The Cyprus Stock Exchange (CSE) has announced a package of new measures that it hopes will revive the fortunes of the institution by bringing it into line with internationally accepted practices and European Union Directives.
Under the plans, the bourse will split into three separate markets: the Main, Parallel and Alternative markets, whilst also facilitating trading in both government and corporate bonds and mutual funds.
The CSE has struggled to find its feet since the market crashed spectacularly in 2000 when panic gripped investors and a mass sell-off ensued. Its chairman Akis Kleanthous, has said the new proposals will enable a clean break with the past and allow the bourse to “look into the future”.
Kleanthous is hopeful that the Plan could be in place by September, although the legislation must first undergo scrutiny by the Attorney General and the Council of Minister before being put before the House for final approval
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