Following the challenges of the European Capital Market, according to European Union’s initiatives to simplify cross-border transactions, HELEX Group designed and developed the XNET Network, offering tothe Greek investment community, the ability of trading in foreign markets through the domestic stock market network.
The main objective of the XNET Network is to enhance the services offered by ATHEXMembers to theirclients, providing them with tools to obtain direct information on foreign markets and in particular the ability of easy and cost-competitive execution and settlement of their transactions.
Activating a user to XNET Network is voluntary and requires the conclusion of additional contracts with HELEX Group and selected correspondents (XOrder Agents) in order to execute throughthem transactions in securities of the supported markets. In particular, orders for purchasing foreign securities are transmitted to XOrder Agents , who undertake to perform them in a similar way as for Greek shares through the information infrastructure of HELEX.
The clearing and settlement procedure is performed via the Dematerialised Securities System (DSS) of HELEX in a similar way as for the ATHEX Market. The result of the transaction is illustrated in the investor’s share and account in the DSS, which as a transparent and reliable system, allows the investor to monitor and manage their securities and be informed on their changes. In addition, all the results of corporate actions concerning these securities are shown in the investor's account while HELEX applies the corresponding procedures to execute corporate actions (dividends, capital increases, etc.).
The XNET Network provides four basic services to its clients:
- Order routing for execution of transactions in foreign markets via the Xorder service
- Settlement obligations’ management of the above transactions via the Xsettle service
- Risk Management of trading activity via the XNET network
- Settlement and Custody of Foreign Securities via Investor CSD service