With the application of strict financial requirements for the members, Derivatives Market and ADECH can reduce the risk exposure of the Exchange and consequently increase their credibility.
The ability of an investment services company to become a member of Derivatives Market and ADECH is specified by Law 2533/97 as in force today.
Financial institutions wishing to trade and clear in Derivatives Market and ADECH must be admitted as Derivatives Market and/or ADECH Members. Companies may apply for admission if they fulfill the following conditions:
Derivatives trading in a commercial manner as well as evidence that the respective exchange Member is subject to proper banking or exchange regulation in its country of origin.
Admission and registration of at least one exchange sertified trader (trader exams) in case the company is applying as an agent or two if the company applies as eiter a proprietary trader or a market maker.
Registration of at least one qualified backoffice clearer (clearer exams) if the company is applying as a Clearing Member.
Compliance with mandatory technical requirements for connection to the Derivatives Market (A.E. S.A.) system.
Participation to the clearing process either as Direct Clearing Members or by signing a give-up aggreement with a General Clearing Member.
Meet the share-capital adequacy requirements, as defined by the law, according to the Membership type. The share-capital required is presented below:
Derivatives Market Member
Member Agent, where the company is not a Member of the Athens Exchange: EUR 880.410,86
Member Agent, where the company is a Member of the Athens Exchange: EUR 1.467.351,43
Prprietary Trader: EUR 2.934.702,86
Market Maker in any product: EUR 2.934.702,86
ADECH Member
Direct Clearing member: EUR 2.934.702,86
General Clearing Member: EUR 11.738.811,45
For the participation of the banking institutions in the trading transactions executed in Derivatives Market the consensus of the Bank of Greece is required.
Furthermore, foreign financial organisations (ISF's), which possess European passport according to the ISD Directive to operate in another Member state of the E.U., and are subject to control by the relevant authorities of that state, can offer main or secondary investment services in Greece and become Members of Derivatives Market (A.E. S.A.) and ADECH. Their activities can be via subsidiary established in Greece or directly from abroad, without the requirement of an operating license from the Hellenic Capital Market Commission, but simply through a notification of a relevant announcement to the Hellenic Capital market Commission by the relevant regulatory authority.
