GEORGIAN STOCK EXCHANGE
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Tuesday and Thursday
13:00-15:00
No segmentation
Automated, depository link, data
dissemination, reporting facilities, WAN
Continuous auction
No
Stocks, government bonds
Local
Best bid/ask, last price, last volume,
total volume, listed company
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+1
Yes
Book entry
Transaction by transaction
Yes, full DVP
Yes, wholly owned
No
Yes, margin
Individuals, institutional
investors, brokerage
houses, banks, Exchange
members
FOREIGN PARTICIPATION
Not-for-profit company, special status within
the law
Yes
Regulatory institution(s),
the exchange and market participants jointly
Exchange, shared regulatory responsibility
Yes, electronic
Centralized
Yes
No
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-TRADING BY SECTOR
Tax exempted
Assessed for all investors
Tax exempted
3% Agriculture
3% Light industry
6% Retail and
wholesale trading,
utilities
2004 HOLIDAY CALENDAR 14%
Power supply, gas
and water supply
Jan. 1, 2, 7, 19; Mar. 3, 8; Apr. 9, 10, 11, 12; May 9, 12, 26; Aug 28; Oct. 14; Nov. 23 14% Food, beverage
and tobacco processing
6% Other
15% Construction
39%
Financial intermediation
(banks, exchanges,
brokerage companies)
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
Listed
US$ 100,000
Not less than 3 years
n/a
n/a
Number of shares issued is at least 50,000
n/a
At least 2 years during the past 3 years
n/a
n/a
n/a
n/a
n/a
According to the Law on Securities Market, only
securities of the companies which comply with the
following requirements shall be admitted to the
Exchange for trading:
1. The company securities register is maintained
by an independent share registrar.
2. The issuer maintains its accounting records and
bookkeeping in accordance with IAS.
n/a
Unlisted
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
According to the Law on Securities Market, only
securities of the companies which comply with the
following requirement shall be admitted to the
Exchange for trading: Their securities register is
maintained by an independent share registrar.
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 47