FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 86
ZAGREB STOCK EXCHANGE
Trading
Days
Hours
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
10:00-16:00
Equity (quotation i, quotation ii, quotation tn),
fixed income
Automated, remote access, remote login, WAN
Continuous auction
No
Stocks, bonds, certificates and commercial paper
Local
Best bid/ask, last price, last volume,
total volume, order book
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Corporations
Capital gains:
Individuals
Corporations
Yes
T+4
Yes
Book entry
Netting
No, one day or more difference
between payment and delivery
Yes
Yes
No
Banks
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign Participation
Commercial company
Self
Regulatory institutions without exchange
Exchange
Continuous
Independent agents
Yes
No
Foreign investors
Investment limitations
Repatriation
Allowed, no restrictions
No limitations
No restrictions
Trading by Sector
Taxes
Cash dividends:
Individuals
Corporations
Interest income:
Individuals
Central depository
Period
Registered
Settlement
Clearing
DVP
15% withholding tax
Exempt from corporate tax 8%
15%, 25% or 35% depending on the level of income
with the exception of interest paid on deposits in banks,
savings banks and savings & loan associations
Corporate tax rate is 20% 20%
15%, 25% or 35% depending on the level of income
20%
5%
6%
28%
33%
Pharmaceutics
Tourism
Finance
Industry
Food processing
Other
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue
Free float
Minimum # of shareholders
# prior years audited financial accounts
Applicant
Prospectus required
Freely transferable securities
Whole class of securities to be listed
Quotation I
3
for shares - ECU 10 mil. for bonds - ECU 1 mil.
25%
no
3
issuer
yes
yes
yes
Quotation II
3
for shares - ECU 2 mil.
10%
80
3
issuer
yes
yes
yes
Quotation TN
1
no
no
no
1
issuer, or member of ZSE
no
yes
yes