TIRANA STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
10:00-14:00
T-bills
WAN
Secondary market
No
Treasury bills
Local
Best bid/ask
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
FOREIGN PARTICIPATION
Joint stock company
Self
Exchange w/ regulatory institutions
Exchange
No, electronic
Centralized
Yes
No
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
TAXES
Cash dividends
Interest income
Capital gains
Residents
10%
10%
10%
Non-residents
15%
15%
15%
2004 HOLIDAY CALENDAR
Jan. 1, 2; Feb. 1; Mar. 22; Apr. 11; May 1; Oct. 19; Nov. 14, 28, 29; Dec. 25
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
Yes
T+3 for all securities
Yes
Book entry
Netting
Yes, full DVP
No
Yes
No
Individual investors, banks
Main Floor (A)
n/a
3
US$ 470,000
n/a
20%
50
3
n/a
n/a
n/a
Yes
No
No
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 86
Main Floor (B)
n/a
1
US$ 235,000
n/a
15%
50
1
n/a
n/a
n/a
Yes
No
No
n/a