FEAS Yearbook FEAS Yearbook 2002 | Page 28

FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 26 BAKU STOCK EXCHANGE Trading Days Hours: Pre-opening First & second markets Market segmentation System Mechanisms Market maker/specialists Instruments Currency Real time information Clearing & Settlement Monday-Friday 09:15-11:00 11:00-15:00 First and second markets Data dissemination, reporting facilities Primary market, continuous auction No State bonds, corporate stock, US$ futures, repurchase agreements Local Last price, last volume, total volume Closed joint stock company Self State Committee for Securities (SCS) Shared regulatory responsibility Yes, electronic Independent agents Yes No Foreign investors Investment limitations Repatriation No restrictions No limitation No restrictions 2002- Monthly SSB Placement Volume vs Weighted Average Rate of Return % Taxes Cash dividends Yes, National Depository Center T+0-15:00-16:45 Yes Book entry Netting Yes, full DVP Yes, wholly owned No No BSE depository, National Depository Center, depository of "Partner Investment" firm Foreign Participation Structure & Regulations Legal Regulation Securities market regulations Trading rules Surveillance Corporate actions Trading halts regulations Investor protection Central depository Period Registered Settlement Clearing DVP Clearing institution Risk sharing Margin/lending Custodians 16 10% Interest income 10% Capital gains n/a 14 12 10 8 6 4 2 0 J F M A M J J A S O N SSB Placement volume (US$ million) Weighted-average rate of return % * there was no trading in October and November Minimum Listing Requirements Requirements Years of business activity Capitalization of issue Free float Shareholders equity Minimum # of shareholders Minimum years of positive financial results # times dividends distributed in last 3 years Prospectus required Special requirements First Market 2 n/a n/a 5 billion AZM (approx. US$ 1 million) 500 2 n/a Prospectus with financial statements n/a Second Market (Unlisted) n/a n/a n/a n/a n/a n/a n/a n/a n/a D 18 16 14 12 10 8 6 4 2 0