KYRGYZ STOCK EXCHANGE
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Monday-Friday
10:30-15:00
Primary stock market, primary bond market,
secondary stock market, secondary bond market
Fully automated
Primary market (floatation), continuous exchange
auction
No
Stocks, bonds
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
Not-for-profit CJSC
Self
Regulatory institution(s), the Exchange and the
market participants jointly
Exchange
Yes
Independent agents
Yes
Yes
TAXES
Cash dividends
Interest income
Capital gains
Central depository Yes
Period
T+3 (for market
transactions)
T+0 (for registration
transactions)
Registered
Yes
Settlement
Book entry
Clearing
Transaction by transaction
DVP
Yes
Clearing institution Yes, Central Depository
Risk sharing
Yes
Margin/lending
No
Custodians
Brokerage houses
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-TRADING BY MARKET
0% (for residents), 10% (for non-residents)
10% (for residents, except interest income of
banks), 10% (for non-residents)
Add to the annual income for tax calculation. Profit
tax: 20% (for residents), 30% (for non-residents)
69% Secondary
market
31%
Primary market
2004 HOLIDAY CALENDAR
Jan. 1, 7; Feb. 2; Mar. 8, 21; May 1, 5, 9; Aug. 31; Nov. 7
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
n/a
5 years
n/a
Yes
n/a
Last financial year or for the
sum of last 3 years
n/a
n/a
n/a
n/a
n/a
Yes
Conclusion of an auditory
company
As to equity capital
US$ 5 million
Category
B
n/a
3 years
n/a
Yes
n/a
Last financial year or for the
sum of last 3 years
n/a
n/a
n/a
n/a
n/a
Yes
Conclusion of an auditory
company
As to equity capital
US$ 1 million
Category
C
n/a
1 years
n/a
Yes
n/a
Last financial year or for the
sum of last 3 years
n/a
n/a
n/a
n/a
n/a
Yes
Conclusion of an auditory
company
As to equity capital
US$ 100,000
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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