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
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