Cyprus/ATHEX trading platform to start October 9

— First live mock session held with Athens

The Common Trading Platform between the Cyprus Stock Exchange and the Athens Stock Exchange is ready to begin in October, the Chairperson of the House Finance Committee, Antigoni Papadopoulou said Tuesday.

The Financial Mirror has learned that the internal CSE target for the launch of the platform has been set for September 18, while allowing for some technical and regulatory issues to be resolved, the official launch date has been set for October 9.

The platform rules need to be approved by the Council of Ministers and then be published in the Official Gazette to go into effect while Exchange officials are eagerly awaiting the results of mock sessions to check for unforeseen technical and operations glitches. The first session was conducted Tuesday afternoon while another two are planned in the next few weeks.

Papadopoulou made her remarks after members of the HFC visited the CSE offices adding that the common platform will benefit the Cyprus economy and the companies listed on the CSE, which will have access to capital from abroad.

CSE Chairman Akis Kleanthous said all regulatory, trading and systems aspects pertaining to the operation of the platform are ready. “We are at the final stage of the launch of the platform and I have informed members of the HFC regarding a number of issues contained in the CSE Development Plan that needs to be approved.”

One of the outstanding issues concerns the taxation of mutual funds, which has been blocked at the Finance Ministry without explanation. Kleanthous said he will ask for a fresh meeting with Finance Minister Michalis Sarris to resolve the issue.

HFC member Stavros Evagorou (AKEL) said the platform will be launched in a month’s time pending the resolving of the issues such as the tax on mutual funds, while HFC Vice-Chairman Nicholas Papadopoulos (DIKO) said the platform will help attract foreign capital.