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Market Passport

Greece

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Market information

Supporting you

Key market information

  • Local currency

    Euro
    (EUR)

  • 2017 GDP

    USD
    201bn

  • Time zone

    GMT
    +2 hours

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    ATHEX 20

Key market figures

Market capitalisation USD 51bn
Number of listed companies 200
2017 value of share trading USD 16bn
Number of ETFs listed 1
2017 value of bonds trading USD 0bn
Number of bonds listed 39
Number of futures contracts traded in 2017 18.70m
Number of options contracts traded in 2017 0.02m

Local market infrastructures

Equities Corporate bonds Government bonds Derivatives
Main trading venue ATHEX ATHEX HDAT Athens Derivatives Exchange
Main clearing venue Athens Exchange Clear Athens Exchange Clear n/a Athens Exchange Clear
Settlement and custody ATHEX ATHEX Bank of Greece n/a
Cash leg Central bank (TARGET2) Central bank (TARGET2) Central bank (TARGET2) n/a

Local market authorities and regulators

  • The Bank of Greece supervises and controls all banking operations in the country
  • The Hellenic Capital Market Commission supervises the exchange, investment firms, brokers and mutual funds

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities OTC 4.45pm
On exchange 4.00pm
Bonds 5.00pm DVP
7.00pm FOP
Cash 6.00pm
Omnibus account/securities No for Equities/Yes for Fixed Income
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Derivatives
Settlement Cash and physical
Trading cut-off 5.20pm
Clearing cut-off 5.20pm
Tradable currencies EUR
Account structure members Segregated
Account structure non-members Segregated
Give-up Yes
Give-up cut-off n/a
Adjustable ITM (In The Money minimum) No
Intra-day margin call Yes
Risk algorithm RI.VA
Tolerance limits

T2S tolerance limits apply to government bonds:

  • Up to EUR 100,000 trade value: EUR 2.00
  • Over EUR 100,000 trade value: EUR 25.00

There is no tolerance for equities.

Examples of market penalties

Penalties range from EUR 300 to EUR 6,300 (or 2% of the trade value for debts above EUR 450,001).

Buy-in practice

Strict buy-in practice on T+2: if the trade is not covered at standard settlement date, there is a second buy-in window on T+3 between 10.15-10.30am (spot2 process).

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Greece

We are one the few global financial institutions which have remained committed to the Greek market, thanks to a unique operational model combining a full custody service range and a strong risk framework.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Derivatives clearing
  • Full segregation of securities and cash settlement in TARGET2 via Banque de France

What makes us different

  • A ‘one-stop shop’, with a local presence covering cash, equities, fixed income, derivatives and clearing services
  • Active participation in market initiatives and practices, an example being our successful and seamless TARGET2 Securities (T2S) migration
  • A major member of the Hellenic Bank Association, representing the position of non-resident financial institutions
  • Regulatory-approved risk framework and operational setup, containing the impact of capital control measures

Selected market recognition

Global Investor Investment Excellence Awards (2018): Sub-Custody Survey Winner Multi-market EMEA for Greece

A sound partner

BNP Paribas Securities Services has been present in the market since 1997 and continued servicing Greece even during the capital controls crisis. We enjoy excellent relations with Greek market authorities, being a member of the most important industry bodies. We have a track record in supporting the position of our clients on major market changes and events.

Contact

For more information, please contact your relationship manager or
Kelly Kakanaki, Head of Location
kelly.kakanaki@bnpparibas.com

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