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To: Mark Ambrose who wrote (1183)	7/11/2000 5:33:49 PM
From: Mark Ambrose	Respond to of 1331

Mitec-20 Index of top 20 Israeli stocks traded in NY launched ... includes CMVT. biz.yahoo.com Sunday July 9, 6:12 am Eastern Time Index of top 20 Israeli stocks traded in NY launched TEL AVIV, July 9 (Reuters) - Israel's Diversity Financial Derivatives brokerage said on Sunday that it has teamed up with Internet business news provider TheMarker.com to form a new index of the top 20 Israeli stocks trading in New York. Beginning with the start of Wall Street trade on Monday, the Mitec-20 index will include Israeli heavyweights such as Amdocs Ltd (NYSE:DOX - news), Teva Pharmaceuticals (NasdaqNM:TEVA - news), Comverse Technologies (NasdaqNM:CMVT - news), ECI Telecom (NasdaqNM:ECIL - news), Orbotech Ltd (NasdaqNM:ORBK - news), Checkpoint Software (NasdaqNM:CHKP - news), Gilat Satellite (NasdaqNM:GILTF - news) and BreezeCOM (NasdaqNM:BRZE - news). ``There was a need to have a concrete benchmark for the performance of Israeli stocks that trade in New York,'' said Eran Yehudai, chief executive officer of Diversity Derivatives. Diversity will compile the index, which will appear in real time on both the Diversity (www.idex.co.il) and TheMarker.com (www.themarker.com) Websites. Yehudai also said Diversity was just a few weeks away from launching derivatives and options trading on a wider selection of Israeli stocks than currently available, including on individual securities and on all related indices. ``We're setting up our own exchange and marketplace,'' Yehudai said. The Tel Aviv Stock Exchange (TASE) offers derivatives and options trading on the blue chip index of 25 stocks and on dollar-shekel rates. All Diversity products will be backed by commercial banks, he said. Diversity Derivatives is a subsidiary of Diversity Finance, which is 33-percent held by Harel Insurance .