FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 32
CAIRO AND ALEXANDRIA STOCK EXCHANGES
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Sunday-Thursday
11:30-15:30 (listed securities)
10:00-11.30 (OTC Market)
Stocks (physical-dematerialized- active stocks-
non-active stocks-bonds)
Automated, no depository link, data dissemination,
remote login, WAN
Primary market, continuous auction
No
Stocks/bonds/close ended mutual funds
Local and US$
Best bid/ask, last price, last volume, total volume,
order book, counter-parties, listed company
announcements
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
Central
T+3
T+2 (for the 12 most
active stocks)
Yes, few bearer shares
Book entry, physical
Netting
Full DVP
Separate entity MCSD,
only 35% owned by CASE
Yes
Not yet implemented
Banks, clearing members
Foreign Participation
Foreign investors
Investment limitations
Repatriation
Special status within the law
Not self-regulated*
Capital market authority
Shared regulatory responsibility
Yes
Yes
Yes
Yes
Allowed, no restrictions
No limitation
No restrictions
*Will be a SRD in new capital market law
Volume by Type
Taxes
Cash dividends
Interest income
Capital gains
None
None
None
0.16%
44.62%
55.13%
0.09%
Bonds
Common shares
Preferred shares
Funds
Minimum Listing Requirements
Requirements
Years of business activity
Minimum number of issued shares
Capitalization of issue
Free float
Minimum # of shareholders
Minimum net profit before taxes as a percentage of issued capital
Shareholders' equity not less than total issued and paid-up capital
Listing agreement with central depository
Prospectus required
Disclosure requirements
Special requirements
Official
Schedule 1
3
2 million
L.E 20 million
30%
150
5%
Required
Yes
No Official
Schedule 2
3
2 million
L.E 20 million
n/a
n/a
5%
Required
Yes
No Unofficial
Schedule 1
2
1 million
L.E 10 million
10%
50
5%
Required
Yes
No Unofficial
Schedule 2
1
0.5 million
L.E 5 million
n/a
n/a
1%
Required
Yes
No
Must abide by CASE
information disclosure
rules
Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP) Must abide by CASE
information disclosure
rules
Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP) Must abide by CASE
information disclosure
rules
Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP) Must abide by CASE
information disclosure
rules
Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP)