FEAS Yearbook FEAS Yearbook 2003 | Page 85

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 PAGE 83