Athens Exchange

The Athens Stock Exchange (ASE or ATHEX; Greek: Χρηματιστήριο Αθηνών (Χ.Α.), Chrimatistírio Athinón) is the stock exchange of Greece, based in the capital city of Athens.[2] Founded in 1876, there are currently five markets operating in ATHEX: regulated securities market, regulated derivatives market, Alternative market, carbon market (for EUAs) and OTC market.[2] In the regulated securities market investors can trade in stocks, bonds, ETFs and other related securities.

Not to be confused with Golden Dawn (political party), also abbreviated XA..

Athens Stock Exchange (ATHEX)

Χρηματιστήριο Αθηνών
Type	Stock Exchange Bond market Derivatives market
Location	Athinon Avenue 110, Athens, Greece
Founded	1876 (1876)
Owner	Hellenic Exchanges S.A. (100%)
Key people	George Handjinicolaou (Chairman) Socrates Lazaridis (CEO)
Currency	EUR
No. of listings	184[lower-alpha 1][1]
Market cap	€69.29 billion[lower-alpha 2][1]
Volume	€113,54 million[lower-alpha 3][1]
Website	athexgroup.gr

ATHEX has over 30 indices. The six main indices are: Composite Index (GD), FTSE/Athex Large Cap (FTSE, also known as FTSE 25), FTSE/Athex Mid Cap Index (FTSEM), FTSE/Athex Market Index (FTSEA), FTSE/ATHEX Global Traders Index Plus (FTSEGTI) and FTSE/ATHEX Factor-Weighted Index (FTSEMSFW).[3] The Athens Composite index started trading in 1980,[4] its High 6355.04 set on 17 September 1999. The Athens stock exchange was closed on 27 June 2015 because of the Greek government-debt crisis.[5] It reopened on 3 August 2015 and lost more than 16% in the day's trading with certain bank stocks plummeting 30%, the daily change limit.[6][7]

History

The building in Sofocleous Street that used to accommodate the Athens Exchange until 2007

The Athens Stock Exchange started trading in 1876. Its day-to-day running has been assigned to Hellenic Exchanges – Athens Stock Exchange S.A., whose shares are listed on the exchange (Athex: EXAE). Athens Stock Exchange changed into public entity in 1918. In 1995 ASE was transformed into public limited company with the only shareholder – Greek state. Greek state sold 39.67% of the shares in 1997, and 12% in 1998 through private placement. State shares were decreased to 47.7% in 1999.[8] The derivatives market started trading in August 1999 after Athens Derivatives Exchange (ADEX) and the Athens Derivatives Exchange Clearing House started operations.[8] In 2002 the Athens Stock Exchange and the Athens Derivatives Exchange merged to form the Athens Stock Exchange.[9]

After being closed due to the ongoing debt crisis since June 27, 2015, the stock market crashed when the exchange was reopened on 3 August. The overall index lost over 16% of its value with bank stocks losing the maximum allowed 30% on the day's trading.[6]

The Athens Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.

Location

Until 2007, the exchange was located on Sofocleous Street, in the central business district of Athens. For this reason the Exchange and Sofocleous St became synonymous with each other. It is now located in its new headquarters at 110 Athinon Street, also called Kavalas Street. The exchange's trading hours are from 10:00am to 05:20pm Monday to Friday, and is closed on Saturdays, Sundays and holidays declared by the Exchange in advance.[10]

Stock exchange

Companies listed on the exchange are regulated by the Hellenic Capital Market Commission.[11] As of 7 April 2020 on the Athens Exchange 180 companies[12] are represented with 184 stocks.[1][lower-alpha 4] The Securities Market has 174 stocks[1] (from 170 companies) and the Alternative Market has 10 stocks (10 companies).[13]

Categories of stocks

The stocks of the Securities Market are divided into five categories:

• Main Market (129 stocks from 127 companies)[lower-alpha 5][lower-alpha 6][14]
• Low Dispersion (10 stocks/companies)[lower-alpha 7][15]
• Surveillance (30 stocks from 27 companies)[lower-alpha 8][lower-alpha 9][16]
• Under Suspension (28 stocks from 27 companies)[lower-alpha 10][lower-alpha 11][17]
• Under Deletion (8 stocks from 6 companies).[lower-alpha 12][18]

For a list of the companies see: List of companies listed on the Athens Exchange .

Composite Index

The Athens Exchange uses the symbol GD for the Composite Index.[4] The Bloomberg code for this index is ASE;[4][19] the Reuters code is .ATG.[4] The Composite Index was launched on 31 December 1980 (39 years ago)[4] and has 60 constituents.[4][20]

Annual Returns

The following table shows the annual development of the Athens Composite Index since 1987.[21]

Year	Closing level	Change in index in points	Change in index in %
1987	272.47
1988	279.65	7.18	2.64
1989	459.43	179.78	64.29
1990	932.00	472.57	102.86
1991	809.71	−122.29	−13.12
1992	672.31	−137.40	−16.97
1993	958.66	286.35	42.59
1994	868.91	−89.75	−9.36
1995	914.15	45.24	5.21
1996	933.48	19.33	2.11
1997	1,479.63	546.15	58.51
1998	2,737.55	1,257.92	85.02
1999	5,535.09	2,797.54	102.19
2000	3,388.86	−2,146.23	−38.77
2001	2,591.56	−797.30	−23.53
2002	1,748.42	−843.14	−32.53
2003	2,263.58	515.16	29.46
2004	2,786.18	522.60	23.09
2005	3,663.90	877.72	31.50
2006	4,394.13	730.23	19.93
2007	5,178.83	784.70	17.86
2008	1,786.51	−3,392.32	−65.50
2009	2,196.16	409.65	22.93
2010	1,413.94	−782.22	−35.62
2011	680.42	−733.52	−51.88
2012	907.90	227.48	33.43
2013	1,162.68	254.78	28.06
2014	826.18	−336.50	−28.94
2015	631.35	−194.83	−23.58
2016	643.64	12.29	1.95
2017	802.37	158.73	24.66
2018	613.30	−189.07	−23.56
2019	916.67	303.37	49.47

Management

Board of Directors oversees the activity of ATHEX. The Board consists of 13 members who are elected by the General Meeting of Shareholders for a 4-year term.[22] The current Board was elected at the 14th Annual general Meeting of Shareholders conducted on 20 May 2015.[23] The Chairman of the Board is George Handjinicolaou.[22] Socrates Lazaridis is the CEO.[24]

Notes

1. 184 stocks as of 7 April 2020, including the 10 stocks of the Alternative Market
2. as of 2 February 2018
3. value of the trades of Wednesday 27 May 2020
4. There are 4 preferred stocks. See below.
5. As of 27 November 2017
6. The preferred stocks TITP, XYLEP correspond respectively to the common stocks TITK, XYLEK
7. As of 27 November 2017
8. As of 27 November 2017
9. ANEP, ANEPO are preferred stocks of the companý that has ANEK as common stock and MPP is the preferred stock of the company that has MPK as common stock.
10. As of 27 November 2017
11. The preferred stock MHXAP corresponds to the common stock MHXAK
12. The preferred stocks AAAP, LEVEP correspond respectively to the common stocks AAAK, LEVEK

References

1. "Stocks, All Markets – helex.gr". helex.gr.
2. "Markets". helex.gr.
3. "Indices – helex.gr". helex.gr.
4. "GD: Index overview". Helex.gr. Retrieved 19 April 2016.
5. Udland, Myles (28 June 2015). "REPORT: Greece's stock market will be closed for at least a week". Business Insider. Retrieved 1 July 2015.
6. "Greek stock market bloodbath as exchange reopens". AP. 3 August 2015. Retrieved 3 August 2015.
7. "Market Holidays". Athens Exchange Group. 12 August 2015. Retrieved 12 August 2015.
8. "History - helex.gr". www.helex.gr. Archived from the original on 2015-07-16. Retrieved 2018-05-29.
9. Zeynep Copur. "Handbook of Research on Behavioral Finance and Investment Strategies ..." IGI Global. p. 257. Retrieved 3 August 2015.
10. Market Hours, Athens Exchange via Wikinvest
11. "ANNUAL REPORT 2009" (PDF). Hellenic Republic Capital Market Commission. Archived from the original (PDF) on 2011-10-03. Retrieved 2011-06-07.
12. "Companies, All Markets – helex.gr". helex.gr.
13. "Stocks, Alternative Market– helex.gr". helex.gr.
14. "Stocks, Main Market– helex.gr". helex.gr.
15. "Stocks, Low Dispersion– helex.gr". helex.gr.
16. "Stocks, Surveillance– helex.gr". helex.gr.
17. "Stocks, Under Suspension – helex.gr". helex.gr.
18. "Stocks, Under Deletion– helex.gr". helex.gr.
19. "ASE Quote – Athens Stock Exchange General Index". Bloomberg.com.
20. "GD: Index composition". Helex.gr. Retrieved 19 April 2016.
21. "Historical data: ATHEX Composite Index - Greece (^ATH)".
22. "Board of Directors - helex.gr". www.helex.gr. Archived from the original on 2018-05-29. Retrieved 2018-05-29.
23. "Press Release of 14th Annual General Meeting". www.helex.gr. Archived from the original on 2018-05-29. Retrieved 2018-05-29.
24. "Socrates Lazaridis, Hellenic Exchanges - Athens Stock Exchange SA: Profile & Biography". Bloomberg. Archived from the original on 2018-05-29. Retrieved 2018-05-29.

External links

• Official website
  • Stock prices and daily price changes on the official website
• Hellenic Capital Market Commission: the english language website