Amendment of the method of calculation of the closing price of listed shares
I) Calculation of the closing price in the basic trading category A and NEHA:
As closing price of the shares that are traded with the method of continuous trading (market A and NEHA) is considered the weighted average, as regards the number of shares, of the prices of the last 10% of trading realized during the session. The calculation of the closing price is made by starting from the last trading prior to the end of session and moving towards the beginning, until the cardinal number of trading that corresponds to the 10% of total trading of the session.
II) Calculation of the closing price of trading categories B and C:
If the share belongs to the trading category B or C (instant trading), the price of the last call auction is considered as closing price.
The new closing price will be put in effect on Thursday, September 20 2001.
B) Entry of "the phase of trading at closing price" in the OASIS system
The possibility of trading at closing price regarding orders of any size is extended. It is reminded that up to date only pre agreed block trading (orders in excess of Euro 600,000) at closing price is permitted.
More specifically, a new phase of trading, the duration of which is 15 minutes is added to the session. This phase is added after the close of continuous trading and following the determination of the closing prices of the shares. During this period the investors will be in a position to sell and by shares only at closing price.
The investors that are interested in utilizing this possibility will be able to enter bid of offer orders of a special type under the name "at closing price" throughout the session of the Athens Stock Exchange.
These orders will be activated after the end of session, following the calculation of the closing price of the shares in the order they were entered in the system. During the trading of the phase at closing price the limit orders that were not executed during the phase of continuous trading also participate, on the condition that their price is ?better? than the closing price.
As regards bid orders, as better price is considered the price that is equal to or higher than the closing price and correspondingly as regards offer orders, as better price is considered the price that is equal to or lower than the closing price. The execution of these orders will be realized in the order they were activated, exclusively at closing price, on the condition that there is a corresponding opposite bid or offer order. The new ?phase of trading at closing price ? will be activated for the main board only and not the odd lot board.
The possibility of trading at closing price is given both for shares traded with the method of continuous trading and shares under surveillance that are traded with the method of the call auction.
With the provision of this potential, the ASE aims at eliminating the effect on the closing price from orders of investors who have a particular interest their trading prices not to deviate from closing price.
The trading at closing price regarding orders of any volume, will be put into effect on Thursday September 20, 2001.
C) Notification in real time to all recipients of information of OASIS (members and vendors who wish to be notified), the three best bid and offer prices per share.
The Athens Stock Exchange, in the frame of securing, the greatest possible transparency and the fullest and most sufficient supply of information, it intends to notify in real time, all the recipients of OASIS information (members and vendors who wish to be notified), the three best bid and offer prices per share, instead of the one that currently applies. The Athens Stock Exchange has designed the above new product with the support and cooperation of ASYK S.A. The three best did and offer prices per shares is planned to be put into effect on Monday, October 1, 2001. The exact date and terms of distribution of the new product will be announced by the Athens Stock Exchange in the next few days.
For more information, the interested parties may read the following material at the site of the Athens Stock Exchange, www.ase.gr:
A) Amendment of the method of calculation of closing price of listed shares
1. Decision number 30288/B.1391/14.09.2001 (amendment of Ministerial Decision number 8173/B444/11.03.98).
2. Detailed description of the method of calculation of closing price with examples.
B) Entry of the phase of trading at closing price in the OASIS system
1. Relevant Regulation no 70 of the Board of Directors of the Athens Stock Exchange (amendment of decision 18/99)
2. Detailed description, with examples, of the operation of the new phase of trading.