FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 26
BAKU STOCK EXCHANGE
Trading
Days
Hours: Pre-opening
First & second markets
Market segmentation
System
Mechanisms
Market maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
09:15-11:00
11:00-15:00
First and second markets
Data dissemination, reporting facilities
Primary market, continuous auction
No
State bonds, corporate stock,
US$ futures, repurchase agreements
Local
Last price, last volume, total volume
Closed joint stock company
Self
State Committee for Securities (SCS)
Shared regulatory responsibility
Yes, electronic
Independent agents
Yes
No
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitation
No restrictions
2002- Monthly SSB Placement Volume vs
Weighted Average Rate of Return %
Taxes
Cash dividends
Yes, National Depository Center
T+0-15:00-16:45
Yes
Book entry
Netting
Yes, full DVP
Yes, wholly owned
No
No
BSE depository, National Depository
Center, depository of "Partner
Investment" firm
Foreign Participation
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
16
10%
Interest income 10%
Capital gains n/a
14
12
10
8
6
4
2
0
J
F
M A
M J
J
A
S
O N
SSB Placement volume (US$ million)
Weighted-average rate of return %
* there was no trading in October and November
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue
Free float
Shareholders equity
Minimum # of shareholders
Minimum years of positive financial results
# times dividends distributed in last 3 years
Prospectus required
Special requirements
First
Market
2
n/a
n/a
5 billion AZM (approx. US$ 1 million)
500
2
n/a
Prospectus with financial statements
n/a
Second Market
(Unlisted)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
D
18
16
14
12
10
8
6
4
2
0