UKRAINIAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
11:00-17:00
Primary and secondary markets
Automated, depository link, data
dissemination, reporting facilities, WAN
Simple & double auctions, price fixing
No
Stocks, bonds, options
Local
Last price, last volume, total volume, listed
company announcements
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+5
Yes
Physically
Transaction by transaction
Yes
Yes
No
No/yes
Banks and others
FOREIGN PARTICIPATION
Not-for-profit company
Self
Regulatory institutions, the Exchange and
market participants jointly
Exchange, government institutions
Securities & stock market state commission
Centralized
Yes
Yes
Foreign investors
Restricted
Investment limitations No limitations
Repatriation
No restrictions
VOLUME OF OJSC STATE-OWNED SHARES
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
n/a
n/a
30% local investors
120
20
18
16
14
12
10
8
6
4
2
0
100
80
60
40
20
2004 HOLIDAY CALENDAR
0
2001 2002 2003
Jan. 1, 2, 3, 4, 5, 6, 7; Mar. 8; Apr. 11, 12; May 1, 2, 9, 30, 31; Jun. 28; Aug. 24
Securities (# millions)
Securities (US$ millions)
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
Official* (K-1, K-2, K-3)
EUR 400,000
n/a
n/a
n/a
1,000,000 shares with a nominal price
under UAH 0.25
2,000 holding 100 shares or more; not less
than a total of 2,200
n/a
n/a
n/a
n/a
n/a
n/a
*Securities distribution occurs according to
parameters of financial & economic activity
of issuers
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 92
Free Market
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a