The Athens Stock Exchange (ATHEX) is Greece’s main securities exchange, based in Athens and operated by the Hellenic Exchanges–Athens Stock Exchange S.A. It serves as the primary marketplace for trading Greek equities, bonds, derivatives, and ETFs. Like most national exchanges, ATHEX is both a financial infrastructure and a regulatory framework, providing the structure needed for companies to raise capital and for investors to access publicly traded securities.
Its operations are heavily influenced by the broader Greek economy, political developments, and the role of Greece within the European Union. While relatively small compared to larger European exchanges like Euronext or the Frankfurt Stock Exchange, ATHEX plays a central role in the Greek financial system.
History and Structure
ATHEX was established in 1876. For much of its history, it operated as a government-controlled entity, later becoming a private corporation. The exchange saw a period of rapid growth in the late 1990s and early 2000s, driven by economic optimism following Greece’s entry into the Eurozone and the lead-up to the 2004 Athens Olympic Games. However, the 2009 European debt crisis severely impacted its performance and market capitalisation, reflecting the broader economic difficulties faced by the country.
The exchange was fully demutualised in 2000 and became a listed company in 2003. Its parent company, Hellenic Exchanges–Athens Stock Exchange S.A., is publicly traded and also manages post-trade services including clearing, settlement, and registry.
ATHEX operates three main markets:
- Regulated Securities Market: Equities, ETFs, corporate and government bonds.
- Alternative Market (ENA): A lighter regulatory regime for smaller or growing companies.
- Derivatives Market: Includes index futures and options, stock futures, and other related contracts.
The exchange uses the OASIS trading system and functions on a fully electronic basis, in line with modern global standards.
Indices and Listings
The benchmark index of ATHEX is the ASE General Index (ATG), which tracks the performance of the largest and most liquid stocks on the exchange. Other notable indices include:
- FTSE/ATHEX Large Cap Index – the top 25 blue-chip companies.
- FTSE/ATHEX Mid Cap Index – medium-sized companies.
- FTSE/ATHEX Market Index – broader representation across market segments.
Several Greek banks, utility firms, telecom companies, and industrials dominate the large-cap segment. These include names like National Bank of Greece, Alpha Bank, PPC (Public Power Corporation), and OTE Group (Hellenic Telecommunications).
The number of active listings has declined over the years, due to economic restructuring, delistings, and mergers. However, recent years have seen some renewed interest in equity markets as part of broader efforts to modernise Greece’s financial system and attract foreign investment.
Trading Hours and Regulation
ATHEX is open for trading Monday through Friday, excluding Greek public holidays. The typical trading hours are:
- Pre-market: 08:30–10:15 (local time)
- Main session: 10:15–17:20
- Post-market/Closing auction: 17:20–17:25
Regulatory oversight is handled by the Hellenic Capital Market Commission (HCMC), which enforces rules on disclosure, trading conduct, market abuse, and transparency. ATHEX itself maintains internal systems for market surveillance and compliance with European regulations such as MiFID II and MAR.
Foreign Access and Investment
Foreign investors can access ATHEX-listed instruments through international brokers or Greek brokers offering international client services. Greece has no restrictions on foreign ownership of publicly traded equities, though large shareholdings must be disclosed in line with EU transparency rules.
Greek stocks are included in some emerging market indices, which makes ATHEX relevant for passive investment strategies and ETF exposure. However, limited liquidity in many issues means that institutional participation tends to concentrate on large-cap stocks.
Currency risk is another consideration. Since Greece uses the euro, foreign investors from outside the Eurozone must manage exposure to EUR/USD or other currency pairs when investing in ATHEX securities.
Challenges and Outlook
ATHEX remains a small exchange in terms of market capitalisation and trading volume compared to major European or global peers. It is highly sensitive to domestic political shifts, fiscal policy, and EU-level financial decisions. The aftermath of the sovereign debt crisis, including capital controls imposed in 2015, eroded investor confidence and shrank domestic participation. While those controls have since been lifted, lingering caution remains.
Liquidity is thin in many listed companies, and IPO activity has been minimal in recent years. Corporate governance standards and transparency have improved under EU guidance, but challenges persist around investor engagement, market depth, and scale.
Despite these headwinds, efforts continue to strengthen Greece’s financial markets. These include new listing incentives for SMEs, tax reforms, and initiatives to align capital markets with European sustainability and digitalisation goals. Foreign interest may also be revived by improving macroeconomic stability, increased tourism-driven revenues, and progress on privatisation.