CSE delays tie up with Athens

The Chairman of the CSE, Akis Kleanthous confirmed today that the planned launch of the common trading platform with the ASE will be delayed from the initially announced launch date of April 3.

“At best we shall be able to launch the common trading platform with Athens in 2 to 6 weeks from the day that the House votes through the last bit of legislation required to put the whole scheme into operation,” said Kleanthous.

The CSE is now hoping that in the last session of Parliament, due on Thursday March 30, the new Law on the Central Depository will be voted through, after which it will set into motion the process of starting the tie up.

That would put the date sometime in early May, but that is also suspect, since it will coincide with the planned rights issue of Laiki Bank, trading of which will be held between May 3-23, while the rights will be exercised on June 8.

In most likelihood, the common trading platform will commence sometime in June to July, according to Financial Mirror sources, assuming that everything goes according to plan and the CSE manages to pass the legislative and technical difficulties.

If Parliament does not enact the Law by 30 March, then the whole process will be delayed until the last quarter of 2006.

Kleanthous said that he expects no objections from the House after a letter was forwarded from the Ministry of Finance to the House stating that all relevant authorities are in full agreement with the CSE law. The letter has also been signed by the Central Bank, which earlier had brought objections because the CSE had omitted to inform the ECB regarding the euro settlement of payments.