LAHORE STOCK EXCHANGE
TRADING
Days
Trading time
Carry over transactions (COT) release
Open market COT
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Monday-Friday
Monday-Thursday, 09:45-14:15 & 14:30-16:00
Friday, 09:30-12:00 & 14:30-16:00
Monday-Thursday, 13:30-14:45
Friday, 13:30-16:30
Monday-Thursday, 15:15-16:30
Friday, 16:30-17:30
Shares, bonds, terms of finance certificates,
foreign exchange, bearer certificates
Automated trading, clearing & settlement,
depository link, data dissemination, reporting
facilities, Internet services, WAN
Continuous auction
No
Shares, bonds, term finance certificates,
foreign exchange bearer certificates
Local
Best bid/ask, last price, last volume, total
volume, listed company announcements
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
FOREIGN PARTICIPATION
Not-for-profit company
Self
Exchange with the regulatory institution's
approval
Exchange
Yes, electronic
Centralized
No
Yes
TAXES
Cash dividends
Interest income
Capital gains
Central depository Yes
Period
T+3, T+1, one month
future
Registered
Yes
Settlement
Book entry
Clearing
Netting
DVP
No, 1 day or more
difference between
payment and delivery
Clearing institution Yes, wholly owned
Risk sharing
Yes
Margin/lending
Yes
Custodians
Individuals, institutional
investors, brokerage
houses, banks, Exchange
members
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-MARKET CAP. BY SECTOR
5% Chemicals
10%
10%
Exempt
8% Fertilizer
4% Cement
30% Other
10% Commercial
banks
2004 HOLIDAY CALENDAR 12% Oil & gas
marketing
companies
Feb. 1, 2, 3, 5, 29; Mar. 1, 23; May 1; Aug. 14; Nov. 9, 11, 12, 13, 22 or 23; Dec. 25 14% Power
generation & distribution
17%
IT & telecommunications
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
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 62
New Companies Market
n/a
Greenfield or project in operation
RS 20 million
n/a
Minimum public offer RS 100 million or 20% of the share capital,
whichever is higher
500
5% minimum gross profit before taxes as a percentage of paid-up capital.
Total shareholders' equity should exceed paid-up equity for the past one year
n/a
n/a
n/a
Companies seeking listing will be declared "eligible" in the CDS
Yes
Yes
n/a