Introduction of Basket Trading on the OASIS trading system
As of February 3, 2003 the input of basket trading orders on behalf of a group of investors starts on the OASIS trading system.
The introduction of orders on behalf of more than one investor (group of investors) in the OASIS trading system serves:
- The transparency of transactions, as the investors that will participate to the order will be known at the time of entering the order.
- The fair distribution of consolidated transactions executed by the Investment Services Companies on behalf of their clients to each one of their clients, as described in the code of conduct of the Investment Services Companies.
- The provision of greater flexibility to the Investment Services Companies regarding the asset management of their clients, which becomes easier, more efficient and at a lower cost.
The above are achieved with the addition of new functions in the OASIS trading system. In summary, the above ? mentioned functions are as follows:
- The possibility to determine a code number of transactions that will represent a group of investors and the determination of the composition of the group (i.e. of the accounts of the investors that participate to it, as well as of the corresponding percentage of their participation).
- The storing of the particulars of the group in the system and their availability at subsequent session, following the date they were determined.
- The possibility to enter orders on behalf of a group of investors and special stamping of these orders.
- The possibility to assign to (revoke from) a user of the OASIS system the right to enter orders on behalf of a group of investors.
- After the end of session, the transactions that have resulted from orders on behalf of a group of investors will be analyzed (divided), in transactions per investor that participates to the group of investors, automatically by the trading system and in accordance with the percentage by which each investor participates to the group.
- The final transactions, at investor level, will be transferred, by the securities trading system, to the clearing system of the Central Securities Depository, as well as to the systems of the members of the Athens Exchange.
It should also be noted that, in accordance with a decision of the Capital Market Commission, the transactions executed on behalf of a group of investors and will be analyzed at final investor level on the trading system of the Athens Exchange, will not be able to be further analyzed in the clearing system of the Central Securities Depository.
The Athens Exchange will notify all the participating agencies for the said issue on time.