Code of Conduct for Clearing & Settlement

This initiative, led by the exchange and post-trading industry, is aiming at promoting cross-border investment activity in equities and thus contributing to the integration of European equity markets.

 European Code of Conduct for Clearing & Settlement 


The Group of Companies

The Athens Exchange S.A. and Hellenic Exchanges S.A. have actively participated in the drafting of the Code in their capacity as members of the relevant industry trade associations FESE, ECSDA and EACH and have signed the Code.

 Document title  
 HELEX Group press release
 ATHEX - Code of Conduct for Clearing & Settlement
 HELEX - Code of Conduct for Clearing & Settlement
  - ATHEX - Public Statement on compliance with the Code of Conduct (June 2009)
  - HELEX - Public Statement on compliance with the Code of Conduct (June 2009)


The implementation of the Code of Conduct


Fees transparency

According to the Code of Conduct, fees transparency measures must be in place by December 31st 2006.

This will enable customers, on an ex ante basis to compare and relate costs to be incurred in an equity transaction, and on an ex post basis to reconcile costs paid with the price list announced.

 Technical Connection Explanatory document


 Trading services by Athens Exchange S.A.  
  - Description of trading services
  - Transaction pricing examples
 There are no discount and rebate schemes on the fees of the securities market of the Athens Exchange S.A.
 Reference material  
  - ATHEX Rulebook
  - ATHEX BoD Resolution no 24


 Post-Trading services by Hellenic Exchanges S.A.  
  - Description of post-trading services
  - Post-trading services summary fee table
  - Post-trading pricing examples
  - Price transparency and conversion table
  - Glossary accompanying price transparency and conversion table
 There are no discount and rebate schemes on the fees of Hellenic Exchanges S.A.
Reference Material  
 - Dematerialized Securities Stock Exchange Transactions Clearing & Settlement Regulation
 - Regulation on the operation of the Dematerialized Securities System (DSS)
 - RESOLUTION 1 - Fees and Charges for the Administration and Operation of the DSS
 - RESOLUTION - Fees for Risk and Collateral Management (Supplementary or Guarantee Fund)
EC Report re pricing for exchange services - 16 July 2009  

The European Commission DG Internal Market and Services assumed in 2007 the burden of undertaking a study of 18 EU countries in order to monitor the changes in prices for exchange services. This study was undertaken by OXERA Consulting on behalf of the European Commission. The results of this study were published by the EC today - "EC final report Oxera".


Access and interoperability

 Detailed access and interoperability guidelines in line with the Code of Conduct - Press Release
 Access and interoperability Guideline (28 June 2007)


Service unbundling and accounting separation

According to the Code of Conduct implementation of service unbundling and accounting separation must be in place by January 1st 2008.

In view of the implementation of "Service Unbundling" of the Code of Conduct, all ECSDA members (being signatories of the Code) have agreed on a common understanding of the services which have to be undundled according to the Code of Conduct. This understanding is reflected in a common ECSDA Glossary. The tariff brochure that is public on January 1st, 2008 reflect our Organization's implementation of the Code's service unbundling commitments.

In addition, and with effect from 1 January 2008, Hellenic Exchanges S. A. Holding, Clearing, Settlement and Registry is in a position to be able to comply with the Accounting Segregation provisions of the Code of Conduct.

Useful links in relation to the Code of Conduct








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