Cyprus Stock Exchange expects great benefits from expansion of cooperation with ASE

Director General of the Cyprus Stock Exchange (CSE) Nondas Metaxas has said that the agreement signed on Wednesday in Greece between the CSE and the Athens Stock Exchange (ASE) to expand their cooperation would be of great benefit to the CSE.

Metaxas told CNA that the agreement ''bridges a large gap'' which did not allow the CSE to receive the dues on transactions carried out through the ASE for Bank of Cyprus and Marfin Popular Bank bonds.

He added that the CSE would now receive a substantial percentage on the clearance of daily transactions at the ASE for those bonds.

Metaxas also said that the agreement provides for dual listing, meaning that the two stock exchanges would be receiving 50% of takings from Cypriot companies entering their stocks in the ASE or Greek companies in the CSE.

Regarding the part of the agreement concerning the new CSE service for market data feed, at a competitive cost, through ASE infrastructure and its information relay network, Metaxas said it was especially important for CSE income, since CSE information would be relayed to the ASE data vendors, who will also receive the daily transaction value of ASE and CSE stocks, without any additional arrangements with the CSE, which so far added cost to the data vendors.

Metaxas explained that due to this agreement the ASE data vendors would pay a small cost and would receive, through the ASE network, the daily CSE transactions, which they will then distribute to their customers, who will have both stock exchanges available on their computers, for a small additional fee.

Referring to the expansion of the cooperation between the two stock exchanges with the opening of the derivatives market to Cypriot members, Metaxas said it opened the Greek derivatives market for use by CSE members, who have already registered with the ASE in cooperation with the CSE.

Furthermore, the creation of a common product of the two stock exchanges for the banking sector is in the pipeline.