CAIRO & ALEXANDRIA STOCK EXCHANGES
CLEARING & SETTLEMENT
TRADING
Days
Hours
Sunday-Thursday
10:30-11.30 (OTC market)
11:30-15:30 (listed securities)
Stocks (physical-dematerialized- active
stocks-non-active stocks-bonds)
Automated, no depository link, data
dissemination, remote login, WAN
Primary market, continuous auction
No
Stocks/bonds/close ended mutual funds
Local and US$
Best bid/ask, last price, last volume, total
volume, order book, counter-parties, listed
company announcements
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
STRUCTURE & REGULATIONS
Central depository Central
Period
T+3
T+2 (For the 18 most
active stocks)
Registered
Yes, few bearer shares
Settlement
Book entry, physical
Clearing
Netting
DVP
Yes, full DVP
Clearing institution Separate entity MCSD,
only 35% owned by CASE
Risk sharing
Yes
Margin/lending
Not yet implemented
Custodians
Banks, clearing members
FOREIGN PARTICIPATION
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Special status within the law
Not self-regulated*
Capital market authority
Shared regulatory responsibility
Yes
Yes
Yes
Yes
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
*will be an SRD in new capital market law
TAXES
2003-VOLUME BY TYPE
Cash dividends
Interest income
Capital gains
None
None
None
0.0002%
Preferred shares
14.2% Bonds
0.04% Funds
2004 HOLIDAY CALENDAR
85.8%
Common shares
Jan. 1, 7; Feb. 1, 2, 3, 4; Apr. 11, 12, 15; May 2; Jul. 1; Oct. 6; Nov. 14, 15, 16
MINIMUM LISTING REQUIREMENTS
Requirements
Official
Schedule 1
n/a
3
LE 20 million
Minimum number of
shares issued is 2 million Official
Schedule 2
n/a
3
LE 20 million
n/a Unofficial
Schedule 1
n/a
1
LE 10 million
Minimum number of
shares issued is 1 million Free float ratio 30% 10% Minimum # of shareholders
Minimum years of positive financial results 150
5% minimum gross profit
before taxes as a
percentage of paid-up
capital. Total shareholders'
equity should exceed
paid-up equity for the past
one year.
3
n/a
Yes
Yes
No
1. Must abide by CASE
information disclosure
rules
2. Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP)
n/a Minimum number of
shares issued is 2 million
n/a
5% minimum gross profit
before taxes as a
percentage of paid-up
capital. Shareholders'
equity should exceed
paid-up equity for the
past one year.
3
n/a
Yes
Yes
No
1. Must abide by CASE
information disclosure
rules
2. Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP)
For securities issued by
the government and/or
public sector companies Unofficial
Schedule 2
n/a
1
LE 5 million
Minimum number of
shares issued is 500
thousand
n/a
50
5% minimum gross profit
before taxes as a
percentage of paid-up
capital. Shareholders'
equity should exceed
paid-up equity for the
past one year.
at least 1
n/a
Yes
Yes
No
1. Must abide by CASE
information disclosure
rules
2. Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP)
n/a n/a
1% minimum gross profit
before taxes as a percent
of paid-up capital.
Shareholders' equity
should exceed paid-up
equity for the past one
year.
at least 1
n/a
Yes
Yes
No
1. Must abide by CASE
information disclosure
rules
2. Auditing and financial
statements must be in
accordance with the
Egyptian Generally
Accepted Accounting
Principles (EGAAP)
n/a
Minimum paid-in capital
Years of business activity
Capitalization of issue
Free float
# 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
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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