Today, the Ministry of Finance of the Republic of Cyprus, SIX and the Cyprus Stock Exchange announce the “Go Live” of the dual- listing of the EMTN of the Republic of Cyprus at the Cyprus Stock Exchange. First Trading Day in the EMTN officially commenced on March 27th 2024.
SIX 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 of the Republic of Cyprus.
This partnership will enhance liquidity for the Republic of Cyprus’ funding vehicles, accelerate growth of the Cypriot capital markets and capture long -term joint value for both Cyprus Stock Exchange and SIX.
The Minister of Finance of the Republic of Cyprus, Makis Keravnos, commented “ The “Go Live” of the dual-listing of the EMTN of the Republic of Cyprus at the Cyprus Stock Exchange reaffirms the Cypriot government’s determination to facilitate access for the Cypriot investors to invest and trade in the Republic’s international bond issuances thus expanding the investor base and enhancing the liquidity for the Republic’s funding vehicles. At the same time, the dual listing of the Republic’s international bond issuances at the Cyprus Stock Exchange signifies an important improvement of the effectiveness of the public debt management.
Marcus Harreus, Managing Director SIX SIS commented, “We are delighted to announce together with the Ministry of Finance and the Cyprus Stock Exchange the “Go Live” of a significant infrastructure project, the dual- listing of the EMTN of the Republic of Cyprus at the Cyprus Stock Exchange. This partnership with Cyprus Stock Exchange and the individualised solution we designed and implemented for Cyprus stock Exchange mark a significant step forward in strengthening the presence of SIX in Cyprus and increasing SIX’s visibility in the region. Given SIX’s strong position in the global post-trade value chain, its global footprint and expertise, scale, multiplicity of connectivity patterns, enhanced servicing model and innovative solutions, we trust that the partnership will increase Cyprus Stock Exchange’s functionality, efficiencies and investor access. We look forward to continuing working with the Cyprus Stock Exchange towards expanding its market coverage, products, services and innovation potential, to further our join vision of trust and innovation and capture long -term joint value. We believe that this partnership will increase our joint growth perspectives and support Cyprus Stock Exchange’s position as a solid infrastructure in the region.
Marinos Christodoulides, Chairman of the Board of the Cyprus Stock Exchange commented, “We welcome the “Go Live” of the dual-listing of the Republic’s international bond issuances at the Cyprus Stock Exchange in collaboration with SIX. This is an important first step of our strategy towards an optimal reshaping to achieve scale and business expansion by establishing new business streams in order to diversify and enrich Cyprus Stock Exchange’s business model. The establishment of an Investor CSD infrastructure represents a milestone of our strategy and our ability to serve domestic and foreign financial assets of our clients. Our partnership with SIX comes at a pivotal time of transformation in the Cypriot capital markets and is testament to Cyprus Stock Exchange’s ongoing commitment and efforts to increasing the market’s liquidity and enhancing the solidity of the local infrastructure. We consider the establishment of a long-term partnership with SIX, a reliable partner, and the benefits from its global reach and innovation credibility as a solid fundament for Cyprus Stock Exchange’s development towards becoming a relevant regional hub.
