The Cyprus Stock Exchange (CSE) has officially announced its participation in the FTSE Med 100 Index which is due to go online from June 19 this year. Initially, the index will comprise stocks from the Cyprus, Athens and Tel-Aviv bourses with a view to other exchanges coming on board at a later date.
From the CSE's point of view, it is hoped the move will both raise the profile of the exchange internationally and attract more foreign investment. It should ensure a more stable future for the exchange which crashed in 2001 as investor confidence plummeted. Up to five stocks from the exchange are likely to feature on the FTSE Med 100 according to a Financial Mirror report.
Overall, the FTSE Med will feature 100 stocks from the three exchanges that are initially taking part in the venture, some of which will already be listed on other European and US exchanges. There will also be a market for exchange-traded derivatives on the new bourse and total market capitalisation is estimated to be in the region of $50 billion.
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