In an attempt to improve the fortunes of the beleaguered Cyprus Stock Exchange (CSE), the Cyprus Finance Ministry is drafting in a Greek expert team to draw its own conclusions on the problems that have beset the exchange this year. Greek stock market expert Demetris Tsimbanoulis and his team have 100 days in which to examine stock exchange practices and operations in Cyprus and compose a report of recommendations.
Mr Tsimbanoulis is expected to arrive in Cyprus this week and does not intend to waste any time. He is due to sign a contract with the Finance Ministry this week and from that point has three and a half months to compose and deliver his report. He will submit preliminary findings within two months from signing. According to Finance Ministry sources, the report will include an analysis of the current situation in Cyprus; a list of voids and weaknesses; a list of the comparative advantages and disadvantages of the CSE; suggestions deriving from EU stock market practices and steps to ensure the harmonisation of the CSE with EU guidelines and a list of practices followed on developed stock markets and a description of technical developments in the sector, in particular with reference to the development of e-commerce.
According to the Finance Ministry, the most important aspect of the report is that Mr Tsimbanoulis will make recommendations on strategy, which will form the basis of the Cyprus' short and long-term policy in matters concerning stock market practice. The government has said, however, that it does not necessarily mean that the policies followed up to this point will be abandoned altogether. In recent weeks, key government and stock exchange figures have been meeting to try and thrash out ways to shore up the ailing CSE, with the Ministry of Finance announcing at the end of October that it would promote a series of measures aimed at supporting the exchange, improving its operation and supervision mechanisms and offering tax incentives to investors.
Whilst in Cyprus, Mr Tsimbanoulis will meet Central Bank representatives, representatives of the CSE Council and SEC, stockbrokers, investors, the Public Companies Association and commercial banks. For its part, the Finance Ministry has set up a special committee, whose task will be to assist the Greek team in its work and follow its progress.
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