The Cyprus Stock Exchange (CSE) has no choice but to become privatised if it wants to enter the European market as a regional stock exchange - this is the message from Panagiotis Alexakis, Chairman of the Athens Stock Exchange (ASE).
In the Cyprus news service, Xak news, Mr Alexakis said his belief comes from his experience at the Athens Stock Exchange. He said: 'It is necessary to point out that the CSE must become more flexible and independent in the way it operates. Its future privatisation is inevitable and necessary if it is to fulfill this role, even if it is just within Cyprus itself. I say this based on our experience of the ASE, whose privatisation started in 1996, continued until 1998 and finally had a positive effect in 2000.'
Mr Alexakis said he hoped that both Stock Exchanges will become mature markets operating within the 'Eurozone' representing the Eastern Mediterranean region. Once they are in place, he argued, the ASE and CSE will be able to acquire a significant share of the European market with its extensive liquidity and be in a position to offer access to European capital for companies in the region.
Speaking of the need for both stock exchanges to cooperate, Mr Alexakis explained: 'First of all, we must define the term "cooperation" between the two Stock Exchanges. In its final form, cooperation means that the products of one stock exchange eventually will become the products of the other and that the members of one stock exchange will eventually also become members of the other. It means that the Stock Exchanges will have a common institutional framework, common rules and regulations and common procedures for the settlement of transactions.'
'This way,' he added, 'there would be more benefits for the investor, as the markets become more efficient, the costs are reduced and the product on offer is slightly different in way that is useful not only to investors but also to the companies that are listed on the two exchanges.'
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