TA Stock Exchange resumes trading

Trade had been canceled after workers demanding labor benefits threatened not to turn on computer.

TA stock exchange 224 88 (photo credit: Bloomberg)
TA stock exchange 224 88
(photo credit: Bloomberg)
Trading at the Tel Aviv Stock Exchange (TASE) resumed Monday afternoon, hours after the escalation in the labor dispute with workers prompted the TASE management to announce a cancellation of trading for the day. In the morning, the workers threatened that they would not turn on the stock market's main computer and management announced in response that if the computer was not turned on by 9:30 a.m. trading would be canceled. "Following the worker's sanctions and their unwillingness to turn on computer systems that are necessary in order to maintain trading, the stock market's management has decided to cease trade," the TASE management stated, blaming the workers' union "who are not showing any willingness to move forward in the negotiations." Trade has been closing at 2:30 p.m. for the past two months, since the dispute broke out. The union is demanding that workers employed via outsourcing, including economists and computer technicians, enjoy similar conditions to those given to workers employed directly by the stock exchange. The workers are also demanding a 4.5 percent salary raise. Approximately 250 people work in the stock market, 100 of whom are not direct employees.