Supplementary Fund

The Supplementary Fund was established by the Greek Government Law 2471/97.

The scope of the Supplementary Fund, which is consisted of the Athens Exchange (ATHEX) Members' Accounts, is the immediate coverage of the ATHEX Members' exposures that are realized by the failure of the clearing and settlement of transactions, due to the non delivery of stocks, or cash.

According to the 2/392/26.7.2006 BoD Resolution of the Hellenic Capital Market Commission (HCMC), Hellenic Exchanges (HELEX) is the administrator and custodian of the Supplementary Fund.

All ATHEX Members are holding Accounts in the Supplementary Fund. Each Account is consisted of the cash that the Member deposits, plus any interest on that cash. HELEX, as the Fund's administrator, will withhold a portion of cash for operational, administrational and risk management expenses. The interest paid to the Fund and the Fund's expenses is allocated to the ATHEX Members according to the value of each Member's Account and according to each Member's contribution to the Supplementary Fund.

The minimum capital of the Supplementary Fund is calculated by HELEX during the first three days of each annual quarter. For this calculation, HELEX uses the transaction data of the previous annual quarter.

For any new ATHEX Member and for the first 24 months (2 years), the amount deposited at its Supplementary Fund Account should be of minimum €50,000 in cash.

ATHEX Member's Daily Credit Limit

The Member's Daily Credit Limit is the calculated as the difference of the total Member's collateral value, minus the value of the collateral that had to be deposited by the Member.

An ATHEX Member's collaterals are consisted of:

• The cash of the Member's Account at the Supplementary Fund
• Any extra guarantee that could be either in cash or bank letters of guarantee

The minimum collateral value that the Member has to deposit is calculated as the sum of the trading exposure of its all unsettled trades (from T till T+3), which are the General Risk, the Specific Risk and the Mark to Market.

For the new Members (first 2 years of activation) this value is multiplied by 100%, while for the old members (above the first 2years of activation) this value is multiplied by 30%.

If the value of the collateral needed is above the total value of the deposited collaterals, then the Member has to deposit extra collaterals either in cash or in bank letters of guarantee.

Greek Guarantee Fund 

The scope of the Greek Guarantee Fund is to protect the investors according to the Directive 93/22.

In case of an Investment Firm's bankruptcy or failure to fulfill its obligations from the provision of investment services, the Greek Guarantee Fund will act in order to reimburse the investors and/or any of the contracting parts.

The Greek Guarantee Fund is financed by the ATHEX Members and it is supervised by the HCMC. Extra deposits of cash from an ATHEX Member could be realized according to the total value of the Member's transaction. The Greek Guarantee Fund is activated in case that an Investment Firm is bankrupt, or non able to fulfill its obligations. The maximum amount of compensation is €30,000 per investor.