FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
GEORGIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ millions
Total Volume
Average Daily Volume
# Shares millions
Total Volume
Average Daily Volume
Stocks
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0.5697
0.638
2.2607
1.1875
0.6775
1.3767
6.71 0.0633
0.0532
0.1739
0.1188
0.0753
0.1059
0.10 0.0927
1.3975
3.3653
5.2574
0.7209
0.3857
11.22 0.0103
0.1165
0.2589
0.5257
0.0801
0.0297
0.17
Bonds
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0
0
0
0
0
0
0.00 0
0
0
0
0
0
0.00 0
0
0
0
0
0
0.00 0
0
0
0
0
0
0.0000
Other
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0
0
0
0
0
0
n/a 0
0
0
0
0
0
n/a 0
0
0
0
0
0
n/a 0
0
0
0
0
0
n/a
Market Capitalization (US$ millions)
Index
Jan-08
1,439.62
0
Feb-08
1,338.54
0
Mar-08
1,466.72
0
Apr-08
1,391.35
0
May-08
1,536.47
0
Jun-08
2,378.47
0
PRACTICES & PROCEDURES
Trading
Days
Hours
Market segmentation
System
Monday, Wednesday, Friday
13:00-14:15
Yes
Automated, depository link, data dissemination,
Reporting Facilities, WAN
Mechanisms
Continuous auction
Market-maker/Specialists No
Instruments
Stocks
Currency
Local
Real time information
Best bid/ask, last price, last volume, total volume,
listed company
Clearing & Settlement
Central Depository
Period
Registered
Settlement
Clearing
DVP
Clearing Institution
Risk Sharing
Margin/Lending
Custodians
Yes
T+1
Yes
Book entry
Transaction by transaction
Full DVP
Georgian Securities Central Depository, 99% owned
by the GSE
No
Allowed, though not used in practice yet
Georgian Securities Central Depository, brokerage
companies and banks
Taxes
Cash Dividends
Interest Income
Capital Gains
10% at the source
10% at the source
Included to general revenues
(corporate income tax -- 20%,
individual income tax -- 12%)
Structure & Regulations
Legal
Not-for-profit company, special
status within the law
Regulation
Self-regulations, supervised by
state regulator
Securities market
Law on Securities Market, Rules of
regulations
the Regulator and GSE rules
Trading rules
GSE Rules
Surveillance
Yes, electronic
Corporate actions
Managed by an issuer
Trading halts regulations Yes, if necessary
Investor protection
No
Foreign Participation
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitations
No restrictions
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