TEHRAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Saturday-Wednesday
09:00-12:30
Main floor (A & B), second floor
Automated, depository link, access, WAN
Continuous auction
No
Stocks, profit-sharing bonds
Local
Best bid/ask, last price, total volume
company announcements
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
No
T+3
Yes
Book entry
Netting
No, one day or more
difference between
payment and delivery
Clearing institution Yes, wholly owned
Risk sharing
No
Margin/lending
No
Custodians
TSE services company
FOREIGN PARTICIPATION
Not-for-profit company
Self-regulatory
Yes
Yes
Yes
Yes
Yes
No
Foreign investors
Restricted
Investment limitations Maximum share ratio
Repatriation
No restrictions
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
2003-MARKET CAP. BY SECTOR
22.5%
No
No
3% Construction
10% Chemicals
14% Other sectors
20% Financial
intermediation
2004 HOLIDAY CALENDAR
22% Transportation
31%
Non-metallic minerals
Feb. 1, 9, 11; Mar. 1, 2, 20, 21, 22, 23, 31; Apr. 11, 19, 20; Jul. 21; Aug. 30; Sep. 13; Nov. 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
Main Floor (A)
RLS 25 billion
2
n/a
n/a
n/a
1,000
2 years in second floor
n/a
n/a
n/a
n/a
Yes
Announcing EPS and future
plans
n/a
Main Floor (B)
RLS 10 billion
2
n/a
n/a
n/a
500
2
n/a
n/a
n/a
n/a
Yes
Announcing EPS and future
plans
n/a
Second Floor
RLS 5 billion
1
n/a
n/a
n/a
200
1
n/a
n/a
n/a
n/a
Yes
Announcing EPS and future
plans
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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