BUCHAREST STOCK EXCHANGE
TRADING
CLEARING & SETTLEMENT
Days
Hours: Regular equities
Odd lot equities
Deal equities
Unlisted equities
Public offer equities
Buy-in equities
Sell-out equities
Order bonds
Deal bonds
Market segmentation
System:
trading system,
clearing-settlement
and registry system
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
10:00-14:30
10:15-14:15
10:15-14:15
10:00-14:15
Only when necessary
Only when necessary
Only when necessary
11:00-13:00
11:00-13:00
Equities: first tier, base tier, plus (transparency) tier, unlisted
tier; Bonds: municipal bonds, corporate bonds; international tier
Equities: electronic systems integrated in real time;
Bonds: electronic integrated trading platform designed and
implemented in-house
Common shares: single price auction, multiple price auction,
order driven, dealing; corporate bonds: multiple price auction,
quote driven, dealing; municipal bonds: order driven, quote
driven, dealing
No
Stocks, municipal bonds and corporate bonds
Local currency
Equities and bond: market depth and basic data (volumes,
prices, indexes)
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Interest income
Capital gains
No
T+3
Yes
Net settlement for money
and gross settlement for
securities common
shares, municipal bonds
& government securities
Clearing
Multilateral netting
DVP
Yes
Clearing institution Performed by the Stock
Exchange Registry
Risk sharing
Yes
Margin/lending
No
Custodians
Commercial banks
FOREIGN PARTICIPATION
Special statutes within the law
Self-regulated institution
BSE and National Securities Commission (NSC)
BSE
BSE and NSC
Yes
Yes
Yes
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
TAXES
Cash dividends
Central depository
Period
Registered
Settlement
2003-TOTAL TURNOVER BY SECTOR
Natural person: residents: 5% and non-residents: if double taxation
agreement exists it prevails; if not 5%; Legal person: residents: 10%
(dividends are not included in the profit) and non-residents: if double taxation
agreement exists it prevails, if not 25% of total net profit
Natural person: residents: 1% and non-residents: 1%, in case of submission
of fiscal residence certificate issued by authorities from the country of
residence; if not, 10%; Legal person: residents: 1% and non-residents: if
double taxation agreement exists it prevails, if not 10%
Natural person: residents: 1% and non-residents: if double taxation
agreement exists it prevails; if not 1%; Legal person: residents: 25% of total
net profit and non-residents: if double taxation agreement exists it prevails, if
not 25% of the net capital gain of portfolio per brokerage house
17.5% Pharmaceuticals
17.5% Energy
3.1% Chemicals 3.2% Materials
7.4%
Equipment
47.7% Banks &
financial services 2.2% Services
1.4%
Consumer goods
2004 HOLIDAY CALENDAR
Jan. 1, 2; Apr. 12; Dec. 1
MINIMUM LISTING REQUIREMENTS
Requirements
Prospectus
Special requirements Category
First Tier
EUR 8,000,000
3
No
n/a
Shares: 15% minimum
Bonds: 30% minimum
1,800 shareholders with the
exception of management and
employees
2
3
No
Common shares, municipal and
corporate bonds
Yes (Central Depository function will
be performed by the Stock
Exchange Registry)
Yes
No Additional special requirements n/a n/a
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
Category
Base Tier
EUR 2,000,000
No
No
n/a
n/a Category
PLUS Tier
EUR 2,000,000
No
No
n/a
n/a
No No
No
1
No
Common shares, municipal and
corporate bonds
Yes (Central Depository function
will be performed by the Stock
Exchange Registry)
Yes
No No
1
No
Common shares, municipal and
corporate bonds
Yes (Central Depository function will
be performed by the Stock
Exchange Registry)
Yes
To be listed on the "First Tier" or
"Base Tier" at BSE; the
implementation of Corporate
Governance Code
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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