Tel Aviv bourse shut amid face-off

Threats of stepped up sanctions by Tel Aviv Stock Exchange workers brought the bourse to a halt Monday as the management called their bluff and halted trading.

The TASE has been closing some three hours early for more than two weeks, as workers protest their conditions of employment.

The TASE employees' union is demanding a 15 percent raise, in addition to a bonus for workers equal to seven monthly salaries. According to TASE sources, these demands amount to NIS 15 million a year.

The union accuses management of ignoring, or even holding in contempt, the negotiations to end the dispute. The Histadrut labor federation accuses TASE managing director Ester Levanon of "disappearing," and says that is one of the reasons for the continuation of the shortened trading sessions.