Bronfeld slams the Israel Securities Authority, putting deep rifts between the country’s financial leaders out in the open.

Barely a week after longtime Tel Aviv Stock Exchange CEO Ester Levanon announced her resignation, on Thursday, the bourse’s chairman Saul Bronfeld gave his notice as well, slamming the Israel Securities Authority and putting deep rifts between the country’s financial leaders out in the open.

“I’ve been forced to resign my position due to ongoing ‘hostile takeover’ attempts on the exchange by the Israel Securities Authority,” Bronfeld wrote in a resignation letter. “On the one hand, the Authority blames the exchange for all the damage caused to Israel’s capital markets due to disproportionate regulation. On the other hand, the Authority cancels, with mere words, the many good doings of the exchange’s staff and board over the course of many years.”

The ISA sent a biting letter chastising Bronfeld to the board of directors on Wednesday.

ISA Chairman Shmuel Hauser gleefully welcomed the resignation, saying he had full confidence that a new chairman would lead the exchange to new heights.

“I believe the stock exchange will emerge stronger from the recent resignations,” he said, referencing Levanon’s departure, as well as that of Yossi Treister, a senior vice president and manager of the Administration & Finance Department, and executive vice president and CIO Yoni Shemesh, who also left in the past week.

FULL STORY: http://www.jpost.com/Business/Business-News/Tel-Aviv-Stock-Exchange...