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Capital markets - Greece

Athens Exchange SA (ATHEX)

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FTSE/ATHEX Index Series

(the FTSE logo and trademark are copyright,
 FTSE (2005-2006), an independent company owned by
The Financial Times and the London Stock Exchange;
FTSE's sole business is the creation and management of indices
and associated data services, on an international scale; the FTSE
data published on this page is supplied by INVgr and not by FTSE)

A joint venture between London-based FTSE and Athens Exchange SA (ATHEX), the FTSE/ATHEX (formerly FTSE/ASE) indices are the performance benchmark of the Greek stock market. They are capitalisation weighted and are comprised of companies traded on the ATHEX.

• FTSE/ATHEX 20 (formerly FTSE/ASE 20) -- the top 20 companies by market capitalisation. FTSE/ATHEX 20 index futures became the first products to trade on the Athens Exchange's Derivatives Market, formerly known as ADEX.

• FTSE/ATHEX Mid 40 (formerly FTSE/ASE Mid 40) -- this index comprised of medium-sized companies measures the growth sector of the market.

• FTSE/ATHEX SmallCap 80 (formerly FTSE/ASE SmallCap 80) -- covers the next 80 companies after the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 Indices. This small-capitalisation index is made up of the 80 most highly-capitalised companies not eligible for inclusion in the FTSE/ATHEX Mid 40.

• FTSE/ATHEX 140 (formerly FTSE/ASE 140) -- this is a benchmark comprising the constituents of the FTSE/ATHEX 20 (blue chips), FTSE/ATHEX Mid 40 (medium capitalisation) and FTSE/ATHEX SmallCap 80 (small capitalisation) indices, tracking their cumulative performance exactly. Introduced on January 2, 2003, the index is calculated every trading day in real time, and is reviewed twice a year in April and October, according to the established FTSE Ground Rules. The FTSE/ATHEX 140 index represents a benchmark of ATHEX performance and provides a high correlation between the Greek index and other foreign indices. It has an index base of 2,000 units.

• FTSE/ATHEX International Index -- the representative index for all eligible companies, Greek and non-Greek, that trade on the ATHEX Common Trading Platform and are eligible for the Big Cap segment of the Athens Exchange. This index was launched on January 3, 2006 at a value of 5,000.

FTSE/ATHEX 20, 40 and 80 index semi-annual review and changes to ground rules

On November 9, 2005, FTSE announced that, following the changes to the structure of the ATHEX markets, the committee has approved a number of changes to the ground rules for the management of the FTSE/ATHEX indices;

• The FTSE/ATHEX 20 and FTSE/ATHEX 40 Index constituents will be drawn from the Big Cap segment of ATHEX.

• The FTSE/ATHEX SmallCap 80 Constituents will be drawn from the Mid/Small Cap segments of ATHEX.

• The FTSE/ATHEX 140 Index will be broadened to include FTSE/ATHEX 20, 40 and 80 constituents, plus all other constituents of the Big Cap Segment that meet the index eligibility criteria.

These changes are effective immediately and were implemented within the indices on November 28, 2005.

In addition, the committee approved the following changes;

• Eligibility for the FTSE/ATHEX indices has been broadened to cover all companies both listed on ATHEX and paying the majority of their corporate tax in Greece. This rule change went into effect from FTSE's April 2006 review.

• The calculation of constituent liquidity criteria will exclude block trades, effective from the November 2006 review.

The committee also announced the creation of a new FTSE/ATHEX International Index.

• Semi-Annual Review of the Composition of the FTSE/Med 100 Index:
  May 8, 2006 -- The periodic semi-annual meeting of the Special Advisory Committee, which was established for the common Regional FTSE/Med 100 Index was held at the offices of the Cyprus Stock Exchange (CSE). At this meeting, the committee -- comprised of executives from the stock exchanges of Athens, Tel Aviv and Cyprus as well as from a representative of the FTSE Group -- carried out a detailed review on the index's performance for the half-year period from November 2005 until April 2006, according to the Ground Rules of Operation of the said Index. The FTSE/Med 100 Index, which was put into force on June 19, 2003, is comprised of 100 stocks that are listed in three Exchanges (Tel Aviv, Athens and Cyprus). According to the current composition of the index in question: 49 constituents come from the the Tel Aviv Stock Exchange, 46 from the Athens Exchange (ATHEX) and five from the Cyprus Stock Exchange (CSE). The newly-added share to the FTSE/Med 100 Index (Muskita Aluminium Industries Plc) comes from the Cyprus Stock Exchange, while the stock of the company Vision International People Group Public Ltd., also listed on the Cyprus Stock Exchange, has been deleted from the FTSE/Med 100 Index.

• FTSE/Med 100 Index:
  This tradable index is designed to represent the performance of the largest companies in the eastern Mediterranean region’s markets. It comprises 100 of the largest and most liquid companies in the region that are quoted on the Cyprus Stock Exchange, Athens Exchange, and Tel Aviv Stock Exchange. It has been designed so that additional markets may be added over time. The Index is suitable for derivative trading, including Exchange Traded Funds (ETFs). The base currency for the FTSE/Med 100 Index is Euros. The Index is calculated and published in Euros, and on an end of day basis in Euros, Pounds Sterling, US Dollars, Israeli Shekels and Cyprus Pounds. The Cyprus Stock Exchange is the official trading platform in Cyprus. They stand firmly behind their objectives to protect investors, promote investment in listed securities provide liquidity and depth in Cypriot capital markets and to create a flexible, competitive and advanced stock exchange with robust accountability and transparent transaction implementation. The Tel Aviv Stock Exchange (TASE) has become the focus of interest in the Israeli stock market and has attracted some of the world's most distinguished investment houses. The exchanges firm grasp of the needs of the market ensures that their technological capabilities and trading and clearing procedures are on a par with the world's most advanced stock exchanges. The TASE is an active member of both the International Federation of Stock Exchanges (FIBV) and the International Options Markets Association (IOMA). TASE has been recognised by the U.S. Securities and Exchange Commission as a designated offshore securities market.

• FTSEurofirst 80 Index chosen by National Bank of Greece SA:
  March 23, 2006 -- State-run National Bank of Greece SA (NBG) has chosen FTSEurofirst 80 for its new structured retail product, Magnolia, making it the first FTSEurofirst product to be issued in Greece. NBG's choice of the FTSEurofirst 80, created jointly by Euronext and FTSE Group, confirms the growing popularity in Europe of the euro-zone tradable index. The FTSEurofirst 80 index provides broader, more accurate market coverage for trading euro-zone equities than competing indices.

• FTSE upgrade:
  FTSE Group upgraded the Greek capital market, citing improving liquidity conditions in the Greek market this year and the successful introduction of a new service "fail trade" in May 2005. The Athens Exchange and the Hellenic Capital Markets Commission are fully co-operating on issues noted by the FTSE Commission needing further improvement. These issues cover the delivery of shares, simplifying the use of collective registration accounts, harmonising procedures on principal trading and out-of-market transactions.

About the Athens Exchange (ATHEX) and the HELEX Group

130 years of continuous development

The Athens Exchange (or ATHEX for short; formerly ASE - Athens Stock Exchange) was established in September 1876 as a self-regulated public institution. In 1995, the bourse was transformed into a Societe Anonyme (SA). In March 2000, Hellenic Exchanges Holding SA (HELEX) was established as the holding company of Athens Exchange SA and on August 21, 2000 was listed on ASE's Main Market. ASE and ADEX (Athens Derivatives Exchange) merged forming ATHEX in the year 2002. HELEX Group has signed MOUs with a number of Exchanges. In particular with Montenegro, New York, Cyprus, FYROM and Belgrade. These developments, and in particular the mutual transfer of know-how, ensure they will remain competitive achieving an ongoing improvement in today's fast-moving and technology-driven international marketplace.

The ATHEX is an active member of the World Federation of Exchanges (WFE), the Federation of European Securities Exchanges (FESE), the European Capital Markets Institute (ECMI), the International Options Markets Association (IOMA) and the European Committee of Options and Futures Exchanges (ECOFEX). The Athens Exchange is also an affiliate member of the International Organisation of Securities Commissions (IOSCO).

Through the relevant institutions, such as FESE and the European Union, and through its representatives, the Athens Exchange monitors the development of relevant EU legislation. The ATHEX supports initiatives aimed at integrating EU capital markets which do not undermine its own successful policies and practices.

Dr. Panayiotis Alexakis, who has served as Chairman and Managing Director of ADEX (Athens Derivatives Exchange SA) since May 1998 and as Chairman of the ATHEX since August 2000, resigned on June 23, 2004. Dr. Alexakis has been seen as the culprit, or scapegoat, behind the bourse crash. From 1999 to early 2003, the ATHEX general index fell from 6,355.04 to 1,464.70 points. Dr. Alexakis has also been slammed for permitting inferior players to be listed on the ATHEX. The newly-appointed Chief Executive Officer of Hellenic Exchanges Holding is Spyros Kapralos, who until recently served as Executive Director of the Athens 2004 Organising Committee for the Olympic Games. Since October 25, 2004, Kapralos also serves as the Chairman of the ATHEX.

Furthermore, the Hellenic Capital Market Commission's Chairman is Alexis Pilavios, who replaced Prof. Stavros Thomadakis, while Vassilis Margaris serves as Director of the Thessaloniki Stock Exchange Centre SA.

• Useful Greek capital market and stock exchange contacts:
  Athens Exchange SA (ATHEX); ATHEX Derivatives Market; Hellenic Exchanges Holding SA (HELEX); Central Securities Depository SA (CSD); ASYK SA - Systems Development & Support House of Capital Market; Association of Members of the Athens Exchange Council (SMEHA); Capital Market Training Centre (CMTC); ATHEX Members Guarantee Fund; Thessaloniki Stock Exchange Centre (TSEC); Hellenic Capital Market Commission; Association of Greek Institutional Investors (UGII); Listed Companies Association; Hellenic Investor Relations Institute (HIRI); Federation of Internet Investors (SED). [more...] [premium content]

• Frequently Asked Questions (FAQs) at the Athens Exchange (ATHEX):
  The Athens bourse reports that the following are the most popular areas for which the public requests information from its Information Desk... [more...] [premium content]

• Central Securities Depository SA (CSD):
  The organisation responsible for the clearing and settlement of the Athens Exchange transactions and administration of the Dematerialised Securities System - DSS, also known as "SAT" in Greece. [more...] [premium content]

• FTSE creates new benchmark for Greece:
  FTSE Group, the global index provider, in cooperation with the Athens Exchange, has created a new benchmark index covering the Greek market, the FTSE/ATHEX 140 Index. The FTSE/ATHEX 140 index, which began calculation on January 2nd, 2003, will comprise all the stocks of the existing FTSE/ATHEX 20, FTSE/ATHEX Mid 40 and FTSE/ATHEX SmallCap 80 indices... [more...] [premium content]

• Co-operation between the Istanbul Stock Exchange (ISE) and the ATHEX:
  Within the framework of the "Co-operation Among Securities Markets in Southeastern Europe" project of the Southeast European Co-operative Initiative (SECI), initiated by the Capital Market Board of Turkey (CMB) and the Istanbul Stock Exchange (ISE), another meeting was held in Athens on December 19, 2001, with the participation of ISE and Athens Exchange (ATHEX) top-level executives. [more...] [premium content]

• Direct on-line connection with Greek and international capital markets through Proton Bank:
  On January 21, 2003, Athens-based Proton Securities SA, a member of the PROTON Group of Companies, member of the Athens Exchange (ATHEX), and member of Germany's EUREX, executed the first Straight Through Processing (STP) transaction on behalf of Turkey's GEDIK Investment Securities Inc. The direct on-line connection between PROTON and GEDIK has been established with Proton's trading application GENDEX, offering fast and secure execution of transactions in Greek and Turkish capital markets. In addition to these capabilities, PROTON operates Reuters' RITD platform, allowing any foreign broker to invest directly on-line (STP) either in Greece or in the following major international exchanges: XETRA, EUREX (Germany), NYSE, AMEX, Nasdaq, U.S. Bulletin Board, CME, CBOT (USA), LSE, VIRT-X, LIFFE (UK), Euronext, MONEP, MATIF (France), TSE (Japan), SWX (Switzerland), MISE (Italy), SIBE (Spain), AEX (The Netherlands), HEX (Finland), Stockholmsborsen (Sweden) and the Istanbul Stock Exchange (Turkey). [more...] [premium content]

• Athens Exchange (ATHEX) -- Investors trapped:
  Buried beneath undervalued stocks, large companies and small investors see no way out of Greece's ailing market... [more...] [premium content]

• ATHEX-listed companies (stock symbols)

• The following 22 financial institutions have officially been appointed Primary Dealers in the Greek government bond market for the year 2006:

  • ABN AMRO Bank NV

  • Alpha Bank SA

  • Barclays Bank PLC

  • BNP Paribas

  • Citigroup Global Markets

  • Credit Suisse First Boston (Europe) Ltd.

  • Deutsche Bank AG

  • EFG Eurobank Ergasias SA

  • Emporiki Bank of Greece SA

  • Goldman Sachs International

  • HSBC Bank PLC

  • ING Bank NV, Milan Branch

  • JP Morgan Securities Ltd.

  • Lehman Brothers International (Europe)

  • Merrill Lynch International

  • Morgan Stanley & Co International Ltd.

  • National Bank of Greece SA

  • Nomura International PLC

  • Piraeus Bank SA

  • Sanpaolo IMI SpA

  • Société Générale

  • UBM - Unicredit Banca Mobiliare SpA

Initial public offerings (IPOs)

• IPO calendar plus links to sources to help investors understand the IPO marketplace:
  Registered subscribers of INVgr are able to view a unique archive of IPO memos by five well-known Greek brokerage firms. These English-language memos have been published on INVgr between 1999 and 2005. [premium content]

The Greek derivatives market

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• How does the Greek derivatives market operate?
  The Athens Exchange / Derivatives Market (ADEX) and the Athens Derivatives Exchange Clearing House have been established for the organisation, operation and development of the Greek derivatives market. The main shareholder of both companies is the Athens Exchange, with stock brokers, banks and the Central Securities Depository (CSD) being major shareholders as well. All derivatives products are traded through an electronic trading platform. The ADEX is gradually introducing new products in an effort to provide an integrated derivatives market adapted to investors' needs... [more...] [premium content]

• Will the development of the derivatives market have an impact on the overall market?
  "The Athens Exchange / Derivatives Market (ADEX) has been gradually listing more innovative products to fill the array of investor choices; index futures, index options and most recently, individual stock futures. As all derivative products, the prices and movements of these investment tools move in a correlated way to their underlying product, whether it is the FTSE/ASE 20 blue-chip index or Vodafone-Panafon shares. The nature of these derivatives allow investors to not only hedge their portfolios or "bet" the market long, but when used creatively, can offer investors new choices of investment strategies." -- Demetrios Mavridis, Director, Head of Derivatives, EFG Eurobank Securities SA (member of the EFG Bank Group) [more...] [premium content]

EAGAK and NEXA

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