FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 77
TIRANA STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
10:00-14:00
T-bills
WAN
Secondary market
No
Treasury bills
Local
Best bid/ask
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Foreign Participation
Joint stock company
Self
Exchange w/ regulatory institutions
Exchange
No, electronic
Centralized
Yes
No
Foreign investors
Investment limitations
Repatriation
Taxes
Cash dividends
Interest income
Capital gains
Residents
10%
10%
10%
Non-residents
15%
15%
15%
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
Yes
T+3 for all securities
Yes
Book entry
Netting
Yes, full DVP
No
Yes
No
Individual investors, banks
Level 1
3
US$ 360,000
20%
50
3
n/a
yes
yes
no
Level 2
1
US$ 180,000
15%
50
1
n/a
yes
yes
no
Allowed, no restrictions
No limitation
No restrictions