Umm, let’s shut down the Tel Aviv stock exchange…
Written by: Zack Miller | April 7, 2008
The Tel Aviv stock exchange said it canceled trading today (Monday, April 7) over a labor dispute. Hello?
I know Israel struggles with labor issues with unions frequently stifling free commerce. I’m all for workers’ rights but how does a stock exchange just not show up for work one day? The truth is that the TASE has been suffering from shortened trading days for the past couple of weeks. Egads!
What if I’m a foreign entity that needs liquidity because my investment in Washington Mutual (WM) is blowing up? This is absolutely ludicrous. If Israel really purports to have moved out of emerging market status as the FTSE and other ratings services have upgraded it, this can’t happen. Just like with ports shutting, labor disputes scuttle foreign investment. You have to find another outlet to settle these disputes. And quickly.
This absolutely can’t happen. Go completely electronic. Outsource to India. I don’t know.
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