Cyprus deal with Swiss Stock Exchange

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Cyprus will get another source of liquidity from its Euro Medium-Term Notes (EMTN) being dual-listed on the Swiss Exchange, SIX and the Nicosia bourse.

On Monday, the Ministry of Finance, the Cyprus Stock Exchange and the SIX Swiss Exchange announced the successful establishment of the post-trade infrastructure required to facilitate the dual- listing of the EMTN of the Republic.

Finance Minister Constantinos Petrides told reporters the development will “provide new sources of liquidity for the Republic of Cyprus’ funding vehicles, improving the effectiveness of public debt management has always been a high priority for the Ministry.”

Petrides noted the dual listing of EMTNs with the Cyprus Stock exchange and the Swiss SIX “will open an additional avenue for Cypriot investors to invest and trade in the Republic’s international bond issuances and further enrich the services provided by the CSE”.

He said the deal with SIX would enhance the realisation of forming an innovative and digital financial market infrastructure, a priority for the Ministry of Finance, contributing to economic growth.

Marinos Christodoulides, the Chairman of the Board of the Cyprus Stock Exchange, said the dual- listing of the EMTN was an important step towards leveraging SIX’s global expertise in servicing sovereign debt instruments and later other asset classes.

“Acquiring in-depth know-how and developing a comprehensive range of international infrastructure services consolidates the Cyprus Stock Exchange’s position domestically and in the region.”

Christodoulides said the CSE was glad to be working with a reliable partner and benefit from its global reach and innovation credibility, which is key to developing a relevant regional hub.

Thomas Zeeb, Global Head of Exchanges and SIX board, SIX members said, “we are delighted to collaborate with the Cyprus Stock Exchange in providing the infrastructure required to facilitate the dual-listing of the EMTN of the Republic of Cyprus at the CSE”.

“We look forward to continuing working with the Cyprus Stock Exchange on the shared vision of applying innovative solutions to optimise core performance, maximise opportunities of growth and generate joint value.”