saul bronfeld tase 248 88.
(photo credit: Courtesy)
Barely a week after longtime Tel Aviv Stock Exchange CEO Ester Levanon announced
her resignation, on Thursday, the bourse’s chairman Saul Bronfeld gave his
notice as well, slamming the Israel Securities Authority and putting deep rifts
between the country’s financial leaders out in the open.
forced to resign my position due to ongoing ‘hostile takeover’ attempts on the
exchange by the Israel Securities Authority,” Bronfeld wrote in a resignation
letter. “On the one hand, the Authority blames the exchange for all the damage
caused to Israel’s capital markets due to disproportionate regulation. On the
other hand, the Authority cancels, with mere words, the many good doings of the
exchange’s staff and board over the course of many years.”
The ISA sent a
biting letter chastising Bronfeld to the board of directors on
ISA Chairman Shmuel Hauser gleefully welcomed the resignation,
saying he had full confidence that a new chairman would lead the exchange to new
“I believe the stock exchange will emerge stronger from the
recent resignations,” he said, referencing Levanon’s departure, as well as that
of Yossi Treister, a senior vice president and manager of the Administration
& Finance Department, and executive vice president and CIO Yoni Shemesh, who
also left in the past week.
However, he added, the ISA “recognizes the
need to adapt the regulation to the state of the market, and we’re working
diligently to strengthen the capital market, develop it and make things easier
for supervised bodies.”
In the previous two years, Levanon unsuccessfully
battled a plunge in trading volumes and drop in the number of listed companies
on the TASE. Levanon and Bronfeld clashed on how to tackle the situation, as
criticism that the TASE had not taken substantive measures swelled. While
Bronfeld argued that the declining trading volumes were fleeting and would pass,
Levanon said that immediate corrective steps were needed.
In her letter
of resignation, she wrote: “Regrettably, I do not feel strong support by the
board of directors for the plan” to boost liquidity in the
According to Globes, Bronfeld had given Levanon “mediocre”
performance reviews.Globes contributed to this report.