By virtue of a bill introduced in Parliament for endorsement the derivatives market will start operating in Greece soon.
The bill provides that the Derivatives Stock Exchange of Athens (DSEA) will be established and operate in the form of a company limited by shares. Regular members of the Athens Stock Exchange (ASE) may participate in the derivatives market to be organised by the DSEA and enter into derivatives transactions following the issuance of a licence by the Capital Market Commission and their membership in the Company for the Clearance of Derivatives Transactions (CCDT). The share capital of a company participating in derivatives transactions is required to be 300 million dollars.
In the first stage it is anticipated that futures and options shall be included in an index comprising 35 leading companies (index futures, index options) whereas, in the second stage, interest futures concerning IOUs will follow. In the third stage other transactions pertaining to securities will be introduced.
Athanassios Vamvoukos, Bahas, Gramatidis & Associates, Athens, Greece.
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