for
the
payment
to
the
company
of
a
settlement
amount
of
NIS
3.8
million.		 Clearing House services
Data distribution and connectivity services
Other
Total
revenue		 84,590 100% 73,547 100% 15%

37% transactional

Adjusted Expenses(*) Q2'21

NIS, in thousands

Quarter Ended
June 30,
2021		 % of the
Company's
total
Expenses		 June 30,
2020		 % of the
Company's
total
Expenses		 Difference
-%
Compensation 37,910 54% 34,568 54% 10%
Computer and
Communications		 7,325 10% 6,850 11% 7%
Property Taxes and Building
Maintenance		 3,202 5% 2,277 4% 41%
Marketing 5,585 8% 3,981 6% 40%
Fee to the Israel Securities
Authority		 2,309 3% 2,689 4% )14%(
General and Administrative 2,034 3% 2,205 3% )8%(
Depreciation & amortization 11,777 17% 10,968 17% 7%
Other 44 0% 0 0%
Total Expenses 70,186 100% 63,538 100% 10%

  • Compensation
  • Computer and communication
  • Property taxes and building maintenance
  • Marketing
  • Fee to the Israeli Securities Authority
  • General and administrative
  • Depreciation and amortization
  • Other

Balance Sheet and Liquidity Position

as of June 30st 2021 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents 151,612
Financial assets at fair value through profit or loss 208,565
Trade receivables 16,434
Other receivables 13,974
Total 390,585
Assets derived from clearing operations in respect of open derivative
positions		 494,024
884,609
Non-current assets
Cash restricted as to use 720
Other long-term receivables 2,520
Property and equipment, net 338,127
Intangible assets, net 128,058
Deferred tax assets 14,839
Total non-current assets 484,264
Total assets 1,368,873
Liabilities and Equity:
Current liabilities
Trade payables 10,602
Short-term liabilities for employee benefits 28,703
Other payables 5,134
Current maturities of lease liabilities 8,746
Current tax liabilities 5,597
Deferred income in respect of listing fees and levies 39,872
Total )1( 98,654
Liabilities derived from clearing operations in respect of open
derivative positions		 494,024
Total current liabilities 592,678
Non-current liabilities:
Non-current liabilities for employee benefits 36,747
Lease liabilities 18,107
Deferred income in respect of listing fees and levies 82,576
Other liabilities 720
Total non-current liabilities 138,150
Total equity 638,045
Total liabilities and equity 1,368,873
Equity Ratio
(1)		 47%
Capital requirements in respect of the risk components:
Credit risk 37,424
Market risk 5,905
Legal and operational risk (2) 42,595
Business continuity and reorganization (3) 117,953
Contribution against default waterfall 27,585
Total capital requirements in respect of the risk components 231,462
Capital base components:
Total equity 638,045
Less:
Intangible assets )116,472(
Total qualifying capital base 521,573
Capital surplus (qualifying capital base, less requirements) 290,111
Liquidity requirements in respect to the risk components
Business continuity and reorganization 117,953
Contribution against default waterfall 27,585
Total requirements for liquid assets 145,538
Cash and cash equivalents 151,612
Securities portfolio at fair value 208,565
Less –
amortization coefficients on the assets		 )10,789(
Credit line -
Less –
current liabilities		 )76,715(
Net liquid assets 272,673
Liquidity surplus (net liquid assets, less requirements) 127,135

127 NIS in Millions Excess Liquidity

(1) A capital allocation equivalent to 15% of the average gross income in the last twelve quarters. (2) A capital allocation equivalent to six months' operating expenses (on an annual basis).

Cash Flow NIS in Millions

Item H1'21 Q2'21 Q1'21 2020 Q4'20 Q3'20 Q2'20 Q1'20
Adjusted EBITDA
(1)		 50.8 26.2 24.6 95.1 25.9 19.3 21.0 28.9
Operating Changes in working capital 11.1 )7.3( 18.4 6.7 (1.9) )10.4( 2.3 16.7
Activities Financing and tax )2.8( )1.6( )1.2( (6.4) (3.7) )1.4( )2.3( 1.0
Total 59.1 17.3 41.8 95.4 20.3 7.5 21.0 46.6
Investments in property and equipment
and in intangible assets		 )22.9( )9.6( )13.3( (37.9) (14.4) )6.4( (9.0) )8.1(
Investing
Activities		 Acquisition of financial assets at fair value )3.7( )2.3( )1.4( (4.2) (1.4) )0.8( (3.5) 1.5
Total )26.6( )11.9( )14.7( (42.1) (15.8) )7.2( (12.5) )6.6(
Lease payments )4.6( )2.3( )2.3( (9.9) (2.5) )2.4( (2.5) )2.5(
Financing Receipts from shareholders within the
framework of implementing the ownership
restructuring, net		 0.0 0.0 - 3.7 - 3.7 - -
Activities Dividend
payment		 )18.5( )18.5( - (8.8) - - )8.8( -
Total )23.1( )20.8( )2.3( (15.0) (2.5) 1.3 (11.3) )2.5(
Total increase in cash and cash
equivalents		 9.4 )15.4( 24.8 38.3 2.0 1.6 )2.8( 37.5
Free Cash Flow
(2)		 31.6 5.4 26.2 47.6 3.4 (1.3) 9.5 36.0

(1) Exclude expenses in respect to share-payments

(3) .

(2) FCF includes the net cash from operating activities, less Investments in property and equipment and in intangible assets and Lease payments

Revenue Trends

NIS in Millions

Adjusted Operating Expenses(1) Trends

NIS in Millions

Quarterly Expenses(1)

Profitability Trends

NIS in Millions

16%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

42%

80.0

Adjusted Net Profit & Margin (1) 4% 6% 8% 10% 20.0 30.0 40.0

0%

2%

12%

14%

60.0

(1) Excludes the reversal of the impairment provision in 2018 and expenses in respect to share-payments in 2019, 2020 and 2021

13% 13%

Issuance Volume

85.1

(1) Includes TASE-UP (2) Excludes Private Placements. Includes TASE-UP

2019 2020 H1'21

86.1

34.7

2019 2020 H1'21

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APPENDIX

13

Q2'21 Revenue Composition

14

Revenue Drill Down | Transactional - Shares

(NIS millions)

Revenue

Revenue Capture %

Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs and ETNs

Revenue Drill Down | Transactional - Bonds

Revenue Drill Down | Transactional - Mutual Funds

2018 2019 2020 H1'21 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Revenue Capture %

Revenue (NIS millions)

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

* As of 2020, the value of assets in each period is calculated as the monthly average in the period. The value of assets in 2018 and 2019 is presented as the value for the end of the period . ** The collection of revenues based on the value of assets at the end of each month.

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

(*) The revenue from the distribution of data includes revenue in respect of connectivity, which was presented net in 2018.

Q2'21 Adjusted Expense Composition

  • Compensation
  • Computer and communication
  • Property taxes and building maintenance
  • Marketing
  • Fee to the Israeli Securities Authority
  • General and administrative
  • Depreciation and amortization
  • Other

Compensation

  • The 2017 Collective Agreement sets the maximum annual increase in employee base compensation to the greater of 3.5% or CPI plus 1.5%(1)
  • Q2'21: NIS 39M

Computer and Communications

  • Expenses associated with maintenance, support, and software licenses
  • Q2'21: NIS 7.3M

Property Taxes and Building Maintenance

  • Expenses associated with owning the TASE headquarters
  • Q2'21: NIS 3.2M
General and Administrative Marketing Fee to the Israel Securities
Authority

Costs associated with
professional services, overhead,
supplies, utilities, and insurance

Q2'21: NIS 2.0M
General marketing expenses
including marketing to increase
listings and capital raises

Q2'21: NIS 5.6M
Annual fee to the Company's
primary regulator

Q2'21: NIS 2.3M
Depreciation & Other

Q2'21: NIS 11.8M

Adjusted Net Profit and Adjusted EBITDA Reconciliation

NIS in Thousands

Quarter Ended Six months ended
June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Profit for the year 12,073 10,030 21,734 20,060
Adjusted Net
Profit
Reconciliation		 (+) Expenses in respect to share-based
payments		 236 370 469 784
Adjusted Net Profit 12,309 10,400 22,203 21,044
Quarter Ended Six months ended
June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Profit before financing income, net 14,170 9,639 26,866 27,226
(+) Expenses in respect to share-based
payments		 236 370 469 784
Adjusted EBITDA
Reconciliation		 (+) Depreciation and amortization expenses 11,777 10,968 23,349 21,839
(+) Loss from disposal of property and equipment
and intangible assets		 44 - 99 18
Adjusted EBITDA 26,227 20,977 50,783 49,867

Transactional Metrics

Six months ended Year ended
30.06.21 30.06.20 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
Number of trading days 123 120 61 62 66 62 57 63 248 244 245
SHARES
Market cap of Shares (ex. ETN / ETFs) 958 680 958 877 842 714 680 649 842 820 703
Market cap of ETN / ETFs on share indices 70 50 70 66 61 52 50 46 61 64 60
Total market cap (in NIS billions) 1028 730 1028 943 903 766 730 695 903 884 763
Shares ADV (ex. ETN / ETFs) 1,569 1,578 1,594 1,545 1,363 1,357 1,484 1,663 1,465 1,081 1,124
ETN / ETFs on share indices ADV 302 467 289 315 307 339 401 527 393 219 470
Total average daily volume (in NIS millions) 1,871 2,045 1,883 1,859 1,670 1,696 1,885 2,190 1,858 1,300 1,594
Average commissions 0.01068% 0.01040% 0.01045% 0.01091% 0.01123% 0.01070% 0.01086% 0.01004% 0.01067% 0.01022% 0.00900%
Revenue (in NIS thousands) 24,585 25,517 12,007 12,578 12,373 11,259 11,668 13,849 49,150 32,434 33,976
BONDS
Market cap of government bonds -unlinked 367 307 367 361 351 328 307 270 351 275 248
Market cap of government bonds -linked 306 259 306 293 280 269 259 254 280 257 236
Market cap of corporate bonds 393 372 393 389 388 383 372 373 388 411 380
Market cap of bonds (ex. ETN / ETFs) 1,066 938 1,066 1,043 1,019 980 938 897 1,019 943 864
Market cap of ETN / ETFs on bond indices 31 27 31 31 31 30 27 26 31 29 27
Total market cap (in NIS billions) 1,097 965 1,097 1,074 1,050 1,010 965 923 1,050 972 891
Government bonds -
unlinked ADV (in NIS millions)		 1,977 2,313 1,595 2,354 1,682 1,568 2,116 2,492 1,959 1,722 1,741
Government bonds -
linked ADV (in NIS millions)		 1,304 1,204 1,260 1,346 914 1,097 1,091 1,307 1,100 897 907
Corporate bonds ADV excluding ETNs (in NIS
millions)		 750 1,056 804 696 822 794 1,071 1,043 928 798 899
ETN / ETFs on bond indices ADV 126 172 117 135 120 132 160 182 148 95 160
Total average daily volume (in NIS millions) 4,157 4,745 3,776 4,531 3,538 3,591 4,438 5,024 4,135 3,512 3,706
Government bonds unlinked -
average commissions		 0.00192% 0.00185% 0.00191% 0.00193% 0.00190% 0.00192% 0.00183% 0.00187% 0.00188% 0.00192% 0.00190%
Government bonds linked -
average commissions		 0.00278% 0.00295% 0.00288% 0.00270% 0.00294% 0.00291% 0.00313% 0.00281% 0.00294% 0.00291% 0.00289%
Corporate bonds -
average commissions		 0.00703% 0.00689% 0.00695% 0.00712% 0.00718% 0.00690% 0.00679% 0.00698% 0.00696% 0.00694% 0.00694%
Government bonds -
unlinked (in NIS thousands)		 4,674 5,142 1,854 2,820 2,108 1,866 2,210 2,932 9,116 8,052 8,106
Government bonds -
linked (in NIS thousands)		 4,466 4,264 2,212 2,254 1,776 1,982 1,950 2,314 8,022 6,367 6,431
Corporate bonds (in NIS thousands) 7,571 10,152 3,905 3,666 4,462 3,959 4,766 5,386 18,573 15,116 17,998
Other (MTS) (in NIS thousands) 150 75 77 73 31 29 33 42 135 187 281
Revenue (in NIS thousands) 16,861 19,633 8,048 8,813 8,377 7,836 8,958 10,674 35,846 29,722 32,816

Transactional Metrics | Continued

Six months ended Quarter ended Year ended
30.06.21 30.06.20 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
Number of trading days 123 120 61 62 66 62 57 63 248 244 245
TREASURY BILLS
Market cap (in NIS billions) 101 93 101 91 87 91 93 112 87 120 108
Treasury bills ADV (in NIS millions) 339 795 228 449 278 482 667 911 579 413 431
Average commissions 0.00263% 0.00186% 0.00307% 0.00240% 0.00262% 0.00221% 0.00184% 0.00188% 0.00203% 0.00256% 0.00343%
Revenue (in NIS thousands) 1,095 1,779 427 668 481 660 699 1,080 2,920 2,581 3,622
MUTUAL FUNDS
Market cap (in NIS billions) 272 215 272 255 239 224 215 200 239 259 220
Average daily value of creation / redemptions (in NIS
millions)		 903 1296 864 942 882 772 864 1686 1055 883 960
Average commissions 0.01199% 0.00891% 0.01240% 0.01160% 0.01163% 0.01249% 0.01166% 0.00763% 0.01016% 0.01100% 0.01016%
Revenue (in NIS thousands) 13,313 13,848 6,537 6,776 6,768 5,978 5,742 8,106 26,594 23,716 23,900
DERIVATIVES
Derivatives on indices (1) 97.5 116.1 90.7 104.1 106.6 110.1 111.3 120.6 112.1 96.6 134.3
Derivatives on foreign currency 51.9 58.2 49.5 54.3 50.5 53.6 57.7 58.7 55.0 45.4 58.5
Derivatives on individual shares 4.8 3.2 5.1 4.6 2.8 2.9 3.7 2.8 3.0 3.1 2.6
Total derivative contracts (in '000 units) 154.2 177.5 145.3 163.0 159.9 166.6 172.7 182.0 170.1 145.1 196.0
Average commissions 0.522 0.521 0.522 0.522 0.520 0.519 0.520 0.521 0.520 0.524 0.521
Revenue (in NIS thousands) 9,910 11,090 4,630 5,280 5,488 5,364 5,119 5,971 21,941 18,547 25,042
Total revenue from trading and clearing commissions 65,764 71,867 31,649 34,115 33,487 31,097 32,187 39,680 136,451 107,000 119,355

Non-Transactional Metrics

Six months ended Quarter ended Year ended
30.06.21 30.06.20 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)* 2,867 2,447 2,958 2,776 2,602 2,467 2,390 2,505 2,491 2,639 2,310
Avg. commissions from Custodian Fees 0.00108% 0.00107% 0.00108% 0.00108% 0.00107% 0.00107% 0.00107% 0.00107% 0.00107% 0.00105% 0.00105%
Revenue from: (in NIS thousands)
Custodian Fees 15,502 13,068 8,007 7,495 6,983 6,625 6,397 6,671 26,676 26,534 26,435
Clearing House services for members / company events 13,875 13,048 7,646 6,229 6,733 6,024 6,534 6,514 25,805 21,160 18,907
Other 2,619 2,379 1,292 1,327 1,290 1,303 1,196 1,183 4,972 4,637 4,263
Total revenue from Clearing House services 31,996 28,495 16,945 15,051 15,006 13,952 14,127 14,368 57,453 52,331 49,605
Six months ended Quarter ended Year ended
30.06.21 30.06.20 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies 542 529 536 545 524 527 529 531 527 541 563
Mutual funds and ETNs / ETFs 2,204 2,151 2,226 2,182 2,135 2,124 2,154 2,150 2,142 2,132 1,511
Avg. revenue from levies (in NIS thousands)
Companies 10.8 10.5 5.4 5.4 5.2 5.3 5.2 5.2 20.9 18.9 12.9
Mutual funds and ETNs / ETFs 3.7 3.9 1.8 1.9 1.8 1.9 1.9 2.0 7.6 7.2 7.3
Revenue from Annual Levies from: (in NIS thousands)
Companies 5,819 5,532 2,881 2,938 2,740 2,767 2,766 2,766 11,039 10,198 7,236
Mutual funds and ETNs / ETFs 8,209 8,355 4,113 4,096 3,923 3,946 4,002 4,353 16,225 15,339 11,033
Nominee Company and others 2,519 1,501 1,263 1,256 794 772 750 751 3,067 2,530 1,883
Total revenue from Annual levies 16,547 15,388 8,257 8,290 7,457 7,486 7,518 7,870 30,331 28,067 20,152

Non-Transactional Metrics | Continued

Six months ended Quarter ended Year ended
30.06.21 30.06.20 30.06.21 31.03.21 31.1220 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
LISTING FEES AND LEVIES
The value of issuance used to calculate Listing fees (in NIS millions)(1)
Companies –
Shares, Bonds and ETN / ETFs(2)		 97,461 48,923 43,388 54,073 34,905 34,583 26,126 22,796 118,413 91,415 74,661
Government bonds (including swap transactions)(3) 85,104 64,173 35,471 49,633 45,026 55,580 45,621 18,552 164,779 86,115 59,709
Treasury-bills 62,949 44,948 30,953 31,996 28,990 26,986 16,986 27,962 100,924 131,684 137,712
Number of issuances
Number of public offerings of shares on TASE 102 44 46 56 42 29 21 23 115 60 64
Number of new issuers of shares 63 6 30 33 15 6 4 2 27 7 11
Number of new (dual-listed) companies 2 2 1 1 1 - 1 1 3 3 3
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions) 7,797 1,000 4,696 3,101 2,480 1,136 563 437 4,616 3,206 1,844
Amount raised in bond offerings by new issuers (in NIS millions) 259 - 140 119 100 - - - 100 1,728 7,196
Number of corporate bond offerings to the public 78 70 44 34 37 38 37 33 145 160 142
Number of corporate bond offerings to the public by new companies 4 - 2 2 1 - - - 1 4 13
Average revenue from Examination and Listing Fees(3)
Companies –
Shares, Bonds and ETN / ETFs		 0.0157% 0.0189% 0.0160% 0.0154% 0.0185% 0.0170% 0.0198% 0.0179% 0.0182% 0.023% 0.023%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees 4,897 3,161 2,565 2,332 1,992 1,690 1,682 1,479 6,843 5,416 7,985
Listing fees -
shares & bonds		 15,278 9,257 6,949 8,329 6,443 5,870 5,171 4,086 21,570 20,958 16,922
Listing fees -
government bonds		 2,906 2,318 1,157 1,749 1,578 1,984 1,643 675 5,881 3,045 2,388
Listing of T-bills 440 315 216 224 203 189 119 196 707 922 964
Levies and examination fees from members 106 53 53 53 80 - 53 - 133 1,208 -
Other 95 29 90 5 94 95 29 - 218 746 774
Effect of IFRS on Listing Fees )5,520( )779( )940( )4,580( (2,558( )2,459( (1,450) 671 (5,796( (5,684) (2,660)
Total revenue from Examination and Listing Fees (in NIS thousands) 18,202 14,354 10,090 8,112 7,832 7,370 7,247 7,107 29,556 26,611 26,373
Total revenue from Listing fees and levies 34,749 29,742 18,347 16,402 15,289 14,856 14,765 14,977 59,887 54,678 46,525

(1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules.

26 (2) The issuance volume in 2018 and 2019 presented as the actual issuance amount was raised. (3) Commencing in 2021, listing fees on government bonds will be charged based on a new pricelist, as signed between the Company and the Ministry of Finance, which provides for the payment of a fixed amount over the entire period set out in the agreement, rather than a percentage of the amount raised.

Non-Transactional Metrics | Continued

Six months ended Quarter ended Year ended
30.06.21 30.06.20 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
DISTRIBUTION OF DATA AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients 7,684 7,630 7,584 7,785 7,471 7,504 7,652 7,607 7,559 7,274 8,073
Domestic private clients 9,240 8,532 8,012 10,467 9,106 9,097 9,298 7,766 8,816 6,489 -
Overseas 4,943 4,446 4,939 4,946 4,843 4,506 4,598 4,293 4,560 4,886 4,745
Quote generator 300 275 326 273 329 260 279 272 285 245 -
Revenue from data terminals and data (in NIS thousands)
Domestic business clients 8,253 8,285 4,072 4,181 4,056 4,075 4,153 4,132 16,416 15,528 17,438
Domestic private clients 1,940 1,792 841 1,099 956 955 977 815 3,703 2,726 -
Overseas 3,329 2,775 1,903 1,426 1,409 1,375 1,429 1,346 5,559 6,270 6,148
Quote generator 1,013 813 573 440 483 401 413 400 1,697 1,430 -
Usage based 5,137 4,120 2,602 2,535 2,814 2,132 2,438 1,682 9,066 5,793 8,342
Indices and data 1,609 1,639 765 844 927 623 625 1,014 3,189 3,019 3,026
connectivity services 4,544 4,374 2,439 2,105 2,227 2,177 2,148 2,226 8,778 7,654 -
Total revenue from Distribution of data and
connectivity services		 25,825 23,798 13,195 12,630 12,872 11,738 12,183 11,615 48,408 42,419 34,954

CONTACTS

Yehuda van der Walde EVP CFO

Email: [email protected]

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

Email: [email protected]

Tel: +972-76-8160405

28

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