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Cyprus and Swiss stock exchanges announce partnership

Six Global Head of Exchanges Thomas Zeeb with Finance Minister Constantinos Petrides
Six Global Head of Exchanges Thomas Zeeb with Finance Minister Constantinos Petrides

The Cyprus Stock Exchange (CSE) and Swiss Exchange (SIX) signed an agreement on Monday for the establishment of the post-trade infrastructure necessary to facilitate the dual-listing of Cyprus‘ Euro medium-term note (EMTN) at the CSE.

The announcement was made by Minister of Finance Constantinos Petrides, CSE chairman Marinos Christodoulides, and SIX global head of exchanges Thomas Zeeb.

“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,” Petrides said, welcoming the successful collaboration between SIX and the Cyprus Stock Exchange.

The minister explained that the agreement will open an additional avenue for Cypriot investors to invest and trade in Cyprus’ international bond issuances, while also expanding the range of services provided by the CSE.

Petrides said that an additional objective is the transformation of the capital market infrastructure into an innovative catalyst for economic growth.

“This is the first step in the realisation of forming an innovative traditional and digital financial market infrastructure in Cyprus,” the minister stated.

SIX global head of exchanges and executive board member Thomas Zeeb expressed delight at the agreement, saying that “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”.

The Swiss Exchange operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, including for post-trade services, as is the case in the CSE partnership, banking services, as well as financial information services.

Moreover, SIX also designs and implements bespoke solutions for infrastructure services and financial institutions on an international level, while the company is owned by the 121 banks that operate it.

SIX currently employs approximately 3,500 staff members across 20 countries, while it generated an operating income of €1.32 billion and a group net profit of €422.67 million in 2020.

“This is an important step in moving our relationship forward,” head of securities services and executive board member Javier Hernani said about the agreement.

Hernani explained that SIX’s connectivity and scale across international markets, as well as its asset servicing model that facilitated the dual listing for the CSE, showcase the exchange’s ability to support 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,” Hernani added.

Meanwhile, CSE chairman Marinos Christodoulides said that the establishment of the infrastructure services for the dual-listing of the EMTN is an “important step” for the stock exchange.

Christoulides explained that SIX’s expertise and know-how will help to consolidate Cyprus Stock Exchange’s position both domestically and regionally.

“We are glad to work together with a reliable partner and benefit from its global reach and innovation credibility which is key to developing a relevant regional hub,” Christodoulides concluded.

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