CSE and ASE form common platform for trading
Nicosia, Mar 4 (CNA) -- Cooperation between the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange (ASE) to create a common platform “marks a new era for the Cypriot stock exchange," said CSE President Akis Kleanthous.
In statements after the signing of the cooperation framework between the CSE and ASE to form a common platform that will support the operation of the two markets, Kleanthous said that this cooperation provides the room for CSE companies to be easily accessible to local and foreign capital in Greece, without additional operation costs.”
Kleanthous further said that this cooperation takes place at a time when Cyprus, due to its accession to the EU and prospects to enter the eurozone in the next two years, has all the criteria and preconditions set out by regional and international capitals” to make investments to a stock exchange.
The Common Platform for trading which is expected to start operating towards the end of the year will host the 152 CSE companies and the 300 ASE companies.
The currency for trading will be the euro while the banks will be approached to offer a lower cost for Cypriot investors when the Cyprus pound converts to euro.
There is also a study underway whether a common index should be formed and that some CSE markets to continue trading until 1600 hours which is the ASE closing hour.