Tel Aviv Stock Exchange Friday Trading Volumes Double After Global Shift
An Israel Securities Authority study reveals Friday trading volumes reached 2.6 billion NIS, doubling previous Sunday figures. Foreign investor participation surged 2.5-fold.
A new study by the Israel Securities Authority (ISA) confirms that aligning the Tel Aviv Stock Exchange (TASE) trading schedule with global markets has significantly boosted trading volumes, enhanced liquidity, and driven a surge in foreign investor activity.
According to the research, conducted by ISA Chief Economist Prof. Miriam Schwartz-Ziv and her deputy Guy Sabach, the average trading volume on Fridays is twice as high as that recorded on Sundays prior to the reform, despite Friday being a shorter trading day.
On January 5, 2026, the TASE transitioned from a Sunday–Thursday schedule to a Monday–Friday trading week, matching major global financial hubs. The study compared the six months prior to the move with the first six months following its implementation.
Trading Volumes Surge by 100%
Before the transition, the average daily trading volume on Sundays stood at 1.3 billion NIS. Following the shift, the average Friday volume reached 2.6 billion NIS—a 100% increase.
Concurrently, the average daily volume from Monday to Thursday rose by 43.3%, from 3 billion NIS to 4.3 billion NIS. Since the first half of 2026 was characterized by an overall market upturn, researchers used the Monday–Thursday period as a control group. After neutralizing the general market trend, they estimated that replacing Sunday with Friday boosted trading volume on the swapped day by 57%.
This growth is particularly notable given the shorter hours:
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Friday trading ends at 13:50.
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Sunday trading previously ended at 15:50.
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Monday–Thursday sessions run until 17:25.
Foreign Investors Drive the Market
The most dramatic shift occurred among foreign investors. Prior to the reform, international traders accounted for just 15.3% of Sunday trading volume. Following the change, their share on Fridays jumped to 38.2%—a 2.5-fold increase.
For the Monday–Thursday period, their share remained stable at around 36%–37%. Overall, the weekly share of foreign investors in total trading volume rose from 34.2% to 36.8%.
Improved Market Liquidity
The ISA study also highlights improvements in market quality. Velocity (the ratio of daily trading volume to market capitalization) rose by 58% when comparing Fridays to the previous Sundays, and by 39% after adjusting for the general market trend.
Additionally, bid-ask spreads narrowed by 11%. Narrowing these spreads is a key objective for the exchange, as it reduces transaction costs for investors and facilitates higher-volume trading in smaller-cap stocks.
