CONTENTS - Athens Stock Exchange

change according to latest instruction
by the C.M.C).
2.3.4 Greek Deposits Receipts
(ELPIS) – Hellenic Market of Greek
Emerging Markets (EAGAK)
On May 2004, the new Market of
Greek Emerging Markets started its
operation through the listing of the
GDR’s of the company FHL
MERMEREN KOMBINAT AD.
Trading of securities on EAGAK is
effected through the Integrated
Automated Electronic Trading System
(OASIS) in accordance with the same
trading methods followed in other
ATHEX markets as well (Regulations
18/99, 60/2001, 63/2001, 66/2001 &
70/2001 of the ATHEX Board of
Directors). Securities are
dematerialised, while the clearing &
settlement is carried out by the Central
Securities Depository through the
Dematerialised Securities System
(DSS).
The operation of EAGAK is mainly
supported by Thessaloniki Stock
Exchange Centre (TSEC). The
applicant-issuer submits its application
for admission to TSEC. Afterwards,
having examined the listing particulars,
TSEC forwards the application to the
ATHEX Board of Director for
approval of the Prospectus.
Fact Book 2004
Page 22
2.3.5 Bond Trading
Bond trading model, which is the
‘Fixed Income Market’, includes local
and international, corporate bonds and
bonds of the Hellenic Republic. The
trading hours are set from 11:00 until
16:00.
Electronic Trading
Bonds are traded in percentages of
their nominal value and all trades are
settled bilaterally on day T+1.
In the OTC markets, the transaction is
agreed beforehand and is then entered
into the system for clearing purposes.
Over the counter trading takes the form
of bilateral agreements or of a netting
procedure.
2.3.7 Purchase of Οwn Shares
By majority decision of the General
Meeting of the company’s
shareholders, listed companies may
acquire own shares through the
ATHEX up to 10% of the total amount
of their shares in order to support the
market price in cases where the price is
considered significantly lower than that
corresponding to market data, the
financial status and company
prospects. The decision which states