(Re)Inventing Israel’s Capital Markets: A Decade of Impact and an Unfinished Agenda

By Glenn Yago

The March 2014 Milken Institute Financial Innovations Lab diagnosed a liquidity crisis on the Tel Aviv Stock Exchange and proposed 15 prioritized financial and regulatory reforms organized into three solution sets: Think Globally, Increase Volume and Value, and Create a New Technology Platform (TASE 2.0).

Over the following decade (2014–2026), a remarkable number of these recommendations were adopted—in whole or adapted form—by the Israel Securities Authority (ISA), the Capital Market Insurance and Savings Authority (CMISA) (now the Israel Capital Markets Authority), the Bank of Israel, the Israel Innovation Authority (IIA), and the Ministry of Economy, often through multi-agency collaboration.

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