ECONOMY

Athens and Cyprus bourses broaden ties

The stock exchanges of Athens (ATHEX) and Cyprus (CSE) have decided to broaden their cooperation, allowing Cypriot members access to the Greek derivatives market and paving the way toward a cheaper exchange of market data, according to an announcement yesterday. Hellenic Exchanges, the holding group that operates the Athens bourse, said the cost of retransmitting Cypriot market data through its own network will be reduced as part of plans to boost the competitiveness of the two exchanges. «The broader cooperation of ATHEX and CSE aims at developing new products and services for the participants of the two markets… by taking advantage of reduced operating costs, economies of scale, similiar technology and the regulatory framework of the two markets,» Hellenic Exchanges, which has a market value of 543 million euros, said in a statement. No information was provided regarding what the new products or services might be. In October 2006, the two bourses launched a common trading platform. Other steps being examined by the Athens bourse to boost market liquidity and attract regional investors include setting up a common index with its counterpart in Istanbul for the purpose of launching a common exchange traded fund (ETF).