No official launch date yet
The CSE will begin a one month testing period from May 22 until June 22, during which time members of the CSE and the ASE will engage in mock transactions ahead of the official launch of the common trading platform.
CSE Chairman Akis Kleanthous told the Financial Mirror that by the end of the week, the CSE will be in a position to draw up a timetable on the next stage of the process ahead of the launch of the common trading platform.
“From next Monday, all brokers, both from Cyprus and Greece, will be able to engage in mock trading, irrespective of whether or not they are members of the other exchange,” said Kleanthous.
He added that following a decision by the Cyprus SEC to waive its restrictions on the ability of Cyprus EPEY to become members of the ASE, the way is clear for any CSE member firm to apply and join the ASE.
The Financial Mirror has learned that SFS and Argus have become members of the ASE, while Egnatia is already considered as being a member of the ASE through its mother firm based in Greece.
Kleanthous said membership is also open to custodian banks but he would not comment on reports that a number of Cyprus brokerage firms are facing technical difficulties to adapt their systems to those of the ASE.
“The one month period is given in order to allow all CSE member firms to overcome possible technical difficulties, become familiar with the system and resolve other matters,” said Kleanthous, who nevertheless, did not wish to state the exact date when the common trading platform will be launched.
“It (the launch) depends on how things proceed. As everybody knows, I’m the first one who wishes to see this (platform) get off the ground, but I can assure you that we will not rush for the sake of creating an impression. The common platform will be launched when we, the ASE and our joint members are ready, ” said Kleanthous.
Analysts expect that if the CSE misses the opportunity to launch the common trading platform before July, then it will have no other option but to delay the whole process after September.
