FEAS Yearbook FEAS Yearbook 2008 | Page 7
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
ARMENIAN 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 0.09
0.11
0.07
0.01
0.01
0.01
0.29 0.00
0.01
0.00
0.00
0.00
0.00
0.00 0.02
0.00
0.00
0.00
0.00
0.00
0.03 0.00
0.00
0.00
0.00
0.00
0.00
0.00
Bonds
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0.66
1.27
0.60
0.66
0.98
1.23
5.41 0.03
0.06
0.03
0.03
0.05
0.06
0.04 0.02
2.88
0.31
0.31
0.11
1.51
5.13 0.00
0.14
0.01
0.01
0.01
0.07
0.04
Other
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 68.40
79.12
100.69
72.97
57.09
64.66
442.93 3.60
3.96
4.79
3.47
3.00
3.08
3.65 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
Market Capitalization (US$ millions)
Index
Jan-08
157.61
0.00
Feb-08
159.18
0.00
Mar-08
137.74
0.00
Apr-08
135.49
0.00
May-08
141.25
0.00
Jun-08
148.70
0.00
PRACTICES & PROCEDURES
Trading
Days
Hours
Monday - Friday
Stock Market (SM): 12:30 - 13:30
Corporate Bonds Market (CBM): 12:30 - 13:30
Government Bonds Market (GBM): 11:00-15:00
Foreign CurrencyMarket (FCM): 11:00-15:00;
Post-trading session 15:00-15:05
Market segmentation
SM: lists A, B, C1, and C2
CBM: lists Abond and Bbond
System
Fully automated
Mechanisms
Continuous auction, order-driven
Market-maker/Specialists Yes for corporate bonds and government bonds
Instruments
Stocks, corporate bonds, Government bonds and
foreign currency
Currency
SM: local
CBM: local
GBM: local
FCM: Local
Real time information
Last price, average price, last volume, total volume
Clearing & Settlement
Central Depository
Period
Registered
Settlement
Clearing
DVP
Clearing Institution
Risk Sharing
Margin/Lending
Custodians
Yes
T+0
Yes
SM, CBM: Central Depository
GBM, FCM: Central Bank
Netting
Yes, full DvP
SM, CBM: Central Depository
GBM, FCM: Stock Exchange
No
No
Central Depository, Licensed custodians
Taxes
Cash Dividends
Interest Income
Capital Gains
Legal Entity: 20%,
Individuals: No
Legal Entity: 20%,
Individuals: 10-20%
Legal Entity: 20%,
Individuals: No
Structure & Regulations
Legal
Open Joint Stock Company with
100% of shares, belonging to the
NASDAQ OMX Group
Regulation
Self
Securities market
Stock exchange; Central Bank of
regulations
the Republic of Armenia
Trading rules
Yes, approved by the Supervisory
Board of the Stock Exchange and
registered with the Central Bank
Surveillance
Yes
Corporate actions
Yes
Trading halts regulations Yes
Investor protection
No
Foreign Participation
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitations
No restrictions
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