Products Description - Regulatory & Legal Framework

A new financial instrument, Covered Warrants, is listed for trading in the Athens Exchange, within the framework of the recapitalization of the Greek banks.

According to the special provisions of the Ministerial Council Act (MCA) Nr.38/9.11.2012, warrants are issued as a result of the Share Capital Increases (SCIs) of the Greek banks and are distributed for free to all investors that participate in the SCIs. These warrants are listed in the "Securities Market" of ATHEX and registered in the Dematerialized Securities System (DSS), the registry and settlement system of HELEX. Warrants are traded in the trading category of ATHEX under the name "Warrants".

Warrants constitute freely transferable securities, listed in the Exchange along with the new common shares which are issued as a result of the SCIs of the banks. Warrants incorporate the characteristics of Bermudan style covered call warrants, i.e. they give their holders the right but not the obligation, to receive;

·        a specific number of the underlying common shares of the Bank which is recapitalized

·        at a specific price (exercise price or strike price)

·        on a specific future date

Capital market participants (investors, brokerage firms, etc.) may find in this page, condensed information about the legal & regulatory framework governing the warrants and the recapitalization of the Greek banks, as well as informative texts which describe in greater detail the new products' characteristics and their way of operation and use.


Informative and Regulatory Material




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