Cyprus Stock Exchange
The Cyprus Stock Exchange, also known as CSE, was established for the development of trade and securities markets and started operating in March 1996. Operations of the exchange are subject to the Cyprus Securities and Stock Exchange Law established and passed by the House of Representatives of Cyprus in April 1993. For brokers or stockbroker representatives to be accepted and registered with the Cyprus Stock Exchange, there are requirements that need to be met.
Firstly, all brokers and stockbroker representatives must be citizens of Cyprus. Recognized degrees must have been passed, especially in regard to the stock exchange practices, regulations and legal aspects. All that apply to be listed must have the minimum practical experience of one year. There is also a list of requirements that relates to company listing, that includes net capital and that the company’s board members must be reputable. Companies are also required to list their securities on the Cyprus Stock Exchange. In 1999, the CSE began to incorporate an automated trading system. Trading without the use of a floor is the goal for the future, but during this first stage of computerization, the system is used in conjunction with the floor. All trading, securities transfers and company listings are done through the system, which is controlled and regulated by the Cyprus Stock Exchange. Companies that are presently listed, total 41, with 93 securities. The number of brokers that are members of the Cyprus Stock Exchange, total 37 and are from twenty different firms.
Cyprus is divided into two sectors, the Greek and the Turkish sectors. Generally, agricultural products include citrus, cotton, grains, potatoes and olives, but the Greek sector provides additional fruits and grapes that are used in wine making. The Turkish sector provides Cyprus with table grapes, tobacco and vegetables. In regard to livestock, the most commonly found are hogs, occasionally cattle, sheep, poultry and goats. This produces meat and dairy products to the community. The Turkish sector in Cyprus takes care of the fishing industry and the Greek sector dominates manufacturing. Products that are manufactured in this sector include metal products, paper, textiles, clay products, beverages, ship repairs, stone, chemicals, processed foods and refined petroleum.
Tourism plays a very important role in the economy of the entire Republic, but has seen a decline in the industry due to the political instability. Cyprus has its own mineral sources of asbestos, pyrites, chrome, copper and gypsum. The Turkish sector relies greatly on the aid and assistance from Turkey, as the Greek sector is more prosperous.
The export industry of Cyprus exports mainly textiles, potatoes, citrus, cigarettes, textiles and pharmaceuticals, while they import products such as petroleum, transport equipment, consumer goods, vehicles, fuel, food, chemicals, machinery and lubricants. Goods that are imported and exported from the north of Cyprus might vary, due to the difference in demand.