JERUSALEM: The Tel Aviv Stock Exchange named Ron Malka as acting chairman on Thursday as part of a management shake-up at the exchange, where trading volumes have slumped.
Malka was chosen by the board of directors to replace Saul Bronfeld, who resigned last week and said that the securities authority was intervening too much in the exchange's executive management.
Ester Levanon, the exchange's chief executive, also said last month she would step down the end of 2013, expressing disappointment the board did not support her plans to increase trading volumes.
Volumes at the exchange have fallen to an average of about 1.1 billion shekels or $309 million from 2 billion in 2010.
This decline was mostly due to the global downturn, but also because of an exodus of emerging market investors after Israel's exchange was upgraded to developed status from emerging market.
There were no initial public offerings on the exchange in 2012 and just one so far in 2013 biotech firm Kadimastem that raised 20 million shekels.
At a special session of parliament's finance committee on Wednesday, Israel's market regulator warned that Tel Aviv's stock market could face huge problems unless major regulatory changes are made to tackle the drop in trading volumes.
Malka has been an external director of the stock exchange. Earlier in his career, as an officer in the army, he was a top financial advisor for Israel's military and defence department.
He will also be heading a committee to search for a new CEO of the exchange. (Reuters)
