FEAS Yearbook FEAS Yearbook 2008 | Page 47

FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
MONTENEGRO STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ millions
Total Volume
Average Daily Volume
# Shares millions
Total Volume
Average Daily Volume
Stocks
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 5.85
13.51
18.05
10.73
5.26
10.67
64.07 0.34
0.64
0.86
0.60
0.29
0.51
0.54 3.02
4.43
9.62
4.58
2.34
3.26
27.25 0.18
0.21
0.46
0.25
0.13
0.16
0.23
Bonds
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0.08
0.96
1.66
0.40
0.55
0.19
3.83 0.00
0.05
0.08
0.02
0.03
0.01
0.03 0.18
1.66
2.42
0.67
0.92
0.28
6.13 0.01
0.08
0.12
0.04
0.05
0.01
0.05
Other
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
Market Capitalization (US$ millions)
Index
Jan-08
5,200.86
1,450.44
Feb-08
5,571.78
1,446.50
Mar-08
5,189.57
1,215.25
Apr-08
4,580.52
1,051.01
May-08
4,372.97
927.95
Jun-08
4,003.53
769.21
PRACTICES & PROCEDURES
Trading
Days
Hours
Monday-Friday
Equities: Continuous Trading 9:00am-2:00pm
Bonds: Continuous Trading 9:00am-2:00pm
Market segmentation
Official market (Listing A/Listing B), Free Exchange
market
System
Automated electronic trading system: MSETS
(Montenegro Stock Exchange Trading System),
remote access
Mechanisms
Continuous Trading Method
Market-maker/Specialists No
Instruments
Shares and Old Currency Savings Bonds
Currency
EUR
Real time information
Market depth and basic data, Exchange members,
Data vendors
Clearing & Settlement
Central Depository
Period
Registered
Settlement
Clearing
DVP
Clearing Institution
Risk Sharing
Margin/Lending
Custodians
Yes
T+3
N/A
Book Entry
Transaction by transaction
Yes
Yes, same as settlement and depository institution
Yes
No
Yes
Taxes
Cash Dividends
Interest Income
Capital Gains
15%
Personal income tax in Montenegro
is progressively based on the level
of income.
No tax on capital gain if owner
keeps equities for two years or
reinvests capital gain in the capital
market.
S TRUCTURE & R EGULATIONS
Legal
Joint Stock Company
Regulation
Securities and Exchange
Commission
Securities market
Exchange with SEC
regulations
Trading rules
Exchange (SEC approval)
Surveillance
Exchange - online and offline
Corporate actions
Mixed
Trading halts regulations Yes, ban of trading
Investor protection
Yes
Foreign Participation
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitations
No restrictions
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