FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 66
MUSCAT SECURITIES MARKET
Trading
Clearing & Settlement
Days
Hours Sunday-Thursday Central depository
Regular market
Parallel & bond markets
Third market
Market segmentation 10:00 –11:00
11:30-12:30
12:35-12:55
Regular market, parallel & bond markets,
third market & OTC
Automated electronic trading system
Continuous auction
n/a
Shares, commercial & government bonds, mutual funds
Local (Omani rial)
Best bid/ask, last price, last volume, total volume,
order book, listed company announcements Period
Registered
Settlement
Clearing
System
Mechanisms
Market maker/specialists
Instruments
Currency
Real time information
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Risk sharing
Margin/lending
Custodians
Foreign Participation
Government independent legal entity
Self
Regulatory institutions, exchange, and market
participants jointly
Responsibility of Exchange
Yes, electronic
Equity (centralized), fixed income (centralized)
Yes
Yes
Taxes
Cash dividends
Interest income
Capital gains
DVP
Clearing ›nstitution
Muscat depository & reg.
CO SAOC (MDSRC)
T+3
Yes, automated
Book entry
Electronic clearing linked
with MDSRC
No
Clearing dep. at MSM linked
with MDSRC
No
No
HSBC
Foreign investors
Investment limitations
Repatriation
Allowed
No limitations
No restrictions
Trading by Sector
No taxes
No taxes
No taxes
1%
16%
58%
25%
Banks & Inv.
Industry
Service
Insurance
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
First Market
3
US$ 5,200,000
Min. 40% Max. 70%
Shall not be less than 100% of paid-up capital
3
3
n/a
Yes
Second Market
3
US$ 5,200,000
Min. 40% Max. 70%
n/a
3
n/a
n/a
Yes
Companies must achieve net profit within a year preceding the
date of the listing application, and their paid-up capital must not
have been eroded by more than 50%, or companies that have
achieved net profit within the last three years and maintained
their paid-up capital at the end of the year preceding submission
of the listing application.