News

On July 30, 2024, a Memorandum of Understanding was signed by Professor Ioannis Emiris, Chairman of the Board and General Director of Athena - Research and Innovation Center in Information, Communication and Knowledge Technologies, and Ms. Vasiliki Lazarakou, Chairwoman of the Hellenic Capital Market Commission.

The Memorandum outlines the development of a continuous partnership between Capital Market Commission and ARCHIMEDES Unit of Athena Research Center. This partnership aims to provide the Capital Market Commission with specialized expertise in the fields of Artificial Intelligence, Data Science, and Algorithms, which will both contribute to the Commission’s digital transformation and enhance its capacity for more effective supervision.

The Capital Market Commission, as an authority responsible for protecting investors and ensuring the smooth functioning of the Greek capital market, and the Athena Research Center, which focuses on scientific and technological research in Information, Communication, and Knowledge Technologies (ICT) and their application in cutting-edge fields, agreed that their cooperation with the Athena Research Center and the ARCHIMEDES Unit will focus on the following areas:

• Monitoring and detecting market abuse signals using Artificial Intelligence.
• Monitoring and enforcing compliance with non-financial information laws and ESG disclosures using Artificial Intelligence.
• Monitoring and enforcing anti-money laundering regulations using Artificial Intelligence.
• Monitoring compliance with laws governing the conduct of investment firms (e.g., compatibility and suitability tests, target markets, best execution policies, marketing, etc.) using Artificial Intelligence.
• Risk Analysis and Risk Assessment.
• Supervision and Auditing Management.
• Management of Complaints and Inquiries from Investors/Regulated Entities by the Capital Market Commission.

After the signing of Memorandum, Dr. Vasiliki Lazarakou, Chairwoman of the Capital Market Commission, stated: “We are very pleased with the collaboration with ARCHIMEDES Unit of Athena Research Center - a Research and Innovation Center in Information, Communication, and Knowledge Technologies. This memorandum provides an opportunity to promote and implement joint actions, especially in the field of Artificial Intelligence and its application to capital market issues. Additionally, this partnership will enable us to accelerate and strengthen the digital transformation of the Capital Market Commission, thereby contributing to more effective market supervision”.

The Scientific Director of ARCHIMEDES Unit of Athena Research Center, Mr. Timos Sellis, stated: "ARCHIMEDES Unit of Athena Research Center was established to serve basic and applied research in the areas of Artificial Intelligence, Machine Learning, Algorithm Development, and Data Science, with the goal of contributing to the creation of an ecosystem that will bring about a paradigm shift for Greece. These scientific fields are at the forefront of innovation and are expected to play a decisive role in the evolution of our lives in the coming years. The collaboration we have started with the Capital Market Commission is exactly in this direction. For the ARCHIMEDES Unit and its people, this is an opportunity to apply in practice the knowledge we have gained from research in Artificial Intelligence to extremely complex and interesting fields. At the same time, the Capital Market Commission’s staff will receive significant, multidimensional support in addressing the modern challenges they face. It is certain that this collaboration will benefit both organizations".

Professor Ioannis Emiris, Chairman of the Board and General Director of Athena Research and Innovation Center in Information, Communication, and Knowledge Technologies, added: “I am very pleased with the agreement we are signing with the Capital Market Commission and the prospects for cooperation that are emerging. Athena Research Center, and particularly ARCHIMEDES Unit, shows great interest in applying digital sciences to contemporary stock market and economic challenges. Modern digital technologies, from data processing and analysis to machine learning and artificial intelligence, will strengthen these fields and their role in the country’s and society’s development."