The Greek stock market is expected to reopen early next week, after having been under lock-down for five weeks.
The chairman of the Hellenic securities regulator is optimistic that trading will resume on the Greek stock market early next week following an anticipated decree from the finance ministry, which will spell out new trading rules, according to Reuters.
Since June 29, banks have been closed and imposed capital restrictions have limited withdrawals from ATMs and foreign transfers, amongst other measures, to prevent the flight of capital from the struggling Mediterranean economy.
Included in the raft of financial restrictions is the Athens Stock Exchange (ASE), with trading suspended over the five-week period amidst concerns that trading by domestic investors would only accelerate capital outflows.
We're working on the basis of Monday but we're waiting for the minister's decision.
Despite several delayed openings by the ASE this week, Konstantinos Botopoulos, Chairman of the Hellenic Capital Market Commission, is optimistic that trading will resume as early as Monday. "We're working on the basis of Monday but we're waiting for the minister's decision, which is the legal prerequisite for the reopening."
Under the new conditions, which have been approved by the European Central Bank, foreign traders should be allowed to trade as per usual, while domestic investors can expect to face restrictions. Specifically, while local investors would be allowed to buy shares using existing cash holdings, withdrawing cash from their Greek bank account to buy shares would be limited.
Analysts are already scrambling to predict how the market will emerge from its slumber. Early indications are that Greek shares may face some headwinds. Indeed, many US-listed Greek equity instruments that are tied to Greece have shown significant decline over this period.
How [the ASE Index] will trade will be determined largely by the political news on the Greek governing coalition.
Both the GREK Exchange traded fund (ETF) (GREK.K) - comprised of US market listings of Greek companies β and the National Bank of Greece's US.-listed equity instruments (NBG.N; NBGr.AT) have dropped by 20% since the ASE closed in June.
Commenting on the impending opening, Ilya Feygin, Managing Director at WallachBeth Capital, told Finance Magnates that according to his estimate, if the exchange were to open now, "the ASE Index would open between 625 and 645, a decline of between 19.1% and 21.6% from the 797.52 level on June 26. How it would trade from there would be determined largely by the political news on the Greek governing coalition as the ECB payment is not due until August 20."
Authorities will be keeping a keen eye on events when trading resumes, and can potentially temporarily suspend shares should any highly volatile movements occur.
The chairman of the Hellenic securities regulator is optimistic that trading will resume on the Greek stock market early next week following an anticipated decree from the finance ministry, which will spell out new trading rules, according to Reuters.
Since June 29, banks have been closed and imposed capital restrictions have limited withdrawals from ATMs and foreign transfers, amongst other measures, to prevent the flight of capital from the struggling Mediterranean economy.
Included in the raft of financial restrictions is the Athens Stock Exchange (ASE), with trading suspended over the five-week period amidst concerns that trading by domestic investors would only accelerate capital outflows.
We're working on the basis of Monday but we're waiting for the minister's decision.
Despite several delayed openings by the ASE this week, Konstantinos Botopoulos, Chairman of the Hellenic Capital Market Commission, is optimistic that trading will resume as early as Monday. "We're working on the basis of Monday but we're waiting for the minister's decision, which is the legal prerequisite for the reopening."
Under the new conditions, which have been approved by the European Central Bank, foreign traders should be allowed to trade as per usual, while domestic investors can expect to face restrictions. Specifically, while local investors would be allowed to buy shares using existing cash holdings, withdrawing cash from their Greek bank account to buy shares would be limited.
Analysts are already scrambling to predict how the market will emerge from its slumber. Early indications are that Greek shares may face some headwinds. Indeed, many US-listed Greek equity instruments that are tied to Greece have shown significant decline over this period.
How [the ASE Index] will trade will be determined largely by the political news on the Greek governing coalition.
Both the GREK Exchange traded fund (ETF) (GREK.K) - comprised of US market listings of Greek companies β and the National Bank of Greece's US.-listed equity instruments (NBG.N; NBGr.AT) have dropped by 20% since the ASE closed in June.
Commenting on the impending opening, Ilya Feygin, Managing Director at WallachBeth Capital, told Finance Magnates that according to his estimate, if the exchange were to open now, "the ASE Index would open between 625 and 645, a decline of between 19.1% and 21.6% from the 797.52 level on June 26. How it would trade from there would be determined largely by the political news on the Greek governing coalition as the ECB payment is not due until August 20."
Authorities will be keeping a keen eye on events when trading resumes, and can potentially temporarily suspend shares should any highly volatile movements occur.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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