Press release of the Athens Exchange Board of Directors

Press release of the Athens Exchange Board of Directors

22/12/2011

The ATHEX Board of Directors (BoD) during today's meeting decided:

1) A new pricing policy for the Derivatives Market, according to which the rebates to investors and members of this market exceed, in terms of 2011, the sum of 2,5 million euro.

More specifically, the following were decided:

A. Rationalization of the Futures and Options contracts' fees, on shares and indices. The decline in prices of the underlying values had made the derivative products' fees non-competitive. For this reason, among others, more scales were added for underlying values' prices less than 5 euro in order to regain the competitiveness of the relevant products.

B. Significant reductions between 40%-70% in the annual members' subscription fees, which combined with theabolishment of the one-off initial membership fees, aim to avert members from leaving the market and also attract new members from Greece and Cyprus.

The new pricing policy will be in force from the 1st of January 2012. Analytical description will be uploaded on the ATHEX website, as an amendment of the ATHEX BoD Resolution No 24.

2) New methodology for the limitation of the increased intraday volatility of the prices of the stocks that present low transaction value. In order to deal with the phenomenon of the increased volatility of the prices of stocks having small transaction value that it is observed after the implementation of the Main Market (one Market for all the stocks), combined with the declining market capitalization of the ATHEX Cash Market, the ATHEX BoD decided the implementation of a new methodology by which a short-term limitation on the daily price fluctuation limits will be in force for all the stocks of the Main Market that present average monthly velocity below 0.01%, for the period of one month. The aforementioned calculation will be performed on the last working day of each month. The new methodology will be in force from the 1st of January 2012. Analytical description will be uploaded on the ATHEX website, as an amendment of the ATHEX BoD Resolution No 22.

Moreover, the Board of Directors of the Athens Exchange, during today's session, approved:

  • The renewal of the market making licence for the ATHEX Member MERIT SECURITIES S.A., for market making on the shares of the listed company INTRACOM CONSTRUCTIONS S.A.TECHN & STEEL CONSTR..
  • The renewal of the market making licence for the ATHEX Member ALPHA FINANCE INVESTMENT SERVICES S.A.on the shares of the listed companies NAT. BANK OF GREECE SA, EFG EUROBANK ERGASIAS SA, HELLENIC TELECOM. ORG., GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A. and PUBLIC POWER CORPORATION SA.

The renewal of the market making licence for the ATHEX Member INVESTMENT BANK OF GREECE S.A on the shares of the listed companies BANΚ OF CYPRUS PUBLIC COMPANY LTD, MYTILINEOS HOLDINGS S.A., ELLAKTOR S.A., HELLENIC EXCHANGES S.A., ALPHA ΒΑΝΚ Α.Ε., COCA-COLA Ε.Ε.Ε. S.A., PUBLIC POWER CORPORATION SA, NAT. BANK OF GREECE SA, GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A., HELLENIC TELECOM. ORG., EFG EUROBANK ERGASIAS SA, INTRALOT S.A. and PIRAEUS BANKS.A..

Finally the ATHEX BoD, during its session was informed of:

  • the decrease in the par value of the shares of the company EUROLINE INVESTMENTS CLOSED & INVESTMENT COMPANY from euro 1.85 to euro 0.33 and the capital return of euro 1.52 per share to shareholders through a cash payment
  • the decrease in the par value of the shares of the company INTERINVEST INTERNATIONAL INVESTMENT S.A.from euro 1.50 to euro 0.39 and the capital return of euro 1.11 per share to shareholders through a cash payment.

As both companies are at the under suspension category, the date for the determination of the beneficiaries for the capital return will be determined by their announcement.