FEAS Yearbook FEAS Yearbook 2003 | Page 80

PALESTINE SECURITIES EXCHANGE CLEARING & SETTLEMENT TRADING Days Hours: Pre-opening Regular market Market segmentation System Mechanisms Market makers/specialists Instruments Currency Real time information Sunday-Thursday 09:30-10:00 10:00-11:00 Regular market, odd lot market, sell-out market, off floor transactions Fully automated, depository link, remote access, data dissemination, WAN Order-driven continuous auction No Stocks JOD and US$ Best bid/ask, last price, last volume, total volume. STRUCTURE & REGULATIONS Legal Regulation Securities market regulations Trading rules Surveillance Corporate actions Trading halts regulations Investor protection Yes T+3 Yes Book entry Netting Yes Yes, wholly owned No No/Yes Bank FOREIGN PARTICIPATION Private company Self Exchange with Finance Ministry approval Exchange Yes Centralized (except cash dividends) No Yes TAXES Cash dividends Interest income Capital gains Central depository Period Registered Settlement Clearing DVP Clearing institution Risk sharing Margin/lending Custodians Foreign investors Allowed Investment limitations No limitations Repatriation No restrictions 2003-VOLUME BY SECTOR Exempted n/a Exempted 2% Banking 2% Insurance 16% Services 1% Manufacturing 2004 HOLIDAY CALENDAR 79% Investment Jan. 1, 31; Feb. 1, 2, 3, 4, 21; May 1; Sep. 11; Nov. 12, 13, 14, 15 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 78 First Market 50% n/a US$ 750,000 n/a 25% 100 n/a n/a n/a n/a n/a Yes (Feasibility study if company has recently been established) n/a n/a