“TOSHKENT” REPUBLICAN STOCK EXCHANGE
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
CLEARING & SETTLEMENT
Monday-Friday
10:00-12:00, 15:00-16:00
First, second
Automated, depository link, remote reporting
facilities, WAN
Primary market, call auction
No
Stocks
Local and US Dollars
None
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Central depository
Period
Registered
Settlement
Clearing
DVP
Yes
T+5
Registered, bearer
Book entry
Transaction by transaction
No, one day or more
difference between
payment and delivery
Clearing institution Yes, partly owned
Risk sharing
No
Margin/lending
No
Custodians
Individuals, institutional
investors, brokerage houses,
banks, market makers
FOREIGN PARTICIPATION
Special status within the law
No
Regulatory institution(s), the Exchange and the
market participants jointly develop new rules or
projects
Shared responsibility
No, electronic
Independent agents
Yes
No
Foreign investors
Yes, restricted
Investment limitations Yes, limited
Repatriation
Yes, restricted
1999-2003 FOREIGN PARTICIPATION
TAXES
Cash dividends
Interest income
Capital gains
(US$ millions)
15% to all investors
31% to all investors
4% to all investors
9
8
7
6
5
4
3
2004 HOLIDAY CALENDAR
2
1
Jan. 1; Feb. 1; Mar. 8, 21; May 9; Sep. 1; Oct. 1; Dec. 8
0
1999 2000 2001 2002 2003
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
A Category
n/a
3
SOUMS 200 million
n/a
n/a
500 (JSC); 2,000 (JSCB)
3
n/a
No
n/a
No
Yes
25% or less state share
JSC: Joint Stock Company;
JSCB: Joint Stock Commercial
Bank
B Category
n/a
3
SOUMS 200 million
n/a
n/a
500 (JSC); 2,000 (JSCB)
3
n/a
No
n/a
No
Yes
25% or less state share
JSC: Joint Stock Company;
JSCB: Joint Stock Commercial
Bank
Unlisted Category
n/a
No
No
n/a
n/a
No
n/a
n/a
No
n/a
No
No
n/a
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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