CYPRUS STOCK EXCHANGE JOINS LINK UP MARKETS

Posted October 16, 2008

MADRID -- The Cyprus Stock Exchange (CSE) that operates the Central Securities Depository in Cyprus has become a new member of Link Up Markets, the joint venture launched in April by a group of central securities depositories (CSDs) led by Clearstream to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe.

With the incorporation of Cyprus, Link Up Markets will expand its geographical reach, encompassing eight CSDs: Clearstream Banking AG Frankfurt (Germany), Cyprus Stock Exchange (Cyprus), Hellenic Exchanges S.A. (Greece), IBERCLEAR (Spain), Oesterreichische Kontrollbank AG (Austria), SIX SIS Ltd (Switzerland), VP Securities Services (Denmark) and VPS (Norway).

“The incorporation of the Cyprus Stock Exchange into Link Up Markets will help strengthen our service range,” says Tomas Kindler, Managing Director of Link Up Markets. “At the same time it will increase the competitiveness of the Cypriot market and open up new investment opportunities for its market participants and investors.”

The Cyprus Stock Exchange and its Central Securities Depository will take advantage of the Common Infrastructure it shares with Hellenic Exchanges Group on trading and post-trading level, thus facilitating its incorporation into Link Up Markets. The exploitation of common infrastructure for the introduction of CSE into Link Up Markets is in line with the overall objective of leveraging the existing infrastructures and processes of CSDs.

“The aim is to create a Pan-European platform on a unified basis for post trade processing that will facilitate cross border trades,” says Nondas Cl. Metaxas, Director General and Chief Executive Officer of the Cyprus Stock Exchange. “The Cyprus Stock Exchange will have, through Link Up Markets, the opportunity to provide new services of added value, benefit from economies of scale, and make more effective use of its existing infrastructure. These benefits are also expected to be of value to its users and participants.”