PALESTINE SECURITIES EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours: Pre-opening
Regular market
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Sunday-Thursday
09:30-10:00
10:00-11:00
Regular market, odd lot market, sell-out
market, off floor transactions
Fully automated, depository link, remote
access, data dissemination, WAN
Order-driven continuous auction
No
Stocks
JOD and US$
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+3
Yes
Book entry
Netting
Yes
Yes, wholly owned
No
No/Yes
Bank
FOREIGN PARTICIPATION
Private company
Self
Exchange with Finance Ministry approval
Exchange
Yes
Centralized (except cash dividends)
No
Yes
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Foreign investors
Allowed
Investment limitations No limitations
Repatriation
No restrictions
2003-VOLUME BY SECTOR
Exempted
n/a
Exempted
2% Banking
2% Insurance
16% Services
1%
Manufacturing
2004 HOLIDAY CALENDAR
79% Investment
Jan. 1, 31; Feb. 1, 2, 3, 4, 21; May 1; Sep. 11; Nov. 12, 13, 14, 15
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 78
First Market
50%
n/a
US$ 750,000
n/a
25%
100
n/a
n/a
n/a
n/a
n/a
Yes (Feasibility study if company has recently been established)
n/a
n/a