FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 80
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
Trading
Clearing & Settlement
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Monday-Friday
10:00-12:00, 12:00-13:30, 14:00-15:30
First, second
Automated, depository link, remote reporting facilities, WAN
Primary market, call auction
No
Stocks
Local and US Dollars
None
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Central depository
Period
Registered
Settlement
Clearing
DVP
Yes
T+5
Registered, bearer
Book entry
Transaction by transaction
No, one day or more difference
between payment and delivery
Yes, partly owned
No
No
Individuals, institutional investors,
brokerage houses, banks, market makers
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign Participation
Special status within the law
No
Regulatory institution(s), the Exchange and the market
participants jointly develop new rules or projects
Shared responsibility
No, electronic
Independent agents
Yes
No
Taxes
Foreign investors
Investment limitations
Repatriation
Yes, restricted
Yes, limited
Yes, restricted
Volume by Type
Cash dividends
Interest income
Capital gains
15% to all investors
31% to all investors
4% to all investors
7%
93%
Stocks
Bonds
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue (million SUMS)
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
*JSC: Joint-Stock Company
**JSCB: Joint-Stock Commercial Bank
A Segment
3 (JSC)*
5 (JSCB)**
100 (JSC);
200 (JSCB)
n/a
2,000 (JSC);
no minimum (JSCB)
3 (JSC);
for all periods (JSCB)
n/a
n/a
n/a
n/a
B Segment
2 (JSC)
4 (JSCB)
50 (JSC);
100 (JSCB)
n/a
1,000 (JSC);
no minimum (JSCB)
2 (JSC);
1 (JSCB)
n/a
n/a
n/a
n/a
C Segment
1 (JSC);
3 (JSCB)
25 (JSC);
50 (JSCB)
n/a
500 (JSC);
no minimum (JSCB)
1 (JSC & JSCB)
n/a
n/a
n/a
n/a