TASE Enhances Transparency and Accessibility of the Trading Data

In Alignment with Global Standards, Starting Today TASE will offer a new Data Feed which will include All Orders in the Book (Market by Order)

The Tel-Aviv Stock Exchange Launches a new data distribution service that includes the full order book (MBO – Market by Order data protocol). At present, only the five highest price levels are distributed to the market at any given time per security. When the service is launched, market players will be able to view all price levels in the market, as well as the composition within the levels. The new data feed will be distributed alongside the current market-by-price data feed.

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The trading data that is currently distributed by TASE comprises of the sum of the orders submitted as part of the continuous trading in each of the five price levels that are at the highest priority for execution, in both supply and demand. The reduction of the minimum order size in continuous trading on the equity market, the cancellation of the minimum commission per transaction, and the higher trading volume of automated trading, have decreased the average amounts posted in the top five tiers, making it necessary for capital market players to view the full order book.

Presentation of the full order book enhances the transparency of the overall trading processes that affect the compilation of the various price levels, and is common practice in leading global exchanges. In some exchanges, this is the sole data distribution protocol, while in most exchanges both protocols (presentation by tiers and presentation by orders) are applied simultaneously. By launching this information service, TASE aligns with international standards.

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The existing data transmission capacity is insufficient for the presentation of all book orders. Therefore, at this stage, the information will be distributed through the colocation infrastructure at the TASE building or via the TASE’s Global access point in London, which offers direct connection from TASE’s data center to London. This manner of distribution will allow interested customers to consume the data without additional communications and infrastructure costs being imposed on other parties in the capital market.

The launch of this service will allow for a smoother entry point into the capital market by foreign investors, who are accustomed to trading systems that use similar protocols. The service will also facilitate larger volumes of transactions, due to the availability of full data regarding supply and demand volumes in the market.