Athens Stock Exchange

What Athens Stock Exchange does

Athens Stock Exchange, now operating as Euronext Athens following its 2020 acquisition by Euronext NV, is a vertically integrated capital market infrastructure operator headquartered at 110 Athinon Avenue, Athens, Greece. Founded in 1876, the exchange is the sole operator of regulated securities markets in Greece, providing primary and secondary trading venues for equities, bonds, ETFs, and derivatives through its Regulated Market and the EN.A. Growth alternative market for SMEs. Its core technology stack comprises three wholly-owned subsidiaries — Euronext Athens (trading), Euronext Securities Athens (central securities depository), and Euronext Clearing Athens (central counterparty clearing) — supported by proprietary platforms including the AXIA suite for shareholder communications, InBroker for IR/media services, Real-Time Data Feeds, Electronic Book Building for IPOs, SCILA for compliance reporting, and HERMES for settlement processing.

The exchange serves three primary customer segments: listed companies/issuers seeking capital raising and visibility, trading members and financial institutions requiring market access and post-trade infrastructure, and international investors (responsible for 65% of trading activity) seeking exposure to Greek capital markets. Revenue streams are diversified across listing fees (one-time/perpetual), transaction fees on trades, recurring market data subscriptions, post-trade clearing and settlement fees, and technology/professional services fees. GTM motion is predominantly enterprise field sales combined with event-driven marketing, most notably the annual Investment Conference co-hosted with Morgan Stanley in London that convened 42 listed companies with international institutional investors. The exchange maintains ISO 27001 certification and GDPR compliance, and offers ESG products (ATHEX ESG Index, GREENet green bond platform, ESG Data Portal) alongside the Euronext Athens Academy professional certification program. Recent milestones include the ATHEX Composite reaching 2,000 points in July 2025 (from a 2016 crisis low of 440), FTSE Russell upgrade to Developed Market status effective September 2026, and the March 2026 launch of Euronext Nord Pool Power Futures extending infrastructure into Nordic/Baltic energy derivatives markets.

Name

Athens Stock Exchange

Legal name

Ελληνικά Χρηματιστήρια - Χρηματιστήριο Αθηνών Α.Ε.

Website

https://athexgroup.gr

Company type

Public

Founded year

1876

Operating status

Operating

Headcount range

251–500 employees

Short description

Athens Stock Exchange, operating as Euronext Athens since its 2020 acquisition by Euronext NV, is Greece's sole regulated market operator providing trading, clearing, securities depository, and technology services for listed companies, trading members, and international investors across Greek and broader European capital markets.

Ownership category

akta.pro rank

Product category

Stock Exchange and Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industries

Equity Index Futures & Options Exchanges (FSAFABAA), Emerging Markets & Local Currency Bond Trading Venues (FSAFACAL), Money Markets & Repo Trading Platforms (FSAFANAG)

Keywords

• Stock exchange operations
• Capital market infrastructure
• Securities trading platform
• Post-trade clearing settlement
• Market data services

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Listing Fees: Revenue from companies listing equities, bonds, and ETFs on the regulated market and EN.A. Growth alternative market
2. Trading Transaction Fees: Transaction fees charged on trades executed through the exchange, with approximately 65% of trading activity originating from international investors
3. Market Data Services: Real-time data feeds, delayed feeds, and statistical products sold to data vendors and market participants
4. Post-Trade Services: Clearing services through Euronext Clearing Athens and settlement/registry services through Euronext Securities Athens
5. Technology Solutions: Fees for technology services including InBroker, AXIA platform, co-location, electronic book building, and other proprietary platforms

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Athens Stock Exchange, now operating as Euronext Athens, runs the regulated Greek securities market (Regulated Market and EN.A. Growth alternative market) for equities, bonds, ETFs, and derivatives, and provides the full post-trade stack through wholly-owned subsidiaries Euronext Clearing Athens (CCP) and Euronext Securities Athens (CSD). It supplies proprietary technology platforms for trading, market data dissemination, issuer shareholder communications, regulatory reporting, and investor relations, and earns revenue from listing fees, trading transaction fees, market data subscriptions, clearing/settlement fees, and technology service fees.

Product overview

Euronext Athens (formerly Athens Stock Exchange/ATHEX) operates as a comprehensive capital market infrastructure platform offering a unified ecosystem of trading, post-trade, and technology services. The platform consists of three core entities: Euronext Athens (trading venue), Euronext Securities Athens (CSD), and Euronext Clearing Athens (CCP). The product portfolio includes Regulated Market and EN.A. Growth for listings (equities, bonds, ETFs, derivatives), technology solutions (Real Time Data Feed, Electronic Book Building, AXIA suite for shareholder communications, InBroker IR services, HERMES settlement, EMIR TR/SFTR reporting, and Custom Index Services), ESG products (ATHEX ESG Index, Reporting Guide, Data Portal, GREENet), and professional education through Euronext Athens Academy. The recent launch of Euronext Nord Pool Power Futures expands derivatives offerings. The platform serves 150 years of capital market experience with 65% trading activity from international investors.

Differentiator

Problem solved

Functional benefit

Brands

• EN.A. Growth: Alternative market segment for growth companies providing a simplified listing framework.
• Euronext Athens Academy
• ATHEX ESG Index

Products and services

• Regulated Market Primary listing venue for equities, bonds, ETFs, and derivatives with full regulatory oversight and MiFID II compliance, targeted at Greek and international issuers seeking to raise capital on a regulated European market.
• EN.A. Growth (Alternative Market) Alternative growth market for small and medium-sized enterprises offering a lighter regulatory regime and streamlined listing pathway, targeted at growth-stage Greek and regional companies.
• Euronext Clearing Athens (Central Counterparty Clearing) Central counterparty clearing (CCP) for cash market and derivatives market trades, with risk management and EMIR/SFTR reporting, targeted at trading members and clearing members.
• Euronext Securities Athens (Central Securities Depository) Central securities depository (CSD) providing initial recording of securities, securities accounts, settlement services (cash, cross-border, multilateral/bilateral, OTC), registry services, corporate actions, and tax services, targeted at issuers, trading members, and investors.
• Real Time Data Feed Real-time streaming market data service covering stocks, derivatives, bonds, ETFs, and indices, targeted at data vendors, trading members, and market participants.
• Electronic Book Building (EBB) Electronic book building platform that supports capital raising activities such as IPOs and secondary offerings, targeted at issuers and underwriters.
• Co-location and Data Center Services Co-location facilities and data center services offering low-latency connectivity to exchange trading systems, targeted at trading members and high-frequency participants.
• InBroker Services (B2B, Media, IR) Suite of broker communication and investor relations services (InBroker B2B, InBroker Media, InBroker IR) connecting listed companies with trading members, media, and investors.
• AXIA e-Shareholders' Meeting (AXIA e-SM) Electronic shareholders' meeting platform enabling listed companies to conduct virtual or hybrid general meetings with voting and participation features.
• AXIA Shareholder Identification Shareholder identification and registry service enabling issuers to identify and communicate with their shareholders.
• AXIAline, AXIAweb, AXIAsms-email Suite of issuer communication tools including AXIAline messaging platform, AXIAweb portal, and AXIAsms-email notification services for corporate communications.
• SRD II Services for Issuers Shareholder Rights Directive II (SRD II) interoperability service enabling issuers to receive shareholder identification information.
• SCILA Statistical and reporting product for securities transaction compliance and market surveillance, targeted at regulators and compliance teams.
• HERMES Securities settlement and depository management system for trade confirmation and settlement processing.
• EMIR TR Service Trade repository reporting service for European Market Infrastructure Regulation (EMIR) compliance on derivatives transactions.
• SFTR Service Securities Financing Transactions Regulation (SFTR) reporting service for securities financing transactions.
• ISIN Service International Securities Identification Number (ISIN) allocation and management service for securities issued on the exchange.
• ECS LEI Services Legal Entity Identifier (LEI) issuance and management service for regulatory compliance and entity identification.
• Custom Index Service Bespoke index design and calculation service for issuers and market participants requiring custom benchmarks.
• IR Broadcasting Investor relations broadcasting service enabling live and archived webcasts for corporate presentations and earnings calls, targeted at listed companies and their investors.
• Issuers Service Desk Centralized support service providing listed companies with guidance on listing obligations, regulatory requirements, and operational procedures.
• Statistical Products Market statistics and analytics products including end-of-day closing prices, market activity reports, and member reports, targeted at data subscribers and market participants.
• ATHEX ESG Index Environmental, Social, and Governance (ESG) index for sustainable investment products and benchmarks, targeted at asset managers and ESG-focused investors.
• ATHEX ESG Reporting Guide ESG disclosure guidelines and reporting framework for listed companies to meet sustainability reporting requirements.
• ESG Data Portal Data portal providing ESG metrics and sustainability performance data for listed companies, targeted at investors and analysts.
• ATHEX Bonds GREENet Green bond listing and data platform for sustainable debt instruments, targeted at issuers of green bonds and ESG-focused investors.
• ATHEX Convention Center Corporate event hosting service at the Athens Exchange convention facility for corporate events, conferences, and investor meetings.
• Euronext Athens Academy Professional certification and educational seminar programs for capital market participants, including certifications for Euronext Athens, Euronext Clearing Athens, and Euronext Securities Athens, plus institutional certificates and educational seminars.
• Euronext Nord Pool Power Futures Power futures trading product for Nordic and Baltic regions combining Euronext's trading and clearing technology with Nord Pool's established pricing benchmarks, targeted at energy market participants and clearing members.

Quantifiable outcome

• 8-week listing process completion time
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Seven partnerships are on record, tiered core, flagship and major.

• Nord PoolcoreTechnology or Integration · 16 March 2026Launched integrated Euronext Nord Pool Power Futures across Nordic and Baltic regions. Migrated 173 TWh of open interest from Nasdaq Clearing to Euronext's clearing system. Combined Euronext technology with Nord Pool's established pricing benchmarks.
• MSCIflagshipStrategic or Co-development Partner · 1 February 2026MSCI launched consultation to upgrade Greece from Emerging to Developed Markets status, waiving standard five-year persistency rule. Other index providers including FTSE Russell, S&P Dow Jones, and STOXX have also proposed similar upgrades.
• Morgan StanleycoreGTM or Marketing Partner · 1 December 2025Co-organized 4th Investment Conference in London with Morgan Stanley, featuring 42 listed Greek companies presenting to international investors. Public discussion between PM Mitsotakis and Morgan Stanley CEO Clare Woodman on Greece's investment landscape.
• FTSE RussellflagshipStrategic or Co-development Partner · 8 October 2025FTSE Russell upgraded Athens Stock Exchange from Advanced Emerging Market to Developed Market status, effective September 21, 2026. Described as landmark achievement representing international recognition of Greece's structural reforms.
• European Bank for Reconstruction and Development (EBRD)coreStrategic or Co-development PartnerEBRD Research Coverage partnership providing market insights and research coverage for Euronext Athens.
• Euronext NV (Parent Company)flagshipStrategic or Co-development PartnerEuronext NV acquired Athens Stock Exchange, integrating it into the Euronext group of stock exchanges. Athens Stock Exchange rebranded as Euronext Athens, joining leading European capital market infrastructure.
• S&P Dow Jones Indices and STOXXmajorStrategic or Co-development PartnerIndex providers that have proposed or scheduled similar upgrades to Developed Market status for Greek equities alongside MSCI and FTSE Russell.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Warsaw Stock Exchange (GPW): Poland's primary regulated exchange, operating equities, derivatives, and commodities markets with clearing and settlement subsidiaries. Comparable regional Central European exchange operator with a broader product suite than ATHEX, sharing the post-Emerging-Market development path and integrated trading/clearing/CSD model.

Regional players

• Bucharest Stock Exchange: Operator of Romania's regulated equity and derivatives markets with integrated post-trade services. Directly comparable to ATHEX as a Southeast European emerging/transitioning market operator pursuing index reclassification, with similar product breadth (equities, bonds, derivatives) and EM-to-DM trajectory.
• Prague Stock Exchange (PSE): Czech Republic's regulated equity and bond market, part of the Wiener Börse group. Comparable to ATHEX as a smaller Central European exchange serving a transitioning economy with similar equity/bond/ETF listings and a regional cross-border investor base.
• Budapest Stock Exchange (BSE): Hungary's regulated exchange operator for equities, derivatives, and commodities. Directly comparable to ATHEX in scale, product mix, and post-emerging-market development status, serving a CEE economy with similar listing volumes and international investor mix.
• Cyprus Stock Exchange (CSE): Cyprus's regulated securities market, part of the Euronext group alongside Athens. Most directly comparable geographically and structurally—shares the same parent, similar small-market profile, and overlapping Greek/Cypriot investor base.
• Borsa Istanbul: Turkey's primary exchange operating equity, derivatives, and fixed-income markets with integrated clearing and settlement. Comparable as an emerging-to-developed-markets exchange operator in the broader SEE/Eastern Med region, though currently facing index demotion pressures that contrast with ATHEX's upgrade trajectory.
• Tel Aviv Stock Exchange (TASE): Israel's primary regulated exchange operating equities, bonds, ETFs, and derivatives. Comparable as an Eastern Mediterranean exchange operator with similar emerging-to-developed market reclassification dynamics and an emphasis on dual-listing and international investor access.

Broad incumbents

• Nasdaq Nordic Exchanges: Operates regulated exchanges in Copenhagen, Helsinki, Iceland, and Stockholm with shared Nordic infrastructure. Comparable as a multi-country European exchange operator with integrated trading and clearing; directly relevant given the Nord Pool power futures migration from Nasdaq Clearing to Euronext.
• Deutsche Börse: Frankfurt-based global exchange operator running Xetra cash equities and Eurex derivatives plus Clearstream CSD. Comparable as a vertically integrated European exchange/clearing/CSD operator, though at much greater scale and serving as the benchmark for pan-European derivatives competition.
• Euronext NV: Pan-European exchange group operating regulated markets across Belgium, France, Netherlands, Portugal, Ireland, Italy, and Norway. ATHEX's parent company; comparable as the broader exchange operator ATHEX is integrated into, sharing infrastructure (Optiq, CSD, CCP) and product distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ATHEX_Group

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Athens Stock Exchange