FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 74
TEHRAN STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Saturday-Wednesday
9:00-12:30
Main floor (A & B), second floor
Automated, depository link, access, WAN
Continuous auction
No
Stocks, profit-sharing bonds
Local
Best bid/ask, last price, total volume
company announcements
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
No
T+3
Yes
Book entry
Netting
No, one day or more
difference between payment
and delivery
Yes, wholly owned
No
No
TSE services company
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign Participation
Not-for-profit company
Self-regulatory
Yes
Yes
Yes
Yes
Yes
No
Foreign investors
Investment limitations
Repatriation
Restricted
Maximum share ratio
No restrictions
2002-Market Capitalization by Sector
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
22.5%
No
No
27%
10%
4%
4%
13%
18%
24%
Non-metallic mineral products
Chemicals and by-products
Transportation
Financial intermediation
Other sectors
Food & beverage
Metals & by-products
Minimum Listing Requirements
Requirements
Years of business activity
Company's capital
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
Main floor (A)
2
Rls. 25 billion
n/a
1000
2 years in second floor
n/a
n/a
yes
Announcing EPS and future plans
Main floor (B)
2
Rls. 10 billion
n/a
500
2
n/a
n/a
yes
Announcing EPS and future plans
Second floor
1
Rls. 5 billion
n/a
200
1
n/a
n/a
yes
Announcing EPS and future plans