The Tel Aviv Stock Exchange said Wednesday it has begun offering covered options on the exchange. The first options, in oil commodities, were sold Tuesday by Excellence Nessuah. Covered options are backed by the underlying shares or commodities underlying the option, and are sold to hedge risk in investments. The new product comes as part of TASE's strategy to offer an increasing number of vehicles to allow Israeli investors to diversify worldwide. The exchange noted that Israelis can invest locally in securities tracking 37 indices from world markets. More than $300 billion of covered options are currently sold in markets around the world, the TASE said.