FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 20
ARMENIAN STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
First, second markets: 12:30 -13:30
Categories A & B
Automated, remote login
Continuous auction
No
Stocks
Local
System under development
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Risk sharing
Margin/lending
Custodians
Yes
T+0
Yes
Book entry
Netting
Fully DVP
Yes, same as settlement and
depository institution
No
No
Depository members
Foreign Participation
Non-profit
Self
Securities commission
Exchange
Yes
Yes
Yes
No
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitations
No restrictions
Trading by Sector
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Legal entity - 20%, physical persons - No
Legal entity - 20%, physical persons - 10-20%
Legal entity - 20%, physical persons - No
0.67%
1.10%
40.75%
Financial
57.48%
Manufacturing
Other
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
Category A
3
No restrictions
No restrictions
AMD 50 million
200
1
No restrictions
Yes Category B
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions
Yes
Minimum issue of 5,000 shares, book-entry by
Central Depository, auditing and financial statements
must be in accordance with Armenian and
International Accounting and Auditing Standards. Book-entry by Central Depository, auditing and
financial statements must be in accordance with
Armenian and International Accounting and
Auditing Standards
Construction