ARMENIAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours: First, second markets
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
12:30-13:30
Categories A, B, C1 and C2
Automated, remote login
Continuous auction
No
Stocks
Local
System under development
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
FOREIGN PARTICIPATION
Non-profit
Self
Securities commission
Exchange
Yes
Yes
Yes
No
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
TAXES
Cash dividends
Interest income
Capital gains
Yes
T+0
Yes
Book entry
Netting
Fully DVP
Yes, same as settlement
and depository institution
No
No
Depository members
TRADING BY SECTOR
Legal entity: 20%, physical persons: No
Legal entity: 20%, physical persons: 10-20%
Legal entity: 20%, physical persons: No
1% Trade & commerce
3%
Health & social services
1% Transport
32%
Processing
industry
2004 HOLIDAY CALENDAR
Jan. 1, 2, 6, 28; Mar. 8; Apr. 24; May 1, 9, 28; Jul. 5; Sep. 21; Dec. 31
60%
Financial services
3% Construction
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
Category A
No restrictions
3
No restrictions
No restrictions
No restrictions
500, with no one allowed
to hold 10% or more
of the stocks issued
Average annual
profitability of at least
15% for the last 3 years.
Profitability of no less
than 15% for the last
financial year is
required
3
n/a
No restrictions
Book entry by the
Central Depository
n/a
Shareholders' equity
should be a minimum
of AMD equivalent to
US$ 1 million
Category B
No restrictions
3
No restrictions
No restrictions
No restrictions
100 Category C1
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions Category C2
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions
No restrictions
Last 3 years
financial result profit No restrictions No restrictions
3
n/a
No restrictions
Book entry by the
Central Depository
n/a
Shareholders' equity
should be a minimum
of AMD equivalent to
US$ 100,000 3
n/a
No restrictions
Book entry by the
Central Depository
n/a
n/a 3
n/a
No restrictions
Book entry by the
Central Depository
n/a
The issuer has been
declared insolvent, or a
liquidation procedure,
including as a result of
bankruptcy, has been
initiated.
n/a
Minimum # of deals in n/a
the securities of the
issuer per month must
be no less than 10 with
resulting liquidity ratio of
at least 5%
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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