Panayiotis Rougalas
The Tel Aviv Stock Exchange is taking a serious look at buying the Cyprus Stock Exchange (CSE). Israeli financial publication Calcalist reports that the exchange, headed by Itay Ben Zeev, intends to participate in a tender to be launched by the Cypriot government for the exchange’s privatization.
Other European stock exchanges are also expected to take part, according to the report. It estimates the value of the Nicosia-based exchange at tens of millions of euros, describing it as relatively small.
The report makes clear, however, that neither the Tel Aviv exchange’s management nor its board has decided whether to participate. A decision will be made only after the tender is published.
Nevertheless, the Israeli publication describes the idea of adopting a model in which a stock exchange operates other exchanges around the world as interesting.
“Examples around the world include the European exchange group Euronext, which operates the exchanges in Paris, Amsterdam, Brussels and Lisbon and acquired the Athens exchange a year ago for €413 million, as well as ICE, which operates Nasdaq and other commodity exchanges,” it says.
The report also sets out facts already familiar here: The CSE is currently wholly government-owned and supervised by the Cyprus Securities and Exchange Commission. Its annual revenue ranges from €4 million to €7 million, which the publication says offers significant growth potential for a private owner.
By comparison, the Tel Aviv Stock Exchange recorded revenue of 563 million Israeli shekels, approximately €160 million, in 2025, and net profit of 181 million shekels, approximately €51 million.
Other potential bidders
Other stock exchanges have previously shown interest in the Cyprus exchange.
The report confirms earlier rumors of Israeli interest in the CSE. The Athens Stock Exchange had also been looking at it before being renamed Euronext Athens. Whether that interest remains is unclear, but India’s stock exchange could also emerge as a potential bidder.
Several months ago, officials from the National Stock Exchange of India and the CSE met and signed a memorandum of understanding. Their cooperation was intended to explore opportunities involving investments, new financial products, and the listing of companies on both exchanges.
Foreign investors already hold 36% of the CSE’s market capitalization. The aim was to launch the formal tender inviting interest from strategic investors and begin the process toward full privatization within 2026.
