MONGOLIAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours: Equity market
Bond market
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
11:00-12:00
11:00-12:00
n/a
Automated, depository link, data
dissemination, reporting facilities, WAN
Call auction, continuous auction
No
Stocks, government and company bonds
Local
Best bid/ask, last price, last volume,
total volume, order book
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+1
Yes
Book entry
Transaction by transaction
Yes, full DVP
Yes
No
No
Individuals, institutional
investors, brokerage
houses, banks, exchange
members
FOREIGN PARTICIPATION
Profit company
Self
Exchange with the regulatory institution
Exchange
Yes
Centralized
Yes
No
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-VOLUME BY TYPE
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
n/a
n/a
n/a
4% Stocks
96% Bonds
2004 HOLIDAY CALENDAR
Jan. 1; Feb. 21, 22; Mar. 8; Jun. 1; Jul. 11, 12, 13; Nov. 26
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
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 72
Equity Market
n/a
1
MNT 10,000,000
n/a
n/a
50
Last 3 years
n/a
n/a
n/a
Yes
n/a
n/a
n/a