The Ministry of Finance, SIX Swiss Exchange and the Cyprus Stock Exchange announce the Dual-Listing of the EMTN of the Republic of Cyprus at the Cyprus Stock Exchange
Today, the Ministry of Finance of the Republic of Cyprus, SIX Swiss Exchange and the Cyprus Stock Exchange announced the successful establishment of the post-trade infrastructure required to facilitate the dual-listing of the Euro Medium Term Notes (EMTN) of the Republic of Cyprus at the Cyprus Stock Exchange.
SIX Swiss Exchange has developed a post-trade solution that empowers the Cyprus Stock Exchange in its function as Central Securities Depository to provide safekeeping, settlement and asset servicing for the Euro Medium Term Notes.
This partnership will provide further liquidity for the Republic of Cyprus’ funding vehicles and forms the basis for joint innovation projects going forward.
The Minister of Finance of the Republic of Cyprus, Mr Constantinos Petrides, commented “Providing new sources of liquidity for the Republic of Cyprus’ funding vehicles and improving the effectiveness of public debt management by servicing the public good has always been a high priority for the Ministry of Finance. In this regard, the Ministry of Finance welcomes the successful collaboration between SIX and the Cyprus Stock Exchange that will open an additional avenue for Cypriot investors to invest and trade in the Republic’s international bond issuances and further enrich the services provided by the CSE. An additional priority of the Ministry of Finance is to transform the capital market infrastructure into an innovative catalyst in order to enhance economic growth and societal outcomes for Cyprus. This is the first step in the realisation of forming an innovative traditional and digital financial market infrastructure in Cyprus.”
Thomas Zeeb,Global Head of Exchanges and Member of the Executive Board, SIX commented, “We are delighted to collaborate with the Cyprus Stock Exchange in providing the infrastructure required to facilitate the dual-listing of the EMTN of the Republic of Cyprus at the Cyprus Stock Exchange on behalf of the Ministry of Finance and strengthen Cyprus Stock Exchange’ s positioning. Furthermore, we look forward to continuing working with the Cyprus Stock Exchange on the shared vision of applying innovative solutions to optimize core performance, maximize opportunities of growth and generate joint value.
Javier Hernani, Head Securities Services and Member of the Executive Board, SIX, added, “This is an important step in moving our relationship forward. Our connectivity and scale across global markets, our enhanced asset servicing model with the capacity of designing and implementing individualized solutions like the one we have worked out with the Cyprus Stock Exchange to facilitate this dual listing demonstrate our ability to deliver customized solutions for infrastructure clients. Given our strong position in the global post-trade value chain, we believe that this new partnership will increase joint value and support Cyprus Stock Exchange’s growth plan as a solid infrastructure in the region”.
Marinos Christodoulides, Chairman of the Board of the Cyprus Stock Exchange commented, “We consider the establishment of the infrastructure services for the dual- listing of the EMTN of the Republic at the Cyprus Stock Exchange as an important step towards leveraging SIX’s global expertise in servicing at first sovereign debt instruments and at a later stage all other asset classes, acquiring in-depth know-how and developing a comprehensive range of international infrastructure services thus consolidating Cyprus Stock Exchange’s position domestically as well as in the entire region. We are glad to work together with a reliable partner and benefit from its global reach and innovation credibility which is key to develop a relevant regional hub.
SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. Furthermore, SIX designs and implements customized solutions for infrastructure services and financial institutions around the globe. The company is owned by its users (121 banks). With a workforce of some 3,500 employees and a presence in 20 countries, it generated operating income of CHF 1.38 billion and Group net profit of CHF 439.6 million in 2020.
About Cyprus Stock Exchange:
The Cyprus Stock Exchange (CSE) is the operator of the Regulated Market and the MTF Market in Cyprus, under MIFID. It also has the responsibility to operate the Cyprus Central Securities Depository and Registry and a Securities Settlement System which is eligible for the Eurosystem credit operations. At present, the Government Debt issued in Cyprus is listed on the CSE Regulated Market and registered on the Cyprus CSD. The CSE has 32 local and remote Members and CSD Participants (including Custodian Banks). The CSE is a public corporate body.
Relevant Press Releases
Fiscal accounts of General Government: January-October 2023
Turnover Value Index of Services: 3rd Quarter 2023
Index of Industrial Output Prices: October 2023
Industrial Production Index: September 2023
Annual non-financial sector accounts: 2022