Israel's securities regulator and the Tel Aviv Stock Exchange on Wednesday called on investment houses and financial technology firms to offer retail brokerage services to expand investors' trading options and cut the cost of services.
Most trading in Israel is done through banks as well as institutions.
The TASE, which has been struggling with delistings and declining trading volumes, became a public company this month after completing an initial public offering.
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Entities which are considering entering Israel's capital market as retail brokers in order to trade in securities and mutual funds are invited to apply by Sept. 15, 2019.
The TASE and ISA said they want to promote technological innovation in the capital market and have already met with 15 interested parties. They are also planning to promote changes in regulations that ease the work of retail brokers locally.
Changes include reducing capital requirements and promoting full digitization of the securities account-opening process.
TASE CEO Ittai Ben-Zeev said it was important to open the TASE to new players.
"The TASE is updating the rules to remove barriers and aligning itself to international standards, to increase the number of active members of TASE," he said.
"We are confident that the entry of new players with advanced technologies into the Israeli capital market will increase competition for investors and will make the Tel Aviv Stock Exchange dominant and more accessible to the public."
