CSE to seek other re­sources

Financial Mirror (Cyprus) - - FRONT PAGE -

The Cyprus Stock Ex­change (CSE) aims to reach agree­ments with other bourses to com­pen­sate for the loss of rev­enue due to the lack of liq­uid­ity in Cyprus and the eco­nomic cri­sis in Greece.

Briefing mem­bers of the House Com­mit­tee on Fi­nances about the CSE’s bud­get, Di­rec­tor Gen­eral Non­tas Me­taxas said that the eco­nomic cri­sis in Greece had a neg­a­tive im­pact on the Ex­change’s rev­enue in the se­cond half of 2015 and as a re­sult the CSE recorded a deficit of EUR 600,000 in the year.

Me­taxas said that the CSE is in ad­vanced con­sul­ta­tions with two for­eign stock ex­changes for agree­ments that would al­low to in­sti­tu­tion­alise the in­tro­duc­tion of Cypriot com­pa­nies on for­eign ex­changes.

The CSE, he added, will be earn­ing a share from the trans­ac­tions in the ti­tles of th­ese Cypriot com­pa­nies, a move ex­pected to in­crease the liq­uid­ity in the Cyprus stock mar­ket.

To­tal rev­enue of the CSE for 2016 are es­ti­mated to reach EUR 5.8 mln, down 0.2% com­pared to 2015, while to­tal ex­pen­di­ture is es­ti­mated at EUR 6.68 mln. The CSE bud­get is funded by own re­sources, which could reach EUR 8.9 mln at the end of the year.

Di­rec­tor of the Bud­get Di­rec­torate of the Fi­nance Min­istry, Stavros Michael, told MPs that the plans on the pri­vati­sa­tion of the CSE is one of the govern­ment’s in­ten­tions, adding that some steps need to be taken be­fore that.

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