The board of the Cyprus Stock Exchange (CSE) last week took the decision to go ahead with its strategic Development Plan 2004-2006, a package of reforms aimed at reviving the fortunes of the troubled institution.
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.
Its chairman Akis Kleanthous, has suggested that the new proposals will enable a clean break with the past and allow the bourse to “look into the future”. The exchange has never fully recovered from a spectacular crash in 2000 when panic selling sent the index tumbling.
It is hoped that the Plan could be in place by September this year, although the proposal must first undergo scrutiny by the Attorney General and the Council of Ministers, before being put before the House for final approval.
The CSE is also hoping that the House will approve other measures cutting transaction costs and simplifying account opening and trading procedures.
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