FEAS Yearbook FEAS Yearbook 2003 | Page 40

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