CSE chairman: no change to common platform deadline

Cyprus Stock Exchange Chairman Takis Kleanthous said on Thursday that there was “no change” to the April 3 deadline of moving the Cyprus Stock Exchange onto a common trading platform with the Athens Stock Exchange.

“Let me clear out that the deadline for the common trading platform is there, no changes, ourselves and the whole market is working towards our final date of starting the common trading platform with the Athens Stock Exchange,” he said.

The new platform will mean a big change for Cypriot companies as local equity prices will be quoted in euro.

The Central Bank of Cyprus and the CSE have decided that the exchange rate which will lock the CYP to the euro will be the exchange rate on the Friday prior to the commencement of the common trading platform.

Kleanthous, who was speaking at an event organised by the Institute of Directors Cyprus branch, said that the launch of the common trading platform would bring opportunities for Cyprus listed companies.

“The main advantage of this co-operation with the Athens Stock Exchange is that … for the first time foreign institutional investors with minimal cost can invest in the Cyprus Stock Exchange.”

However, he also added that companies would only really take advantage by becoming competitive.

“Regardless of how many strategic alliances we implement today or in the future, if we are not competitive, that will not add any value to the CSE or to our listed companies,” he said.

Fiona Mullen