Cyprus News Agency: News in English, 07-11-20

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] CSE - PRICING POLICY

[02] CYPRUS - COMMUNITY OF DEMOCRACIES

[03] PRESIDENT PAPADOPOULOS ATHENS

[01] CSE - PRICING POLICY

CSE President George Koufaris said that a CSE delegation visiting Athens from November 19 to 21, to meet with the Athens Stock Exchange, will discuss their Common Platform and examine the possibility of expanding the Platform to cover other markets as well as the potential of further promoting the cooperation of the two stock exchanges, through cooperation agreements with other stock exchanges.

Koufaris presented the new CSE initiatives to enhance the stock market, noting that the general aim is, through a new pricing policy and correct cost management, to maintain the CSE as a robust organisation, creating added value for all market participants.

He noted that the new rates would be in line with those of the Athens Stock Exchange and include, inter alia, a reduction in trading fees for Main Market shares, the replacement of the membership fee with the introduction of an annual fee based on the transactions, the introduction of an annual operator tag for the use of liquidation and settlement infrastructure.

Koufaris said that the CSE has drafted a plan for the return of part of the revenue of Cypriot financial services companies (KEPEY), when the revenue exceeds certain levels, adding that this plan would be a motive for the providers to increase the volume of transactions with the CSE and for transactions in the CSE instead of other stock exchanges.

He furthermore said the CSE delegation would be meeting with members of the stock exchange and trustees in Athens to inform them about the new development plans and receive feedback on the Common Platform, and that a road show would also be taking place with the participation of nine companies listed with the CSE.

Referring to the trading fees for shares, Kourafis said that for the Main Market shares the fees would drop to 0.015% on the annual value of the transactions and to 0.04% for those of any other market.

Regarding the annual membership fee for CSE listed companies, in the case of low marketability, Koufaris said this measure aimed at promoting companies of low marketability for dissemination and transaction purposes.

According to the CSE decisions, for companies of the Alternative Market and the Investment Companies Market, the fixed charge for the first million Cyprus pounds of stock exchange value is increased from 750 to 1,000 pounds. One Cyprus pound is approximately 1.7 euros.

For companies with up to one million pounds stock exchange value in the Main Market, the minimum annual charge will be 3,000 pounds, for the Parallel Market 1,500 pounds and for the Large Project Market and the Shipping Market 3,000 pounds.

The Main Market companies with low marketability with up to five million pounds stock exchange value will pay 500 pounds for every extra million, those of the Parallel Market and the Investment Companies Market 300 pounds and the Large Project and Shipping Markets 500 pounds.

CSE Director General Nontas Metaxas said the total amount of the increase would reach 40,000 euros, adding that this measure was a disincentive for the low marketability of a company.

Regarding the annual fixed membership fee, Koufaris said this would be paid in quarterly installments, which would be calculated based on the value of the transactions of each member for the previous quarter, including the transaction value of state and corporate bonds.

Asked if the CSE would discuss with the Athens Stock Exchange the issue of dual listing, Koufaris said this was an ongoing discussion, noting that there was no reason for a CSE listed company to seek registration in the Athens Stock Exchange as well, due to the Common Platform.

Koufaris said that the Athens Stock Exchange has assured it is not pursuing dual listing, adding that the issue would be examined.

[02] CYPRUS - COMMUNITY OF DEMOCRACIES

The Community of Democracies (CD) is an intergovernmental organisation of democracies and democratising countries with a stated commitment to strengthening and deepening democratic norms and practices worldwide.

The Ministerial Conference in Mali mainly addressed the relation between democracy and development.

After three-days of consultations and negotiations, the Conference adopted a declaration on the ministerial consensus of the Community of Democracies for Democracy, development and poverty reduction.

[03] PRESIDENT PAPADOPOULOS ATHENS

President Papadopoulos arrives in Athens on November 26 and on the same day he will attend an event in honour of Kyriacos Matsis, who fought and fell in the EOKA struggle against British colonial rule, in the mid 1950s.

On November 27 he will have consecutive meetings with President of the Hellenic Parliament Demetrios Sioufas and President of the Hellenic Republic Karolos Papoulias.

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