The Cyprus Stock Exchange (CSE) announces that by a decision of the Chairman of the Council and the Director General –CEO of the CSE taken in accordance with Article 183 of the Securities and Stock Exchange Law, which was ratified by the Council of the Stock Exchange at an extraordinary meeting held today in accordance with Article 184 of the Law, the trading of all securities listed on the Stock Exchange is suspended for the purpose of ensuring the proper functioning of the Stock Market and to protect investors. This decision was taken in view:
(A) Of the fact that Banks will not be working (Bank Holiday as was declared yesterday) and consequently the clearing and settlement of stock exchange transactions which have been executed on the CSE cannot be effected.
Settlement of transactions on the CSE is performed at the Trans – European Automated Real – Time Gross Settlement Express Transfer Systems (Target 2) through the Settlement Banks. Due to the decision taken for the Bank Holidays the clearing and settlement of stock exchange transactions cannot be effected and therefore the CSE will not commence the daily procedure of Target 2.
(B) The current very serious developments in the Cyprus economy due to recent decisions of the Eurogroup which affect the banking sector in Cyprus and the economy in general which affects banks whose securities are listed on the Stock Exchange.
(C) For the avoidance of any potential additional risk to the system, where the Stock Exchange, due to the Bank Holidays will not be able to check the credit limits of Members during the trading session.
The suspension of trading will be valid for the same time period as the Bank Holidays, Tuesday March 19, 2013 and Wednesday March 20,
