The Athens Exchange (ATHEX) and the Athens Derivatives Exchange Clearing House (ADECH) are looking to cut trading costs charged to participants. From 1 January 2005, Spyros Kapralos, the Chief Executive Officer of Hellenic Exchanges (HELEX) – which owns both marketplaces – says the price cuts are part of a wider initiative to increase competitiveness and liquidity. “This initiative of the HELEX Group for the derivatives market falls within the framework of the more general objectives that have been placed,” he says. “The effectiveness of the measures is associated with the extent that participants in all regulated markets utilize to the maximum the measures that are taken, so that they will in turn also improve the services that they provide to the final customer. I am sure that our decisions on curtailing transactions fees and on activating new members in the derivatives market, will allow us to also increase substantially this sector of our business activities”.
There will be a 34% cut in the commission charged on the FTSE/ASE-20 Index for trading and clearing. The fees of the HELEX Group are decreased from Euros 1.80 to Euros 1.20 per contract. There will also be a 17% reduction in commissions charged on trading and clearing of options on the FTSE/ASE- 20 index. The fee charged- per contract- is decreased from Euros 1.20 to Euros 1.00.Additional incentives are being provided via volume-related discounts in the cost of trading and clearing. The guarantee letter of the non-clearing members to the ADECH, which amounts Euros 150,000, is also being abolished. “The annual cost concerning the operation of the existing non-clearing Members is decreased and new Members are given the possibility to participate in the Derivatives market of the ATHEX,” explains a spokeswoman for EFG Eurobank in Greece.