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 PAGE 7