The Cyprus Stock Exchange budget for 2003 has shown deficit, as total revenues are expected to reach CYP 2,717,905, while total expenses are to reach CYP 5,664,905.
CSE General Manager, Nontas Metaxas, has appealed to the legislative body to approve the budget as soon as possible so that the CSE is able to cover urgent needs.
Mr. Metaxas said that reduced revenues are attributable to the low trading volume due to the lack of investors' interest, as well as the allocation of 10% of its gross revenues to the Exchange and Securities Commission (SEC).
Meanwhile, the members of the House Finance Committee have criticized the CSE with regard to the promotion of the new upgrading, the large sums granted for security reasons, the personal security of the CSE Council members, the amount of CYP 80 thousand granted to CSE legal advisers, as well as the amount of CYP 60 thousand allotted to several stock market experts.
CSE General Manager, Nontas Metaxas, has appealed to the legislative body to approve the budget as soon as possible so that the CSE is able to cover urgent needs.
Mr. Metaxas said that reduced revenues are attributable to the low trading volume due to the lack of investors' interest, as well as the allocation of 10% of its gross revenues to the Exchange and Securities Commission (SEC).
Meanwhile, the members of the House Finance Committee have criticized the CSE with regard to the promotion of the new upgrading, the large sums granted for security reasons, the personal security of the CSE Council members, the amount of CYP 80 thousand granted to CSE legal advisers, as well as the amount of CYP 60 thousand allotted to several stock market experts.
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