CSE & ASE in joint platform end of 2005

The heads of the Stock Exchanges of Cyprus and Athens reached a broad based agreement on the setting up of a common or joint trading platform between the two exchanges, which is set to go into operation in the fourth quarter of 2005.

The agreement was reached on Tuesday in Athens following a meeting between the Chairman of the ASE, Spyros Kapralos and CSE Chairman Akis Kleanthous.

“We shall inform our respective Board of Directors of the agreement on the common trading platform, after which will will start on implementation,” Kapralos and Kleanthous said in a joint statement.

Meanwhile, the heads of the Securities & Exchange Commissions of Greece, Alexis Pilaviou and Cyprus, Marios Clerides also met on the sidelines of the meetings.

The common trading platform aims to set up a uniform and effective environment for the execution and clearing of stock transactions on both exchanges based on systems currently in use in EU and developed capital markets internationally.

A common trading platform also aims to reduce costs on the exchanges through synergies as well as cost of transaction. The ASE and the CSE hope that their initiative will be followed and other countries will also join their grouping.