Earlier this month, the Athens Stock Exchange (ATHEX) invited mutual fund companies to step up and issue the first exchange traded fund (ETF) in the country. The ETF would be based on the FTSE/ATHEX 20 Index, which includes the 20 largest companies by market capitalization on the Athens exchange, says Heather Bell for Index Universe

Interested providers have until Oct.12 to apply to be the issuer of the ETF. The FTSE (Financial Times and London Stock Exchange) and ATHEX will collaborate to decide who will issue the ETF. The new ETF likely will be available by the end of 2007. The pending arrival of Greece’s first ETF could mean that one will be available for U.S. investors soon.

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