MOLDOVAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
10:00-15:00
First market, second market
Automated, depository link, data dissemination,
WAN
Call auction, price fixing
No
Stocks
Local
Min/max price, total volume
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Risk sharing
Margin/lending
Custodians
Yes
T+3
Yes
Book entry
Netting
No
Yes, National Depository of
Securities
No
Yes/yes
Banks
FOREIGN PARTICIPATION
Not-for-profit
Self
Exchange with regulation institutions
Exchange
Yes, electronic
Centralized
Yes
Yes
Foreign investors
No restrictions
Investment limitations No limitations
Repatriation
No restrictions
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
2003-TRANSACTION VOLUME BY TYPE
15%
n/a
14% for local investors
54% Buy-Sell
0.36% Auction
34.92% Tender
2.24% SWAP
2004 HOLIDAY CALENDAR
0.01% Collateral
8.27% REPO
Jan. 1, 7, 8; Mar. 8; Apr 12; May 1, 9; Aug; 27, 31
0.20% Department
of Privatization
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
First Market
Level 1
Level 2
n/a
n/a
3
2
LEI 10 million
LEI 5 million
n/a
n/a
n/a
n/a
More than 50
More than 50
2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Yes
Yes
Registered in the NSC Registered in the NSC
equity of JSC, audited equity of JSC, audited
statement, IAS used
statement, IAS used
n/a
n/a
Level 3
n/a
1
n/a
n/a
n/a
More than 50
n/a
n/a
n/a
n/a
n/a
Yes
Registered in the NSC
equity of JSC, audited
statement, IAS used
n/a
Second Market
n/a
n/a
n/a
n/a
n/a
More than 50
n/a
n/a
n/a
n/a
n/a
Yes
Registered in the NSC
equity of JSC, audited
statement, IAS used
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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