CSE wants to modernise, revamp operations

The newly appointed Chairman of the Cyprus Stock Exchange wants to modernize the exchange and improve operations further aimed at attracting even more institutional investors to the market.

Georgos Koufaris, the new Chairman of the CSE, in his first meeting with the press promised to continue on the growth path set by his predecessor Akis Cleanthous by exploring new areas, with the objective to make the exchange an attractive place for people to invest.

A Chartered Accountant by profession and currently a Senior Director at state-owned telecom, CYTA, Koufaris outlined a broad action plan to boost further the CSE’s development plan for the period 2007-2010, seize the opportunities created by the common trading platform with the Athens Stock Exchange.

Koufaris, like his predecessor wants the trading on government bonds to shift to the CSE, something which is stiffly opposed by the Central Bank, push forward with efforts to promote mutual funds, the listing of un-listed funds and attract more companies, both local and foreign to seek a listing on the CSE.

“We are also looking to set up a market like London’s AIM,” said Koufaris, who is more interested to boost the quality of the companies listed on the CSE, rather than the number.

“We have had 4-5 delistings, but we also have new listings. We know that a number of titles are not frequently trades, which is why new regulations will soon come into effect, but we also need to take into account the issue of not forcing too many companies to head for the exits and at the same time, see small investors become locked in non-listed titles,” said Koufaris.

Asked by the Financial Mirror if there were plans to lower trading fees and charges, Koufaris did not wish to go into detail, but promised that the CSE will operate as efficiently as possible and always having in mind the competitive environment in which it is working.