Companies providing Cyprus Stock Exchange (CSE) price information are about to experience some turbulence as competition intensifies in the industry with some new players deciding not to charge for their services in a bid to attract more users.
After its disappointing debut on the CSE, AvacomNet has announced plans to launch Avacas, its new CSE online service that will be free to investors. The service intends to fly in the face of existing sources of price information which currently charge monthly fees. The company is expected to employ different software, constructed exclusively in Cyprus by AvacomNet's software developers. This will allow users to access the system through the Internet. And just to rub salt into the wound, Avacas also aims to provide live links to other information sites such as a news service. AvacomNet's decision to launch the free service was announced just ahead of Sharelink Group's undertaking to unleash its own electronic system, inteliStock, into the market.
Developed by SFS, inteliStock has scored high during the testing period and is already being offered to the group’s customers, but Sharelink plans to offer inteliStock to the public for a fee because it believes its service is superior enough to attract professional users.
The cosy existence of traditional sources of information on the CSE is also about to be threatened by newcomers to the field such as Stockwatch.com.cy, Cypria.com and Moneynet.com.cy, who offer equity prices and live ticker prices to all users. Then there are the more established Internet sites, previously reported by Tax-news.com, such as XAK.com.cy and Spidertrade.com.cy who have started to offer price information to their online customers. Furthermore, four out of the five Internet Service Providers (ISPs) including Spidernet, Cytanet, Logosnet and AvacomNet are providing CSE prices through their WAP service.
And as if that wasn't enough, banks are trying to get in on the act as well with the Bank of Cyprus announcing that it is offering CSE closing prices via its WAP services, and the Laiki Bank plans to offer CSE prices through the imminent launch of the Laiki eBank
AG Financial Network is the company that trail-blazed the provision of live CSE and ASE prices to the investing community. This pioneering company has recently launched CSE Online 2000, a service which offers many new features including real time technical analysis. AG Financial Network allows users access to its system either through dial-up, leased lines or the Internet, and the company prides itself on a very strong technical support team reported to be working on the addition of new extended features due to be revealed in the near future.
AG Financial Network hopes to be unaffected by the new services offered by AvacomNet and Sharelink Group because it is the most established source of information on the CSE and possesses a commanding share of professional users - but only time will tell.
Another established force offering information on CSE prices is the giant multinational, Reuters. As a rival to AG Financial Network, Reuters was among the first to offer an extended service on the local stock market. Reuters offers its service either through its own satellite dishes or leased lines but also allows access through the Internet. The company can claim one over on its rivals in the form of the Reuters pager, which provides 30-second live update on all stocks as well as the top 20 stocks of the ASE. The pager, a user-friendly gadget, also provides information on major world indices and news while as well as the provision of live updates on foreign exchange rates.
The other multinational involved in the provision of CSE prices is Telerate, but this company has not yet managed to make major inroads in the market. Telerate recently reduced its operations in Cyprus and now provides services through sub-contractors, although the original service is available either through satellite dishes, leased lines and also through the Internet.
Clearly a mulititude of players offering similar services is bound to cause a major shakeup in the industry. There will be winners and losers and it will be interesting to see who survives and how. Perhaps some of the smaller players will be swallowed-up by the multi-nationals and the competition is fierce enough already. But free online price information is likely to be the way forward for the CSE and the investing community is set to enjoy the benefits.
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