FEAS Yearbook FEAS Yearbook 2003 | Page 97

ZAGREB STOCK EXCHANGE TRADING Days Hours Market segmentation System Mechanisms Market makers/specialists Instruments Currency Real time information CLEARING & SETTLEMENT Monday-Friday 10:00-16:00 Equity and fixed income (official market, regular market, JDD market, parallel market) Automated, remote access, remote login, WAN Continuous auction No Stocks, bonds, certificates and commercial paper Local Best bid/ask, last price, last volume, total volume, order book Central depository Period Registered Settlement Clearing DVP Yes T+4 Yes Book entry Netting No, one day or more difference between payment and delivery Clearing institution Yes Risk sharing Yes Margin/lending No Custodians Banks FOREIGN PARTICIPATION STRUCTURE & REGULATIONS Legal Regulation Securities market regulations Trading rules Surveillance Corporate actions Trading halts regulations Investor protection Commercial company Self Regulatory institutions without exchange Exchange Continuous Independent agents Yes No Foreign investors Allowed, no restrictions Investment limitations No limitations Repatriation No restrictions TAXES Cash dividends Individuals Corporations Interest income Individuals Corporations Capital gains Individuals Corporations 2003-TRADING BY SECTOR 30% Industry 15% withholding tax Exempt from corporate tax 1% Other 5% Tourism 15%, 25% or 35% depending on the level of income with the exception of interest paid on deposits in banks, savings banks and savings & loan associations 20% 15% Finance 13% Food processing 36% Pharmaceuticals 15%, 25% or 35% depending on the level of income 20% 2004 HOLIDAY CALENDAR Jan. 1, 6; Apr. 9, 12; May 1; Jun. 10, 22, 25; Aug. 5, 15; Oct. 8; Nov. 1; Dec. 24, 25, 26 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 Market n/a 3 For shares: KN 10 million; for bonds: KN 50 million n/a 25% No n/a 3 n/a Yes n/a Yes n/a n/a Regular Market n/a 2 For shares: KN 20 million; for bonds: KN 15 million n/a 15% 50 n/a 2 n/a Yes n/a Yes n/a n/a JDD Market n/a 1 For shares: KN 30 million n/a n/a 100 n/a 1 n/a Yes Yes Yes n/a n/a Parallel Market n/a 1 No No n/a No n/a 1 n/a Yes n/a No n/a n/a FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004 PAGE 95