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Auszug aus den Börsenusancen

Bitte beachten Sie, dass die angeführten Börsenusancen nur einen Auszug darstellen und sich ändern können. Die vollständigen Börsenusancen liegen direkt bei der Börse auf. Jegliche Haftung unsererseits im Zusammenhang mit den angeführten Börsenusancen ist ausgeschlossen.
 

Allgemeine Informationen
Börsenname The Athens Stock Exchange
Börsensitzung 09:30 Uhr bis 16:00 Uhr Ortszeit
Versammlungsart Parkettbörse (Präsenzbörse)
Börsenart geregelte Finanzbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung Euro
Limitarten Betrag, Bestens
Mögliche Limitzusätze -
Mögliche Gültigkeiten bis max. Jahresultimo
Valuta Schlusstag + 2 Werktage

Börsenfeiertage

An folgenden Tagen findet kein Börsenhandel statt. Bitte beachten Sie, dass sich manche Feiertage vom Datum her verschieben können.
 

Datum Feiertag
1. Jänner New Year's Day
2. Jänner Holiday
6. Jänner Epiphany
10. März Monday In Lent
25. März National Holiday
25. März Daylight Savings Begins
25. April Good Friday
28. April Easter Monday
1. Mai Labor Day
16. Juni Whit Monday
15. August Assumption Day
28. Oktober National Holiday
28. Oktober Daylight Savings Ends
25. Dezember Christmas Day
26. Dezember  St. Stephen's Day

Bitte beachten Sie auch die Orderrichtlinien!

MARKET:
The Athens Stock Exchange (ASE)
10 Sophocleous Street
Athens 105 59, Greece
Telephone 30 1 3211301
Fax: 30 1 3213938

HOURS:
9:30am - 10:00am preopening period for determination of opening price.
10:00am - 2:30pm Monday to Friday.

TRADING SYSTEM:
At the end of 1992 The Automated Exchange Trade System (XTS) became fully operational. The XTS system is composed of 2 central units and is fault-tolerant. The units are connected by a data-transfer system to a network of terminals which belong to ASE members. All transactions introduced into the system before 10:30am determine the opening price. During the pre-opening period, the system accepts limit and market orders but only the former participate in determining the opening price. If no limit orders exist, the opening price will be the same as the previous close. The maximization of transactions' volume is the criteria used for the determination of the opening price. When 2 prices produce the same maximum volume, the price closest to the previous closing price is selected. If their differential from the previous close coincides, the system will select the highest price of the two. At the main trading session orders are matched by price and time. The buy order at the highest price is matched with the sell order at the lowest price. For investors' protection, a daily barrier of +-12% in price fluctuation has been imposed, depending on its marketability. Closing prices are formulated from the execution price of the last transaction.
Block trading is defined as any trade greater than or equal to GRD 70 million. Block trades can be effected outside the Automated Exchange Trade System, provided there are no opposite bids or offers within the system in values equal to or greater than the value of the transaction. This is done to preserve the liquidity of the market.
In 1995, the ASE allowed off exchange (OTC) transactions. OTC transactions can be performed with concession of the issuer and the brokerage company must guarantee that the securities it decides to trade OTC will continue to be traded off exchange for at least 1 year. If a brokerage company wishes to cease OTC trading it must notify the exchange 3 months in advance.

SETTLEMENT & TRANSFER:
The clearing and settlement process is performed by the Central Securities Depository (CSD). Stocks may be traded on account or for cash, and transactions are usually settled and certificates exchanged two days after the transaction (T+2). As a temporary measure for dealing with delays in the settlement process, caused by the inability of the CSD to deliver share certificates within a 2 day period, the settlement deadline may be extended to T+3.
The address of the CSD is:
Central Securities Depositary SA
1, Pesmazoglou Street
105 59 Athens
phone# 30 1 32 45 105
fax# 30 1 32 45 108

TYPES OF SECURITIES:
Common, preferred shares, government bonds, and corporate bonds are traded on the Athens Stock Exchange.

LISTING REQUIREMENTS:
Securites listing on the Main Market must fulfill the following requirements:
- capital reserve of GRD 1 billion or ECU 3.5 million for at least 2 years.
- satisfactory operating profits over the last 5 years.
- must submit a tax audit and certification for the last 5 years.
- must increase their share capital by a public offering and the initial public offering should cover at least 25% of their outstanding share capital.
- must prepare a prospectus which will be distributed to investors.
- at least 100 minimum subscribers.
Additional listing rules apply to construction, shipping, holding, and
insurance companies.

Securities listing on the Parallel Market must fulfill the following requirements:
- capital reserve of at least GRD 250 million or ECU .8 million
- 3 consecutive balance sheets.
- satisfactory operating profits over the last 3 years.
- must increase their share capital by a public offering and the initial public offering should cover at least 15% of their outstanding share capital.
- prospectuses must be published.
- an underwriter is necessary.

A company can transfer from the Parallel to Main Market if:
- the company's shares must have been trading on the Parallel Market for 2 yrs.
- the company must have satisfactory operating profits during the period it was traded on the Parallel Market.
- the company's shares must have efficient marketability and dispersion.
- the company should have used the capital raised in the parallel market through the initial public offering in the best possible way.
- the Capital Market Committee must make a recommendation to the ASE who makes the final decision.

REPORTING REQUIREMENTS:
Companies listed on the ASE are required to report on their finances through a balance sheet and income statement on a half yearly basis. Holding companies must also present financial statements of the companies in which they participate by more than 20%. Capital increases, takeover bids, as well as any other development that may affect the share price must be reported.

COMMISSIONS ON SECURITY SALES:
Companies were deregulated in 1995 and are now freely negotiated between transacting parties.

TAX IMPLICATIONS:
Dividends from listed shares are taxed at a flat rate of 35% withheld at source. Investors are therefore exempt from any tax obligation. Capital gains are not taxable in Greece.

IMPLICATIONS FOR FOREIGN INVESTORS:
There are no restrictions on foreign investors investing in Greek securities. They can fully buy and sell securities listed on the ASE and without any restrictions they can export the proceeds of sale of such securities, including capital gains, dividends, and interest. Greece is under double taxation agreements with many countries to avoid double taxation for the foreign investor.

INDICES:
The ASE General Index (Composite Share Price Index) was revised in August 1995. The new Composite Share Price Index consists of 60 stocks with the greatest market capialisation and turnover. The Parallel Market Index was introduced August 1995.

GENERAL INFORMATION:
The Athens Stock Exchange was established in 1876. In 1988, new legislation brought radical changes to rules and regulations. In 1995 the ASE was transformed into a limited company. It is supervised by the Ministry of National Economy. The ASE is financed by annual listing fees paid by both equity and fixed income issuers.