MUSCAT SECURITIES MARKET
TRADING
Days
Hours Regular market
Parallel & bond markets
Third market
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Sunday-Thursday
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
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
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
Central depository Muscat depository & reg.
CO SAOC (MDSRC)
Period
T+3
Registered
Yes, automated
Settlement
Book entry
Clearing
Electronic clearing linked
with MDSRC
DVP
No
Clearing institution Clearing dep. at MSM
linked with MDSRC
Risk sharing
No
Margin/lending
No
Custodians
HSBC
Foreign investors
Allowed
Investment limitations No limitations
Repatriation
No restrictions
2003-TRADING BY SECTOR
No taxes
No taxes
No taxes
16% Industry
1% Insurance
25% Services
2004 HOLIDAY CALENDAR
58%
Banking & investment
Feb. 1, 2, 3, 4, 22; May 2; Sep. 12; Nov. 13, 14, 15, 16, 17, 18
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
n/a
2
US$ 5,200,000
n/a
n/a
3
2
2
n/a
n/a
Yes
Yes
Shareholders equity shell not be less than
100% of paid-up capital. Minimum (30) days of
trade during the year. Minimum of (5) share
turnover during the year.
n/a
Second Market
n/a
n/a
US$ 5,200,000
n/a
n/a
3
n/a
n/a
n/a
n/a
Yes
Yes
New listed companies. Listed companies that
maintain shareholders equity of at least (50%) of
paid-up capital.
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 75