Changes in bourse operation
Hellenic Exchanges decided yesterday to introduce certain changes in the operation of the Athens bourse, in a move that received a cautious welcome from shareholders. The Athens Exchange will close 20 minutes later as of September 29, so as to be open when the bell is rung at the New York Stock Exchange. The Greek market currently closes at 5 p.m. Its opening time of 10.30 a.m. will not change. The closing prices of mid- and small-caps will be determined by the average of 30 percent of the latest transactions (instead of 10 percent now), with the same percentage also applying to blue chips unless an auction price applies. These and other minor changes will apply as of August 4. The small and medium-size shareholders’ association (SMEXA) responded fairly positively to the measures, saying the current procedure for closing prices is not correct and the new method would appear to be an improvement. SMEXA said it will examine all the changes and make its full opinion known at a later date.
