Cyprus Stock Exchange budget approved for 2024

In a marathon session that extended into the early hours of Friday, the House unanimously approved the budget of the Cyprus Stock Exchange (CSE) for 2024.

At the same time, the Plenary, with a vote of 14 in favour and 27 against, rejected an amendment proposed by Akel.

The amendment aimed to restrict expenditures on the purchase of services from the CSE, whether by natural or legal persons, except for existing contracts from January, February, and March, without prior notification to the House Finance Committee and obtaining its written consent.

As per the information presented to the committee, the CSE’s budget for 2024 expects a deficit, with total expenses projected at €6,773,953 and revenues expected to reach €5,146,356.

These revenues are derived from several sources including annual subscriptions and other rights amounting to €2,457,991, fees for the publication and negotiation of Collective Investment Plans totalling €19,000, income from fixed rights at €256,341, interest receivable of €91,000, and various other incomes totalling €2,322,024.

The detailed expenses planned for the CSE in 2024 encompass various categories. These include the remuneration of Board Members and Staff Salaries, which is the largest expense at €4,095,533.

Regular expenses are forecasted to be €2,298,939, covering operating expenses (€360,523), consulting and other services (€1,247,686), promotion expenses and other miscellaneous expenses (€324,460), transfers and subscriptions (€110,310), and capital expenditures (€329,481).

Additionally, a provision for unforeseen expenses and reserves has been set aside at €50,000.

The budget shortfall of €1,627,597 is significant and, according to the same data, it is planned to be offset by the cash reserves of the CSE, ensuring financial stability for the upcoming year.