BNP Paribas Securities Services Athens has obtained authorisation from the Central Bank of Cyprus to access the Cypriot national CSD and clearing system on a ‘remote’ membership basis.
The Cyprus Stock Exchange and the Athens Stock Exchange have recently established a common trading and settlement platform based on Greece’s ‘SAT’ system, which has now been tested by users.
The respective market authorities have also harmonised a range of post-trade practices, such as settlement cycles and entitlement rules, so as to increase overall efficiency and raise the profile of the two markets, notably with foreign investors.
BNP Paribas says that, with its new direct market membership, clients of its Athens operation can now also access the local market in Cyprus via their existing account structure in Athens.
“We are pleased to be one of the first banks to establish this new remote access to Cyprus, a link which will streamline and simplify access to the market for our clients,” says Alex Kartalis, Head of BNP Paribas Securities Services in Greece. “Across Europe, BNP Paribas has a successful track record and expertise in establishing remote access of this kind, whether for the Euronext zone or for markets such as Austria – we have been able to leverage that expertise to quickly and efficiently establish this link to Cyprus.”