Press Release of the Steering Committee of the Athens Stock Exchange


 

July 5th 2022

 

Press Release of the Steering Committee of the Athens Stock Exchange

 
The Athens Stock Exchange, following today's session of its Stock Markets Steering Committee, approved the amendment of Resolution 24 related to ATHEX Regulation, in relation to the new service of Forced Sales as follows:
 
a) Collection of the following fees by the Applicant for enforcement upon application submission:
  • the amount of one hundred euros (100) euros per compulsory sale by public auction, if the first offer price is equal or less than the amount of three thousand (3,000) euros.
  • the amount of three hundred and fifty (350) euros per compulsory sale by public auction, if the first offer price is greater than the amount of three thousand (3,000) euros and
  • the amount of five hundred (500) euros per compulsory sale by public auction, if the first offer price is greater than the amount of three thousand (30,000) euros.
The first offer price is defined as the value based on the close price in the most liquid Market at the last trading session before the application submission.
 
b) From the above fees, the amount of €50 will return to the Member upon his acceptance of the Forced Sale, to cover his minimum operating expenses.
 
c) Regarding the management of the Forced Sales requests, the Applicant for enforcement pays fees to the Member, up to 0.35% of the value of the securities sold.
 
The above changes will apply with effect from 05/09/2022.
 
Additionally, the Stock Markets Steering Committee approved the amendment of Resolution 22 related to ATHEX Regulation, concerning the ATHEX Alternative Market as follows:
 
a) Activation of Volatility Interrupter Mechanism (VI) in the shares of the Alternative Market and the parameters for the activation of VI are the following:
  • Static limit 10% which will only apply in the case of shares that are subject to a Market Making, otherwise the above static limit will not apply
  • Dynamic limit 3%
b) Due to the application of VI to the ATHEX Alternative Market, daily price fluctuation limits will be fixed set at ± 10%. Also, for shares that are subject to market making the daily price fluctuation limit is set to ± 30% of the reference price.
 
Further, the Stock Markets Steering Committee approved the amendment of Resolution 2 related to ATHEX Regulation, regarding the shares of the Alternative Market that are subject to Market Making, the obligations will be automatically lifted  throughout the activation of a fixed rate of less or more than 3% on the price of the respective maximum or minimum fluctuation limits regarding to the same financial instrument, as also applies in the Organized Market. In case of the activation of the VI, the lifting of obligations is automatic.  Finally, In the case of a transferable security newly admitted to trading on Alternative Market, the MDQTS is set at 50, until the next calculation of the calendar quarter.
 
Finally, the Stock Markets Steering Committee approved the amendment of Resolution 22 related to ATHEX Regulation, regarding the application of a pre call period/Method 2 / Call Auction during the start of day of Stock/Index derivatives, Fixed Income Securities, Warrants, Alternative Market's Bonds & Other Fixed Income Securities, according to the following:
 
a) For Index Derivatives pre call period will last from 10:10 to 10:20, whereas for Stock Derivatives from 10:11 to 10:20 with a random time period from 10:19 to 10:20.
 
b) For Fixed Income Securities and Warrants Method 2 pre call period will last from 10:15 to 10:30 with a random time period from 10:29 to 10:30
 
c) For Bond and Fixed Income Securities Alternative Market Method 2 pre call period will last from 10:15 to 11:00 with a random time period from 10:58 to 11:00
 
The above changes will apply with effect from 18/07/2022.

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About Athens Exchange Group

The Athens Stock Exchange since its establishment in 1876, consistently participate in the financial and business developments in the country.

Athens Exchange Group (ATHEX Group), provides support to the Greek Capital Market. ATHEX Group operates the organized Equities and Derivatves markets, the alternative market and performs clearing and settlement of trades.

The Athens Stock Exchange, through its markets, offers solutions and financing tools to businesses, expands investor choice by providing a safe, stable and easy environment in full alignment with international practices and the European regulatory framework. It has held the ISO 22301:2012 international standard for Business Continuity, for all its companies, including all its operations as well as the products & services it provides.

In a period that the role of stock markets in exploring alternative ways of financing business, at a European level, is significantly enhanced, the Athens Exchange Group has taken a series of initiatives to highlight the attractiveness of the Greek Capital Market and the Greek companies to the international investment community and expand the variety of investment opportunities.

Its shares are traded on the Main Market of the Athens Stock Exchange (Symbol: EXAE).

The profiles of the ATHEX Group and its markets can be downloaded from the link. More information can be found in the website www.athexgroup.gr.