BAKU STOCK EXCHANGE
TRADING
Days
Hours: Pre-opening
First & second markets
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Monday-Friday
09:15-11:00
11:00-15:00
First and second markets
Data dissemination, reporting facilities
Primary market, continuous auction
No
State bonds, corporate stock,
US$ futures, repurchase agreements
Local
Last price, last volume, total volume
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
FOREIGN PARTICIPATION
Closed joint stock company
Self
State Committee for Securities (SCS)
Shared regulatory responsibility
Yes, electronic
Independent agents
Yes
No
TAXES
Cash dividends
Interest income
Capital gains
Central depository Yes, National Depository
Center
Period
T+0-15:00-16:45
Registered
Yes
Settlement
Book entry
Clearing
Netting
DVP
Yes, full DVP
Clearing institution Yes, wholly owned
Risk sharing
No
Margin/lending
No
Custodians
BSE depository, National
Depository Center,
depository of "Partner
Investment" firm
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-VOLUME BY TYPE
10%
10%
n/a
11% Other
85% Bonds
2004 HOLIDAY CALENDAR
Jan. 1, 20; Feb. 1, 2, 3, 4; Mar. 8, 20, 21; May 9, 28; Jun. 15, 26; Oct. 18; Nov. 12, 14, 15, 16, 17;
Dec. 31
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
4% Stocks
First
Market
n/a
2
n/a
n/a
n/a
500
2
n/a
n/a
n/a
n/a
With financial statements
Shareholders’ equity should be
AZM 5 million (approx. US$ 1 million)
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 32
Second
Market (Unlisted)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a