Yossi Beinart 370.
(photo credit: Courtesy Nadex)
The board of the Tel Aviv Stock Exchange held its first working meeting on
Sunday with Yossi Beinart, who was picked to replace outgoing CEO Ester Levanon
During the meeting, the board set the compensation terms
with Beinart, who has served as president and CEO of Chicago-based Nadex (North
American Derivatives Exchange).
Though the board said Beinart’s salary
would be lower than Levanon’s, in accordance with new rules, Globes cited
sources on Sunday saying his income could be as high as NIS 1.8 million: NIS
1.2m. plus another NIS 600,000 in bonuses for hitting targets.
the total would be somewhat more than the NIS 1.76m. Levanon earned in
Similar working meetings are to continue through December, when
Levanon steps down.
Both Levanon and TASE chairman Saul Bronfeld
announced their resignation in July, on the background of dropping liquidity in
the exchange and disagreements with Israel Securities Authority chairman Shmuel
On news of Beinart’s selection, Hauser praised the selection, but
threw in a jab at the outgoing leadership over the exchange’s recent
“I’m sure it’s possible to turn the exchange in Tel Aviv
from a good exchange to an advanced, innovative, and renewing exchange, which
has more local and foreign companies whose securities are listed for trade on
the exchange, advanced trade technology, trading availability for foreign and
local investors, financial products for the benefit of all investors and trading
volumes that are much higher than those we’ve ever had,” he said.