However, during my most recent trip to Athens and Istanbul, it struck me how very unique these two cities are in this regard. The itinerary called for two days in Athens followed by another two days in Istanbul. As I was traveling through downtown Athens on my way to my first appointment, it occurred to me that one would assume that Athens is developed and modern in terms of its capital markets and infrastructure. After all, Athens is a bustling city, very much like any other major city. In fact, the view of Athens from the top of the Acropolis looks a lot like Los Angeles.
Looks can be very deceiving.
The Exchange itself is housed in a very old building with furnishings to match. Even though electronic trading has replaced the open outcry system, the trading floor is jammed with people and paper. Brokers still maintain offices along the side of the Exchange floor where they execute orders received by telephone. The decibel level equaled that of an assembly hall at your local elementary school just before the second grade Christmas pageant. There are 220 listed companies, up from 140 in 1994.