For the first time, the Tel Aviv Stock Exchange (TASE) will provide consulting services to a foreign stock exchange. The stock exchange in question is a new one being established in Astana, the capital of Azerbaijan – and the TASE will provide assistance in establishing the exchange, providing operational knowhow to employees and management.
The agreement between the two exchanges is open-ended, meaning that TASE officials will assist the Azerbaijanis with their exchange for as long as required. According to Globes, the exchange is also working with other foreign exchanges on various specific issues. The report said that the Azerbaijan exchange will be using the sales system offered by the NASDAQ, a system the TASE nearly purchased several years ago, Globes said.
Among the most important consulting services the TASE will provide will be advice and direction on cybersecurity. In a statement, the TASE said that “in today’s world, stock exchanges are a target for cyberattacks from a variety of sources, whether anti-globalization groups, terrorists, or enemy states and criminal gangs. An attack on a stock exchange means not just a major financial loss, but damage to hard-earned reputations and the good name of an exchange, which needs the public to trust it.”