Provides trading, clearing & custody in securities.
TASE ended 2025 looking more like a financial-market infrastructure platform with stronger recurring engines, but also with a balance sheet that is being used much more actively rather than sitting in cash.
Exchange-member concentration is real, but 2025 mostly showcased infrastructure leverage and higher activity, not broad repricing across the core trading lines. The more durable economics showed up in custody and clearing services.
The index activity is already high-quality and large enough that selling it only makes sense if TASE receives a broader growth engine or lasting participation in the future economics, rather than just one-off cash.
