CSE insists common trading platform is beneficial

The Cyprus Stock Exchange is insisting that its trading tie-up with the Athens Stock Exchange has been beneficial and wants to discuss ways to promote it to other countries, despite the massive loss of business to the more competitive and liquid Athens Stock Exchange.

CSE Chairman George Koufaris told a press conference in Nicosia that the average daily volume increased from EUR 10.29 mln in the first ten months of 2006 to EUR 17.53 mln during the period 30 Oct 2006 until 9 Nov 2007 while the market cap of the CSE improved to EUR 27.5 bln from EUR 16.4 bln a year ago.

The common trading platform has been in operation for a year now.

The number of remote members from Greece is now 10, while the percentage of foreign holdings of CSE listed titles increased from 3.61% end of 2006 to 9.9% by end of October 2007. In the meantime, the CSE Main/Parallel index is up from 3390 end of October 2006 to 5247 points.

 

Revenue up

During 2006, the CSE saw its turnover jump 226% to CYP 4.3 mln from CYP 1.9 mln in 2005 while revenue was up at CYP 4.8 mln from CYP 2.3 mln in 2005. After taking a pension fund charge of CYP 1.75 mln, the CSE reported a net loss of CYP 13.510 for 2006 compared to CYP 385.451 in 2005.

The total accumulated surplus of the CSE as at end of 2006 was CYP 7.6 mln of which CYP 7 mln are available for investment and use.