Its move is the latest evidence that the financial sector is preparing for a eurozone break-up, even as European officials debate the terms of the Greek bailout . A person familiar with the matter said Newedge wanted to avoid unpredictable risks in the event that Athens returned to the drachma as the national currency.
The stocks and depositary receipts on the Newedge restricted list trade in euros or dollars.
If Greece exited the euro, shares and margin loans – whereby a broker advances funds for clients to buy securities – could be difficult to value.
Michael Bodouroglou, chief executive of Paragon Shipping, called the decision “ill-advised”. He said the company’s assets took the form of ships sailing between places such as Brazil and China, and its income was denominated in dollars. Clients include multinational companies such as Cargill, he pointed out.
“Greek shipping is not a Greek business; it is an international business,” Mr Bodouroglou said.
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