CONTENTS - Athens Stock Exchange

The Capital Market Commission
(CMC) is an independent decisionmaking
body, in the form of a Public
Law Legal Entity operating under the
supervision of the Ministry of National
Economy.
It is established in Athens and the laws
148/67, 1969/91, 2166/93, 2324/95 and
2396/96 regulate its operation.
Its main objective is to promote the
establishment of sound conditions for
the operation of the capital market and
to enhance public confidence both in
the quality of supervision and market
behaviour.
In order to achieve this objective the
Commission sets the general terms and
conditions governing the organisation
and operation of the capital market and
issues instructions on compliance
procedures.
It also introduces the measures that are
useful for ensuring the proper
functioning of the market. The
legislative framework of the Greek
capital market is fully harmonised with
the guidelines and directives of the
European Union.
ATHEX Members - brokerage firms
and credit institutions - which have
obtained approval from the Board of
Directors of the ATHEX, are allowed
to trade in the exchange (according to
article no 55 and 56 L. 2533/97).
Fact Book 2004
Page 18
All transactions are realised either in
cash, or through margin account.
2.3 Shares Trading
Shares trading is conducted
electronically through the Automated
Exchange Trading System (OASIS
Trading hours are set between 11:00
and 16:00. From 16:00 to 16:15 the
trading “at the close” session takes
place. Orders are input to the system
by stock exchange representatives.
Orders are entered from Members’
offices by means of remote broker
operations. All orders introduced into
the system before the beginning of the
main trading session on 11:00 may
participate in the formation of the
opening price. Orders receive a time
stamp upon their entry into the system.
At the pre-opening period, the system
accepts limit and market orders. Limit
orders determine the day’s opening
price. Market orders get time priority
and are executed upon the opening of
the market. If no limit orders exist, the
opening price will be the same as the
previous closing price. The criterion
used for the determination of the
opening price is the maximisation of
transactions’ volume.