BULGARIAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours: Official and unofficial markets
Block transactions
Government securities
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
09:30-13:00
13:00-14:00
09:30-14:00
Official Equity Market: segments A, B, C;
Official Bond Market: government,
municipality bonds, corporate bonds;
Unofficial Market
Automated, remote access, depository link,
internet services, WAN
Continuous auction
No
Equities, bonds (corporate, municipal,
mortgage, government), rights, compensation
instruments, investment vouchers
Local and euro
Best bid/ask, last price, last volume, total volume
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+2
Yes
Book entry
Net clearing of cash and
gross clearing of
securities
DVP
Yes, full DVP
Clearing institution No
Risk sharing
Yes
Margin/lending
No
Custodians
Banks
FOREIGN PARTICIPATION
Special status within the law
Self
Exchange and financial supervision commission
Exchange
Yes, electronic
Yes
Yes
Yes
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-VOLUME BY MARKET
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
15% withholding tax
15% withholding tax
23.5% (including corporate and municipal tax).
Capital gains from transactions with shares of
public companies on the Exchange are not
subject to withholding tax.
2004 HOLIDAY CALENDAR
2% Official market 4% Unofficial market
49% Other market 45% Block
transactions
Jan. 1, 2; Mar. 3; Apr. 12; May 1, 6, 24; Sep. 6, 22; Dec. 24, 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
Official
Market A
No
3
BGN 20 million if prior traded
on "B" or "C" segments or on
unofficial market
Yes
25%
400
No
Last interim
No
Yes
Yes
Yes
Net assets value of
BGN 20 million if capitalization
requirements not applicable
Minimum monthly average
traded volume of 1,000 shares
(if the issue has been traded
on "B" or "C" segments or on
unofficial market)
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 38
Official
Market B
No
2
BGN 10 million if prior traded
on "C" segment or on unofficial
market
Yes
10%
100
No
Last interim
No
Yes
Yes
Yes
Net assets value of
BGN 10 million if capitalization
requirements not applicable
Minimum monthly average
traded volume of 1,000 shares
(if the issue has been traded
on "B" or "C" segments or on
unofficial market)
Official
Market C
No
1
No
Yes
5%
100
No
Last interim
No
Yes
Yes
Yes
Net assets value of BGN 50,000
Minimum amount of the issue
of 50,000 shares