Securities administration - Greece
Income collection
The average period between the record date and payment date varies according to the type of share (bearer, certificates etc.). The actual payment also depends on the availability of the cash.
| Market Record date | Ex-date | Basis for entitlement | Standard interest calculation rule |
| Coupon payment - private fixed income | |||
| For dematerialised securities, the last trading date cum entitlement (T). | T+1 | The last trading date cum entitlement. The confirmation of struck position comes on T+2. | Actual/360 |
| Coupon payment - public fixed income | |||
| Government bonds | |||
| Payment date -1 | Payment date | Settled position on record date | Fixed and floating rate coupons, actual/365. |
| Treasury bills | |||
| Payment date -1 | Payment date | Settled position on record date | Discount to face value, interest calculation not applicable |
| Dividend payment | |||
| Ex-date +1a | First trading date without entitlement | Settled position on record date at close of business | Not applicable |
a. Market Record date is linked to Settlement Date (SD) and not to Trade Date (T).
Corporate actions
Most common corporate events
The most common events in the Greek market are dividend distributions, shareholder meetings, warrants exercises, mergers and takeovers and share capital increases such as rights issues, bonus issues, stock splits and reverse stock splits.
| Market Record date | Ex-date | Basis for entitlement | |
| All events | Ex-date +2a | First trading date without entitlement | Settled position on record date at close of business |
| AGM/EGM | 6-4 calendar days before the AGM/EGM | First trading date without entitlement | Settled position on record date at close of business |
a. Market Record date is linked to Settlement Date (SD) and not to Trade Date (T).
Automated corporate action processing is provided for:
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Semi-automated corporate action processing is provided for:
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Warrants exercise
As a consequence of the recapitalisation of four systemic Greek banks by the Hellenic Financial Stability Fund (HFSF), warrants issued by the HFSF have been admitted for trading to HELEX. Such warrants have, as underlying asset, the shares of each of the credit institutions under recapitalisation and provide investors with the right (but not the obligation) to buy a certain quantity of the shares at a pre-set time and value. The issuer is obliged to officially announce the event details and related timetable a minimum of 10 business days before exercise date.
Upon settlement in the market on SD, exercised warrants are delivered-out and an integer number of new resulting shares is received.
Upon completion of the last settlement cycle, fractional entitlements resulting from split instructions for the same ATHEXCSD account under the same custodian or from clients with more than one custodian under the same ATHEXCSD account are consolidated and rounded down to the integer number of shares and will be compensated according to the issuer’s officially announced compensation process for fractional shares. Fractional entitlements of less than one share will be disregarded. For clients with more than one custodian under the same ATHEXCSD account, the integer number of shares resulting from the fractions will be credited to the custodian that had the highest amount of fractional shares for the given ATHEXCSD investor account.
On the warrants exercise SD, ATHEXCSD will deposit the fractional shares’ trades in the account for settlement by the custodian on SD+1.
Organisation of AGM/EGMs
The AGM is normally held by companies between March and July.
Local companies are required to publish or announce the AGM 20 calendar days prior to the AGM date.
No blocking of shares takes place for participation in a general meeting of companies whose shares are registered at HELEX1; the shares are available for trading between the record date and the date of the GM. Record date is set at six (6) calendar days (end of day) prior to the date of the GM. For repetitive GM the record date is four (4) calendar days prior to the repetitive GM.
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1. Until 24 September 2010, voting shares were blocked five days prior to the AGM and until the AGM is performed (meeting date inclusive).