Happy Passover

‫מודפס גם בעברית‬
Private Banking
Issue No. 104
April 2012
Happy
Passover
ESPECIALLY FOR LEUMI PRIVATE BANKING CLIENTS
April 2012 Issue No. 104
Contents
Greetings from the Head of Products & Financial Services
3
Israel Macro Economic Review
4
World Macro Economic Review
6
The Enchantment of Galapagos
8
Special Internet Services for Private Banking Clients
Private Trusts
14
In the Spotlight
2
11
16
Editor: Smadar Ilan
Tel: 03-5149989
Fax: 03-5149602
E-mail: [email protected]
LEUMI PRIVATE BANKING CENTERS IN ISRAEL
PRIVATE BANKING FOR FOREIGN RESIDENTS
TEL AVIV - 23 Floor Dizengoff Top Tower, 55 Dizengoff Street, Tel: 972-3-621-7444
17 Floor Dizengoff Top Tower, 55 Dizengoff Street, Tel: 972-3-621-7333
JERUSALEM - 19 King David Street, Tel: 972-2-620-1800
PRIVATE BANKING FOR ISRAELI RESIDENTS
TEL AVIV - The Millenium Building, 17 Ha’Arbaa St, Tel: 972-3-623-7300
HAIFA - Dan Panorama Hotel, 107 Ha’Nasi Ave, Tel: 972-4-835-0333
HERZLIYA - Business Park, 85 Medinat Hayehudim St, Tel: 972-9-960-9311
JERUSALEM - 19 King David Street, Tel: 972-2-620-1887
www.bankleumi.com
Passover 5772
To Our Valued Clients
Leumi Global Private Banking (GPB) is celebrating its first decade of existence,
while the bank itself is currently celebrating the 110th anniversary of its founding.
These milestones mark an important development in the ability of GPB to provide
its clients with the highest quality of professional financial services. The aftermath
of the global financial crisis of recent years has left Leumi stronger and more
capable of coping with similar crisis in the future. GPB can be particularly beneficial
to clients during times of financial market turmoil, such as during the volatility
witnessed in the second half of 2011.
GPB provides services to Israelis and non-Israelis, in Israel as well as overseas
via subsidiaries and representative offices in Europe, North America, and South
America. GPB’s expertise is reflected in its ability to provide investment advice,
by utilizing local and global analysts, on a range of financial solutions tailored to
the specific needs of its clients over a computerized system. Clients of GPB also
benefit from relevant material that is sent to them, including informative investor
material dealing with financial markets and online banking. In addition, clients are
also invited to attend various cultural and other events.
In 2011, Leumi acquired Geneva-based Banque Safdie, which is focused on private
banking. Banque Safdie was merged with Leumi Switzerland to form a single
entity, “Leumi Private Bank”, which is noteworthy for its professional capabilities
and high-level of personal service. Additional services offered by GPB include
trust administration, which is discussed in further detail within this review. Our
trust administration division is an integral part of GPB in Israel, and serves both
individuals and commercial entities.
The current year seems to be a relatively optimistic one for global financial markets,
with a solution to the European crisis coming into view and major U.S. indexes in
bull-market territory. In light of these developments, the home bias of our clients
has begun shifting to a more global perspective, with a focus on international
markets that are more diversified in terms of geography and sectors, amongst
other factors. At GPB, we’re fully prepared to deal with our investors’ needs
for rebalancing their portfolios. We offer detailed advice and a broad range of
financial solutions, based on the risk profile of each individual client.
The article that we’ve chosen for the center of this month’s review indirectly
addresses the central theme of the Passover holiday - freedom. The article
will take you to a utopia where the sense of freedom and nature stimulate the
imagination.
Wishing a happy Passover to all,
Eli Sellman
Senior VP, Head of Products & Financial Services
3
Israel Macro Economic Review
By: Sagit Cohen, Economics Department, Finance and Economics Division
Weak growth data for the fourth
quarter of 2011
According to the initial estimate from the
Central Bureau of Statistics (CBS), Israel’s
fourth quarter 2011 GDP grew by a real rate
of 3.2% in annualized terms, compared to the
third quarter (see accompanied graph). This
figure reflects the continued slowdown in the
growth rate that was also observed in preceding
quarters. It is apparent that 2010 was a year of
rapid recovery from the crisis, while in 2011 a
slowdown in economic activity was registered.
We can learn about this important difference by
analyzing the composition of growth in 2011.
According to our estimates, the contribution
of investments in fixed assets to GDP growth
4
in 2011 was the most significant, although
it declined from quarter to quarter. This
development occurred due to the negative
developments of the debt crisis in Europe and
the weakness in global economic activity, which
heightened the level of economic uncertainty.
This development led to a substantial decline in
investment by the business sector in equipment,
machinery, and transportation vehicles. These
account for half of the investment in fixed assets
in the economy.
The contribution of private consumption
to growth in 2011 appears to be the second
largest factor. However, an analysis of this
component’s contribution to economic
growth over the full length of the year
shows that except for the first quarter, the
contribution of private consumption was
close to zero, and even negative in the fourth
quarter. In the second and third quarters,
the main decline in private consumption
was affected by a decrease in expenditure
on durable goods, and in particular that of
automobiles. In the fourth quarter of the year
there was also a decline in expenditure on
the current consumption component, such as
clothing and services.
Finally, the contribution of net exports (exports
minus imports) towards the increase in Israel’s
GDP over the full year was negative, with this
figure reflecting a mixed trend in exports and
imports over the course of the year.
In conclusion, an analysis of the developments
of the GDP components shows signs of a
slowdown in domestic economic activity, with
these signs being observed primarily in the
second half of the year. We estimate that the
slowdown in economic activity will continue in
2012, with real growth for the year amounting
to 2.7%. This rate of growth reflects continued
weakness in exports and a moderate increase
in local demand for investment and private
consumption. These developments can also be
seen in the composite state-of-the-economy
index for January 2012, which increased
0.2%, indicating continued moderation in
the annualized rate of economic activity of
the business sector, to 2.5 – 3.0%. The global
economic environment is still subject to a high
level of uncertainty, which casts a shadow on
local economic activity.
Real GDP growth and business GDP growth
in annual terms
5
business
World Macro Economic Review
By:Eyal Kaufman, Capital Market Research Department, Investment Counseling Division
February commenced with the Federal Reserve’s
interest-rate announcement, which included
the assessment that its key interest rate would
remain at a very low level until at least the
middle of 2014. In addition to that assessment,
the Fed chairman signaled that a third round of
quantitative easing (QE3) remained a possibility.
Later in the month the Fed chairman changed
directions, and in his biannual testimony before
the Senate, he disappointed investors by failing to
mention QE3. According to the central bank, the
real estate sector is still weak, but data regarding
most other sectors of the economy shows an
ongoing improvement. For now, it seems that
positive economic developments will enable the
the Fed to refrain from implementing powerful
monetary tools, like injecting fresh cash into the
financial system in the form of QE3. The U.S.
labor market is one such positive development.
In January and February, about 500,000 new
jobs were created and the unemployment rate
fell to 8.3%, its lowest level since February 2009.
Moreover, annualized GDP growth in the fourth
quarter of 2011 was upwardly revised to 3%.
6
However, despite these significant developments,
headlines in the first few months of 2012
were dominated by the situation in Greece.
Negotiations between the country and its
private-sector bondholders aroused considerable
concern, amongst other reasons, regarding the
large payments the government was slated to
make on bonds coming due in March. Greece
lacked the funds to make those payments.
Consequently, the long negotiations continued
without an agreement being reached with
private-sector bondholders, which increased the
probability of the country defaulting and exiting
the Euro Zone. At the same time that these
negotiations were being conducted, Greece was
holding talks with the ‘troika’ (the IMF, ECB and
European Commission), aimed at securing aid in
the framework of the Greek bailout plan, whose
guidelines were agreed upon last October. In
those talks, the troika demanded that Greece
carry out additional significant austerity
measures as a precondition for receiving EU
aid. Another source of pressure emerged
regarding European uncertainty over Greece’s
commitment to the austerity measures if a new
government was formed following elections
scheduled to be held this April. Moreover,
some forecasters questioned Greece’s ability to
reach the prescribed 120% debt-to-GDP ratio by
2020. But in the end, everything worked out; the
Greek cabinet approved a new budget-cutting
plan, a debt-swap agreement was reached with
private-sector bondholders, and Euro Zone
finance ministers authorized Greece’s bailout
plan.
The agreement with private-sector bondholders,
which entailed a 50% writedown of the face value
of the bonds and the exchange of the remaining
bonds for new debt securities, reflected an
overall bondholder haircut of around 70%, far
more than originally envisioned. In the end,
around 86% of bondholders whose securities
were issued under Greek law accepted the
swap. That percentage enabled the imposition
of collective action clauses, which raised the
participation rate to 96%.
Another recent development occurred at
a European summit in Brussels, where EU
representatives (with the exception of Britain
Euro
Euro and
and USD
USD vs.
vs.NIS
NIS
NIS/EUR
NIS/EUR
Euro and USD vs. NIS NIS/USD
NIS/USD
030/31/ 2
/1 12
2
03
0909/
/1 11
1
0303/
/1 11
1
0909/
/1 10
0
0303/
/1 10
0
0909/
/0 09
9
0303/
/0 09
9
0909/
/0 08
8
0303/
/0 08
8
0909/
/0 07
7
0303/
/0 07
7
6.0
6.0
5.8
5.8
5.6
5.6
5.4
5.4
5.2
5.2
5.0
5.0
4.8
4.8
4.6
4.6
4.4
4.4
4.2
4.2
4.0
4.0
3.8
3.8
3.6
3.6
3.4
3.4
3.2
3.2
3.0
3.0
Gold prices (USD)
Gold Prices (USD)
2000
1800
1600
1400
1200
1000
800
600
22
0033
/1
1
09
/1
1
03
/1
0
09
/1
0
03
/1
9
09
/0
9
03
/0
8
09
/0
8
03
/0
7
/0
09
03
/0
7
400
Oil Prices per barrel (USD)
Oil Prices per Barrel (USD)
150
140
130
120
110
100
90
80
70
60
50
40
//11
22
0033
1
09
/1
1
03
/1
0
/1
09
0
03
/1
9
09
/0
9
03
/0
8
09
/0
8
03
/0
7
/0
09
03
/0
7
30
7
TA25
TA25
1400
1300
1200
1100
1000
900
800
700
600
500
0033
/112
2
1
/1
09
1
/1
03
0
/1
09
0
/1
03
9
/0
09
9
03
/0
8
/0
09
7
8
/0
03
/0
09
/0
7
400
03
and the Czech Republic) signed an accord that
set forth fiscal guidelines for the region, aimed
at maintaining a balanced or surplus budget. If
a debt-to-GDP annual budget deficit exceeds
3%, automatic sanctions will kick in, designed
to bring the deficit within the prescribed limit.
While the accord was signed, it will only go into
effect if approved by at least twelve EU members
by January 1st, 2013, and only countries that
adopt it will be permitted to receive aid from
the union’s permanent ESM bailout fund.
In addition, other events played a key role in
establishing the recent positive trend seen in
financial markets. The first came at the end of
February when the ECB provided 3-year loans
to EU banks at 1% interest rates. Around €529
billion in loans were issued, and combined
with the first tranche provided last December,
the aggregate sum that the ECB supplied to
the financial system amounts to just over €1
trillion. The ECB appears to have achieved its
primary goal of increasing the sense of stability
in Europe’s financial system. The second
development that increased this perception
took place in the U.S., when the Fed published
the results of stress tests conducted on major
U.S. banks. The tests examined the financial
institutions’ ability to withstand conditions even
more severe than those experienced during the
recent financial crisis. Following the publication
of the results, which most of the banks passed,
some announced their intention to increase
dividend payouts. All these aforementioned
events helped restore investor confidence and
encouraged investors to return to the markets.
However, the situation in Europe remains
fragile, and economic deterioration is a scenario
that can’t be ruled out.
Graphs updated to: 23.3.2012
The Enchantment of Galapagos
By: Smadar Ilan, Products Marketing Department, Private Banking Division
8
I’ve decided to tell you about an enchanting
place located around 970 km off the Ecuadorian
coast in the Pacific Ocean. I was there at the
beginning of March, meeting up with my son
who was travelling in South America. He called
the trip to the islands ‘a vacation from his
vacation.’
The Galapagos Islands, a cluster of volcanic
islands comprising 7,900 square km of land in
the equatorial region of the Pacific Ocean, is
spread out over a total area of around 45,000
square km, twice the size of the State of Israel.
A province of Ecuador, it consists of 13 large
islands, 6 small ones, and over 40 islets.
The islands are considered special because of
their unique wildlife and interesting history.
Charles Darwin made his famous journey there,
sailing on the HMS Beagle, which provided
the main inspiration behind his theory of
evolution.
The landscapes are stunning; volcanoes next
to volcanically-formed caves, craters lush with
plants and gorgeous beaches. However, the
islands’ most interesting feature is its wildlife. The
islands’ considerable distance from continental
South America means that other than sea life
and birds capable of flying long distances, few
land-based animals ever reached the islands.
The most prominent of those that did are the
giant tortoise, the largest land-based creature on
the islands, and the land iguana, which weighs
around 13 kg. The cluster of islands were never
physically a part of continental South America,
and the species that reached it did so on tree
fragments that formed raft-like craft that were
carried by the ocean’s currents. Seals swam to
the islands, while seeds and worms arrived in
the beaks of migrating birds. Since the islands’
animal inhabitants are unafraid of humans,
you can get close enough to touch them, (if
Photographs By: Ofer Ilan
that wasn’t expressly prohibited) and you are
obliged to make way for any passing creature.
In addition, bringing ashore food of any kind
is strictly forbidden, and therefore there’s
no chance of encountering an empty bag of
Bamba.
Isabela is the largest of the islands. With an
area of 4,640 square km it makes up over half
of the island cluster’s aggregate territory. The
island also contains the Volcán Wolf, which at
an altitude of 1,700 meters, is the highest point
on any of the islands. Isabela was formed by the
convergence of six volcanoes and is shaped like
a seahorse.
Santa Cruz, with an area of 986 square km. and
an altitude of 864 meters at its highest point,
is the Galapagos’ main island. Santa Cruz has
the appearance of a desert, with its brown sand
dunes and innumerable cactuses that grow as
high as trees. It also serves as the home base for
the Charles Darwin Research Station and the
islands’ national park service.
The two most common ways for tourists to
travel in the region are spending a few days
aboard ships with sleeping accommodations that
sail between the islands, or locating yourself on
one of the islands and taking day trips to the
others.
The Galapagos Islands are one of the most
famous diving spots in the world. You can dive
and travel around the islands all year round.
The warmest season is from January to June,
when temperatures range from 20 to 28 degrees
Celsius, and the ocean water is also warm
during this period. The coldest season is from
July to December, when average temperatures
range from 18 to 23 degrees. The water is cooler
then, but also richer in marine life, hence more
appealing from the diver’s perspective. You
also don’t have to be a certified diver to enjoy
9
the underwater spectacle. All you need is a
pair of goggles and a snorkel to experience this
incredible aquatic world.
The quality of the cruises, tour guides and food
depends on the ship you choose. The crew of
our particular ship was highly professional and
courteous, with excellent food and service. The
way you reach the islands from the ship is via an
8-seater, inflatable craft.
The other passengers on our cruise were from
the U.S., Holland, Japan and South Korea.
The Americans were the most serious; they
didn’t miss a single Blue-Footed Booby (the
local name for a special bird), and wrote
everything down in their notebooks. William,
our local tour guide, kept us enthralled with
stories about the volcanoes, birds and plant
life. It’s a real experience traveling in a place
where large iguanas walk around freely on
10
the sidewalks. The sea lions look like the
seals we’re familiar with, and approach you
affectionately. Early one morning, we sailed
to see the penguins, and stopped near a group
of marine iguanas sunning themselves on
basalt rocks, looking very much like miniature
dinosaurs. You had to see it to believe it
(or you can check out these pictures)! The
islands we visited were uninhabited by human
life, and we therefore felt freely immersed in
nature. When William mentioned that giant
iguanas lived on the island, (as if on cue) a
male and female suddenly appeared in our
path.
Where else can you swim with the penguins and
dive amongst the sharks?
I hope I’ve managed to convey a little of what
we experienced on the islands, and wish you a
happy Passover.
Special Internet Services for Private Banking Clients
By: Liat Hoffman, Global IT and Operations
As part of our effort to improve and update our
Internet service for private banking clients, we’ve
recently added a number of special services that
present data, which is uniquely produced by the
Odyssey* Portfolio Management System. This
brief article provides a few examples of the
new services available, which appear under ‘My
Assets’ on the website.
My Assets >> IPB Reports >> Portfolio
Analysis
ˆPrivate Banking (Statement) Report As Of (dd/
mm/yy) - This monthly statement provides a
comprehensive picture of the client’s portfolio
in all accounts, including the portfolio’s
composition by asset class, individual securities,
and portfolio returns, as well as a profit-andloss summary, with a breakdown of the returns
generated by each component. Clients can also
access all statements from the previous twelve
months.
ˆ Cash Flow Report - This statement offers a
projection for the coming three months.
ˆCheck Strategy Report - This monthly report
presents the composition of the client’s
investment portfolio in a table and graph
format and compares it to the client’s chosen
portfolio management strategy.
products), etc. Information on the portfolio’s
performance over time is presented, employing
advanced visual tools, in a graph and table
format.
My Assets >> IPB Reports >> Asset Allocation
This webpage, using a graph and table format,
presents daily data on the market value of the
portfolio’s assets, by providing a breakdown by
currencies and type of assets in the portfolio.
Accompanying this article below is an example
of a webpage presenting the percentage
breakdown of assets in the portfolio by
currencies (U.S. dollar, Euro etc.).
My Assets >> IPB Reports >> Investment
Portfolio Return
This new service enables the client to view the
performance of a portfolio on a daily basis, in
terms of an annualized return, broken down by
currencies, security prices (excluding structured
*Odyssey Portfolio Management System - an advanced system used in the analysis and
management of investment portfolios. It’s one of the leading programs in the private
banking sector, and is used by over 130 of the leading banks in the world.
11
Private Trusts
by: Ada Shechter-Niri, Advocate, The Bank Leumi le-Israel Trust Company Ltd.
Section 1 of the Trusteeship Act (1979) defines
trusteeship as ‘a connection with an asset that
obliges a trustee to act in the best interests of
a beneficiary or with some other objective in
mind.’ In this article we focus on one type of
trusteeship, a private trust, set up in accordance
with the terms of a will or trust agreement
established between the trust’s settlor (its
creator or donor) and a trustee.
The aim of a private trust is to ensure the
financial future of the settlor or his or her
loved ones. There are a variety of reasons for
establishing a private trust. They include:
- The desire to ensure the financial future of
12
minors (e.g., a grandfather interested in setting
up a trust for grandchildren who haven’t yet
come of age).
- A private trust established in accordance with
a divorce agreement between a couple that
desires to ensure the financial future of their
mutual children.
- The desire to ensure the financial future of
those unable to care for themselves, owing to
the state of their physical or mental health.
Legislation dealing with private trusts is
enshrined in the Amendment to the Income
Tax Directive (No. 147), from 2005 (‘hereinafter
amendment 147’). According to the amendment,
the individuals associated with a private trust
include its settlor, a protector (who has the
power to appoint or dismiss a trustee, to issue
instructions to that trustee and to approve
actions conducted by the trustee that require
the protector’s authorization), in addition to a
trustee and the beneficiaries of the trust.
The amendment differentiates between a
revocable and irrevocable trust, a distinction
that carries tax implications;
A revocable trust - A form of trusteeship in
which the settlor of the trust retains the power
to affect the actions of the trustee, such as;
issuing instructions regarding the administration
of the trust and/or its assets, to change the
beneficiaries of the trust, to revoke a trusteeship
or replace a trustee, etc.
An irrevocable trust - A form of trust that the
terms of which cannot be changed.
The settlor of a trust chooses a form of
trusteeship to administer the trust in accordance
with his or her individual circumstances.
The establishment of a private trust enables
its settlor to ensure that the funds he or she
requested to be paid out to beneficiaries will
be conveyed to them in accordance with his
or her instructions, as set forth in the trust
agreement signed during the settlor’s lifetime,
or in accordance with the settlor’s will, in which
the settlor has personally appointed a trustee to
carry out his or her instructions.
For years, The Bank Leumi le-Israel Trust
Company Ltd. has administered a significant
number of private trusts, including those
designed to ensure the financial future of;
elderly parents, children with physical and/or
mental disabilities, individuals incompetent of
handling money, the settlor’s offspring whose
spouse is precluded from receiving funds from
the trust, etc.
One type of trust amongst many that our
company administers is a 50-year old trust
established by a grandfather during his
lifetime for the benefit of grandchildren (those
currently living and those that may be born
during the lifetime of the trust) and which
is designed with specific aims in mind, such
as the financing of higher education, paying
medical expenses, providing assistance in the
purchase of an apartment, etc., in accordance
with the conditions set forth in the trust
agreement. Our company, in serving as trustee
of such a trust, is monitored by the trusteeship
protector chosen by the settlor, and keeps the
protector informed of all activities associated
with the trust.
For more details: www.trust.co.il
13
In the Spotlight
Leumi’s Choice Stock
Delek Group
By: Leumi Partners Research
> Current share price: NIS 714 (26.3.2012)
> Price target: NIS 790
> Recommendation - Outperform
14
Delek Group is a holding company with two main
subsidiaries that manage the group’s operations in
Israel and abroad. Delek Petroleum engages in the
sale of fuels and lubricants and operates service
stations and convenience stores in Israel and the
U.S. In addition, it owns a U.S. oil refinery as well as
Delek Investments and Properties, which oversees
the group’s diverse operations in automotive
retailing, oil and gas exploration and production,
infrastructure projects, the biochemical industry,
telecommunications and the insurance business.
The group’s holdings include Israel Phoenix
Insurance, Delek Automotive Systems, Delek
Energy, and IDE, a water desalination company.
In the coming years, Delek Group will continue to
focus on infrastructure and energy, while divesting
itself of non-core businesses. We look for the
group to put Phoenix Insurance up for sale (for
regulatory reasons, amongst others), in addition to
Republic and IDE.
We have an Outperform rating on Israeli natural
gas companies despite their limited upside
compared with fair value. The group’s holdings
in the sector became its most important business
after the discovery of large gas reserves in the
Tamar field. Over the next few years, we believe
the risk-reward ratio is tilted toward the reward
side, particularly in light of financial market
volatility, which should result in gas company
shares outperforming. Moreover, our valuations
for the group’s holdings in this sector don’t take
into account; new discoveries like those of Bloc
12 in Cyprus, potential reserves at the Leviathan
field, and other discoveries in the framework of
licenses and group holdings in other offshore fields
near Tamar and Leviathan, all of which have the
potential to generate additional shareholder value.
We have an Outperform rating on Delek Group
with a per-share price target of NIS 790. This rating
is based on a sum-of-parts analysis of the widening
gap between the group’s publicly-traded holdings
and the market value of Delek Group itself.
Selected Indices
Value
Return
in %
March
YTD Return
in %
2012
TA 100
1,052
5.67
6.92
TA 25
1,148
5.64
5.22
DOW JONES
13,242
2.22
8.30
NASDAQ
3,122
5.20
19.54
NIKKEI 225
10,255
5.55
18.67
Representative Rates: 26.3.2012
Leumi’s Featured ETF - IXC
Ofer Hillel, Foreign Securities Analyst & Noach Hager, Int’l and Private Banking Division
IXC is an ETF that tracks the S&P Global
Energy Sector Index. This ETF allows
investors to get broad exposure to the
energy sector by investing in large cap
companies from all over the world. The
ETF is relatively concentrated with the
top 10 holdings accounting for over 50%
of the fund, and Exxon Mobil, the largest
holding, representing 14.5%. The ETF holds
approximately $1.3 billion in assets and pays
a semi annual dividend of about 2%. While
most of the underlying companies are
engaged in the exploration and production
of oil and natural gas, the ETF does have
modest industry diversification through
companies that operate pipelines and
provide drilling equipment to producers.
IXC is an investment centered on the
long term thesis of rising energy prices.
With oil priced around a $100 for WTI
and even higher for Brent crude, many
energy companies have been recording
stellar earnings. In addition, geopolitical
risks have been supporting oil prices and
bolstering the need to secure oil supplies
in stable regions. While emerging markets
should support sustained or growing energy
demand, oil supplies should continue to
come under pressure as companies need
to go further offshore in search of new
reserves. Current supply strains are also
evidenced in recent discussions by the UK
and US on tapping strategic petroleum
reserves. This is on the backdrop of last
year’s unprecedented announcement by
the IEA to release strategic reserves. Given
the cyclical nature of the energy industry
and the ETF’s high correlation to the price
of oil, IXC is suitable for an investor with a
higher risk tolerance.
New at the
Tel Aviv Stock
Exchange
FOK (Fill or Kill) orders:
an order at a specific
price, for full and
immediate execution.
An order not executed
immediately and in full
is cancelled and is not
recorded in the order
book.
IOC (Immediate or
Cancel) orders:
an order at a specific
price, for immediate
execution, even if partial.
The order or part
thereof not immediately
executed is cancelled and
is not recorded in the
order book.
Disclaimer: The contents of this review, including the data, information, estimations, opinions and forecasts (the “Information”) was prepared in reliance upon general information known
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market changes. Furthermore, since the estimations and forecasts in general and regarding shares especially, by their nature, involve uncertainty and risks of error, substantial errors may
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whatsoever regarding the aforementioned changes and/ or to update the Information in advance or retroactively The products appearing in this review are presented solely in a general
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various Financial Assets mentioned and/or reviewed in the Information framework.In this review publications may appear regarding structured deposits. Concerning structured deposits, the
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15
Happy
Passover
Leumi Private Banking wishes you and your family a happy holiday and a joyful Seder!
Bank Leumi - Private Banking for International Clients:
Tel Aviv: Tel: +(972)3-621-7333/7444 • Jerusalem: Tel: +(972)2-620-1811
Bank Leumi - Private Banking for Israeli Clients:
Tel Aviv: Tel: +(972)3-623-7333 • Jerusalem: Tel: +(972)2-620-1877
Haifa: Tel: +(972)4-835-0333 • Herzliya: Tel: +(972)9-960-9311
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