FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 60
MOLDOVAN STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
10:00-15:00
First market, second market
Automated, depository link, data dissemination, WAN
Call auction, price fixing
No
Stocks
Local
Min/max price, total volume
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Risk sharing
Margin/lending
Custodians
Yes
T+3
Yes
Book entry
Netting
No
Yes, National Depository of
Securities
No
Yes/yes
Banks
Foreign Participation
Not-for-profit
Self
Exchange with regulation institutions
Exchange
Yes, electronic
Centralized
Yes
Yes
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitations
No restrictions
2002 Transaction Volume by Type
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
15%
n/a
14% for local investors
5%
2%
7%
86%
Buy-sell
Swap
Department of Privatization
Repo
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
First Market
Level 1
Level 2
Level 3
3 years
2 years
1 year
10 million lei
5 million lei
n/a
n/a
n/a
n/a
more than 50
more than 50
more than 50
2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
yes
yes
yes
Registered in the NSC equity of JSC, audited statement, IAS used
Second Market
n/a
n/a
n/a
more than 50
n/a
n/a
n/a
yes