FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 53
LAHORE STOCK EXCHANGE
Trading
Days
Trading time
Carry over transactions
(COT) release
Open market COT
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
Monday-Thursday, 9:45-14:15 & 14:30-16:00
Friday, 09:30-12:00 & 14:30-16:00
Monday-Thursday, 13:30-14:45
Friday, 13:30-16:30
Monday-Thursday, 15:15-16:30
Friday, 16:30-17:30
Shares, bonds, terms of finance certificates, foreign
exchange, bearer certificates
Automated trading, clearing & settlement, depository
link, data dissemination, reporting facilities, Internet
services, WAN
Continuous auction
No
Shares, bonds, term finance certificates, foreign
exchange bearer certificates
Local
Best bid/ask, last price, last volume, total volume, listed
company announcements
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Clearing institution
Risk sharing
Margin/lending
Custodians
Yes
T+3, T+1, one month future
Yes
Book entry
Netting
No, 1 day or more difference
between payment and
delivery
Yes, wholly owned
Yes
Yes
Individuals, institutional
investors, brokerage houses,
banks, exchange members
Foreign Participation
Not-for-profit company
Self
Exchange with the regulatory institution's approval
Exchange
Yes, electronic
Centralized
No
Yes
Foreign investors
Investment limitations
Repatriation
Allowed, no restrictions
No limitations
No restrictions
5-Year Market Capitalization
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
10%
10%
Exempt
(US$ millions)
12,000
10,000
8,000
6,000
4,000
0
2,000
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue
Free float
Minimum # of shareholders
Minimum years of positive financial results
# times dividends distributed in last 3 years
Listing agreement with central depository
Prospectus required
Special requirements
New Companies Market
Greenfield or project in operation
Rs. 20 million
Minimum public offer Rs. 100 million or 20% of the share capital, whichever is higher
500
Last five years or for the period company is in operation.
n/a
Companies seeking listing will be declared "eligible" in the CDS
Yes
Yes