FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 50
KYRGYZ STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
11:00-15:00
Primary stock market, primary bond market,
secondary stock market, secondary bond market
Fully automated
Primary market (floatation), continued auction
Yes
Stocks, bonds
Local
Last price, last volume, total volume
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+3
Yes
Book entry
Transaction by transaction
Yes
Yes, central depository
Yes
No
Brokerage houses
Foreign Participation
Non-profit
Self
Jointly, regulatory institution, Exchange and
market participants
Exchange
Yes
Independent agents
Yes
Yes
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitations
No restrictions
Volume by Type
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
0% (for residents), 10% (for foreigners)
10% (for residents, except banks), 10% (for foreigners)
20% (for residents), 30% (for foreigners)
8%
92%
Stocks
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
Category
A
5
n/a
Yes
n/a
n/a
n/a
Yes
Category
Category
B
C
1
1
n/a
n/a
Yes
n/a
n/a
n/a
Last financial year or the recent three years
n/a
n/a
n/a
n/a
Yes
Yes
Market maker availability, conclusion of an audit
Bonds