Greece is set to officially rejoin the ranks of developed markets on September 21, marking a major milestone for its capital markets. On that date, global index provider FTSE Russell is expected to formally upgrade the Athens Stock Exchange to ‘Developed Market’ status — a classification reserved for the world’s most mature and liquid equity markets. The move follows years of structural reforms, improved market transparency, and strengthened regulatory oversight, and will be accompanied by the publication of updated index compositions, including the full list of Greek-listed companies included across FTSE Russell’s flagship benchmarks.
A New Chapter for the Greek Capital Market
The reclassification represents more than symbolic progress: it signals growing international investor confidence in Greece’s financial infrastructure and economic resilience. For Euronext Athens — which acquired the Greek bourse in 2018 — the upgrade reinforces its strategic positioning as a gateway to Southeastern Europe and strengthens Greece’s integration into global investment flows.
FTSE Mid Cap Index: 10 Blue-Chip Greek Companies Included
Ten Greek equities will enter the FTSE Mid Cap Index — a benchmark widely used by institutional investors tracking mid-sized firms in developed economies. The selected companies are: Allwyn, Alpha Bank, Cenergy, Eurobank, GEK Terna, OTE, National Bank of Greece, Piraeus Bank, Public Power Corporation (DEH), and Viohalco.
FTSE Small Cap and Micro Cap Indices: Broad Representation
The FTSE Small Cap Index will include 32 Greek-listed firms, spanning aviation (Aegean Airlines), infrastructure (Athens International Airport), utilities (Helleniq Energy, ADMIE), banking (Cyprus Bank, Optima Bank), retail (Jumbo), real estate (Lamda Development), energy (Motor Oil), and technology (Qualco, Real Consulting). Meanwhile, the FTSE Micro Cap Index will feature 35 smaller-cap Greek companies — from pharmaceuticals (Lavipharm) and construction materials (Titan) to IT services (Profile Systems), packaging (Plastika Thrakis), and specialized manufacturing (Alumil, Austriacard).
This broad inclusion across all three indices reflects both the depth and diversification of Greece’s listed corporate landscape. It also underscores the country’s sustained progress in corporate governance, disclosure standards, and market accessibility — key criteria assessed by FTSE Russell during its annual country classification review.
The September 21 upgrade caps a multi-year journey of reform and modernization at the Athens Stock Exchange. For investors, it opens new avenues for passive and active exposure to Greek equities through globally recognized benchmarks. For Greece, it reaffirms its return to the core of Europe’s financial architecture — not as a peripheral economy, but as a fully integrated participant in the developed world’s capital markets.