MACEDONIAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Thursday
09:00-12:00
Official and unofficial market
Remote access, data dissemination, WAN
Call auction, continuous auction
No
Stocks, bonds, government certificates
Local
Brokerage houses, banks
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, full DVP
Yes
No
No
Banks
FOREIGN PARTICIPATION
For profit-joint stock company
Self
Regulatory institutions, SEC and Exchange
Exchange, government institution
Yes
Centralized
Yes
Yes
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign investors
Yes
Investment limitations No limitations
Repatriation
No restrictions
2003-STRUCTURE BY MARKET SEGMENTS
15%
n/a
No
11.6% Unofficial
market
11.1% Other
securities
77.3%
Official market
2004 HOLIDAY CALENDAR
Jan. 7; Apr. 12; May 3; Aug. 2; Sep. 8; Oct. 11
MINIMUM LISTING REQUIREMENTS
Requirements
Minimum paid-in capital
Years of business activity
Capitalization of issue
Free float
Free float ratio
Minimum # of shareholders
Minimum years of positive financial results
# prior years audited financial accounts
# times dividends distributed in last 3 years
Whole class of securities to be issued
Listing agreement with Central Depository
Prospectus
Special requirements
Additional special requirements
First
Market (Level 1)
n/a
3
EUR 2,000,000
n/a
25%
200
n/a
n/a
n/a
n/a
Yes
Yes
Permanent obligation for disclosure of
information
n/a
Unofficial
Market
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
No
No
Submission of the last annual financial statement
of information
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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