The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Greece - Adex gets moving

Hedging equity risk is now possible through the Athens Derivatives Exchange (Adex) with its futures contract based on the FTSE-ASE 20 Index covering blue chip stocks. Options and bond futures are on their way as are tie-ups with other European exchanges and regional indices. Adex chairman Panayotis Alexakis, a finance professor at Athens University and a business consultant, explains how he believes the market will develop. By Michael Peterson.

Greece - New paradigm or old problem?

Greece - The race for returns

Greece - Euro may bring issuing troubles


Why was this the right time to set up the derivatives exchange?


Judging from past experience, we decided that it's more important to start the market than to try to create all the preconditions for the market which would take one or two years and [at the end of it] we may still not have a derivatives market in Greece. Of course most of the basic preconditions were in existence. Most important the stability of the Greek economy and the situation of the capital market justified an organized derivatives market.


The decision was taken to start the market as we believed we had to start something in order to push the brokerage firms, funds and statutory investors to make the investments in management systems and personnel. If you tell them "please invest first extensively and then we are going to operate the market", if you tell them "please educate your personnel and your investors and then we are going to start the market", with all this dramatic growth that we had in this period at the stock exchange we may not have had a derivatives exchange in Greece.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree