Greek stock exchange operator to step down this month

The chief executive of Hellenic Exchanges, the operator of Greece's stock and futures markets, said on Wednesday he will step down at the end of October when his contract expires.
Spyros Capralos, aged 55 and chief executive since 2004, said he would also step down as president of the Federation of European Securities Exchanges (FESE), a post he has held since June 2008.
Capralos, also head of Greece's Olympic Committee since 2009, said he had not been asked to resign and dismissed a report that the board wanted to reduce his pay.
"I had no pressure to step down, I was not asked to resign. I completed a six-year creative cycle at the exchange and I think the time has come," he said.
"I submitted a letter to the chairman of the board yesterday, informing him that I do not want to remain at my post after the end of October."
He said he kept a pledge made to shareholders in May's assembly, contributing 20% of his salary to a fund to help pay down the country's public debt.
Hellenic Exchanges was fully privatised in 2003 with the government selling its holding to seven Greek banks. Currently, the operator is 55% owned by foreign institutional investors with Greek banks holding 18%.
During Capralos's time Hellenic Exchanges became more efficient, with staff reduced by 40% to 269 currently and the technology upgraded.
Listed companies raised more than 27 bln euros in the last five years, trading hours were extended, fees were reduced and membership expanded with 18 remote members of which eight are based in London and Paris.
The Athens stock exchange developed a joint platform with the Cyprus bourse, a Greek-Turkish stock index and started listing ETFs.
"I am particularly pleased that even during these turbulent times for the country, the Greek stock market passed the (index compiler) FTSE's test and remains a developed market. A downgrade could have prompted massive outflows by institutional investors," Capralos said.
Greece's equity market will keep its developed-market status but remain on the FTSE's watchlist for a possible downgrade for another year, the FTSE said last month in its annual country review.
Greece, which gained mature market status in 2001 after joining the euro zone, has faced a possible change in classification to advanced emerging. The FTSE first placed it on watch for possible demotion in 2006.