Standard & Poor's said Monday that it launched a series of sector indices covering the Israeli equity market to serve as sector benchmarks and as a basis for investment products to be developed by the Harel Financial Group.

The S&P/Harel Sector Indices are being introduced by the two companies, with S&P rolling out the new sector indices for the Israeli market and Harel issuing the investment products to track the new indices.

Harel plans to issue two investment products that track the S&P/ Harel TA Energy Index and the S&P/ Harel TA Telecommunication Index on Feb. 23.

"With the launch of these Indices, Israeli investors will have access to S&P Indices full range of indexing capabilities essential to both measuring asset classes and for serving as the basis for investment products," said Alka Banerjee, vice president at S&P Indices, in a press release.

"Our full expectation is that these Indices will be the first of a family of indices serving both Israeli investors and those from outside of Israellooking to access this market," Banerjee added.

Each index within the S&P/Harel Sector Indices is made up of 12, 15, 20 or 25 of the largest eligible publicly traded Israeli companies listed on the Tel Aviv Stock Exchange (TASE) within industry sectors and sub-industries as defined by GICS, the Global Industry Classification Standard.

"We are very excited to bring our world renowned index capabilities to Israel," said Dorit Salingar, head of Standard & Poor's in Israel, in a press release.

"Standard & Poor's indices are designed to the highest global standards and will help the globalization of Israel's financial markets, increasing transparency and sophistication of the local market," Salingar explained. "This is yet another stage in Standard & Poor's expansion of its operations in Israel, bringing state-of-the-art products and services to Israeli investors and financial institutions, as well as to global investors."