The Tel Aviv Stock Exchange (TASE) is an efficient one-stop shop for the securities industry, hosting an increasingly sophisticated range of products to investors, including shares, corporate bonds, treasury bills and bonds, index-tracking products and derivatives on shares, indices and currency exchange rates. TASE is a fully automated exchange with a central order book trading system, providing clearing, settlement and depository services. Supervised by the Israel Securities Authority, it is a regulated market. The TASE is an internationally recognized exchange and is a member of the World Federation of Exchanges (WFE), an observer member of the Federation of European Stock Exchanges (FESE) and an affiliate member of the International Organization of Securities Commissions (IOSCO).