FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 56
MACEDONIAN STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday through Thursday
09:00-12:30
Official and unofficial market
Remote access, data dissemination, WAN
Call auction, continuous auction
No
Stocks, bonds, government certificates
Local
Brokerage houses, banks
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+3
Yes
Book entry
Transaction by transaction
Yes, full DVP
Yes
No
No
Banks
Foreign Participation
For profit-joint stock company
Self
Regulatory institutions, SEC and Exchange
Exchange, government institution
Yes
Centralized
Yes
Yes
Taxes
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign investors
Investment limitations
Repatriation
Yes
No limitation
No restrictions
2002 Structure by Market Segments
15%
n/a
No
33%
28%
11%
28%
State
Unofficial market
Official market
Other securities
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
Official Market
3
EURO 500,000
30%
100
n/a
n/a
yes
yes
permanent obligation for disclosure
Unofficial Market
n/a
n/a
n/a
n/a
n/a
n/a
no
no
submission of the last annual
financial statement of information