Cyprus bourse launches common platform with Athens
(archive article - Tuesday, October 31, 2006)

A NEW chapter opened yesterday for the Cyprus Stock Exchange (CSE), with the launch of the common platform between the CSE and the Athens Stock Exchange (ASE), which is considered to be a leap towards its modernisation and an official entry into the world market.

Among the important innovations introduced with the common platform is the trading of certain titles in euros and the lengthening of the market schedule to 5pm local time in line with the Greek and other stock markets.

During yesterday’s first day of operations, the exchange rate used to convert the Cyprus pound into euros was one Cyprus pound trading at 0.5766 euros, which is the daily selling and buying price of the Cyprus pound, as it was set during the last stock market meeting, which was on October 25.

The stock market dealings on October 26 and 27 were suspended due to the imminent operation of the platform to allow adequate time to dispatch all relevant works and checks needed to ensure the smooth transfer of all market considerations to the new environment.

It was considered necessary so that there would be a smooth transition to the new systems, with properly updated CSE and Member software with investor data.

The timetable for dealings and the methods will be altered according to the market in which each share belongs. (CNA)
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