AMMAN STOCK EXCHANGE
TRADING
Days
Hours: Pre-opening session: bonds,
mutual funds, third market companies
Trading session: bonds, mutual funds,
third market companies
Pre-opening session: first & second markets
Trading session: first & second markets
Block trades: all markets
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Sunday-Thursday
9:30-9:35
9:35-9:55
9:30-10:00
10:00-12:00
12:00-12:15
First, second and third markets, bonds,
mutual funds, off-floor transaction, foreign
securities allowed
Automated, remote access, intranet,
depository links, WAN
Continuous auction
No
Stocks, bonds, mutual funds
Local
Best bid/ask, last price, last volume,
total volume, price index
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes, electronic
T+4
Yes
Book entry
Bilateral netting
No
No
No
No
Banks
FOREIGN PARTICIPATION
Special status
Self
Exchange with regulator approval
Responsibility of exchange
Yes, electronic
Managed by issuer
Yes, if necessary
Brokers guarantee fund
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003 NON-JORDANIAN OWNERSHIP
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Tax exempted
Assessed for all investors as income
Tax exempted
39% Non-Jordanians
61% Jordanians
2004 HOLIDAY CALENDAR
Jan. 1, 30, 31; Feb. 1, 2, 3, 4, 22; May 1, 2, 5; Sep. 12; Nov. 14, 15, 16, 17; Dec. 25, 31
MINIMUM LISTING REQUIREMENTS
Requirements
Minimum paid-in capital
Years of business activity
Capitalization of issue
Free float
Free float ratio
Minimum # of shareholders
Minimum years of positive financial results
# prior years audited financial accounts
# times dividends distributed in last 3 years
Whole class of securities to be issued
Listing agreement with Central Depository
Prospectus
Special requirements
Additional special requirements
First
Market
JD 2 million
At least 3 years
Minimum: JD 2 million
n/a
10% turnover and 15% of the
overall trading days
n/a
2 years during the last 3 years
n/a
Once
n/a
n/a
Yes
Shareholders’ equity not less than
100% of the paid-in capital
n/a
Second
Market
n/a
1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Yes
Shareholders’ equity not less
than 50% of the paid-in capital
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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