Reductions in the HELEX Group Tariffs
By Hellenic Exchanges Sa, PRNESunday, June 20, 2010
ATHENS, Greece, June 21, 2010 - The Board of Directors of Hellenic Exchanges SA (HELEX) has
decided to modify the fees that it charges to investors, listed companies,
brokerage companies and custodians, with the aim of improving the
competitiveness of the Greek capital market. At the same time, HELEX is
providing motives to brokers to increase the penetration of the new services
offered by the Group. These changes will go into effect on the 1st of July
2010.
Fee reductions for investors
- Athens Exchange's (ATHEX) trading fee is reduced from
0.150per thousand to 0.125per thousand.
- The value of the portfolio that is excluded from the fixed
'Central Registry Management' charge is raised from EUR3,000 to
EUR15,000. This measure will benefit approximately 220,000 investors,
based on May 2010 figures, which had a portfolio valued from EUR3,000
to EUR15,000.
- At the same time, there are reductions in the fees charged
by HELEX to investors for OTC transactions, off-exchange transfers,
inheritances, usufructs etc.
Fee reductions for issuers
- Athens Exchange's fee on rights issues by companies in the
Mid and Small Capitalization segment are reduced by 50%, from 1per
thousand in effect today to 0.5per thousand (provided that the rights
issue is up to EUR100m.), in order to support the strengthening of the
capital base of these companies.
- The maximum annual fee paid by listed companies in the
Middle and Small Capitalization segment is capped at EUR7,000, from
EUR8,000 today.
- The annual fee for listed companies in the Alternative
Market is capped at EUR3,000, from EUR4,000 today (for companies with a
capitalization of up to EUR20m), at EUR5,000, from EUR6,000 today (for
companies with a capitalization between EUR20m and EUR40m), and at
EUR7,000, from EUR8,000 today (for companies with a capitalization of
more than EUR40m).
At the same time, the Board of Directors of Hellenic Exchanges
decided to harmonize the trading hours of the Middle and Small Capitalization
segment with those of the Large Capitalization segment.
Fee reductions for brokers and custodians
- The cost of Market Makers for trading and clearing stocks
not included in the FTSE/ATHEX 20 index is reduced by 75% to 100%,
depending on the evaluation of the effectiveness of the market making.
At the same time, the cost of transferring securities from Market
Makers (and other investors) to ETF issuers is reduced.
- Significant discounts (of up to 90%) on the fees paid to
HELEX by members of the Derivatives Market are provided.
- In addition, discounts on the use of new services to access
foreign markets are provided to brokers:
- in order to attract clients to the new order routing services
(Xorder & Xsettle) to developed foreign markets through XNET
- in order to attract new DSS (Dematerialized Securities
System) operators to the new transaction settlement and custody
services on foreign securities (Investor CSD services)
- in order to attract investors to the new Inbroker / Inbroker
Plus services for price watch and order routing for the foreign
markets that are supported.
Commenting on the changes in the pricing policy, Mr. Spyros I.
Capralos, Chief Executive Officer of HELEX stated: "At a difficult time for
the Greek economy, we are reducing our fees, both for investors as well as
for listed companies and other market participants, in order to increase the
competitiveness of the Greek capital market. We are able to make these cuts,
due to the significant reduction in the operating expenses of the Hellenic
Exchanges Group over the past few years. HELEX's goal is to offer new
products and services at competitive prices, to benefit not only its
shareholders but also the Greek economy in general."
The fees charged by the Group appear in resolutions number 1,
4 and 5 of the Board of Directors of HELEX "Fee schedule for the management
and operation of the system for clearing and settlement of transferable
securities transactions in book entry form," "Margins for Members in the
Derivatives Market" and "Fees in the ATHEX derivatives market," and
resolution number 24 of the Athens Exchange Board of Directors "Fee schedule
for the ATHEX markets," which are published on the websites of HELEX and
ATHEX respectively.
The most significant changes in the HELEX fees are shown in
the attached tables.
Fee reductions
Category Current fee New fee
INVESTORS Transactions fee 0.150per 0.125per
thousand thousand
Fee on the value of Free for Free for
the portfolio portfolios with portfolios
a value up to with a value
EUR3,000 up to
EUR15,000
Off- exchange 1.0per thousand 0.8per
Transfers thousand
OTC transaction 0.40per 0.35per
fees thousand thousand
Category Current fee New fee
LISTED Annual subscriptions of listed Max EUR8,000 Max
COMPANIES companies in the Middle and Small EUR7,000
Capitalization segment
Annual Market cap up to EUR4,000 EUR3,000
subscriptions of EUR20m
companies listed
in the Market cap from EUR6,000 EUR5,000
Alternative EUR20m to EUR40m
Market
Market cap greater EUR8,000 EUR7,000
than EUR40m
Fees for rights issues in the 1per 0.5per
Middle and Small Capitalization, thousand thousand
Low Dispersion and Special
Characteristics and Under
Surveillance segments (for rights
issues up to EUR100m.)
Karolina Douloufaki, +30-210-33-66-616
Tags: Athens, greece, hellenic Exchanges SA, June 21