Reductions in the HELEX Group Tariffs

Jun 21, 2010, 12:54 ET from Hellenic Exchanges SA

ATHENS, Greece, June 21, 2010 /PRNewswire-FirstCall/ -- 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.)


SOURCE Hellenic Exchanges SA