FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 38
GEORGIAN STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Tuesday and Thursday
13:00-15:00
No segmentation
Automated, depository link, data
dissemination, reporting facilities, WAN
Continuous auction
No
Stocks, government bonds
Local
Best bid/ask, last price, last volume,
total volume, listed company
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+1
Yes
Book entry
Transaction by transaction
Full DVP
Wholly owned
No
Yes, margin
Individuals, institutional
investors, brokerage houses,
banks, exchange members
Foreign Participation
Not-for-profit company, special status within the law
Yes
Regulatory institution(s),
the exchange and market participants jointly
Exchange, shared regulatory responsibility
Yes, electronic
Centralized
Yes
No
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
Trading by Sector
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Tax exempted
Assessed for all investors as income
Tax exempted
3%
2%
4%
12%
34%
17%
28%
Construction Financial intermediation
Food, beverage and tobacco processing
Car and machinery manufacturing
Electric and optical equipment manufacturing
Retail and wholesale trading, utilities Other
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue
Free float
Minimum # of shareholders
Minimum years of positive financial results
# times dividends distributed in last 3 years
Listing agreement with central depository
Prospectus required
Special requirements
Non-listing
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a Listing
Not less than 3 years
n/a
n/a
n/a
At least 2 years during the past 3 years
n/a
n/a
n/a
According to the Law on the
Securities Market, only securities of
the companies which comply with
the following requirement shall be
admitted to the Exchange for trading:
Their securities register is maintained
by an independent share registrar. According to the Law on the Securities Market, only securities of the companies which
comply with the following requirement shall be admitted to the Exchange for trading:
•The company's securities register is maintained by an independent share registrar.
•Ownership capital is not less than US$ 100,000 equivalent in the national currency
•The number of shares issued is at least 50,000.
•The issuer maintains its accounting records and bookkeeping in accordance with
International Accounting Standards.