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Cyprus and Athens stock exchanges delay common platform
2006-03-22 12:19:09

Nicosia, Mar 22 (CNA) - Cyprus Stock Exchange (CSE) President Akis Kleanthous said today that a two to six week delay was to be expected in the launching of a common trading platform between the Cyprus and Athens stock exchanges, scheduled for April 3.

Kleanthous told a press conference that the House of Representatives was set to discuss the platform's legislative framework on March 30 and the CSE members had to prepare themselves on a technical level, enabling them to be electronically linked to the central system.

CSE Director Nontas Metaxas said that on March 27 a mock stock exchange meeting was to be carried out based on the new electronic systems, followed by the final trial on March 30 and a mock proper meeting on April 3.

Kleanthous noted that with the passing of the legislation, CSE will be able to issue regulative decisions, which will be sent to the European Central Bank, and certify foreign members from a distance, adding that CSE wants to launch the platform with ''a satisfactory number of foreign members.''

He said that two weeks ago CSE had certified 130 stock exchange representatives and clearance officials in Athens from 32 Greek stock brokers, reflecting over 80% of the business done at the Greek stock exchange.

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