The Cyprus Stock Exchange almost collapsed yesterday under the huge increase in the volume of recent trading. The President and the Finance Minister had to step in when brokers threatened to strike on Friday if the CSE Council continued to demand immediate settlement. To help clear the backlog of unfinished transactions, the Council has agreed to limit trading to one hour a day on four days per week, with a ceiling of 3,000 on the number of daily transactions.
The crisis has been gaining momentum for several months and even forced the closure of the CSE for a full week last month. Monday this week saw an all-time turnover high of £117.48m which sent the share index up 26.72% to a record 477.17. The rest of the week still saw massive volumes with £81.14m on Tuesday, £58.86m on Wednesday and £59.02m yesterday. These amounts are well above the August daily average of £39.2m and the £25.3m for July. The Index fell to 409.17 yesterday, a reduction of 9.59% on Wednesday's figure.
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