JERUSALEM (by Reuters) : Nasdaq and the Tel Aviv Stock Exchange (TASE) confirmed on Wednesday they would create a private market to support small growth companies in Israel.
The proposed new platform is a market place where such firms can find institutional investors and will offer strategic advice and mentoring, networking, a secondary market for increasing liquidity and debt financing services, the exchanges said in a joint statement.
The private market, which will operate out of Tel Aviv, will have an independent management team chosen by both exchanges.
TASE Chief Executive Yossi Beinart said the collaboration with Nasdaq, which he had flagged last week, was good news for Israel’s economy.
“For the first time we can offer Israeli companies a real solution to challenges in their growth and give them a real alternative to an exit, so that they will continue to operate as independent companies with significant operations in Israel,” he said.