CSE takes 10% stake in Greek en­ergy ex­change EnEx

Financial Mirror (Cyprus) - - CYPRUS -

The Cyprus Stock Ex­change is di­ver­si­fy­ing into the en­ergy sec­tor by tak­ing a 10% stake in the Greek En­ergy Ex­change Group (EnEx), the new plat­form set up for the trade of de­riv­a­tives and in­tra-day elec­tric­ity con­tracts.

The strate­gic in­vest­ment, at a cost of EUR 500,000, will also se­cure the CSE a seat on the EnEx board, join­ing the Athens Stock Ex­change (ATHEX) with a 21% stake and the Euro­pean Bank of Re­con­struc­tion and De­vel­op­ment (20%).

The other prin­ci­pal stake­hold­ers in EnEx are the Greek re­new­ables op­er­a­tor DAPEEP A.E. (for­merly Hel­lenic Elec­tric­ity Mar­ket Op­er­a­tor, LAGIE) with a 22% stake, the Chi­nese-con­trolled ADMIE A.E. (In­de­pen­dent Power Trans­mis­sion Op­er­a­tor - IPTO) with a 20% stake and the Ital­ian-con­trolled gas grid op­er­a­tor DESFA. The deal was signed in Athens by ATHEX CEO Socrates Lazarides and CSE Chair­man Mari­nos Christodoulides.

Nikos Tri­pat­sas, Act­ing Gen­eral Man­ager of the CSE told the Fi­nan­cial Mir­ror in an in­ter­view in Novem­ber that the Cypriot bourse’s board is fo­cus­ing on build­ing mar­kets in in­no­va­tion fields such

Veteran bro­ker Louis Clap­pas, CEO of One Plus Cap­i­tal and honorary Pres­i­dent of the CSE Mem­bers As­so­ci­a­tion said that for the CSE to get back on the horse, a bond mar­ket should be cre­ated, where the very-at­trac­tive-to-in­vestors, six-year govern­ment bonds could be ne­go­ti­ated.

“Fur­ther­more, if for ex­am­ple, com­pa­nies like OPAP (sports bet­ting) is­sue bonds this would at­tract great in­ter­est. If a bond mar­ket was set up in the CSE, they would cer­tainly do well, con­tribut­ing at the same time to the growth of the Stock Ex­change.”

Clap­pas re­ferred to po­ten­tial growth with the in­clu­sion of semi-state cor­po­ra­tions af­ter a pos­si­ble pri­vati­sa­tion process is com­pleted.

“For the mo­ment, the CSE should con­cen­trate on bring­ing in com­pa­nies such as the firm which is op­er­at­ing the casino and cre­ate a mar­ket for com­pa­nies ac­tive in the en­ergy sec­tor,” said Clap­pas.

Tri­pat­sas added that the CSE is work­ing to­wards bring­ing in the com­pany run­ning the casino and would like to see the com­pa­nies run­ning the is­land’s mari­nas list on the stock ex­change as well.

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