The workshop organized by the Hellenic Exchanges Group, to present the services of the XNET network and its business model began today.
The purpose of the workshop, taking place from October 20th to the 24th, 2009, in Athens at the Astir Palace hotel, is to present in depth to ATHEX Members the services of the XNET network providing access to international markets, as well as the business model, in cooperation with investment services firms and market participants covering the international markets supported by XNET.
In particular, the workshop will provide opportunity for presentations, discussion, one-on-one meetings, seminars, demonstrations of the technology and dissemination of the practical experience gained from the use of the technology. At the workshop, organizations and companies from Serbia, Bosnia-Herzegovina, FYROM, Albania, Egypt, Jordan, Romania, Bulgaria, Cyprus and Greece are represented, as well as access networks and investment services providers from developed markets.
The Chairman of Athens Exchange, Mr. Spyros Capralos, at the opening of the workshop noted that "...?wo years following the implementation of MiFID, competition in the exchange industry has significantly increased. In order to remain competitive, the HELEX Group is investing in the strengthening of its exchange network in order to provide competitive trading services in international markets with safety and speed at a low cost."The XNET Network
The XNET Network is a technology platform of the HELEX Group that is used to interconnect the Greek Market with both developing and developed international capital markets.
Through the XNET network, Members of Athens Exchange can provide to their client-investors, access to the securities traded in each market connected to the network ("XNET markets") with safety, speed, and at a low cost, thus exploiting the network that Greek banks have developed in southeastern Europe.
Each member of the XNET network, gains access to all other markets through local Members-Representatives ("XNET Agents"). XNET Agents can connect and communicate (Member-to-Member) with other Members of the network in other Markets, using the XNET infrastructure and services.
The XNET Network provides four basic services to its clients:
- Market price watch (Xvision).
- Market financial information (Xinfo).
- Order routing / management (Xorder).
- Transaction settlement and custody (Xsettle).
The implementation of the XNET network is taking place in cooperation with the relevant authorities, access networks and investment services providers that participate in the markets that are planned to be interconnected.
Starting in November, the XNET Network will provide, on a trial basis, access to ATHEX and CSE (Cyprus Stock Exchange), as well as in selected markets from Southeastern Europe and the Mediterranean, such as Serbia, Bosnia-Herzegovina, FYROM, Albania, Egypt and Jordan. The Network is expected to go live in the 1st quarter of 2010, when its interconnection with developed markets (mainly in Europe and America), as well as with the markets of Romania and Bulgaria will become operational. During that stage, the access services that will be offered will consist of sending orders for execution and settlement to the abovementioned XNET Markets (outflow services). The trial operation of the Network will give Athens Exchange Members the time necessary to exploit XNET and promote its use to their clients.
During the 2nd phase of XNET Network development, in the 2nd quarter of 2010, the services provided will also include investment services, from the XNET Member - XNET Agent network of the international Markets supported, to the Common Platform markets of Athens Exchange and the Cyprus Stock Exchange (inflow services).
In addition, and in order that Members be immediately able to exploit the basic XNET services offered to supported markets, without the need from their side to make additional infrastructure investments, ATHEX has developed and is providing the InBrokerPlus system. Through this service, Members will be in a position to provide investors a complete internet-based solution for real-time market price and financial information watch, as well as order routing / management in the Markets supported. The InBrokerPlus service already provides all of the above for the markets served by the Athens Exchange and Cyprus Stock Exchange. The provision of these services to other international markets is expected to take place within the implementation framework of the XNET Network (1st quarter of 2010).