GUIDE TO GLOBAL STOCK EXCHANGES OCTOBER 2009Contents Introduction Global Trading Clock Contacts GUIDE TO GLOBAL STOCK EXCHANGES OCTOBER 2009 Summary pages Taxes, Market Charges & Compulsory Commissions Cross Selling Equity & Short Selling Tick Size Board Lots Market Capitalisation Average Daily Turnover Clearing & Settlement Official Trading Hours Contents 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. Argentina Armenia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belgium Bermuda Bolivia Bosnia and Herzegovina Botswana Brazil Bulgaria Canada Cayman Islands Chile China – Shanghai China – Shenzhen Colombia Costa Rica Croatia Cyprus Czech Republic Denmark Ecuador Egypt El Salvador Estonia Fiji 37 Finland France Georgia Germany Ghana Greece Guatemala 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. Guernsey Honduras Hong Kong Hungary Iceland India – Mumbai India – National Indonesia Iran Iraq Ireland Israel Italy Jamaica Japan – Tokyo Japan – Osaka Jordan Kazakhstan Kenya Kuwait Kyrgyz Republic Latvia Lebanon Lithuania Luxembourg Macedonia Malawi Malaysia Maldives Malta Mauritius Mexico Moldova Mongolia Montenegro Morocco Namibia Nepal Netherlands 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112. 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. New Zealand Nigeria Norway Oman Pakistan Palestine Panama Paraguay Peru Philippines Poland Portugal Qatar Romania Russia Saudi Arabia Serbia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Swaziland Sweden Switzerland – SWX & Virt-x Taiwan Tanzania Thailand Trinidad & Tobago Tunisia Turkey Uganda Ukraine UAE United Kingdom USA – Chicago USA – NASDAQ 123. 124. 125. 126. 127. 128. 129. USA – National USA – New York Uruguay Uzbekistan Venezuela Vietnam West African Stock Exchange 130. Bourse Regionale des Valeurs Mobilières SA (BRVM) 131. Zambia 132. Zimbabwe 133. ECNs, ATS & Dark Pools 134. NYSE Arca 135. NYSE Arca Europe 136. EuroTLX – TLX 137. Liquidnet 138. ITG POSIT 139. Primex Trading, Bloomberg Tradebook 140. NexTrade NASDAQ Trader 141. Instinet Instinet Chi-X 142. NYFIX Track ECN 143. Pipeline The International Securities Exchange 144. DirectEdge BATS 145. CNSX/Pure Trading Turquoise 146. Lava Trading, CBOE Stock Exchange 147. Baikal, SmartPool 148. Equiduct , Burgundy 149. Alpha X Europe Front Page Introduction Global Trading Clock Contacts A Pioneer in Equity & Equity Derivatives For more than two decades, SG has been at the cutting edge of innovation within the equity and equity derivative world, an achievement recognised by Risk Magazine in 2008, awarding SG a special ‘20 years of Excellence’ award. As a firm we do not rest on our laurels and in order to give you maximum flexibility in your equity investment strategy, our everexpanding offering includes an extensive set of flow products & services (equity, futures & options, convertible bonds), the entire universe of listed products (ETFs, warrants, certificates, ETNs) as well as financing services (Delta 1, swaps, CFDs, synthetic prime brokerage) and exotic derivative strategies, a market that SG created with clear yet sophisticated solutions tailor made to solve each client’s investment needs. It is from this investment in the platform and long standing commitment to our clients that we are able to offer this in all the major global financial centres. SG’s Global Equity Flow Department Division Equity Sales Services & Products Offered Fundamental, Long/Short, Specialist Sales, Quantitative Sales Trading, Program Trading, ETF Advisory, Indexation, Algorithmic & Electronic Trading, ADR & Arbitrage Specialist Listed & OTC Options (Single, Listed & ETF), Futures Alternative Risk Transfer, Exotic Swaps (Dispersion, Correlation) CFDs, Dynamic Portfolio Swaps, Equity Finance Warrants, Trackers, Certificates, Digits, Turbos Equity Execution Services Flow Equity Derivatives Tailor Made Derivatives 1 Delta Delving a little deeper, in flow equity, being active in the primary, Listed Products secondary and derivatives markets means we provide you with a seamless access from single order to futures and options based upon comprehensive worldwide equity brokerage services and equity derivatives expertise. Whether you are looking for high or low touch execution capabilities, SG’s direct access to over 70 equity and derivative markets around the world gives a flexibility that can be tailored to your needs. We are one of the largest market makers in derivatives, quoting approximately 90% of the market capitalisation in the top 350 European underlyings for example. In cash equity, SG is highly ranked around the world, from being the No 1 broker on Euronext for seven consecutive years (20022008) to consistently having over 5% market share in markets such at NYSE, London, Tokyo, Xetra, Hong Kong and Milan amongst others, offering that liquidity to our clients on a daily basis. In listed products, as the world’s largest warrants issuer and industry leader in Exchange Traded Funds (16% global market share), our offering is broad and constantly updated to seize new market opportunities. SG’s pre-eminent product offering is built upon these strengths and by working as a partnership with our clients, the dedicated team of client-facing professionals can deliver the most attractive and creative solution to meet your business goals. SG CIB’s Global Equity Flow department offers first class services and innovative investment solutions For every type of fund... Equity/Balanced Fund Asset Allocation Fund Income Fund Convertible Bond Fund Hedge Fund Long/Short 130/30 Fund Separately Managed Account Listed Products ...a wide range of solutions and services adapted to your needs Beta & Alpha Generation Equity Finance & Indexation Equity Derivatives Cash Management Products Société Générale Index (SGI) Cash Execution Research Financing & Factoring Front Page Contents Global Trading Clock Contacts 17:00 Closing Auction Front Page Contents Introduction Contacts .16:11 Closing Auction 11:00 & 15:00 Two Closing Auctions 14:50 .17:00 Random Close 18:20 .16:35 Closing Auction 17:30 .17:30 Closing Auction 17:25 .17:03 Closing Auction 16:55 16:00 16:00 15 21 20 4 16 22 21 5 16:55 .13:30 Closing Auction 14:00 13:00 15:00 14:30 16:00 17:00 17:00 .17:30 Closing Auction 16:00 16:10 .17:30 Closing Auction 18:20 17:35 17:35 17:20 17:35 16:30 17:30 16:30 17:20 17:20 17:25 17:30 17:30 17:30 .17:06 Closing Auction 12:30 15:00 14:50 13:25 12:30 11:30 12:30 09:55 10:00 15:50 15:50 .16:00 Closing Auction 10:30 09:00 09:00 09:00 10:00 09:00 09:00 09:00 09:00 08:00 09:00 08:00 09:00 09:00 09:00 09:00 09:00 10:25 17:00 10:00 9:30 9:30 10 16 15 23 11 17 16 24 12 18 17 1am 13 19 18 2 14 20 19 3 18:45 16:50 17:35 16:50 16:50 .15:00 Closing Auction 13:25 .The Global Equity 24 hour Business Day NEW ZEALAND AUSTRALIA JAPAN KOREA TAIWAN SINGAPORE CHINA HONG KONG INDIA RUSSIA SOUTH AFRICA BELGIUM DENMARK FINLAND NETHERLANDS PORTUGAL SWEDEN FRANCE UK SPAIN IRELAND SWITZERLAND GERMANY NORWAY ITALY AUSTRIA GREECE BRAZIL CANADA USA New York Time Paris Time London Time Tokyo Time 17 23 22 6am 18 24 23 7 19 1am 24 8 20 2 1am 9 21 3 2 10 22 4 3 11 23 5 4 12 24 6am 5 13 1am 7 6am 14 2 8 7 15 3 9 8 16 4 10 9 17 5 11 10 18 6am 12 11 19 7 13 12 20 8 14 13 21 9 15 14 22 10:00 10:00 9:00 11:00 09:00 09:00 09:00 09:30 17:00 17:00 .17:35 Closing Auction 17:20 .17:00 Closing Auction 17:35 Closing Auction 16:50 .16:30 Closing Auction 17:20 .17:30 Closing Auction 17:35 Closing Auction 16:30 .17:35 Closing Auction 16:28 .18:30 Closing Auction 17:35 Closing Auction 17:35 Closing Auction 17:20 .17:30 Closing Auction 17:30 .17:30 Closing Auction 17:00 . Countries Document produced by Société Générale Corporate & Investment Banking . government bonds and indices. a 15 minute halt is observed. As a result the Argentinean government implemented the “contra cables” (versus wire) system. up to 12 months ahead The last business day of the contract month <0#MEF:>. nearest month <0#MARd:> MM (Month Code)(Last Number of Year) <Index> Argentina GMT -3hrs (-2hrs DST) Internet: www. Circuit Breakers There are no market-wide circuit breakers. set up by Bernardino Rivadavia in 1822. corporations.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Merval Index Futures Buenos Aires Stock Exchange 12:00 – 19:00 ARS 1 x Index ARS 1 equals 1 index points Monthly. Continuous Trading System: The continuous market (bonds) and the dealer market (shares) were merged into this system. any proceeds coming from the sale of a “cable” line are subject to be taken out of Argentina. The MVBA guarantees transactions between brokers. Currency Argentine Peso (ARS) Money Repatriation Procedures in Argentina On March 7th 2005 Argentinean authorities implemented a system that allows money repatriation through Merval Communication 11.241 Market Size as of August 2009 Market Capitalisation: USD37. The system then matches transactions based on the rules of the Exchange. index futures and repos. Since Argentina implemented the so-called “corralito”. trusts or their successor’s non-resident in Argentina.0351% Taxes & Regulations Affecting Foreign Investors The Foreign Investment Act has been modified and now puts foreign investors on a similar footing to Argentinean Investors. Official Trading Hours Monday – Friday Floor Trading: 11:00 – 17:00 Continuous Trading: 11:00 – 17:00 Computer-Assisted Trading: 11:00 – 17:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = ARS3. “cable” line was created for all local stocks and bonds. but there are volatility interruptions for individual stocks. nearest month <0#MEFd:> / <0#MAR:>. Dealers (brokers) pay MBVA and stock exchange fees monthly. Whenever a trade would imply a move of more than 10%. a stock only needs to be borrowed before a short sale. Transactions between dealers and clients may be cleared and settled by the dealers themselves but may also be cleared using the MBVA facilities. Buyers and sellers must pay the MVBA. The securities traded are: equities (a selected set of listed stocks) and government and corporate bonds. Today there are several other stock exchanges in Argentina but the Bolda de Comercio de Buenos Aires (BCBA) remains the largest. No commission is paid by brokers and sellers since it is included in the bid/ask spread. The price may not differ by more than 1. The Bolsa de Commercia de Buenos Aires.com Email:
[email protected]. Market Charges & Compulsory Commissions Broker’s commission: Stock Market Fee: Stock Exchange Fee: Negotiated 0. This method was nothing more than a loophole that market participants found as a way around the Argentinean law that strictly prohibited any money repatriation.8bn Average Daily Trading Value: USD10.or off-exchange (at the dealer’s offices) but must be reported immediately to the Exchange. By the end of 2004 the Argentinean government made a statement saying that it was fully aware of the situation. government and corporate bonds. Cross Selling Equity & Short Selling Main Indices Merval 25 Index BURCAP GENERAL Board Lots 1 Short selling is allowed. This ADR conversion procedure was widely used over 3 years. forwards on stocks and government bonds. No special guarantee for clients exists. independent of the amount traded. is charged. These lines are traded in USD’s and are fungible with the regular Argentinean peso lines.5% from a reference price.bolsar.0% 0. founded in 1854. and was ready to take action on it. was set up by 118 businessmen and a number of brokers. Clearing and settlement is carried out by the MVBA with the assistance of the CVSA. Traders enter buy and sell orders through workstations in their offices. Continuous open-outcry auction trading system: Transactions must be matched on the floor. According to this law. Taxes. the only way to take money out of Argentina was through an ADR conversion. The securities and instruments traded are: equities.8m Document produced by Société Générale Corporate & Investment Banking .847 EUR1 = ARS5. A so-called. Trading System The Buenos Aires Stock Exchange has developed a comprehensive computer trading system called SINAC. Transactions can be closed on. options on stocks. There is no capital gains tax on shares obtained by individuals’ resident in Argentina or by individuals. A special guarantee ensures payment to brokers’ clients made by cheques issued by the MVBA. Trades cleared through the MVBA are guaranteed.com Primary Exchange Buenos Aires Stock Exchange Brief History The first short-lived exchange to be established in Argentina was the Bolsa Mercantil. A fixed amount. 1% 0. interest and any other income paid to non-residents at a rate of 10%. Listing Tier A B C1 C2 Fee charged to each party 0.com Primary Exchange Armenian Stock Exchange Futures Information None Brief History The Armenian Stock Exchange (Armex) was registered in February 2001 by 22 brokerage and investment firms.75% for transactions of shares listed on lower (C2) listing tier to 0.2% 0.375% Taxes & Regulations Affecting Foreign Investors Withholding tax is levied on dividends.1% for upper (A) listing tier.1% 0. subject to double tax agreements with Armenia.8 Market Size as of August 2009 Market Capitalisation: USD70m Average Daily Turnover: ~USD1m 7 Document produced by Société Générale Corporate & Investment Banking .Contents Armenia GMT +4hrs (DST +5hrs) Internet: www. Foreign currency exchange trading was launched on 15 November 2005. the exchange will begin the use of OMX’s trading system during 2008.nasdaqomx. Market Charges & Compulsory Commissions Commission fees range from 0. Trading on the exchange opened in July 2001. Trading System Trading is effected through the electronic-trading system ‘Armex Plaza’. In 2007 the Armenia Stock Exchange was purchased by the OMX Group and now forms part of the NASDAQ OMX Group. Main Indices None Currency Armenian Dram (AMD) Official Trading Hours Monday – Friday Equities and Corporate bonds: 11:00 – 15:00 Clearing and Settlement T+2 Business Days Currency Exchange USD1 = AMD377. Taxes.am Email:
[email protected] EUR1 = AMD551.15% 0.75% Fee charged to Market Maker 0.05% 0. As a result of OMX’s purchase of the ASX.3% 0. 7bn Average Daily Turnover: USD3.au Primary Exchange Australian Stock Exchange Brief History The Australian Stock Exchange Ltd (ASX) was formed in 1987 through a special act of parliament amalgamating Australia’s six state-based stock exchanges. Crossings are strictly regulated by the ASX Market Rules. ASX became the first exchange in the world to simultaneously demutualise and list on itself. trading for themselves) on the other.au Email: info@asx. if the sale of each approved security exceeds 10% of the capital issued. ASX equities. Taxes & Regulations Affecting Foreign Investors Australia imposes a 10% withholding tax on interest paid to non-residents unless an exemption has been granted by the taxation authorities for interest paid on widely distributed debentures outside Australia. unless otherwise specified by the ASX)) <0#YAP:>. participating organisations of the ASX have been able to short-sell an approved ETF without entering into a script-lending arrangement. While non-residents will not pay any tax on the franked amount of dividends. On 25 July 200 the Sydney Futures Exchange Corporation Limited merged with the Australian Stock Exchange Limited to form the Australian Securities Exchange Limited (ASX). Market Charges & Compulsory Commissions Brokerage rates on share market transactions have been negotiable since 1984. integrated platform. contract details <SFE/YAP> XP (Month Code)(Last Number of Year) <Index> Australia GMT +9hrs (+11hrs DST) Internet: www.com. This system allows trading of all ASX products on a single. The normal short-selling margin requires a margin cover of 20%. or acting on behalf of a client on one side of the trade and as principal (i. September. In 1998. Australian dividend withholding tax and underlying company tax may be creditable against the non-resident’s tax liability in its home jurisdiction. Naked short selling is prohibited on all securities. which is generally reduced to 15% if the investor is resident in a country with which Australia has a double-taxation agreement. known as the Integrated Trading System (ITS).139 EUR1 = AUD1. Some full-service broking organisations can charge between 0. Currency Exchange USD1 = AUD1. they will not get a refund of the imputation credits attached to the dividends. These guidelines allow the short-selling party to initiate a trade (shorting on the downtick) to gain an immediate execution.2bn Document produced by Société Générale Corporate & Investment Banking 8 .com. CLICK XT ITS performs more transactions per second than the previous system and allows up to 5 orders per transaction.au) 09:50 – 1:30 and 17:10 – 08:00 (17:10 – 07:00 US Daylight saving time) Price quoted at the number of points with a minimum price movement of 1 index point = AUD10 March.e. Only brokers may cross. All orders are automatically processed and it also offers new opportunities for contingent trading and new order types. The features of the ITS system include Automated Order Processing Improved Order and Trade History Enhanced Combination Trade Reporting Functionality Fast Order Entry Window Cross Selling Equity & Short Selling Main Indices S&P/ASX 200 Index Board Lots 1 Official Trading Hours Monday – Friday Pre-Opening: 07:00 – 10:00 Opening Auction: 10:00 Continuous Trading: 10:00 – 1:00 Closing Single Price Auction: 1:10 – 1:11 After Hours Adjust: 1:12 – 17:00 Currency Australian Dollar (AUD) Clearing and Settlement T+3 Business Days Since 1 October 2002.asx. The regulations are formulated to protect retail investors and ensure the integrity of the marketplace. June.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months Expiration Day Reuters Bloomberg SFE SPI 200 Index Futures and Options Australian Stock Exchange (www. In addition there are dividend-streaming rules which prevent companies offering investors the choice to substitute other dividends for franked dividends.. December Cycle The last business day of the contract month (the third Thursday of the contract month. Unfranked dividends are subject to 30% dividend withholding tax.asx. warrants. then the investor must provide additional margin cover of 100% to their broker) Daily short selling reporting will apply. fixed interest. nearest month <0#2YAP:> (floor) <0#1YAP:> (SYCOM). The Broker cannot act as principal on both sides of the trade. Additional Market Information Performance Improvements Access to a multiple international stock market system Taxes. In October that year the ASX began the replacement of the Stock Exchange Trading System (SEATS) with CLICK XT. This system is used for all ASX activities. Fully Franked dividends (dividends that Australian companies pay taxes on) paid to non-resident investors in Australian-resident companies are not subject to dividend withholding tax.1% and 2% commission depending on the size of the transaction. Trading System Since 200 trading has been conducted on a system called CLICK XT ITS that was designed by OMX Technology.com. options and futures markets.7012 Market Size as of August 2009 Market Capitalisation: USD991. whereas covered short selling is authorised. The broker may be acting on behalf of buying and selling clients. Contents Austria GMT +1hrs (+2hrs DST) Internet: www. T+1 Business Days (futures) Currency Exchange USD1 = EUR0.00bps 4. September.8EUR 1.01 Euro Currency Euro (EUR) Clearing and Settlement T+3 Business Days (spot). This system enables electronic cross-border securities trading. however foreign investment firms now account for over 50% of trading. on settlement day (of the sell) there has to be sufficient holdings in the account to cover the settlement of the sale.4m 9 Document produced by Société Générale Corporate & Investment Banking . At the end of 2005. Warrants’ trading is via OMex. 09:00 – 17:40 EUR10 x Index point 0. contract details <OTB/ATX> AX (Month Code)(Last Number of Year) <Index> Brief History The Vienna Stock Exchange was founded in 1771.1 Euro Next 3 months in March.8417 Market Size as of August 2009 Market Capitalisation: USD9.00bps Minimum Fee 1.9EUR Maximum Fee 90EUR 90EUR 18EUR Taxes & Regulations Affecting Foreign Investors Persons who are neither domiciled nor have their customary place of residence in Austria (persons subject to limited tax liability) are not required to pay taxes on interest from debt securities. This means that the settlement date of the buy can not be later than Settlement Date of the Sell. a fully electronic trading system provided by OM Systems. Trading System In November 1999 Wiener Börse introduced the trading system EQOS (Electronic Quote and Order-Driven System) which is based on the Deutsche Borse’s XETRA. which has been in use for trading in standardised derivative products since 1991. profit-sharing certificates and profit-sharing rights. Market Charges & Compulsory Commissions Brokerage fees from the sale of shares on Wiener Börse are set as follows: Fee Rate Agent Principal Market Maker 4. Taxes. Wiener Börse was the first exchange worldwide to enter into a product cooperation agreement with the Shanghai Stock Exchange. the two exchanges started the joint publication of the CNX (China Traded Index). No uptick rules apply in this market. In 2005.8EUR 0. Reopening on 15 November 1948 the Vienna Stock Exchange initially served mainly as a domestic financial market. From 1938 to 1945 the Stock Exchange was under German law and administration. Circuit Breakers The levels for circuit breakers are calculated by the exchange based on historic price movements and are not made public. June. However.at Primary Exchange Wiener Börse Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Austrian Index Futures Austrian Futures & Options Exchange (OETOB) Mon – Fri.bn Average Daily Turnover: USD174.at Email: info@wienerborse. nearest month <ATXc1>. December cycle. participation and investment certificates.00bps 1.wienerborse. debt securities. as well as March and September of the following year Third Friday of the expiry month <0#ATX:>. The following types of securities are traded through EQOS: shares. Cross Selling Equity & Short Selling There are no regulations in Austria preventing short selling. Buy-ins for non-settlement can take place as soon as SD+1. From the middle of the 19th century to the beginning of World War I it was the main capital market of Middle and Eastern Europe and from 1918 to 1938 it had gained international importance as an equity market for the nations of the Austro-Hungarian Empire. which contains 30 Chinese blue chips. Main Indices ATX (Austrian Traded Index) Board Lots 1 Official Trading Hours Monday – Friday Pre-Open: 08:00 – 08:55 Continuous Trading: 09:00 – 17:30 Closing Auction: 17:30 Single Intraday Auction: 12:30 – 13:30 Tick Size 0. It is a Closed Joint Stock Company whose shareholders are leading Azeri and foreign banks and investment companies. Main Indices None Board Lots 1 Official Trading Hours Monday – Friday Pre-Opening: 09:15 – 11:00 First and Second Markets: 11:00 – 15:00 Currency Azerbaijani New Manat (AZN) Clearing and Settlement T+0. The commission rate for T-bills is 0.15% of the transaction amount.95). Taxes & Regulations Affecting Foreign Investors The withholding tax on interest and dividends is 10%. The supreme decision making authority of the exchange is the General Shareholders Meeting which elects members of the supervisory council. Under the Regulations of the State Committee for Securities.025% to 0. Currently only stocks of pre-listed companies are traded.az Email:
[email protected] Document produced by Société Générale Corporate & Investment Banking 10 .80480 EUR1 = AZN1.0125%. Trading System Trading is effected through an automated trading system. non-residents may invest into T-bills. can become members of the BSE.bse. On the secondary market the rate of commission is 0. Legal and physical bodies (banks. Taxes. with special permission (licences) of the State Committee for securities under the auspices of the President of Azerbaijan Republic.000 (USD8.az Primary Exchange Baku Stock Exchange Brief History The Baku Stock Exchange (BSE) is the sole organised market for securities in Azerbaijan and officially opened for trading on 3 October 2001. The share of one shareholder in BSE capital is equal to AZN0.05% of the transactions volume. The commission rate for corporate securities is 0. DVP Market Size Currency Exchange USD1 = AZN0.175 as of August 2009 Average Daily Turnover: USD1. investment funds. Market Charges & Compulsory Commissions IPO commission for state securities ranges from 0.%. broker firms) involved in professional activities on the security market.Contents Futures Information None Azerbaijan GMT +4hrs (+5hrs DST) Internet: www. All orders are exposed to the market via the electronic trading system except for intra-family gifts and inheritance transfers validated by agreed procedures. The Securities Industry Act was passed in 1999 and the Securities Industry Regulations followed in 2000.Contents Bahamas GMT -5hrs (-4hrs DST) Internet: www. BISX intends to move towards real time gross settlement once the necessary clearing system technology is introduced in the banking system.com Email: info@bisxbahamas. BISX launched its international segment with the opening of its mutual funds facility in April 2001. matched per trading session: Minimum of USD5+0. The trading system permits the use of variable settlement periods. Transaction Levy: For domestic securities USD5 for each buy or sell transaction.417 as of July 2009 Market Capitalisation: USD3. Cross Selling Equity and Short Selling Short Selling and Naked Short Selling are prohibited for companies listed on the BISX. Main Indices BISX All Share Index Board Lots 1 Official Trading Hours Monday – Friday Pre-Open: 10:00 – 10:30 Continuous Trading: 10:30 – 12:00 Currency Bahamian Dollar (BSD) Clearing and Settlement T+3 Business Days Market Size Currency Exchange USD1 = BSD1. The Bahamas does not levy tax on dividends and capital gains for either domestic or foreign investors. The BISX was established as a company in September 1999 and in May 2000 successfully launched its domestic market for the listing and trading of local public companies.com Primary Exchange Bahamas International Securities Exchange Futures Information None Brief History Trading in equities in The Bahamas dates back to the 1980s. together with any gains. This settlement period is used as an additional parameter in the trade-matching algorithm. Securities listed on the Exchange are traded using automated matching of orders. with backup facilities provided at BISX’s premises. Taxes & Regulations Affecting Foreign Investors The Bahamas permits non-resident foreign investors who make investments in The Bahamas to repatriate capital. Market Charges & Compulsory Commissions Brokerage: Brokerage fees are set by each BISX member firm individually and disclosed to all investors. Where multiple transactions occur from each completed buy or sell order. source and time priority during regular continuous trading. which may be accepted by counter-parties prepared to accept the given settlement period.045bn Average Daily Value: USD0.bisxbahamas. after price and time priority.0000 EUR1 = BSD1. from which time an informal over-the-counter market for publicly traded equities operated. The legislation is consistent with international norms. Taxes. so that the seller and buyer can state a settlement period at the time of order. Trading System Trading is conducted through the BATS Market (Bahamas Automated Trading System) via off-floor terminals at brokers’ offices. A pre-opening period permits accumulated orders to be matched using a volume-maximisation algorithm.7m 11 Document produced by Société Générale Corporate & Investment Banking . with orders matched on a price. to a maximum of USD15. The BISX trading system permits a variety of order types.1 cents x number of shares. Foreign brokerage firms have been allowed to operate independently in Bahrain since 2003. The Special Orders Market (Min. It can be used to process orders. Market Charges & Compulsory Commissions Broker commission is negotiable but for equities it is normally 0. manage trades. BHD 500. In July 2007 the BSE removed the odd lots market from the trading platform. allowing all traders full access to the market system. The IPOs Market (the market in which shares of a company are traded for the first time following its listing on the exchange 3. To aid the long-term development of the region’s capital markets the Exchange has signed a cross listing agreement with several other exchanges including The Muscat Securities Market (MSM) and the Egypt Capital Market Authority. along with the other economically booming oil-producing countries in the Gulf. Source of Order 3. In July 2004 the Bahrain Stock Exchange (BSE) officially launched two new indices – the Bahrain All Share Index and Esterad and in July 2005 BSE officially launched the Dow Jones Bahrain Index. It gives traders the ability to trade directly from their computer through a link to the trading engine. Main Indices BHSE All Share Index (Esterad Index. The commission for Bonds is calculated at a rate of 0.55112 Market Size as of August 2009 Market Capitalisation: USD1. Offmarket transfers are not permitted except in very limited circumstances. Trading System The Exchange has adopted an Automated Trading System known as ‘ATS’.000) 4. Circuit Breakers Price fluctuation is fixed to a maximum of 10% either way from the last closing. The mechanism for which the price of equities is determined is as follows: 1.05 with a minimum of BHD1. following the collapse of the unofficial stock market in Kuwait (known as Souq Almanakh). GCC nationals can own and trade up to 100% in the issued shares of Bahraini joint-stock companies and non-GCC citizens up to 49%.com Primary Exchange Bahrain Stock Exchange Brief History During the late 1970s and early 1980s.bahrainstock. monitor activity. Bahrain Flour Mills Co and Delmon Poultry Co have been exempted. The trading workstation is one of the key elements of the ATS.bn Average Daily Value: USD3m Document produced by Société Générale Corporate & Investment Banking 12 . Taxes.com Email: info@bahrainstock. print reports and download market information. Foreign security holders are legally entitled to all the benefits prescribed by law for the ownership of securities in domestic joint stock companies. determine outstanding and traded positions. As such in 1987 the Bahrain Stock Exchange (BSE) was established and started operations two years later in June 1989.275% with a minimum of BD3. whilst in 2007 the BSE signed a co-operation agreement with the London Stock Exchange which formalised their existing strong ties. simplifying the process of order entry and other exchange activities. Mutual fund market 5. Time of order priority 4. There are five markets supported by the trading system: 1. The Exchange calculates its commission at the rate of 20% of the brokers’ total commission. There are no restrictions on Mutual Funds and Bonds. Random factor priority Brokers on the trading floor receive orders from their offices and then record them manually on the appropriate trading board for execution. Currency Exchange USD1 = BHD0. This rule only applies to shares. Dow Jones Bahrain Index) Currency Bahraini Dinar (BHD) Official Trading Hours Sunday – Thursday Pre-Opening: 09:15 – 09:30 Continuous Trading: 09:30 – 12:30 Clearing and Settlement T+2 Business Days Taxes & Regulations Affecting Foreign Investors There is no tax levied on foreign investors. Cross priority 5. The best price (price priority) 2. Bahrain. Bond market Brokers input their bids and offers into the system until they match. The regular market 2.Contents Futures Information None Bahrain GMT +3hrs Internet: www. realised the need for an organised stock market. The Minister of Commerce may increase this percentage by a Resolution to be passed by him. monitor a selected market by order or price.3798 EUR1 = BHD0. dsebd. first-out trading rules Post Closing: Closing prices are calculated and disseminated to market participants. manual trading and hybrid markets. foreign investors are free to invest in Bangladesh in any industrial entity. Market Charges & Compulsory Commissions Members of the Exchange are entitled to a maximum brokerage commission of 1% of the market value of the securities sold or bought through them.95 13 Document produced by Société Générale Corporate & Investment Banking . a quote-driven (market-maker based) or a hybrid (elements of both) market. Taxes & Regulations Affecting Foreign Investors There is no capital gains tax on the sale of shares/securities for local or foreign investors.org Email: dse@bol-online. TESA’s screen-based trading system supports fully automated trading. In 192 it was renamed as the Dhaka Stock Exchange Limited. Circuit Breakers Stocks have individual circuit breaker bounds. All features commonly associated with electronic trading are incorporated into the system.Contents Bangladesh GMT +hrs Internet: www. Trading System Trading is automated using the Tandem Electronic Securities Architecture (TESA). No trading takes place Opening: The Opening is a pure. The level of permitted fluctuation is calculated regularly and is freely available on the official website. The rate for non-resident individuals is 25%. participants enter orders and immediate execution or for inclusion in the book. single-price auction. Transactions of Z category shares are settled on T+4 and cleared on T+7 Market Size as of August 2009 Market Capitalisation: USD14. All buy and all sell orders are compared and matched Continuous Trading: During this phase. For non-resident foreign companies. Automatic matching and execution takes place based on best price/first-in. With the exception of a few reserved sectors.055 EUR1 = BDT100. Non-residents are free to invest in shares/securities quoted on the Stock Exchange. The system can function as an order-driven (electronic order matching).5bn Average Daily Turnover: USD3m Currency Exchange USD1 = BDT9.com Primary Exchange Dhaka Stock Exchange Futures Information None Brief History The Dhaka Stock Exchange (DSE) was incorporated in 1954 as the East Pakistan Stock Exchange and started formal trading in 195. Main Indices DSE General Index All Share Price Index Board Lots The most common board lots are lots of 50 shares Official Trading Hours Saturday – Thursday Continuous Trading: 10:00 – 14:00 Currency Bangladesh Taka (BDT) Clearing and Settlement Transactions of A and B category shares are settled on T+3 Business Days and cleared on T+5. dividend income is taxed at the rate of 15%. Day orders and other orders whose term has expired are cancelled and returned to their originators Taxes. They may also invest in IPOs. On-line automated trading commenced in August 1998. TESA conducts trading in 4 phases: Pre-Opening: traders enter orders for participation in the opening and/or inclusion in the book. On 1 November 2002 the brokers commenced remote trading from their own locations. Caricom residents are treated as nationals.bb Email: bse@caribsurf. Taxes & Regulations Affecting Foreign Investors Non-nationals and Barbadians who are permanently residing abroad must obtain exchange control approval to trade securities.Contents Futures Information None Barbados GMT -5hrs Internet: www. Trading System In July 2001 the BSE switched from manual.922 Market Capitalisation: USD12. Property Transfer Tax and Stamp Duty are waived if securities are traded on the Exchange. Wednesdays and Fridays are settled by the Real Time Gross Settlement System (RTGS) through the Central Bank of Barbados Official Trading Hours Monday – Friday Pre-Opening: 09:00 – 10:00 Trading Session: 10:00 – 13:00 Market Size as of August 2009 Currency Exchange USD1 = BBD2. There is no Capital gains tax however it is recommended that inflows of foreign currency for investment be registered through the Central Bank of Barbados in order to facilitate easy repatriation of dividends and capital. In April 1991 the stock exchanges of Barbados. Jamaica and Trinidad and Tobago began the cross-trading of listed securities. the first step towards the creation of a regional securities market. Main Indices Barbados Stock Exchange Local Share Index Currency Barbadian Dollar (BBD) Clearing and Settlement Settlement day is T+3 on net settlement basis. Taxes. open auction outcry to electronic trading. Brokers’ commission is not regulated and therefore varies based on the services rendered.25% either side of the transaction. Stocks traded on Tuesdays. There are fees attached to exchange control approval.000 EUR1 = BBD2. typically it is 2% and declines with the size of the order. The Securities Exchange of Barbados came into being with the proclamation of this Act in June 1987. The BSE is an association of Member-Brokers. Market Charges & Compulsory Commissions The BSE charges 0.bn Document produced by Société Générale Corporate & Investment Banking 14 .com.bse.com Primary Exchange Barbados Stock Exchange Brief History The Barbados Government passed the Securities Exchange Act 1982/44 in 1982. operating a Central Marketplace for trading securities. 74trn (Euronext) Average Daily Turnover: USD7. During auctions phases. June. Cross trades can be effected outside of the
[email protected] Cycle of 1. and include annual membership fees and variable fees that depend on the member’s activity.505 >10. Cross Selling Equity and Short Selling A temporary ban on naked short selling has been put into place on the shares of the following financial institutions: Dexia. with the approval of the relevant market operator. at the latest. contract details <BFX/BFX1> BE (Month Code)(Last Number of Year) <Index> Brief History The Brussels Stock Exchange was formed by a merger between the Antwerp and Brussels stock exchanges in January 1998.005 0. The Ban expires on the 21 of September 2009. market orders have priority over limit orders. During continuous trading. Clearnet. September and December cycle) The first business day after the last trading day <0#BFX:>. Price (Euros) From 0 0. the Brussels Stock Exchange and the CIK (National Depository). Trading resumes after a 2-minute halt. to improve liquidity in a particular security. If this is done out-of-opening hours then a client’s permission must be sought and the price cannot be more than ±1% from the last traded price. Clearing fees are charged to clearing members by the clearing house. In the Central Order Book. The current product-driven fee structure has been in place since February 2005.251 2. Brussels and cv Paris Cash Markets and adopted by Euronext Lisbon in November 2004. During continuous trading: 5% difference from the reference price. Likewise. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.500 10. which can be accessed via the web or via standard means. LCH. Brussels Exchanges merged with its partners to form Euronext in September 2000 which is now known as NYSE Euronext. orders are matched and executed on a time/ price priority. KBC Ancora and ING Groep. Liquidity providers are dealers (members entitled to trade exclusively for their own account) that have undertaken.2500 2. or exclusively in auctions. Market Charges & Compulsory Commissions Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. 2.com Primary Exchange Euronext Brussels Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg BEL20 Index Futures Euronext Brussels Derivatives Markets Monday – Friday. Finance and Insurance Commission. Brussels Exchanges was formed as a result of the integration of the Belgian Futures and Options Exchange (BELFOX). months (according to the March.com Email: info.001 0.0005 0.005 will be implemented for certain stocks traded above EUR10. The declaration has to be made. Trading System The Euronext Trading Technology System (NSC) and centralised order book (COB) is used across all the Euronext Cash Market locations. A short derivative position must also be covered by a position in the underlying security. In the COB. During continuous trading: 3% difference from the reference price (re-adjusted during trading after an order has been matched). 3. cross trades can be made only for securities traded continuously. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam. Block trades can be executed outside of the COB if there are equal to or exceed certain size thresholds or Normal Block Amount (NBA). market-to-limit orders take precedence over limit orders with a limit equal to the auction price. For other stocks During auctions: 10% difference from the reference price. The tick size for all other trades is listed below. 15 Document produced by Société Générale Corporate & Investment Banking Currency Exchange USD1 = EUR0. The most liquid securities are traded continuously during market sessions.000 – Tick Size 0. Fortis.euronext. on the day after the change of ownership. Less liquid securities can be traded continuously with the aid of a liquidity provider. Taxes & Regulations Affecting Foreign Investors All persons who acquire or transfer securities representing 5% (or a multiple of it) of the voting rights in a Belgian company listed on an EU exchange must declare their holding to the company and to the Banking. In March 1999. KBC Groep. Up tick rules do not apply. Trade reporting for off-orderbook trades can be done through Euronext’s Trade Confirmation System (TCS).2bn (Euronext) Board Lots 1 (minimum order size 10) Currency Euro (EUR) Clearing and Settlement T+3 Business Days Taxes.01 Main Indices BEL20 Market Size Circuit Breakers For BEL20 companies During auctions: % difference from the reference price (generally the previous day’s close or the last indicative price).8417 . 08:15 – 09:00 (pre-opening)/ 09:00 – 17:30 (CET) EUR10 x Index 0. Tick Size A specific fixed tick size of EUR0. nearest month <BFXc1>.Contents Belgium GMT+1hrs (+2hrs DST) Internet: www.01 To 0. cross trades can be made only for Securities traded continuously and within the market best bid/ask spread at the time of execution. Trading on the Euronext Cash Market is based on two mechanisms: continuous trading and auctions. as of August 2009 Official Trading Hours Monday – Friday Pre-Opening: 07:15 – 09:00 Opening Auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Market Capitalisation: USD2. On 4 December 2007 the BSX was designated as a Recognised Stock Exchange by the UK’s HM Revenue and Customs which was requested due to the exchanges’ growing international presence in the off-shore market. Transaction Levy: For domestic securities. 0. For crosses. Once executed. However.3bn Average Daily Turnover: USD0. However as the island’s international financial sector grew so too did the Exchange and in 1992 the company was restructured into a de-mutalised. for-profit entity.0000 EUR1 = BMD1. gain or appreciation. Market Charges & Compulsory Commissions Brokerage: Brokerage fees are negotiable.417 Document produced by Société Générale Corporate & Investment Banking 1 . the purchase by foreign investors of securities in companies incorporated as ‘local companies’ and that carry out domestic business in Bermuda is limited to a maximum aggregate of 40% of the issued share capital. Main Indices BSX/RG Composite Index Board Lots The board lot size of a stock on the BSX is set at 100 shares in the regular market. Taxes. 0. however. USD0. For international securities. Taxes & Regulations Affecting Foreign Investors Bermuda operates completely free from all forms of taxation on both profits and income or on any capital asset.70 per crossing subject to a minimum per crossing of USD7 and a maximum per crossing of USD70. DVP basis Market Capitalisation: USD1. The Exchange has been granted “approved stock exchange status” under Australia’s Foreign Investment Fund taxation rules and effective from 1 September 2005 the BSX was granted designated investment exchange status by the United Kingdom’s Financial Services Authority. BEST’s system design supports tight integration with the BSX’s future electronic settlement facility.com Primary Exchange Bermuda Stock Exchange Brief History The Bermuda Stock Exchange (BSX) was established in 1971. There is.2m Currency Exchange USD1 = BMD1. first served’ basis. Odd Lot orders are entered in a separate odd lot market – an order may have a maximum of 99 shares Official Trading Hours Monday – Friday Pre-Opening: 08:30 – 09:00 Normal trading: 09:00 – 15:30 Currency Bermudian Dollar (BMD) Market Size as of August 2009 Clearing and Settlement All BSX transaction settlements occur on a rolling T+3.bsx. primarily as a domestic equities market. Trading System The BSX runs a fully electronic trading system. BEST is based on a central order book system which allows trading members to trade securities on an equal real-time ‘first come.01% of the amount of the consideration for each purpose or sale of prescribed securities subject to a minimum of USD7 on each side and a maximum per trade of USD70 on each side. Ad valorem stamp duty: The provisions of the Bermuda Stamp Duties Act 197 do not apply to any instrument which relates to a transfer on sale of a security which is listed on the BSX. the Bermuda Securities Depository (BSD). There is no stamp duty payable on the transfer of any securities listed on the BSX. BEST (Bermuda Electronic Securities Trading system). trade information is forwarded electronically to the major information dissemination systems of Bloomberg and Reuters for global distribution. a transaction levy payable to the BSX by each trading member based on the value of each trade executed on the BSX. which allows development stage companies the opportunity to list on a recognised international stock exchange without having to commit to a full IPO.1% of the amount of the consideration for each purchase or sale of prescribed securities subject to a minimum of USD1 on each side. The BSX also offers a “Mezzanine Market”.Contents Futures Information None Bermuda GMT -4hrs (-3hrs DST) Internet: www.com Email: info@bsx. Foreign investors are free of exchange controls in Bermuda and may deal in any foreign securities without restriction. 100% 0.bbv.130% 0.000 to 2. efficient and transparent fashion. the Securities Market Act was approved by parliament.000 500.000 5. In March 1998. the clearing and settlement of securities and instruments that are not dematerialised is performed at the Exchange. was created in August 1979. Taxes & Regulations Affecting Foreign Investors The 1998 Securities Market Law provided important tributary incentives.005% Trading System In March 2007 the exchange replaced open-outcry trading with an electronic trading system.170% 0.085% 0.com Primary Exchange Bolivian Stock Exchange Futures Information None Brief History The Bolivian Stock Exchange (BBV) was established in April 1979 to channel resources into the economy in an orderly.000. The Comisión Nacional de Valores (CNV).200% 0. It also eliminated taxes on capital gains generated from the transactions of stocks at the Bolivian Stock Exchange.000.bo (Spanish text only) Email:
[email protected] to 20.10% 0.001 to 5. Main Indices None Clearing and Settlement Clearing and settlement of dematerialised instruments is carried out by the ‘Entidad de Depósito de Valores EDV’.000 10.000 40. Taxes. The first trade with dematerialised securities took place in February 2005 Official Trading Hours Monday – Friday Equity: 10:45 – 11:30 Fixed Income Securities: 10:45 – 11:30 15:00 – 15:45 Market Size as of August 2009 Market Capitalisation: USD2.000.001 and more Fixed income securities (buy/sell and repos) Commission 0. The Central Securities Depository began partial operations in October 2004 with the dematerialisation of securities owned by institutional investors.000.000.001 to 40.21 17 Document produced by Société Générale Corporate & Investment Banking .com
[email protected] Bolivia GMT -4hrs Internet: www.180% 0. a government institution established to regulate.000.000.000. Market Charges & Compulsory Commissions Equities Transaction costs (USD) 1 to 500.0200 EUR1 = BOB10.000.000 20. It abolished the 12.001 to 10.5% tax on the remittance of money outside the country. but did not commence operations until 1989 due to the economic and political problems Bolivia was going through during the early 1980s. supervise and watch over capital market institutions.000.000 2.3bn Currency Bolivian Boliviano (BOB) Currency Exchange USD1 = BOB7.com. military equipment and public information. Trading is based on the automated processing of orders entered into the system.5% and 1.5% of the trade value. Market Charges & Compulsory Commissions Brokerage Fees on the SASE range between 0. Taxation & Regulations Affecting Foreign Investors Foreigner ownership is limited to 49% of the equity in enterprises engaged in the production and sale of arms. Trading System Trading is conducted through the electronic trading system BTS (Berzni Trgovački Sistem).01 KM Currency Konvertibilna Marka (BAM) Official Trading Hours Monday – Friday Pre-open: 09. ammunition.957 Market Size as of August 2009 Market Capitalisation: USD5.10 Tick Size 0. Main Indices BIFX SASX.00 Continuous Trading: 10.0x (x=0-5 min) Opening Auction: 10.0x – 13. Taxes.0. The Securities Registry charges 0.00 – 10. There are no restrictions on the repatriation of profits.3bn Average Daily Turnover: USD.ba Email:
[email protected]% of trade value.00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = BAM1. explosives for military use.4m Document produced by Société Générale Corporate & Investment Banking 18 .342 EUR1 = BAM1.ba Primary Exchange The Sarajevo Stock Exchange Contents Brief History The Sarajevo Stock Exchange (SASE) was founded in 2001 by eight brokerage firms and official trading commenced on 12 April 2002.sase. Stock exchange transactions may only be conducted by SASE members.Futures Information None Bosnia and Herzegovina GMT +1hrs (+2hrs DST) Internet: www. 000 – 100. the minimum trading lot at the BSM is 100 shares. Handling Fee on purchase and sale of shares: BWP15 per bought note. Trading on the Botswana Stock Exchange (BSE) commenced in November 1995. the only stockbroker in Botswana.co. The broker matches both buyer and seller and charges both a commission.000 50.7052 19 Document produced by Société Générale Corporate & Investment Banking . Main Indices Domestic Companies Index Foreign Company Index All Company Index Board Lots There are no designated board lots. Taxes & Regulations Affecting Foreign Investors Capital gains on listed shares are tax free. Taxes.7bn Average Daily Turnover: >USD50k Currency Exchange USD1 = BWP.0% 1.bw Email:
[email protected]. Monday to Friday.5% 1. Commission on purchase of domestic bonds: BWP100 per BWP1m nominal or part thereof (no handling fee is charged on domestic bonds). Therefore dividend income received by shareholders is not subject to taxation. Market Charges & Compulsory Commissions Commission on purchase and sale of shares: Value of Transaction (BWP) 0 – 50.Contents Botswana GMT +2hrs Internet: www. In September 1994 the legislation to transform the BSM into a full stock exchange was passed by Parliament. At that time there was no formal stock exchange. Withholding tax on dividends is calculated at a rate of 15% and dividends are paid net of this. although Stockbrokers Botswana Ltd.0% Trading System Trading is conducted twice a day via a call-over system at 09:00 and at 15:00.co.000 Over 100.401 EUR1 = BWP9. The broker remains independent and does not take a position. Stockbrokers Botswana Ltd acts as agent between the buyer and seller.000 Commission 2. There are no restrictions on the ownership of listed companies by foreign investors and exchange controls were fully abolished in 1999. however. Odd lots trade with no price differential Official Trading Hours Monday – Friday 09:00 – 15:00 Currency Botswana Pula (BWP) Market Size as of December 2008 Clearing and Settlement T+5 Business Days Market Capitalisation: USD41. BWP10 per sold note.bw Primary Exchange Botswana Stock Exchange Futures Information None Brief History The Botswana Stock Market (BSM) commenced trading in June 1989. acted like a stock exchange. providing settlement. however covered short selling is permitted. It is worth mentioning the solution also allows statistical treatment of data. Taxes & Regulations Affecting Foreign Investors In order to trade in Brazilian market foreigners must obtain a CVM number (the Brazilian Securities and Exchange Commission) number.2 seconds per order. agio – premium or discount and profit participations) earned by investment companies.01 Currency Brazil Real (BRL) Clearing and Settlement T+3 Business Days Cross Selling Equity & Short Selling Naked short selling is forbidden. respectively. the whole process has become more fair and transparent.br Primary Exchange São Paulo Stock Exchange/Bovespa Brief History In August 1890 Emílio Rangel Pestana founded the São Paulo Free Exchange and introduced security trading based on European traditions. preferred stocks do not grant voting rights or has no longer been a not-for-profit institution and now operates as a joint images/9i11lhobplsrde41tj4. at which time the Exchange became partially independent under the direct responsibility of the State Financial Secretariat. in turn. Taxes. depository services. trading on all BVSP markets will be interrupted for one hour.814 EUR1 = BRL2. expiration day 10:00 – 13:00 BRL1. Brazil has two general classes of equities. clearing and minutes and 1 hour. Circuit Breakers 1) If the Ibovespa falls 10% in relation to the closing index of the previous day. Main Indices Ibovespa Board Lots Round lots of units which vary from 100 – 100.000 in the amount of underlying shares Official Trading Hours Monday – Friday Pre-Opening Auction: 09:45 – 10:00 Continuous Trading Session: 10:00 – 1:55 Closing Auction: 1:55 – 17:00 After Market: 17:45 – 19:00 Tick Size R$ 0. in case the response time does not meet the standard. In 1895 the institution’s name was changed to the São Paulo Public Funds Exchange. 99. MEGA BOLSA counts on a monitoring scheme to measure the system’s performance. In 2000 the Brazilian Stock Markets were reorganised at a nationwide level.1bn 20 .br Email:
[email protected]. currently. That means it is possible to track and identify an eventual problem. both individual and institutional investors may invest in Brazilian Capital Markets. if the Ibovespa falls 15% in relation to the previous day’s closing index. stock corporation.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Bovespa Stock Index Futures Bolsa de Mercadorias E Futures (BMF) Monday – Friday. 3) As trading resumes. brokerage houses and vendors to view all orders in real time via internet or private networks. 15% on earnings resulting from trading on the options and futures markets and 15% on earnings from fixed income investments). Bovespa discontinued its trading floor and all trades now take place exclusively through the electronic trading system MEGA BOLSA. nearest month <INDc1>.com. contract details <BMF/IND> BZ (Month Code)(Last Number of Year) <Index> Brazil GMT -3hrs (-2hrs DST) Internet: www.pl/ is dissolved. exempt from taxation. As a consequence. There is no tax on capital gains from the purchase and sale of stocks on the cash market. The MEGA BOLSA trading system processes buy or sell orders electronically. Common (ON): which grant voting rights at the company’s general meetings and Preferred (PN): which give preference to receive profits or refund of capital in case the company As the result of a corporate restructuring. trading on all BVSP markets will be interrupted for 30 minutes. investment funds and managed portfolios is 15%. The tax rate on income (interest fees. In 1935 it was changed again to the Official São Paulo Stock Exchange.524 as of August 2009 Market Capitalisation: USD1. On 27 March 2008 BOVESPA agreed to merge with the Brazilian Mercantile and Futures Exchange. 2) As trading resumes. Investors from countries where the applicable income tax rate is equal to or higher than 20% are exempt from capital gains tax. allowing investors. Market Charges & Compulsory Commissions Transaction Fee: 0. as fully owned subsidiaries.sajmont.00 x Index 5 Even numbered months as authorised by BM&F Wednesday closest to the 15th day of the delivery month <0#IND:>. BVSP may determine the suspension of trading in all markets for a defined period and such decision must be disclosed to the market through the BVSP News Agency (ABO – Operations).hosting. However. Short selling is not permitted. Therefore. the São Paulo Stock Exchange/Bovespa is the only Brazilian centre for the trading of equities and of private fixed-income securities.0trn Average Daily Trading Value: USD2. if the Ibovespa falls 20% in relation to the previous day’s closing index.035%. is responsible for managing the market for the electronic trading of public debt securities. Since March 2000. Under this model. Capital gains obtained by investors from countries where the applicable income tax rate is lower than 20% (known as ‘tax havens’) are subject to the same taxation regime established for investors resident or domiciled in Brazil (which is 15% on earnings resulting from stock trading on the cash market.jpg restrict them. since 28 August 2007 BOVESPA http://www. The Rio de Janeiro Stock Exchange/BVRJ. BOVESPA Holding was created which has. trading resumes after 30 and Depository Corporation (CBLC). the São Paulo Stock Exchange Circuit Breakers (BVSP) – responsible for the operations by the stock exchange and the organised over-the-counter markets – and the Brazilian Clearing 10% and 15% down in the Bovespa index.com. Document produced by Société Générale Corporate & Investment Banking Market Size Currency Exchange USD1 = BRL1. Trading System On 3 October 2005. or on earnings resulting from trading on the options and futures market.5% of orders placed on MEGA BOLSA take less than a second to be processed. the average time stands at 0. If the merger receives shareholder approval the new bourse shall be called The New Exchange and shall be the world largest securities exchange in terms of market value. Pre-expiration 09:00 – 17:00. the reference price being the last auction price or the previous close with movements of ±5% on the Official Market and ±10% on the Unofficial Market.95583 level) Clearing and Settlement T+2 Business Days Currency Exchange USD1 = BGN1.01% 0. Circuit Breakers Volatility interruptions will occur: with movements of ±10% on the Official Market and ±20% on the Unofficial Market.1% Taxes & Regulations Affecting Foreign Investors From January 2005.7. Market Charges & Compulsory Commissions Shares Value of Transaction (BGN) Up to BGN25m inclusive Above BGN25m up to BGN75m inclusive Above BGN75m Commission 0. COBOS gives authorised and secure access to the BSE trading system in real time. named COBOS. It was launched in October 2000 and is based on the NASDAQ quotation system.bse-sofia.05% on the balance above BGN25m BGN50. The Bulgarian Stock Exchange-Sofia JSC and Deutsche Boerse AG signed on 30 October 2007 a Framework Agreement for the implementation of the electronic trading system Xetra at the BSE. It is an order.3377 EUR1 = BGN1.000 plus 0. It allows BSE members’ clients and participants on the unofficial market to enter orders and to transact after receiving a confirmation from the broker. Currently orders are matched automatically according to time and price priority.000 plus 0.bg Email: bse@bse-sofia. Customer orders have priority of execution at the same price over BSESofia members’ orders. functioning in a completely unregulated environment. In 2003 the BSE successfully implemented a system for electronic processing of buysell orders through the Internet. The adoption of the Stock Exchanges and Securities Act in July 1995 led to a process of stock exchange consolidation.01% on the balance above BGN75m Trading System The Bulgarian Stock Exchange System (BSE Workstation) is a fully automated system designed to provide market transparency. (BG40) Market Size as of August 2009 Official Trading Hours Monday – Friday Pre-Trading: 09:00 – 09:20 Opening Auction: 09:20 – 09:30 Continuous Trading: 09:30 – 10:50 Intraday Auction: 10:50 – 11:00 Continuous Trading: 11:00 – 13:40 Closing Auction: 13:40 – 13:45 Post-Trading: 13:45 – 1:00 Market Capitalisation: USD19.Contents Bulgaria GMT +2hrs (+3hrs DST) Internet: www. Cross Selling Equity & Short Selling Short selling is not permitted. liquidity. however its operations ceased due to World War II. trading is now organized by Deutsche Boerse AG.1% of nominal stock transactions value from both sides BGN25. price discovery and allow for future market growth. During the following two years some 20 stock exchanges sprang up across the country. Other Instruments Value of Transaction (BGN) Government Securities Corporate and Municipal bonds and depository receipts on bonds Block and other registered trades Commission 0. The Xetra platform was implemented in June 2008.005% 0. the reference price being the last auction price or the previous close Main Indices SOFIX. dividends and liquidation proceeds payable by residents to both resident and foreign entities are subject to a 7% withholding tax.9558 21 Document produced by Société Générale Corporate & Investment Banking .bg Primary Exchange Bulgarian Stock Exchange – Sofia Futures Information None Brief History The Bulgarian stock exchange was first established in 1914 under the Kings Decree No. Taxes.and/ or dealer-driven trading system with multiple market-makers. The equity market was re-established in November 1991 and started trading in May 1992.8bn Board Lots The minimum lot size is currently one share Currency Bulgarian Lev (BGL) (Euro from a January 2010 and currently pegged at EUR1=1. The Montreal exchange continues to handle all derivative products. 09:35 – 1:15 CAD200 x Index 0. cannot change the last sale price and may only be entered as a board lot trade. A Special Trading Session (STS) Cross is available only during the extended session (1:15 – 17:00).00 and above 100 units Tick Size 0. TOREX TSX Quantum is a remote.089 EUR1 = CAD1.000 units 500 units Official Trading Hours Monday – Friday Continuous Trading: 09:30 – 1:00 Extended Session: 1:15 – 17:00 CAD1. The numerical points are decided each quarter. VWAP Cross and Contingent Cross’s are available in the regular session and during the extended session.10 – 0. At 14:00 pm or later but before 14:30 – 30 minutes. faster trading speeds. As with its predecessor.ca/ Monday – Friday. Capital gains received by foreign investors are not subject to Canadian capital-gains tax. A member firm must obtain prior approval of the exchange before executing a trade or cross that will cause. Circuit Breakers 10%. nearest month <SXFc1>. In November 2007 TSX launched a new trading system called TSX Quantum.99 1.10 CAD0. contract details <MON/SXF> PT (Month Code)(Last Number of Year) <Index> Canada GMT -5hrs (+4hrs DST) Internet: www.com Primary Exchange TSX Group Brief History The Toronto Stock Exchange was founded in 1852 by the Association of Brokers.1 point March. A facility that allows users to bypass the short sale rules under a few specific circumstances is also provided by the TSX: a long position currently exists and you receive an order to sell a larger position. in which case the withholding tax is usually 15%. improved reliability. Basis and VWAP crosses will not set last sale price. 20% and 30% declines in the Dow Jones Industrial Average. September and December Third Friday of the contract month <0#SXF:>. TSE oversees the pending for each name. In 2001 this newly formed group was purchased by the TSX Group and is now known as the TSX Venture Exchange. Level 1: Before 14:00 – one hour. electronic. a Market-on-Close (MOC) order. Foreign investors receiving Canadian dividends have a 25% withholding tax deducted at source unless they are residents of a country which has concluded a double-taxation treaty with Canada. The exchange was formally incorporated by an act of the Legislative Assembly of Ontario in 1878. using the average closing from the preceding month. They may only be entered as a board lot trade. a VWAP order. making it a for-profit entity. This system offers increased liquidity. Level 3 Halt: At any time – trading shall halt and not resume for the remainder of the day.5trn Average Daily Turnover: USD4. At 14:00 or later – trading shall halt and not resume for the remainder of the day. during the course of a single trading session. which operates on both the Toronto Stock Exchange and the TSX Venture Exchange. June. increased capacity for the markets and decreased trading fees.01 Cross Selling Equity & Short Selling Short selling is permitted in the market only on an up or an even tick. Basis Cross.5888 22 . a change in price away from the prevailing bid & offer of more than CAD1 (for stocks prices <CAD20) or CAD2 for stocks priced >CAD20. Capital gains (minus losses) are taxed on only half the amount received and at the ordinary rate of income tax. Trading System The exchange has been fully automated since 2000. In the 1970s.m-x. In 1999 the Canadian stock market industry changed significantly with the TSE becoming the sole market for the preferred stocks or senior equities. In 1997 the TSX closed its trading floor in favour of electronic trading which made the TSX the largest exchange in North America to migrate to a floorless trading environment.tsx. At 13:00 or later but before 14:00 – one hour. Document produced by Société Générale Corporate & Investment Banking Currency Canadian Dollar (CAD) Market Size as of August 2009 Market Capitalisation: USD1. it can only be printed at the last sale price. order driven system. Main Indices S&P/TSX 0 Index S&P/TSX Composite Index Board Lots Trading price per unit CAD0 – 0. The merger of the Vancouver. In June of the same year the membership of the TSX also voted in favour of demutualising the Exchange. the TSX was the first exchange in the world to develop a computerised system to trade some of its stocks. Level 2: Before 13:00 – two hours. Alberta and Winnipeg bourses allowed the forming of a junior equity market for fledgling companies looking to raise equity capital. Taxes. Taxes & Regulations Affecting Foreign Investors Domestic investors receiving dividends from taxable Canadian corporations are entitled to a dividend tax credit which favours dividend income over interest on earned income.com Email:
[email protected] Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg S&P / TSE Canada 0 Index Futures Montreal Futures Exchange (MSE) http://www.9bn Clearing and Settlement T+3 Business days Currency Exchange USD1 = CAD1. whilst the Montreal Exchange (MX) became the sole market for derivatives. unless there is a level 2 halt. Most brokers charge a minimum commission per transaction of around CAD75. Without a set designation. or a trade on an ETF (Exchange Traded Fund). In December 2007 the TSX and the MX announced a merger of the two main Canadian exchanges under one authority to be called the TMX Group. At 14:30 pm or later – trading shall continue. Market Charges & Compulsory Commissions Commission rates vary from firm to firm and are negotiable based on the size of the order. 198 Market Size as of August 2009 Market Capitalisation: USD13. Taxes. There is no distinction between foreign and domestic investors in terms of taxation. The CSX is not bound by any EU directive in this regard and can offer a quick but regulatory-sound service to its customers. It was established under the Stock Exchange Company Law 199 (‘the Law’) as a private limited company. The trading facility is order driven. Orders are displayed on-screen through the central system and trades are executed automatically when buyers and sellers are matched.Contents Cayman Islands GMT -5hrs Internet: www.com. the CSX has the sole and exclusive right to operate one or more securities markets in the Cayman Islands. Real time orders can be accessed via the CSX trading pages on Bloomberg. Trading System In conjunction with Bloomberg Financial Markets the CSX has developed a fully electronic trading platform and dedicated news wire service.82001 EUR1 = KYD1. However. so that stocks listed on the CSX are eligible for trading on the LSE International Equity Market and can be quoted on SEAQ International. In March 2004 the CSX was granted the status of ‘Recognised Stock Exchange’ by the UK’s Inland Revenue. Taxes & Regulations Affecting Foreign Investors The Cayman Islands is entirely free from any type of taxation on profits. The CSX Bloomberg pages are divided into two sections. To assure comprehensive protection for all market participants. capital gains or corporate taxes. Foreign investors may deal freely in any foreign securities without restriction. enabling interest on securities listed on the CSX to be paid without deduction of UK Tax. The pages show a composite page with the best bid and ask orders available. a correspondent emerging market of the WFE. the last traded price and the daily volume for each listed security. The listing and membership rules have been designed to meet international standards as well as the needs of its specialist products. including financial and other price information about CSX listed issues. an affiliate member of the ISG (Intermarket Surveillance Group) and a member of the European Securitisation Forum. income. displaying a buy and sell price throughout the trading day. Main Indices None Currency Cayman Dollar (KYD) Official Trading Hours Monday – Friday 09:30 – 1:00 GMT Clearing and Settlement T+3 Business Days Currency Exchange USD1 = KYD0. the CSX has a market surveillance system to monitor all market transactions.ky Email: csx@csx. Thus only 40% of the shares in issue can at any given time be owned by a foreign investor.csx.87bn 23 Document produced by Société Générale Corporate & Investment Banking . The Exchange operates a true offshore market. Under the Law. In 1999 the Exchange was granted approved organisation status by the London Stock Exchange (LSE).com. for Cayman-registered companies that do not carry exempt status.ky Primary Exchange Cayman Islands Stock Exchange Futures Information None Brief History The Cayman Islands Stock Exchange (CSX) commenced its operations in July 1997. The company information pages contain descriptive information. The main feature of the Exchange is its flexibility in dealing with listing applications. The trading pages provide the CSX trading facility. the 40-0 rule applies. The CSX is also an affiliate member of IOSCO. Market Charges & Compulsory Commissions None. The Exchange is wholly owned by the Cayman Islands Government. inheritance. There is no stamp duty levied on the transfer of any securities. Taxes & Regulations Affecting Foreign Investors Secondary market Transfer of securities is exempt from tax. CFI and Share Rights: 0. futures and investment funds quotas (CFI). futures and investment funds quotas (CFI). Taxes. For trading equities. Currency Chilean Peso (CLP) Official Trading Hours Monday – Friday Pre-Opening Session: 09:00 – 09:30 Telepregnón (continuous electronic trading system): 09:30 – 17:30 Pregnón (open outcry on trading floor): 09:30 – 17:30 Clearing and Settlement T+2 Business Days Currency Exchange USD1 = CLP551. Broker’s commission and Exchange fees are subject to Value Added Tax (IVA). Market Charges & Compulsory Commissions Brokers’ commission: Commission is freely negotiable and usually ranges between 0. It is a member of the International Federation of Stock Exchanges (FIBV). operators enter sale offers. currency. where interested parties make bid offers. They are established by the Santiago Stock Exchange and vary according to the type of instrument being traded. currency. options. Exchange fees: Stocks. Electronic auction: equities are traded under the ‘concurrent auction’ mode.50% maximum.21 Cross Selling Equity & Short Selling Not permitted due to tax issues. Trading System Shares are now traded by electronic order-driven matching system (Telepregón). Import Duties and Taxes: Since 2003 Chile has had a general tariff of %. The third stage is the auction.3bn Average Daily Turnover: USD151. Stock Exchange fees: Calculated on the amount of the transaction. In the first one.55 EUR1 = CLP80. interested parties are allowed to select the offers they want to make bids on. In the second stage. There are four transaction stages. The First Category Tax already paid by issuer companies constitutes a credit for the final payment of the tax Dividends Main Indices General Stock Prices Index (IGPA) Selective Price Index (IPSA) Inter-10 Board Lots 1 Value Added Tax (IVA) Value Added Tax applies to the majority of purchases/sales at the rate of 18%. Low Presence Telepregón (a reduced number of brokers) continues for the whole trading day. if not all.35% and 1%.bolsadesantiago.com Primary Exchange Santiago Stock Exchange Brief History The Santiago Stock Exchange was founded in 1893 and has been operating without interruption ever since. options. Value Added Tax (IVA): Both brokers commission and exchange fees are subject to a 19% Value Added Tax (IVA). the system awards sale offers to the best bids. Market Size as of August 2009 Market Capitalisation: USD195. equivalent to 18%.2m Document produced by Société Générale Corporate & Investment Banking 24 . dividends are taxed as revenue In the case of non-resident investors. Trading floor (Pregón): prices are determined by the interaction of bid and ask offers shouted by brokers. dividends are taxed at a rate of 15%. and the Hispanic Federation of Stock Exchanges (FIABV). Capital gains Investment in High Presence Stocks: capital gains are exempt from tax for all investors Investment in Low Presence Stocks: capital gains obtained by nonresident investors are subject to 15% Capital Gains Tax Investment in the Market for Emergent Companies: capital gains obtained from investments in this Market are exempt from tax payment until 200 for all investors In the case of resident investors. Telepregón: Electronic system for automatic execution of pricecompatible bid and ask offers of equities. Floor trading is split into three sessions. and alternates throughout the day with what is called High Presence Telepregón (when most.Contents Futures Information None Chile GMT -4hrs (-3hrs DST) Internet: www. In the final stage.com Email: nalmazan@bolsadesantiago. brokers are involved). decreasing according to the volumes traded and the trading activity of the client. The stamp duty of securities trading in both A-shares and B-shares is 0.e. Buying or selling orders given by clients or member companies are entered into the computerised system by the floor traders through terminals on the trading floor or at member firms. Taxes. Trading System The SSE is a centralised marketplace. June. i. 14:30 – 1:15 HKD50 /1 Spot month.com. in USD. It was the first securities exchange in mainland China. nearest month <HRIc1>. the next calendar month.011% of these set commissions.8289 EUR1 = CNY9. Block trades and crossing can be done without opening up to outside participation and have to be reported at least five minutes before the market close.hkex. it operates the largest domestic satellite and optical communication network with connects SSE with more than 5. Odd lots of less than 100.Contents China – Shanghai GMT +8hrs Internet: www.cn Primary Exchange Shanghai Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months Expiration Day Reuters Bloomberg Hang Seng China Enterprises Index (HSCEI) Futures (H-shares Index Futures) Hong Kong Futures Exchange (http://www.9818 Market Size as of August 2009 Market Capitalisation: USD2. contract details <HFE/HRI> HI (Month Code)(Last Number of Year) <Index> Brief History The first stock market in China was formed in Shanghai in 1891 to facilitate trade. in New York. They also have to obtain an investor ID code. Circuit Breakers The circuit breakers are activated with 10% fluctuation from the static reference price for normal stocks.cn Email: zgliao@sse. ‘B’ shares are not traded on Chinese or US holidays. began trading securities in December of the same year. Market Charges & Compulsory Commissions For bonds the average commission is 0. the last closing price and 5% for stocks under special treatment.000 trading terminals.com.bn 25 Document produced by Société Générale Corporate & Investment Banking .000 transactions per second. The SSE owns a 3. All transactions on the trading floor are matched automatically by a computerised system.000 shares or USD$300. Trading is continuous. quarterly months are March. Taxes & Regulations Affecting Foreign Investors Income tax is levied on the part of dividends that exceed the bank rate for the same maturity at a rate of 20%.e. and the next two calendar quarter months (i. auction and tender orders.3% for both buyers and sellers. The Shanghai Stock Exchange will be using Xetra technology as the core element of its new trading platform. Short selling is prohibited but turn-around trades are allowed on the same day. For shares commission is charged at 38bps. trading at a speed of more than 8. Crossing has to be put through the exchange and must be at least 500. There is no withholding tax for institutional and QFII investors. The trading system allows for block. Shanghai codes are 9-digits long starting with “C9900xxxxx”.hk/) 09:45 – 12:30.com. Shares are settled in cash.1% of the transaction value. founded in November 1990. September and December) The first business day after the last trading month <0#HRI:>. The computer system will automatically match orders according to the principles of price and time priority. There is no capital gains tax at present.000 at a price between the daily high/low Main Indices Shanghai 50 Index Shanghai 180 Index Shanghai Securities Composite Index SHSE-SZSE 300 Index Board Lots Based on lots of 100 shares or its round sum multiples as a unit. The Shanghai Stock Exchange (SSE). Chinese stocks are available in Hong Kong as ‘H’ shares and the US as ‘N’ shares. It operated until the Japanese occupation of Shanghai in 1941 and it briefly resumed operations after World War Two until the Cultural Revolution forced its suspension. This is currently under construction. Cross Selling Equity & Short Selling Short selling is currently not allowed.7trn Average Daily Turnover: USD19. In addition.00m2 trading floor. The SSE takes 0. The Exchange is a non-profit-making legal entity with a membership system. B Shares: T+3 Business Days Currency Exchange USD1 = CNY. Shares can be sold during trading time but cannot be bought Official Trading Hours Monday – Friday Pre-open: 09:15 – 09:30 Continuous Trading (AM): 09:30 – 11:30 Continuous Trading (PM): 13:00 – 15:00 Currency Chinese Yuan (CNY) also referred to as the Renminbi (RMB) Clearing and Settlement A Shares: T+1. the largest in the Asia Pacific region.sse. Cross Selling Equity & Short Selling Short selling is currently not allowed.1bn Document produced by Société Générale Corporate & Investment Banking 2 . Taxes & Regulations Affecting Foreign Investors Since December 2002. quarterly months are March. and the next two calendar quarter months (i. 14:30 – 1:15 HKD50 / 1 Spot month. All settlements and income receipts on B shares are in HKD with no repatriation difficulty. The minimum trading lot is 1 share and block trading is implemented for orders of 50 million shares or more for a single stock.000 shares or HKD$300. It is order-driven. The Bshares market.8289 EUR1 = CNY9.com.cn Primary Exchange Shenzhen Stock Exchange Brief History The Shenzhen Stock Exchange came into operation on 1 December 1990. The system has a capacity for 20 million deals in 2. contract details <HFE/HRI> HI (Month Code)(Last Number of Year) <Index> China – Shenzhen GMT +8hrs Internet: www.hk/) 09:45 – 12:30. the next calendar month. traded in Renminbi. Circuit Breakers: A Price limit of 10% is imposed for common stocks and 5% for stocks under special treatment. is offered to local investors and qualified foreign institutional investors since the end of 2002. Crossing has to be put through the exchange and must be at least 50.cn/main/en Email: cis@szse. Real-time quotations are sent nationwide through satellite and fixed-lines. The A-shares market.3% Stamp Duty.41bps + 5bps to a maximum of 500HKD + 50HKD. June. Automated trading started in 1992 and now trading is fully electronic with computer and satellite networks connecting members from all over China. Taxes. Foreign investors may hold B shares. is open to foreign investors and local individuals.szse. September and December) The first business day after the last trading month <0#HRI:>. Market Charges & Compulsory Commissions Commission Commission is imposed for buyers and sellers. Dividend income is subject to a 20% withholding tax. There is no withholding tax for institutional and QFII investors. qualified foreign institutional investors may participate in the A-share market with certain specifications.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months Expiration Day Reuters Bloomberg Hang Seng China Enterprises Index (HSCEI) Futures (H-shares Index Futures) Hong Kong Futures Exchange (http://www. Capital gains are not subject to taxation. Trading System Trading is electronic and computerised. traded in Hong Kong dollars. There are two independent markets.hkex. compared to the historical peak record of 4 million deals. Investors can trade either through their brokers or do their own on-line trading. Buy-and-sell orders are put into the Exchange’s system through remote terminals at broker offices.000 at a price between the daily high/low or between previous closing price ±20 spreads. nearest month <HRIc1>. based on price-time priority. at 33. Main Indices SSE Composite Index SSE 100 SHSE-SZSE300 Index Board Lots 100 units Currency Chinese Yuan (CNY) also referred to as the Renminbi (RMB) Official Trading Hours Monday – Friday Pre-open: 09:15 – 09:30 Opening Auction: 09:30 Continuous Trading: 13:00 – 14:57 Close Auction: 14:57 – 15:00 Clearing and Settlement A Shares: T+1 B Shares: T+3 Business Days Currency Exchange USD1 = CNY. Stamp duty: 0. traded in different currencies.e. Block trades and crossing can be done without opening up to outside participation and have to be reported at least five minutes before the market close.9818 Market Size as of August 2009 Market Capitalisation: USD72bn Average Daily Turnover: USD10.000 securities. co Primary Exchange Colombia Stock Exchange Futures Information None Brief History On 3 July 2001 the Bolsa de Bogota.bvc. Taxes. Stamp duty is currently 1%.bn Average Daily Turnover: USD59. called Inverlace. This does not include rent. Trading System The CSE has an electronic trading system ‘MEC (Colombian Electronic Market)’ used for trading shares.0%.m Official Trading Hours Monday – Friday BVC (Normal Trading) Renta Variable: 09:00 – 13:00 Foreign Exchange: 08:00 – 18:30 OPCFs: 08:00 – 15:00 Register Inverlace* (Normal Trading) *An electronic system to register OTC market transactions Currency Colombian Peso (COP) Clearing and Settlement The CSE in cooperation with the Inter-American Development Bank is developing a project to establish a central clearing-house that will cover compensation risks. Indicator de Rentabilidad del mercado electronico colombiano MEC Market Size as of August 2009 Market Capitalisation: USD24. Market Charges & Compulsory Commissions Commission rates are freely negotiable. There is also another electronic system to register the OTC market. fixed income and other securities.7 EUR1 = COP2923. Clearing and settlement occurs on a T+3 Business Day basis Currency Exchange USD1 = COP1999. in general practice. only income whose source can be located in Colombia is taxed. a right which is only granted. Taxes & Regulations Affecting Foreign Investors For foreign investors with no domicile or residence in Colombia.com. All shares must be recorded in the national securities register. Main Indices Indice General de la Bolsa de Valores de Colombia IGBC.0 The Colombian stock exchanges also use a martillo (auction) system for trading shares. during a single tax year.com.co (Spanish text only) Email: pinformacion@bvc. Local Tax: 0. Article 254 of the Tributary Status alludes to the possibility of discounting in Colombia taxes paid in other countries. the CSE uses the open outcry floor trading system. to Colombian nationals.5% from 1 January 2009 and will be abolished in 2010. however this will fall to 0. The Colombian Stock Exchange also uses a martillo (auction) system for trading shares based on the open/outcry floor trading system.Contents Colombia GMT -5hrs Internet: www. Special rules apply to certain dividends paid by companies located in countries with which Colombia has integration agreements. but are subject to VAT at 15%. Bolsa de Occidente (in Cali) and Bolsa de Medellin merged to form the Colombian Stock Exchange (Bolsa de Valores de Colombia). permitting the discount in Colombia of the tax paid in the country of origin on these dividends. The Colombian Stock Exchange (CSE) has its main offices in Bogota with regional operations in the cities of Cali and Medellin. All shares must be recorded in the national securities register. Subasta is equivalent to auction 27 Document produced by Société Générale Corporate & Investment Banking . Cross Selling Equity & Short Selling Short selling is not permitted. For this. occasional income or income from the sale of shares registered in a Colombian stock exchange which do not exceed 10% of the shares in circulation of the respective company. Market Charges & Compulsory Commissions In the primary market for public debt. SA (BNV) began operating the first security market in Costa Rica and Central America in August 197. All trades are published to the market by the exchange. no commissions can be charged. On book facilities are completely automated. There is full trade transparency for trade’s on.e.cr Primary Exchange National Stock Exchange (Costa Rica) Brief History The Bolsa Nacional de Valores.2bn Average Daily Volume: USD14m Document produced by Société Générale Corporate & Investment Banking 28 . The commission structure for secondary market transactions in Costa Rica is a competitive one. using a central order book system developed in-house. This regime is over seen by the exchange.co. Taxes & Regulations Affecting Foreign Investors Costa Rican residents and foreign investors have the same tax treatment. with commissions being set entirely by negotiation between the broker and the client. Fixed term transactions – up to 30 days Currency Exchange USD1 = CRC583.co. A 5% withholding tax is applied to dividends of registered and traded shares at the BNV.bnv. An off-book facility has been created for large block trades.and off-book and for trades carried out by local brokers through other exchanges.cr (Spanish text only) Email: bnv@bnv. There are no legal restrictions on foreign investors in Costa Rican listed companies. Taxes. and a 15% withholding tax is applied to dividends of unregistered shares or those which have not been traded at the BNV. Trading System The exchange operates on.08 Market Size as of August 2009 Market Capitalisation: USD1. and there are no restrictions for capital repatriation.00 EUR1 = CRC852. i.Contents Futures Information None Costa Rica GMT -hrs Internet: www.and off-book trading facilities. which are negotiated bilaterally and registered with the exchange without the need to be exposed to other market participants. T+1. The market model includes market makers for key components of the yield curve. Main Indices BNV Index Currency Costa Rican Colon (CRC) Official Trading Hours Monday – Friday Primary Market: 08:00 – 12:45 14:00 – 18:00 Secondary Market: 09:00 – 12:20 15:30 – 1:00 Clearing and Settlement Spot-Price Transactions: payment and delivery of securities must be made before the end of the day following the transaction. There is no stock-transfer tax in Croatia. Taxes. which can be accessed via an online subscription. but its roots date back to 1918. Denmark. Philippines. Market Charges & Compulsory Commissions Brokers charge fees for handling Stock Exchange transactions. when a group of entrepreneurs set up the Zagreb Stock & Commodity Exchange. online access for brokers from remote terminals. Poland. Great Britain.010 EUR1 = HRK7.Contents Croatia GMT +1hrs (+2hrs DST) Internet: www. In 2007 the Croatian Financial Market consolidated with the merger of the ZSE with the Varazdin Stock Exchange.000 transactions per day or 5. Today. Italy. Romania and Sri Lanka. Although its activities were severely affected by the Great Depression and in 1931 equity trading was abandoned. Foreign investments in securities are not limited or subject to special restrictions.hr Email: public. Double taxation agreements exist with the following countries: Belgium. Czech Republic. Taxes & Regulations Affecting Foreign Investors Taxes in Croatia include Corporate Income Tax 20% (withholding 15%) Income Tax (15 – 45%). commodities trading continued throughout World War II. When the market reopened in 1991 trading was conducted in an opencry system which was replaced by an electronic system in 1995 which allowed remote access to the market place.000 per second and replaced the MOST trading system. In 194. but these fees are not officially prescribed and range between 0. Germany. Foreign investors are guaranteed unrestricted transfer of profits and the unrestricted transfer of capital. X-Stream provides real-time. Malaysia.relations@zse. licensing with CROSEC and acceptance of ZSE rules. Netherlands.5bn Average Daily Turnover: USDm Currency Exchange USD1 = HRK5. Its modern history started in 1991. Finland.zse. Main Indices Croatian Zagreb CROBEX Board Lots 1 Official Trading Hours Monday – Friday 10:00 – 1:00 Currency Croatian Kuna (HRK) Clearing and Settlement T+3 Business Days Market Size as of August 2009 Market Capitalisation: USD33. Trading System Since the 23 November 2007 a new trading system has been operational on the ZSE provided by the OMX Group. Norway.325 29 Document produced by Société Générale Corporate & Investment Banking . Cyprus. the exchange was closed by the Communist regime. China. The Prerequisites for ZSE membership include: compliance with the Securities Law. France. Croatia adheres to the international agreements avoiding double taxation. the ZSE has 47 shareholders and 40 members. The X-Stream system is designed to process 200.4% and 2% of the transaction’s value.hr Primary Exchange Zagreb Stock Exchange Futures Information None Brief History The Zagreb Stock Exchange (ZSE) is the only registered stock exchange in Croatia. Dividends are entitled to pay VAT at the rate of 10%. Hungary. Egypt. The only real-time data feed service provided by the ZSE is the ZSE Monitor. the quantity of securities to be bought or sold at each price for each security. such as media. Depending on the market segment. construction. Official Trading Hours Monday – Friday Pre-Open: 10:00 – 10:30 Continuous Trading: 10:30 – 1:45 Closing: 1:45 – 17:00 Clearing and Settlement The settlement cycle for both Contractual and TFT transactions is defined as T+3 Currency Exchange USD1 = EUR0.01% on the total value of the transaction. although market makers may exist for certain shares. With the adoption of the Euro on 2 January 2008 the Cyprus Pound ceased to be the legal tender. Market Charges & Compulsory Commissions Commissions at the CSE are liberalised and can be agreed upon between members and their clients. travel.com. Trading at the Volume Weighted Average Price (VWAP) is possible after the daily closing auction for the Big Cap market.com. Transactions prices (open-high-low-close-volume). which supports the trading of equities. the acquisition of 10% or more of a bank’s share capital by any person. there are no ceilings for foreign investment in listed stocks.cy Primary Exchange Cyprus Stock Exchange Brief History The Cyprus Stock Exchange started its operations as a legal entity in the form of a public corporation body in March 199. a number of laws establish ceilings or other restrictions for non-EU investors in certain business sectors. whereas trading at close price may be performed for the other market segments. real estate. As such the nominal value of shares was converted from CP£0. Taxes & Regulations Affecting Foreign Investors There is no tax on interest or dividends for individuals. Medium & Small Cap markets). shipping and fishing.03bn Average Daily Value: USD7m Document produced by Société Générale Corporate & Investment Banking 30 . Cypriot or foreign. fixed income and derivatives products. All shares are traded electronically through the OASIS system. which is payable by each party and central depository charges 0.Contents Futures Information None Cyprus GMT +2hrs (+3hrs DST) Internet: www. Trading is order driven. Taxes. There is also no tax on capital gains on listed stocks for individuals. In general.e. Additionally. as well as a number of sectoral indices are faxed to the media one hour after market close. education.8417 Market Size as of August 2009 Market Capitalisation: USD10. In 200 it launched a common platform with the Athens Stock Exchange. who are responsible for monitoring and supervising the stock market Trading System The Common Trading Platform has been fully operational since October 200. requires prior approval of the Central Bank of Cyprus. Foreign investors are allowed to trade securities registered in the Cyprus Stock Exchange. by virtue of The Cyprus Stock Exchange Laws and Regulations. i. Main Indices CSE General Index FTSE/CySE 20 Index (FTSE med 100 Index) Board Lots 1 Currency EURO (EUR) Cross Selling & Short Selling Short selling is prohibited at the CSE.05 to EUR0.cse. The CSE charges 0. or a sequence of multiple call auctions (Special Financial Characteristics and Surveillance markets). the trading procedure may be a combination of continuous automatic matching of orders and of call auctions (Big Cap.cy Email: info@cse. Members of the Exchange as well as investors are informed about real time data regarding the full depth of the market.03% on the daily value of transactions. which had been passed by the House of Representatives in 1993 and 1995 respectively. A transaction cannot be cleared and settled unless valid certificates of ownership or certain other documents accepted by the Exchange are provided in order to prove the ownership of securities.09 Users of the system fall into three categories: Traders who are responsible for buying and selling securities on behalf of the members or their clients or on their own Trading firm managers who are responsible for supervising and monitoring all trading activities within the firm Supervisors. However. closing entry and sell quotations. Market Charges & Compulsory Commissions A trader pays the exchange 0. Trading in SPAD works in 2 phases: open & closed. The min marketable unit set for the continual regime is a lot (fixed at one piece of any security). After World War II trading was not resumed and in 1952 the exchange was abolished. while the charge for quoted shares and bonds is on half of that 0.427 EUR1 = CZK25. If the arithmetic midpoint of the allowable spread deviates by >20% from the arithmetic midpoint defined at the start of the open phase. A break will happen every time the next 10% spread level is exceeded. of MMs per issue / issues per MM. defined by the best quotation at the time the open phase was closed. this is not a price-fixing segment. Back to back trades are possible but these instructions must be prioritised accordingly.01 0. For security issues assigned to Trading group 3. If at least 3 mkt makers apply for quotation in the break.9bn Average Daily Turnover: USD150m Circuit Breakers: There are no circuit breakers in place. dividends paid abroad are subject to 15% withholding tax.cz Email:
[email protected] Monthly Third Friday of the expiry month <0#ATX:>.Contents Czech Republic GMT +1hrs (+2hrs DST) Internet: www.25%. Continual regime under automatic trades – This is for securities in trading groups 1 and 3 (linked to auction). Auction regime under automatic trades – Auction trading is based on cumulating buy/sell orders in securities up to a single moment of time. 09:00 – 17:00 EUR10 per Index point 0. Trading recommenced in April 1993. unless a double tax treaty provides otherwise The income tax for legal entities and corporate income is 24%. The price may vary by 5% from the closing price quoted on the previous day and must be rounded so as to fit the respective quotation step.cz Primary Exchange Prague Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Czech Traditional Index Futures Wiener Borse Mon – Fri. The objective is to achieve maximum value (volume) of securities transacted. Taxes. expanded by 5% both ways. An exchange. Trades may be contracted within the allowable spread (best bid/offer prices) and expanded by 0. The closing price for securities traded in SPAD equals the mid-point of the allowable spread at the moment the SPAD open phase closes at 1:00. Cross Selling Equity & Short Selling Short selling is possible but the stock must be borrowed in the market as securities must be on the seller’s SCP account for delivery on settlement date. 31 Document produced by Société Générale Corporate & Investment Banking . A MM is an Exchange member with a contract to act with the Exchange as a MM for issue(s) chosen by the MM. up to the max defined limited of ± 50%. Tick Size Price (CZK) 0. There are no uptick rules applicable in the market. It is not possible to conclude block trades in securities classified for trading in SPAD with the exception of trades with value exceeding the set limit. Private individuals are exempt from this type of tax provided the period between the acquisition and sale of the securities does not exceed six months Trading System Trading under the Market for Shares and Bonds Supporting System (SPAD) – SPAD uses market makers (MM).00 – 100 100 – 1000 over 1000 Tick Size 0. The size of a lot is fixed at one unit for all securities Official Trading Hours Monday – Friday Auction – Order Collection: 08:00 – 08:45 Auction: 08:45 – 09:10 Continuous Trading: 09:15 – 1:00 Closing auction (selected securities): 1:00 – 1:07 Currency Czech Koruna (CZK) Clearing and Settlement See trading system explanation Currency Exchange USD1 = CZK17.5% both ways. a 15 min break occurs. Continual regime trades settle T+3. The volumes traded at the exchange fluctuated considerably and in 1938 official trading was suspended. In the break. they expire when the phase is closed. the outcome being to fix the price for an issue. If no trade in the issue has been contracted. Trades concluded during both phases are Exchange trades and they can be settled anywhere from T+1 up to T+15. No time priority principle is applied.25% for the purchase or sale of an unquoted/unlisted stock. the closing quoted price is the opening quoted price. trading securities and commodities was established in 1871. the allowable spread will extend by another 10% after the break. Opening price is equal to the price fixed for the securities under the auction. and doesn’t return to within the spread in 2 mins from the crossing over point. nearest month <ATXc1>.1 1 Main Indices PX Index Board Lots The minimum tradable unit under the continual regime is a lot. A closing quoted price under the continual regime is only fixed for security issues assigned to Trading group 1 and is the price of the last trade contracted under the continual regime. transactions of the issue can’t be concluded in SPAD.479 Market Size as of August 2009 Market Capitalisation: USD73. SPAD closed phase – In the closed phase MMs are neither obliged to quote nor conclude trades. Trades can be concluded in the framework of the allowable spread. Settlement is T+3. Taxes & Regulations Affecting Foreign Investors Security Owners are Subject to Two Forms of Taxation: In general. contract details <OTB/ATX> VR (Month Code)(Last Number of Year) <Index> Brief History The origins of the first exchange in Prague go back to the 1850s when foreign exchange and currencies were the principal trading products. There are no limits on nos. If instructions put in the AOS at this phase are not matched. Currency Exchange USD1 = DKK5. In January 1997.10 = 0. SAXESS is a single crossborder trading system with one set of trading rules. Swedish and Danish stocks respectively.com/nordicexchange Email: copenhagen@omxgroup. September & December) Third Friday of the expiration month or if not a trading day. There is now mandatory CCP on nine Nordic securities: three Finnish. launched a full central counterparty clearing (CCP) service on the NASDAQ OMX exchanges in Copenhagen.00 – 4999.90 50.25 Stock Price (DKK) 250. The SAXESS trading system offers continuous trading from 09:00 to 17:00. or the last auction price. The Iceland Stock Exchange moved trading in bonds and shares to SAXESS at the same time. The system operates with automatic matching.50 500. This was expanded to include the Oslo SE and Iceland SE during 2000. spreads (>4%) Dynamic circuit breaker threshold 3% 5% 15% Static circuit breaker threshold 15% 20% 25% Taxes. Should a double-taxation agreement exist between Denmark and the country in which the investor resides.00 5. First North DK.com Primary Exchange Nordic Exchange in Copenhagen Brief History Trading in securities at the Copenhagen Stock Exchange (CSE) dates back to the late 17th century.00 – 9. Circuit Breaker Static price range: The reference price is either the last close.00 100. Central Counterparty Clearing In October 2009. Group Blue Chip Index stocks Other stocks Penny shares (<DKK10).00 20. June. Trading System SAXESS – Joint Trading System The members of the NOREX Alliance use the SAXESS trading system. Market Capitalisation: USD720. During 2007 NASDAQ and Dubai Borse were involved in a takeover battle for OMX. Greater than or equal to 0.3bn (OMX) Average Daily Turnover: USD3bn (OMX) Board Lots As of 2009 all board lots for Danish equities have changed to 1. or part thereof. liquidity class C. Tick Sizes OMX C20 Companies Stock Price (DKK) 0 – 4. A transaction is always executed at the price of the existing order.00 – 19. 2. shares with large avg.omxgroup. In October 2000.00 10. in return the Borse Dubai will gained a 20% state in NASDAQ. 3.10 = 0.95 10.00 – 499.99 5. NASDAQ OMX Nordic.092 EUR1 = DKK7. Short selling is prohibited except for hedging purposes and market makers (Oct.01.50 1. On 9 February 2005 the Copenhagen Stock Exchange became part of the OMX Group. the Copenhagen Stock Exchange and Stockholmsbörsen signed a co-operation agreement to create a strategic alliance.025% to 0. NOREX.443 Market Size as of August 2009 Cross Selling Equity & Short Selling There are no specific rules for the short selling of equities.10 0. Best price takes priority and orders entered in the order book first take priority over orders entered later.05 0. which means that transactions are executed when the prices of the orders to buy and the orders to sell match or overlap. the dynamic price range is only active during continuous trading.000.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg KFX Index Share Index Future Copenhagen Stock Exchange Mon – Fri. The Exchanges in Copenhagen and Stockholm have traded their listed shares in the SAXESS system since June 1999. but usually range from 0. The first proper stock exchange law was passed in 1919. In November 2000 Swedish bonds were also moved to SAXESS. the previous trading day <0#KFX:>.000. In January 2008 it was announced that Borse Dubai was to buy OMX and would then sell it to NASDAQ. SIX X-clear and Euro CCP – have further agreed to achieve competitive clearing by January 2010.990. 2008). together with EMCF (European Multilateral Clearing Facility). nearest month <KFXc1>. 09:00 – 1:50 100 x KFX Index More than or equal to 0 but less than 0. & 9 months in the quarterly cycle (March. Main Indices OMX C20 Currency Danish Kroner (DKK) Official Trading Hours Monday – Friday Continuous Trading: 09:00 – 1:50 Closing Call: 1:50 – 17:00 Clearing and Settlement T+3 Business Days Taxes & Regulations Affecting Foreign Investors Foreign investors are exempt from all taxes in Denmark. contract details <CPH/KFX> KX (Month Code)(Last Number of Year) <Index> Denmark GMT +1hr (+2hrs DST) Internet: www.05 1. An exception is a 28 percent holding tax on dividends on account for non-residents. Derivatives trading is conducted through OMX’s CLICK trading system and voice broking. amended in 1930 and again in 1972. Helsinki and Stockholm.00 – 249.00 Tick Size 0. the Copenhagen Stock Exchange transferred bonds to SAXESS.00 Document produced by Société Générale Corporate & Investment Banking 32 . The OMX and its three CCP partners – EMCF. the non-resident may apply for a refund of the tax.15% of market value.01 0.75 Tick Size 0. The system opened for trading in Oslo in May 2002. when merchants acted as brokers and bankers.00 – 49. Market Charges & Compulsory Commissions Commission collected by brokers as the result of the sale of shares are a matter of negotiation between broker and client. Dynamic price range: The reference price is determined by the last trade in the order book. mundobvg.8m Currency Exchange USD1 = ECS25000 EUR1 = ECS3543 Board Lots 1 33 Document produced by Société Générale Corporate & Investment Banking .Contents Ecuador GMT -5hrs Internet: www. Market Charges & Compulsory Commissions Commissions for traders are open. T+180 Market Size 2007 Market Capitalisation: USD4. designed by the Chicago Stock Exchange.ec Primary Exchange Quito Stock Exchange/Guayaquil Stock Exchange Futures Information None Brief History In March 199 the National Congress issued Law No. webmaster@bvg. which can be paid for three to five days after the transaction.11bn Average Daily Turnover: USD1. Trading System Deals are settled during floor trading and on the electronic trading system. which must be paid for within 48 hours of the value date. which authorised the president to establish stock exchanges in the country controlled by the Superintendency of Companies.com Email: bernardoortega@bolsadequito. Settlement takes place at T+0. The electronic system allows brokers to conduct real-time transactions. T+4 and T+5 to T+9. In July 199 a presidential decree established two exchanges: one in Quito and one in Guayaquil. and term operations. operations. Taxes & Regulations Affecting Foreign Investors Foreign and national investors receive the same treatment. There are three basic types of operation: spot. Foreign investors may own up to 100% of equity and enjoy the same rights as Ecuadorian private investors in nearly every sector. 111.com.bolsadequito. Corporaciòn Financiera Nacional (a public institution) was authorised to participate as promoter and shareholder. in June 1995. T+1. which is signed by the director.com/www. The securities listed on the Guayaquil Stock Exchange can be traded through floor trading. electronic trading or via an auction session. The Exchange’s Treasury Department receives securities and delivers the requisite amount of money. The operations are registered on a panel and published in the Daily Bulletin. T+2. The electronic system is currently used for trading in shares and fixed income. The Exchange inaugurated its electronic system. Taxes. Main Indices IPECU Currency US Dollar (USD) Ecuadorian Sucre (ECS) Official Trading Hours Monday – Friday Electronic Trading System Equities: 09:30 – 15:30 Floor Trading Session: 15:30 – 1:00 Clearing and Settlement The Quito Stock Exchange has a clearing department.1% – these charges are on the effective value per each trade. The exchange charges for shares are 0. Once a deal is closed the system also informs its subscribers of the closing price and the number of shares traded. T+3. When a trade occurs the Stock Exchange issues a written contract.fin. Trading is effected through a fully automated system and is continuous. member firms wishing to carry out intra-day trading transactions must first obtain a licence from the CMA and deposit a minimum of EGP5m in one of the clearing banks in order to meet the settlement of these transactions. the market collapsed as a result of nationalisation. Trading takes place either on the exchange or Over the Counter (OTC) which is the venue for trading unlisted securities.com Email: hserafie@egyptse. Taxes. Intra-day trading rules In August 2005. the fees are levied at 0.000. Taxes & Regulations Affecting Foreign Investors Foreign and National investors receive the same treatment. there were 11 Treasury bond issues with values ranging from EGP1bn to EGP5bn and maturities ranging from three to 20 years. For unlisted securities or Over the Counter market. It was reinstated in 1993 after a comprehensive capitalmarket law was enacted (Law No 95 for 1992). should not exceed 1/10. The EFA trading system became operational in the first quarter of 2001.2bn Average Daily Turnover: USD23. According to the rules. Primary Dealers System CASE completed the Primary Dealers System which became effective as of 4 July 2004.egyptse. according to this system. with a maximum amount of LE 5. However in 191. There are no restrictions on foreign investment or profit repatriation. whereby MCDR acts as the Clearing House between the buying and selling member firms.com Primary Exchange Cairo and Alexandria Stock Exchange Brief History From their inception in the late 1890s.038 Document produced by Société Générale Corporate & Investment Banking 34 . 24.000 (one over ten thousand) of the company’s listed securities on CASE. Moreover.012% of the value of each side of the transaction with a maximum amount of LE 5. Trading System The trading system of the Cairo and Alexandria Stock Exchanges witnessed a gradual evolution from an open outcry system prior to 1994 to an automated order-driven system available at both the Cairo and Alexandria Stock Exchanges. the Capital Market Authority (CMA) issued Decree No.510 EUR1 = EGP8. There are no taxes levied on dividends or capital gains.000. The main function of the Primary Dealers would be to underwrite the initial offering of the government securities in the primary market and to act as market makers in the secondary market.1% of the value of each side of the transaction. the volume of daily transactions made by one investor. the Cairo and Alexandria Stock Exchanges (CASE) reflected the performance of an economy which was based solely on private ownership and enterprise which met the financial needs of the business sector. Main Indices CASE 30 Index Currency Egyptian Pound (EGP) Official Trading Hours Sunday – Thursday Pre-Open: 9:45 – 10:15 (random closing 10:15 to 10:30) Continuous Trading: 10:30 – 14:30 Clearing and Settlement The system is based upon Delivery versus Payment. which introduced the intra-day trading concept to the Egyptian market for the first time. Member firms can only trade within the limits of four times the amount deposited at the clearing bank.52m Board Lots 1 Currency Exchange USD1 = EGP5. regarding their paper and funds settlements as follows: T+0 for securities traded by the intra-day Trading System T+1 for government bonds that are traded through Primary Dealers System T+2 for all other securities Market Size as of August 2009 Market Capitalisation: USD90. Market Charges & Compulsory Commissions For listed securities fees are levied at 0. The Cairo Stock Exchange is linked by computer to the Alexandria Stock Exchange and both operate as a single market. As of December 2005. The Primary Dealers System has made the local bond market more competitive and has enhanced its liquidity. following an era of economic boom and development.Contents Futures Information None Egypt GMT +2hrs (+3hrs DST) Internet: www. 025% annualised. and the FIAB (LatinAmerican Federation of Stock Exchanges). More than 70 firms trade as members of the Salvadorean Stock Exchange Market. Broker/Client: as negotiated.2bn Average Daily Turnover: ~5m 35 Document produced by Société Générale Corporate & Investment Banking .bves. Honduras. 0. Taxes & Regulations Affecting Foreign Investors Congress approved Decree no.025% buyer annualised. It came into existence in September 1989 and began operations three years later in April 1992. Foreign exchange is traded electronically. BVES provide the trading platforms used by the authorised broking firms. Each deal must be settled by 15. Taxes. as negotiated.30 on the day of trade unless otherwise agreed upon by both buyer and seller Market Size as of August 2009 Currency Exchange USD1 = SVC8. Market Charges & Compulsory Commissions Primary Market Exchange: 0.sv Primary Exchange El Salvador Stock Exchange Futures Information None Brief History La Bolsa de Valores de El Salvador (BVES) is the only authorised institution for the Salvadorean stock exchange market. 0. Electronic trading began in June 2002. Trading System Brokers trade repos from the floor. Main Indices None Currency US Dollar (USD) Salvadoran Colon (SVC) Official Trading Hours Monday – Friday Primary Market: 09:15 – 09:30 Secondary Market: 08:30 – 15:30 Reportos Market: 10:00 – 11:15 Clearing and Settlement Settling and Clearing is based on physical settlement after the netting of trades by the Exchange. Costa Rica and Panama. Secondary Market Exchange: 0. VAT of 13% was introduced in September 1993. such as BOLCEN (Association of Stock Exchanges of Central America).785 Market Capitalisation: USD3.sv (Spanish text only) Email: info@bves. 780 which exempts investors from the payment of tax on dividends and capital gains.25% annualised. Repos Exchange: Broker/Client Equity Market Exchange: 0.Contents El Salvador GMT -5hrs Internet: www. Broker/Client: as negotiated. Commercial banks. and has collaboration agreements with exchanges in Spain and Mexico. BVES is a member of important regional associations. BVES has signed strategic co-operation agreements with the stock exchanges of Guatemala. member firms and the central bank trade the USD and the SVC.com. foreign-exchange houses. In December 1994 the Exchange implemented electronic currency trading (SINEDI).125% seller. Broker/Client: as negotiated.03125% annualised on the Compromised Value. There is a 10% withholding tax on interest for local and foreign investors in the case of corporations only.7475 EUR1 = SVC12.com. which affects commissions only. Contents Futures Information None Estonia GMT +2hrs (+3hrs DST) Internet: www.baltic.omxnordicexchange.com Email:
[email protected] Primary Exchange Tallinn Stock Exchange Brief History A foreign currency and securities exchange was launched in Tallinn in 1920 but was closed in 1941 after the Soviet occupation of Estonia. Following the restoration of independence in 1991, Estonia undertook the task of creating a securities market from scratch. The Exchange opened for trading in May 199 with 11 securities listed. In April 2001 the Finnish HEX Group acquired strategic ownership in the TSE. Trading in Estonian securities through the HEX trading system was launched on 25 February 2002. In 2003 HEX Group and Swedish stock exchange operator OM Group announced a merger, to form OMX which owns and operates the six exchanges in the Nordic Exchange. On 27 September 2004 the Helsinki Tallinn and Riga Stock Exchanges harmonised their cash markets by adopting the SAXESS cash trading system already used by the Stockholm Stock Exchange. During 2007 NASDAQ and Dubai Borse were involved in a takeover battle for OMX. In January 2008 it was announced that Borse Dubai was to buy OMX and would then sell it to NASDAQ, in return the Borse Dubai gained a 20% state in NASDAQ. The trading system has the following features besides the common ones (negotiation of trades): Transactions can be made simultaneously with securities traded in on different exchanges; Multiple types of transaction orders can be used (limit order, market order, etc.). The official trading currency of the Tallinn Stock Exchange trading system is the euro. The companies listed on the TSE are divided between the following lists: Main List for blue-chip companies with several years of operating history, established financial position, and market value at least EUR4m Investor List, or I-List, for mid-size companies with stable operations and consolidated positions, and market value EUR1m Free Market (Pre-List) for short-term listing needs, or preliminary listing before the actual listing Bonds List for bonds, convertibles, etc. Circuit Breakers There is no market-wide circuit breakers on the Baltic Market. If a ±15% move in a single share occurs, trading in that security is halted and an auction takes place. Trading System All members of the Norex Alliance of Scandinavian and Baltic exchanges, including Stockholm, Helsinki, Copenhagen, Oslo and Reykjavik exchanges, use the same trading systems; SAXESS for shares bonds warrants ext and CLICK for derivatives. Numerous transactions are executed using automatic matching, where bid and ask orders are automatically matched for a trade when the bid and ask price correspond. All brokers have the same picture of the market situation simultaneously since all information from cash and derivative trading is relayed in real time. Taxes, Market Charges & Compulsory Commissions Tallinn, Riga and Vilnius stock exchanges have a transaction fee charged as a percentage of the value of the trade fee per each party to the trade or as a fixed fee per each party to the trade. Taxes & Regulations Affecting Foreign Investors In most cases capital gains derived from securities transactions and interest payments to non residents are not taxed in Estonia. Income tax at a rate of 21% (20% from 1 January 2009) must be withheld on dividend payments from resident corporations made to non-resident companies. A double-taxation treaty between the Republic of Estonia and another state where the corporation has its tax domicile may reduce that rate (usually to 15 percent). Non-resident corporations that own at least 20 percent share of a resident corporation that makes a dividend distribution and nonresident individuals are not taxed on the receipt of dividend payments. Main Indices OMX Tallinn All-Share (OMXT) BALTIX (OMX) Board Lots 1 Official Trading Hours Monday – Friday Pre-Trading Session: 08:30 – 09:45 Pre-Opening Auction Period: 09:45 – 10:00 Opening Auction: 10:00 Trading Period: 10:00 – 15:50 Pre-Closing Auction Period: 15:50 – 1:00 Closing Auction: 1:00 After-Market Trading: 1:05 – 1:30 Tick Size 0.01 Euro Currency Estonian Kroon (EEK) however trading on the TSE is conducted in Euros Cross Selling Equity & Short Selling There is no specific rules on short selling, it is the broker’s responsibility to deliver shares by settlement date. Clearing and Settlement Automatically matched trades are always settled on the third day after the trade (T+3) Negotiated deals in Tallinn and Vilnius stock exchanges may also have a settlement day between T+1 (inclusive) and T+ (inclusive) if agreed so separately Market Size as of August 2009 Currency Exchange USD1 = EEK10.701 EUR1 = EEK15.45 Market Capitalisation: USD720.3bn (OMX) Average Daily Turnover: USD3bn (OMX) Document produced by Société Générale Corporate & Investment Banking 3 Contents Fiji GMT +12hrs Internet: www.spse.com.fj Email:
[email protected] Primary Exchange South Pacific Stock Exchange Futures Information None Brief History The establishment of a Stock Exchange was under consideration as far back as 1970 when exploratory work was undertaken by the Fiji Development Bank. The Suva Stock Exchange was formed in 1978 and was a wholly-owned subsidiary of the Fiji Development Bank. In 1993 the shareholding was restructured to allow increased participation of financial institutions in the development and strengthening of SPSE. To compliment its ambitions to become the leading securities exchange in the south pacific islands, the exchange changed its name to the South Pacific Stock Exchange (SPSE). Taxes & Regulations Affecting Foreign Investors Non Resident withholding tax applies for foreign investors. Prospective Developments The SPSE plans to: Automate trading, clearing and settlement Remove scripts and make all trades script less Encourage and introduce dual listing Trading System Trading is effected by means of a call market. In the open outcry, licensed brokers respond with buy and sell orders during the trading sessions at specified times. The “market caller” calls out a listed company’s name. The caller matches orders strictly according to price/time priority. Unmatched orders remaining at the end of a call market session are carried forward to the next call session. The transactions are paper-based and call sessions occur on a physical trading floor. The SPSE has set up a Central Registry known as SPSE Central Share Registry. The SPSE plans to expand to other South Pacific Island Countries (excluding Australia and New Zealand). SPSE also plans to have dual listings with recognised Stock Exchanges in due course. Taxes, Market Charges & Compulsory Commissions Commission rates are negotiable. The average cost is 2.5% of the consideration. Main Indices KSPX Index Currency Fijian Dollar (FJD) Official Trading Hours Monday – Friday 10:30 – until last price is matched Clearing and Settlement T+3 Business Days Currency Exchange USD1 = FJD1.912 EUR1 = FJD2.89 Market Size as of August 2009 Market Capitalisation: USD49m 37 Document produced by Société Générale Corporate & Investment Banking Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months Expiration Day Bloomberg OMXH25 Index Futures Nordic Exchange in Helsinki Mon – Fri; 10.00 – 18.20 EUR10 per HEX25 index point The three nearest months within the cycle March, June, September, December The third Friday of the expiration month, if that is an exchange trading day; otherwise, on the exchange trading day prior to that Friday OT (Month Code)(Last Number of Year) <Index> Finland GMT +2hrs (+3hrs DST) Internet: www.omxgroup.com/nordicexchange/ Email:
[email protected] Primary Exchange Nordic Exchange in Helsinki Brief History The Helsinki Stock Exchange (HSE) was founded in 1912. There had been stock exchange activity in Helsinki since the 180s, but it lacked proper organisation and regulation. From 1935 the HSE was a so-called ‘silent’ exchange with an electro-mechanical quotation board. The HSE and the Finnish securities market underwent major changes in the 1980s with a complete re-organisation, new improved set of rules and regulations, a fully automated trading system and legislation concerning the whole of the securities market. In 1998, Helsinki Exchanges and Finnish Central Securities Depository Ltd merged into one group, the parent company of which was Helsinki Exchanges Group Oyj (HEX Group). In addition, Helsinki Exchanges began cooperation with Eurex AG in derivatives trading. In 2001, the HEX Group became a majority shareholder (2%) in the TSE Group consisting of the Tallinn Stock Exchange and the Estonian Central Securities Depository. In June 2002, the HEX Group acquired a majority shareholding of the Riga Stock Exchange and the Latvian Central Depository. In September 2003 HEX and OM merged to create an integrated Nordic and Baltic market for listing trading, clearing settlement and depository of securities. The operations of the group merged, OMX are based on two divisions: OMX Exchanges and OMX Technologies. Through OMX Exchanges, OMX offers access to 75% of the Nordic and Baltic securities market. During 2007, NASDAQ and Dubai Borse were involved in a takeover battle for OMX. In January 2008 it was announced that Borse Dubai was to buy OMX and would then sell it to NASDAQ, in return the Borse Dubai gained a 20% state in NASDAQ. Trading System As a general rule, all banking days are also market days at the Helsinki Stock Exchange. Trading in shares, bonds, warrants, premium bonds, convertibles and depository receipts on the Nordic Exchange is done through OMX’s SAXESS trading system, while derivatives trading is done through OMX’s CLICK trading system and voice broking. Numerous transactions are executed using automatic matching, where bid and ask orders are automatically matched for a trade when the bid and ask price correspond. All brokers have the same picture of the market situation simultaneously since all information from cash and derivative trading is relayed in real time. Central Counterparty Clearing In October 2009, NASDAQ OMX Nordic, together with EMCF (European Multilateral Clearing Facility), launched a full central counterparty clearing (CCP) service on the NASDAQ OMX exchanges in Copenhagen, Helsinki and Stockholm. There is now mandatory CCP on nine Nordic securities: three Finnish, Swedish and Danish stocks respectively. The OMX and its three CCP partners – EMCF, SIX X-clear and Euro CCP – have further agreed to achieve competitive clearing by January 2010. Circuit Breakers Static price range: The reference price is either the last close, or the last auction price. Dynamic price range: The reference price is determined by the last trade in the order book, the dynamic price range is only active during continuous trading. Group Dynamic circuit breaker threshold 3% 5% 15% Static circuit breaker threshold 15% 20% 25% Main Indices OMX Helsinki All-Share (OMXH) OMXH25 Index HEX Portfolio Index Tick Size 0.10 Euro Blue Chip Index stocks Other stocks Penny shares (<1EUR), liquidity class C, First North DK, shares with large avg spreads (>4%) Board Lots 1 Official Trading Hours Monday – Friday 10:00 – 18:20 (closing call 18:20 – 18:30) Currency Euro (EUR) Taxes, Market Charges & Compulsory Commissions Helsinki Stock Exchange also has a two-fold transaction fee charged for the number of trades and turnover value. HSE though charges fees per executed order while the other OMX exchanges charge fees per transaction. Clearing and Settlement T+3 Business Days Market Size as of August 2009 Market Capitalisation: USD720.3bn (OMX) Average Daily Turnover: USD3bn (OMX) Currency Exchange USD1 = EUR0.8417 Taxes & Regulations Affecting Foreign Investors Foreign investors are exempt from taxes in Finland except for the withholding of tax on dividends. This tax is withheld at 29 percent but is often reduced by a double-taxation treaty between Finland and the investor’s nation. Interest income from bonds received by foreign investors is not taxed in Finland. Profit gained by a foreign investor from the sale of Finnish securities is not subject to capital gains taxation in Finland. Cross Selling Equity & Short Selling There are no specific rules in regards to short selling of equities; naked short selling is tolerated as long as the shares are delivered on settlement (T+3). Abusive short-selling where manipulation can be proven is prohibited. Crossing is allowed within the bid-ask. For trades bigger than EUR500,000, quoting outside the bid-ask is allowed. Document produced by Société Générale Corporate & Investment Banking 38 2500 2. Trading System The Euronext single cash electronic trading system. Market Charges & Compulsory Commissions Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. to improve liquidity in a particular security.005 will be implemented for certain stocks traded above EUR10. French investors settling in France are required to pay 19. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam. Main Indices CAC40 Index SBF120 SBF250 Board Lots 1 (minimum order size 10) Currency Euro (EUR) Official Trading Hours Monday – Friday Pre-Opening: 07:15 – 09:00 Opening Auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Clearing and Settlement Post-trade services. In order to keep as much liquidity as possible. BNP Paribas. Price (EUR) From 0 0. NYSE Euronext. The restriction will be reviewed on the 20 of September 2009. 08:00 – 20:00 EUR10 x futures quoted index EUR5 Three spot months. CNP Assurances. Funds and securities credited to this account may be exported at any time to the country of their choice. this is the last closing price for the opening. or exclusively in actions. one year after its migration to the NCS trading system. In 2007 the New York Stock Exchange (NYSE) merged with Euronext to form NYSE Euronext.251 2.005 0. SCOR. Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.2bn (Euronext) 39 Document produced by Société Générale Corporate & Investment Banking .001 0.0005 0. Less liquid securities can be traded continuously with the aid of a liquidity provider. and incorporating the reliable and secure communications protocol of a TCP/IP transport layer. Clearnet.01 Circuit Breakers For CAC40 During auctions: % difference from the reference price (generally the previous day’s close or the last indicative price) During continuous trading: 3% difference from the reference price (re-adjusted during trading after an order has been matched) For other stocks During auctions: 10% difference from the reference price During continuous trading: 5% difference from the reference price Trading resumes after a 2-minute halt. Clearnet. Natixis. Trading recommences after the 4-minute halt. which can be accessed via the web or via standard means. formed from the merger in December 2003 of Clearnet and the London Clearing House (LCH) and Euroclear settles trades on a T+3 basis Taxes. Trade reporting for off-order book trades can be done through Euronext’s Trade Confirmation System (TCS). are processed through the systems of LCH. NSC is a centralised.com Primary Exchange Euronext Paris Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg CAC 40 Stock Index Futures Euronext Paris Mon – Fri. Liquidity providers are dealers (members entitled to trade exclusively for their own account) that have undertaken.500 10.euronext. Tick Size A specific fixed tick size of EUR0. Dexia.01 To 0. the market stops for 1 minute.Contents France GMT +1hr (+2hrs DST) Internet: www. and include annual membership fees and variable fees that depend on the member’s activity. Taxes & Regulations Affecting Foreign Investors Non-residents may freely buy and sell French and foreign securities traded in France by opening an account with an exchange member firm or an authorised intermediary. April Group. MiFID puts pressure on the Regulated Markets. EURONEXT changed the order book priority. contract details <MAT/FCH1> CF (Month Code)(Last Number of Year) <Index> Brief History The Paris Bourse was established in the 19th century and was a separate entity until it merged with its partners to form Euronext in September 2000. including clearing. order-driven market with a single centralised electronic order book and uniform market rules for all European and non-European equities.505 >10. The tick size for all other trades is listed below. The most liquid securities are traded continuously during market sessions. With the possible emergence of MTFs and Internal Markets. NSC. Crédit Agricole.com Email: info@euronext. Cross Selling Equity & Short Selling Short selling is restricted: The stock has to be borrowed before it can be sold short You cannot create a delta short position using derivatives You cannot lend the stocks if the loan is linked to a delta short position The stocks where these restrictions apply are the following: Allianz.% of the commission as an extra VAT charge. is used across all the Euronext Cash Market locations. Société Générale.8417 Market Size as of August 2009 Market Capitalisation: USD2. A worldwide standard in trading technology. NSC is based on an open architecture allowing customised solutions using the standard international formats of MMTP and FIX. Trading on the Euronext Cash Market is based on two mechanisms: continuous trading and auctions. Euler Hermes. Currency Exchange USD1 = EUR0. 10% change from the static reference price reset every time the market breaks its upside/downside threshold. The current product-driven fee structure has been in place since February 2005. LCH. Axa. If the traded price deviates more than 2% from the last traded price. to favour matching of the offers from the same member (in replacement of the current “regular” (First-in – First-out Rule). Paris RE.74trn (Euronext) Average Daily Turnover: USD7. Clearing fees are charged to clearing members by the clearing house. HSBC Holdings. three quarterly maturities and two half-yearly maturities (March and September) 1:00 on the last business day of the maturity month <0#FCH:>. This new priorities rule gives the members the ability to leverage their market share and gives a strong premium to the main members. nearest months <0#1FCH:>. with the approval of the relevant market operator. CIC. Brussels and Paris Cash Markets and adopted by Euronext Lisbon in November 2004.000 – Tick Size 0. The rule on short selling doesn’t apply to Market Makers. Settlement and clearing is carried out by the Georgian Securities Central Depository. Friday: Continuous Auction: 13:00 – 13:35 13:40 – 14:15 Clearing and Settlement T+1 Business Days Currency Exchange USD1 = GEL1. Main Indices None Currency Georgian Lari (GEL) Official Trading Hours Monday. Market Charges & Compulsory Commissions Brokerage fees are negotiable.78bn Average Daily Turnover: >USD10k Document produced by Société Générale Corporate & Investment Banking 40 . Orders are entered remotely by brokers and are matched on a strict time-price priority. Taxes & Regulations Affecting Foreign Investors There are no restrictions to foreign participation.ge Primary Exchange Georgian Stock Exchange Brief History The Georgian Stock Exchange (GeSX) was founded in January 1999 and in January 2000 the National Securities Commission of Georgia licensed it as a stock exchange. Taxes.gse.4515 Market Size as of August 2009 Market Capitalisation: USD0. Dividends and interest income are taxes at 10% at the source whilst capital gains are 20% for corporates and 12% for individuals. Wednesday. Trading System Trading is conducted through the fully automated Exchange Trading system.Contents Futures Information None Georgia GMT +4hrs Internet: www.770 EUR1 = GEL2.ge/ Email: info@gse. In November 2007 the GeSX began the process of demutualisation. most stockexchange transactions were in bills of exchange but towards the end of the 18th century regular trading in bonds and promissory notes had begun. Trading System Trading is executed on the Xetra 10. Tick Size EUR0. near Paulskirche. For large block trades. June. In 1843 the Exchange moved to its own building. No Uptick rules apply. in particular. the following stocks have to be borrowed before they can be sold short. It provides a closed order book where large orders are matched during predefined times (several times per day) at the currently existing midpoint price of the conventional Xetra order book. the clearing and settlement organisation of Deutsche Börse Group. AMB Generali Holding AG. When continuous trading is interrupted due to a breach of the static or dynamic range. Private investors. FWB Frankfurter Wertpapierbörse (Frankfurt Stock Exchange) is by far the largest of the eight German stock exchanges as it handles about 9% percent of the trade in German shares. Deutsche Börse also offers private and institutional investors best execution in around 245. subscription rights as well as securities quoted per unit (certificates) the fee is 0. MuenchnerRueckversicherung Gesellschaft AG. In order to avoid double taxation most international conventions reduce this to 15%. they can trade in some 90. Deutsche Boerse AG.com Email: info@deutsche-boerse. Through Xetra BEST orders are fully executed with a price improvement compared to the Xetra order book and without fixed clearing fees at the best price possible.50 Nearest three months of the March.000 securities on both the Xetra system and the trading floor via Xetra BEST. Arreal Holding AG.deutsche-boerse. Electronic trading accounts for the vast majority of domestic equity trading in Germany and as such the electronic trading system is regularly upgraded (May 2009 was the last occasion). enjoy many benefits on the trading floor: on the Frankfurt Stock Exchange. Hypo Real Estate AGA. 07:50 – 22:00 (CET) EUR25 x index 0. Meetings originally took place in the open air.eurexchange.Contents Germany GMT +1hr (+2hrs DST) Internet: www. Taxes & Regulations Affecting Foreign Investors For German investors all dividends are subject to a withholding tax of 25%. Allianz AG. reverse convertibles and warrants – with high standards of transparency and price quality. MLP AG.0 electronic trading system in parallel with the trading floor via open outcry. was merged with Cedel International to form Clearstream. Deutsche Post AG. Crossing is allowed off-exchange. He is then obliged to buy the securities and return them to the lender before the loan period or the repo agreement expires. who fixes bid and ask prices and either executes incoming orders in accordance with the price discovery rules or manages them in an order book until they are executed. Initially.8417 41 Document produced by Société Générale Corporate & Investment Banking . The first dividend-yielding shares to be traded were those of the Austrian National Bank. later they were held in the Haus Braunfels on the Liebfrauenberg. or the last auction price.01 Board Lots 1 Currency Euro (EUR) Clearing and Settlement T+2 Business Days Taxes. For shares.9bn Official Trading Hours Monday – Friday Xetra (Electronic Trading) Opening Auction: 08:50 Normal Trading: 09:00 – 17:30 Closing Auction 17:30 – 17:35 Pre-Open Trading: 07:30 – 08:50 After-Hours Trading: 17:30 – 20:30 Circuit Breakers Static price range: The reference price is either the last close. Cross Selling Equity & Short Selling Short selling is restricted for certain stocks. Currency Exchange USD1 = EUR. the call phase is extended (with a random end). DB offers a block crossing facility called ‘Xetra XXL’.com Primary Exchange Deutsche Börse Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg DAX Index Futures EUREX Deutschland (www. issued in 1820. warrants. September and December cycle Third Friday of expiration month or previous exchange trading day <0#FDX:>.19trn Average Daily Turnover: USD9. an auction is started (with a random end). An investor who sells short and is unable to deliver the securities before this time must borrow them from another party. In Germany.5 point equals EUR12. All dividends distributed to foreign investors (non-residents) are also subject to the flat withholding tax of 25%. Deutsche Bank AG. If there is a breach during an auction. exchange transactions must be settled within two days. Each security is supported by a lead broker. Commerzbankk AG. Hannover Ruckversicherung AG. Trades generated on XXL are considered “on-exchange” trades.8% of their official share price. the Old Exchange. nearest month <FDXc1>. deleted or expire. contract details <DTB/FDX1> GX (Month Code)(Last Number of Year) <Index> Brief History The fixing of exchange rates for nine currencies by 82 merchants at the autumn fair in September 1585 is considered to be the date of the foundation of the Frankfurt Stock Exchange (FWB). In 1993 Deutsche Börse AG was established and in January 2000 Deutsche Börse Clearing. Market Charges & Compulsory Commissions The Official Exchange Brokers of the Frankfurt Stock Exchange charge fees for the brokerage of exchange transactions. Less liquid securities can thus also be traded efficiently on the trading floor. Dynamic price range: The reference price is determined by the last trade.com) Mon – Fri.000 certificates. The first exchange list of the FWB was printed in 125. Main Indices DAX HDAX Market Size as of August 2009 Market Capitalisation: USD1. In floor trading. independent lead brokers determine the prices. thereby reducing implicit and explicit costs. In 1879 the new Stock Exchange was inaugurated. Market Charges & Compulsory Commissions The commission rates for shares are a maximum of 2.5% of value of transaction and a minimum 1. though. The seller is responsible for the authenticity of all documents delivered. Its status was changed to public company limited by guarantee in 1994.gse. Holdings above the 10% and 74% limits require prior exchange control approval. Furthermore. Currency Exchange USD1 = GHC1.Contents Futures Information None Ghana GMT +0hr Internet: www. Trading System Trading is carried on the floor of the Exchange under the Continuous Auction Trading system (CAT). may invest without any limit. All capital gains. GSE is a private sector initiative and is not funded by the government. Capital gains on investments in listed securities are exempt from tax until after December 2010. Trading is done in lots of 100 shares. Taxes. the total holdings of external residents in one listed security shall not exceed 74%. GSE currently has 1 stockbroking firms licensed to deal on the Exchange. both local and foreign. one external resident portfolio investor (whether individual or institutional) can hold only up to 10% of any security approved for listing on the Exchange.5% of value. However.gh Email: info@gse.5bn Document produced by Société Générale Corporate & Investment Banking 42 . Ghanaians resident abroad and foreigners resident in Ghana. Foreign Investment Exchange Control permission has been given to non-resident Ghanaians and foreigners to invest through the Exchange without prior approval. The Exchange was given recognition as an authorised stock exchange under the Stock Exchange Act 1971 (Act 384) in October 1990 and trading on the floor of the Exchange commenced in November 1990.com. Main Indices GSE All Share Index Currency Ghana Cedi (GHC) Official Trading Hours Monday – Friday Pre-Opening Period: 09:30 – 10:00 Market opens for Continuous Trading: 10:00 – 12:00 Clearing and Settlement Settlement after trading among brokers is done within T+3. Taxes & Regulations Affecting Foreign Investors There is a 10% withholding tax on dividend income for all investors. interest or dividends refunds and related earnings can be repatriated freely. There is no stamp duty.4570 EUR1 = GHC2.1295 Market Size as of August 2009 Market Capitalisation: USD9. 193 (Act 179).com Primary Exchange Ghana Stock Exchange Brief History The Ghana Stock Exchange (GSE) was incorporated in July 1989 as a private company limited by guarantee under Ghana’s Companies’ Code. merged in September 2002 to form Athens Exchange SA (ATHEX).000. Depending on the market segment.8417 Market Size as of August 2009 Market Capitalisation: USD118. Income from government-issued fixed-interest securities is taxed at 10%. They may freely buy and sell securities listed on the stock exchange and they can. Depending on the market segment. The rules and regulations governing the Exchange were based on the French Code de Commerce. There are no restrictions on foreign investors investing in Greek securities. or a sequence of multiple call auctions (Special Financial Characteristics and Surveillance markets). of dividends and other income depends on existing bilateral tax agreements between Greece and the country of residence of the foreign investor. Medium & Small Cap markets).gr Primary Exchange Athens Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg ASE-20 Index Future Athens Derivative Exchange (www. fixed income and derivatives products in the Athens Exchange (ATHEX).25 per contract Third nearest consecutive months and then the 3 nearest quarterly months (Mar. which may lead to trading stops.ase. Trading in ATHEX equities market is order driven.25 Index point or EUR1.28 > 2.173. although market makers may exist for certain shares. All sale transactions are taxed at 0.72.gr/ Email: Helpdesk@helex. These fluctuation limits may be static or dynamic. investors will receive all dividends tax-free. the trading procedure may be a combination of continuous automatic matching of orders and of call auctions (Big Cap. The taxation.15 – 2. ATHEX charges a fee of 0. both subsidiaries of Hellenic Exchanges. however. The uptick rule mean that the price of the short sale trade must be higher than the previous trading price. Limits do not apply in the first three days of a company’s listing on the exchange. Value of Transaction (EUR) % Deviation from Last Price 0 5 10 Circuit Breakers 18% deviation from the previous closing price. which supports the trading of equities. nearest month <ATFc1>.347.14 1.000 – 1. If that is a holiday. No fluctuation limits exist for bonds prices.72.881.5bn Average Daily Turnover: USD233. For foreign investors the tax relief still holds.15% on sells. The Athens Exchange and the Athens Derivatives Exchange.) not included The expiration day is the third Friday of the expiration month. at 13:50 (local time).ase. contract details <ADE/ATF1> AJ (Month Code)(Last Number of Year) <Index> Brief History The Athens Stock Exchange was established in 187. Small Cap): 14:00 – 17:00 Closing Auction: 17:00 – 17:03 Currency Euro (EUR) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = EUR0. Trading at the Volume Weighted Average Price (VWAP) is possible after the daily closing auction for the Big Cap market.881. restrictions exist on the price fluctuations of shares during a trading session (ceiling/floor). whereas trading at close price may be performed for the other market segments. Cross Selling Equity & Short Selling Short Selling and Margin Trading have been legalised on the Athens Stock Exchange.1m 43 Document produced by Société Générale Corporate & Investment Banking .173.adex. Registration fee of 0. without any restrictions. plus any capital gains and dividends which result from their investments.347. In 200 it launched a common platform with the Cyprus Stock Exchange. take out the capital invested in securities when liquidated. Cross Trades Minimum value for such transaction has to be EUR00.gr) Mon – Fri. Market Charges & Compulsory Commissions Brokerage commissions are freely negotiated between transacting parties.02% on the daily transaction value. Clearing is charged at a rate of 5bps of the transaction value. Trading System All shares are traded electronically through the OASIS system. There is no capital gains tax in Greece. 10:00 – 17:00 EUR5 x 1 Index Point 0. the expiration day is the preceding Greek trading day <0#ATF:>. >00.29 Taxes.15%. Taxes & Regulations Affecting Foreign Investors There is 35% taxation only on company profits.Contents Greece GMT +2hrs (+3hrs DST) Internet: www.0% on buys and a tax of 0. Jun etc. Main Indices FTSE/Athex 20 Board Lots The majority of securities trade in units of 1 Official Trading Hours Monday – Friday Continuous Trading (Large Cap): 10:25 – 17:00 Continuous Trading (Mid Cap. Market Charges & Compulsory Commissions Commissions are liberalised and are agreed between Exchange members and their clients.gt Primary Exchange Bolsa de valores Nacional (Guatemala) Brief History The Bolsa de Valores Nacional was established towards the end of 198 through a resolution of the Ministry of Finance. Main Indices None Market Size as of August 2009 Official Trading Hours Monday – Friday Reportos Electronic Matching: 08:00 – 14:00 Electronic Bidding: 15:00 – 15:15 Open Outcry Bidding: 14:45 – 15:00 Open Outcry Matching: 14:30 – 14:45 Primary Market 10:00 – 11:00 15:00 – 1:00 Secondary Market Electronic: 10:00 – 10:30 15:00 – 1:00 Open Outcry: 12:00 – 13:00 Market Capitalisation: USD92. Capital gains are taxed at a rate of 10%.bvnsa. Taxes. Information is dispersed using the INFOSINEDI System. Trading System The Exchange trades through open outcry and an electronic matching system known as INFOBOL.153 Document produced by Société Générale Corporate & Investment Banking 44 .3150 EUR1 = GTQ12.gt (Spanish text only) Email:
[email protected] Futures Information None Guatemala GMT -hrs Internet: www.com.2m Average Daily Turnover: USD25m Currency Guatemala Quetzal (GTQ) US Dollar (USD) Clearing and Settlement Settlement Date is T+0 Currency Exchange USD1 = GTQ8. Taxes & Regulations Affecting Foreign Investors Taxation and regulations for foreign investors are the same as for national investors. including structured debt.88181 Market Size as of August 2009 Market Capitalisation: USD42.com Email:
[email protected]. Guernsey. it is not responsible for the financial control and capital adequacy of firms which are members of the Exchange. orders and trades is stored at the Exchange. This information is disseminated on pages branded as the Exchange Information feeds are provided to information distributors Information is also made accessible to the general public through the press and electronic media Main Indices None Currency British Pound (GBP) Guernsey Pound Official Trading Hours Monday – Friday Pre-Trading (order and quotation amendment): 08:00 – 09:00 Continuous Trading: 09:00 –1.2bn 45 Document produced by Société Générale Corporate & Investment Banking . Taxes & Regulations Affecting Foreign Investors None. It relies instead on regulation by the member’s regulatory body (e.Contents Guernsey GMT +0hrs (+1hr DST) Internet: www.g. The CISX’s mission is to be the premier offshore stock exchange in the European time zone. both open and closed ended Specialist debt. The Exchange is responsible for members’ compliance with its Rules and for regulation. both to facilitate market surveillance and to provide a historical record News concerning companies listed on the Exchange is disseminated on the Reuters system. FSA in the UK.com Primary Exchange Channel Islands Stock Exchange Futures Information None Brief History The Channel Islands Stock Exchange. Investor Protection Details The Exchange is regulated by the GFSC and is licensed to operate as an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law 1987. the GFSC in Guernsey.30 Clearing and Settlement Trading in the shares of local companies may be settled via Crest or Crest Residual Currency Exchange USD1 = GBP0. The key features of the trading system are as follows: An electronic bulletin board on which Market Makers may input twoway prices and brokers may enter orders in real time All trading is done by telephone (consideration will be given to screen based trading in the longer term) Trades are reported to the Exchange using the electronic bulletin board and published within three minutes of execution Information on all quotes. The Exchange Listing Rules have been designed to meet two key objectives: compliance with international standards for listings and ease of understanding. (CISX) was incorporated in March 1998 as a company limited by guarantee with shares. Eurobonds and Special Purpose Vehicles Primary and secondary listings of securities issued by domestic companies (that is. and was officially opened on 2 October 1998.50 per trade payable by both buyer and seller. The CISX is based in Guernsey and has focused on the following core product areas: Investment funds. as and when it is received during the trading day Listed investment funds provide revaluations and bid and ask prices on a regular basis. surveillance and enforcement of the Rules.).0332 EUR1 = GBP0. In the case of a Listing Member which is not authorised / licensed by a regulatory body. etc. However. companies that are incorporated in the Channel Islands) Primary and secondary listings of securities issued by overseas companies Channel Islands Depository Receipts (CIDRs) Taxes. the Exchange relies on that member’s recognition by the recognised professional body of which they are a member. Market Charges & Compulsory Commissions GBP0. Trading System The CISX’s screen-based trading platform is based on Reuter’s Triarch network installed at their headquarters in St Peter Port. received legal authorisation to begin operations by means of the approval in the Agreement Number A.30% Main Indices None Clearing and Settlement Daily transactions of must be liquidated on the day they are made and are acceptable only on the Primary Market. S. 0090/93.8bn Currency Honduran Lempira (HNL) Currency Exchange USD1 = HNL18.hn Primary Exchange Bolsa Centroamericana de Valores Brief History The Bolsa Centroamericana de Valores (BCV). Sociedad Anonima de Capital Variable (corporation). Taxes & Regulations Affecting Foreign Investors Corporate Legal Framework: 100% foreign ownership is acceptable under Honduran law. Liquidation of government issued paper liquidated directly with the Central Bank of Honduras is T+0 Official Trading Hours Monday – Friday 08:30 – 1:30 Market Size 2007 Market Capitalisation: USD2. The trading floor is open for each session for the time set by the Exchange and transactions are conducted in the presence of the general manager or his representative.Contents Futures Information None Honduras GMT -hrs Internet: www. The BCV began operations in September 1993.. within 48 hours of the transaction being conducted.hn (Spanish text only) Email:
[email protected]% to each buyer and seller Flat 0. the only type of legal framework under which a corporation can buy back its own stock.L. Market Charges & Compulsory Commissions Primary Market Private sector financial: Private sector non financial (terms over 30 days): Secondary Market Private sector (terms up to 30 days): Private sector (terms over 30 days): 0. Sociedad de Responsabilidad Limitada (limited partnership).30% Flat 30 days Private sector non financial (terms up to 30 days): Minimum 0.895 EUR1 = HNL27.bcv. to which only stockbrokers and the general manager or his representative and other auxiliary personnel of the Exchange have access during trading sessions. The statutes of the BCV were published in the official Gazette on 5 May 1993.15% to each buyer and seller Minimum 0.1 Document produced by Société Générale Corporate & Investment Banking 4 .A. Joint-venture corporations organised under Honduran law can take any of the following forms: Sociedad Anonima (corporation). Taxes. Trading System Stock transactions are conducted in the trading room. Liquidation is made in cash and the transfer of stock certificates is conducted as soon as the issuer presents them to the Exchange. Stock market sessions are held every business day. Offshore crosses are allowed. The maximum order size for auto-match stocks is 00 board lots.50 >0.000 5. During the Pre-opening Session. SEHK intervenes when thought necessary. Trading is conducted through terminals in the trading hall of the Exchange or through the off-floor trading devices at exchange participants’ offices. Ad Valorem Stamp Duty: Unless stated otherwise. 14:30 – 1:00 Extended Morning Session: 12:30 – 14:30 Clearing and Settlement T+2 Business Days Circuit Breakers Board Lots There is no set designation. Short Selling is legal if “covered” and is subject to additional legal requirements set out below: A short seller is obliged to notify the broker that the sale is short and provide an Assurance that the “cover” is in place. the system accepts at-auction and at-auction limit orders only. There are no restrictions on foreign investment except for companies involved in television broadcast where there is a limit of 49% for institutions and 10% per individual. Naked short selling on the Hong Kong Stock Exchange is a criminal offence. enhanced limit and special limit orders. Taxes & Regulations Affecting Foreign Investors Dividends are regarded as having been paid out of taxed profits and are not subject to further taxation.hk Primary Exchange HKEx Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Hang Seng Index Futures Hong Kong Futures Exchange Mon – Fri. but the most common lots are 100.010 0.com. all securities listed on the Exchange are subject to a stamp duty at a rate of 0. Currency Exchange USD1 = HKD7.hk Email:
[email protected]% and an investment levy of 0. Odd lot and special orders are quoted at a discount to the prevailing market price.001 0.25 – <0. the closing price of a stock is determined by taking the median of five nominal prices in the last minute of the Official Trading Hours. 14:30 – 1:15 HKD 50 (HSI 100 Future HKD 1000) 1 point equal to HKD50 (HSI 1 100 Future 0. Orders are continuously executed in strict price and time priority.000 shares with no set rule. a second exchange was formed called the Hong Kong Stockbrokers Association. 400.01 – <0. 09:45 – 12:30. Taxes. nearest month <HSIc1>. The system will take up five snapshots on the nominal prices at 15second interval starting from 15:59.000 while the number of orders in each order queue is also 2.8bn 47 Document produced by Société Générale Corporate & Investment Banking .1trn Average Daily Turnover: USD5. on each new transfer deed. Market Size as of August 2009 Market Capitalisation: USD2. There is no capital gains tax. HKEx went public in June 2000 following the completion of the merger of the securities and futures exchanges in March 2000. There are particular rules for the trading of the exchange should a typhoon signal number eight or above or a Black Rainstorm be announced.000 2. The best bids/offers are shown. During the Continuous Trading Session.328 Range from 100 to 50.hkex.1point equals HKD10) Spot.Contents Hong Kong GMT +8hrs Internet: www.7500 EUR1 = HKD11. with an option for an ‘All or Nothing Qualifier’ that confines the order to be either executed immediately in full or rejected. In 1914 the name changed to Hong Kong Stock Exchange from the Association of Stockbrokers in Hong Kong.050 0. all short sell trades must be traded through the exchange system under auto-matching Market Spreads Bid/Offer (HKD) >0.200 0.005% per side of the consideration of a transaction.500 Bid/Offer (HKD) >1000 – <2000 >2000 – <5000 >5000 – <9995 Spread (c) 1. on both the buyer and the seller. Under normal operation environment. Stocks are traded on a continuous auction screen based matching system (AMS). Each spread shows the volume at price and the broker. In the late 0’s and early 70’s three more regional exchanges were formed. without being written in the central book. next and the next two calendar quarter months The first business day after the last trading day <0#HSI:>.000. the Government levies a transfer deed stamp duty of HKD5. each listed company may appeal to SEHK to halt trading for its desired duration. payable by the seller. Transaction Levy: A transaction levy of 0.1% on the value of the transaction. contract details <HFE/HSI> (HSI) HI (Month Code)(Last Number of Year) <Index> (Main Hang Seng Index) Brief History Securities trading began in Hong Kong in 18 although the first exchange was not formed until 1891.100 0. Prompted by a market crash in 1973 a group was formed that led to the unification of all four exchanges into the present day HKEx on 7 July 1980.50 – <2 >2 – <5 Spread (c) 0. The maximum number of outstanding orders per broker ID in the System is 2. Buy-ins are automatic after T+4. The two exchanges merged in 1947. Odd lot buys are not advised.25 >0.000 Main Indices Hang Seng Index Currency Hong Kong Dollar (HKD) Official Trading Hours Monday – Friday Pre-opening: 09:30 – 09:50 Opening Auction: 09:50 – 10:00 Continuous Trading: 10:00 – 12:30.com.005 0. Market Charges & Compulsory Commissions Brokerage: Since 1 April 2003 brokerage has been freely negotiable between brokers and their clients.025 Bid/Offer (HKD) >5 – <100 >100 – <200 >200 – <500 >500 – <1000 Spread (c) 0. Also. followed by each subsequent spread with the maximum deviation being nine spreads from the previous nominal. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time is executed. Odd lots can be sold but at a discount to the market price. 500. the system accepts limit.002% are charged per side of the consideration of a transaction.00. Trading Fee: The trading fee applied at the SEHK is at the rate of 0. In 1921. Transfer Deed Stamp Duty: Independent of the quantity of shares traded. The broker has an obligation to maintain the documentary records (including Bloomberg messages and telephone tape recordings) of the Assurance for not less than one year) When sending the order to the exchange the broker is obliged to flag the order as a “Short-Sell” A short sell must be executed at a price NOT below the best current Ask Price No broker is allowed to conclude any short selling order by entering into a cross-trade. 1000 and 2000. Short Selling Trading System The trading system of the Exchange is order-driven. Please see the website for more details. Main Indices BUX Index Central European Stock Index (CESI) Board Lots None Cross Selling Equity & Short Selling Short selling is not restricted on the BSE. Individuals pay 25% for capital gains and other investment income. Crosses are allowed and do not need to go through the market unless originated via Hungarian brokerage who must cross with a minimum value of HUF 25m. <BUD/BUX1> UO (Month Code)(Last Number of Year) <Index> Hungary GMT +1hr (+2hrs DST) Internet: www.0% for retail clients. Based on almost 10 years of experience in securities trading.bse. Capital gains in Hungarian companies are added to regular income. plus a 4% solidarity tax. At the initiative of the banks and financial institutions. the Exchange was founded in June 1990. but foreign participation in certain strategic activities (such as defence and energy) is limited. The corporate tax rate is 1%. As a result. which were playing an active role in the bond market. The Options Market of the BSE was introduced in February 2000. This tax may be wholly or partly reclaimed by a foreign recipient if an applicable tax treaty concluded with Hungary provides for a reduced or zero rate. having been closed for the previous 42 years. In 2004 the BSE became a full member of the Federation of European Securities Exchanges. The legal framework for the Exchange’s operation was created by the Securities Act VI of 1990 on the public offering of securities on the Stock Exchange. The reorganisation of the Hungarian securities market started at the beginning of the 1980s. Taxes & Regulations Affecting Foreign Investors There is no general restriction under Hungarian law regarding foreign business participation and investment in Hungary. The Futures Market was transferred to the MMTS system in September 1999. Taxes.5 Index points One year ahead of the Mar ¼ cycle and the 18-month and 24-month June and December The last trading day <0#BUX:>.hu Email:
[email protected]% to 1. Trading System The BSE launched its Multi Market Trading System (MMTS) in November 1998. Currency Hungarian Forint (HUF) Official Trading Hours Monday – Friday Pre-Market: 08:30 – 09:00 Opening Auction: 09:00 – 09:02 Free Period: 09:02 – 1:30 Closing Auction: 1:30 – 1:3 Clearing and Settlement T+3 Business Days Stock Tick Movements All stocks trade between HUF 1 and HUF 5 increments and there is no rule to the increments.39 Market Size as of August 2009 Market Capitalisation: USD24. Dividend income from shares in EU stock exchanges is taxed at 10%. In Spring 2004 an investor group consisting of international banks and Wiener Borse AG acquired a majority ownership in the BSE. Market Charges & Compulsory Commissions Transaction fees on the exchange are 0.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg BUX Index Futures Budapest Stock Exchange Mon – Fri. commodity trading on the BSE commenced on the 2 November 2005. Currency Exchange USD1 = HUF18. Typically fees for dealing in shares are around 0.4m Document produced by Société Générale Corporate & Investment Banking 48 . floor trading came to an end and the prompt (or cash) market is now only operated through remote trading.25% for institutional clients and in the range of 0. This agreement formalised existing practices into rules and was the beginning of the process which led to the foundation of the Budapest Stock Exchange (BSE). an agreement on trading in securities was signed in 1987. Foreign contributions or foreign purchases of shares in Hungarian companies are required to be made in convertible currency or from a convertible foreign account. 20% tax rate is paid on capital gains from sale of shares in EU and OECD markets. Interest income is taxed at 20%.hu Primary Exchange Budapest Stock Exchange Brief History Hungary’s stock market reopened in 1990.8bn Average Daily Turnover: USD92. A 20% withholding tax on distributed cash dividends must be withheld and paid by the entity distributing the dividend. Brokerage fees vary depending upon the level of service provided and the type of security traded.15% of the transaction value. Due to the integration of the activities of the Budapest Stock Exchange and the Budapest Commodity Exchange.99 EUR1 = HUF273. The rate of tax imposed on capital gains is identical to the tax on regular company income. Circuit Breakers Trading can be halted from 2 to 15 minutes after a +/-10% move in comparison to the close. 09:05 – 1:40 HUF10 x BUX Index 0. 3bn (OMX) Average Daily Turnover: USD3bn (OMX) 49 Document produced by Société Générale Corporate & Investment Banking . The first equities were listed in 1990. Information is presented in real-time on the traders´ screens in the form of order books.25% Taxes and regulations affecting foreign investors: Dividends are taxed at a withholding rate of 10% for individuals and 15% for corporations. housing bonds (mortgage-backed securities with a State guarantee) were listed. Group Constituents of the OMXI index Other stocks Penny shares (<5ISK) Dynamic circuit breaker threshold 3% 5% 15% Official Trading Hours Monday – Friday Summertime: 10:00 – 15:23 (Closing call 15:20 – 15:23) Wintertime: 10:00 – 1:23 Clearing and Settlement Only the settlement banks can participate in the netting process for security trading. In 1990. abolishing the monopoly and requiring the exchange in Iceland to change its legal status from a self-governing foundation to a limitedliability company. the Icelandic parliament passed a new law on securities exchanges. It gives member firms access to a number of functions that support and facilitate trading. It is designed to carry out trading in not only equities and bonds but also in a wide range of financial instruments. trade information. Foreign investors who verify their obligation to pay taxes other countries may be exempted from the payment of taxes on interest and capital gains. All market players receive market information simultaneously. Taxes. SAXESS is a state-of-the-art trading system with capacity for handling more than 2000 orders per second. The year 1999 was the exchange’s first year of operation as a limited company. Trading System ICEX uses the SAXESS trading system developed by OM Technology in Stockholm. Banking and the operation of other financial institutions are exempt from VAT (otherwise 24.com Primary Exchange Nordic Exchange in Iceland Futures Information None Brief History The Iceland Stock Exchange was established in 1985 as a joint venture of several banks and brokerage firms on the initiative of the Central Bank. it offers the member firms on the respective NOREX exchanges equal and easy technical access to the Nordic securities markets. In November 200. (EV) completed a share purchase agreement and thus the exchange in Iceland joined OMX Nordic Exchange. the owners of the exchange in Iceland and the Icelandic Securities Depository (ISD) established Eignarhaldsfelagid Verdbrefathing hf.omxnordicexchange. In mid-2002. applied at source. etc. average price matching. in which orders are automatically executed when price and volume match. OMX and the owners of Eignarhaldsfelagid Verdbrefathing hf. Main Indices ICEX-15 Currency Icelandic Krona (ISK) Circuit Breaker Dynamic price range: The reference price is determined by the last trade in the order book.39 Market Size as of August 2009 Market Capitalisation: USD720. Trading began in 198 in T-bonds.Contents Iceland GMT +0hrs Internet: www. Cross Selling Equity & Short Selling There are no specific rules in regards to short selling of equities. index information and various reports.0% Stamp Duty: 0.en@omxgroup. and in July 1999 the exchange received its licence for exchange operations. Information on reported off-exchange trades is also displayed in the system. Market Charges & Compulsory Commissions Broker’s commission (listed securities): 0. neither for individuals nor businesses. Thus. such as linked orders. In 1998. which was the dominant component in trading up until 1993. The taxes on dividends and capital gains are withholding taxes. Abusive short-selling where manipulation can be proven is prohibited. Since January 2008 Iceland Stock Exchange has been part of the NASDAQ OMX group. The settlement cycle is T+1 Currency Exchange USD1 = ISK124. SAXESS is an order-based system.10 EUR1 = ISK181.5%). market briefs. naked short selling is tolerated as long as the shares are delivered on settlement (T+3).com Email: nordicexchange.5 – 3. Since December 2005 no capital taxes have been levied on net capital in Iceland. scrip and market-related information required to support traders. was established in 1875 as ‘The Native Share and Stockbrokers Association’. Taxes. Document produced by Société Générale Corporate & Investment Banking 50 . volume and value. then the last traded price of a scrip in the continuous trading session is taken as the official closing price. which is essentially order-driven.23 The taxation of income of Foreign Institutional Investors from securities or capital gains arising from their transfer. 10.01bn Clearing and Settlement T+2 Business Days Currency Exchange USD1 = INR48. The exchange demutualised on the 29 June 2007. 50 Cross Selling Equity & Short Selling Crossing as well as short selling are permitted. odd lots can be sold. typically at a discount to current price. The capital markets in India came into prominence in the late 1980s with the boom in equity prices. the confirmation of the trade is generated online. open.125% 0. is as under: The income received in respect of securities is taxable at the rate of 20% Income by way of long-term capital gains arising from the transfer of the securities is taxable at the rate of 10% Income by way of short-term capital gains arising from the transfer of the securities is taxable at the rate of 30% Board Lots Equities: In the dematerialised segment. Market Charges & Compulsory Commissions Brokerage is negotiable but is subject to a ceiling of 2. However. if holiday then previous day <0#BIF:>.5% of the contract value. BSEWEBx. followed by a special resolution made by the board of directors and its general body to that effect.735 EUR1 = INR71. <BSE/BIF> SH (Month Code)(Last Number of Year) <Index> India – Mumbai GMT +5. the tick size in various scrips quoting up to Rs.15/. high.5hrs Internet: www. total buy and sell depth (irrespective of rates).com Primary Exchange Bombay Stock Exchange Brief History The Stock Exchange. 09:30 – 15:30 INR25 x Index 0. However. which was commissioned in 1995. Tick Size Trading in scrips listed on the Exchange is done with the tick size of 5 paise. Other company-related information is also displayed. if there is no trade recorded during the last 30 minutes.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg BSE 30 Share Index Bombay Stock Exchange Mon – Fri.com Email: info@bseindia. in order to increase the liquidity and enable the market participants to put orders at finer rates. Institutions are allowed to sell physical securities provided the security is not connected to both / one of the depositories) A foreign institutional investor (FII) (investing on own behalf) or a sub account can hold up to 10% of paid-up equity capital of any company. total number of trades. However. the Exchange has reduced the tick size from 5 paise to 1 paise in case of units of mutual funds. The order matching logic is based on best price and time priority. Local Tax Stamp duty 0. Trading halted for the rest of the day These percentages are translated into absolute points of index variations on a quarterly basis. This allows investors anywhere in the world to trade on BSE. (However trading in physical segment is not open to Institutional investors. Main Indices BSE Sensitive Index (SENSEX 30) Official Trading Hours Monday – Friday Continuous Trading: 09:55 – 15:30 Pre-Close: 15:40 – 15:50 Closing Auction: 15:50 – 1:00 and 100 shares. As soon as an order is matched. low and close price. In the case of investments in the secondary market. and index movement. automatic order matching and faster execution. Indian companies can raise the above mentioned 24% ceiling to the sectoral cap/statutory ceiling as applicable by passing a resolution by the board of directors. Once they have been registered as an FII they will be able to open a Custodian Account and be issued with an NSDL number which is required for settling all transactions.1 Index points Three quarterly month cycle Last Thursday of delivery month. Information includes best five bids and offers. the following additional conditions apply: The foreign institutional investor shall transact business only on the basis of taking and giving deliveries of securities bought and sold and shall not engage in short selling in securities No transactions on the Stock Exchange shall be carried forward The transaction of business in securities shall be only through stockbrokers who have been granted a certificate by the SEBI Tick Size 5 paise Currency Indian Rupee (INR) Market Size as of August 2009 Market Capitalisation: USD1. Circuit Breakers Circuit breakers are triggered by movement of either the BSE Sensex or the NSE S&P CNX Nifty. The closing price of scrips is computed by the Exchange on the basis of weighted average price of all trades executed during the last 30 minutes of the continuous trading session. Along with a Digitally Signed Electronic Contract note system the BSE has also introduced the world first centralised exchange based Internet Trading System. Mumbai (BSE). Practically every security issued by corporates in India is listed at BSE.07trn Average Daily Turnover: USD1. a board lot is one share. for the present.on the last trading day of the calendar month. The trading system displays on a continuous basis. 15/. last traded quantity and price. Online and offline reports are available to members for orders entered and pending.is revised to 1 paise no the first trading day of month. and is the oldest exchange in Asia. and trades executed. <BIFc1>. facilitates efficient processing. naked short selling is prohibited. Before 13:00 ±10% ±15% ±20% 1h halt 2h halt Before 14:30 30min halt 1h halt After 14:30 no halt halt until close Trading System Trading takes place through a fully electronic trading system known as BOLT (BSE Online Trading). these absolute points of index variations are revised for the applicability for the next quarter. This system.01% Taxes & Regulations Affecting Foreign Investors To trade in India the beneficial owner of the shares needs to register with the Securities & Exchange Board of India (SEBI) as an FII.bseindia. Accordingly. All FII and their sub-accounts taken together cannot acquire more than 24% of the paid up capital of any Indian company. Physical shares: 5. securities traded in “F” group and equity shares having closing price up to Rs. At the end of each quarter.com. co. All orders received on the system are sorted with the best priced order getting the first priority for matching.Contents India – National GMT +5. Taxes & Regulations Affecting Foreign Investors See Bombay Stock Exchange. whichever is higher. whichever is higher.001trn Average Daily Turnover: USD3. brokerage charges as low as 0. Taxes. The system is order driven and conceals the identity of all parties. the best buy order matches the best sell order. i.in Primary Exchange National Stock Exchange of India Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg S&P CNX NIFTY Futures National Stock Exchange Mon – Fri. The whole process of trading to clearing and settlement is automated. typically at a discount to current price. The matching takes place in batch mode. 09:55 – 15:30 INR100 x Index 0. early orders get priority over later ones.23 51 Document produced by Société Générale Corporate & Investment Banking . <NSI/NIF> NZ (Month Code)(Last Number of Year) <Index> Brief History The National Stock Exchange of India Ltd (NSE) was incorporated in November 1992 and was recognised as a stock exchange in April 1993.e.5 seconds and can handle up to 5m trades per day. Cross Selling Equity & Short Selling Is allowed subject to the following: Shortages Handling and Close-out Procedures All shortages not bought-in are deemed closed out at the highest price between the first day of the trading period till the day of squaring off or closing price on the auction day plus 20%. A trading member is required to pay the exchange transaction charges at the rate of 0. exclusive of statutory levies like. The first phase of the day is the pre-open phase where traders’ orders participate in arriving at the opening price of the day.5hrs Internet: www. Institutions are allowed to sell physical securities provided the security is not connected to both/one of the depositories) Circuit Breakers Circuit breakers are triggered by movement of either the BSE Sensex or the NSE S&P CNX Nifty. Market Charges & Compulsory Commissions The maximum brokerage chargeable by trading member in respect of trades effected in the securities admitted to dealing on the CM segment of the Exchange is fixed at 2. 10. Market Capitalisation: USD1. However.com Email: slala@nse. these absolute points of index variations are revised for the applicability for the next quarter. Physical shares: 5. Trading System NSE operates a nationwide.15% are also observed in the market. NSE has also put in place NIBIS (NSE’s Internet Based Information System) for online real-time dissemination of trading information over the internet. Orders are matched automatically by the computers. All the orders in this phase match at the opening price of the day if they fit into the price-time priority.05 Index points Three quarterly month cycle Last Thursday of delivery month. This amount is credited to the receiving member’s account on the auction payout day. i. The Exchange provides a facility for screen-based trading with automated order matching. odd lots can be sold. (However trading in physical segment is not open to Institutional investors. Before 13:00 ±10% ±15% ±20% 1h halt 2h halt Before 14:30 30min halt 1h halt After 14:30 no halt halt until close Official Trading Hours Monday – Friday Continuous Trading: 09:55 – 15:30 Closing Session: 15:50 – 1:00 Market Size Trading halted for the rest of the day as of August 2009 These percentages are translated into absolute points of index variations on a quarterly basis.nse-india. until a fresh order comes in or this order is cancelled or modified. For Regular Market and depository deals In the case of failure to give delivery: At the highest price prevailing in the NSE from the first day of the relevant trading period till the day of closing out or 20% above the official closing price on the auction day. <NIFc1>.0bn Currency Indian Rupee (INR) Clearing and Settlement T+2 Business Days Tick Size: 5 paise Currency Exchange USD1 = INR48.035% of the turnover.e. Main Indices S&P CNX Nifty 50 Board Lots Equities: In the dematerialised segment. a board lot is one share. Where an order does not find a match it remains in the system and is displayed to the whole market. Similar priced orders are sorted on time. At the end of each quarter. NEAT provides a uniform trade response time of less than 1. The system trades through an online nationwide Wide Area Network (WAN) connected by VSATs and leased lines. The next phase of the market is the ‘open’ phase where continuous matching of orders takes place provided they satisfy the matching criteria. NSE was the first Indian exchange to introduce dematerialised trading in December 199. 50 and 100 shares. if holiday then previous day <0#NIF:>. SEBI turnover fee.5% of the contract price. service tax and stamp duty. The trading system operates on a price-time priority. The trading system uses the NEAT (National Exchange for Automated Trading) software as the front-end and Stratus mainframe as its back-end.735 EUR1 = INR71. fully automated screen based trading system known as the National Exchange for Automated Trading System (NEAT). co.4bn Average Daily Turnover: USD32.000 shares are recorded as block trades. Commission fee is negotiable.01% of the value per guaranteed transaction managed by PT Kliring dan Penjaminan Efek Indonesia (PT KPEI). Income Tax on gains of Indonesian listed securities is limited to 0. Indonesia’s first stock exchange was set up in Batavia.1% 0. for each transaction. The Exchange closed during the First World War and then reopened in 1925. Individual domestic investors are subject to a withholding tax of 20% (final) and any capital gains are treated as income and taxed at the progressive personal tax rate. Price (IDR) <100 >100 – <500 >500 – <2500 >2500 – <5000 >5000 Price Limits 50% 35% 30% 25% 20% Taxes. Taxes & Regulations Affecting Foreign Investors Foreign shares for the banking sector will not start trading until 49% of ordinary shares are owned by Indonesians. To encourage market liquidity. stockbrokers should charge a commission fee of no more than 1% of the value of the transaction to either a buyer or a seller. The system automatically rejects orders or buy/sell offers that exceed the parameter. which are the minimum units of trades that can be executed.co. the price given is the prevailing market price ± and is reported net Official Trading Hours Monday – Thursday: Pre-Opening: 09:25 – 09:30 1st Session: 09:30 – 12:00 2nd Session: 13:30 – 1:00 Friday: 1st Session: 09:30 – 11:30 2nd Session: 14:00 – 1:00 Currency Indonesian Rupiah (IDR) Under the JSX regulations. In 1952.0 EUR1 = IDR14529 Market Size as of July 2009 Market Capitalisation: USD15. Price Limits The system determines a floor and ceiling for stock’s offer price that is inputted in the Jakarta Automated Trading System (JATS). There are two market places for trading since the removal of foreign lines. Single trades of more than 200.Contents Futures Information None Indonesia GMT +7hrs Internet: www. Trading at the JSX can only be done by JSX Members who are already registered as the Members of the Indonesian Clearing and Guarantee Corporation (KPEI). trades in the Negotiated Market can be carried out without using this criterion. Clearing and Settlement T+3 Business Days Currency Exchange USD1 = IDR9940. there is a 0.idx. In January 2008 the IDX announced that it had chosen OMX as the provider of its new trading system. In 2007 the Surabaya Stock Exchange was merged into the Jakarta Stock Exchange. Market Charges & Compulsory Commissions Sales Tax Transaction Levy VAT duty 0. nationalisation once again brought trading to a halt. Market spreads Everything is IDR25. There are no restrictions on the remittance of foreign currency into Indonesia and there are also no restrictions on the repatriation of sale proceeds or dividends to a foreign investor.043% 0. when the archipelago’s occupation by Japanese Imperial Forces caused trading to cease. followed by each subsequent spread to the dealers on the exchange floor. The new system will be implemented for stock trades at the end of 2008 and will be followed in the next two years by the trading system for derivatives and bonds. trading stocks and bonds issued before the war by Dutch enterprises. Trading System All stocks are traded on the JaAll stocks are traded on the Jakarta Automated Trading System (JATS) is an integrated system covering settlement and central custody and providing real-time information. in February 2004. the exchange was reopened in Jakarta.03% of the total transaction to the Exchange and a security deposit of 0. Turnaround trades are permitted. in 195. the JSX implemented pre-opening trading. The Batavia exchange operated alongside parallel bourses in Semarang and Surabaya until 1942. However.01% (usually absorbed by local broker) Main Indices The Composite Share Price Index Board Lots 500. As a result the Indonesia Stock Exchange was formed. seven years after Indonesia declared its independence. Consequently. For each security sold.1% sales tax of the value of the transaction. The regular market shows all of the bids/offers. Foreign investors are not subject to capital gains taxation.1% of transaction value. Crossing is allowed but must be reported.000 transactions a day with the possibility of increasing capacity up to 500. All stocks are traded on a continuous on the JATS order-driven market auction screen based system. The exchange reopened in 1977 and commenced automated trading in 1995. Odd lots can be sold by designated dealers who trade odd lots in particular stocks. under the Dutch colonial government’s rule. the government imposes VAT at the rate of 10% of the commission fee. In addition. trades in the Negotiated Market are often executed in “odd lots”.5m Cross Selling Equity & Short Selling Short selling is prohibited in Indonesia.000 transactions a day. namely the regular market and the crossing boards. In the Regular and Cash Markets. Trading at the Regular Market and Cash Market is based on fixed lot and fixed time of the continuous auction market mechanism. trades are done in “round lots”. Document produced by Société Générale Corporate & Investment Banking 52 . However. Brokers have to pay a transaction fee of 0. Brokerage companies then execute their orders. but they are subject to a 20% withholding tax on dividends deducted by the company or a lower rate if there is a tax treaty between Indonesia and the country of the foreign investor.id Primary Exchange Indonesia Stock Exchange (IDX) or Bursa Efek Indonesia (BEI) Brief History In 1912.id Email: webmaster@idx. But the brokerage house dealers can only see the best bid/offer. JATS has the capacity to process up to 150. There is 22. an increased public sector reduced the need for private capital and for the next decade the TSE entered a period of standstill.14% of the value of the transaction paid by both buyers (40%) and sellers (0%) to a maximum of 100 million RLS.or. some limitations have been imposed on foreign investors: Foreign investors may own a maximum of 10 percent of each listed company Foreign investors may not withdraw their main capital and capital gain for the first three years of their investment Repatriation is possible once a year under current regulations Trading System The Automated Trading System (ATS) of the TSE was implemented on 1 September 1994 and all listed securities have been traded through the ATS since then. Market Charges & Compulsory Commissions Commission fees for buying and selling shares are 0. In 200 the Iranian Government passed the Capital Markets Law under which the TSE was privatised and the Supervision and operation of the exchange was separated into the Securities and Exchange Council and The Securities and Exchange Organisation respectively.3m 53 Document produced by Société Générale Corporate & Investment Banking .5% tax levied on dividends. Main Indices TSE All Share Price Index (TEPIX) TSE-50 Index Board Lots 1 Currency Iranian Rial (IRR) Official Trading Hours Saturday – Wednesday Continuous Trading: 09:00 – 12:00 Pre-Opening: 08:30 – 09:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = IRR9893. foreign investors can participate in the TSE for the first time.5% tax at source.5hrs (+4.Contents Iran GMT +3. The TSE is a continuous open auction market where buy and sell orders are placed by member broker firms and matched in accordance with the price priority and time priority rules. Taxes & Regulations Affecting Foreign Investors No tax is levied on capital gains. Service Charge is 0.1 EUR1 = IRR1443 Market Size as of August 2009 Market Capitalisation: USD55. With a different political ideology controlling Iran. Initially.com Email: int. The sellers pay 0. Circuit Breaker According to TSE riles the price fluctuation is fixed to a maximum of 2% either way from the last closing.4% of the value of transactions paid by both buyers (40%) and sellers (0%) to a maximum of 100 million RLS. Taxes. This means that shareholders are exempted from dividend tax which is calculated and paid by the companies themselves. primarily through privatisation of state owned entities and for channeling capital into the appropriate sectors of the economy. The new by-law for Foreign Portfolio Investment (FPI) was approved by the government in June 2005.5hrs DST) Internet: www.iranbourse. Under this new bylaw. In 1989 at the end of the Iran-Iraq conflict trading on the TSE entered a growth phase following the first post-war Budget Act (enacted in March 1989) which heavily promoted the private sector’s role in the revival of the economy.03bn Average Daily Turnover: USD30.ir (International Affairs) Primary Exchange Tehran Stock Exchange Futures Information None Brief History The Tehran Stock Exchange (TSE) was established in 19 and commenced operations in April 197. The activities of the TSE continued to grow until the Iranian Revolution of 1979.dept@tse. however. the Brokers. The Iraq Stock Exchange (ISX). Main Indices None Currency Iraqi Dinar (IQD) Official Trading Hours Monday and Wednesday 10:00 – 12:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = IQD119. Taxes. was established on 18 April 2004 and began trading on 24 June 2004. However investors must register with a broker. Market Charges & Compulsory Commissions Commissions on the market are negotiable. Taxes & Regulations Affecting Foreign Investors The ISX has been open to foreign investors since 2 August 2007.Contents Futures Information None Iraq GMT +3hrs Internet: www. It is organised as a non-profit entity that is owned by its members. Here orders are entered by brokers via 50 computer terminals and are automatically matched in time-price priority. It is regulated by the Iraq Securities Commission.net Email:
[email protected] Document produced by Société Générale Corporate & Investment Banking 54 . Trading is conducted on Mondays and Wednesdays.0 Market Size as of August 2009 Market Capitalisation: >USD2.isx-iq.0 EUR1 = IQD1709.net Primary Exchange Iraq Stock Exchange Brief History The Baghdad Stock Exchange was suspended following the US led invasion of Iraq in 2003. Trading System Since February 2008 trading has been conducted on the ISX Electronic System. Contents Ireland GMT +0hrs (+1hr DST) Internet: www.ie Email: info@ise. Trading System All equities are traded on the Exchange using the Exchange’s electronic trading system ISE Xetra. but must pay capital gains taxes on unlisted shares in companies which earn their income from land in Ireland. except for market makers. Dividends are subject to an advance corporate tax of 40% paid by the issuing company. mining or mineral rights in Ireland and exploration or production on the Irish Continental Shelf. However in 1995 it broke the link with London and with the introduction of the Stock Exchange Act. investors are usually entitled to subtract the cost of the securities. There is a 1% stamp duty (transaction tax) on equity purchase.ie Primary Exchange Irish Stock Exchange Futures Information None Brief History The Irish Stock Exchange (ISE) has been in existence since 1793.7m 55 Document produced by Société Générale Corporate & Investment Banking . the Central Bank was appointed as overall supervisor of the Irish Stock Exchange and its member firms. Anglo Irish Bank Corporation Plc. More information is available on the ISX website. the ISE operates an electronic trading system for Irish equities on a special segment of the Xetra trading platform in Frankfurt. Cross Selling Equity & Short Selling Short selling is prohibited for the shares of the Governor and Company of the Bank of Ireland. Cross selling is allowed. Equities can be traded on the Exchange by way of the Order book or OTC.8417 Market Size as of August 2009 Market Capitalisation: USD55. Life and Permanent Plc. Allied Irish Banks Plc. The standard Capital Gains Tax rate in Ireland is currently 20%.ise. Main Indices ISEQ Index Board Lots 1 Official Trading Hours Monday – Friday Pre-Trading: 0:30 – 07:50 Opening Auction: 07:50 – 08:00 Continuous Trading: 08:00 – 1:28 Closing Auction: 1:28 – 1:30 Post-Trading: 1:30 – 17:15 Tick size EUR0. In addition an investor is entitled to increase the cost of the securities by inflation (indexation) if the securities had been held for a period of at least 12 months.1bn Average Daily Turnover: 132. Taxes & Regulations Affecting Foreign Investors There are no significant taxation distinctions between domestic and foreign investors. Market Charges & Compulsory Commissions Commissions in the equities and gilts markets are negotiable. broker’s commission and stamp duty from the proceeds received.01 Currency Euro (EUR) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = EUR0. Through this alliance. Non-Irish investors are exempt from capital gains earned through the sale of quoted shares. From 1 October 2007 intermediary relief is available to recognised intermediaries for the purposes of Irish Stamp duty which include member firms of the exchange. All trades are reported to ISE Xetra and information in relation to these trades is disseminated directly to the market using the Exchange’s data feeds The system is the product of a strategic alliance between the Irish Stock Exchange and Deutsche Börse. In calculating a chargeable gain or loss on an individual Irish security. In 1995 the ISE also became a limited company. From 1973 the Irish Stock Exchange was a member of the International Stock Exchange of Great Britain and Ireland (now called the London Stock Exchange). Circuit Breakers There are no circuit breakers in place on the Irish Stock Exchange at the moment. Taxes. Price fluctuation in the continuous phase is unlimited. Trading System All stocks are traded on TACT (Tel-Aviv Continuous Trading). a 45-minute trading suspension occurs.1bn Average Daily Turnover: USD197. Capital gains on securities held by Israeli residents abroad are currently 25%. The continuous phase ends randomly with a calculation of the closing price. It adapted from a system that was developed by the Chicago Stock Exchange and implemented in stock exchanges worldwide. unless they have also announced that they wish to sell (or buy) more lots at the set price. The closing price phase from 17:15 to 17:30 begins as soon as the continuous phase ends randomly. The opening phase is randomly between 09:45 and 09:50. the quantity of the security for carrying out the transaction and the price limit for carrying out the transaction. There is also a 45 minute halting of trade in a company’s securities on the day that the company produces price-sensitive data.000). Market Size as of August 2009 Market Capitalisation: USD198. At this phase an opening price is set for each security. but has one other prominent feature in that the share’s price cannot be changed. April.il Email: info@tase. Prices and transactions are discovered by multilateral trading (auction).Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Tel Aviv 25 IX FT Tel-Aviv Stock Exchange Sun – Thu. If after the trading suspension there is another ±8% change there shall not be another halt.co. Market Charges & Compulsory Commissions Commission rates charged by members are left to the discretion of each member. all are identical with the particulars of the opposite matching order submitted by the other client. a weighted average of the prices of the trades executed in the last 30 minutes of this phase. July and October Last Friday of expiration month Israel GMT +2hrs (+3hrs DST) Internet: www. The TASE has been fully automated since 1999. Non-resident investors are exempt from these new taxes. including the particulars of the security. on January. order-driven and continuous. TASE members have direct access to trading. Small lots (orders under USD5. 10:30 – 18:00 ILS100 x Index level ILS10 Issued every three months.5231 Document produced by Société Générale Corporate & Investment Banking 5 . Trading in this phase is also bilateral. During the pre-opening phase the maximum price fluctuations in equities and in convertible bonds is ± 35%. Index Linked Noted (ILN) bonds. Cross Selling Equity & Short Selling Main Indices TA 100 Index TA 25 Index Board Lots The seller (or buyer) is obliged to trade at least in the minimum lot (about USD5. fixed income and derivatives markets. In the pre-opening phase opening price fluctuations are limited to 35% in each direction from that day’s base price. Corporate tax is fixed at a rate of 27%. so that the information can be widely disseminated. If there is a ±12% change trading shall be suspended until the end of the day. with whom the transaction was agreed. Circuit Breaker TASE have implemented several circuit breakers to protect investors. and the lender or the lending member.tase. On the TA-25 when there is a ±8% change in the TA-25 index relative to the base index there will be a temporary halt for 45 minutes. as the case may be. Orders entered into the system can be changed or cancelled up to 15 minutes before the end of this phase. and T-bills can be sold short on the TASE. When an essential announcement is published regarding a security.co. From 2000 the Dual Listing Law took effect. Similarly to the way prices are displayed in the UK and South Africa.il Primary Exchange Tel-Aviv Stock Exchange Brief History Regular trading in securities in Israel dates back to 1935 when an unofficial organisation was established at the initiative of the Anglo-Palestine Bank Ltd. In 1953 the Tel-Aviv Stock Exchange Ltd (TASE) was incorporated as a public company. an orderdriven and integrated trading platform of the Tel Aviv Stock Exchange’s equity. all stocks are quoted not in the main currency of shekels but in agorots (100agorots = 1shekel). agreed to the lending in writing Members must mark the orders submitted by them to the member Official Trading Hours Sunday – Thursday Pre-Opening: 09:00 – 09:45 Opening Auction: 09:45 – 09:50 Continuous Trading: 09:50 – 1:15 Closing Auction: 1:25 – 1:30 Currency New Israeli Shekel (ILS) Clearing and Settlement T+1 business days Members will make certain that the particulars of every matching order.7780 EUR1 = ILS5. a 15% capital gains tax was imposed on Israeli investors as well as a 10%–15% tax on interest payments.000) cannot be traded via the auction structure: they must be executed during the opening call stage Equities. allowing companies listed in London or the USA to dual-list on the TASE without any additional regulatory requirements. A short sale is permitted only if all the conditions specified below have been complied with: The security sold is a share or a bond that is not convertible The seller first borrowed from a lender or from a lending member the quantity of securities which he is about to sell short. Taxes. Taxes & Regulations Affecting Foreign Investors On 1 January 2003.4m Currency Exchange USD1 = ILS3. Tick Size Price (EUR) Stock Price 0 – 0. 09:00 – 17:40 5 EUR x index March quarterly basis Third Friday of the delivery month <0#IFX:>.01 Main Indices S&P/MIB Board Lot 1 Official Trading Hours Monday – Friday Pre-Auction Phase: 08:00 – 09:00 Opening Auction: 09:00 – 09:05 Continuous Trading: 09:05 – 17:25 Closing Auction: 17:25 – 17:35 Currency Euro (EUR) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = EUR0. creating the largest European liquidity pool. contract details <MIL/IFX1> ST (Month Code) (Last Number of Year) <Index> Brief History The year 2008 marks the bicentennial of the Borsa Italiana. excluding such prices Trading System The electronic trading system is regulated and managed by Borsa Italiana and cash instrument trading platforms are run by SIA. However during the 20th century the markets consolidated with Milan becoming the dominant exchange. Block trading is allowed for orders above the minimum block size defined by CONSOB that varies – according to the average trading volume – from EUR150. the daily session is followed by the After Hours Market (18:00 until 20:30 on MIB30 and MIDEX shares. The system is supported by a network which links all authorised securities firms located throughout Italy and also abroad.it Email: info@borsaitalia. There is no stamp duty on securities transactions on regulated markets. In late 2008 the LSE plans to integrate the Italian. and execution of trades outside regulated markets allows a better price to be obtained. a national computerised order-driven trading system was introduced in November 1991 and all securities listed on Milan and on other stock exchanges. FIB30 cash & futures <0#MIB30:>. In 1997 The Milan stock exchange was privatised and The Borsa Italiana was founded and is responsible for the organisation and management of the Italian Stock Exchange. All the markets organised and managed by Borsa Italiana operate as electronic trading systems on the basis of specifically designed market microstructure characteristics. During official Trading Hours it is possible to execute trades outside the regulated market only if the following two conditions hold: the customer has authorised the intermediary in advance to execute trades outside regulated markets. The process to list all securities electronically was completed in 1994.0 – 10 10 Tick Size 0. validation and opening). and closing auction (pre-auction. Approved intermediaries may execute cross trades.0 5. On October 10 2007 the London Stock Exchange completed its takeover of the company. Foreign investors are exempt from capital gains taxation both on cash and derivatives instruments.001 0.5% withholding tax (excluded for dividends linked to substantial holdings). For some instruments.0005 0. using a special cross-order function. It enables trading in real-time of all securities independently of physical location. nearest month <IFXc1>.25 0. Market Charges & Compulsory Commissions Commission fees are negotiable.25 – 1 1 – 2. by matching two orders of opposite sign for the same quantity.borsaitalia.4bn Taxes. validation. Following a programme of major reforms affecting both the stock market and the activity of intermediaries. The Stock Exchange trading day is organised in three main phases: opening auction (pre-auction. continuous trading. regular rules apply (T+3 delivery).000 to EUR1. 57 Document produced by Société Générale Corporate & Investment Banking . Venice and Rome. Nuovo Mercato shares and covered warrants).0025 0.Contents Italy GMT +1hr (+2hrs DST) Internet: www.8417 Market Size as of August 2009 Market Capitalisation: USD588.it Primary Exchange Borsa Italiana Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months Expiration Day Reuters Bloomberg S&P/MIB Futures Index Milan Stock Exchange Mon – Fri.005 0. were gradually transferred to the new system.0 2.0001 0. The taxpayer may opt for ordinary personal taxation. UK and international equities markets on TradElect. After the closing auction phase a 20 minute time period starts during which no new orders may be entered and the system computes official prices as the weighted average of prices of all contracts. the IT provider which manages the exchange data processing facilities.5%.3bn Average Daily Turnover: USD3. Cross Selling Equity & Short Selling The ban on short selling has been lifted on 31 July. Throughout the 19th and 20th Centuries various exchanges were set up in Italian cities with notable exchanges in Genoa. Florence. Securities are subject to a 5 minute suspension every time the new price varies by more than 10% with respect to the reference price or by more than 5% against the previous price in the same session.5m. Private domestic investors are subject to a definitive 12. closing).0 – 5. and Borsa Italiana must disclose them to the public after 0 minutes. On 1 January 1808 a vice-royal decree promulgated by Eugenioo Napolenone officially inaugurated the “Borsa Di Commercid” (commodities exchange) in Milan. Taxes & Regulations Affecting Foreign Investors Capital gains accrued by private domestic investors from non-substantial holdings (< 2%) are subject to a definitive withholding tax of 12. All trades within 15 seconds to the market authorities. provided: a) the orders correspond to customer orders b) the execution price is between the best bid price and the best ask price on the book at the time of entry. Tick Size Price Range (JMD) Common. Taxes. Block trades are possible as long as the price is ±5% from the last regular traded price.Contents Futures Information None Jamaica GMT -5hrs Internet: www.03 Market Size as of August 2009 Market Capitalisation: USD9.1525% on either side of the transaction.275 EUR1 = JMD129.0000) Main Indices Jamaica Stock Exchange Market Index JSE All Jamaica Composite Index JSE Select Index Board Lots 1 Currency Jamaican Dollar (JMD) Official Trading Hours Monday – Friday Continuous Trading: 09:30 – 13:30 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = JMD88. Taxes & Regulations Affecting Foreign Investors Withholding Tax on Dividends was abolished in April 2002. were deregulated in 1994.com Primary Exchange Jamaica Stock Exchange Brief History The Kingston Stock Market Committee was established in 191 under the auspices of the Bank of Jamaica in order to coordinate and organise the growing level of trading activity in government and corporate bonds and equities. there is no withholding tax on dividends. If upon resumption of trading there is an additional 5% decline or increase in the price or in volume traded then trading of that security will be suspended for the remainder of the day. Direct and Portfolio investment is welcome and free of any bureaucratic inconvenience. A GCT of 15% is charged on commission as well as the Jamaica Stock Exchange levy. Odd lots must be traded between the best bid/offer or at any price in the event that there has been no bid/offer during the previous 24 trading sessions.01 Par to 4 decimal places (100. Circuit breakers Trading in a security is halted for 15 minutes on a 15% rise or fall in its prices. There is a Jamaican Stock Exchange Levy of 0. Trading System Full electronic trading using the SUNRISE Automated Trading System came into operation in February 2000. The Committee consisted of stockbrokers and the investment officers of the commercial banks. loan stock and block transactions.8m Document produced by Société Générale Corporate & Investment Banking 58 . rights and warrants Bonds Tick Size (JMD) 0. Effective 1 April 2002.jamstockex. From these origins the Jamaica Stock Exchange (JSE) evolved. Dividends are subject to a 10% withholding tax depending on any double taxation treaties between Jamaica and the other party’s country.com Email:
[email protected] Average Daily Turnover: USD2. and was incorporated with limited liability under the Companies Act of Jamaica in 198. All commissions. preferred stock. There is no capital gains tax. including those charged on corporate bonds. There is a price determination phase on the pre-open. They have no minimum volume requirements and can only be done within one stock broking firm and where there is no change in beneficial ownership. There is no capital gains tax. but the closing price of a security depends upon the last trade in the primary market. Market Charges & Compulsory Commissions The commission to be charged is agreed between broker and client. commencing operations in 199. Foreign Shareholdings According to Japanese law.tse.000 Maximum Price Fluctuations (JPY) Price Move Price Move Price Move Price Move Price Move Price Move <100 <200 <500 <1k <1.33%.000 shares Official Trading Hours Monday – Friday AM Pre-Open: 08:00 – 09:00 PM Pre-Open: 12:05 – 12:30 AM Opening Auction: 09:00 PM Opening Auction: 12:30 AM Continuous Trading: 09:00 – 11:00 PM Continuous Trading: 12:30 – 15:00 AM Closing Auction: 11:00 PM Closing Auction: 15. Under cross dealing. certain airline stocks. and if no other securities company that is a member of the exchange makes a corresponding buy or sell order. details <OSE/JNI>/<OSE/JNW> NK (225).5k 30 <2k 50 <3k 80 <5k 100 <10k 200 <20k 300 <30k 400 <50k 500 <70k 1k <100k 2k <150k 3k <200k 300k <3m 4k <300k 5k <500k 10k <1m 20k <2m 40k <5m 50k <10m 100k <15m 300k <20m 400k <30m 500k <50m 1m >50m 2m 3m 4m 5m 10m Main Indices Tokyo stock price index (TOPIX) Board Lots The number of shares per unit is determined by the issuing company.33trn Average Daily Turnover: USD1. the securities company first places the sell or buy order on the market. where buy and sell orders interact directly with one another. Clearing and Settlement T+3 Business Days Currency Exchange USD1 = JPY90.jp/english Email: wwwadm@tse. The Financial Services Agency has extended the ban on naked short selling to 31 July.000 10. ranges from 1 to 3. In 1943. Market Size Taxes & Regulations Affecting Foreign Investors Capital Gains Tax for foreign (non residents) is from January 2008 now 15% (from 7%). Japan’s 11 stock exchanges were consolidated into one Semi-government Corporation called the Japan Securities Exchange.000 50.or.jp Primary Exchange Tokyo Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Nikkei 225 Index Futures / Nikkei 300 Index Futures Osaka SE Mon – Fri. Trading System The Tokyo Stock Exchange market operates as a continuous auction. In 1948 the new Securities and Exchange Law (Shoken Torihiki Ho) was enacted.000 100. The Securities Transfer Tax and the Exchange Tax were abolished on 1 April 1999.000 100. Market Charges & Compulsory Commissions The brokerage commissions of all listed securities and futures/options contracts have been liberalised since the end of 1999. in which case short selling at the most recent price is permitted. the securities company first places the sell or buy order on the market. Activity was suspended in August 1945.or.2bn .000 30. a “special bid quote” or a “special ask quote” are indicated in order to notify the public of the existence of such orders. When reached foreign investors can still buys shares but cannot register them in their name. Under the time priority rule. are placed by broker/dealer trading participants and matched in accordance with the price priority and time priority under the supervision of the Exchange. whether limit or market orders. the securities company only then match the first order with an opposite order that the securities company has also received. broadcasting stocks and NTT Corp have aggregate foreign ownership limits (33. NE (300) (Month Code)(Last Number of Year) <Index> Brief History The Tokyo Stock Exchange Co Ltd was established in 1878. There is no official warning if these limits are close. Minimum price fluctuations (JPY) Price per share up to up to up to up to up to 2.000 50. Cross Selling Equity & Short Selling Short selling must not be conducted at a price that is equal or below the most recently published price (“most recent price”). There is a requirement for trading participants to disclose the fact that they intend to execute a short sale and for any short position exceeding 0. Under cross dealing. to complete the deal. the securities company only then match the first order with an opposite order that the securities company has also received. Under the price priority rule.12:30 – 15:10. September and December cycle) <0#JNI:>/<0#JNW:>. an earlier order takes precedence over others at the same price. The trading floor was closed in April 1999. unless the most recent price exceeds the immediately previous price.000 3. nearest <JNIc1>/<JNWc1>.000 Minimum price fluctuations ±1 5 10 50 100 Price per share up to up to up to over 1m 20m 30m 30m Minimum price fluctuations 1. Taxes on Dividends are 15% from 1 April 2008 (from 7%) again for non residents. 1:30 – 19:00 (Tokyo time) ¥1000 x Index 10 Business day before second Friday of contract month Five quarterly months (March. The special bid/ask quotes maybe renewed at intervals of five minutes or more. June. The Tokyo Stock Exchange demutualised on 1 November 2001. the results are transmitted immediately to the terminals of the trading participants’ computer systems.Contents Japan – Tokyo GMT +9hrs Internet: www.83 EUR1 = JPY132. The Tokyo Stock Exchange absorbed the Hiroshima and Niigata stock exchanges on 1 March 2000. Income tax is 15% for non residents. as an emergency measure to control the wartime economy. 09:00 – 11:00. and if no other securities company that is a member of the exchange makes a corresponding buy or sell order. a selling (buying) order with the lowest (highest) price takes precedence.82 Taxes. All orders. Once transactions have been completed. 59 Document produced by Société Générale Corporate & Investment Banking as of August 2009 Market Capitalisation: USD3. said securities company may carry out a cross dealing. 20% & 20% respectively).00 Currency Japanese Yen (JPY) Circuit Breakers When there are bids or offers which are outside the reasonable price range from the standpoint of price continuity.25% of total market capitalisation. A securities company has orders both for sale and purchase of the same issue. A new clearing system for derivatives trading was introduced in February 2005 this was followed a year later with a new trading platform for all other products. Japan’s then 11 stock exchanges were consolidated into one semi-government corporation.jp Primary Exchange Osaka Securities Exchange Brief History In 1878 the Osaka Stock Exchange was established as a profit-making corporation. In 1948 the new Securities and Exchange Law was enacted with the principal object of establishing a system of fair trade in securities and the protection of investors. as a wartime emergency measure.jp/e Email:
[email protected]. Sep and Dec cycle Business day before the second Friday of each contract month <0#JNI:>/<0#JNW:>. Maximum Price Fluctuations Please refer to the Tokyo Stock Exchange Page.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Nikkei 225 Index Futures / Nikkei 300 Index Futures Osaka SE Mon – Fri.2m Document produced by Société Générale Corporate & Investment Banking 0 . Taxes & Regulations Affecting Foreign Investors Please refer to the Tokyo Stock Exchange page for full details. Minimum Price Fluctuations Please refer to the Tokyo Stock Exchange Page. Par value stocks (¥5k – ¥50k) trade as single shares. Among limited-price bids or offers. the highest bid and the lowest offer have precedence in all transactions on the Exchange. suspended operations at the end of the war in August 1945 and was finally dissolved in April 1947. NE (300)(Month Code)(Last Number of Year)<Index> Japan – Osaka GMT +9hrs Internet: www. 1:30 – 19:00 (JST) ¥1000 x Index 10 Five contract months: May. 09:00 – 11:00 / 12:30 – 15:10. Main Indices Osaka SE Hercules Index Board Lots Mainly 1000 (78% of all listed) for stocks with a par of ¥50 (a number trade in lots of 100).8bn Average Daily Turnover: USD19. Where bids or offers have the same prices. Trading System The new Trading system was launched on 27 February 200. Taxes. The Osaka Stock Exchange became its Osaka division. mainly unlisted companies. MSCI JAPAN Index and the FTSE Japan Index on 15 July 2002.or. This unified Exchange. and futures contracts based on Dow Jones Industrial Average. The OSE initiated trading in an ETF based on FTSE Japan Index on 4 July 2002. Par values of ¥500 trade in lots of 100 (17%).ose. Market Charges & Compulsory Commissions Commission rates are freely negotiable. the Japan Securities Exchange. Transactions in futures and options are also executed through a fully automated computerised trading system. nearest <JNIc1>/<JNWc1>.83 EUR1 = JPY132. In July 2001 the OSE launched the ETFs (Exchange Traded Funds) Market and in December 2001 OSE established a market for investment companies to invest in ventures. In 1943. however. Under this law the Osaka Securities Exchange was established in 1949 as a non-profit-making membership organisation. Market bids or offers have precedence over all other quotations. Odd lots are sold back to the company by the client’s custodian Official Trading Hours Monday – Friday AM Pre-Open: 08:00 – 09:00 PM Pre-Open: 12:05 – 12:30 AM Opening Auction: 09:00 PM Opening Auction: 12:30 AM Continuous Trading: 09:00 – 11:00 PM Continuous Trading: 12:30 – 15:10 AM Closing Auction: 11:00 PM Closing Auction: 15:10 Currency Japanese Yen (JPY) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = JPY90. the earliest have priority over the others.82 Market Size as of August 2009 Market Capitalisation: USD145. All trading in listed stocks are made through a fully automated computerised trading system except for the OptiMark Market. details <OSE/JNI>/<OSE/JNW> NK (225). June. 5m Currency Jordanian Dinar (JOD) Clearing and Settlement T+2 Business Days Currency Exchange USD1 = JOD0. or income from them.002% which comes solely from the Securities Depository Centre with a lower limit of 0.jo Primary Exchange Amman Stock Exchange Futures Information None Brief History The Amman Stock Exchange (ASE) came into being on 11 March 1999. India. There is no tax on capital gains. Brokers trade on the system remotely (from their offices). “In the Floor” commission totals 0. Trading takes place on a continuous basis for quoted equity stocks traded on all market segments.2bn Average Daily Volume: USD4.70825 EUR1 = JOD1. Malaysia. Trading System The Amman Stock Exchange implemented its electronic trading system (ETS) in March 2000.0354 1 Document produced by Société Générale Corporate & Investment Banking . Tunisia.25JOD For both types of market there will also be the brokerage firms own commission. “Off the Floor” commission totals 0. Taxes & Regulations Affecting Foreign Investors There are no restrictions on the repatriation of proceeds of sale of securities. The Jordanian Government initiated the reforms by adopting the Securities Law of 2002 with the aim of bringing the operation of the securities industry up to international standards. According to the Non-Jordanian Investment Regulation No. Romania.jo Email: info@ase. 0. The system then matches those orders to produce a trade. 1 of 1995. second or third markets vary depending on whether stocks are traded “In the Floor” or “Off the Floor”. Jordan has double taxation treaties with Egypt.0004% for the Securities Depository Centre. Poland. Taxes. France.005% for the Jordan Securities Commission. This was a major step in the comprehensive reform of the capital market in Jordan. collectively. order-driven system.0005% for the Amman Stock Exchange and 0. Indonesia.0014% which comprises 0. Trading on the ASE takes place on an automated. Market Charges & Compulsory Commissions Commissions for trading in equities on the first.exchange. no ceiling exists on non-Jordanian ownership of companies listed at ASE. Main Indices ASE Share Price Index Market Size as of August 2009 Official Trading Hours Sunday – Thursday Bonds and Mutual Funds: Pre-Opening: 09:30 – 09:35 Opening: 09:35 Continuous Trading: 09:35 – 09:55 Block Trades: 09:55 – 13:00 Post-Trading: 13:00 First and Second markets: Pre-Opening: 09:30 – 10:00 Opening: 10:00 Continuous Trading: 10:00 – 12:15 Pre-Closing: 12:25 Trading at Last: 12:25 – 12:40 Post-Trading: 13:00 Block Trades: 12:40 – 13:10 Market Capitalisation: USD33. the members of the Council of Arab Economic Unity. Yemen and. 54 of 2000 issued pursuant to Article (24) of the Investment Promotion Law No.com. Turkey. as well as for bonds and units in mutual funds. A 10% tax on distributed dividends was removed as of 1 January 2002.Contents Jordan GMT +2hrs (+3hrs DST) Internet: www. which is calculated according to the market value. Brokers enter buy and sell orders into the trading system. The main stimulus to create KASE was the introduction of the national currency.88 EUR1 = KZT220. Bidding takes place based on the system of automatic conclusion of transaction. Settlements on Unlisted corporate securities are carried out by participants at the place and time stated in the certificate Market Size as of August 2009 Market Capitalisation: USD50.kase. with its new subsidiary company ‘eTrade. The transaction is fixed on the electronic indicator panel at the moment when the seller’s and buyer’s prices match. Taxes & Regulations Affecting Foreign Investors Exchange levy of 0.5 Document produced by Société Générale Corporate & Investment Banking 2 .kz Primary Exchange Kazakhstan Stock Exchange Brief History The Kazakhstan Stock Exchange (KASE.kz’ LLP. Market Charges & Compulsory Commissions None. Reception of applications starts 30 minutes before bidding and continues up to the end of the trade session. previously named the Kazakhstan Interbank Currency and Stock Exchange) was founded in November 1993 on the basis of an earlier established Center of Interbank Currency Transactions (Currency Exchange) of the State National Bank of the Republic of Kazakhstan. launched the ‘eTrade. Both verbal and written applications are fixed on the electronic indicator panel. Trading System Bidding at KASE takes place according to the bidding schedule approved by the management of KASE and based on ‘The Rules of Exchange Bidding’. on 15 November 1993.5bn Average Daily Turnover: SD21. Bidding is based on applications which can be submitted verbally or in writing. an internet-trading system.Contents Futures Information None Kazakhstan GMT +3hrs (+4hrs DST) Internet: www. In 2001 KASE became a shareholder of the Kyrgyz Stock Exchange. In October 2003 KASE. From September 1997 KASE began trades of corporate securities.8m Currency Exchange USD1 = KZT150. Main Indices KASE Index Currency Kazakhstan Tenge (KZT) Official Trading Hours Monday – Friday Equities and Corporate Bonds: 11:30 – 17:00 Clearing and Settlement Settlements on listed securities transaction concluded at KASE are carried out through the Central Depository on a T+0 basis. Taxes. the Kazakhstan.1% on buys. A broker may change the conditions of an application during the session.kz’.kz Email: info@kase. A 0.000.bn Currency Exchange USD1 = KES75.co. Listed securities are exempt from stamp duty. unless such stock was bought from another already existing overseas stockholder or was in a new share issue.000. Foreign investors have been allowed on the NSE since January 1995. above KES100.12% 0. Official Trading Hours Monday – Friday Pre-Opening: 09:00 – 09:30 Opening Auction: 09:30 Continuous Trading: 09:30 – 15:00 Currency Kenyan Shilling (KES) Clearing and Settlement T+5 Business Days Market Size as of August 2009 Market Capitalisation: USD10.5%.12% 0.800 EUR1 = KES110.ke Email: info@nse. It started off with six stockbroking firms and 50 listed companies.78%. applicable to amounts up to KES100.co. Exchange controls have been repealed.000 1. Brokerage Commission and other costs Consideration (Transaction value) Stockbroker Commission CMA transaction levy NSE transaction levy CDSC transaction levy CMA Investor Compensation Fund NSE Investor Compensation Fund Total cost to Investor Up to KES5. Taxes. In 1989 the Capital Markets Authority (CMA) was set up by the government to facilitate and oversee the orderly development of capital markets. Market Charges & Compulsory Commissions Although commissions are fully negotiable.01% 2. Foreign investors are allowed to hold a maximum of 75% of the total capital issued by a Kenyan-controlled firm on the NSE.01% 0.Contents Kenya GMT +3hrs Internet: www.10% Above KES5.000 1.82 3 Document produced by Société Générale Corporate & Investment Banking .0% 0. as a voluntary association of stockbrokers registered under the Societies Act.01% 0. After fast initial growth the Exchange stagnated in the post-independence years.000. industry practice is that the highest commission chargeable is 1.01% 2.nse.12% 0.ke Primary Exchange Nairobi Stock Exchange Futures Information None Brief History The Nairobi Stock Exchange (NSE) was established in 1954.78% 0.00% Main Indices NSE 20 Share index Board Lots An authorised dealer may only trade and deal in minimum lots of KES5m and any trades below this amount must be transacted through stockbrokers Corporate and Treasury bond transactions The only commission levied on bonds is the stock brokerage commission: minimum is KES500.025% commission of the value of the transaction is chargeable on amounts up to KES50m. Foreign investors are not allowed to buy stock in a company controlled abroad. The replaced the floor-based open-outcry system. Sri Lanka.8% 0.000. capital gains tax and valueadded tax. commissions are fully negotiable subject to a maximum of 1.0% 0.12% 0. Trading System In September 200 the Nairobi Stock Exchange implemented the Automated Trading System (ATS) which was constructed by Millennium Information Technologies (MIT) of Colombo. when Kenya was still a colonial territory. Recently it has shown signs of recovery due to strong government support and investor awareness. Commissions for amounts above KES50m are fully negotiable. Taxes & Regulations Affecting Foreign Investors The interests of foreign investors are protected by the Foreign Investment Protection Act. Withholding tax on dividends is 5% for residents and 10% for non-residents. Services Sector 7. An investment committee was established to promote investment opportunities in the country as well as offering incentives to foreign investors and to facilitate the elimination of all obstacles a foreign investor may face.2830 EUR1 = KWD0. Kuwait. Amiree decree No. whether shares or funds. Investment Sector 3.520 : 5. Ministerial resolution No. Only nationals of the Gulf Co-operation Council (GCC) countries (the United Arab Emirates. Insurance Sector 4. A statement of account is issued for each trader with each broker. Ticks and Trade Units Share Price in Fils 0. Bahrain and Saudi Arabia) may trade directly in listed concerns. showing all activities and transactions for the period Amiree Decree Law No.125% up to KWD50.020 : 2.500 1. The Kuwaiti Stock Exchange recommenced trading in September 1992.000 40. Taxes.000 5. Oman. This law decree has provided guarantees for foreign investors to preserve ownership rights in their enterprises.050 : 9. Qatar.41855 Market Capitalisation: USD119. Financial accounts have been opened at the Kuwait Clearing Company by non-Kuwaiti investors as a prelude to dealing in Kuwaiti shares. (10) for 1999 was issued to regulate the direct investment of foreign capital in Kuwait. Market Size as of August 2009 Currency Exchange USD1 = KWD0. Dealers sit at stalls and cubicles set up by brokerage firms around the edge of the hall and use their own trading screens to conduct business.kuwaitse. Food Sector 8. Shares of companies are listed according to its category in sectors. Funds Trading System The bilingual Arabic-English KATS (Kuwait Automated Trading System) system allows brokerage firms to match volume and prices instantly and publishes deals within seconds. Market Charges & Compulsory Commissions The commission paid by investors is 0. These are as follows: 1.500 2.900 Changing Price in Units 0. Real-Estate Sector 5. Industrial Sector . Nine Sectors were listed in this respect. Others may participate indirectly through two listed mutual funds. At the end of the trading period (Saturday to Wednesday) the account position is automatically cleared.com Email:
[email protected] 500 Taxes & Regulations Affecting Foreign Investors Main Indices The Kuwait Stock Exchange Index Currency Kuwaiti Dinar (KWD) Official Trading Hours Saturday – Wednesday Order Acceptance: 08:50 Pre-Auction: 08:59 Open and Continuous Trading: 09:00 –12:30 Forward Quote Entry: 12:32 Forward Quote Entry: 12:55 Forward Close: 13:15 Clearing and Settlement The assets and liabilities of traders.000 in value and 0.5 : 50 51 : 100 102 : 250 255 : 500 510 : 1. Banking Sector 2.000 2. volume movements and company financial data on non-trading computer screens.3bn Document produced by Société Générale Corporate & Investment Banking 4 . Investors sit in the former trading floor and watch price quotations. KATS is also the first automated trading system in the world designed to be fully operational in the Arabic language. (20) for 2000 permits foreign investors to own shares in existing Kuwaiti companies or those that may be established in the future.com Primary Exchange Kuwait Stock Exchange Brief History The Kuwait Stock Exchange (KSE) was established in 1983. All trading operations of the Exchange were suspended on the Iraqi invasion of Kuwait on 2 August 1990.5 1 2 5 10 20 20 50 No. Non Kuwaiti Companies Sector 9.000 1. In January 2003 the Kuwaiti Ladies Trading Hall was opened making the KSE the first stock exchange in the world to offer such a facility.000 10.1% for any transaction value in excess of KWD50.000 20.Contents Futures Information None Kuwait GMT +3hrs Internet: www.000. are netted each day with each broker they trade through. When they want to buy or sell they go to the brokerage stalls and place an order.000 5. of Shares 80. (205) for year 2000 outlines the regulation of investment activity in shares for non-Kuwaitis. Commission rates for the Secondary Market Value issued in KGS Below 10m Between 10m and 50m Between 50m and 100m Between 100m and 300m 300m and over Rate 0.kg (not available in English) Email: kse@kse. which has been operational since May 2003.1% 0.Contents Kyrgyz Republic GMT +5hrs Internet: www.14% 0. The first trades in stocks and its official opening took place in May 1995 while the privatisation process was in full swing. maximum KGS100. maximum KGS180. maximum KGS200. In May 2000 the KSE was transformed into a joint stock company and the exchange acquired a large shareholder and a partner in the form of the Istanbul Stock Exchange.000 0. In 2001 the Kazakhstan Stock Exchange became a shareholder.kse.000 Discount 0% 25% 25% 50% 50% Trading System Trading on the KSE is effected through the electronic trading system. Until 2000 the exchange functioned in the form of a non-profit organisation with a total membership of 1. Taxes & Regulations Affecting Foreign Investors Tax Cash Dividends Interest Income Capital Gains Local 0% 10%* 20% Foreigners 10% 10% 30% Taxes. Main Indices KSE Index Currency Kyrgyz Som (KGS) Official Trading Hours Monday – Friday 09:00 – 18:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = KGS44.20% 0.0%. 40% if the volume traded is 100m and over *Not applied to the interest received by commercial banks for state securities. Market Charges & Compulsory Commissions Commission rates for the Primary Market Value issued in KGS Below 20m Between 20m and 50m 50m and over Rate 0.47 Market Size as of August 2009 Market Capitalisation: ~USD5m 5 Document produced by Société Générale Corporate & Investment Banking .000 0. if the volume traded is between 50m and 100m.kg Primary Exchange Kyrgyz Stock Exchange Futures Information None Brief History The Kyrgyz Stock Exchange (KSE) was founded in 1994.000 Discount 0% 25% 25%.18%.12%.20% 0. maximum KGS120.100 EUR1 = KGS4.12%. Where participants have joined the Liquidity Provider Programme the charge shall be 0. where bid and ask orders are automatically matched for a trade when the bid and ask price correspond.5% of transaction value per each side to a maximum of LVL max LVL 30. to a maximum of LVL 30. Trading System Trading in shares. Negotiated deals may have a settlement day between T+0 (inclusive for local members. Market Capitalisation: USD720. Tallinn Stock Exchange. The tax rate from dividend payments to non-residents is 10% and from interest payments it is also 10%.Contents Futures Information None Latvia GMT +2hrs (+3hrs DST) Internet: www. All payments made to low-tax or tax-free countries or territories are subject to withholding tax of 15%. exclusive for cross-members) and T+40 (inclusive) Currency Exchange USD1 = LVL0. Taxes & Regulations Affecting Foreign Investors In general. premium bonds. OMX Exchanges is the largest securities market in Northern Europe and consists of Stockholm Stock Exchange. Tallinn and Riga stock exchanges harmonised their cash markets by adopting the SAXESS cash trading system already used by the Stockholm Stock Exchange. Market Charges & Compulsory Commissions Automatically matched trades shall be charged at 0. convertibles and depository receipts on the Nordic Exchange is conducted through OMX’s SAXESS trading system. it is the broker’s responsibility to deliver shares by settlement date. The resulting group was taken over by OMX Group.48010 EUR1 = LVL0. In 2002 the Riga Stock Exchange acquired the Latvian Central Depository (the holder of the registrar for public securities and also operating a securities settlement system). if the exemptions provided by law or double taxation treaty do not provide other rate or exemption from taxation.omxgroup. while derivatives trading are done through OMX’s CLICK trading system and voice broking. the RSE also became part of NOREX. Riga Stock Exchange and the Vilnius Stock Exchange. in return the Borse Dubai gained a 20% state in NASDAQ. Copenhagen Stock Exchange. Taxes. Circuit Breakers There is no market-wide circuit breakers on the Baltic Market. In January 2008 it was announced that Borse Dubai was to buy OMX and would then sell it to NASDAQ. On 27 September 2004 the Helsinki. bonds.3bn (OMX) Average Daily Turnover: USD3bn (OMX) Official Trading Hours Monday – Friday Pre-Trading Session: 08:30 – 09:45 Pre-Opening Auction Period: 09:45 – 10:00 Opening Auction: 10:00 Trading Period: 10:00 – 15:50 Pre-Closing Auction Period: 15:50 – 1:00 Closing Auction: 1:00 After-Market trading: 1:05 – 1:30 Currency Latvian Lat (LVL) Clearing and Settlement T+3. If a ±15% move in a single share occurs.70192 Document produced by Société Générale Corporate & Investment Banking . All brokers have the same picture of the market situation simultaneously since all information from cash and derivative trading is relayed in real time. warrants.lv. taxes from income gained in Latvia by non-residents are collected by tax withholding. trading in that security is halted and an auction takes place. Following the merger of the HEX Group and OM Group and the decision of the merged identity to join the NOREX alliance. Main Indices BALTIX OMX Riga All-Share (OMXR) Market Size as of August 2009 Cross Selling Equity & Short Selling There is no specific rules on short selling.com Email: riga@omxgroup Primary Exchange Riga Stock Exchange Brief History The Riga Stock Exchange (RSE) was established in December 1993 and the first trading session took place in July 1995. During 2007 NASDAQ and Dubai Borse were involved in a takeover battle for OMX. Helsinki Stock Exchange. Numerous transactions are executed using automatic matching.025% of transaction value. The buying and selling orders. 7 Document produced by Société Générale Corporate & Investment Banking . At that time the exchange dealt mostly in gold and foreign exchange.1bn Stocks can be issued with three tranches of shares. Free dealing is allowed in C shares.001 – 1. On 22 January 199 the exchange was reopened for trading. Second Stage: Third Stage: Fourth Stage: Fifth Stage: Main Indices BLOM Stock Index (BSI) Currency Lebanese Lira/Pound (LBP) Official Trading Hours Monday – Friday 09:30 – 12:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = LBP1502.01% 0. Market Charges & Compulsory Commissions Commission is charged on each buying or selling transaction carried out in any of the official or secondary markets. with 45 companies registered on the trading floor. ownership of A shares is restricted to Lebanese nationals while B shares are open to Lebanese and foreign investors. The orders which have not been executed in the Stock Exchange during the pricing session are cancelled from the trading system.000 5. which are registered separately for each security. Volume of Trade (USD) 0 – 100. A list of the direct transactions executed by every broker outside the pit and accepted shall also be printed. Taxes. are compared electronically. A final list of executed orders shall be printed.000.025% 0. and the price is fixed if the comparison authorises it.000. Capital gains on the transfer of companies’ shares are tax free.0001% Trading System All securities are traded on a screen based price fixing system: First Stage: The brokers transmit and enter the orders in the Stock Exchange’s computerised trading system which is put at their disposal within the pricing system without meaning in any case the completion or execution of the trading operations.bse.com.000.000 100. The exchange suspended operations in 1983. Sale of A and B shares are subject to prior approval of the central bank.lb Email:
[email protected]. listed on the stock exchange.5 EUR1 = LBP219. The number of traded securities in the Stock Exchange (except for the direct transactions carried out outside the pit). The list shall be transmitted by the Stock Exchange to the authorised body to carry out the payment and delivery operations. the brokers may enter additional orders at the “equilibrium price” and only in the opposite trend of the imbalance in order to reduce the imbalance. with the determination of the payment and delivery terms. the fixed price and the trading terms shall be declared for every security. due to war. and 5% dividend tax. Taxes & Regulations Affecting Foreign Investors There is a 10% flat income tax. In case of a difference between the buying and selling orders at the equilibrium price.000.Contents Lebanon GMT +2hrs (+3hrs DST) Internet: www.5 Sixth Stage: Market Size Market Capitalisation: USD11.001 – 5.000+ Commission Rate (%) 0. The brokers can also declare explicitly at this stage their direct transactions outside the Stock Exchange.lb Primary Exchange Beirut Stock Exchange Futures Information None Brief History The Beirut Stock Exchange was founded on 2 July 1920.04% 0.000 1. Trading in shares. Main Indices OMX Vilnius Index Currency Lithuanian Litas (LTL) Official Trading Hours Monday – Friday Pre-Trading Session: 08:30 – 09:45 Pre-Opening Auction Period: 09:45 – 10:00 Opening Auction: 10:00 Trading Period: 10:00 – 15:50 Pre-Closing Auction Period: 15:50 – 1:00 Closing Auction: 1:00 After-Market Trading: 1:05 – 1:30 Clearing and Settlement T+3.com Email: vilnius@omxgroup Primary Exchange Vilnius Stock Exchange Brief History The National Stock Exchange of Lithuania (NSEL) was established in September 1992 and held its first trading session a year later. The fee for trades executed in the WSE automatch market will be reduced from 0. where bid and ask orders are automatically matched for a trade when the bid and ask price correspond. Currency Exchange USD1 = LTL2. During 2007 NASDAQ and Dubai Borse were involved in a takeover battle for OMX. On 30 May 2005. Numerous transactions are executed using automatic matching. with the aim of reducing members’ fees to investors the VSE reduced their trading fees. in return the Borse Dubai gained a 20% state in NASDAQ. From the 1 January 2008.3% for large transactions to 1. if the exemptions provided by law or double taxation treaty do not provide other rate or exemption from taxation. As such the fees for manual trades on the VSE were reduced from 0. In 2003 the name of the exchange was changed to the Vilnius Stock Exchange (VSE) and in December 2003 the Privatisation Commission approved a proposal for the sale of 54. Taxes. OMX owns and operates the six exchanges in the Nordic Exchange.3bn (OMX) Average Daily Turnover: USD3bn (OMX) Document produced by Société Générale Corporate & Investment Banking 8 .3% of the shares of the VSE and 32% of the shares of the Central Securities Depository of Lithuania. The interest on corporate bonds (excluding government bonds issued on international financial markets) payable to non-resident corporations is subject to a 10 percent tax.20% for single small trades. The minimum fee will be the equivalent of EUR0. warrants. If a ±15% move in a single share occurs. Taxes & Regulations Affecting Foreign Investors In general.47% of the shares of the Exchange. screen-based. The capital gains received by non-resident individuals and corporations acting in Lithuania through permanent establishments are generally taxed at a 15 percent tax rate.31 EUR1 = LTL3. Negotiated deals in Tallinn and Vilnius stock exchanges may also have a settlement day between T+1 (inclusive) and T+ (inclusive) if agreed so separately Cross Selling Equity & Short Selling Short selling is not permitted in Lithuania. Trading System Trading on the VSE is order-driven.05% to 0.30 in the local currency.lt. the income of non-resident corporations and individuals without permanent establishments are tax-exempt if derived from the sale or other transfer into ownership of securities.4527 Market Size as of August 2009 Market Capitalisation: USD720. while derivatives trading is done through OMX’s CLICK trading system and voice broking. trading in that security is halted and an auction takes place. In January 2008 it was announced that Borse Dubai was to buy OMX and would then sell it to NASDAQ. In May 2004 OMEX purchased 44. The dividend payments to nonresident corporations are taxable at a rate of 15 percent. All brokers have the same picture of the market situation simultaneously since all information from cash and derivative trading is relayed in real time. OMX was formed in 2003 following the merger of Finnish exchange operator HEX Group and OM Group of Sweden.03% with a maximum fee of EUR140. The dividend payments and interest payable to non-resident individuals are taxable at a rate of 15 percent. In 1998.Contents Futures Information None Lithuania GMT +2hrs (+3hrs DST) Internet: www. Circuit Breakers There is no market-wide circuit breakers on the Baltic Market. it converted from a non-profit organisation to a public limited company.05% to 0. bonds. The rates charged by brokers generally range from 0. convertibles and depository receipts on the VSE is conducted through OMX’s SAXESS trading system.045%. the VSE started trading on the SAXESS platform. centralised and dematerialised. if the exemptions provided by law or double taxation treaty do not provide other rate or exemption from taxation. Market Charges & Compulsory Commissions There are no fixed commissions imposed by laws or rules. premium bonds.omxgroup. provided such securities are listed A fund may not sell short more than 10% of the same type of securities issued by the same issuer Short positions on securities issued by the same body may not exceed 10% of assets and/or the commitment on such securities may not exceed 5% of assets Shares do not need to be borrowed prior to a short sale. this replaced the ‘Système Automatisé de Marché – SAM’ which had been in used since 199. Clearing and Settlement T+3 Business Days Currency Exchange USD1 = EUR0.e. On 22 March 2007. Main Indices LuxX Index Market Size as of August 2009 Official Trading Hours Monday – Friday Pre-opening: 07:15 – 09:00 Opening auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Market Capitalisation: USD85.Contents Luxembourg GMT +1hr (+2hrs DST) Internet: www.lu Primary Exchange Luxembourg Stock Exchange Futures Information None Brief History The law concerning the creation of a trade exchange was enacted in 1927 and the Stock Exchange was incorporated as the ‘Société Anonyme de la Bourse de Luxembourg’ the following year. Market Charges & Compulsory Commissions Brokerage fees are fully negotiable. The first quotation of shares in the currency of issue was in December 1981.000 bonds issued by more than 4.000 entities in over 100 countries. whether they are individuals or legal entities.8417 9 Document produced by Société Générale Corporate & Investment Banking . This will give Euronext members’ access to nearly 40. Cross Selling Equity & Short Selling An investment fund may carry out shot selling subject to the following rules and regulations: Aggregate commitment (i.bourse. the single pan-European trading platform used by all Euronext cash markets. Capital gains earned through the sale of shares on the Luxembourg Stock Exchange are not taxed. There are no restrictions on investment by non-residents.7bn Average Daily Turnover: USD1. The first session of the Stock Exchange was in May 1929. unrealised losses) in terms of short selling may not exceed 50% of assets Other-party risks per lender may not exceed 20% of assets A fund may invest up to 10% of its assets in short positions of unlisted securities. More recently. The reduced treaty rate is 15% with the exception of the US and Greece where the reduced rate is 7. Equities may be purchased by non-residents and proceeds may be repatriated.lu Email: info@bourse. including 29.5%. Non-residents may open a bank account in Luxembourg without governmental authorisation. all securities listed on the Luxembourg Stock Exchange have been available on NSC. Circuit Breakers For all Stocks During auctions: 5% difference from the reference price (generally the previous day’s close or the last indicative price) During continuous trading: 5% difference from the reference price (re-adjusted during trading after an order has been matched) Trading resumes after a 90-second halt. T+3 delivery applies Shares of financial institutions and insurance companies cannot be sold short if resulting in a net short position (market makers exempt) Trading System On 2 May 2007 the Luxembourg Stock Exchange migrated all securities listed on the regular market and the Euro MTF market to the NSC trading platform of Euronext. the Euronext-Luxembourg Stock Exchange cross-membership and cross-access agreement was signed in November 2000. Euronext and the Luxembourg Stock Exchange announced the signature of a Masters Agreement for mutual cooperation. Taxes. Quotation of international bonds in the currency of issue began in April 199 and gold trading was introduced in March 1981. This agreement will lead to the creation of a European Economic Interest Grouping (EEIG). The first remote member was admitted to the Exchange in June 1998. Since the second quarter of 2007.4m Currency Euro (EUR) Taxes & Regulations Affecting Foreign Investors Dividends are subject to a 20% withholding tax.000 instruments traded on the Luxembourg Exchange. Stock Exchange Fee: Up to consideration of MKD500. Taxes & Regulations Affecting Foreign Investors Main Indices MBI-10 Currency Macedonian Denar (MKD) Domestic and foreign entities have an equal position when doing business in Macedonia. as a central marketplace for trading in securities and the first organised stock exchange in the history of the Republic of Macedonia. Circuit Breakers ± 20% of reference price. There are no special taxes.3% on the consideration of each contract (minimum and maximum limits exist). MKD1. As of 1 January 2008 the Government of Macedonia has introduced a flat tax rate of 10%. from 12:00 to 12:30 and from 12:30 to 13:00).000. supervision of orders and trades.000. under the new Law on Issuance and Trading in Securities. MKD500. Trading is based on the automated processing of orders entered into the system.000 – 0. prices of the securities traded within the BEST are determined completely freely in accordance with the current market demand and supply.40% on consideration of each contract. MKD500.%. The MSE was founded as a joint-stock company.81bn Document produced by Société Générale Corporate & Investment Banking 70 . BEST has three fixing session for certain stocks (from 09:00 to 10:00. Market Charges & Compulsory Commissions Brokerage Fees: These are fully negotiable and vary from 0.mk Email: mse@mse. Foreign legal entities pay taxes on capital gains acquired while trading in the Republic of Macedonia.20% on the consideration of each contract.232 EUR1 = MKD1. with headquarters in the Republic of Macedonia. All MSE members must be licensed for trading in securities by the Macedonian Security and Exchange Commission. in order to protect the investors and obtain updated information from listed companies certain limits on price fluctuations have been introduced. automated matching of orders and concluding trades. halt and removal of orders. Shareholders may be any domestic or foreign however shareholding per entity is limited up to 10% of the MSE outstanding shares. as well as survey of information on trading and on listed securities.000 – 0.Contents Futures Information None Macedonia GMT +1hr (+2hrs DST) Internet: www. BEST (Bourse Electronic System for Trading) is a computer assisted information system. MSE members can only be legal entities (brokerage houses) whose sole activity is trading in securities. which enables entry.org.3 to 1.001-5. in accordance with their home country tax legislation laws. modification. Corporate income tax as well as capital gain tax for 2008 is 10% for naturalised citizens.000.org.000 and above – 0.mse. Official Trading Hours Monday – Friday Fixing Phases: 09:00 – 10:00 12:00 – 12:30 12:30 – 13:00 Trading Phase: 00:00 – 12:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = MKD42.1%. This is done for the purpose of avoiding double taxation as per the bilateral agreement between Macedonia and the country in question. MSE members may enter into BEST a market order or different types of limit orders. Trading System Since April 2001 the Macedonian Stock Exchange has operated an electronic trading system (BEST) that was provided by the Ljubljana Stock Exchange. Taxes. Since 1997. Legislation allows full repatriation of profits. Trading is remote from the MSE members’ premises. charges or duties and there is no stamp duty imposed on trading in securities.001 – 0.uk Primary Exchange Macedonian Stock Exchange Brief History The Macedonian Stock Exchange was founded in September 1995 and commenced trading on 28 March 199. In 2001 the MSE started to operate on a for-profit basis. However. Macedonians and foreign nationals receive a 30% incentive on the tax basis when calculating the tax on capital gains. All securities (listed on the Official market or admitted on the unofficial market) are included in the daily continuous trading (from 10:00 to 13:00) at varying prices – if the price of different orders equals.19 Market Size as of August 2009 Market Capitalisation: USD1. In general. trade is automatically concluded. 0%* 1. date and time of placing the order and price specification.0%* Trading System The order to buy or sell a security is placed with the broker in person. Main Indices The Malawi Domestic Share Index The Malawi Foreign Share Index The Malawi All Share Index Currency Malawian Kwacha (MWK) Clearing and Settlement T+7 Business Days Official Trading Hours Monday – Friday 11:00 – 11:30 Currency Exchange USD1 = MWK140. There are no investment restrictions on any of the instruments listed on the exchange. Treasury Bills and Local Registered Stocks.mse. The broker records details such as the name of the investor. Taxes. The regulatory legislation of the Stock Exchange will be the Securities Act. Capital gains tax is applicable at marginal rate of 30% subject to an exempt amount of MWK10.001 – MWK100. At the time of placing a selling order. It is the responsibility of the broker to ensure that the documents are genuine. Company tax is 30%. by fax or phone. the major activities that were being undertaken were the provision of a facility for secondary market trading in Government of Malawi bonds namely. which carry on as before. Interest on treasury bills and local registered stocks is subject to a border tax at source of 15% for foreign investors and withholding tax of 20% for local investors. which is in its draft form awaiting passing into law by Parliament. Taxes & Regulations Affecting Foreign Investors There is a 10% withholding tax on dividend distributed.1 Market Size as of July 2009 Market Capitalisation: USD. Prior to the listing of the first company. a broker’s contract note is issued to the investor within 24 hours.000 if shares are disposed off within 12 months. There is no stamp duty.1 EUR1 = MWK205.000 Over MWK100. except for foreign ownership limits.co. Market Charges & Compulsory Commissions Commission on purchase and sale of shares Value of Transaction MWK0 – MWK50. which should not exceed 10% per individual investor and 49% in aggregate.5%* 1. Orders are then matched. This rule does not apply to foreign majority shareholders at listing. the broker receives from the investor the share certificate and a signed transfer form.mw Email:
[email protected] Primary Exchange Malawi Stock Exchange Futures Information None Brief History The Malawi Stock Exchange was founded in 1994 but did not commence operations until November 199.000 * Plus 20% surtax on commission paid Commission 2.Contents Malawi GMT +2hrs Internet: www. When a trade is successfully matched.9bn 71 Document produced by Société Générale Corporate & Investment Banking .000 MWK50. mergers and takeovers of companies and businesses in Malaysia.bursamalaysia.9m A non-resident stockholder receives the full amount of the dividend.near mth<KLCIc1>. 08:45 – 12:45 / 14:30 – 17:15 MYR50 x Index Spot.90 Spread 5 10 Bid/Offer 25 – 99.<KLO/KLI> IK(Mon Code)(Last No of Year) Index> Malaysia GMT +8hrs Internet: www. a wholly owned subsidiary of the Exchange. but it is allowed off market. No minimum. clients can start trading without the number as long as the number is received by T+1.com Primary Exchange Bursa Malaysia Brief History Although Malaysia has had a regulated marketplace for securities since the founding of the Malaysian Stock Exchange in 190. Trading halted for the rest of the session Taxes & Regulations Affecting Foreign Investors Main Indices Kuala Lumpur Composite Index (KLCI) Market Size as of August 2009 Market Capitalisation: USD249. Naked Short Selling is prohibited. acquisitions. Trading System All stocks are traded on a continuous auction screen based system (SCORE / WinSCORE). In addition. the Foreign Investment Committee. the Kuala Lumpur Stock Exchange (KLSE) in its present form was established in 1973. above that approval is required from the exchange. At the end of each session the prices are fixed by matching trades using a ‘call market’ system. covered short selling is permitted on an approved list of stocks. Cross selling in the market is technically not allowed.000 or fractional part of value of securities (payable by both buyer and seller).com Email: enquiries@bursamalaysia. There is no capital gains tax in Malaysia.000. Clearing Fee – Direct Business: 0.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months Expiration Day Reuters Bloomberg KL Composite Index Malaysia Derivatives Exchange Mon – Fri. The best bids/offers are shown.3bn Average Daily Turnover: USD337. Bursa Malaysia Securities Clearing. Clearing Fee – On Market: 0. the Malaysian Central Depository (CDS) provides depository services. Investors must open a CDS account before trading and this number must be quoted before trading. FIC approval is required for any of the following: Acquisition of more than 15% by a single foreign interest Aggregate of more than 30% from several foreign interests Take-over/control of businesses in Malaysia by any foreign interest Official Trading Hours Monday – Friday Each trading day is divided in two sessions Board Lots 100 Morning Session: Pre-Opening: 08:30 – 09:00 Continuous Trading: 09:00 – 12:15 Pre-Closing: 12:15 – 12:20 Trading at Last: 12:20 – 12:30 Odd Lot Odd Lot: Odd lots are traded on the “odd lot” board or transacted by private negotiation through a direct business transaction Afternoon Session: Pre-Opening: 14:00 – 14:30 Continuous Trading: 14:30 – 1:45 Pre-Closing: 1:45 – 1:50 Trading at Last: 1:50 – 17:00 Currency Malaysian Ringgit (MYR) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = MYR3.95 10 – 24.15 ±10% ±15% ±20% 1h halt 1h halt Before 14. Taxes.5080 EUR1 = MYR5.75 >100 Spread 25 50 Circuit Breakers Before 11. is responsible for the regulation of assets. Market Spreads Bid/Offer <1 1 – 2.127 Document produced by Société Générale Corporate & Investment Banking 72 . Stamp Duty: MYR1 per MYR1.00 Trading halted for the rest of the session 3 – 4. subject to a maximum of MYR200 per contract for all trades. next and next two calendar quarterly months Last business day of contract month <0#KLI:>. Orders are matched at each level by using a time priority basis. less corporate tax of 28%. Market Charges & Compulsory Commissions Commission rates for all trades are negotiable subject to a cap of 0.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1.00 and minimum of MYR10.5 1 2 Bid/Offer 5 – 9.00 per contract.45 1h halt 1h halt Before 17.30 Trading halted for the rest of the session Before 15. clears and settles all KLSE trades. Prices cannot fluctuate by more than 30% from the previous close in a single trading session.00. A government body.99 Spread 0. followed by each subsequent spread.98 Cross Selling Equity & Short Selling Cross selling is allowed with a deviation of up to 15% of the VWAP.000.7% and a minimum handling charge of MYR12 per contact for securities and MYR2 for loan instruments.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1. mv/ Email: mse@cmda.70 Market Size as of August 2009 Market Capitalisation: USD157.5% from the seller) Rf.com.5% from the buyer and 0. 50.2m Average Daily Turnover: >USD10k 73 Document produced by Société Générale Corporate & Investment Banking . Within Price. Best Price 2.5% from the seller Taxation & Regulations Affecting Foreign Investors There are no direct taxes for foreigners in the Maldives.gov.Contents Maldives GMT +5hrs Internet: www. Orders are faxed to the STF from a dedicated fax line at the dealing companies. The orders are then entered into the order book and are matched with existing opposite types of orders which have the best price. where they pay 9. however since 28 January 2008 the MSE was licensed as a private sector exchange regulated under the Maldives Securities Act by the Capital Market Development Authority (CMDA).5% from seller) Rf.mv Primary Exchange Maldives Stock Market Futures Information None Brief History The Maldives Stock Exchange (MSE) was established on 14 April 2002. Main Indices None Currency Rufiyaa (MVR) Official Trading Hours Monday – Friday Pre-Open: 08:30 – 9:00 Opening: 09:00 Continuous Trading: 09:00 – 12:00 Closing Session: 12:00 – 12:30 Close Trade Session: 12:30 – 13:00 Post Closing Session: 13:00 – 14:00 Clearing and Settlement T+2 Business Days Currency Exchange USD1 = MVR12.5% from the seller) Trading System Trading is conducted on the Securities Trading Floor (STF).1% of their profits in tax.800 EUR1 = MVR18.000 and above = 1% (0.000 – 100.5% from buyer and 1. Pending orders are required to be matched in the following sequence: 1.000 = 2% (1% from the buyer and 1. 100. Market Charges & Compulsory Commissions Brokerage Fees for investing on the MSE are as follows: Rf. Taxes. 50. The banking and hotel industries are the only corporate taxpayers in the Maldives.maldivesstockexchange. Originally it was operated by the Capital Market Development Authority.5% from the buyer and 0. by time priority There is also a Trade Processing fee of 1% from every transaction charged by CDMA (0.000 and below = 3% (1. com. an opening and a continuous trading stage.8417 Market Size as of August 2009 Market Capitalisation: USD3.borzamalta. As a general guide the rates of commission range between a maximum of 1. From May 1998 daily trading was introduced and the exchange moved towards remote off-the-floor trading. This is a screen-based order matching system. the Minister of Finance set up an advisory committee. Taxation & Regulations Affecting Foreign Investors All transfers of listed securities are exempt from the payment of capital gains tax. During the pre-opening stage there is a session for put-throughs (which must be within the bid/offer range of the previous trading day) and block trades.5% to a minimum of 0. Originally trades were conducted through a manual call-over system. Market Charges & Compulsory Commissions The commission rates charged by stockbrokers have been liberalised. Trading System Stocks are traded by the Malta Automated Trading System (MATS). which is provided by OMX. Main Indices The Malta Stock Exchange Index Currency Euro (EUR) Official Trading Hours Monday – Friday Pre-Open: 09:00 – 10:00 Continuous Trading: 10:00 – 13:30 Close: 13:30 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = EUR0.Contents Futures Information None Malta GMT +1hr (+2hrs DST) Internet: www.mt Email: borza@borzamalta.bn Average Daily Turnover: USD100k Document produced by Société Générale Corporate & Investment Banking 74 . However since July 199 the MSE has used a fully electronic trading system. Taxes. The first trading session took place in 1992.25% depending on volume traded. which consists of a pre-opening.com. in early 1988.mt Primary Exchange Malta Stock Exchange Brief History The idea of a stock exchange in Malta originated in 199 but the project lay dormant for almost 20 years until. No stamp duty is payable with regard to transactions. Contents Mauritius GMT +4hrs Internet: www.stockexchangeofmauritius.com/ Email:
[email protected] Primary Exchange Stock Exchange of Mauritius Futures Information None Brief History Company shares have been traded in Mauritius in a market environment since the 19th century. However, with the rapid development during the 1980s, the government decided that a modern stock exchange was necessary to fully develop the financial services sector. In 1988 the government passed legislation to cater for the setting up of the Stock Exchange Commission (SEC), the regulatory body which controls and supervises the Stock Exchange of Mauritius Ltd (SEM). The stock market has been opened to foreign investors since 1994. Taxes & Regulations Affecting Foreign Investors Tax-free Dividends and Capital Gains (a) There is no tax on dividends paid by a company listed on the Stock Exchange of Mauritius or by a subsidiary of that company. (b) Gains or profits derived from the sale of units or of securities listed on the Official List and the Development & Enterprise Market of the Stock Exchange of Mauritius are not taxed. Foreign investment Foreign investors do not need approval to trade shares, unless investment is for the purpose of legal or management control of a Mauritian company or for the holding of more than 15% in a sugar company. Foreign investors benefit from numerous incentives such as revenue on sale of shares can be freely repatriated and dividends and capital gains are tax free. Trading System Since June 2001 trading has been computerised through the Stock Exchange of Mauritius Automated Trading System (SEMATS). Trading in securities is no longer floor-based but is conducted through dedicated trading workstations located at stockbroking companies and linked by communication lines to the SEM trading engine. The SEMATS also incorporates internet trading facilities, which will enable investors to follow the stock market on a real time basis. Through the SEM’s web page, investors can access iNET, the internet-based routing mechanism, assess the market situation and place orders to their stockbrokers. These orders will be validated by the stockbrokers and transmitted to SEM’s trading system for matching. Odd Lot Board – for the trading of listed ordinary shares and preference shares. Trading unit will be one security subject to a maximum of 99 securities. Securities denominated in local and foreign currencies will be traded on this board. Cross Selling & Short Selling For securities traded on the equity board and debt board crossing is carried out during the continuous session of the operating hours of the ATS. Taxes, Market Charges & Compulsory Commissions Once the BOM confirms that funds settlement has occurred, the CDS transfers the shares between the securities accounts of the respective clients. Value of Transaction (MUR) Not exceeding 3m Over 3m up to m Over m up to 10m Over 10m Stockbroking Company (%) 0.75 0.70 0.0 0.50 SEM (%) 0.25 0.25 0.25 0.25 SEC (%) 0.05 0.05 0.05 0.05 CDS (%) 0.20 0.15 0.15 0.10 Total (%) 1.25 1.15 1.05 0.90 Main Indices Stock Exchange of Mauritius Index (SEMDEX) Currency Mauritian Rupee (MUR) Official Trading Hours Monday – Friday Pre-Opening: 09:00 – 10:00, Opening: 10:00, Continuous: 10:00 – 15:00, Closing: 15:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = MUR30.707 EUR1 = MUR44.892 Market Size as of August 2009 Market Capitalisation: USD5.7bn Average Daily Turnover: USD1.2m 75 Document produced by Société Générale Corporate & Investment Banking Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Mexico Bolsa Index Future Mercado Mexicano de Derivados Mon – Fri; 07:30 – 15:00 10MXN x Index 1 point March quarterly cycle Fourth Tuesday of contract month <0#IPC>, nearest month <IPCc>, contract details <MXN/IPC1> IS (Month Code) (last Number of Year) <Index> Mexico GMT -hrs (-5hrs DST) Internet: www.bmv.com.mx Email:
[email protected] Primary Exchange Mexican Stock Exchange Brief History The Mexican Stock Exchange (Bolsa Mexicana de Valores – BMV) was founded in Mexico City in 1894. The few shares that were listed in the market’s early years were mainly banks and industrial and mining companies. In 199 the BMV-SENTRA Capitales trading platform (for equities) was introduced. During 2005 brokers introduced new electronic schemes for sending orders (programme/algorithmic trading), which generated increased demand on the trading system. Market: Orders to be executed at the best price which is displayed in the electronic book. Price limited: Orders with a price fixed by the client which are matched at the same or better price than the limited price. Price limited orders may remain in effect up to 30 calendar days. Taxes, Market Charges & Compulsory Commissions The stock exchange fee is 0.055% and the commission is fully negotiable. Trading System All transactions on the Exchange are conducted via the BMV-SENTRA Capitales automated system. Transactions are entered from terminals located in each brokerage firms’ offices. Brokers may also register the valuation prices of mutual funds and trade ‘odd lots’. System operators may enter the following type of order: At the close (closing orders): Orders are only accepted if they are related to full lots. These orders will be executed at the end of the trading session at a closing price (quote) calculated by BMV. Only shares of high and medium marketability are considered. Cross orders: If a broker is both the seller and the buyer for an order involving the same security, the same quantity, and the same price they can select the command ‘cross’ and the order and its characteristics are transmitted to other users, so that they may participate in the trade, according to established rules. Taxes & Regulations Affecting Foreign Investors Equity Market Capital Gains Dividends (to Mexican nationals) Dividends (to foreigners) Exempt Aggregate income and income tax (33%) paid by the company will be accreditable 10% Foreign investors have access to all types of securities traded in the Mexican securities market. There are no restrictions on foreigners acquiring Free Subscription Series (B shares) since these are not reserved exclusively for Mexican nationals. In the past, investment in B shares was the most commonly used mechanism through which foreign investors acquired shares of Mexican companies. Since 1989 foreign-investment regulations have allowed foreigners to acquire series A shares through a trust fund (Neutral Fund) presently managed by NAFINSA, a Mexican development bank. NAFINSA then issues CPOs to the foreign investor. These certificates grant the foreign shareholder all pecuniary rights except voting rights. Foreign investors may acquire series C or L stocks, which are shares with limited voting rights. Main Indices Price and Quotations Index (IPC) Mexico Index (INMEX) Medium Capitalisation Index (IMC30) Currency Mexican Peso (MXN) Cross Selling Equity & Short Selling Short selling is only available to proprietary accounts of local brokers. Short selling is prohibited for foreigners. Clearing and Settlement T+3 Business Days Official Trading Hours Monday – Friday 08:30 – 15:30 Currency Exchange USD1 = MXN13.39 EUR1 = MXN19.542 Market Size as of August 2009 Market Capitalisation: USD289.4bn Average Daily Turnover: USD291.7m Document produced by Société Générale Corporate & Investment Banking 7 Contents Moldova GMT +3hrs (+4hrs DST) Internet: www.moldse.md Email:
[email protected];
[email protected];
[email protected];
[email protected] Primary Exchange Moldova Stock Exchange Futures Information None Brief History Moldova Stock Exchange (MSE) was founded on 7 December 1994 and opened for trading on 2 June 1995. Taxes, Market Charges & Compulsory Commissions The MSE applies a trading fee at the rate of 0.35% – 0.175% per each side of the transaction. There is also a trading fee for settling and clearing of 0.1% – 0.05% per each side of the transaction. Trading System The MSE trading system, implemented in October 1995, is an automated, order-based system. There are two trading periods: the Open Price Period, when the market price is determined but no matching is executed; and the Market Price Period, where brokers enter market orders which re constantly matched on a time priority. Brokers can enter in the system buy or sell orders. Buy orders are matched with sell orders at a market price calculated for each specific security. The order-based system allows investors to set a more realistic value of securities and ensures a more transparent and fair market. The system is automated. At present, the exchange has 5 workstations for brokers. Today, shares of more than 500 privatized enterprises and commercial banks are registered at the Stock Exchange. According to the MSE rules, they all are included in the quotation list. Listing is separated into three tiers according to general rules of length of existence, number of shareholders, profitability and international auditing. Taxes & Regulations Affecting Foreign Investors Dividends of both residents and non-residents are taxed at 10%. The capital gains tax in Moldova is 20%. Main Indices CNVM-32 Currency Moldovan Leu (MDL) Official Trading Hours Monday – Friday 10:00 – 15:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = MDL11.18 EUR1 = MDL1.325 Market Size as of August 2009 Market Capitalisation: ~USD20m 77 Document produced by Société Générale Corporate & Investment Banking in accordance with the laws of Mongolia. All investors are subject to a 10% tax on earnings from dividends.95 as of August 2009 Market Capitalisation: ~USD70m Document produced by Société Générale Corporate & Investment Banking 78 . as in other post-communist countries. the 475 state-owned industries were privatised and changed to company form. Taxes & Regulations Affecting Foreign Investors A foreign investor may. Orders are automatically matched and executed. adopted in December 2002. Due to the privatisation policy of Government. Following the new Securities and Exchange Law. the MSE was reorganised as a profit making state-owned shareholding company which is allowed to carry out legal business services.mn Primary Exchange Mongolian Stock Exchange Brief History In 1990 the public sector in Mongolia. Trading is carried out on an open and continuous basis.mn/en Email: info@mse. Main Indices General Index Top 20 Index MSE Composite Index Currency Mongolian Togrog/Tugrik (MNT) Clearing and Settlement All trades are settled in the Securities clearing house and Central Depository on a T+1 basis Official Trading Hours Monday – Friday 11:00 – 12:00 Market Size Currency Exchange USD1 = MNT1411. Trading System A member securities company takes part in trading through its authorised dealer. Orders are executed depending on price and time priority.mse. Taxes.Contents Futures Information None Mongolia GMT +8hrs Internet: www. The client’s order is passed from the brokerage firm to the dealer through a telecommunications link. whilst capital gains tax ranges from 10-25% depending on amount.50 EUR1 = MNT2058. accounted for about 90% of GDP. The dealers in turn enter the orders for execution into a computer network in the MSE trading hall. The Mongolian Stock Exchange (MSE) was created in 1991 to help facilitate the move from a centrally controlled planned economy to the market system. in 1992 – 1995. The securities market is now open for domestic and foreign investors to trade. Market Charges & Compulsory Commissions The commission fee paid to a broker for either buying of selling securities is designated by the MSE: Area Province City Commission Rate 1% to 7% of value traded 1% to 5% of value traded The Stock Exchange charges 1% of the total turnover of the day. purchase shares or other securities of any business entity which is operating within the territory of Mongolia. increased capacity and increased liquidity. close price and other significant trading data. Orders are entered into the system and priority is given to active buy orders with a higher price and among active sale orders priority is given to active sale orders with a lower price. Both are located in the capital Podgorica.8417 Market Size as of August 2009 Market Capitalisation: USD5. It was joined by the New Securities Stock Exchange (NEX) in 2001. Trading System Trading on NEX is conducted through an Electronic Trading System which was donated by the Ljubljana Stock Exchange and has operated since March 2001.nex.montenegroberza.2bn Average Daily Turnover: USD400k 79 Document produced by Société Générale Corporate & Investment Banking . mberza@cg. through withholding. Market Charges & Compulsory Commissions Commission fees are 0. best bid and best ask. www. Orders are continuously entered into the system directly by brokers from their trading stations where they can also monitor the performance of the entire order book. Circuit Breakers Fluctuations in price are limited to a movement of ±10% from the official average price of the preceding trading day. The oldest is the Montenegro Stock Exchange which was established in June 1993.Contents Montenegro GMT +1hrs (+2hrs DST) Internet: www.08% of the trade value with a minimum fee of EUR200.com Email: nex@cg. Taxes. Main Indices NEX20 MOSTE Currency Euro (EUR) Clearing and Settlement T+3 Business Days Official Trading Hours Monday – Friday MSX – Continuous Trading: 09:00 – 14:00 Currency Exchange USD1 = EUR0. Taxation & Regulations Affecting Foreign Investors Corporate Tax in Montenegro is between 15% and 20% depending on the value. Non residents pay tax on capital gains at the rate of 15%.yu Primary Exchange Montenegro Stock Exchange and New Securities Stock Exchange Futures Information None Brief History There are two principal Stock Exchanges in Montenegro. This upgrade of the trading system allows increased market integrity and surveillance.yu.cg.yu. the current average price. Trading on the Montenegro Stock Exchange is conducted through the Exchange Trading System. Contents Futures Information None Morocco GMT +0hrs Internet: www.com Primary Exchange Casablanca Stock Exchange Brief History The Casablanca Stock Exchange (CSE) was originally established as a private stock exchange in 1929. In 1948. It enables the automatic routing of stock-market orders and the completion of transactions according to predefined market rules. Taxes & Regulations Affecting Foreign Investors There are no restrictions on foreign investment.7735 EUR1 = MAD11. It can temporarily suspend transactions in any stock or limit the fluctuation of share prices. All securities quoted on the Casablanca Stock Exchange are traded on the electronic trading system using trading screens provided to brokerage firms. The Casablanca Stock Exchange monitors transactions on a daily basis.casablanca-bourse. This structure was maintained more or less as such until 1993 when a major CSE restructuring took place involving the creation of a regulatory body. Main Indices MASI Float (Moroccan All Share Index) MADEX Float (Moroccan Most Active Shares Index) Currency Moroccan Dirham (MAD) Clearing and Settlement T+3 Business Days Official Trading Hours Monday – Friday Opening Auction: 09:00 – 10:00 Continuous Trading: 10:00 – 15:25 Closing Auction: 15:25 – 15:30 Currency Exchange USD1 = MAD7. Market Charges & Compulsory Commissions Commissions are set by the Casablanca Stock Exchange. Since the CSE was founded it has gone through several major reforms.3bn Average Daily Value: USD38m Document produced by Société Générale Corporate & Investment Banking 80 . Orders entered by dealers are automatically ranked by price limit and by the chronological order by which they have been entered into the order book. Trading System The electronic trading system (NSC) is an automated platform for the management of stock-market trading sessions. if it deems it necessary in the interests of the market.34 Market Size as of August 2009 Market Capitalisation: USD17.1% for dealing. Methods of trading Methods of trading On the Central Market. securities are traded according to their liquidity: Least liquid shares are quoted on a fixing basis Shares with average liquidity are quoted on a multi-fixing basis Most liquid shares are quoted on a continuous basis The share price used for the calculation of indices and the dissemination of information is the last share price dealt. The fees are now 0.com Email: contact@casablanca-bourse. The rates of commissions charged by the Casablanca Stock Exchange were overhauled in 200. excluding 10% VAT. defining the various market players and introducing the rules and technical procedures needed for the development of the Moroccan financial market. Taxes. Repatriation of capital gains and income is free of any exchange-control restrictions. The Stock Exchange was privatised in 1995 and a central depository came into operation in 1998. CDVM (Conseil Déontologique des Valeurs Mobilières) whose responsibility is to protect investor’s interest and the fulfilment of listing requirements. the government took control of the Stock Exchange and set up an open outcry trading system. There is no capital gains tax but a 10% withholding tax on dividends and on interest income is applicable to foreign shareholders and foreign owners of debentures. The 1993 reforms were amended and supplemented in 199. na Primary Exchange Namibian Stock Exchange Futures Information None Brief History The first Namibian Stock Exchange was founded in Lüderitz in southern Namibia at the start of the 20th Century.85% 0.00% 0.Contents Namibia GMT +1hr (+2hrs DST) Internet: www. In compliance with international practice.000 Commission 1.35% Trading System Since 1998. Double-taxation agreements with certain countries may provide for a lower rate. The NSX is now able to introduce certain trading practices which are unique and suitable for its market.com. Market Charges & Compulsory Commissions The charges for dealing are a percentage of the deal amount.412 EUR1 = NAD10.nsx. The full depth of the market order book is displayed.com. thus improving fairness and market integrity in determining closing prices. Taxes. The brokerage rates include a transaction levy of 10% of brokerage paid to the NSX and a 0. Main Indices NSX Overall Index NSX Local Index Currency Namibian Dollar (NAD) Clearing and Settlement T+5 Business Days Official Trading Hours Monday – Friday Continuous Trading Summer Time: 09:00 – 17:00 Winter Time: 08:00 – 1:00 Currency Exchange USD1 = NAD7. JSE SETS and InfoWiz. NSX closing prices are now calculated on a last trade price basis rather than higher bids or lower offers in the market.824 Market Size as of August 2009 Market Capitalisation: USD778. There are no general restrictions on foreign investment. The Namibian Stock Exchange (NSX) remains a not for profit company. but which may not be suitable in a large market such as the JSE.000 Portion up to 5m Portion above 5m Taxes & Regulations Affecting Foreign Investors A 10% tax is deducted from dividends paid to persons not residing in Namibia. ensuring more transparency in the market. The NSX introduced new trading and information dissemination systems.na Email: info@nsx. However within a few years. At this time the Government and 3 leading businesses agreed to open a Stock Exchange. broker client accounting and transfer services. on 13 May 2002. Non-residents who invest in Namibia are not charged tax on interest earned.5% 0.55% 0.04% levy by namfisa.7m 81 Document produced by Société Générale Corporate & Investment Banking . the rush was over and the exchange closed. Portion up to 100.000 Portion up to 500. The JSE Securities Exchange South Africa and the London Stock Exchange both use these systems which are known internationally as SETS (Stock Exchange Trading System) and LMIL (London Market Information Link). The systems permit the application of customised rules to different market segments. as the diamond rush brought hundreds of prospectors to the desert and whole towns sprung up. There is no capital gains tax and there is no tax on dealing (marketable securities tax). In 1990 Namibia gained independence from South Africa.000 Portion up to 20.40% 0. Dealing charges: Equities Transaction (NAD) Deals up to 10. the NSX has had an integrated computer system handling trading. 5 1. Market Charges & Compulsory Commissions The rate of brokerage on equity transactions ranges from 1 to 1. NPR10 can be charged as service charge. It started trading through licensed members in an organised way in January 1994 with 25 broker members and six market makers.Contents Futures Information None Nepal GMT +5.com Primary Exchange Nepal Stock Exchange Brief History The history of the Exchange can be traced back to 1983. Main Indices NEPSE Index Currency Nepalese Rupee (NPR) Official Trading Hours Monday – Friday Regular Trading: 12:00 – 15:00 Odd Lot Trading: Friday: 12:00 – 13:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = NPR77.001 and 50.000.78 EUR1 = NPR113.001 and 500. contracts between the buying and the selling brokers or between the brokers and market makers are concluded on the floor. Equity Transactions Value of Transaction (NPR) Up to 25.5% depending on the traded amount.000 Between 100.000 Between 25.nepalstock. This system continued until 1993.000 1.000 and over Rate % 1.000.001 and 1. Circuit Breakers Before 13:00 ±3% ±4% ±5% 15 minute halt 30 minute halt Trading halted for the rest of the day Before 14.75hrs Internet: www.00 No halt No halt Prices on individual stocks can fluctuate no more than ±10% . The Securities Exchange Centre was converted into the Nepal Stock Exchange in June 1993.5% depending on the traded amount. Taxes.001 and 100.1 1. 2007 Minimum commission is NPR15.com Email: info@nepalstock. The market maker quotes their bid and offer price on their own board before the floor starts.5bn Average Daily Value: USD2m Document produced by Société Générale Corporate & Investment Banking 82 .000 Between 50. Taxes & Regulations Affecting Foreign Investors The rate of brokerage on equity transactions ranges from 1 to 1.000 Between 500. The buying broker with the highest bid will post the price and his code number on the buying column.22 Market Size as of August 2009 Market Capitalisation: USD. while the selling broker with the lowest offer will post the price and code number on the selling column of the quotation column. Once the bid and offer price match.4 1. NEPSE introduced fully automated screen based trading since 24 August.0 Trading System NEPSE has adopted an open outcry system under which transaction of securities is conducted on the open auction principle on the trading floor. In addition.00 After 14. With the enactment of the Securities Exchange Act 1983 the former Securities Exchange Centre started trading securities on an ad hoc basis.2 1.3 1. Dividends paid by a resident company are subject to dividend tax of 25% which may be set off against the income tax due. Trading on the Euronext Cash Market is based on two mechanisms: continuous trading and auctions. cross trades can be made only for Securities traded continuously and within the market’s best bid/ask spread at the time of execution. There is no withholding tax on income from bonds and there is no capital gains tax. The NSC system is the most widely used system of its kind in the world today. Non-residents: depends on tax treaties. A worldwide standard in trading technology. Dividends paid on Dutch shares are transferable to non-residents in the currency of their country or in any other currency. 83 Document produced by Société Générale Corporate & Investment Banking .Contents Netherlands GMT +1hrs (+2hrs DST) Internet: www. 12 months Until 1. Less liquid securities can be traded continuously with the aid of a liquidity provider.com Primary Exchange Euronext Amsterdam Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Amsterdam Index Futures Euronext Liffe Amsterdam Mon – Fri. Trading then resumes after a 4-minute halt. and versions of the NSC are operational at the exchanges of Toronto. The economic value of the investments is therefore taxed at 1. contract details <AEX/AEX1> EO (Month Code)(Last Number of Year) <Index> Brief History Amsterdam was home to the world’s oldest official stock market which began trading at the beginning of the 17th Century. which is subject to a 30% tax. income derived from investments is fixed at a deemed yield of 4% of the net value of the assets as at 1 January and 31 December. NSC is a centralised. Market Charges & Compulsory Commissions Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. 9. 3. 08:00 – 17:35 Euro200 x Index 0. now called NYSE Euronext.8417 Taxes. orderdriven market with a single centralised electronic order book and uniform market rules for all European and non-European equities. the last traded price. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.2bn (Euronext) Board lot 1 (minimum order size 10) Currency Euro (EUR) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = EUR0. Official Trading Hours Monday – Friday Pre-Opening: 07:15 – 09:00 Opening Auction: 09:00 – 09:01 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Market Capitalisation: USD2. Sao Paolo. For other stocks During auctions: 10% difference from the reference price. During continuous trading: 3% difference from the reference price (readjusted during trading after an order has been matched). NSC is based on an open architecture allowing customised solutions using the standard international formats of MMTP and FIX. nearest month <AEXc1>. which is the last closing price for the opening. In September 2000. and throughout the 18th century Dutch investors played a dominant role in financing foreign investments in both public and private sectors. Amsterdam Exchanges merged with the exchanges of Brussels and Paris to form Euronext. Main Indices AEX Index Market Size as of August 2009 Circuit Breakers For AEX During auctions: % difference from the reference price (generally the previous day’s close or the last indicative price).74trn (Euronext) Average Daily Turnover: USD7. this information will not be available to the greater public. the Chicago Mercantile Exchange and the Singapore Mercantile Exchange. Montreal. Warsaw. Taxes & Regulations Affecting Foreign Investors For individuals who are not engaged in an enterprise and who are not performing other activities in respect of the shares which are beyond the scope of regular portfolio investment activities. and incorporating the reliable and secure communications protocol of a TCP/IP transport layer. . is used across all the Euronext Cash Market locations. which can be accessed via the web or via standard means. During continuous trading: 5% difference from the reference price. There is no withholding tax on interest. Foreigners may freely trade in Dutch securities. 2. Trading System The Euronext single cash electronic trading system. Trading resumes after a 2-minute halt. to improve liquidity in a particular security.00 on the third Friday of the contract month <0#AEX:>. The United East India Company was the first company in the world to be financed by the issuing of shares to the public.euronext. Dividends are subject to a 25% withholding tax. There are no exchange control restrictions on the repatriation of capital and earnings. 10% from the static reference price which is reset every time the market breaks its upside/downside threshold. with the approval of the relevant market operator. However it is compulsory to notify the regulator when holding a short position of more than 0. Trade reporting for off-order book trades can be done through Euronext’s Trade Confirmation System (TCS). If the traded price deviates more than 2% from the dynamic reference price. NSC. Capital gains are generally not taxable.05 Cycle of 1.25% of the market capitalisation of a particular stock. This tax is reduced for residents of countries having tax treaties with The Netherlands. The most liquid securities are traded continuously during market sessions. Cross Selling Equity and Short Selling There are no specific rules for the short selling of equities and there is no uptick rule in place.2% per year. or exclusively in actions. Liquidity providers are dealers (members entitled to trade exclusively for their own account) that have undertaken. the market halts for one minute. In the Central Order Book. Bids and offers are captured on a timepriority basis at each successive price level. however the majority lasted only as long as the gold reserves. Taxes. Tax is payable on the aggregate of cash received plus any ‘foreign dividend withholding payment’ tax credits attached to the dividend. as well as the recording of market information. Offshore crosses are not allowed.50 NZD0. those with less than a 10% holding in a company. databases and support information services. i. This replaced the previous FASTER system and offers a more efficient way of Trading on the New Zealand Market.com Primary Exchange New Zealand Exchange (NZX) Brief History The first stock exchanges in New Zealand opened during the Gold Rush in the 1870’s. The liability is then reduced by a credit for the ‘foreign dividend withholding payment’. Market Capitalisation: USD30. The system allows brokers to enter bids and offers into a terminal based in their individual offices. Taxes & Regulations Affecting Foreign Investors Non-resident withholding tax (NRWT) is imposed on dividends paid to nonresident. In 1991 the regional trading floors were closed and in 1998 the trading system was fully automated. June. GobalVision offers a real-time fully electronic securities exchange.nzx. The Stock Exchange Association of New Zealand was formed in 1915 and in 1974 all the remaining regional exchanges were amalgamated into the New Zealand Stock Exchange (NZSE).25 NZD0. September and December up to four quarter months ahead 1.000 trading screens around the world.3m Official Trading Hours Monday – Friday Enquiry: 08:00 – 09:00 Pre-Open: 09:00 – 10:00 Continuous Trading: 10:00 – 1:45 Pre-Close: 1:45 – 17:00 Adjust: 17:00 – 17:30 Enquiry: 17:30 Currency New Zealand Dollar (NZD) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = NZD1.e. replacing the former corporate body which operated under the realm of Sharebrokers’ Amendment Act 1981. An overseas person requires consent from the Overseas Investment Commission when they wish to control 25% or more of a business or property in New Zealand worth more than NZD$50m. Trades can be put through the market but the price has to be within the bid/offer spread unless over USD3m or concerns a non-resident. nearest month <NTPc1>.2 – 0. incorporating trading.bn Average Daily Value: USD753.com Email: info@nzx. GlobalVision has the capacity for 8. Main Indices NZX 50 Index NZX 15 NZX 50 Portfolio Index Market Size as of August 2009 Cross Selling Equity & Short Selling Short selling is allowed subject to rules and specifications of the regulatory authority.01 – 5. Today NZX operates its national screen-based trading and settlement system and associated administrative functions from its offices in Wellington.00 NZD1. Non-residents are allocated imputation credits but they cannot.000 500 200 100 50 25 Document produced by Société Générale Corporate & Investment Banking 84 . Short sales are not permitted if the transaction will amount to more than 10% of the total number of shares issued.01 – 10.51 – 1.00 NZD10.00 NZD2.30 on the second to last business day of the contract month <0#NTP:>. use them to reduce their New Zealand tax bill. Circuit Breakers: There is no index-wide circuit breakers. In September 1993 the New Zealand Government implemented legislation to place foreign and local investors on a more equal footing by reducing double taxation for non-resident portfolio investors. single stocks cannot trade beyond certain limits which are only disclosed to the company itself.01 – 2. Crossing is allowed onshore but must be reported to the exchange. There is a penalty charge if no delivery on settlement day. under current arrangements. Trading System In July 2007 the NZSE introduced a new trading system called GlobalVision which is provided by developers Trayport.000 1. Market Charges & Compulsory Commissions There is no stamp duty payable in New Zealand on the transfer of debt or equity securities. Shares in NZSE commenced trading on 10 July 2003. the tax base for non-resident withholding tax will include the amount of the cash dividend foregone.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg FoX15 Index Futures Sydney Futures Exchange 07:45 – 15:15 (Sydney) NZD10 x Index 1 March. settlement and registration.4310 EUR1 = NZD2. The rate is 30% for dividends which is reduced to 15% for residents of countries with a double taxation agreement with New Zealand. Where dividends are reinvested in the form of shares.00 NZD5. The New Zealand Stock Exchange demutualised on 31 December 2002 and was renamed NZSE Limited. With increasing autonomy and eventually independence from the UK the stock exchanges consolidated and grew towards the end of the 19th and the start of the 20th Century.0917 Board Lots Share Price NZD0 – 0.01 and over Lot 2. any land on most off shore islands and any land over four hectares adjoining certain sensitive areas. contract details <NFE/NTP1> ZI (Month Code)(Last Number of Year) <Index> New Zealand GMT +12hrs (+13hrs DST) Internet: www. land over five hectares and/or worth more than NZD10m. however. 07 EUR1 = NGN225. Trading System Securities’ trading on the Nigerian Stock Exchange is carried out on the Automated Trading System.Contents Nigeria GMT +1hr Internet: www.18 Market Size as of August 2009 Market Capitalisation: USD31. The trading platform has a facility for remote or off-site trading which has been fully operational on the regional trading floors. The member firm shall in addition report the accumulated volume of all stock borrowed the last trade date every week. The short sell shall be supported by a securities borrowing transaction. the same year Nigeria gained its independence from Great Britain.3m. ‘Covered’ short sales are allowed in an uptick situation. In October 1999. Taxes. Market Charges & Compulsory Commissions Brokerage fee: Stamp duty: Securities and Exchange Commission fee: 1% to 2.075% 1% Main Indices The Nigerian Stock Exchange Common Stocks (All Share) Index Currency Nigerian Naira (NGN) Clearing and Settlement T+3 Business Days Official Trading Hours Monday – Friday Trading Hours: 11:00 – 13:30 Currency Exchange USD1 = NGN154. Capital gains are taxed at 10%.com Email: info@nigerianstockexchange. This allows brokers to trade on the trading floor. permits brokers and investors to monitor the market in real time. the Johannesburg Stock Exchange and the NSE signed a memorandum of understanding for cross-border listing of securities. allowing brokers in the regions to trade online in real time with their counterparts on the main trading floor in Lagos.nigerianstockexchange. This does not apply for market makers. The Nigerian Stock Exchange has implemented a fully remote trading capability. The Exchange started with 19 securities listed for trading recording a total market capitalisation of NGN4. from sites anywhere in the world.biz Primary Exchange Nigerian Stock Exchange Futures Information None Brief History The Nigerian Stock Exchange (NSE) was established as a securities trading exchange in 190. All short sells have to be reported to the OSE latest by 7:00pm on trade date. Foreign institutions and individuals are taxed on their Nigerian income only. Taxes & Regulations Affecting Foreign Investors The Nigerian capital market was deregulated in 1993 and in 1995 the Federal Government of Nigeria abrogated all the laws that restricted foreign participation in the stock market. make investment decisions and enter orders from remote locations.75% 0. which executes market orders in less than 2 seconds. Corporate tax is generally charged at 30% based on total profit. Cross Selling Equity & Short Selling A member firm can only conduct a short-sell in its own books or on behalf of a client to a market price that is higher than the official bid price in the security. A 10% withholding tax is deducted from dividend payments to companies and individuals. An estimated 47% of all securities held in the Nigerian stock market are held by foreign institutional investors. The Nigerian Stock Exchange website.8bn 85 Document produced by Société Générale Corporate & Investment Banking . provided that the short sell follows from the obligations the member has as a market maker. The dealing members are all connected to a trading engine. using the Internet. whilst individuals are taxed up to 25%. Market Charges & Compulsory Commissions Commission fees are negotiable. All short sales have to be reported to the OSE latest by 19:00 on trade date. 0. Official Trading Hours Monday – Friday Pre-Trade: 08:15 – 09:00 Continuous Trade: 09:00 – 17:20 Closing Call: 17:20 – 17:30 Post-Trade: 17:40 – 18:00 Currency Norwegian Krone (NOK) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = NOK5. Market makers do not have to pre-borrow shares. was officially opened on 15 April 1819. The Exchange’s activity was very modest. Tick sizes will not change for shares (including accompanying subscription rights) that are not included in the OBX index.10 0. and tick sizes will also continue unchanged for equity certificates and warrants.e. contract details <OSL/OBX> OI (Month Code)(Last Number of Year) <Index> Norway GMT +1hr (+2hrs DST) Internet: www.9278 EUR1 = NOK8.no Email:
[email protected] – 15. After 182 years as a self owned and non-profit organisation. 2 and 3 month terms Third Thursday of expiration month <0#OBX:>. provided that the short sale follows from the obligations the member has as a market maker. Tick Size In July 2009 The tick size was reduced for all OBX shares to NOK 0.7bn Average Daily Value: USD887. Cross Selling Equity & Short Selling Shares have to be borrowed before a short sale can take place. Withholding tax varies from 0-25%. There are no other taxes. however. The unchanged tick size table for these securities is as follows: Bid or Offer Price 0 – < 14. Members may also trade in smaller lots. cf.50 1. In the free-trade period all trades in individual shares must be at least 1 trading block (approximately NOK10.25 0.75 250 – < 499.0 All 12 months in 1. Trades which are completed outside official Trading Hours must be registered before 09:00 the next trading day.20 (Oslo) NOK100 x Index Tick size is 0.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg OBX Index Future Oslo Stock Exchange Mon – Fri. Official trading takes place from 09:00 to 17:20. nearest month <OBXc1>. and 0. (September 2009). All shares are quoted and traded continually. depending on the taxation agreements in existence between Norway and the country in question.25 when the futures price exceeds or equals 4. Trades which take place between authorised brokers outside the Exchange must be registered in the system within five minutes of completion. Oslo Børs.90 50 – < 99. a round number of securities representing a market value of approximately NOK10.43 Market Size as of August 2009 Market Capitalisation: USD175. Static OBX Index ±15% Dynamic ±5% Taxes.01 when futures price is less than 0.50 500 – Price Tick 0.1. is open from 08:15 to allow brokers to input buy-and-sell orders and to register any trading which has taken place since the previous tradingday’s close. from which withholding tax is deducted. The member firm must in addition report the accumulated volume of all stock borrowed the last trade date every week. so-called odd lots. Norwegian companies normally make one dividend payment per year.01 as a result of reductions in tick sizes that some MTFs had already announced even though the FESE was still working on harmonising tick sizes.000) in size. Christiania Stock Exchange.oslobors. 08.01 0. Weekly fixings were not introduced until after World War I. The auction is finished at 17:30. The system. when a closing auction takes place.05 0. Trading became fully electronic in 1999 when the trading floor was discontinued.99 15 – < 49. The Financial Supervisory Authority of Norway has banned short selling in financial institutions in October 2008 and the ban is still in place today. Taxes & Regulations Affecting Foreign Investors Main Indices Oslo Børs Benchmark index (OSBEX) Oslo Børs All-Share Index (OSEAX) Oslo Børs Mutual Fund Index Oslo Børs Small Cap Index Board Lots Trading takes place in round lots i. The Exchange is also a member of the NOREX Alliance and adheres to the same regulatory framework as the OMX stock markets Circuit Breakers There is both dynamic and static circuit breakers.2bn Document produced by Société Générale Corporate & Investment Banking 8 .000. and daily fixings started in 1922. Shares and bonds were not common in Norway prior to 1880 when an initiative was taken to establish a stock exchange in the nation’s capital.90 100 – < 249. Oslo Børs became a public limited company on 22 May 2001. with prices fixed once a month in the presence of the city’s two brokerage houses. the uptick rule applies.05 when futures price exceeds or equals 0. but is 15% in most cases. on a separate board Norwegian shareholders normally pay a 28% tax on capital gains arising from share transactions. The trading platform allows remote membership and has an electronic order book with automatic matching. There is no floor trading.no Primary Exchange Oslo Børs Brief History Norway’s first exchange.00 Trading System Trading on the SAXESS platform commenced in May 2002.1. 5285 Market Size as of August 2009 Market Capitalisation: USD24. or companies which no longer meet the requirements of the Regular Market.1bn Average Daily Turnover: USD32. low corporate profit tax. The Regular Market is for established companies with a history of profitability and sufficient liquidity. Market Charges & Compulsory Commissions Brokerage companies and investment banks dealing in the field of securities may charge the client a commission ranging between 0. time and a specific system for trading which will take place on the market floor instead of the brokers’ offices as was previously the practice.om Primary Exchange Muscat Securities Market Futures Information None Brief History The Muscat Securities Market (MSM) was established in 1988 and trading began in May 1989. no restrictions on exchange processes. The MSM secondary market consists of the Regular.om Email: msm. The MSM is one of the most open Arab stock markets for foreign investors. The MSM receives 20% of the maximum limit. Such as no tax on capital returns or profits.2 Taxes & Regulations Affecting Foreign Investors The Muscat Securities Market operates one of the most liberal stock exchanges in the region. The minimum limit of the broker’s commission is OMR0. The Parallel Market is for new companies. no restrictions on foreign investors repatriating their profits. Taxes.Contents Oman GMT +4hrs Internet: www.38500 EUR1 = OMR0.msm.gov.75% as a maximum limit and 0.news@msm. Trading System The exchange now uses the French ATOS Euronext trading system. There will be a specific place.4% as a minimum limit of the market value for each order for any amount from OMR1 to OMR100. ensures that data and information are provided immediately for the market.5 and the minimum limit of the MSM commission is OMR0.000 the charges are 20% of 0. The market has used electronic trading since 1998. Third and Bond sub-markets. In Oman foreign ownership of up 100% is permitted. There are no taxes on dividends or capital gains.gov. This percentage includes the broker’s commission and the MSM’s commission. no prior permission required for foreigners to invest in listed companies (where ownership of up to 100% is permitted) or investment funds. which replaced the original electronic trading system introduced in 1998. It also offers a facility to connect to the other exchanges in the GCC and to add further trading instruments in the future.5m 87 Document produced by Société Générale Corporate & Investment Banking . The Third Market has been restructured with regard to listing requirements and trading.info. Circuit Breakers Trading is temporarily suspended if the stock fluctuates by 5% or more from the previous day’s close. Parallel. Main Indices Muscat Securities Market Index (MSM 30) Currency Omani Rial (OMR) Official Trading Hours Sunday – Thursday Pre-Open: 09:30 – 10:00 Trading Session: 10:00 – 13:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = OMR0. no personal income tax and a corporate tax holiday of up to 10 years. Where the market value of the order is more than OMR100. fixed exchange transfers. This system.000. no restrictions on capital profits or transfers. There are several incentives for foreign investment on the MSM. and the currency is freely convertible. amongst others.5% of the excess amount. Circuit Breaker The KSE has imposed a circuit breaker of 7. This exemption has been available since 1974. Where the recipient is a public company or an insurance company. just one month after partition from India and independence from Great Britain.739 EUR1 = PKR120. the exchange conducts one trading session from Monday to Thursday and two sessions on Friday. Internet-based trading was introduced in December 2004.5% or Rs 1. Trading System The Karachi Stock Exchange has introduced a computerised trading system known as Karachi Automated Trading System (KATS) to provide a fair. The KSE is currently in the process of demutualisation. Funds invested in the capital market are freely transferable along with dividend income.02%.pk Primary Exchange Karachi Stock Exchange Brief History On 18 September 1947. Spot (T+1) Transactions and Future.net.Contents Futures Information None Pakistan GMT +5hrs Internet: www.kse. Main Indices KSE 100 Index KSE All Share Index KSE 30 Index Market Size as of August 2009 Cross Selling Equity & Short Selling Foreign investors are prohibited from short-selling. It was converted and registered as a Company Limited by Guarantee on 10 March 1949.pk Email:
[email protected] for upward price fluctuation and 5% or Rs 1 for downward price fluctuation. Local Tax: 0. efficient and cost effective market for investors. but they have to be reported by 15:00 and will appear as a tick on the following day’s trades. Market Capitalisation: USD31. However.1bn Average Daily Turnover: USD83. In 1995 the KSE-100 was joined by the KSE All Share Index. Foreign investors are treated on-par with local investors in tax treatment. Dividends are subject to withholding tax at different rates. Taxes.com. If due to a double taxation treaty the stockholder can claim a rebate. the rate is 5%. In November 1991 the KSE-100 was introduced and is still the most generally accepted measure of the exchange. where the company declaring the dividend is a power generation entity the tax is withheld at 7. there is a one time stamp duty at the rate of PKR0. Crosses are a significant part of the volume traded (currently 10-15%) Currently the exchange conducts one trading session Monday to Thursdays and two sessions on a Friday.5% of the face value of the shares under the physical form of transfer. Cross selling is permitted.95 Document produced by Société Générale Corporate & Investment Banking 88 . Provisionally Listed Companies. Local Investors: Capital gains on sale of listed securities are exempt from income tax up to the year 2008. Trading is divided into four distinct segments. however. Market Charges & Compulsory Commissions Brokerage on sale and purchase: Brokerage on transactions is freely negotiable between the brokers and clients.3m Official Trading Hours Monday – Thursday Pre-Open: 09:30 – 09:45 Open: 09:45 –14:15 Friday: Pre-Open: 09:15 – 09:30 14:15 – 14:30 Open: 09:30 – 12:00 14:30 – 1:00 Currency Pakistani Rupee (PKR) Clearing and Settlement T+2 Business Days Currency Exchange USD1 = PKR82.5% from recipients other than public and insurance companies. Off-market crosses are allowed. Stamp duty/registration: Stamp duty is charged at 1. Foreign and non-resident investors have to pay withholding tax on their dividends. There is no stamp duty for transfers settled through the Central Depository System. the custodian will have to be informed. For others the rate is 10%. transparent.01 per share at the time of deposit of securities in the CDS. These are: T+2. The Karachi Stock Exchange was founded. each of which has its own clearing and settlement procedure. Currently. Taxes & Regulations Affecting Foreign Investors Foreign investors are freely allowed to operate in the capital market without any retention period. whilst some are traded in US Dollars. however currently only equities are traded. The exchange is controlled by is the Palestine Development & Investment Company (PADICO).002 0. Taxes & Regulations Affecting Foreign Investors None. Order entry is conducted via remote terminals located at members’ offices throughout the region.0005 0.com Email:
[email protected] Market Size as of August 2009 Market Capitalisation: >USD3bn Average Daily Volume: ~USD1m 89 Document produced by Société Générale Corporate & Investment Banking .0072 (minimum 1JD) Trading System PSE’s Stock Exchange Management System (SEMS) is a high-performance automated trading system.p-s-e.com Primary Exchange Palestine Securities Exchange Futures Information None Brief History The Palestine Securities Exchange (PSE) was incorporated as a private shareholding company in March 1995 with its Board of Directors elected in the same year. Main Indices The Al-Quds Index Currency Jordanian Dinar (JOD) US Dollar (USD) Official Trading Hours Sunday – Thursday Pre-Open: 09:45 – 10:00 Continuous Trading: 10:00 – 12:00 Pre-close: 12:00 – 13:00 Close: 13:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = JOD0. Market Charges & Compulsory Commissions Commissions are imposed on both parties of the transaction and all fees and commissions are subject to VAT.0047 0.Contents Palestine GMT +2hrs (+3hrs DST) Internet: www. Circuit Breakers ± 5% movement from last closing price. order status inquiries and reporting. Taxes. The broker workstation provides the broker with up-to-date market information. The PSE held its first session in February 1997. as either a market order or a limit order.70825 EUR1 = JOD1. PADICO aims to invest directly or through subsidiary companies in diverse projects that will help rebuild the economic infrastructure of the occupied Palestinian territories. Shares of the listed companies are mostly traded in Jordanian Dinars. and user-friendly facilities to enter and manage orders. The PSE is the sole securities market in Palestine. PSE commission Member commission CMA commission Total 0. The trading system is capable of trading several financial instruments. Trading is order-driven under which share trading originates from an order by a client. Instruments can be traded and settled in different currencies. 8bn Document produced by Société Générale Corporate & Investment Banking 90 .com Primary Exchange Panama Stock Exchange Brief History The Bolsa de Valores de Panama (Panama Stock Exchange Inc) started operations in 1990.41 as of August 2009 Market Capitalisation: USD2. Main Indices BVPSI (BVP Index) Currency Panamanian Balboa (PAB) US Dollar (USD) Official Trading Hours Monday – Friday 10:00 – 15:00 Clearing and Settlement T+2 Business Days Market Size Currency Exchange USD1 = PAB1. Taxes. The securities brokers work for companies that have bought the right to buy and sell securities or to have a seat on the Exchange. Trading System The Stock Exchange operates an electronic trading system with remote trading terminals for all Stock Exchange seat holders. 247 of July 1970 created the Comision Nacional de Valores and this was modified by Decree No. meeting for several months and publishing the results of their trades.0000 EUR1 = PAB1.5-2% of the transaction value. During the early 1970s a group of securities brokers had made a serious effort to set up a stock exchange. 1 of 8 July 1999 which created the National Securities Commission (SEC) and regulates the stock market in Panama. There are no restrictions on foreign ownership of local corporations and no restrictions on capital repatriation.panabolsa. the BVP has adopted open outcry trading norms for used on the Stock Exchange floor with a physical presence of the participants. There is a 10% withholding tax on dividends.com Email: bvp@panabolsa. Since the early 1990s the exchange has helped facilitate growth brought about by political reforms and economic stability. The USD is the legal currency of Panama and all securities are issued and traded in them. Taxes & Regulations Affecting Foreign Investors There is no taxation on capital gains and interest income.Contents Futures Information None Panama GMT -5hrs Internet: www. but this venture failed. In certain special circumstances where the electronic system fails. All trades in the Exchange are carried out by individuals who have a licence issued by the SEC to act as securities brokers. Decree No. Market Charges & Compulsory Commissions Brokers’ commission is negotiable within a range of 0. corporate income will be subject to a 30% tax rate.bvpasa.medina@bvpasa. In the case of reinvestment. osvaldo.py Primary Exchange Asunción Stock Exchange Futures Information None Brief History The Asuncíon Stock Exchange (Bolsa de Valores y Productos de Asuncíon.025 of transaction value 0. Exchange operations began in 1978 but it was inactive from 1982. Taxes. Taxes & Regulations Affecting Foreign Investors The legislation on foreign capital allows capital to enter and leave Paraguay without difficulty.15% of transaction value Trading System Trading on the Asuncíon Stock Exchange is by open outcry. This law also created the National Securities Commission (Comisión Nacional de Valores).gauto@bvpasa. Market Charges & Compulsory Commissions Exchange Transaction Fees Instrument Fixed incomes Equities Commission 0. or BVPASA) was established in September 1977.2 Market Size 2007 Market Capitalisation: USD30m 91 Document produced by Société Générale Corporate & Investment Banking . Brokerage House Commission: Freely negotiable and each brokerage house decides on its own policy on brokerage commission.com. the income tax is reduced to 10%.com.com.py (Spanish text only) Email: esteban.0 EUR1 = PYG7228.py. Foreign corporations doing business in Paraguay are subject to the same tax rules as those applied to domestic business entities. With the implementation of the new tax system. The Exchange reopened in 1993.Contents Paraguay GMT -4hrs (-3 DST) Internet: www. In 1991 Law 94/91 governing the capital markets in Paraguay was promulgated. Main Indices PDV General PDV 20 Currency Paraguayan Guarani (PYG) Clearing and Settlement T+2 Business Days Official Trading Hours Monday – Friday 08:00 – 17:00 Currency Exchange USD1 = PYG4945. 0825% 0.05% 0.05% 0. the system tries to place them partially or completely. Equities LSE Fees Guarantee Fund Settlement Fund CAVALI Fees CONASEV Contributions Spot Market Day Trade 0. settlement fund contribution and the CAVALI and CONASEV fees forming the total cost for investors. In 180 the institution was reorganised.9225 EUR1 = PEN4.005% 0.8m Official Trading Hours Monday – Friday Pre-Opening: 09:00 – 09:30. in accordance with Decree Laws 18302 and 18350. the bid is completely eliminated.05% Taxes & Regulations Affecting Foreign Investors Main Indices General Index of the Lima Stock Exchange (IGBVL) Selective Index of the Lima Stock Exchange (ISBVL) Selective Perú-15 Index (ISP-15) Market Size There is no distinction between residents and non-residents. The Electronic Trading System only allows the following types of firm bids: Today: These are registered in the system only until the end of the same day unless they are accepted or withdrawn during trading. All or None: These bids must be applied integrally at the time they are entered into the system. is a mechanism developed to facilitate trading operations on the Lima Stock Exchange.0075% 0. until they are accepted. and enables brokerage firms to carry out trades remotely by interacting with the Exchange’s central computer in real time through a personal computer installed in their own office. stock brokers enter firm bids which cannot be withdrawn until after the opening. A value added tax (VAT) of 18% is applied to the sum of the brokerage agency commission plus the LSE fee.pe Email: foviedo@bvl. An income tax of 4.005% 0. Dividends are subjected to a withholding tax at the rate of 4%.03% 0. The tax rate on long-term capital gains in Peru is 30%. the current LSE was founded as a non-profit civil partnership.0bn Average Daily Turnover: USD13.1% is applied over dividends distributed by listed companies when the decision to distribute dividends was taken by the company after 1 January 2003. Market Charges & Compulsory Commissions The brokerage agency commission is a variable amount. Stock Mode: Entry of Firm Bids – During this phase. If placed partially. which will be part of the LSE guarantee fund.pe Primary Exchange Lima Stock Exchange Brief History The Lima Mercantile Exchange was established in the mid-19th century. This system has been developed under a client-server model which optimises the handling of market information. issued by the governing military dictatorship. Clearing and Settlement T+3 Business Days Currency Exchange USD1 = PEN2.2719 Document produced by Société Générale Corporate & Investment Banking 92 . during which buying and selling bids are entered and continuous transactions are traded on the basis first of price and second of time. They will be subject to a 5% penalty of the total amount of the transaction. if this is not possible. until 1951 when it was renamed the New Commerce Exchange. Price Fixing Over Time Bids: These bids remain in the Bid Register until such time as they are applied. implemented in August 1995. Continuous Trading: 09:30 – 13:30 Closing Transactions 13:30 – 14:00 The trading session for Peruvian shares that are cross-listed on foreign exchanges is extended to 1:10 Currency Peruvian Nuevo Sol (PEN) Cross Selling Equity & Short Selling Short selling is permitted in Peru. cancelled by the user or system because of being outside market ranges or because they have expired. The Special General Associates’ Meeting of 19 November 2002 resolved to convert LSE into an equity for profit company. Immediate or Cancel: When these bids are entered. withdrawn or remain outside the margins of the market. Trading: This is the period between 09:30 and 13:30. the system eliminates them automatically. Domestic institutional investors are exempt from this tax.bvl. Foreign and local investors are allowed to execute transactions on equity transactions listed in the Tabla de Valores Referenciales (TVR).com. as of August 2009 Market Capitalisation: USD57.com. Permanent: These remain registered for an indefinite time. from 09:00 to 09:30. Collateral must be 50% of the total amount of the transaction during the period from trade date until purchase transaction or securities lending is made.Contents Futures Information None Peru GMT -5hrs Internet: www. effective 1 January 2003. the system automatically eliminates the balance and when not placed at all. On 22 September 1970. Taxes.045% 0.0075% 0. adopting the name of the Lima Commercial Exchange. freely negotiable between brokers and their clients. The LSE is informed of all short selling transactions and will penalise investors that do not comply with the collateral requirement. Closing: Between 13:30 and 14:00 operations are effected at their respective closing prices. Trading System The Electronic Trading System (ELEX). 01 0.0110 to 0.000.5 5 Board Lot 1.00 505.00 10. For non-resident alien individuals. Investors must place their orders through stockbrokers licensed by the Securities and Exchange Commission.000.50 to 50. Under this law.0002 0. Short selling is defined as any sale with borrowed securities.0001 x value of transaction Transfer Fee of Php100.0055 to 0.000 1.0500 0. revenue-generating corporation.5 1 2.com.0005 0.5100 to 1.0025 0. cash and/or property dividend earned on or after 1 January 2000 from a domestic corporation is taxed at 10%.000 1. Run-Off Time.000 10.00 25. Foreign Investment is limited to 40% for public utilities.000 100.020 to 0.ph Email:
[email protected] 0.000 100 100 100 10 10 10 Trading System Trading is fully automated.00 to 250. member-governed organisation into a shareholder-based.0024 0.000 1.235 EUR1 = PHP70.05bps value of transaction in lieu of capital gains tax) X X Seller X X Buyer X X X Main Indices PSE Composite Index Board Lots Board lots vary with share price and range from 10 shares to one million shares.0050 0.Contents Philippines GMT +8hrs Internet: www. The minimum board lot and price fluctuation vary depending on the movement of the market price of the security.000 100.105 to 0.com.10 to 10.02 0. using the Maktrade trading system.001 0.000 10.25% of transaction cost + 12% VAT) Securities Clearing Corporation of the Philippines Fee of 0. whichever is higher.00 252.4bn Average Daily Turnover: USD70.200 to 0.00 101.000 1.550 to 5. Market Charges & Compulsory Commissions The PSE prescribes the following charges. Trading at closing prices) Taxes & Regulations Affecting Foreign Investors For citizens or resident alien individuals.25 0.1 0. Any unit smaller than a board lot is considered an odd lot. Cross Selling Equity & Short Selling In October 2007 the PSE revised the rules on short selling.50 to 100.2m 93 Document produced by Société Générale Corporate & Investment Banking .ph Primary Exchange Philippine Stock Exchange Futures Information None Brief History The Philippine Stock Exchange (PSE) was established in 1992 from the unification of The Manila Stock Exchange (founded in 1927) and the Makati Stock Exchange (founded in 193). In 2001 the PSE was reorganised and transformed from a non-stock.2500 0. The system was modified to allow bond trading from 2001.0100 0. Taxes.020 to 2.002 to 0. The price of an issue moves within a trading band of 505 ceiling and 40% floor base on the previous day’s closing price or last posted bid price.000 5.00 + 12% VAT Cancellation Fee of Php20. banks and corporation in the natural resource sector.0525 to 0. and prioritising of orders takes place according first to price and then to time (first entered = first done).pse.05 0. took effect on 1 January 1998.000 10.505 as of August 2009 Market Capitalisation: USD7. and 32% if the recipient is a non-resident foreign corporation. except in cases where tax treaties are in force. Trading is done by board lots and a maximum of five board lots are allowed per trade Official Trading Hours Monday – Friday Pre-Open: 09:00 – 09:30 Continuous Trading: 09:30 – 12:00 Close: 12:00 – 12:10 (end of regular trading/calculation of closing price.001 0. short selling is only allowed at a price higher than the last sale price except in case of odd lot sales Board Lots and Price Ticks Price 0.00 and up Minimum Fluctuations 0.01 0.001 to 0.50 to 500. According to the rules.5 0.00 + 12% VAT Stock Transaction Tax (0.500 2. dividends received from domestic corporations are subject to a withholding tax of 25% if the recipient is a non-resident individual not engaged in trade or business in the Philippines.005 0. producing a single open-and-close price for all traded stocks. The two trading floors use the single order-book system on where all orders are posted and matched in one computer.125% and 0. Bid and ask prices are keyed into the Maktrade system. 8424. A tax reform law.25 to 25.000 100.000 1.000.0250 0. Foreigners cannot purchase retail or mass media companies. In March 1994 the one-priceone-market exchange was achieved through a successful computer linkup between the two existing trading floors of the PSE.00 50.5000 0. Republic Act No. Currency Philippine Peso (PHP) Clearing and Settlement T+3 Business Days Market Size Currency Exchange USD1 = PHP48.000 1. cash and/or property dividend from a domestic corporation is subject to an income tax of 20% on the total amount thereof.1000 0. Fees/Taxes Brokerage Commission (between 0. pl Primary Exchange Warsaw Stock Exchange Brief History The Warsaw Stock Exchange (WSE) in its current form started its operations in April 1991 and since this date trade has been conducted electronically. while less liquid ones are allocated to the single-price auction system. centralised and paperless. In June 1999.gpw.10 0. a list of which is updated daily on the WSE website. Since Poland’s accession into the European Union (May 2004).9bn Average Daily Turnover: USD191. it received from the US Securities and Exchange Commission the status of a designated offshore securities market. however. A cross sale can be made if: At least one exchange member submits a buy order and a sell order for the same number of securities at the same price and with the same settlement date The block has a value of: – – At least PLN 3 million for shares that are included in the WIG20 index At Least PLN 1 million for shares traded in the continuous trading system At least PLN 0.5 million for other securities Main Indices WIG20 Board Lot 1 – Official Trading Hours Monday – Friday Opening Auction: 09:00 Continuous Trading: 09:00 – 1:35 Continuous Trading for Futures Market: 09:00 – 1:30 (09:00 – 1:35 for T-note futures) Single Price Auction with two Auctions: 11:15. Each quotation system has its own schedule. Short selling is only available to local brokers and is rarely practiced. trading is supported by market makers (animators). However. Taxes & Regulations Affecting Foreign Investors Foreign investors are subject basically to the same regulations as domestic investors. it was only when democracy returned in the early 1990s were economic and political conditions suitable for the WSE to operate. Bonds and derivative instruments are traded in the continuous system. The investor must. Poland has such treaties signed with most European countries and developed countries outside Europe. However. the standard rates for equities are 0. According to those agreements.01 0. Taxes. However. the Warsaw Stock Exchange and Euronext signed an agreement on cross-membership and cross-access. For bonds the commission rates are between one third and half as much. without affecting retail market prices. the history of Polish capital markets goes back to 1817 when the first exchange was opened in Warsaw. the Exchange is a regular FESE member.% per USD50. Trading System Trading on the Warsaw Stock Exchange is order-driven. In February 2002. For some securities.50 Currency Exchange USD1 = PLN2.05 0. present a relevant certificate of residence for that.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Bloomberg WIG20 Futures Index Warsaw Stock Exchange 09:00 – 1:30 PLN10 x index 1 Three nearest months from the March quarterly cycle Same as trading day WI (Month Code) (Last Number of Year) <Index> Poland GMT +1hr (+2hrs DST) Internet: www. Cross Selling Equity & Short Selling Short selling is allowed on the Exchange for most liquid stocks.com. the Exchange became an associate member of the Federation of European Securities Exchanges.8% per USD10.875 EUR1 = PLN4. Otherwise. The most liquid stocks are traded in the continuous trading system.000. The WSE has been a member of the International Federation of Stock Exchanges since October 1994. Operations ceased with the onset of World War Two and with the subsequent communist control. their tax obligations are additionally regulated by provisions of double taxation treaties. Stocks of one company may only be quoted in one system. In May 1997. the income will be taxed in Poland at a 19% rate.5% Tick Size Stock Price (PLN) <50 50 – 100 100 – 500 >500 Tick Size 0.pl Email:
[email protected] 0. income derived by foreign investors from the exchange in Poland is subject to taxation in the country of residence (domicile). In the WARSET system.000 and 0.9% per USD5.1925 Market Size as of August 2009 Market Capitalisation: USD115. as a rule. introduced in November 2000. Market Charges & Compulsory Commissions: The exchange does not determine brokerage commissions. This agreement will allow WSE members to have access to Euronext products and vice versa.7m Document produced by Société Générale Corporate & Investment Banking 94 . 15:00 Currency Polish Zloty (PLN) Clearing and Settlement T+3 Business Days The maximum difference between the security price in order and the last price of this security from a trading session does not exceed 0. Large blocks of securities may be traded off-session. all listed companies are divided into separate groups based on their liquidity assessment. 25% of market capitalisation.005 will be implemented for certain stocks traded above EUR10. LCH. In 1859 the General Council of Commerce studied a proposal to create a stock exchange for the negotiation of funds. Banco BPI.74trn (Euronext) Average Daily Turnover: USD7. Tax Status Rate IRS/IRC Resident 15% IRS/IRC Non-resident 25% ISD Resident/Non-resident 2. one year after its migration to the NCS trading system. and include annual membership fees and variable fees that depend on the member’s activity.2500 2. within this fully automated system highly-liquid securities are traded continuously.0005 0. Trading System As of 7 November 2003. The package structure was adopted by Euronext Lisbon in November 2004.2bn (Euronext) The tax rate on dividends for residents is 15% (withholding or income) tax and 25% for non-residents on the full gross amount.5% Board Lot 1 Currency Euro (EUR) Resulting net dividend will be different for residents and non-residents. whilst the less liquid securities are traded by auction. Taxes. Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations. separate from the existing one on which goods and securities were traded. contract details <BDP/PSI20> PP (Month Code)(Last Number of Year) <Index> Brief History The first modern regulations on broking activity in Portugal were published in 1825. Implications for Foreign Investors Foreign investment is regulated by Investimentos Comercio e Turismo de Portugal (ICEP). For other stocks: During auctions: 10% difference from the reference price.com Primary Exchange Euronext Lisbon Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg PSI -20 Index Future Euronext Lisbon Mon – Fri. 95 Document produced by Société Générale Corporate & Investment Banking Currency Exchange USD1 = EUR0. September and December cycle Business day immediately after last trading day <0#PSI20:>.000 Tick Size 0. Many stock markets emerged throughout Portugal but the Bolsa de Valores de Lisboa e Porto (BVLP) was the most prominent.505 >10. plus a further municipal tax of 2.8417 . Banif. Euronext Lisbon has utilised that same trading and clearing systems as those in the other markets of Paris.euronext.5% payable by both residents and non-residents.001 0. The current product-driven fee structure has been in place since February 2005. During continuous trading: 5% difference from the reference price. following calendar month and the four closest months of the March. 08:00 – 1:35 EUR1 x Index EUR1 x Index / EUR1 Current month. There are no general restrictions on foreign holdings and presently foreign investment is subject only to a simple notification for statistical purposes to the ICEP within 30 days following the transaction. The rule is not applicable to intermediaries acting as market makers. The tick size for all other trades is listed below. financial intermediary commissions are charged stamp duty at a flat rate of 4% Main Indices PSI 20 Market Size as of August 2009 Official Trading Hours Monday – Friday Pre-opening: 07:15 – 09:00 Opening auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Market Capitalisation: USD2.com Email: info@euronext. Clearing fees are charged to clearing members by the clearing house. Finibanco-Holding SGPS. SGPS. June. spreads <0#PSI20-:>. All trades are conducted through the NSC system. Tick Size A specific fixed tick size of EUR0. Banco Popular Español.251 2. Trading resumes after a 2-minute halt. For the following stocks the disclosure will be public: Banco Comercial Português.500 10. During continuous trading: 3% difference from the reference price (re-adjusted during trading after an order has been matched).01 Taxes & Regulations Affecting Foreign Investors Securities transactions and income are subject to the following taxes: Income tax – IRS (individuals) or IRC (companies) – charged on income and capital gains Stamp duty – there is no stamp duty on securities transactions.005 0. Clearing and Settlement T+3 Business Days Circuit Breakers: For PSI20: During auctions: % difference from the reference price (generally the previous day’s close or the last indicative price). Clearnet. Cross Selling Equity & Short Selling Short positions both on equity or by using derivatives have to be reported to the CMVM if the position exceeds 0. near month <PSI20c1>. Banco Espírito Santo. For any other stock the information will remain confidential.Contents Portugal GMT +0hrs (+1hr DST) Internet: www.01 To 0. Price (Euros) From 0 0. Amsterdam and Brussels. Banco Santander. Espírito Santo Financial Group. Market Charges & Compulsory Commissions Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. On February 2002 the BVLP joined Euronext to form Euronext Lisbon which is now part of NYSE Euronext. 413 EUR1 = QAR5. however brokers are required to have written authorisation before trade can be conducted. Q-Tel is the only stock at present to trade scrip less. Taxes & Regulations Affecting Foreign Investors There are no taxes imposed on profits whether allocated by money or from the capital profits. The commission amount for buying and selling transactions is QR.com. It opened with an initial 17 companies listed on the exchange with a total market capitalisation of USD1.5bn. 100/-. Trading System Trades are conducted through a full automated order driven system called the (ETS).com.3234 Market Size as of August 2009 Market Capitalisation: USD74. It logs stock transfers that are trading and processes the clearing and settlement of stock.will be paid for the commission.2m Document produced by Société Générale Corporate & Investment Banking 9 . The Central Clearing and Registration (CCR) is part of the DSM and holds the register of share ownership. Main Indices DSM 20 Index Currency Qatari Riyal (QAR) Official Trading Hours Sunday – Thursday Pre-Opening: 09:30 – 10:00 Open: 10:00 – 12:30 Close: 12:30 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = QAR3. 1000/-. Originally trades were manual. Trades are completed using a remote system. a minimum charge of QR.qa Email: dsm@dsm. Market Charges & Compulsory Commissions Doha Securities Market Levy: 10% of brokers’ commission.qa Primary Exchange Doha Securities Market Brief History The Doha securities market was established on 2 May 1997 with the aim of consolidating the financial and economic structure of the country. All non-Qatari investors are required to register with the exchange and get a NIN number. Currently. The Doha Securities Market opened its doors to non-Qataris on 3 April 2005. this can be completed through the official website and costs QR. non-Qataris can trade in all listed shares from this date subject to an ownership restriction of 25 per cent of a listed company’s issued capital. All investors are required on the Doha Securities Market to register with the exchange and get an Investors Identification Number (NIN). they later turned semi electronic and were fully automated in 2002.00275 for each QR. 30/.dsm. 0.Contents Futures Information None Qatar GMT +4hrs Internet: www. Taxes.1bn Average Daily Value: USD115. and majority holding interests (>50%) are provided by the Securities and Exchange Law and by Regulations of the National Securities Commission.12% for the buyer. A share can be traded in more than one market. September and December months Last Friday of the contract month BET(Month Code)(Last Number of Year) <Index> Brief History Trading in equities in Romania dates back to 1882. however this number has since grown to approximately 70 listed companies.bvb. used for trading of blocks) Odd-lot market (an order driven market. as such the Bucharest Stock Exchange (BSE) recommenced its operations in November 1995. Main Indices Bucharest Exchange Trading Index (BET) Board Lots 100 shares (exceptions BRD and Transelectrica with 10 shares) Official Trading Hours Monday – Friday Pre-Opening: 09:30 – 10:00 Continuous Trading: 10:00 – 1:15 Pre-Close: 1:15 – 1:30 Closing Auction: 1:30 Currency Romanian Leu (RON) Clearing and Settlement T+3 Business Days Circuit Breaker Trading is limited to a variation of ± 15% from the last close price.01 0.1 0. 1 share in the Unlisted market.3% from the value of a trade for the seller and 0. In 1948 the stock market was left without any public companies due to the nationalisation of the whole economy by the communist government and ceased to function for almost fifty years.9224 EUR1 = RON4.272 Market Size as of August 2009 Taxes. saving instruments.22% from the buyer involved in the trade. used for trading of a volume of shares less than a block size) Deal (negotiated market.5 – 1 1–5 5 – 10 >10 Tick Size 0. the regulated market BSE and the alternative trading system RASDAQ.3%. for -15% move. Taxes & Regulations Affecting Foreign Investors Rate (%) Capital Gains Tax Dividends Interest 1 10/15 10/15 Notes Applicable to both residents and nonresidents 10% applied to residents. Up to 8% on each trade is to be paid by the client to the brokerage house. large investors can negotiate lower rates.1 The current settings of the BSE include.ro Email: bvb@bvb. 15% applied to non-residents 10% applied to income related to term deposits.bn Average Daily Value: USD11m .ro Primary Exchange Bucharest Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Bloomberg BET Index Future Bucharest Stock Exchange Mon – Fri.0001 0. significant (5%). After the Romanian Revolution in 1989 the economic and business leaders in Romania realised the need to raise capital and encourage commercial activities. introduced in 2001 (for bonds) and 2005 (for shares and rights). Circuit breakers only activate with a negative move: if the BET Index moves -12%. Market Charges & Compulsory Commissions Trading fees for shares: In general the BSE charges 0.05 0.1 0. Currency Exchange USD1 = RON2.001 0.2% from the seller and 0. In November 200 the BSE signed a cooperation agreement with Wiener Borse (WBAG) for joint dissemination of BVB data. for other public offers 0. the twenty four founding members of the Stock Exchange Association were able to trade the shares of just six listed companies. In December 2005.5 0. 1 share in the Deal market. is a flexible trading system with integrated modules for clearing-settlement operations and for the registry.1%.1 March. 1 share in the Odd-lot market (the volume allowed is less than 1 block). used for completing the settlement) POF (Public Offering) Unlisted Stock Tick Movements Stock Price (RON) 0 – 0. 15% for other saving instruments Corporate Income Tax 1 Cross Selling Equity & Short Selling Short selling is currently not permitted on the Bucharest Stock Exchange. the Bucharest Stock Exchange merged with the RASDAQ Electronic Exchange and as a result Bucharest Stock Exchange became the operator of both markets. June. The Romanian National Securities Commission charge 0. When the trade is conducted through the deal market the fee becomes 0.Contents Romania GMT +2hrs (+3hrs DST) Internet: www. The exchange was fully automated in 1999. Initially. Trading System The ARENA trading system.1 – 0. for IPOs 0. Regulations regarding disclosure of take-overs. Sell-Out. controlling (33%). trading is halted for 30 minutes. deposit certificates.08% of the value of the trade for every buyer. 09:30 – 14:30 RON 1x Index / 0.005 0. The price tick is set according to a price’s range. The trading unit is set based on the market type as follows: 1 block = 500 shares in the Regular market (for most listed companies). trading is halted for the rest of the day. They are: Regular market (an order driven market. large blocks of both shares and bonds) Squaring Up markets (Buy-In. 97 Document produced by Société Générale Corporate & Investment Banking Market Capitalisation: USD30. Main Indices RTS Index Tick Size 1RUB Official Trading Hours Monday – Friday Pre-Trading: 10:15 – 10:30 Continuous Trading: 10:30 – 18:00 Additional Session: 18:00 – 19:00 (decided by Board of directors of the Exchange) Currency Russian Ruble (RUB) Clearing and Settlement T+3 but depending on the issuer’s registry can go to T+15 Currency Exchange USD1 = RUB30. Cross Selling Equity & Short Selling Short Selling in Russia is not a recognised market practice.3% on transfers of ownership of shares. contract details <OTB/RTX> RC (Month Code)(Last Number of Year) <Index> Russia GMT +3hrs (+4hrs DST) Internet: www. investments in the defence industries (25% limit of foreign ownership). the RTS has developed into the benchmark of the Russian Securities Industry. Market Charges & Compulsory Commissions RTS operates on a non-commission basis.1bn Average Daily Turnover: USD3. introduced to the market in mid-1995. however.00). The Trading System also provides for a trade reporting mechanism and an assets control vehicle. nearest month (RTXc1>. Index: trading shall be halted for 1 hour following a ±15% move lasting for more than 10 minutes (except after 1:00). Taxes. Central Bank approval must be obtained for the following. 18:00 – 23:50 USD10 x index 0. Its origins. Born as an electronic OTC trading system. 08:00 – 09:00.ru Email: info@rts. Withholding taxes for foreign entities is 15% for dividends and 20% for interest and royalties. Trading System All trading on the RTS Stock Exchange is performed electronically. RTS members access the Trading System through the RTS Plaza Workstation. though there is no specific legislation to prohibit it.810 EUR1 = RUB45. a foreign investment for the acquisition of in excess of 50% ownership. Regulation of foreign investors is in accordance with the Foreign Investment Law. trace back to the Russian Trading System – the first electronic trading floor in Russia. The RTS was the first market to introduce technological trading in Russia and the first to issue recognised market regulations. 10:30 – 17:45. The standard rate of tax is 13% for a resident and 30% for a foreign resident.10 point equal to USD1 Next 3 months and the last month of the following quarter The working day following the last trading day <0#RTX:>. a trade confirmation system for matching parameters of trades and digital signing of purchase and sale agreements. 250m in equities Document produced by Société Générale Corporate & Investment Banking 98 . and shall be halted for the rest of the day when a ±30% move occurs. any investment of over 50 million roubles.ru Primary Exchange Russian Trading System RTS Brief History The Russian Trading System (RTS) Stock Exchange was established in 1998 by leading dealer-broker companies and professional stock market participants. The RTS Trading System is a universal automated screen-based system. constituting both dealerdriven and order-driven markets. Single stocks: trading shall be halted for 1 hours following a ±20% move lasting for more than 10 minutes (except after 1. Only RTS member companies can transact in the Trading System (on behalf of their clients and on their own account). Taxes & Regulations Affecting Foreign Investors Taxation of foreign investors is in accordance with the Profit Taxation Law.039 Market Size as of August 2009 Market Capitalisation: USD454. a complex of software and databases installed on their personal computers. The Russian government charges a stamp duty at 0. or an investment in projects for the exploitation of Russian’s natural resource (20% limit). Circuit Breakers Reference price is the previous close. Traders input quotes into the system and trades are either agreed over the phone or the system matches orders according to a special algorithm and completes transactions. Its mission was to consolidate regional securities markets into an organised securities industry and to regulate OTC trading in Russia.rts. and shall be halted for the rest of the day when a ±25% move occurs. 90% of trades executed in the RTS Trading System are processed electronically through the RTS Electronic Agreements Centre.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Russia Traded Index Futures RTS Mon – Fri.4bn. in 1990.7501 EUR1 =
[email protected]. The rapid economic expansion in the 1970s led to the establishment of a number of large corporations and joint venture banks.0012 of the trade value executed by the bank. There is no charge on order submission. No date has yet been set for its implementation. In 2003 the Capital Market Authority was established to oversee and regulate the market. regardless their nationalities. will display best 10 orders during the trading session. Automated clearing and settlement was introduced in 1989. the Electronic Securities Information System (ESIS). In October 2001 the Tadawul system was launched. capacity and flexibility. with real-time settlement on a gross basis. followed by the trading platform. SAR10.4824 Market Size as of August 2009 Market Capitalisation: USD297. Taxes & Regulations Affecting Foreign Investors Non-Saudi Residents intending to open Trading Investment Portfolios. or less than. Market Charges & Compulsory Commissions The maximum commission is 0.000. Trading System In 200 TADAWUL signed an agreement with OMX to replace the old trading system with one designed by the Swedish firm. replacing ESIS. The number of displayed price levels can be increased at any time. The best 5 price levels will be displayed during the Pre-open session.3bn Average Daily Volume: USD879. Main Indices Tadawul All Share index (TASI) Currency Saudi Riyal (SAR) Official Trading Hours Saturday – Wednesday Pre-Open: 10:00 – 11:00 Continuous Trading: 11:00 – 15:30 Clearing and Settlement 100% of shares are settled in real time i. The new system is similar to others designed by OMX and will offer the tadawul increased speed. The new systems.sa Email: musaed. Tadawul offers straight-through-processing. Commission is charged on executed trades only. change or cancellation. T+0 Currency Exchange USD1 = SAR3.9m 99 Document produced by Société Générale Corporate & Investment Banking .tadawul.Contents Saudi Arabia GMT +3hrs Internet: www. The minimum commission is SAR12 for any trade equal to.sa Primary Exchange Saudi Financial Market (TADAWUL) Futures Information None Brief History The Saudi stock market has its origins in the 1930s when the first joint stock company was established. The customer can negotiate a lower commission with the bank. Major share offerings were made to the public during this period. Taxes. are obliged to have a legally valid residence permit and they must have a bank account with a local Saudi Bank. For Securities listed on the exchange market buying and selling of shares on the A and B lists of the Belgrade Stock Exchange. withholding tax on dividend is 20% and withholding tax on capital gains is 14% for legal reasons and 20% for physical persons. and Federation of European Stock Exchanges and a member of Federation of Euro-Asian Stock Exchanges. bonds and other debt securities is carried out through the BSE trading information system and electronic trading platform BELEX. The old Belgrade Exchange operated almost continuously until interrupted by World War II in April 1941 and it was officially closed in 1953. The name Belgrade Stock Exchange was restored in May 1992. Members of the exchange input orders to BELEX from their working stations installed in the pits in the Trading Room of the exchange or at their office location through remote trading. Transactions can be executed promptly or on-term. the precondition for all foreign investments is respect of the principal of reciprocity. Continuous Trading Method.722 Document produced by Société Générale Corporate & Investment Banking 100 . There is no discrimination in regulations regarding domestic and foreign investors. tax on transfer of absolute rights is 0.10% on the value of the transaction.05% for block transactions in securities other than shares 0. Secondary trading in shares during trading sessions is organised by the following trading methods. including investment over 25% requiring approval of competent bodies.104 EUR1 = RSD93. There is no ceiling for foreign investments. and Minimum price method. Repatriation of capital is allowed with no limit. Trading agreements are transmitted to the Central Register and to the members of the exchange who concluded transaction. Main Indices BELEX15 Currency Serbian Dinar (RSD).12% for selling or buying shares 0. Withholding tax on interest rates is 20%. Orders are matched by the criteria of price and time.belex. In December 1989 the exchange was reestablished under the name The Yugoslav Capital Market – Belgrade. Trading System Securities can be traded on the exchange and OTC. in Montenegro Euro (EUR) Official Trading Hours Monday – Friday 09:00 – 13:00 Clearing and Settlement T+3 Business Days Market Size Market Capitalisation: USD14. Continuous sale method and multiply sale method.10% for secondary trade of debt securities from the Exchange Lists.9bn Average Daily Turnover: USD700k Currency Exchange USD1 = RSD4. or OTC trading – Single Auction Price. the fee is 0. Taxes. Exceptions are defined by Foreign Investment Law. trading methods are: Proportional sale method. Market Charges & Compulsory Commissions Members of the Belgrade Stock Exchange pay the following fees: 0. Taxes & Regulations Affecting Foreign Investors Foreign Legal entities may become Exchange members provided they have established a brokerage company registered in Yugoslavia.18% for block transactions in shares 0.3%.Contents Futures Information None Serbia GMT +1hr (+2hrs DST) Internet: www. have a designated person/persons who will be authorised by the Exchange to trade securities and have fulfilled the minimum capital requirements. In the primary securities trading (public offer of securities in the process of issuing).rs Email: Primary Exchange Belgrade Stock Exchange Brief History The first exchange on the territories of the former Yugoslavia was established in Belgrade in 1894. depending of the place of listing of the securities – A or B listing. The Belgrade Stock Exchange is a corresponding member of the World Federation of Exchanges. The exchange trading in shares. 04% (maximum of HKD3.000 shares or SGD50. Market Charges & Compulsory Commissions Brokerage rates are negotiable for all transactions on the SGX Securities Trading. a member firm may cross a trade if it is above the minimum size threshold (150. June. If executed after Official Trading Hours. Main Indices Straits Times Index Currency Singapore Dollar (SGD) Official Trading Hours Monday – Friday Pre-Open routine: 08:30 – 09:00. the SES introduced measures to remedy against failure to delivery of securities A penalty of 5% of the value of the failed trade. he/she will be bought in.000 fine and/or disbarment from participation in the Buying-In Market Crossing is allowed.000 shares. However there are additional charges: A clearing fee of 0.7bn 101 Document produced by Société Générale Corporate & Investment Banking . 08:45 – 12:35 / 14:00 – 17:15 SGD10 x Index 1 Two nearest serial months and March. No restrictions exist on the acquisition of foreign securities by residents but dividends received from abroad are subject to income tax. The new system was constructed by OMX Technology which also provides the technology for 1 different exchanges which will enhance the connectivity between SGX and other markets. On 23 November 2000 SGX became the first exchange in Asia Pacific to be listed via a public offer and a private placement.sgx. The system is described as high speed. subject to a minimum of SGD1. Capital gains are not subject to Singapore tax and capital losses are not deductible for Singapore tax purposes.Contents Singapore GMT +8hrs Internet: www.com Email:
[email protected] Market Size as of August 2009 Cross Selling Equity & Short Selling Short selling is permitted. This system has been used on the derivatives market since 2004 and now includes all securities trading. nearest month <SSTc1>. However investors are required to make arrangements to borrow securities before selling short. Cross trades executed during Official Trading Hours have to be reported to the Exchange within 10 minutes of execution. September. Board Lots Shares are mainly traded in board lots of 1. the trading of odd lots is also allowed. Trading System In 200 the SGX replaced the CLOB trading system with SGX QUEST (Quotation and Execution System for Trading).4225 EUR1 = SGD2.095 and USD393) Trading free of 0. the member firm must report it in the first half hour of trading on the following day. December months on a 1-year cycle Second last business day of the contract month <0#SST:>. The Singapore Exchange (SGX) was formed in December 1999 following the merger of the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange Limited (SIMEX). whereby trades executed in the two markets for the same underlying share can be consolidated in a single contract. Taxes. 14:00 – 17:00 Pre-Closing routine: 17:00 – 17:0 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = SGD1. Effective 14 April 2003. Foreign ownership is restricted only in certain companies. This marked the birth of Asia Pacific’s first demutualised. Corporate dividends that are paid (under both the new one-tier system and old full-imputation tax system) to non-Singapore tax residents are free from withholding tax. contract details <SIM/SST> SD(Month Code)(Last Number of Year) <Index> Brief History The first trading of stocks in Singapore goes back to 1930 when the Singapore Stockbrokers Association was formed. If participants fail to deliver shares in the buying-in market they will be subject to a SGD50. the “Odd Lot Market” was replaced with “Unit Share Market”.75bps Goods and Services tax (GST) of 5% on brokerage and clearing fees Taxes & Regulations Affecting Foreign Investors There is no dividend tax or withholding tax on dividends paid to nonresidents. However tax at the prevailing corporate tax rate is deducted from the gross dividends payable.4bn Average Daily Value: USD924. However. capital and capital gains. In 2007 The London Stock Exchange chose the SGX as its strategic partner in Asia. state of the art and allows remote access for market participants as well as increased capacity and liquidity. If investors cannot settle by the settlement date. In September 2008.000). Trading Session: 09:00 – 12:30. integrated securities and derivatives exchange.000 will be imposed (additional to the existing SGD30 per contract) Market Capitalisation: USD545. Board lot trading on the existing Ready Market is maintained for those who wish to continue trading in the designated board lot sizes. there are also no limitations on the repatriation of income. Amalgamation of trades between the Ready and Unit Share markets is possible.com Primary Exchange Singapore Exchange (SGX) Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg STI Index Futures ETS Singapore Exchange Mon – Fri. which enables the trading of odd lots in any quantity less than one board lot of the underlying share in the Ready Market. sk Email:
[email protected] Market Size as of August 2009 Market Capitalisation: USD5.1% depending on the size of the transaction.Contents Futures Information None Slovakia GMT +1hrs (+2hrs DST) Internet: www. however it must not be less than 10 SKK and more than 10. Non-residents may only purchase bank shares if they have received permission from the National Bank.1bn Average Daily Turnover: USD59. The counter-parties to a transaction are Stock Exchange members. Trading System The trading of securities takes place via the Electronic Stock Exchange Trading System (Elektronický Burzový Operacný Systém – EBOS). There is no capital gains tax for non-residents. price-setting) transactions. Electronic order book transactions An electronic order book transaction is closed in the EBOS when an order to buy and an order to sell are matched. Continuous Trading. Electronic order book transactions can be closed in the following modules of EBOS: Auction Trading.1m (¼ equities. which are located at their offices and have an on-line connection to the Stock Exchange’s central computer. For full details of these see the official website. Main Indices Slovak Stock Index Currency Slovak Koruna (SKK) Official Trading Hours Monday – Friday Fixing (Auction Trading): 10:30 – 10:50 Continuous Trading: 11:00 – 14:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = SKK20. The BSSE fee for trading equals 0.sk Primary Exchange Bratislava Stock Exchange Brief History Bratislava Stock Exchange (BSSE) was founded on the 15 March 1991 when Slovakia was part of Czechoslovakia. Market Charges & Compulsory Commissions Brokerage fees vary from 0. Taxes & Regulations Affecting Foreign Investors There is a 15% withholding tax on dividends and interest.sk. Negotiated Deals. Cross Selling Equity & Short Selling Short selling and crossing are not banned by the Exchange’s legislation. Market-maker Trading.000 SKK. It remains the primary securities exchange in Slovakia.04 EUR1 = SKK30. The BSSE commenced its commercial activity in April 1993 three months after the Velvet Divorce when Slovakia split from Czechoslovakia. They can also make a public offer to take over a company. Taxes. Members place the orders to buy and the orders to sell by means of EBOS workstations.% to 0. ¾ bonds) Document produced by Société Générale Corporate & Investment Banking 102 . negotiated deals and REPO transactions. but they are not specified in the regulations.bsse.e. The members can close electronic order book (i.08% of the volume of the transaction. statistics@bsse. close price and other significant trading data.ljse. federal laws were passed which opened the doors to the capital market and the creation of stock exchanges. settlement has to be respected (T+2).8417 103 Document produced by Société Générale Corporate & Investment Banking . Market Capitalisation: USD12. It remained closed for almost 50 years but was the first Yugoslav stock exchange to be reopened when. The Ljubljana Stock Exchange (LJSE) was officially established in December 1989 by 33 banks. in 1989.8m Official Trading Hours Monday – Friday Continuous Trading Pre-trading: 08:00 – 09:30 Main session: 09:30 – 13. with the securities being traded through liquidity providers. Non-residents of Slovenia may also benefit from elimination of double taxations through bi-lateral treaties between Slovenia and other countries. The first session was held in March 1990 involving 14 brokers trading in 11 securities.si Primary Exchange Ljubljana Stock Exchange Futures Information None Brief History The Ljubljana Stock. When a bidder alone or with the persons acting in concert reaches 25% of the voting rights of a particular issuer. he is obliged to make a public takeover bid for purchase of the rest of the shares. Non-residents are required to register with a stockbroker and investors must open a special custody account with a bank beforehand. the current average price. increased capacity and increased liquidity. The general rate of tax in Slovenia is 22%. LJSE continued with activities intended to further increase liquidity of the market. 10% from ten years and 5% from fifteen years. currently the rate is ± 3% of the last day’s closing price. Only members of the stock exchange (LJSE) are allowed to trade directly on the organised market in Slovenia. dividends and other income is not subject to any restrictions. due to its stable macroeconomic environment.00 (the start of the main session can be delayed up to 7 minutes) Auction Trading Pre-trading: 08:00 – 11:00 Post-trading: 11:00 – 13:00 Currency Euro (EUR) Clearing and Settlement T+2 Business Days Currency Exchange USD1 = EUR0. whereas other entities may only trade there through the mediation of member. Market Charges & Compulsory Commissions Depending on the size of the amount traded the fees charged by the LJSE normally range between 0. Brokerage commission is negotiable. After twenty years of ownership the tax rate becomes 0%. Slovenia became the first among the new Member States to adopt the euro. In October 2008. Cross Selling Equity & Short Selling Short selling is tolerated. In 200. Trading System Since October 2005 the Ljubljana Stock Exchange has traded on the upgraded BTS trading system. Capital gains tax is progressively lowered every five years of ownership from 15% from five years. Orders are continuously entered into the system directly by brokers from their trading stations where they can also monitor the performance of the entire LJSE order book. Dividends are subject to a 15% tax. Thus. which shall fall by one percentage point per year until 2010 when it shall be 20%. Commodities and Foreign Exchange was established in 1924. Main Indices Slovenian Stock Exchange Index (SBI 20) Market Size as of August 2009 Taxes. This upgrade of the trading system allows increased market integrity and surveillance.03% of the value of the transaction and 0. a new mechanism of trading within the trading system was introduced.07%.Contents Slovenia GMT +1hrs (+2hrs DST) Internet: www. best bid and best ask. trading will first resume with an auction. On 1 January 2007.si Email: info@ljse. Becoming a remote member of LJSE is also possible. the Ljubljana Stock Exchange instored a maximum ±20% daily price movement.7bn Average Daily Turnover: USD3. Circuit Breakers The new system also allows for trading to be halted whenever trades exceed the parameters decided by the LJSE. The LJSE continues to facilitate auction trading for less liquid stocks. On 1 January 2001 the existing official market segments A and B were merged to form the Official Stock Exchange Market. Taxes & Regulations Affecting Foreign Investors All shares listed on the LJSE are freely available to foreign investors and repatriation of capital. The Exchange was closed in 1941 due to World War II and officially abolished in 1953. On 1 July 2005. J1M2. settlement of transactions is contractual and on a five day cycle. Since 1994 South Africa has been in the process of reversing several decades of isolation from the rest of the world and the securities exchange is no different.892 Market Size as of August 2009 Market Capitalisation: USD3.005% Trading System The JSE trading system – JSE SETS – was implemented in May 2002. unless otherwise stipulated by the JSE. J1M1. Brokers are required to ensure that their clients are able to meet this requirement before they enter orders to sell. 08:30 – 17:30 ZAR10 x Index 1 March. In July 2001. N1H2. J2L2 J3H1. is payable by local investors on brokerage charged in agency transactions.co.25% 0.za Email:
[email protected] Primary Exchange JSE Securities Exchange South Africa Brief History The JSE Securities Exchange South Africa was first established in 1887 just after the Witwatersrand gold fields were discovered and celebrated its 120th anniversary in November 2007. Dividend and interest payments are exempt from South African income and withholding taxes for foreign investors and are freely transferable to countries outside the Common Monetary Area of Southern Africa. J1H2. However. Namibia. For individual stocks. Market Charges & Compulsory Commissions Brokerage is fully negotiable between the investor and the JSE member firm. a limited liability public company with a share capital. The JSE prioritises orders first by price and then by time.0003% 0. The exceptions to this rule are certain transactions known as reported trades that are defined in the JSE rules. contract details <SFX/ALS> AI (Month Code)(Last Number of Year) <Index> South Africa GMT +2hrs Internet: www. J3L1. initially. a Dynamic Price Range is defined around the last traded price in an auction or during continuous trading. In 2000 the Johannesburg Stock Exchange changed its name to JSE Securities South. if a client wishes to short sell he must have arranged borrowing facilities before the sale takes place. September and December cycle 15th of the month at 1. the JSE Securities Exchange demutualised and became JSE Limited. J2M1.co. Circuit Breakers There is currently no market-wide circuit breakers in place. ALT J4S1. This means that before a cross can take place all orders in the order book that have a better price or have time priority must be satisfied.8bn Average Daily Turnover: USD1. Official Trading Hours Monday – Friday Open period: 08:30 – 08:35 Opening auction: 08:35 – 09:00 Continuous trading: 09:00 – 1:50 Closing auction: 1:50 – 17:00 Run-off: 17:00 – 18:00 Currency South African Rand (ZAR) Clearing and Settlement T+5 Business Days (however the JSE is in the process of cutting clearing and settlement to T+3 which it plans to have implemented by Q4 2008) Currency Exchange USD1 = ZAR7. Zimbabwe and Zambia before expanding to include more of the continent. It defines the maximum percentage deviation of the indicative price from the Dynamic Reference Price. JSE SETS was supplied by the London Stock Exchange on an Application Service Provider basis. Therefore. J3S1. N1M2. In November 1995 the JSE for the first time permitted ownership by foreign and corporate members. J2H2. N1M1. Volatility bands are defined at a sector level. J4S2 N1H1.jse. South African Futures Exchange (Safex) became a division of the JSE. at a current rate of 14%. J2M2. J1L2 J2H1. nearest month <ALSc1>. In 2007 the JSE announced plans to create a pan-African exchange by enabling investors to trade in shares from. June. All transactions in securities shall only be conducted through the JSE trading system. after 118 years as a mutual association. J2L1. Taxes & Regulations Affecting Foreign Investors VAT.2bn Document produced by Société Générale Corporate & Investment Banking 104 . The JSE SETS order book is based on an order matching system in which member firms display their bid (buying) and offer (selling) orders to the market on an electronic order book. N1L1. Main Indices JSE All-Share Index Board Lots 1 Cross Selling Equity & Short Selling There are no rules regarding short selling at the JSE.4523 EUR1 = ZAR10. J1L1. The following price volatility bands have been defined for the JSE market: Continuous Opening Trading and Auction Other Auctions 10% 20% None None None 5% 10% None None None Segment Sector Code ZA01 ZA02 ZA03 ZA04 ZA11 J1H1. In 199 the open outcry trading floor was closed with trading going fully automated from this date. There can be substantial fines for not covering a short sell with either a borrow or back to back transactions.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg FTSE/JSE Top 40 Index Futures South African Futures Exchange Mon – Fri. N1L2 Taxes.00 <0#ALS:>. Stamp duty on Purchase: Insider Trading Levy: STRATE Trading Fee: 0. Ghana. J3M1. This process is limited to once a day and is not issued 40 minutes before market closing. caused by so-called ‘fake order’ placed with an intention of misleading other investors. For ten minutes after the trading halt.2 ~ 0.5 ~ 0.co.5%.1% 0.000 x Index 0.1% 0. investors have to pay 0. When this has been completed investors shall be given a IRC which is required to execute trades.1% 0.2% Trading System The KRX is an order-driven market where buy and sell orders compete for the best price. 13:00 – 15:15 (Mon – Fri).kr Primary Exchange Korea Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg KOSPI2 Index Futures Korea Futures Exchange (www.Contents South Korea GMT +9hrs Internet: www.kr Email:
[email protected]%.2bn 105 Document produced by Société Générale Corporate & Investment Banking .2 ~ 0. Market Charges & Compulsory Commissions Brokerage commission is negotiable and each member autonomously determines its own brokerage commission rate. The withholding tax on dividends is 1. however are determined by call auctions.2% of the trading value. Short Selling: Naked Short Selling and Short Selling (after having borrowed the shares) is prohibited for Financials. Tick Size Unit KRW5 KRW10 KRW50 KRW100 KRW500 KRW1000 Tick Size 0.800 orders a second for trading on the main exchange. the Korea Futures Market (KOFEX). The basic rate of tax for a stock transaction is 0. Currently.05 March.5bn Average Daily Turnover: USD.krx. Taxes & Regulations Affecting Foreign Investors Foreign investors must apply to the FSC (Financial Services Commission) for registration to commence investments.5%. details <KFE/KS> / KM (Month Code)(Last Number of Year) <Index> Brief History On 27 January 2005. Uptick rule applies. Due to be online in January 2009 the new platform aims to enable up to 2. orders are continuously matched at a price satisfactory to both buy and sell sides. according to price and time priorities. the Korea Exchange.000 or higher Currency South Korean Won (KRW) Official Trading Hours Monday – Friday Pre-Open: 08:00 – 09:00 Opening Auction: 09:00 Regular Session: 09:00 – 14:50 Closing: 14:50 – 15:00 Clearing and Settlement T+2 business days for stocks Taxes. On the KOSDAQ the tax for stock transaction is 0. Investors and brokers will have their trades settled in 0. In January 2004 the KRX introduced the random-end system for opening and closing call auctions.7 EUR1 = KRW1787. Main Indices KRX 100 Korea composite stock price index (KOSPI) KOSDAQ Board Lots 10 shares/units (one share if the price is KRW50. broadcasting and airline industries. KRX was created through the merger of the Korea Stock Exchange (KSE). Off-exchange trading will be taxed at a rate of 0.2 Market Size as of August 2009 Market Capitalisation: USD720.08 seconds as apposed to the current average of two seconds. No restriction is imposed on foreign investment in Korea. When investing in the securities market.1% <0.kr) 09:30 – 11:30.krx. Inc (KRX) was launched as Korea’s single integrated exchange under the Korea Stock and Futures Exchange Act.15% stock transaction tax and a special 0.5 ~ 0.5%. Covered Short selling permitted on nonFinancials. the commission rate for stocks is around 0. all bids and offers will be received and all orders will be settled by a single price. Circuit Breakers If the KOSPI decreases by more than 10% of the previous closing price for more than one minute all trading is suspended for 20 minutes. The KRX aims to transform itself from a local exchange to one of the major financial markets in the world by becoming a centralised securities and derivatives market with significant trading volume. up from the current 500. telecommunications. the KOSDAQ Market and the KOSDAQ Committee a sub-organisation of the Korea Securities Dealers Association (KSDA).co. thereby promoting fair price formation at the opening and closing call markets.1% 0. On the last trading day 09:00 – 14:50 KRW500. The opening and closing prices.co. Currency Exchange USD1 = KRW1222. In December 2007 the KRX announced plans to upgrade its electronic trading system. The main purpose of the random-end system is to prevent any distortion in the price discovery function of the KRX. such as electricity. June.15% tax for farming and fishing villages. near month <KSc1>. September and December Second Thursday of the delivery month <0#KS:>. except for the investment ceiling placed on a few industries that are considered to be of national strategic importance.5 ~ 0. Throughout the Official Trading Hours. 2trn Average Daily Turnover: USD. Trading System At present.050 Document produced by Société Générale Corporate & Investment Banking 10 . based on outcry operations. the stocks components of the IBEX 35 index will trade according to the new tick type that is detailed below: Number of decimals: 3 Stock Price < 10 € > 10 € .005 0. but accounting for a residual volume (less than 2% of trading volume). The BME has integrated the companies that direct and manage the securities markets and financial systems in Spain. utilities and so on). A call market (Fixing) is also supported for the less liquid stocks. Intermediaries have to communicate the fees they charge to the Securities Market Commission (CNMV) and make them public.es Email: internacional@bolsasymercados. September and December cycle. There are also special conditions that affect foreign investment in Spain in matters of air transport. gambling and telecommunications. Spanish Exchanges Expiration Day Reuters Bloomberg Brief History There are currently four regional exchanges in Spain. are also traded in SIBE. Market Charges & Compulsory Commissions Fees charged by members (brokers and broker dealers) are fully negotiable. and further five months of the June and December cycle The third Friday of the contract month <0#MFXI:>.es Primary Exchange BME. but accounting for a residual volume (less than 2% of trading volume). two trading systems coexist in the Madrid stock market: traditional open outcry trading and the electronic Spanish Stock Market Interconnection system or SIBE (Sistema de Interconexión Bursátil Español). with a single order book and a matching procedure based on price-time priority. fixed-income and derivatives markets and their clearing and settlement systems. All the regional exchanges are now part of an umbrella organisation – the Bolsas y Mercados Españoles (BME). Circuit Breakers There are no marketwide circuit breakers in place.es for updates). such as Nuevo Mercado. Other market segments. the Spanish equity. under a single activity. In the Equity Market an electronic trading platform (SIBE) accessed by the four stock exchanges operates a single equities market. is one of Europe’s four leading stock market operators by trading volume.8417 Starting on January 4th. however.01 0.<100 € > 100 € Tick Size 0. The system supplies sectorial indices (financial. the Barcelona. Main Indices IBEX 35 Index IGBM Index Market Size as of August 2009 Market Capitalisation: USD1. June.< 50 € > 50 € . It has brought together. based on outcry operations. Whenever the static or dynamic ranges are breached. this does not apply to market makers).25% of a company’s capital has to be disclosed. Bolsas y Mercados Españoles. Dividends are subject to a 15% withholding tax. two nearest calendar months not included in the previous group. IBEX-35. Taxes.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Contract Months IBEX-35 Futures Meff Renta Variable (Madrid) 09:00 – 17:35 (pre-opening auction 08:30 – 09:00) EUR10 x Index Ten nearest months of the March. television.cnmv. radio. Additionally open out-cry floor trading is still conducted in every stock exchange. New products. Valencia and Madrid borses. are operated on the same platform. mineral raw materials of strategic interest and mining rights. spreads <0#MFXI-:>. minerals. based on an order-driven structure. each stock is subject to a static and dynamic range. next month <MFXIc1>.3bn Cross Selling Equity & Short Selling Shares must be borrowed before they can be sold short. 2010.05 Clearing and Settlement T+3 Business days Currency Exchange USD1 = EUR0.01 0. utilising particular matching procedures for this sort of instrument.bolsasymercados. Short positions over 0. a five minute auction takes place. details <MRV/MFXI1? IB(Month Code)(Last Number of Year)<Index> Spain GMT +1hr (+2hrs DST) Internet: www. More than 150 shares are traded in the main market. The static range is defined as a percentage of the price from the last auction whereas the dynamic range is defined as a percentage from the last trade. such as warrants. Taxes & Regulations Affecting Foreign Investors There is no taxation on capital gains derived from the transmission of securities on the Spanish stock exchanges if a double taxation agreement with the investors’ country of residence exists. Additionally open out-cry floor trading is still conducted in every stock exchange. operating with two daily auctions. until 22 September 2009 (see Official Trading Hours Monday – Friday Equity Market – SIBE (Electronic order book) Pre–Opening Auction: 08:30 – 09:00 Open Market: 09:00 – 17:30 Closing Auction: 17:30 – 17:35 Fixing Market: First Fixing: 12:00 Fixing Market: Second Fixing: 1:00 Block Trading: 09:00 – 17:30 Special Operations: 17:40 – 20:00 Equity Market – Floor Trading Barcelona: 11:00 – 11:10 Bilbao: 10:30 – 11:30 Madrid: 10:00 – 12:00 Valencia: 10:30 – 10:45 Board Lot 1 Currency Euro (EUR) Tick Sizes Unit < 50 € > 50 € Tick Size 0. decision-making and coordination unit. Bilbao. with its four exchanges. The most liquid 35 are included in the market index.010 0. This rule shall be in place www. The full list is available on the website.00% to Broker SEC Cess 0.225% on your transaction This is divided as follows: Net amount 0.09% CSE Fees 0.80% to Broker SEC Cess 0.09% CSE Fees 0.20% Main Indices All Share Price Index (ASPI) Milanka Price Index (MPI) Currency Sri Lankan Rupee (LKR) Clearing and Settlement T+4 Business Days Official Trading Hours Monday – Friday Pre-Open: 09:00 – 09:30 Opening Auction: 09:30 Regular Trading: 09:30 – 14:30 Close: 14:30 Currency Exchange USD1 = LKR114.cse. Cross Selling is allowed as long as it takes place within the bid-ask spread. Market Charges & Compulsory Commissions Commissions are non-negotiable under RS100m. however there are some variations and the limit can be increased with governmental approval.lk Email:
[email protected] (Subject to a minimum brokerage of Rs. Investors in the CSE will face the following charges. Bid and Ask prices are entered into a central electronic order book. As a modern exchange. Cess tax 0. 10/. Trading System The CSE commenced the process of automating the Exchange in 1991 with the installation of the Central Depository System (CDS) and an electronic clearing and settlement system for share transactions. Cess tax 0. Transactions up to Rs. Circuit Breakers In the event the Milanka Price Index (MPI) (or the index that may replace the MPI in the future) drops 5% within the day from the previous market day’s close. Taxes. deep sea fishing and commercial banks. Price and volume details of all completed transactions are electronically communicated immediately to all the members involved. the CSE now offers state-of-the-art technological infrastructure to facilitate an “order-driven trading platform” for securities trading – including shares.20% Transactions over Rs. This automation process was completed with the commissioning of the Automated Trading Systems (ATS) in 1997. Cross Selling Equity & Short Selling Short selling is prohibited. Market Size as of August 2009 Market Capitalisation: USD7. The technology introduced by the Exchange significantly enhanced the competitiveness of the CSE and provided a more efficient and transparent market.03% Govt.425% on your transaction This is divided as follows: Net amount 1. 5/-). except in certain area deemed of national importance.105% CDS Fees 0. orders are matched according to fixed rules and execution prices are set. Taxes & Regulations Affecting Foreign Investors Foreign investment is permitted without restriction in listed companies up to 100%.105% CDS Fees 0.m 107 Document produced by Société Générale Corporate & Investment Banking . corporate debt securities and government debt securities.1 million The CSE will charge 1.Contents Sri Lanka GMT +hrs Internet: www.82 EUR1 = LKR17. During Official Trading Hours.lk Primary Exchange Colombo Stock Exchange Futures Information None Brief History Share trading in Sri Lanka began in 189 under the aegis of the Colombo Share Brokers Association (CSBA). In 1984 share trading was formalised and opened to the public with the establishment of the Colombo Stock Exchange (CSE) which took over the operations of the stock market from the Colombo Brokers Association (CBA).03% Govt. insurance companies. In such areas the standard limit is 40% of the share issue ownership. a “Market Halt” be imposed on all equity securities for a period of 30 minutes. mass communication. The sectors which are protected include mining companies.per contract & a minimum CDS fee of Rs. The ATS is designed to match buy and sell orders placed by the member firms of the CSE.0bn Average Daily Turnover: USD3.1 million The CSE will charge 1. provided the authorities approved the inflow of funds.0% Trading System Trading is conducted using the call-over system under the supervision of the Capital Markets Development Unit of the Central Bank.Contents Futures Information None Swaziland GMT +2hrs Internet: www. which has regulatory oversight over the operations of the exchange.1m Document produced by Société Générale Corporate & Investment Banking 108 .413 EUR1 = SZL11. approval is routinely granted when required for investment activity. Market Charges & Compulsory Commissions Value of Transaction (SZL) Orders up to 49. Taxes. A total of six equities are listed on the exchange. However.0% Main Indices The SSX Index Currency Swaziland Lilangeni (SZL) Official Trading Hours Monday – Friday 12:00 – 12:30 Clearing and Settlement T+5 Business Days Currency Exchange USD1 = SZL7. prior approval of the Central Bank of Swaziland is required for all capital transfers into Swaziland from outside the Common Monetary Area (CMA).0 20. Also there is no disclosure requirement in the market.sz Email:
[email protected] to 99.0 Commission Rate 2. It was not until July 1999 that a fully-fledged stock exchange.sz Primary Exchange Swaziland Stock Market Brief History The initiative for the establishment of a local stock market came from the Government of Swaziland and approval was given in 1989.5% 1. was inaugurated.0% 1. There are currently two members of the Swaziland Stock Market: Swaziland Stockbrokers Ltd and African Alliance Swaziland Securities Ltd.0% 12.004 Market Size as of August 2009 Market Capitalisation: USD187. In July 1990 the stock market commenced trading with the listing of the first public company.000 Handling Fees (SZL) Vendor Purchaser 20. For eight years the stock market operated as an over the counter-single broker facility. Standard Chartered Bank Swaziland Ltd.999 Orders over 100.ssx. Repatriation of dividends and capital is allowed. The following are taxes levied on foreign investments: Tax Withholding tax on interest Dividend tax on CMA residents Non CMA residents tax on dividends Rate 10.999 Orders from 50. which are as follows: Position 1 2 3 4 5 Security Royal Swaziland Sugar Corporation Ltd NEWERA Partners Ltd Swazi Empowerment Limited Swaziland Property Investments Ltd Nedbank (Swaziland) Ltd Swazispa Holdings Ltd Taxes & Regulations Affecting Foreign Investors There are no investment restrictions on any of the instruments listed on the market or ownership restrictions for both residents and non-resident investors. In practice. the Swaziland Stock Exchange (SSX).org.org.5% 15. launched a full central counterparty clearing (CCP) service on the NASDAQ OMX exchanges in Copenhagen.Contents Sweden GMT +1hr (+2hrs DST) Internet: www. During 2007 NASDAQ and Dubai Borse were involved in a takeover battle for OMX.01 0.5 500 – 4. nearest month <OMXc1>. The trading fees are related to the number of trades and turnover value.95 15 – 49. NASDAQ OMX Nordic. Main Indices OMX Stockholm 30 Board Lots 1 Central Counterparty Clearing In October 2009. together with EMCF (European Multilateral Clearing Facility).000 Tick Size 0. or the last auction price.25 All 12 months with contract terms of 1.05 0. the Stockholm Stock Exchange became fully electronic with the introduction of the SAXESS trading system.3bn (OMX) Average Daily Turnover: USD3bn (OMX) 109 Document produced by Société Générale Corporate & Investment Banking .9971 EUR1 = SEK10. The OMX and its three CCP partners – EMCF. There is now mandatory CCP on nine Nordic securities: three Finnish. In 1990. In addition to these fees members also receive a discount on their traded volumes. In 1998 and 1999 the three exchanges merged. Banks were admitted as trading members from 1907 and an electromechanical trading system was introduced in 1918. Group Blue Chip Index stocks Other stocks Penny shares (<SEK10). The Stockholm Stock Exchange was the most modern exchange in Europe and was referred to as ‘the world’s quietest exchange’. In December 2002 OMX together with the London Stock Exchange (LSE) announced the formation of EDEX London.stockholmstockexchange@omxgroup. the only requirement being that the securities are delivered at settlement. The OMX Exchanges division was created when OM and HEX merged in 1998. Dynamic price range: The reference price is determined by the last trade in the order book. Abusive short-selling where manipulation can be proven is prohibited. in return the Borse Dubai gained a 20% state in NASDAQ. a new marketplace for Equity Derivatives trading. the Stockholm Stock Exchange and PmI AB. This tax of nominally 30% is often reduced by a double-taxation agreement between Sweden and the investor’s nation.999 5. Official Trading Hours Monday – Friday Opening Auction: 08:45 – 09:00 Continuous Trading: 09:00 – 17:20 Closing Call: 17:20 – 17:30 (no opening auction) Currency Swedish Krona (SEK) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = SEK. premium bonds. First North DK. Helsinki and Stockholm.com Email: info. Taxes & Regulations Affecting Foreign Investors Foreign investors are exempt from all taxes in Sweden except for a withholding tax on dividends. shares with large avg spreads (>4%) Dynamic circuit breaker threshold 3% 5% 15% Static circuit breaker threshold 15% 20% 25% Market Size as of August 2009 Market Capitalisation: USD720.se.99 5 – 14. bonds.omxgroup. In January 2008 it was announced that Borse Dubai was to buy OMX and would then sell it to NASDAQ. All brokers have the same picture of the market situation simultaneously since all information from cash and derivative trading is relayed in real-time. liquidity class C. while derivatives trading takes place via OMX’s CLICK trading system and voice broking. Market Charges & Compulsory Commissions Stockholm Stock Exchange currently charges a two-fold transaction fee to their members.25 0.5 1 5 Trading System Trading in shares. Taxes.1 0.2 and 3 months Fourth Friday of the expiration month <0#OMX:>. 09:00 – 17:20 SEK100 x Index 0. No uptick rules apply in this market. Numerous transactions are executed using automatic matching. Tick Size Price from (SEK) 0 – 4.90 50 – 149. contract details <OM/MENY> QC(Month Code)(Last Number of Year) <Index> Brief History Trading at the Stockholm Stock Exchange commenced in 183. Operations commenced in 2003 through EDX London’s acquisition of OM London Exchange’s Scandinavian equity derivatives business. Cross Selling Equity & Short Selling Short selling is practised in Sweden but is unregulated. warrants. this means that bid and ask orders are automatically matched for a trade where the bid and ask price correspond. Swedish and Danish stocks respectively.227 Circuit Breaker Static price range: The reference price is either the last close. convertibles and depository receipts on the Stockholm Stock Exchange is carried out via OMX’s SAXESS trading system.75 150 – 499. the dynamic price range is only active during continuous trading. As recently as 1997 there were three exchanges in Sweden: OM Stockholm AB.com Primary Exchange Stockholm Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg OMXS30 Index Futures OMX Stockholm Stock Exchange Mon – Fri. SIX X-clear and Euro CCP – have further agreed to achieve competitive clearing by January 2010. Market Charges & Compulsory Commissions Since 1991 commissions from traders on the SWX has been fully negotiable. trading in Swiss and foreign-money market paper and securities trading in bonds between foreign contracting parties.0347 EUR1 = CHF1. Virt-x’s trading system is conducted through their own trading system. June. Since 2003 the Virt-x has been a wholly owned subsidiary of SWX Swiss Exchange.com Primary Exchange SWX Swiss Exchange. As an RIE (Recognised Investment Exchange) based in London. Virt-x international presence is reflected by having more than 100 members domiciled in Switzerland.01 Euro Official Trading Hours Monday – Friday 09:00 – 17:30 Opening Auction: 09:00 – 09:02 Closing Auction: 17:20 – 17:30 Currency Swiss Franc (CHF) Clearing and Settlement T+3 Business Days Market Size as of August 2009 Market Capitalisation: USD932. This supports all necessary activities.8bn Average Daily Turnover: USD3.com Email: swx@swx. Buy and sell orders are matched against each other in the central order book. Trading System All securities listed on the SWX Swiss Exchange are traded via an electronic trading system – the Electronic Bourse Schweiz (EBS) or SWX electronic trading system. orders may be executed directly between two market participants and trade reported on Virt-x. including trading against the central order book. For on-order book transactions on the Virt-x. confirms receipt of. Tick Size SWX= Minimum tick size 0. contract details <SFF/FSMI1> SM (Month Code)(Last Number of Year) <Index> Switzerland – SWX & Virt-x GMT +1hr (+2hrs DST) Internet: www. These rates are reduced by double-taxation treaties. Taxes & Regulations Affecting Foreign Investors Main Indices Swiss Market Index (SMI) Virt-x Composite Index Board Lots 1 Dividends are subject to a 35% withholding tax. Orders are forwarded to the central order book in the Exchange System.5124 Cross Selling Equity & Short Selling There are restrictions on short selling for non-residents. In 1995 the exchanges in Geneva. successfully increasing its share of SMI trading in. Stamp duty on some securities transactions was abolished in 1993. Zurich (1873) and Basle (187). 09:00 – 17:30 CHF10 x Index 1 The nearest three months in the quarterly cycle of March. The withholding tax on interest is also 35%. There is no Swiss federal new-issue tax on investment-fund certificates. Alternatively. The Virt-x market is based on an integrated trading. clearing and settlement with the new system launched in 199. Austria.swx. Document produced by Société Générale Corporate & Investment Banking 110 . Agency trades: 1 Basis point (usually absorbed by the broker). Zurich and Basle were fused into a single bourse. The SWX Swiss Exchange system is a fully integrated trading and settlement system and is available to all members for trading on the electronic exchange. nearest month <FSMIc1>. OTC trading and the fulfilment of reporting obligations. Members can choose to settle off order book trades manually or automatically depending on the transaction type. The system also supports OTC trading between members and provides reporting facilities for non-exchange-traded transactions. Virt-x was founded in 2001 as the first cross-border trading platform for pan-European blue chips. Where the security is priced at less than CHF10 and the price deviated by 25% or more then there is an interruption of five minutes.0 transaction based fee per order. Ireland and the USA. There is no Swiss federal securities tax on Eurobond and Euro-stock issues. Sweden. England. the Netherlands. the fee shall be 0. As the Virt-x is regulated by the FSA it is subject to identical taxation treatment in comparison with other RIEs in the UK. September and December Third Friday of contract month (at 17:30) <0#FSMI:>. it is supervised by the UK’s Financial Services Authority (FSA). The SWX was the first exchange in the world to fully automate trading. and gives a time stamp to each order. The trading inventories of Swiss securities dealers are exempt from the securities transfer tax. Since its launch Virt-x has focused on consulting with the London trading community to develop competitive models. Swiss corporate restructuring and the transfer of domicile of foreign companies in Switzerland. clearing and settlement model which simplifies the process of trading pan-European blue chips. During the trading period trades are generated according to the matching rules on the basis of supply and demand. No uptick rules apply. Circuit Breakers Trading is halted on the SWX for 15 minutes if there is a 2% deviation from the reference price either by potential follow up price or for all last paid prices within the last 10 second period. the SWX Swiss Exchange. For full details please see Directive 9 on the official website. incoming orders are executed on a price/time priority. although traces of financial markets can be found in the 13th Century. Taxes. which automatically validates.2bn Currency Exchange USD1 = CHF1. Virt-x Contents Brief History Formal securities exchange in Switzerland date back to the 19th century with the foundation of the Geneva Exchange (1850). Regardless of their size or origin. Germany.574 basis points with a EUR0.01CHF Virt-x = 0. France. The SWX Swiss Exchange supports permanent access to the central order book over the course of the trading day.Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg Swiss Market Index Futures Eurex Zurich Mon – Fri. Investors need to be aware of buy in regulations. com. the broker or dealer immediately receives. subject to withholding tax of either 10% for a resident beneficiary or 20% for a non-resident beneficiary. a short sale can only be made when the stock is trading above the previous day’s close. broker’s identification. price of the stock bought and the time when the order was matched. A 30% withholding tax is levied on non-resident individual beneficiaries and 25% on non-resident corporate beneficiaries. All listed stocks are traded through the Fully Automated Electronic Trading System (FAST). however.tw Primary Exchange Taiwan Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg TAIEX Futures Taiwan Futures Exchange Mon – Friday. Taxes. banking and insurance industries in a single institution.000 shares Currency New Taiwan Dollar (TWD) Official Trading Hours Monday – Friday Pre-Open: 08:30 – 09:00 Opening Auction: 09:00 Continuous Trading: 09:00 – 13:25 Closing Auction: 13:25 – 13:30 Clearing and Settlement T+2 Business Days Currency Exchange USD1 = TWD32.tw. Interest income is taxable. a trade report which contains the order number. Circuit Breakers Daily price fluctuations are limited to a movement of ± 7% from the closing price of the preceding business day. it may be reduced to 20% if the investments are approved under the Statute for Investment by Foreign Nationals. investor’s account number. Trading System Investors place orders to buy or sell securities through brokers. details <TM/TX> FT (Month Code)(Last Number of Year) <Index> Brief History The origins of the securities market in Taiwan can be found during the 1953 land reform. To compensate the landowners in the ‘land-to-the-tiller’ programme the government issued land bonds and shares in four large government-owned enterprises.tse.com. The unit of trading is 1.1425% of the traded value. via the printer installed in his office.bn 111 Document produced by Société Générale Corporate & Investment Banking . Cross Selling & Short Selling Naked Short Selling is prohibited. The orders are processed and displayed on the Exchange’s matching terminals and are matched automatically according to price and time priority. serv@tse. Today foreign investors only need to register with the TSEC so as to obtain an “Investor ID” before opening a trading account with a local securities firm. Short Selling after borrowing the shares for the top 50 & mid cap 100 stock.Contents Taiwan GMT +8hrs Internet: www. The Financial Supervisory Commission (FSC) was established on 1 July 2004.742 Market Size as of August 2009 Market Capitalisation: USD545. Main Indices Taiwan Stock Exchange Corp (TSEC) Capitalisation Weighted Stock index (TAIEX) Board Lots 1. the broker or dealer enters the volume. When a transaction is completed. When a customer or a dealer places an order. near month <TXc1>. Foreign investors no longer need to obtain approval from Dividends payable to resident beneficiaries are included in their consolidated income. bid or offer price and other required information into the system through their terminal. next and then three quarterly months on March and June cycle Third Wednesday of the delivery month <0#TX:>. trading volume. The Exchange began operations in Feb 192.2 EUR1 = TWD47.tw Email: intl-aff@tse. For other stocks. The highest bid or lowest offer has precedence over other orders and the earliest order has priority over others at the same price.3% of the trading value.4bn Average Daily Value: USD3. There is no capital gains tax. Market Charges & Compulsory Commissions Brokerage commission is fully negotiable and subject to a maximum of 0. Taxes & Regulations Affecting Foreign Investors Since October 2003 foreign investors have no longer been required to obtain approval from the Securities and Futures Commission (SFC). The Securities and Futures Commission (SFC) was set up in September 190 to supervise and control all aspects of securities-market operations. futures. Additionally a securities transaction tax is levied on securities sales at 0. The Commission consolidates regulatory functions over the securities. 08:45 – 13:45 TWD200 x Index 1 Spot.000 shares.com. The Exchange was incorporated in 199 as a company limited by guarantee without a share capital and became operational in April 1998.8% 1. Taxes.8 Market Size as of August 2009 Market Capitalisation: USD2.07bn Document produced by Société Générale Corporate & Investment Banking 112 .02% 0. Corporation tax is 25%. as the first company on the new Exchange. There are no ownership limits or restrictions on foreign investment.0 EUR1 = TZS1910.28% 0.02% 0.28% 0. LDMs converge at the trading room and post their orders in the ATS. Currently.0% 1. Matched orders are displayed on the computer terminal in the trading room and projected in the public gallery. Main Indices None Currency Tanzanian Shilling (TZS) Official Trading Hours Monday – Friday 10:00 – 12:00 (closes early when there are low levels of activity) Clearing and Settlement T+5 Business Days Currency Exchange USD1 = TZS1307.5% 0.02% Total Cost to Investor 2.28% Fidelity Fee 0.Contents Futures Information None Tanzania GMT +3hrs Primary Exchange Dar es Salaam Stock Exchange Brief History The Dar es Salaam Stock Exchange (DSE) was established in 199 to facilitate the privatisation of state owned industries. Trading System Trading is facilitated by the Automated Trading System (ATS) where bids and offers are matched using an electronic matching engine. This system will enable the DSE to meet the expected growth in the Tanzania securities industry. Market Charges & Compulsory Commissions Equities Consideration First TZS10m Next TZS40m TZS50m and above Brokerage Commission 1. There is no stamp duty and no capital gains tax for listed companies. the ATS operates on a Local Area Network (LAN). The opening of the Trading Floor coincided with the listing of TOL Limited (formerly Tanzania Oxygen Limited). The DSE is a non-profit making body created to facilitate the implementation of the reforms and in the future to encourage wider share ownership of privatised and other companies in Tanzania.1% Taxes & Regulations Affecting Foreign Investors Dividends are taxed at source at a rate of 5% for listed companies and 10% for unlisted companies. Orders are executed in strict price and time priority. Future plans include operation in a Wide Area Network (WAN). which can be accessed by brokers even out of Dar es Salaam.8% Transaction Fee 0.7% 1. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time is executed. according to the following schedule: Capital gains: Tax free for individual investors. as of August 2009 Market Capitalisation: USD14.or.Contents Thailand GMT +7hrs Internet: www. Members may then deal directly with each other. In the ASSET trading system.set. dividends and interest earned from their securities investment on the stock Exchange of Thailand. orders are arranged according to time.01 0. The SET have introduced a new type of share called None Voting Depository receipts (NVDR Shares). non-voting depository receipts (NVDRs). submit a report on short positions which have not yet been covered. the floor is reduced to 0.955 EUR1 = THB49. Ltd. Official Trading Hours Monday – Friday Pre-Open: 9:30 – 10:00 Morning Session: 10:00 – 12:30 Afternoon Pre-Open: 14:00 – 14:30 Afternoon Trading Session: 14:30 – 1:30 Closing Auction: 1:30 – 1:40 Off-Hour Trading: 1:40 – 17:00 Board Lots 100 shares Currency Thai Baht (THB) Taxes.05 0. when a private group established an organised stock exchange as a limited partnership. After concluding negotiations. defined as 113 Document produced by Société Générale Corporate & Investment Banking . two principal methods of trading are available: Automatic Order Matching (AOM) and Put-Through (PT) systems. Trading Board Trading Board Main Board Foreign Board Big Lot Board Odd Lot Board Requirement ≥ 1 board lot or a multiple thereof with spread and price limits ≥ 1 board lot or a multiple thereof with spread but without price limits. institutions established under foreign law and which do not operate in Thailand). near month <TXc1>. The group later became a limited company and changed its name to the Bangkok Stock Exchange Co. classified according to each individual security. Second stage: If the SET index falls by 20% from the previous day’s close (i. Automatic Order Matching (AOM) Trading: AOM trading performs the order matching process according to price. within each price group.4bn Average Daily Value: USD425.1%.th Email: SETCallCenter@set. then time. The uptick rule applies. trading will be halted until the closing time of that session.000 x Index 0. Put Through (PT) Trading: The ASSET system also allows brokers to advertise their buy or sell interests by announcing bid or offer prices. Clearing and Settlement T+3 Business Days Currency Exchange USD1 = THB33. The main purpose of the NVDR is to stimulate the trading activities in the Thai stock market and also to help eliminated foreign investment barriers. the Automated System for the Stock Exchange of Thailand (ASSET).1 March. A member shall. brokerage commissions are negotiable but subject to a floor of 0. 14:30 – 1:55 THB1. or one hour (as the case may be) after the circuit breaker comes into effect. trading in all listed securities will be halted for one hour. Tick Size Tick Size 0. dealers must send details of the result(s) to the ASSET system for recording purposes. For the trading of stocks. This means orders are first grouped according to price. no minimum quantity without spread and price limit ≥ 3 million Baht or 1 million shares without spread and price limits < 1 board lot with spread and price limits Trading System Since 1991.5 1 5 Price Range 10 and below 10 to 50 50 to 100 100 to 500 500 to 1000 1000 and above Main Indices Stock Exchange of Thailand (SET) SET100 SET50 Market Size Circuit Breakers First Stage: If the SET index falls by 10% from the previous day’s close. without human intervention. 09:45 – 12:30. In 1975 the exchanged reopened and in 1991 it formally changed it name to The Stock Exchange of Thailand (SET).1 0. Then. with the best price taking precedence. Interest income is subject to a 15% withholding tax. and the trading will then resume in the next session. September and December <0#TX:>. the SET has operated a fully computerised trading system. all trading in listed securities will be halted for 30 minutes. at the end of each day in accordance with the form prescribed by the Exchange.4m If the trading time left in a session is less than 30 minutes. another 10%). derivative warrants and transferable subscription rights (TSR). After brokerage houses electronically send buy or sell orders from their offices to the SET mainframe computer. naked short selling is prohibited. either on behalf of their clients or for themselves. warrants. The only difference between investing in the NVDR and the companies shares is that the NVDR holder cannot be involved in company decision making. but 15% withholding tax for foreign juristic Investors. the effective executed price may not be the same as that advertised and may not follow the price spread rules. hence. If trades of these instruments are submitted through the Internet. Cross Selling Equity & Short Selling Covered short selling is permitted.32 Taxes & Regulations Affecting Foreign Investors Foreign investors are subject to taxation on capital gains. Off exchange crosses are allowed only for block trades. Only securities listed on the SET 50 Index are able to be short sold. Prices may be adjusted during the negotiation. investors will receive all financial benefits as if they had invested in a company’s ordinary shares. Market Charges & Compulsory Commissions All investors must pay stamp duty on the transfer of share and debenture certificates for 0. (BSE) in 193. Cross trades are allowed on and off the exchange. details <TM/TX> FT (Month Code)(Last Number of Year) <Index> Brief History The inception of the Thai stock market began in the early 190s. June. By investing in NVDRs. VAT is charged at 7% on brokers commission.or. However due to low levels of activity it ceased operations in the early 1970s. priority. Dividends are subject to a 10% withholding tax. the ASSET system queues the orders and arranges them according to a price-then-time priority.20% if the trading value.e.th Primary Exchange Stock Exchange of Thailand Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Reuters Bloomberg SET50 Index Futures Thailand Futures Exchange Monday – Friday.25% of the trading value. although any further purchases require such a licence. Taxes. Market Charges & Compulsory Commissions Equities Value of Transaction (TTD) On the first 50.9bn Average Daily Value: USD2. Once the market opens at 09:30 trading is done on a continuous basis. Based on this method. All trades will be determined on a Price and time sequence and on a FIFO basis.50% 1. The Exchange does not fix the price at which a stock may be bought or sold. On every transaction clients are required to pay 2% of 1% of the transaction cost or TTD1.Contents Futures Information None Trinidad &Tobago GMT -5hrs Internet: www. electronic trading was introduced using the Horizon Electronic trading system.000 On excess above 100.tt Primary Exchange Trinidad and Tobago Stock Exchange Brief History An informal securities market had existed in Trinidad and Tobago for more than 20 years before the 1970s when the government decided to localise the foreign-owned commercial banking and manufacturing sectors of the economy. The price is determined by the demand and supply of the particular stock in an electronic environment. Taxes & Regulations Affecting Foreign Investors The new Foreign Investment Bill allows foreign investors to hold up to 30% of the shares in a public company without obtaining a licence.3251 EUR1 = TTD9. the Horizon Trading System will determine separately. This may be reduced with double taxation treaties. Trading System On 18 March 2005. Stamp duty is paid on share transfers. but they are not immediately matched.245 Market Size as of August 2009 Market Capitalisation: USD14.25% 1. that is. This means that any security can trade at any time throughout the trading session.00% For executing transactions on the floor of the Exchange members are charged. first out. The Trinidad and Tobago Stock Exchange was founded in 1981 under the auspices of the Ministry of Finance to facilitate such a transfer. on a monthly basis 2% of their commissions earned during the period.stockex.net.000 Commission Rate 1. Withholding taxes are payable for non-residents.co.tt Email:
[email protected] On the next 50. For dividends rates vary from 10% to 20% whilst on interest they are subjected to a final withholding tax of 20%. Main Indices Trinidad and Tobago Stock Exchange Composite Index All Trinidad and Tobago Index Board Lots 500 Shares Currency Trinidad and Tobago Dollar (TTD) Official Trading Hours Monday – Friday Pre-Open: 08:00 – 09:30 Open: 09:30 – 12:00 Pre-Close: 12:00 – 14:00 Market Closes: 14:00 Clearing and Settlement T+3 business days Currency Exchange USD1 = TTD. The thrust of the policy was to get such companies to divest and sell a majority of their shares to nationals of Trinidad and Tobago. first in. Between 08:00 and 09:30 on the morning of every trading day brokers are permitted to enter orders into the system. the total volume available on both the buy and sell side of the market at each price level as one of the means in arriving at an opening price. Currently the Trinidad and Tobago Stock Exchange is governed by Securities and Exchange Commission who were established by the Securities Industry Act of 1995.1m Document produced by Société Générale Corporate & Investment Banking 114 . whichever is higher. the importance of private enterprise and the direct financing of investments. capital gains are taxed at a rate of 35%. For corporations. 10:00.tn Primary Exchange Tunis Stock Exchange Futures Information None Brief History The Bourse des Valeurs Mobilières de Tunis (BVM) was founded in 199. 11:30. Main Indices BVMT TUNINDEX Market Size as of August 2009 Market Capitalisation: USD. The present exchange regulation guarantees free transfer of profits to nonresidents if the company is listed on the permanent quotation of the BVM and fixes a non-foreign investment ceiling of 50%. a new-look Tunis Stock Exchange with increased independence became operational in November 1995. Market Charges & Compulsory Commissions Transaction Value (TND) Up to 50.com.com. quotations are in addition available in real time via the Web site of the Stock Exchange. Taxes. 13:00. Trading System In December 2007 the Tunis Stock Exchange upgraded the SUPERCAC electronic trading system which has been in use since 199.000 Above 50.Contents Tunisia GMT +1hr (+2 DST) Internet: www. some positive results were achieved such as the centralisation of securities trading and intermediation activity.tn Email: info@bvmt. Settlement is on a T+3 basis.000 Buyer 0.2% 0. among other things. the Structural Adjustment Programme was adopted which emphasised. As a consequence. 11:30. 10:00.bvmt. Following Tunisia’s economic reforms. The settlement process is automated Currency Exchange USD1 = TND1. 11:35 Board Lots 100 Shares Currency Tunisian Dinar (TND) Clearing and Settlement All of the BVM markets are spot markets. 13:05 Trading hours in July.2991 EUR1 = TND1. The Tunisia Stock Exchange is wholly owned by brokerage firms. forwarded then matched at the central system. led by the 1994 Financial Markets act.1% Taxes & Regulations Affecting Foreign Investors There is total exemption from taxes on dividends and capital gains for individuals. August and during Ramadan are as follows: Monday – Friday Pre-Open: 08:30 – 9:30 Continuous Session: 9:30 – 12:00 Closing Auction: 12:00 – 12:05 Trading at Last: 12:05 – 12:10 Fixing taking place at 9:30.2% 0. Its responsibilities included the organisation of the securities market and the promotion and protection of investments in securities.8991 115 Document produced by Société Générale Corporate & Investment Banking .1% Seller 0. The current system allows remote access for brokers so that orders can be entered at their terminals.8bn Official Trading Hours Monday – Friday Pre-Open: 09:00 – 10:00 Continuous Session: 10:00 – 14:00 Closing Auction: 14:00 – 14:05 Trading at Last: 14:05 – 14:10 Fixing taking place at 9:00. In 1987. Tunis Stock Exchange disseminates information of the market in real time via Reuters and Bloomberg. It is a blind order system with counterparties identified upon matching. Taxes. Cross Selling Equity & Short Selling Short selling is legal in Turkey. Official Market.ise.’ utilising a system that automatically matches buy and sell orders on a price and time priority basis. The securities on which short selling can be practised is determined on a quarterly basis by the ISE and announced in the daily ISE bulletin. a new law was enacted in 1929 to reorganise the fledgling capital markets under the new name of Istanbul Securities and Foreign Exchange Bourse. Buyers and sellers enter orders through workstations located at the ISE. making the Turkish stock and bond markets open to foreign investors without any restrictions on the repatriation of capital and profits. For rights coupons. Taxes & Regulations Affecting Foreign Investors There are no restrictions on overseas institutional and individual investments in securities listed on the ISE.org Primary Exchange Istanbul Stock Exchange Brief History Turkish securities markets have their roots in the 19th century with the development of the Dersaadet Securities Exchange in 18. Stock trading activities are carried out in two separate two-and-a-half hour sessions. Short selling can be practised on ISE-100 Index. although it is not widely practised. 14:00 – 17:30 (14:00 – 14:10 electronic order collection) Watch list companies market: 14:00 – 15:00 Primary Market.000 shares. Wholesale Trading: 11:00 – 12:00 (no opening or closing auctions) Board Lots 100 Shares Currency New Turkish Lira (TRY) Clearing and Settlement T+2 business days Currency Exchange USD1 = TRY1. Trading System The fully computerised trading system enables ISE members to trade in stocks and rights coupons. one round lot represents the subscription coupons of a stock with a total nominal value of TRL1. which makes up the main index. Resident and Non resident investors are both permitted to short sell.1892 Document produced by Société Générale Corporate & Investment Banking 11 .org Email: info@ise. Odd-lot orders in a specific security are matched according to the last trading price of the same security traded in round lots.Contents Futures Information None Turkey GMT +2hrs (+3hrs DST) Internet: www. Following the creation of the Turkish Republic.1bn Official Trading Hours Monday – Friday National. The system enables members to execute several types of orders such as ‘limit’. ‘fill or kill’ and ‘special limit’. Market Charges & Compulsory Commissions Commission with brokers is freely negotiable with a limit of 1% maximum. All information regarding transparency. except standing order IDs are displayed in the trading system during the sessions.497 EUR1 = TRY2.3bn Average Daily Turnover: USD1. Special orders are designated depending on the base price and the lot limits allowed for bidding or offering for each stock. The Istanbul Stock Exchange (ISE) was inaugurated in its present structure at the end of 1985. Main Indices ISE National-All Shares Index ISE National-30 Index ISE National-100 Index Market Size as of August 2009 Market Capitalisation: USD195. one in the morning and the other in the afternoon. For companies traded on the ISE the standard lot size is 1. Regional & New Company Trading: 09:30 – 12:00 (09:30 – 09:45 electronic order collection). Prices are determined on a ‘multiple price-continuous auction method. ‘limit value’. Odd-lot trades that involve fewer shares than the round lot amount are also available. Every order involving a price limit is also limited by a maximum lot quantity. 00% 0.use.80% 0.14 0. There is no stamp duty or capital gains tax.14% 0. A trade is affected when a bid and an offer are matched.02% 1.14% 0.ug Primary Exchange Uganda Securities Exchange Futures Information None Brief History The Uganda Securities Exchange (USE) was licensed to operate an approved stock exchange in June 1997 by the Capital Markets Authority of Uganda. Withholding tax on dividends of listed companies is 10%.5 Market Size as of August 2009 Market Capitalisation: USD3.14% 0.00% 1.or. The representatives of broker members converge at the trading floor and trade by shouting their orders to a board writer who records the orders on the board.80% *CMA is the Capital Markets Authority Uganda Main Indices USE All Share Index Currency Ugandan Shilling (UGX) Official Trading Hours Mondays. Market Charges & Compulsory Commissions Commission rates and client costs First UGX200m Brokerage Commission Transaction Levy USE CMA* Compensation Fund Fee Total cost to investor 0. Trading System Currently trading is conducted at the USE floor under a continuous open outcry trading system.or.02% 2.ug Email:
[email protected]% 0. Corporate tax is charged at a rate of 30%.14% 0. Taxes & Regulations Affecting Foreign Investors Currently there are no restrictions to foreign investors in the Ugandan market. for unlisted companies it is 15%. Taxes.02% 1. Tuesdays & Thursdays Clearing and Settlement T+5 Business Days 10:00 – 12:00 Currency Exchange USD1 = UGX195.70% Next UGX800m 1.0 EUR1 = UGX2873.Contents Uganda GMT +3hrs Internet: www.50% Any sum over UGX1bn 0. The USE began formal trading operations in January 1998 with the trading of the East African Development Bond (EADB).72bn Average Daily Turnover: >USD100k 117 Document produced by Société Générale Corporate & Investment Banking . 4bn Average Daily Value: ~USD15m Document produced by Société Générale Corporate & Investment Banking 118 . with activity on the exchange starting in January 1992.350 EUR1 = UAH12. PFTS membership now stands at 218 firms in 14 Ukrainian cities. * Repatriation of dividends is not possible if securities were purchased offshore Restrictions exist for foreign investments in the publishing and broadcasting sectors.19 Market Size as of August 2009 Market Capitalisation: USD38. Auction trading (at one fixed price). The exchange is a closed joint-stock company. which presumes the performance of trades through submitting of competing proposals by the participants of auction on the buy or sell orders of the auction initiator. Order-Driven Market is the market built on the order-driven market trading technology. QDM is used for the secondary trades in stocks.ukrse.kiev. Taxes & Regulations Affecting Foreign Investors Currently. The Quote-Driven Market (QDM) is the major PFTS market built on the Dealer-Driven trading technology. and is the most advanced stock exchange in the Ukraine.pfts. Three methods can be used for share transactions. Only PFTS Association members may perform transactions at the PFTS trading system. www. namely the Ukraine Stock Exchange (USE) and the PFTS Stock Exchange. which is based on the rules of competing quotes offered by trade participants and on acceptance of firm quotes. municipal and corporate bonds. Tax incentives for investments were abolished in March 2005.kiev. The PFTS trading system consists of Quote-Driven.Contents Futures Information None Ukraine GMT +2hrs (+3 DST) Internet: www. The PFTS Stock Trading System has been in operation since 199 and is currently the largest marketplace and self-regulatory organisation in Ukraine’s stock market. From January 2008 the PFTS Index has been calculated in real time.com Email: use@ukrse. state. Main Indices PFTS Index Currency Ukrainian Hryvnia (UAH) Official Trading Hours Monday – Friday Ukrainian Stock Exchange: 11:00 – 17:00 PFTS: 10:00 – 17:00 Clearing and Settlement T+5 Business Days Currency Exchange USD1 = UAH8. and foreigners are not allowed to participate in the manufacturing of weapons.ua. The Ukraine Stock Exchange (USE) was founded in 1991. PFTS Auctions is based on the principle of a unilateral auction. Trading is performed with full preliminary deposition on assets. settlement is conducted in Hryvnya using the delivery versus payment technology.
[email protected] Primary Exchange Ukrainian Stock Exchange/ First Securities Trading System (PFTS) Brief History There are two main stock exchanges in operation in the Ukraine. Ukraine applies the following tax rates to foreign investors: Tax Type Tax on Dividends for Foreign Investors* Corporate Profit Tax Repatriation Tax* Rate 15% 25% 15% Trading System On the USE Stocks are traded on a screen based order-driven system called EBOS (Elektronický Burzový Operačný Systém). Order-Driven markets and PFTS Auctions.ua. investment certificates and derivatives with the prices used to calculate the PFTS system. The PFTS Trading system is assembled as multi-functional system for ensuring activity of securities traders. Continuous trading and Block trading. PFTS Association is self-regulatory organisation (SRO) according to decision of the Ukrainian State Securities and Stock Market Commission. It matches the buying and selling orders that are entered into the system by the accredited brokers. In practice. Taxes.05% to The Emirates Securities and Commodities Market Authority (minimum 7. the United Arab Emirates (UAE) had an OTC market in which publicly held companies were traded.co. UAE law allows foreigners to own up to 49% of any locally incorporated public company.dfm.ae Primary Exchange Dubai Financial Market Futures Information None Brief History The Dubai Financial Market (DFM) was established in 2000 by the Government of Dubai.3% to the broker (minimum of 45 Dirhams).ae Email:
[email protected] UAE GMT +4hrs Internet: www. Market Charges & Compulsory Commissions For share trading. price and volume data. It became a fully operational exchange on 2 March 2000.05% for Clearing (minimum 7. Foreign investments are not allowed in local insurance companies. 0. and price and index histories for all listed stocks.322 Market Size as of August 2009 Market Capitalisation: USD4.1% to the Market (minimum of 15 Dirhams). No limits are specified for foreign investments in local bonds. interest income or capital gains for foreign or local investors. There are no exchange control restrictions of any kind and investors are free to remit funds into and out of the UAE. clearing and settlement as well as a regulatory framework to govern the market. This is made up of 0.m 119 Document produced by Société Générale Corporate & Investment Banking . as well as investors. The trading system is screenbased and fully automated. all of whom have been provided with trading workstations at the DFM premises. most listed companies allow foreign ownership of various percentages up to this limit. Trading System The DFM operates on an order driven system.5% of the value of each transaction (minimum 75 Dirhams).50 Dirhams). Main Indices The DFM General Index Currency UAE dirham (AED) Official Trading Hours Saturday – Thursday Trading Session: 10:00 – 14:00 Clearing and Settlement T+2 Business days Currency Exchange USD1 = AED3. 0. investors pay an overall commission of 0. Taxes & Regulations Affecting Foreign Investors There are no taxes on dividends. Prior to the establishment of the DFM.89bn Average Daily Value: USD325. Foreigners can also invest indirectly in the market through locally incorporated mutual funds which have no restrictions on individual share ownership.50 Dirhams) and 0. The trading system is completely transparent and trading information is disseminated widely to all interested parties.79 EUR1 = AED5. can view outstanding orders. Brokers. The DFM offers a centralised mechanism for trading. This system combines a periodic electronic auction book with standalone quote driven market making. Exchange Traded Funds.9 1000 .000) or less.9999 1000 or more Tick 0. both when increasing and decreasing. Un-crossings take place at 08:00. This event lead to the following changes. Clearing and Settlement T+3 Business Days Currency Exchange USD1 = GBP0. later opening their own subscription room.001 0.99 50 . Investors whose countries of residence have a tax treaty in force with the UK are subject to a 15% withholding tax on dividends. firms became broker-dealers.4999. Irish stocks listed on the exchange are subject to Irish stamp duty of 1% on buys.liffe.londonstockexchange.0005 0.Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Expiration Day Reuters Bloomberg FTSE 100 Index Futures Euronext LIFFE (www. most famously Garraway’s and Jonathan’s. The most liquid stocks on the exchange are traded through SETS. near month <FFIc1>.25% of the companies market capitalisation. further disclosure has to be made with every tenth of percent. In 2007 after NASDAQ failed in an attempt to takeover the LSE.88181 Tick Sizes Top 15 FTSE 100 Stocks (SE10) Stock Price GBp Less than 0.995 50 .05 1 5 10 Market Capitalisation: USD2.95 100 .49. In the 19th and early 20th century over 20 stock exchanges were set up in towns around the UK while a Provincial Brokers Stock Exchange was also established.50) per transaction.05 0. There is a PTM (Panel on Takeovers and Mergers) levy of GBP1 (EUR1. less withholding tax.4. These were amalgamated in 1973. By the late 170s. Trading session resumes after 5 minutes. instead the LSE and the Italian Borsa merged.0001 0. or if the gross consideration of the bargain is GBP10.999.com Primary Exchange London Stock Exchange Brief History The London Stock Exchange (LSE) can trace it history back over three centuries. provided by LCH. except for Hong Kong listed stocks.5 Mar (H).5 1000 . Here John Castaing began to issue list of stock and commodity prices called “The Course of the Exchange and other things”. in Threadneedle Street after the old one burnt down. SEAQ is the LSE’s service for the Fixed Interest market and AIM securities that are not traded on either SETS or SETSqx. The less liquid are traded on SETSqx (The Stock Exchange Electronic Trading System – quotes and crosses).0001 0. an event known as the “Big Bang”.1 0. able to act either as agency brokers representing clients in the market or as principals buying and selling shares on their own account.5 0.995 10 .005 0.99.999. Taxes & Regulations Affecting Foreign Investors Main Indices FTSE 100 FTSE All-Share Index Board Lots 1 share (some trade 1 or 50) Currency British Pound (GBP) UK Corporations are required to pay advance corporation tax on dividends distributed to shareholders.4.05 0.Clearnet Circuit Breakers 5% from the last traded price.5bn Document produced by Société Générale Corporate & Investment Banking 120 . In 197 brokers had been banned from the Royal Exchange due to their rowdy behaviour and instead headed towards surrounding coffee houses in Change Alley.000 (EUR15. 11:00.1 .49. Jun (M).com) Mon – Fri.9995 1 .9 500 .999 5 . In 198 the market was deregulated. firms were allowed to be owned by outside corporations. A 50bps stamp duty is imposed on equity purchases.0005 0. Market Charges & Compulsory Commissions There are no minimum scales of commission. New Jonathan’s.5 . In 1773 the members of New Jonathan’s voted to change the name to the Stock Exchange.01 0.5 1 5 Market Size as of August 2009 Bottom 85 FTSE 100 Stocks (SET1) Mid-Cap Stocks (STMM) Stock Price GBp Less than 0. Disclosure of a short position has to be made when it reaches 0.9. It is the earliest evidence of organised trading in marketable securities in London.499. order-driven.99. attract new IOB participants. All Main Market and EURM AIM securities not traded on a full order book are traded here.99 100 . Exchanged Traded Commodities and of the most traded AIM and Irish Securities.01 0. improve liquidity and lower operational costs. flexible and transparent trading platform. Residents of countries with double-taxation treaties with the UK can claim a tax credit which is equivalent to the amount of advance corporation tax paid. Taxes. Trading System TradeElect is the LSE’s new trading system which incorporates several other systems. IOB Clearing is now through a Central Counterparty (CCP) clearing service for 50 of the most heavily traded securities.5 5000 .95 500 . Official Trading Hours Monday – Friday Opening Auction: 07:50 – 08:00 Continuous Trading: 08:00 – 1:30 Closing Auction: 1:30 – 1:35 Cross Selling Equity & Short Selling The partial ban on short selling has been lifted in January 2009. This brings the service closer into line with SETS and the EDX London RIOB service and is designed to help firms to mitigate counter-party risk. The Stock Exchange Trading System (SETS) is an electronic automatic.9995 1000 or more Tick 0.001 0.999 10 . The International Order Book (IOB) trades securities from 4 countries through one central order book via depositary receipts (DRs). 15:00 and 1:35.4999 5000 . An optional netting service is available on the IOB. details <LIF/FFI> Z(Space)(Month Code)(Last Number of Year) <Index> United Kingdom GMT +0hrs (+1hr DST) Internet: www.005 0. 150 brokers formed a subscription club at Jonathan’s coffee house.0. Dec (Z) Third Friday of delivery month <0#FFI:>.499.9995 5 .0332 EUR1 = GBP0.9.999 1 . offering greater visibility in the market. 08:00 – 17:30 GBP10 x Index 0. namely the FTSE All Share Index.com Email: enquiries@londonstockexchange. however a disclosure obligation is maintained. The service is based on an electronic order book similar to SETS but with the added option for member firms to display their identity pre-trade by using Named Orders. Sept (U).42trn Average Daily Turnover: USD14. then an inbound order will be placed in the book and immediately quoted. and it was speculation in newly issued local securities that prompted the early growth of the CHX. In 1985 the Exchange moved into its present address.Contents USA – Chicago GMT -hrs (-5hrs DST) Internet: www. in their own ledger system) all trades done for US-based customers. Since 1975 brokerage commissions in the USA have been freely negotiable. Regulation 15a requires all US broker-dealers to book locally (i. and to other destinations (including order-routing vendors) that are connected. subject to tax rates of between 15% and 28%. Cleveland and MinneapolisSt Paul to form the Midwest Stock Exchange (MSE). the order’s price is compared with resting limit orders in the book.com Primary Exchange Chicago Stock Exchange Futures Information None Brief History The Chicago Stock Exchange (CHX) opened for trading of local bonds and stocks in 1882. CHX Institutional Brokers. CHX supports ITS and NMS/Linkage Plan access to the Matching System. If a match can be consummated at a price within the National Best Bid and Offer (NBBO) then the orders will be executed. As the marketplace evolved the emphasis on trading shifted from bonds to stocks.com Email: info@chx. On 9 February 2005 the US Securities and Exchange Commission (SEC) approved the demutualisation plan set forth by the CHX in November 2004. Cross Selling Equity & Short Selling Same rules as for NYSE Euronext apply. In 1949 the CHX merged with the stock exchanges of St Louis. Upon receipt of an order. the CHX operates a neutral communications service.chx. Once the matching engine receives an order in an NYSE. Capital gains are treated as ordinary income. Market Charges & Compulsory Commissions SEC fee 0. A decade later the New Orleans Stock Exchange became part of the MSE.01 Currency US Dollar (USD) Clearing and Settlement T+3 Business Days Currency Exchange EUR1 = USD1. In March 2008 the CME Group announced a deal to take over the New York Mercantile Exchange for USD9.15bps on the gross consideration of sells only. NASD market makers and CHX market makers. It offers broker/dealers access to a fair.4bn. If no match is available. the CHXConnect. These local securities included utilities. This service allows participants to route orders to market makers or other broker-dealers connected to CHXConnect. although this is reduced for investors who reside in a country with a tax treaty in force with the United States. Participants also use CHXConnect to route orders to the Exchange’s Matching System and to its institutional brokers. Taxes & Regulations Affecting Foreign Investors Dividends are subject to a 30% withholding tax. Main Indices None Board Lots 100 shares Official Trading Hours Monday – Friday Regular Session: 08:30 – 15:00 (15:15 for specified ETF) Late Trading Session: 15:00 – 1:00 (Only cross orders with the exception of mid-point cross orders) Tick Size USD0.e.419 Market Size as of August 2009 Market Capitalisation: NA 121 Document produced by Société Générale Corporate & Investment Banking . Circuit Breakers Same circuit breakers as for NYSE Euronext apply. the Chicago Stock Exchange. the CHX Order Management System (OMS) will validate and route orders to the appropriate matching engine. which provide order handling and execution services in the over-the-counter market. Taxes. This marked the tenth move since the Exchange was formed in 1882. In 1993 the Exchange reverted to its original name. Trading System The Chicago Stock Exchange’s Matching System trading platform provides a fully automated electronic system. Un-displayed portions of reserves. open and neutral market place with diverse order flows from retail brokers. As part of the Exchange’s new trading model. The Matching System matches orders on a share for share basis and inbound odd lot orders can match at prices outside the NBBO. regardless of the actual place of booking/clearing and the market traded. There are substantial differences in the charges an investor can incur depending on the level of service required. If the execution would occur at a price outside the NBBO then no execution will occur and the inbound order will be rejected. meat-packing companies and railroads. Orders resting in the book will be matched in price – time priority and according to the ranking – Display orders. If the order’s price would lock or cross the NBBO then the order will be rejected. Un-displayed orders. Order-sending participants may reach the CHX Matching System by using the FIX and CMS protocols via order-sending participant or vendor connections. AMEX or regional-listed stock. In the US. Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Reuters Bloomberg NASDAQ 100 Index Futures Chicago Mercantile Exchange (www.cme.com) 15:30 – 08:15, 08:30 – 15:15 USD100 x Index 0.25 March quarterly cycle <0#ND:>, nearest month <NDc1>, contract details <CME/ND> ND (Month Code)(Last Number of Year) <Index> USA – NASDAQ GMT -5hrs (-4hrs DST) Internet: www.NASDAQ.com Email:
[email protected] Primary Exchange NASDAQ Stock Market Brief History Since its debut in 1971 as the world’s first electronic stock market, The NASDAQ Stock Market (National Association of Securities Dealers Automated Quotations), has been at the forefront of innovation, using technology to bring millions of investors together with the world’s leading companies. In September 2004 NASDAQ acquired Brut LLC, the owner and operator of the Brut ECN, and in 2005 NASDAQ acquired INET. In 2007 NASDAQ bought the Philadelphia Stock Exchange and became the largest US stock exchange. In Quarter One 2008 NASDAQ completed the purchase of OMX following an agreement with Borse Dubai, the new company is known as the NASDAQ OMX Group. In aggregate, non-attributed and attributed quotes and orders represent the displayed size executable at that price level. In addition, there may be reserve size, which is not displayed nor included in any aggregation, but which may be executed against. All quotes and orders, whether attributed or non-attributed, will be subject to execution. Execution has been enhanced in the NASDAQ Market Center because orders and subsequent additions to orders are time stamped individually, preserving position and priority. A market participant’s initial order is not re-ranked when additional orders are submitted for the same security at the same price. Instead, each increment is time-stamped and accessed by its priority. All incoming market and marketable limit orders are processed in the order they are received and based on the order-entry firm’s execution preferences. The market participant entering the order may choose – on an order-by-order basis – the manner in which an order is executed: Price/time priority (default option) Price/time priority with access fees taken into consideration Price/size priority Trading System: Precise The NASDAQ Market Center is a fully integrated order display and execution system for all NASDAQ and other exchange-listed securities. NASDAQ allows participants to enter multiple quotes and orders at single or multiple price levels which can be displayed either in the form of a quote or anonymously in NASDAQ. From an order display perspective the NASDAQ Market Center enhances transparency of trading interest by displaying full depth available at all price levels. The primary type of order that NASDAQ Market Center participants use is a non-directed order. Non-directed orders are liability orders up to 999,999 shares in size. These orders are automatically executed against market participants, and are either delivered to or automatically executed against quotes of ECNs and participating unlisted trading privileges (UTP) exchanges, depending on what option the ECN or UTP exchange has indicated. Pre-trade and post-trade anonymity are available in NASDAQ Market Center through the ability to designate orders as non-attributable. Non-attributable Market participants that choose to enter multiple orders at multiple prices enjoy the benefit of order protection. While only the participant’s best is shown in the montage, its other submitted orders are resident in the system and executed according to market demand. Market participants can specify reserve size on their quotes/orders; reserve size is not displayed, but it is available for execution at any time. The displayed size of all participants at a particular price level will be accessed before going to reserve size. The NASDAQ Market Center eliminates locked and crossed markets during market hours, thereby improving the efficiency of execution. An order or quote that would lock or cross the market is executed against the quote or order it is locking or crossing. If a larger order is entered, the residual shares may ultimately become the new inside. The system also clears locks and crosses that exist at the market open. The NASDAQ Market Center also routes to external liquidity venues, including other exchanges and ECNs that do not display quotes in the Market Center. orders appear in an aggregate display, under a special designator, but do not identify a specific market maker, which minimises the risks associated with revealing size. Main Indices NASDAQ Composite Index Board Lots 100 shares Official Trading Hours Monday – Friday Pre-Hours Trading Session: 07:00 – 09:30 NASDAQ Stock Market Regular Official Trading Hours: 09:30 – 1:00 NASDAQ Stock Market After-Hours: 1:00 – 20:00 NASDAQ International: 03:30 – 09:00 Tick Size USD0.01 Circuit Breakers Same circuit breakers as for NYSE Euronext apply. Currency US Dollar (USD) Taxes, Market Charges & Compulsory Commissions Commission rates and other client costs in the NASDAQ market are frequently lower than on the exchanges because of the competition among the multiple market-makers. Clearing and Settlement T+3 Business Days Currency Exchange EUR1 = USD1.419 Taxes & Regulations Affecting Foreign Investors Dividends are subject to a 30% withholding tax, although this is reduced for investors who reside in a country with a tax treaty in force with the United States. Capital gains are treated as ordinary income, subject to tax rates of between 15% and 28%. In the US, Regulation 15a requires all US broker-dealers to book locally (i.e. in their own ledger system) all trades done for US-based customers, regardless of the actual place of booking/clearing and the market traded. Market Size as of August 2009 Market Capitalisation: USD2.2trn Average Daily Turnover: USD34bn Cross Selling Equity & Short Selling The Short-Sale and Bid Test rules have been abolished. Document produced by Société Générale Corporate & Investment Banking 122 Contents USA – National GMT -hrs (-5hrs DST) Internet: www.nsx.com Email:
[email protected] Primary Exchange National Stock Exchange Futures Information None Brief History In 1858 a group of Cincinnati businessmen gathered together to auction shares in local companies, however this exchange did not survive the Civil War. The precursor to the current Exchange was organised by twelve brokers in 1885, a permanent constitution was adopted in 188 and has operated on every business day since. The Exchange was incorporated as a non-profit-making corporation 1887. In 1980 the trading floor was replaced by a fully electronic system, the first of its kind in the United States. The Cincinnati Stock Exchange is now based in Chicago and formally changed it name to the National Stock Exchange (NSX) on 7 November 2003. Taxes, Market Charges & Compulsory Commissions SEC Fee 0.15bps on the gross consideration of sells only. Since 1975 brokerage commission in the USA has been freely negotiable. There are substantial differences in the charges investors can occur depending on the level of services. Taxes & Regulations Affecting Foreign Investors Dividends are subject to a 30% withholding tax, although this is reduced for investors who reside in a country with a tax treaty in force with the United States. Capital gains are treated as ordinary income, subject to tax rates of between 15% and 28%. In the US, Regulation 15a requires all US broker-dealers to book locally (i.e. in their own ledger system) all trades done for US-based customers, regardless of the actual place of booking/clearing and the market traded. Trading System NSX BLADE was introduced in October 200, with a phased-in migration of NASDAQ-listed symbols onto NSX BLADE from the previous system NSTS. The migration of Tape C securities was completed during December 200. NSX BLADE provides an order delivery function permitting ECNs to publish their best bids and offers on the NSX Book and be treated the same as any other NSX participant. Routing to a participating order delivery ECN is an integral feature of NSX BLADE and occurs whenever a marketable order interacts with a resting order delivery ECN order. BATS was the first ECN on NSX BLADE, and has since been followed by Track Data Corporation’s Track ECN. In addition to order delivery, NSX BLADE offers strict price-time priority, unprecedented speed and highly competitive pricing due to NSX’s unique operating leverage. NSX BLADE also features scalable capacity, with capability of quick expansion as volume dictates; a wide range of connectivity options; and anonymity during all stages of order execution, from the receipt of the order through the clearing process. Cross Selling Equity & Short Selling Same rules as for NYSE Euronext apply. Circuit Breakers Same circuit breakers as for NYSE Euronext apply. Main Indices None Tick Size USD0.01 Official Trading Hours Monday – Friday 09:30 – 1:30 EST Currency US Dollar (USD) Clearing and Settlement T+3 Business days Market Size Market Capitalisation: NA Average Daily Turnover: NA Currency Exchange EUR1 = USD1.419 Board Lot 100 shares 123 Document produced by Société Générale Corporate & Investment Banking Contents Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Reuters Bloomberg S&P500 Stock Price Index Future Chicago Mercantile Exchange (CME) 15:30 – 08:15, 08:30 – 15:15 USD250xIndex 0.1 March (H), June (M), September(U), December(Z) <0#SP:>, nearest month <SPc1>, contract details <CME/SP> SP (Month Code)(Last Number of Year) <Index> USA – New York GMT -5hrs (-4hrs DST) Internet: www.nyse.com Primary Exchange New York Stock Exchange Brief History The origins of the New York Stock Exchange (NYSE) date back to 1792, when the 24 New York stockbrokers and merchants most involved in trading securities joined in an agreement to collect a uniform commission on all sales of public stock and to ‘give preference to each other’ in their negotiations. This compact has since become known as the Buttonwood Agreement, after a tree on Wall Street where the brokers met from time to time to conduct their business. In colder weather they met in the comfortable quarters of the Tontine Coffee House. A constitution was drawn up and adopted in 1817 and a room was rented at 40 Wall Street. In 185 they moved to its present site. In 2000, the NYSE became the first US stock market to undertake the conversion of trading to decimals from fractions, launching a pilot program of seven stocks in August and expanding it to 159 stocks total by the end of 2000. On 29 January 2001, the NYSE began trading all 3,525 listed issues in decimals. The NYSE was demutualised and converted from a not-for-profit entity into a for-profit entity on 7 March 200 when it merged with Archipelago and became a wholly owned subsidiary of NYSE Group. In March 2007 the NYSE merged with Euronext to form NYSE Euronext and in October 2008, NYSE Euronext completed the acquisition of the American Exchange. There are two types of brokers who are permitted to trade on the exchange Floor Brokers and Specialists. The first type is floor brokers who represent public orders to buy or sell shares and work to get their customers the best price. The Specialist brokers are allocated a stock which is listed on the NYSE and they act as auctioneers in their designated stock at a designated location. Through the use of sophisticated technology they bring buyers and sellers together, improve prices and serve ad a point of accountability for the smooth functioning of the market. Upstairs traders work at a member-firm trading desk and are linked to the NYSE trading floor and other markets. They facilitate block orders for customers and also engage in arbitrage between the equities markets and derivative-products markets. They also trade for their firms’ own accounts. The NYSE also trades via the Intermarket Trading System (ITS). This system began operation in 1978 and connects the American, National, Chicago, New York, Pacific and Philadelphia stock exchanges, NASD and the CBOE, and enables brokers to execute a transaction on another market whenever the Composite Quotation System shows that a better price may be obtained there. Circuit Breakers Trading halts occur after a 10%, 20% and 30% declines in The Dow Jones Industrial Average. The numerical points are decided each quarter, using the average closing from the previous month. before 13:00 ±10% ±20% ±30% 1h halt before 12:00 2h halt before 13:30 30min halt before 13:00 1h halt after 13:30 no halt after 13:00 halt until close Trading System The NYSE operates a so called “Hybrid Market”. This system blends the modern mode of electronic trading and the traditional open-outcry auction market mode of trading. All orders are electronically delivered to trading posts, booths or handheld computers on the floor via several systems. The main system which accounts for approximately 95% of transactions is called SuperDOT (Designated Order Turnaround System). SuperDOT is an electronic order-routing and reporting system that links member firms’ processing and trading operations and the specialist post on the NYSE trading floor. Larger transactions are facilitated personally by floor brokers via BBSS (Broker Booth Support System), NYSE e-Broker and NYSE Direct+. trading halted for the rest of the day Taxes, Market Charges & Compulsory Commissions SEC Fee 0.15bps on the gross considerations of sells only. Since 1975 brokerage commissions in the USA have been freely negotiable. There are substantial differences in the charges an investor can incur depending on the level of service required. Main Indices NYSE Composite Board Lots 100 shares Taxes & Regulations Affecting Foreign Investors Dividends are subject to a 30% withholding tax, although this is reduced for investors who reside in a country with a tax treaty in force with the United States. Capital gains are treated as ordinary income, subject to tax rates of between 15% and 28%. In the US, Regulation 15a requires all US broker-dealers to book locally (i.e. in their own ledger system) all trades done for US-based customers, regardless of the actual place of booking/clearing and the market traded. Official Trading Hours Monday – Friday Opening Auction: 09:30 – 09:31 Trading Hours: 09:30 – 1:00 After-Hours Trading: Closing Session I: 1:15 – 17:00 Closing Session II, III, IV: 1:00 – 18:30 Tick Size USD0.01 Currency US Dollar (USD) Clearing and Settlement T+3 Business Days Cross Selling Equity & Short Selling The temporary ban on short selling of 799 financial stocks has been lifted in October 2008. Starting in 2004, Regulation SHO has specifically targeted the issue of naked short selling by limiting fails to deliver and forcing market participants to buy these back (known under the “close-out requirement”). The SEC also publishes a Threshold Security List for stocks where more than 0,5% of their total outstanding shares failed to deliver for five consecutive business days. The SEC is currently considering the reintroduction of an uptick rule as well as other restrictions on short selling, please see the SEC’s website for current details. In 1991 the NYSE introduced off-hours cross selling. Currently the Exchange offers four crossing session in its Off-hours Trading Facility (OFHT). Session 1 enables members to enter one-sided, two-sided, or good-tillexecuted (GTX) orders for a specific stock into the SuperDot system to be executed at 5pm at the NYSE closing price. Session II facilitates program trades, session III is for Guaranteed Price Trades and IV is for Volume Weighted Average Prices (VWAP) for Sessions II, III and IV the trades are reported. Document produced by Société Générale Corporate & Investment Banking Currency Exchange EUR1 = USD1.419 Market Size as of August 2009: Market Capitalisation: USD9.38trn Average Daily Turnover: USD75.5bn 124 In 1992 the Exchange amended its by-laws to allow the purchase of broker titles by legal entities.uy Primary Exchange Montevideo Stock Exchange Futures Information None Brief History The Montevideo Stock Exchange (MSE) was established in 187.com.bvm. In 199 additional reforms were introduced to provide a legal framework for the securities markets. Settlement takes place 24 hours after the transaction Market Size as of August 2009 Market Capitalisation: USD137.025 EUR1 = UYU32. Investments covered by this law must be authorised by the government. Trading System Trading at the MSE is effected manually on the trading floor.179 guarantees restitution of capital invested by individuals or corporations domiciled abroad. Main Indices Indice de Precios Currency Uruguayan Peso (UYU) Official Trading Hours Monday – Friday Continuous Trading: 11:30 – 1:00 Clearing and Settlement BMV provides all the securities clearing and settlement services for its members and on behalf of their customers.uy (Spanish text only) Email:
[email protected] Currency Exchange USD1 = UYU22. Taxes & Regulations Affecting Foreign Investors The Act 14. Taxes. Neither dividends nor capital gains are taxed.com. as well as earnings accrued.Contents Uruguay GMT -3hrs (-2hrs DST) Internet: www.5% of the price of the transaction. Investors have the absolute freedom to bring capital into the company as well as to remit it. Market Charges & Compulsory Commissions Commissions collected by brokers as a result of the sale of shares are approximately 0.194 125 Document produced by Société Générale Corporate & Investment Banking . Trading is via the double continuous auction method. The State Property Committee of the Republic of Uzbekistan and the financial company Uzfininvest were the founders of the Exchange. Trading System Trading is effected via the Exchange Information and trade system. The system ensures that the stock exchange is transparent and presents detailed information to both investors and participants in real time. Taxes & Regulations Affecting Foreign Investors Foreign legal entities are subject to a corporate income tax of 10%. In the public float market the rate ranges from 0.uz Primary Exchange Toshkent Republican Stock Exchange Brief History Toshkent Republican Stock Exchange (TRSE). Main Indices TASIX Index Currency Uzbekistani Som (UZS) Official Trading Hours Monday – Friday 10:00 – 15:30 Clearing and Settlement T+5 Business Days Currency Exchange USD1 = UZS149.uz (Russian text only) Email: info@uzse. was established in 1994. formerly the Uzbekistan Stock Exchange.025% to 0.4% depending on the volume of the transaction. Taxes. as well as data on brokerage companies or everyday analytical information.2 Market Size as of August 2009 Market Capitalisation: USD9.Contents Futures Information None Uzbekistan GMT +5hrs Internet: www. from both each buyer and seller. most significantly the creation of joint-stock companies and the privatisation of state enterprises. Market Charges & Compulsory Commissions For Shares: 1% from the buyer and seller on IPO For privatised state shares only).uzse.7 EUR1 = UZS2187. The information system allows users to find any transaction that has been concluded at the TRSE from the date of its creation.bn Document produced by Société Générale Corporate & Investment Banking 12 . Its creation came about due to economic reforms in Uzbekistan. and to get information on the JSCs that have sold shares at the stock exchange. Trading is done via a fully automated. Sep & Dec expiry cycle <0#IBC:>. In 1998 the Exchange acquired the SIBE electronic trading exchange from the Madrid Stock Exchange.95%.30hrs Internet: www. where transactions are matched automatically. SIBE gives support to the management of orders. settlement and monitoring activities of the organised markets. 09:00 – 14:45 2000 Bolivars 0. thus marking the beginning of the modern exchange.1473 EUR1 = VEB3. was founded to compete with the first exchange.0% – 34. Taxes.com Email: bvc@caracasstock. Market Charges & Compulsory Commissions Commissions paid by investors to the brokers for buying or selling a share are determined by the brokers individually. contract details <CCS/IBC> CI (Month Code)(Last Number of Year) <Index> Brief History The development of an organised securities market in Venezuela can be traced back to 1805 when Don Bruno Abasolo y Don Fernando Key Muñoz founded a trading house in the city of Santiago de León de Caracas.3bn Average Daily Turnover: ~USD500m Currency Venezuelan Bolivar fuerte (VEB) Clearing and Settlement T+3 Business Days Currency Exchange USD1 = VEB2.1 index point 3 consecutive months & the next 3 contracts on the Mar. Jun. trading.com Primary Exchange Caracas Stock Exchange Futures Information Main Contract Trading Exchange Trading Times Contract Size Tick Size Contract Months Reuters Bloomberg IBC Index Future Caracas Stock Exchange Mon – Fri.1387 127 Document produced by Société Générale Corporate & Investment Banking . Taxes & Regulations Affecting Foreign Investors. but net income from loans granted by financial institutions constituted overseas is taxed at the rate of 4. All members bid and/or offers are identified on the screen. The first formal exchange was registered in January 1947 with an auction of 22 seats at the exchange known as the Bolsa de Comercio de Caracas.0% depending on taxable income Cross Selling Equity & Short Selling Short selling is prohibited. in 1974 the two exchanges were merged. screen-based trading system called SIBE. The majority of equity trading takes place in locally listed shares and Global Depository Shares (GDS). Dividends are tax exempt. There are two ‘sensitive’ areas regarding foreign investment: TV and radio broadcasting. dissemination of information.Contents Venezuela GMT -4. In 1807 the Government issued trading rules and the first association of traders was created. with real-time information and dissemination of trading data. The main index is open-ended and accounts for more than 0% of total market capitalisation. law firms) Trading System Equities and fixed income instruments are traded on the SIBE platform. SIBE is an order-driven market system. Every six months there will be a modification on the schedule based on the time frame changing in United States of America in order to reach the same opening time from the New York Stock Exchange where certain Venezuelan ADRs are traded. the Bolsa de Comercio del Estado Miranda. Main Indices Caracas Stock index (IBC) Market Size as of August 2009 Official Trading Hours Monday – Friday Spring – Summer Pre-Opening: 09:00 – 09:30 Market Session: 09:30 – 14:00 Post-Closing: 14:00 – 14:30 Autumn – Winter Pre-Opening: 09:00 – 10:00 Market Session: 10:00 – 14:30 Post-Closing: 14:30 – 15:00 Market Capitalisation: USD47. Spanish-language newspapers Professional services regulated by national laws (e. will automatically be delayed. In 1958 a second exchange.g. The rates for trades (variable and fixed income securities) not done on a stock exchange are as follows: Proportional Tax Rate Individuals Companies Residents Non-residents 3% 34% 5% Varies from .bolsadecaracas. The Caracas Stock Exchange does not impose any restrictions on foreign nationals other than those applicable to domestic investors as established by the Exchange’s internal rules and regulations. Trading a large volume of shares or trading a stock at a price which varies from the pre-established percentage band. The capital gains tax has been replaced by a proportional tax of 1% on the gross income (if the trade is executed on a stock exchange). However. Commission is paid by each side involved in a transaction. bn Document produced by Société Générale Corporate & Investment Banking 128 . Maximum bonds holding: no limitation. within each price group. The system allows brokers to enter their orders to be queued for matching at a specified time at the single price which generates the greatest trading volumes of that particular stock.vn Primary Exchange Ho Chi Minh Stock Exchange Brief History Ho Chi Minh City Securities Trading Center (HoSTC) (‘STC’) was officially inaugurated on 20 July 2000 and trading commenced on 28 July 2000. After concluding negotiations. Market Charges & Compulsory Commissions None. There is no capital gains tax. Main Indices Vietnam Index Currency Vietnamese Dong (VND) Official Trading Hours Monday – Friday Opening Auction: 08:30 – 09:00 Continuous Trading: 09:10 – 09:30 Closing Auction: 10:15 – 10:30 Put Through: 10:30 – 11:00 Clearing and Settlement T+3 Business Days for less than 100. Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’). The dealing price is negotiated between the two brokers and hence. After brokerage houses electronically send buy or sell orders from their offices to the HOSE mainframe computer. Foreign contribution on joint-venture securities firms or fund management company less than or equal to 49%. the effective executed price may not be the same as that of securities traded in the market on that day. Automatic Order Matching (AOM) Trading The Automatic Order Matching performs the order matching process according to price then time priority. In August 2007. either on behalf of their clients or for themselves. Two principal methods of trading are available: Automatic Order Matching (AOM) and Put Through transactions (PT). orders are arranged according to time. two equity issues were listed.hsx. without human intervention.Contents Futures Information None Vietnam GMT +7hrs Internet: www. dealers must send details of the result(s) to STC mainframe recording purposes. Taxes & Regulations Affecting Foreign Investors The only tax on equities for foreign investors is a securities transaction tax of 0. Taxes. The system calculates the opening and closing price of a security at the opening and closing times of the Official Trading Hours. with the best price taking precedence.000 shares Currency Exchange USD1 = VND17833 EUR1 = VND208 Market Size Market Capitalisation: USD20. There is no withholding tax on dividends paid abroad. Foreigners can buy up to 49% of listed stocks except banks. the system implements an order queuing process and arranges the orders according to a price-then-time priority. This means orders are first grouped according to price. Initially. Trading System The STC operates fully-computerised trading system for the Stock Exchange of Vietnam. Then. HoSTC was renamed the Ho Chi Minh Stock Exchange (HOSE).000 shares T+1 for more than 100.vn Email: market_infor@hsx. Put Through (PT) Trading The system provides a facility for brokers to deal directly with each other.1%. Circuit Breakers ±5% Trading bands from the reference price are applied. For banks the limit on foreign ownership is 30% with a maximum individual investor limit of 10%. The BRVM is made up of eight member nations. Main Indices BVRM Composite Index BVRM10 Index Currency Communauté Financière Africaine Franc (XOF) Official Trading Hours Monday – Friday Pre-Open: 08:00 – 08:30 Continuous Trading: 08:30 – 10:30 Fixing: 10:30 – 10:45 Post-Close: 10:45 – 13:00 Clearing and Settlement Settlement is carried out via the Central Depository and the cycle is T+5. In Adibjan. Niger. Mali. Stocks are quoted in multiples of XOF5. Bourse des Regionale Valeurs Mobilieres (BRVM). with brokers able to amend orders at any time until the fixing. Senegal and Togo. Burkina Faso. Burkina Faso.org Primary Exchange Regional Stock Exchange West Africa Futures Information None Brief History The West African Stock Exchange can trace its roots back to the foundation in 1973 of the West African Monetary Union (WAMU). Trading System There is one method of dealing and establishing prices. Cote d’Ivoire. Cote d’Ivoire the Bourse des Valeurs d’Abidjan (BVA) began its operation in 197 following the passing of Law No 74-353 in 1974. Togo and Guinea Bissau). The Regional West African Exchange. Market Charges & Compulsory Commissions The fees charged by the exchange to the brokers are: Trading: 0. with brokers able to amend orders at any time until the fixing.84 EUR1 = XOF5. Stocks and bonds are traded through a computer system known as the Decentralised Electronic Fixing (CED) system. whilst market offices are maintained in Benin. Mali. Taxes. Côte d’Ivoire.5% for stocks and bonds.4bn 129 Document produced by Société Générale Corporate & Investment Banking .Contents West African Stock Exchange Bourse Regionale des Valeurs Mobilières SA (BRVM) GMT+1 Internet: www.392 Market Size as of August 2009 Market Capitalisation: USD. The trading system allows orders to be dispatched to the Abidjan headquarters. A satellite trading system was inaugurated in March 1999 allowing orders to be dispatched to the Abidjan headquarters via satellite.org Email:
[email protected]. The head quarters are located in Abidjan. Guinea Bissau. the capital of Cote d’Ivoire.30% of the transaction value. Mali. Senegal. The brokerage fees are about 1% of the transaction value (freely determined by each broker). took over the 35 stocks of Ivory Coast’s national BVA bourse from 1 September 1998. Niger.10% of the transaction value. but to meet international standards it is expected to move to T+3 in the future Currency Exchange USD1 = XOF449. Settling and Clearing: 0. The trading system serves Benin. Agents sitting at workstations in their offices or desks located in national branch offices in WAEMU countries and brokerage firms can enter and amend orders. Niger. Taxes & Regulations Affecting Foreign Investors There are no formal restrictions on foreign investment. The satellite trading system serves the countries included in the regional bourse (Benin. Bonds are quoted as a percentage of nominal. Burkina Faso. Senegal and Togo. with a single price auction called fixing. Circuit Breakers The price fluctuation per session is limited to 7. Indicative scale is 0. Taxes. secure. Trading is manual and through direct order matching. Government restructured the preferential tax structure for listed companies effective 1 April 2004 as follows. Its formation was directly linked to the economic reforms and liberalisation of the Zambian economy that began in 1991.0 EUR1 = ZMK770. Trading System The LuSE operates as an order-driven market. There is no capital gains tax. a mid-morning update report and a closing market report. It provides for investor protection and the licensing of all market players.9bn Document produced by Société Générale Corporate & Investment Banking 130 . There are currently 15 companies listed on the LuSE.luse. Depository Transfer Fees 0. time of entry and whether the order is a client order or principal order. Taxes & Regulations Affecting Foreign Investors There is a withholding tax of 15% on dividends that are treated as income. Listed stock does not attract this tax. SPA is the price at which the largest volume of shares will be traded with the least imbalance. The securities market in Zambia was formalised by the enactment of the Securities Act in December 1993. A single price auction (SPA) is used to determine the opening market price. Brokerage rates are negotiable. However this tax is exempted for dividends paid on listed stock to individuals. The Securities Act. A stock exchange was viewed as pivotal to the success of the privatisation programme which was also intended to facilitate foreign investment. The corporate income tax rate is 33%. The Act also provides for the establishment of the Securities and Exchange Commission (SEC-Zambia) as the regulatory agency for the Zambian securities market. This incentive is for new listings for one year only and is accessible only once.zm Primary Exchange Lusaka Stock Exchange Brief History The Lusaka Stock Exchange (LuSE) began operations in February 1994.5% on equities. Orders are traded based on the criteria of price. corporate tax reduction by 2% for new listings for one year only and a further reduction of 5% over and above the 2% for companies whose offer results in at least 33% of their shares being held by Zambians. Market Size as of August 2009 Market Capitalisation: USD3. There are no ownership limits or restrictions on foreign investment.co. orderly. and transparent.375% of the total value deposited. provides for the operation of a market that is fair. Orders can be submitted to the Exchange by fax.Contents Futures Information None Zambia GMT +2hrs Internet: www. a key feature of which was the privatisation of state-owned enterprises. and its subsidiary legislation in the form of rules.zm Email: luse@zamnet. A property transfer tax of 3% is paid by the seller of unlisted securities. The Exchange produces an opening market price summary report. Main Indices LuSE All Share Index Currency Zambian Kwacha (ZMK) Official Trading Hours Monday – Friday First Trading Session: 10:00 – 11:00 Second Trading Session: 12:00 – 13:00 Clearing and Settlement T+3 Business Days Currency Exchange USD1 = ZMK430.25% of value to each party paid to the exchange. Market Charges & Compulsory Commissions 0. Rate (ZWD) Basic charge Brokerage Stamp duty Transfer fee (on purchases) VAT 500 2 per 100 2 per 100 (of shares purchased) 500 15% Taxes & Regulations Affecting Foreign Investors Control on repatriation of sale proceeds were lifted in January 1994. They continued operating until it was decided that legislation should be enacted to govern the rights and obligations of both members of the Exchange and the general investing public. Deals are effected by placing an order with a local broker who completes the trade at the call over. Withholding taxes on dividends are deducted at source at the rate of 15%. However the following rules still apply.co.zse. Taxes.co. but it became necessary for legal reasons to bring into being a new Exchange coincidental with the passing of the legislation. A second floor was opened in Salisbury (Harare) in December 1951 and trading between the two centres was by telephone. It was however only operative for about six years from 189 to the end of the South African war. After World War II a new exchange was founded in Bulawayo and dealing started in January 194.zw Email: emunyukwi@zse. no one foreign investor may own more than 10% of the issued equity of a listed company. also founded in 189. activity declined and it closed in 1924. Capital gains tax was abolished in 2003. In the last few years. Main Indices ABRI Zimbabwe Index Zimbabwe Industrials index Zimbabwe Mining Index Currency Zimbabwean Dollar (ZWD) Clearing and Settlement T+7 Business Days Official Trading Hours Monday – Friday 09:00 – 10:30 11:45 – 13:00 Currency Exchange USD1 = N/A EUR1 = N/A Market Size Market Capitalisation: NA 131 Document produced by Société Générale Corporate & Investment Banking . The latter. Aggregate foreign ownership of a listed company may not exceed 40% (excluding positions held before June 1993). Market Charges & Compulsory Commissions Buying and selling shares incurs costs which are added onto the purchase price or deducted from the sale amount. The present Exchange therefore dates from the passing of the Act. The exchange has been open to foreign investment since 1993. All investment purchases are done through the Exchange and funded through normal banking channels Two listed shares – Old Mutual plc and ABC Holdings Limited – have fungibility inward and outward. The US Dollar has been adopted as legal tender for trading. The Zimbabwe Stock Exchange Act reached the statute book in January 1974. Trading is carried out by open call over in two sessions. but with the realisation that deposits in the area were not extensive. thrived on the success of local mining. The members of the Exchange continued to trade as before. The system is paper based and a trading record is published by the ZSE daily and circulated to broking firms and the press.zw Primary Exchange Zimbabwe Stock Exchange Futures Information None Brief History The first stock exchange in Zimbabwe opened its doors shortly after the arrival of the Pioneer Column in Bulawayo. Other stock exchanges were established in Gwelo (Gweru) and Umtali (Mutare). Trading System The trading method used on the ZSE is a call-over system organised on the floor of the exchange. liquidity has dried up significantly as the political and economical situation has deteriorated.Contents Zimbabwe GMT +2hrs Internet: www. ATS & Dark Pools .ECNs. The Pacific Exchange options floor in San Francisco is unaffected by the migration of equities trading to an electronic environment. The new rules created the opportunity for Electronic Communications Networks (ECNs). and reports solely to the NYSE Regulation board of directors. such as Archipelago. to interact directly with the NASDAQ National Market System.nyse. Trading System ArcaEx. To protect investors. a Market Order Auction and a Closing Auction where all participants can see and participate in price information. Trades executed will be routed to NSCC for settlement via the Regional Interface Organisation (RIO). Investor Protection The legal entity known as NYSE Regulation. replacing the traditional floor specialists. NYSE Arca. direct and anonymous market access. the US Securities and Exchange Commission (SEC) implemented new Order Handling Rules. records will be sent to National Securities Clearing Corporation (NSCC) for clearance and settlement. was created during the course of the merger between the New York Stock Exchange and Archipelago Holdings. AMEX and OTC listed stocks.Contents NYSE Arca Internet: www.com Brief History In January 1997. NYSE Arca was the first open. In March 200 Archipelago merged with the NYSE to form the for-profit entity NYSE group (now NYSE Euronext). Official Trading Hours Opening Auction: 04:00 Core Trading: 09:30 – 1:00 Closing Auction: 1:00 Extended hours: 1:00 – 20:00 Clearing and Settlement It is necessary for clearing firms to become NYSE Arca Equity Trading Permit (ETP) holders to clear trades on behalf of exchange participants. Additionally. all-electronic stock market in the United States enabling customers to trade equity securities. Inc (PCX) to establish the Archipelago Exchange (ArcaEx) as its new. Opening Session (04:00 – 09:30). moving its equities trading operations to the fully electronic. NYSE Arca trades all NYSE. the health of the financial system. electronic trading facility. The chide executive officer of NYSE Regulation has primary responsibility for the regulatory oversight of the exchange subsidiaries within NYSE Group. the NYSE and other US equities markets and options products. and the integrity of the capital-formation process. All trading activity is transmitted to NSCC via computers as “locked in” transactions meaning a computer has already matched the details of the trades from buyer and seller. which revolutionised trading in NASDAQ securities. In October 2001. fully electronic equity exchange offering fast. NYSE Arca trading platform links traders to multiple US market centres where buyers and sellers meet directly in a highly-liquid electronic environment without intermediaries for fast order executing and open. The SEC has restricted UTP trading in certain ETFs on NYSE Arca for those ETFs and Trusts that do not provide intra-day fund valuation estimates during either the early or late trading session. including those listed on NYSE Arca. Extended Hours (1:00 – 20:00). Document produced by Société Générale Corporate & Investment Banking 133 . Inc. the SEC selected NYSE as the Designated Examining Authority for financial and operational issues for its member organisations. anonymous and consistent order processing. ArcaEX has an opening auction.. the SEC approved the proposal of the Pacific Exchange. known as the ArcaBook. Core Trading Session (09:30 – 1:00). Inc. Arca searches for the best price for orders internally or externally. Equity trading Permit Holders and other uses of Arca submit orders directly to an electronic file of orders. NYSE Arca features four trading sessions each day: a Pre-Opening Session (03:30 – 04:00). The Pacific Exchange closed its San Francisco equities floor on 21 March 2002. is an open. Once a trade has been executed. Archipelago LLC was formed in December 199 in response to these rules and was launched in January 1997 as one of the four original ECNs approved by the SEC. If the minimum quantity is not immediately executed. Clearing and settlement is managed by EuroCCP to ensure an efficient pan-European low-cost solution. Execution Parameters Immediate or Cancel Orders: An IOC order may be filled in full or in part. 134 Document produced by Société Générale Corporate & Investment Banking . If an IOC order is not executed immediately in full or in part upon entry in the NYSE Arca Europe trading platform. the unexecuted part of the order remains on the market. Market to Limit Order. Denmark. Pegged Order. at the specified limit price or better. Tick Sizes Tick sizes are equal to or smaller than the ones enforced on the primary market and are managed dynamically in accordance with the tick size table defined for each trading group. orders are automatically deleted from the NYSE Arca Europe trading platform. Guaranteed cross trades have to be limited at a price within the best bid and offer (BBO). The NYSE Arca Europe trading platform automatically rejects a guaranteed cross trade outside the BBO. A guaranteed cross trade is said to be a principal trade if it involves a Member trading voluntarily against their clients. Structure Order Types: Limit Order. the unexecuted part of the order is cancelled. Minimum-quantity Orders: The minimum-size requirement is valid only at the time the order is entered. Autoriteit Financiële Markten (AFM) and is fully compliant with MiFID obligations to ensure transparency and best execution for clients. Good-till-time (non persistent) Orders are only valid for a specific period of time during the trading day or only valid until a specific time during the trading day. The resulting trade will be marked. depending on market conditions at the time it is entered. the entire order is cancelled. Germany. Guaranteed Cross Trades: The automatic execution through the order book of a buy and a sell order from a Member is permitted by the order book system. It is the maximum quantity of securities that will be visible to the market at any given time. This is the default validity of the NSYE Arca Europe trading platform. It is regulated by the Dutch regulator. Switzerland. Norway. Sweden. Finland.Contents NYSE Arca Europe Brief History NYSE Arca Europe provides access to pan-European equities thorugh a central limit order book trading a select group of top European liquid stocks from the following eleven countries: Austria. Order Validity Good-for-day Orders are only valid for the trading day. The minimum quantity parameter cannot be combined with the discretionary order. It shall be effected on the conditions applicable to cross trades. Order Transparency Parameters Reserve Orders: The disclosed quantity of a reserve order means the quantity of securities the Member wishes to be made apparent to the market. Italy. If the specified minimum quantity is filled immediately. When one of the above periods of validity expires. Ireland. Spain and the United Kingdom. Trades are published in real-time via NYSE Euronext market data feeds and systems. boundaries included. where the following instruments are traded: foreign equities. sovereign bonds. emerging market bonds. among them major Italian brokers-dealers. except for Eurobonds which are cleared on Euroclear. On 1 January 2003 the exchange was spun off from TradingLab Banca into a new vehicle called TLX SpA.Contents EuroTLX – TLX Internet: www.eurotlx. Official Trading Hours Monday – Friday Euro TLX Equities 10:00 – 1:30 Bonds (Specialists) 9:00 – 17:30 Other Instruments 9:00 – 18:00 TLX All Instruments 9:00 – 18:00 Clearing and Settlement EuroTLX contracts are settled through the domestic clearing system (Montetitoli). Investors can access real time prices and pre and post trading info through the EuroTLX website. Since the 20 October 2003. Certificates and Corporate bonds. and started to act as a market makers from February 2007. Structure The following members have access to the market: Market Makers. which provide liquidity through insertion of quotes for all instruments traded Broker-Dealers. through intermediaries. the investment bank of Unicredito Group. Trading activity is especially concentrated on instruments such as foreign equities. The rules of the market are available on the web site (www. covered warrant and certificates.eurotlx. the investment bank of Intesa Sanpaolo banking group. structured bonds. corporate bonds.com). TLX currently has 40 members. which provide orders on behalf of their clients The liquidity of all instruments is guaranteed by the mixed structure. Commission Rates & Other Client Costs Membership and execution are free for Members. The system then matches the transactions basing on the rules of the Exchange. Covered Warrants. covered warrant and certificates. Trading System Trading occurs through a hybrid quote. EuroTLX enables retail investors to trade. supranational bonds. Document produced by Société Générale Corporate & Investment Banking 135 . non EU government bonds. structured bonds. acquired a 50% stake in TLX. Market Makers and Members enter buy and sell orders through an order routing system located in their offices.and order-driven system supported by an OM technology electronic trading platform. TLX SpA has managed two markets: a Regulated Market recognised by the Italian Authority CONSOB. Banca IMI. with a high level of liquidity and transparency.com Brief History TLX was launched as an ATS in January 2000 by TradingLab Banca. corporate bonds. structured bonds. in order to create a pan-European electronic exchange of financial instruments targeted to individual investors. called TLX and the ECN called EuroTLX. On 29 December 200. quote-and order-driven. A single investor may send orders independently from the quotes of the market maker. ABS. Securities Traded Non EU Government bonds. Nothing is done – and no critical information is revealed – unless two Members actively negotiate with each other. NYSE Arca Europe. without intermediaries or information leaks. exchanges and multilateral trading facilities (MTFs). now has 25 SLPs Supernatural was approved by the UK’s Financial Services Authority in August. BATS Europe and Nasdaq OMX Europe. Liquidnet guarantees anonymity and takes it to a new level.and large-cap stocks efficiently with little to no market impact costs. news sentiment and block trading data for both institutional investors and corporate issuers. allows Liquidnet’s buy-side members to access liquidity from external sources such as brokers. Even then.liquidnet. Structure Liquidnet is the major marketplace for electronic block trading.g. Liquidnet executes 93% of all trades within the spread. Members Trade Only With Fellow Buy-side Institutions. The SLP list also includes two further brokers. Commission Rates & Other Client Costs There is no software-licensing fee. Traders can actively work trades in multiple venues without competing against themselves in the marketplace. the parties remain anonymous to each other and to everyone else. Liquidnet estimates that searching for liquidity currently cost the US equities industry more than USD100bn a year in hidden transaction costs. already available in the US. which Liquidnet calls Streaming Liquidity Participants (SLPs). Official Trading Hours Monday – Friday: 02:00 – 18:00 EST Clearing and Settlement Liquidnet out-sources clearing and settlement to Bear. In June 2009.com Brief History Liquidnet was launched initially in the US in April 2001. with 42% executed at the mid-point. Liquidnet completed its acquisition of Miletus Trading. Liquidnet allows money management institutions to trade large blocks of equities directly and anonymously with significant price improvements and littleto-no market impact.8trn in equity assets under management. Liquidnet was launched in November 2002 allowing European fund managers access to liquid six distinct foreign markets. launched in 2005. By March 2009. Liquidnets reach had risen to 582 member firms in 29 Markets following launches in Australia. The 227 buy-side firms that have signed up to the system represent approximately USD5. with a full launch to all members once this is complete 13 Document produced by Société Générale Corporate & Investment Banking .Contents Liquidnet Internet: www. It was built exclusively for institutional investors and after two years was ranked as one of the largest 30 NYSE-listed and NASDAQ institutional brokers. Europe and Asia. Trading System Members’ orders flow automatically into Liquidnet. which Liquidnet did not name The US version of Supernatural. Sanford Bernstein. Credit Suisse. Liquidnet’s Members trade large blocks of small-. mid. OASYS or OASYS Global) Members use or directly from their OMS Liquidnet announced in Sept 2009 the launch schedule for its Supernatural service in Europe and has signed up 12 liquidity providers Supernatural. CA Cheuvreux. with a total of 20 Streaming Liquidity Partners. exchange NYSE Euronext and brokers Instinet. Liquidnet is the only institutional broker to offer one global pool to its Members. Members pay commissions to Liquidnet only when they deal. Liquidnet announced a partnership with NYSE Euronext and launched Liquidnet InfraRed which aggregates institutional demand. and Liquidnet alerts a trader only when there is a natural contra on the system. Settlement is handled as with any other broker. On 15 March 2007. Liquidnet will collect allocation information from the Electronic Trade Confirmation (ETC) system (e. Stearns Securities Corp. In Europe. Liquidnets model brings natural buyers and sellers together and enable them to anonymously negotiate trades among each other. The 12 European SLPs include MTFs Chi-X Europe. Deutsche Bank. Pilot testing with a select group of members will begin in October 2009. Sweden. Australia. Clearing and Settlement Model “A” clearing with relationship Pershing (part of CSFB Group and one of the independent clearers in the UK) France. In 2005 ITG expanded into Japan. POSIT NowSM Offers continuous intra-day crossing and total anonymity Ensures that you never miss a trading opportunity once orders have been submitted BLOCKalertSM Seeks out liquidity before it even enters the market Allows traders with orders in many order management Systems to share trading opportunities with other participants Official Trading Hours Monday – Friday See IGT Posit website for details. In Europe. POSIT is now categorised as a multilateral trading facility. adding a leading trade order management system provider and boosting its transaction cost analysis offering. It covers domestic and international stocks as well as listed and OTC. Its HQ is in New York. Spain. Germany. Sydney. Melbourne. POSIT is a “black box” system that runs a proprietary algorithm at designated times each day. Finland. POSIT has evolved to offer a host of options with several benefits which includes POSIT MATCH. passive and quantitative trading styles. Italy. the first anonymous electronic matching system. Switzerland. this algorithm is set to maximise the value of shares matching in the system. Holland. illiquid names and allows order matching and extraliquidity searching. POSIT MatchTM Provides scheduled matches with concentrated liquidity throughout the trading day and in our unique after-hours cross Crosses Orders at the midpoint of the bid-offer spread. Since the introduction of MiFID in November 2007.Contents ITG POSIT Internet: www. POSIT is also a venue for small. ITG also expanded its Electronic Trading Services to Latin America by offering direct market access to the Brazilian Stock Exchange BM&F Bovespa. an is currently the world’s largest intraday equities crossing system. Since 2002 a POSIT cross has been available in Hong Kong. London. All matching orders are immediately reported back to the client and are trade/transaction reported to the relevant authority.com Brief History ITG (Investment Technology Group) was founded in 1987 to provide automated equity trading to institutional investors. UK. Germany. at the mid-price taken from the lead market quote for each stock. ITG POSIT Matching system sources from buy side clients and sell side market participants and tries to match as many as possible at given times in the day anonymously and at the mid-price in the market. Trading System POSIT supports active. It was introduced for UK equities on 18 November 1998. resulting in significant price improvement of executions Ensures total anonymity so that trading results in no market impact Structure ITG POSIT trades equities in US. and in the same year ITG introduced POSIT. Toronto & Hong Kong. Dublin. France. POSIT Now and Blockalert. Spain. launching POSIT matching for Japanese securities. In 200 ITG acquired Macgregor and Plexus Group.itginc. with offices in Boston. Italy and Belgium Switzerland Netherlands BNP Paribas Bank Leu CDC Labouchere Document produced by Société Générale Corporate & Investment Banking 137 . Belgium (Ireland added in February 2003). Since its inception.bloombergtradebook. Orders being exposed will execute instantly in many cases. Market orders and immediately executable limit (priced) orders may be entered into the Primex Auction System for exposure to a broad-based. all affiliates of the Bank of New York. Order sizes can be between 100 – 1.000. Bloomberg Tradebook now offers its global customer base direct connectivity to over 5 markets spanning 54 countries. and G-Trade Services Ltd. market makers and portfolio managers world-wide. the number of shares traded daily has risen to over 150m in the US equity securities and has an approximate aggregate value of USD1bn per day in international equity shares traded. Participants compete anonymously for orders using bidding tools that speed the auction process. It also provides global clearing and settlement capabilities via executing and clearing relationships with BTrade Services LLC and BNY Brokerage Inc. Trading System The Primex Auction System is a trading system that replicates a competitive trading crowd in an extended digital environment. provides orders with increased opportunities to receive price improvement and enhanced liquidity. Auction System as a facility of NASDAQ has been effective since 31 December 2003. This interest in the system. NASDAQ.com Brief History Established in 199.Contents Primex Trading Internet: www. electronically linked crowd. following the market’s conversion to decimal pricing in Spring 2001. The NASDAQ Stock Market agreed in 2000 to license the Primex Auction System and became its exclusive operator for all US equities.000 shares and can be as agent or principal. giving access to NASD-member broker/dealers. Bloomberg Tradebook has established itself as a leading electronic consolidator of global liquidity. Bloomberg Tradebook Internet: www. All executions in the system will be at prices at least as favourable as the prevailing National Best Bid and Offer (NBBO). Bloomberg Tradebook is a leading global agency broker used by institutional equity and fixed income traders.com Official Trading Hours Monday – Friday: 09:30 – 1:00 The system is available from 7:30 – 18:00 where participants can enter indications of their response interest. which is always at prices equal to or better than what may be available in the NBBO. The system’s electronic auction process elicits latent trading interest from market participants that is not often displayed in public quotes. brokerdealers. (International Equities). update credit limits and clearing limits. has elected to no longer offer the Primex. hedge fund managers. Brief History Primex was established in 1998 as a hybrid auction/dealer system.primextrading. review market activity and evaluate their exposure. 138 Document produced by Société Générale Corporate & Investment Banking . Trade types include At-market orders and executable orders at a limit that is within the prevailing spread. (US Equities). The system is available for NASDAQ-listed securities and exchange listed securities traded. in its desire to consolidate certain functionality into one system (SuperMontage). The switch to operational status as an exchange means that NASD/ NASDAQ Trade Reporting Facility (TRF).nasdaqtrader. after two years of design and development. Pro-Trade. NexTrade’s technology allows participants to interact simultaneously with all NASDAQ ECNs and market-makers. on 12 February 2007. NexTrade filed an application with the SEC in 1999 to become a for-profit stock exchange in the United States and is a registered broker/dealer and member of the NASD and SIPC.nextrade. hedge funds. NASDAQ trading riles regarding its quotation and trading systems remain essentially the same. XPOs are options that simply have no expiration date.com Brief History In November 1998. however the following functionality for non NASDAQ-listed securities has been retired: Orders preference to individual market makers The AIQ option to preference yourself first (the option to not). NASDAQ Trader Internet: www. NexTrade (NTRD) received SEC approval to become one of nine ECNs (Electronic Communications Network). the same day that NASDAQ became operational as an exchange in non-NASDAQ listed securities. Brut and INET into a single platform which uses INET technology for all securities. All trades on the integrated system are now considered exchange trades. NASDAQ market-makers. NASDAQ members need not undertake any technology changes. a new limited liability company operated by NADSAQ and subject to NASD’s regulatory license and oversight. In February 2005 NexTrade and the Philadelphia Stock exchange announced an XPO licensing agreement. now offers trade reporting of over-the-counter transactions.com Brief History NASDAQ completed its Exchange Operation for the Integration of the NASDAQ Market Centre. NexTrade was the first ECN to offer 24 hour trading to retail investors through participating broker-dealers. intelligent order routing solutions and straight-throughprocessing through its proprietary product. NexTrade offers direct access solutions. Its clients include mutual funds. Currently.Contents NexTrade Internet: www. traditional broker-dealers. traded at multiple strike prices and closed-out via exercise. online broker-dealers and professional trading companies. Document produced by Société Générale Corporate & Investment Banking 139 . in both continuous market and the periodic crossing venues. Chi-X Canada has since quarter 1 2008 been available for trading on all TSX-listed securities and is today the 3rd European trading venue in terms of turnover. which allows participants to effectively manage their counterparty risk.com Brief History Instinet was the first ever ECN. with out intermediation. It was originally a way for brokerages to display bid and ask prices for practically every stock in North America and abroad and was the first used by intuitions to transact with each other. clients can interact with the liquidity of Instinet’s institutional clients. Instinets systems are designed to optimise access to liquidity across all available marketplaces. netting and fungibility is done at the domestic Central Securities Depository (CSD). In August 2009 Instinet announced plans to launch an Australian ATS. Instinet Chi-X Internet: www.com / www.instinet.chi-x. Through Instinet’s electronic trading platforms. Chi-X is an order-driven ATS/MTF for professional investors to trade approximately 7. Instinet Chi-X limited was launched by Instinet as a FSA authorised securities firm. less-complex model designed to help ensure that not only client execution costs are low but so are the associated clearing and settlement costs.500 pan-European equities. acting as an unconflicted agent focused solely on customers trading and investment performance. streamlined model. In addition. In addition. and is known as an ATS (Alternative Trading System) or MTF (Multi-Lateral Trading Facility). 140 Structure Through Chi-X’s low cost. Chi-X disseminates market data to clients directly and via third-party market data vendors at no cost and trade reporting is available for a flat monthly fee. Internal benchmark test showed the Chi-X operating model to be more than 10 times faster and significantly less expensive than Europe’s trading equity exchanges. without any bias or interference that might compromise the pursuit of best execution. Instinet is a global agency broker that helps clients define and seek best execution in global markets. clients have unbiased direct and efficient access to more than 55 equity markets worldwide.instinet. founded in 199. It is the first order-driven pan-European ATS. Document produced by Société Générale Corporate & Investment Banking .Contents Instinet Internet: www. Instinet provides clients with flexible and technologically advanced tools and services. clients can trade with each other directly and anonymously. Clearing & Settlement Trades on Chi-X are anonymous.com Brief History Instinet has been providing innovative trading solution to the financial community since it was created in 199. institutional investors are able to trade pan-European equities and achieve ultra-low execution clearing and settlement costs. or using Instinets sales trading offering – or combination of both. Clients can choose to access this liquidity by trading electronically and self-directing their order flow. Several Central Counterparties are available. It offers a lower-cost. Track ECN offers Smart Order Routing Technology.com Brief History Track ECN is a subsidiary of Track Data Securities Corp. middle and back office trade transaction processing. Track ECN is one of the last independent ECNs unattached to any market maker or exchange. More information on www. France.nyfix. NYFIX offers a complete electronic desktop order management solution. Its products deliver straight-through processing (STP) for front. the system offers the ability to generate anonymous liquidity alerts to external dark pools and other passive liquidity sources. Routing out to major Markets. Euro Millennium was launched on the 17 March 2008. Denmark. stationary and wireless handheld exchange floor technology.Contents NYFIX Internet: www.com Brief History NYFIX. Inc. through its subsidiaries provides electronic trading technology infrastructure and execution services to brokerage firms and institutional investors. This is a neutral dark pool of liquidity for pan-European listed cash equities with a flexible order routing capability designed to aggregate order flow and access liquidity pools for markets in the UK. Document produced by Société Générale Corporate & Investment Banking 141 . Portugal and the Netherlands. FIX (Financial Information eXchange) Protocol messaging and monitoring tools and a high volume trade execution platform. and Book Feed Showing Depth of Book. Switzerland. Headquarters are located in New York City with offices across the US and London.thinkliquidity. Direct Connections to Major Markets. Track ECN has made its mark by offering the largest rebates and smallest take-away fees. Through Millennium PLUS. It is a hybrid market system as it combines the electronic execution technology of an ECN with the liquidity of traditional primary markets. Germany. NYFIX Millennium Alternative Trading System (ATS) is an automated execution venue designed to maximise execution quality and reduce the over all transaction cost. without imposing minimum trading levels. Finland.trackecn. Belgium.com Euro Millenium can be found on Track ECN Internet: www. NYFIX Millennium facilitates trades through its real-time matching algorithm at or better than the National Best Bid or Offer (NBBO). NYFIX products and services automate trading workflows by streamlining data entry and seamlessly integrating electronic order and execution handling. and Exchange Traded Funds (ETFs). 142 Document produced by Société Générale Corporate & Investment Banking .pipelinetrading. At the end of December 2008. PowerPlus is a comprehensive web-based CCA management system that will allow Pipeline clients in the US to easily access their CCA credits and direct payments for research and other safe harbor eligible services.com Brief History New York City based Pipeline Trading Systems LLC operates the Pipeline Alternative Trading System (ATS) that enables institutions and brokerage firms to quickly and efficiently trade blocks off NYSE-listed companies. executable limit orders with strict price time priority. enabling all real buyers and sellers to find each other anonymously and get trades done while minimising gaming. It offers equity. Pipeline empowers firms to execute block trades in single executions. which allows them to have the best of both worlds.Contents Pipeline Internet: www. index and FX options. In August 2009. Members can use this facility to trade equities instantaneously at the exact midpoint of the National Best Bid and Offer (NBBO). Trading the company introduced the PowerPlus™ Client Commission Arrangement (CCA).ise. NASDAQ stocks. NASDAQ and Amex.com Official Trading Hours Monday – Friday: Continuous Trading: 09:00 – 1:00 (1:15 for ETFs) Brief History The International Securities Exchange (ISE) was founded in 2000 and was the first fully-electronic US options exchange. In 2008 Pipeline has enabled users of Fidessa Latent Zero’s Minerva OEMS (Order and Execution Management System) to achieve institutional trading efficiencies without blotter information leakage. the ISE became a wholly owned subsidiary of Direct Edge. Members benefit from the interaction between two liquidity pools. Today the ISE is the world’s largest equity options trading venue. Pipeline maintains a hidden book of large. The other platform is the Displayed Market which is a fully electronic viable maker of Best Bid and Offer which trades the common stocks and ETFs listed on the NYSE. The ISE Stock Exchange offers two capabilities on the one platform: MidPoint Match – this is the only continuous. ETF. NYSEArca. exchange – based dark pool in the US. The International Securities Exchange Internet: www. Pipeline facilitates interaction between traders. Tape C and OTCBB securities. The system is designed to facilitate order frequency rates as high as 110.batstrading. NYSE and Amex-listed securities) trailing only NASDAQ and the NYSE. It trades in all Tape A. high-volume. Document produced by Société Générale Corporate & Investment Banking 143 .000msgs/sec with acknowledgement response times under 0. and contra-side sophistication while maintaining high execution quality and low latencies. In a very short period of time it has become the third largest share trading market center in the US cash equities system (including all NASDAQ.com Brief History Better Alternative Trading System (BATS) was formed in June 2005 and filed to become a stock exchange November 200.com Brief History DirectEdge ECN is a next generation of displayed financial markets. fill speed. Through multiple platforms and unique order types. The BATS ECN is designed to handle high-speed.7 milliseconds under these loads. anonymous. algorithmic trading. The European platform was launched in Summer 2008 while the BATS Dark Pool was created in June 2009. reliable.directedge. Direct Edge matches complementary forms of liquidity based on sensitivity to transaction cost. DirectEdge was originally wholly owned by White Knight Capital. top-tier equity markets in the United States. however in third quarter of 2007 Citadel Derivative Group and the Goldman Sachs Group took stakes in the company which resulted in White Knight Capital becoming minority owners. Official Trading Hours (EST) Monday – Friday Pre-Open: 08:00 – 09:30 Main Trading Session: 09:30 – 1:00 Post-Close: 1:00 – 17:00 BATS Internet: www. Tape B.Contents Official Trading Hours (EST) Monday – Friday 08:00 – 17:00 DirectEdge Internet: www. It operates one of the fastest-growing. fill rate. launched in 2003.puretrading. but orders can be sent through a FIX gateway (the international standard). Ireland. Norway. France. Denmark. On 3 March 2008 CNQ launched the CNSX Deal Exchange. Structure The platform combines both dark and visible orders. fees are largely success-based.Contents CNSX/ Pure Trading Internet: www. alternative venues being X-Clear and LCH. This is an online matching system that facilitates the pairing of companies seeking financing with registered investment professional whose investment criteria represents a fit with that particular company. or through a direct connection with an API. Clearing & Settlement Turquoise has partnered with the European Central Counterparty (EuroCCP) for crealing and settling equity trades. Orders on the lit market will be executed in priority over dark orders. Portugal. The trading system offers dealers access to order display including price. Additionally Turquoise gives the possibility to specify a Minimum Acceptable Quantity below which an order shall not partially execute for dark orders. Pure Trading offers more choice to investors as access to the market will not only be through a gateway using the STAMP message protocol (found only in Canada). Germany. Sweden.ca Official Trading Hours (EST) Monday – Friday 09:30 – 1:00 Brief History The CNSX.cnsx. It is a new trading venue for Canadian Exchange-listed securities and uses the X-Stream trading engine constructed by the OMX Group. 144 Document produced by Société Générale Corporate & Investment Banking . was the first new Canadian Exchange in over 70 years. Finland. recent trade history and other market information.com Official Trading Hours (UK Time) Monday – Friday Pre-Open: 07:40 – 07:59 Opening Auction: 07:59 Continuous Trading: 08:00 – 1:30 The Opening Auction is subject to a 30 second randomisation process Brief History Turquoise was created in August 2008 as a multi-lateral trading facility by a total of nine investment banks including Société Générale operating across 15 European equity markets in order to reduce costs incurred on traditional exchanges by up to 50%. The exchange founders felt that after a period of consolidation in the Canadian Securities Industry there was a need for a low cost. Netherlands. volume. EuroCCP subistutes itself for all counterparties through a novation process and becomes the buyer to each seller and seller to each buyer. Investors enter orders through their order entry vendor system. streamlined stock exchange. which allows clients to avoid information leakage and limit market impact for their large orders while also having access to the lit market. while lit orders can be pegged to the best bid. This allows participants to remain anonymous and to eliminates counterparty risk which is carried by EuroCCP. The markets covered are Austria. All types of orders are available. Turquoise Internet: www. In order to give participants more flexibility and to put different clearers in competition. This is system is free for professionals to participate in. The exchange was launched in September 2007 and by January 2008 all 2.tradeturquoise.22 senior Canadianlisted Securities were available for trading.ca / www. orders are then queued in marketplace according to pure price and time priority rules. Italy. Spain.Clearnet. Pure Trading is a subsidiary of CNSX and is the first alternative market in Canada to offer a visible auction market. Switzerland and the United Kingdom. As such the CNQ offers simplified reporting requirements and reduced barriers to listing and it is therefore an alternative stock exchange for trading equity securities of emerging companies. Belgium. Turquoise will be introducing choice of central counterparty for participants. and is an Automated Trading Center with protected quotes. Clearing & Settlement All trades are cleared and settled via the National Securities Clearing Corporation (NSCC). adding to the liquidity pool.Contents Official Trading Hours (EST) Monday – Friday 0:30 – 19:00 Lava Trading Internet: www. Fee of USD0. immediate execution. Each security has an assigned Designated Primary Market Maker (DPM) obligated to quote continuous. Document produced by Société Générale Corporate & Investment Banking 145 . 2-sided markets. CBSX provides liquidity providers economic incentive to provide the best markets without sacrificing a level playing field for all market participants.cbsx. which is a DTCC subsidiary. Lava Trading was acquired by Citi in 2004. A strictly anonymous matching algorithm ensures equality among participants. all within a fully electronic strict price-time priority trading environment for the US market.com Brief History The CBSX offers liquidity rebates and dedicated liquidity provision. The platform’s technology is based on the core ColorBook system which integrates the full depth of order books from ECNs.0027 per share for shares executed that add liquidity. CBSX offers a Remote Market Maker (RMM) program. Fee of USD0. Structure Incoming orders receive full electronic.com Brief History Originally an independent electronic platform. Structure Rebate of USD0.0025-0. allowing approved applicants to participate remotely. exchanges and other liquidity sources into a unified real-time data feed for US Markets. Through a rich rebate program and maker-taker pricing structure. In addition.0029-0. It provides a single execution interface to access all available market data and transmit orders to all liquidity sources. CBSX is Reg-NMS compliant.lavatrading. Rebate of USD0.0024 per share for shares executed that add liquidity. It runs on the CBOEdirect trading platform which also powers the CBOE. Resting orders are always fully accessible.0022 per share for shares that remove liquidity.0030 per share for shares that remove liquidity. providing automatic sweep functionality to ensure NBBO executions under the Order Protection Rule. CBOE Stock Exchange Internet: www. HSBC and BNP Paribas. Italy. The platform covers stocks from 15 European countries: Austria. Denmark. MDAX. Germany. part of the London Stock Exchange Group. France. FTSE Italia Mid Cap. Denmark. Clearing & Settlement All trades executed on Baikal will be settled against the CCP in the local Central Security Depositories (CSDs). Starting at the end of September 2009. Belgium. Switzerland and the United Kingdom The Platform is MiFID compliant. Ireland. Germany. Netherlands. OTC settlement options is also available to participants who prefer not to establish a CCP relationship.baikalglobal. France.tradeonsmartpool. Finland. Sweden. Sweden. Italy.Contents Baikal Internet: www.com Brief History SmartPool is a Multi-Lateral Trading Facility and dark liquidity pool created by NYSE Euronext in partnership with J. Local CSDs) are the two clearing entities for SmartPool. Two main services are provided by Baikal: Smart Order Routing. is a pan-European Multilateral Trading Facility (MTF) complemented by a Liquidity Aggregation Service which seeks out liquidity in over 20 venues across 14 countries (Austria. Clearing & Settlement LCH. which aims at facilitating trading without impacting the price formation process SmartPool Internet: www. Netherlands. SmartPool expanded accedd to mid-capitalisation indices including: FTSE 250. which is desined to seek best execultion across different venues in Europe (visible and hidden orders) Liquidity Seeking Strategies.P.Clearnet for NYSE Euronext stocks (Euroclear and Interbolsa) and EuroCCP for all other markets (Citi. Norway.com Official Trading Hours Trading hours are according to each venue Orders can be received from 7:30am Brief History Baikal. Ireland. 14 Document produced by Société Générale Corporate & Investment Banking . Switzerland and the United Kingdom). Portugal. Norway. Structure Smart Pool shares the same technology and infrastructure as NYSE Euronext. Spain. Structure Baikal functions both as an aggregator of lit and dark venues while providing a single clearing and settlement arrangement. Belgium. Finland. Portugal. SMIM and Mid Cap constituents of the DJ Stoxx 00. Morgan. Fill-and-Kill (FaK). Pegged orders. HybridBook. Official Trading Hours TDK: 09:00 – 17:00 FI. The long term goal of Burgundy is to reach a 25% marketshare until end of 2010. For other stocks. Finnish and Danish securities.com Brief History In September 2007 the Berlin Stock Exchange. The following order types are available in the Burgundy trading platform: Limit orders. where the platform calculates the Volume-weighted Best Bid and Offer across several venues. Fill-or-Kill (FoK).burgundy. Mass-quotation orders. OMXH25 and Large Cap and Mid Cap on NASDAQ OMX Helsinki. Norwegian. ParnterEx. Clearing & Settlement As of October 2009.Contents Equiduct Internet: www. allowing the advantages of internal crossing to be emulated via an exchange without the implied costs. OMXS30 and Large Cap on NASDAQ OMX Stockholm. Iceberg orders. it is planned to introduce warrants and structured products onto the trading platform. acquired London based Equiduct Systems in order to offer new state-of-the art stock exchange services to financial institutions trading in the European markets. traders are cleared and settled through local CSDs or CCP providers. Document produced by Société Générale Corporate & Investment Banking 147 .se Brief History Burgundy is a Mutlilateral Trading Facility which was launched in June 2009 by a consortium of Nordic banks and offers trading in close to 00 Swedish. SE: 09:00 – 17:30 Burgundy Internet: www. During the Q4 2009.equiduct-trading. Equiduct offers several products: OrangeVBBO. NO. Clearing & Settlement The clearer can be chosen by each participant. Burgundy has appointed EMCF as its first CCP provider for the most liquid stocks: OMXC20 and Large Cap on NASDAQ OMX Copenhagen. guaranteeing best price by tracking the Europe-wide Best Bid and Offer (EBBO). Structure Burgundy is a strictly lit market. Dark orders. The platform allows client to reduce their transaction costs as orders are executed at mid-spread of the best bid and offer. Norway. Structure Orders are sent both to Alpha X and the public market at the same time. 148 Document produced by Société Générale Corporate & Investment Banking . saving 5 to 12 basis points depending on the stock. Netherlands. It functions as a crossing network which matches clients’ buy and sell orders on a particular stock. Finland. France. Ireland.Contents Alpha X Europe Official Trading Hours Trading is open during opening hours for each local market Please contact your local sales representative for further information Brief History Société Générale launched its own integrated MiFID compliant electronic execution platform in March 2009 under the name of Alpha x Europe. Sweden. Portugal. as well as through the bank’s algorithmic trading platform. Switzerland and the United Kingdom). Belgium. Société Générale’s algorithms monitor how much of the order was filled and adjust it accordingly which implies that there is no opportunity cost for clients as orders are routed to both venues simultaneously. The platform can be accessed through all of Société Générale’s execution channels. Denmark. Italy. The system is open to both hedge funds and traditional asset managers and does not allow resting liquidity. Germany. Alpha X was built on Société Générale’s strength as one of the largest market participants in Europe and gives access to all European markets (Austria. Transaction Levy: For domestic securities. The SSE takes 0. . Most brokers charge a minimum commission per transaction of around CAD75.35% and 1%.70 per crossing subject to a minimum per crossing of USD7 and a maximum per crossing of USD70. and include annual membership fees and variable fees that depend on the member’s activity.06% Stock Exchange Fee: 0. Brussels and cv Paris Cash Markets and adopted by Euronext Lisbon in November 2004.1% of the amount of the consideration for each purchase or sale of prescribed securities subject to a minimum of USD1 on each side. China .1% of the transaction value. Some full-service broking organisations can charge between 0. The stamp duty of securities trading in both A-shares and B-shares is 0.Contents Taxes.01% of the amount of the consideration for each purpose or sale of prescribed securities subject to a minimum of USD7 on each side and a maximum per trade of USD70 on each side. at 33.1% and 2% commission depending on the size of the transaction. LCH. For international securities.Shanghai For bonds the average commission is 0. Brokerage fees from the sale of shares on Wiener Börse are set as follows: Fee Rate Minimum Fee Maximum Fee Agent Principal 4.00bps 1. Clearing fees are charged to clearing members by the clearing house.00bps 4.011% of these set commissions. Value Added Tax (IVA): Both brokers commission and exchange fees are subject to a 19% Value Added Tax (IVA). USD0.3% for both buyers and sellers.9EUR 90EUR 90EUR 18EUR Market Maker 1. For shares commission is charged at 38bps. The current productdriven fee structure has been in place since February 2005. Market Charges & Compulsory Commissions Country Argentina Information Broker’s commission: Negotiated Stock Market Fee: 0. Clearnet. Brazil Canada Chile Transaction Fee: 0. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam.8EUR 0.3% Stamp Duty. CFI and Share Rights: 0. Brokers’ commission: Commission is freely negotiable and usually ranges between 0.8EUR 1. 0. Stock Exchange fees: Calculated on the amount of the transaction.00bps Belgium Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets.41bps + 5bps to a maximum of 500HKD + 50HKD.Shenzhen Commission: Commission is imposed for buyers and sellers.50% maximum. They are established by the Santiago Stock Exchange and vary according to the type of instrument being traded. Stamp duty: 0.0351% Australia Austria Brokerage rates on share market transactions have been negotiable since 1984. Bermuda Brokerage: Brokerage fees are negotiable. decreasing according to the volumes traded and the trading activity of the client. Ad valorem stamp duty: The provisions of the Bermuda Stamp Duties Act 1976 do not apply to any instrument which relates to a transfer on sale of a security which is listed on the BSX. Commission rates vary from firm to firm and are negotiable based on the size of the order. Exchange fees: Stocks. For crosses.035%. China . 0. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations. 06%. For listed securities fees are levied at 0.06% on buys and a tax of 0. on both the buyer and the seller. Brokerage: Since 1 April 2003 brokerage has been freely negotiable between brokers and their clients. Transfer Deed Stamp Duty: Independent of the quantity of shares traded. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam. Market Charges & Compulsory Commissions Country Colombia Information Commission rates are freely negotiable.000. which is payable by each party and central depository charges 0. Trading Fee: The trading fee applied at the SEHK is at the rate of 0. Ad Valorem Stamp Duty: Unless stated otherwise. For unlisted securities or Over the Counter market. Hong Kong Hungary Transaction fees on the exchange are 0. one year after its migration to the NCS trading system.Contents Taxes. Greece Brokerage commissions are freely negotiated between transacting parties.00.8% of their official share price. Czech Republic Denmark Egypt Finland Helsinki Stock Exchange also has a two-fold transaction fee charged for the number of trades and turnover value. Clearing fees are charged to clearing members by the clearing house. A trader pays the exchange 0. Clearing is charged at a rate of 5bps of the transaction value. The current product-driven fee structure has been in place since February 2005. Typically fees for dealing in shares are around 0. Brussels and Paris Cash Markets and adopted by Euronext Lisbon in November 2004. The CSE charges 0.15% of market value. HSE though charges fees per executed order while the other OMX exchanges charge fees per transaction. ATHEX charges a fee of 0.0% for retail clients. Brokerage fees vary depending upon the level of service provided and the type of security traded.1% on the value of the transaction.025% to 0. the fees are levied at 0.25% for institutional clients and in the range of 0. while the charge for quoted shares and bonds is on half of that 0.25%. Clearnet. Stamp duty is currently 1%. Cyprus Commissions at the CSE are liberalised and can be agreed upon between members and their clients. Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.004% and an investment levy of 0.005% per side of the consideration of a transaction. Registration fee of 0.25% to 1. but are subject to VAT at 15%. Local Tax: 0.000. however this will fall to 0. subscription rights as well as securities quoted per unit (certificates) the fee is 0. French investors settling in France are required to pay 19.02% on the daily transaction value.01% on the total value of the transaction. .15% of the transaction value. Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. payable by the seller.1% of the value of each side of the transaction. with a maximum amount of LE 5.25% for the purchase or sale of an unquoted/unlisted stock. and include annual membership fees and variable fees that depend on the member’s activity. Transaction Levy: A transaction levy of 0.6% of the commission as an extra VAT charge. all securities listed on the Exchange are subject to a stamp duty at a rate of 0.012% of the value of each side of the transaction with a maximum amount of LE 5.15% on sells. the Government levies a transfer deed stamp duty of HKD5.5% from 1 January 2009 and will be abolished in 2010. For shares. warrants. but usually range from 0.03% on the daily value of transactions. Commission collected by brokers as the result of the sale of shares are a matter of negotiation between broker and client. on each new transfer deed. LCH. France Germany The Official Exchange Brokers of the Frankfurt Stock Exchange charge fees for the brokerage of exchange transactions.002% are charged per side of the consideration of a transaction. Commission rates charged by members are left to the discretion of each member. . for each transaction. brokerage charges as low as 0. which is calculated according to the market value. From 1 October 2007 intermediary relief is available to recognised intermediaries for the purposes of Irish Stamp duty which include member firms of the exchange.01% (usually absorbed by local broker) Indonesia Transaction Levy 0. Brokers have to pay a transaction fee of 0.043% Under the JSX regulations. In addition. second or third markets vary depending on whether stocks are traded “In the Floor” or “Off the Floor”. Commissions for trading in equities on the first. Commission fees are negotiable. There is a 1% stamp duty (transaction tax) on equity purchase. Local Tax Stamp duty 0.5 – 3.005% for the Jordan Securities Commission.0005% for the Amman Stock Exchange and 0. The brokerage commissions of all listed securities and futures/options contracts have been liberalised since the end of 1999. service tax and stamp duty. More information is available on the ISX website.15% are also observed in the market.1% sales tax of the value of the transaction.1% 0.002% which comes solely from the Securities Depository Centre with a lower limit of 0.01% India .0% Stamp Duty: 0. Sales Tax VAT duty 0. Market Charges & Compulsory Commissions Country Iceland Information Broker’s commission (listed securities): 0. stockbrokers should charge a commission fee of no more than 1% of the value of the transaction to either a buyer or a seller.5% of the contract value.125% 0.5% of the contract price.National The maximum brokerage chargeable by trading member in respect of trades effected in the securities admitted to dealing on the CM segment of the Exchange is fixed at 2. However. A trading member is required to pay the exchange transaction charges at the rate of 0. SEBI turnover fee. “Off the Floor” commission totals 0.0004% for the Securities Depository Centre. the government imposes VAT at the rate of 10% of the commission fee.01% of the value per guaranteed transaction managed by PT Kliring dan Penjaminan Efek Indonesia (PT KPEI).035% of the turnover. 0.Mumbai Brokerage is negotiable but is subject to a ceiling of 2. there is a 0.Tokyo Japan . “In the Floor” commission totals 0. Commission rates are freely negotiable. exclusive of statutory levies like.Osaka Jordan For both types of market there will also be the brokerage firms own commission.03% of the total transaction to the Exchange and a security deposit of 0. For each security sold.25JOD Israel Italy Japan . Commission fee is negotiable. Ireland Commissions in the equities and gilts markets are negotiable.Contents Taxes.0014% which comprises 0.25% India . 055% and the commission is fully negotiable.000.5%.00 per contract.900 Luxembourg Malaysia Brokerage fees are fully negotiable.1% for dealing. Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The fees are now 0.500 1.000. commissions are fully negotiable subject to a maximum of 1.500 2.06% 0.520 : 5.00 and minimum of MYR10. Market Charges & Compulsory Commissions Country Kenya Information Although commissions are fully negotiable.000.78%.000 in value and 0.000.000 1.000 20. applicable to amounts up to KES100.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1. Clearing Fee – Direct Business: 0.000 5.00.020 : 2.01% 0.5 1 2 5 10 20 20 50 80.1% for any transaction value in excess of KWD50. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.000 500 Commission rates for all trades are negotiable subject to a cap of 0. excluding 10% VAT.050 : 9. No minimum.000 40.000 2.01% 2.000. The rates of commissions charged by the Casablanca Stock Exchange were overhauled in 2006.000.7% and a minimum handling charge of MYR12 per contact for securities and MYR2 for loan instruments.000. above KES100.12% 0.01% 2. There is no stamp duty payable in New Zealand on the transfer of debt or equity securities.000 Stockbroker Commission CMA transaction levy NSE transaction levy CDSC transaction levy CMA Investor Compensation Fund NSE Investor Compensation Fund Total cost to Investor Kuwait 1.01% 0.000 Above KES5. subject to a maximum of MYR200 per contract for all trades. industry practice is that the highest commission chargeable is 1.125% up to KWD50. Stamp Duty: MYR1 per MYR1.000 10.Contents Taxes.00% The commission paid by investors is 0. of Shares 0.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1.12% 0.12% 0. Mexico Morocco The stock exchange fee is 0. Clearing Fee – On Market: 0.06% 0. Ticks and Trade Units Share Price in Fils Changing Price in Units No.10% 1. 0. Netherlands New Zealand .5 : 50 51 : 100 102 : 250 255 : 500 510 : 1. Commissions are set by the Casablanca Stock Exchange. 8% 0.68% 0. Brokerage Commission and other costs Consideration (Transaction value) Up to KES5.000 5.12% 0.000 or fractional part of value of securities (payable by both buyer and seller). 8% per USD10.005% 0. Where the market value of the order is more than OMR100.0825% 0. Fees/Taxes Seller Buyer Brokerage Commission (between 0.05% The PSE prescribes the following charges. The MSM receives 20% of the maximum limit. settlement fund contribution and the CAVALI and CONASEV fees forming the total cost for investors. .6% per USD50.05% 0. There is no stamp duty for transfers settled through the Central Depository System. Market Charges & Compulsory Commissions Country Nigeria Information Brokerage fee: Stamp duty: 1% to 2.075% Securities and Exchange Commission fee: 1% Norway Oman Commission fees are negotiable.045% 0.75% 0. A value added tax (VAT) of 18% is applied to the sum of the brokerage agency commission plus the LSE fee.Contents Taxes. Local Tax: 0.5% of the face value of the shares under the physical form of transfer.00 + 12% VAT Cancellation Fee of Php20. However.000.2 Pakistan Brokerage on sale and purchase: Brokerage on transactions is freely negotiable between the brokers and clients.02%.000.0001 x value of transaction Transfer Fee of Php100. there is a one time stamp duty at the rate of PKR0. This percentage includes the broker’s commission and the MSM’s commission.000 the charges are 20% of 0. freely negotiable between brokers and their clients. The minimum limit of the broker’s commission is OMR0.0075% 0.4% as a minimum limit of the market value for each order for any amount from OMR1 to OMR100.5% of the excess amount.065% 0.005% 0. Peru The brokerage agency commission is a variable amount. however.01 per share at the time of deposit of securities in the CDS. There are no other taxes.000 and 0.25% of transaction cost + 12% VAT) Securities Clearing Corporation of the Philippines Fee of 0.000 0.05bps value of transaction in lieu of capital gains tax) Poland X X X X X X X The exchange does not determine brokerage commissions. the standard rates for equities are 0.0075% 0.5 and the minimum limit of the MSM commission is OMR0.75% as a maximum limit and 0.9% per USD5. For bonds the commission rates are between one third and half as much.00 + 12% VAT Stock Transaction Tax (0. Brokerage companies and investment banks dealing in the field of securities may charge the client a commission ranging between 0. Equities LSE Fees Guarantee Fund Settlement Fund CAVALI Fees CONASEV Contributions Spot Market Day Trade Philippines 0. Stamp duty/registration: Stamp duty is charged at 1.03% 0.125% and 0. Up to 8% on each trade is to be paid by the client to the brokerage house.22% from the buyer involved in the trade. LCH.Contents Taxes.12% for the buyer. The current product-driven fee structure has been in place since February 2005. The withholding tax on dividends is 16. On the KOSDAQ the tax for stock transaction is 0.005% South Africa South Korea Brokerage commission is negotiable and each member autonomously determines its own brokerage commission rate.3%. The basic rate of tax for a stock transaction is 0. large investors can negotiate lower rates. and include annual membership fees and variable fees that depend on the member’s activity. Stamp duty on Purchase: Insider Trading Levy: STRATE Trading Fee: 0. Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.3% from the value of a trade for the seller and 0.095 and USD393) Trading free of 0.000 SKK. Qatar Doha Securities Market Levy: 10% of brokers’ commission. However there are additional charges: A clearing fee of 0. The BSSE fee for trading equals 0. There is no charge on order submission. Currently. 1000/-. for IPOs 0. one year after its migration to the NCS trading system.1%. Brokerage is fully negotiable between the investor and the JSE member firm.5%. a minimum charge of QR. Commission is charged on executed trades only. Spain Fees charged by members (brokers and broker dealers) are fully negotiable. Off-exchange trading will be taxed at a rate of 0.5%. Intermediaries have to communicate the fees they charge to the Securities Market Commission (CNMV) and make them public. The customer can negotiate a lower commission with the bank. for other public offers 0. the commission rate for stocks is around 0.2% from the seller and 0. The Romanian National Securities Commission charge 0.15% stock transaction tax and a special 0. Romania Russia Saudi Arabia Singapore Brokerage rates are negotiable for all transactions on the SGX Securitises Trading. change or cancellation.75bps Goods and Services tax (GST) of 5% on brokerage and clearing fees Slovakia Brokerage fees vary from 0.0012 of the trade value executed by the bank.000.04% (maximum of HKD3.15% tax for farming and fishing villages. The package structure was adopted by Euronext Lisbon in November 2004. The commission amount for buying and selling transactions is QR.3% on transfers of ownership of shares. however it must not be less than 10 SKK and more than 10.5%. SAR10. Trading fees for shares: In general the BSE charges 0.08% of the value of the trade for every buyer. Market Charges & Compulsory Commissions Country Portugal Information Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets.5%. RTS operates on a non-commission basis.08% of the volume of the transaction. 0. When investing in the securities market.1% depending on the size of the transaction. or less than.25% 0. investors have to pay 0. When the trade is conducted through the deal market the fee becomes 0.2% of the trading value. Clearnet. The Russian government charges a stamp duty at 0.6% to 0. The minimum commission is SAR12 for any trade equal to.0003% 0. Clearing fees are charged to clearing members by the clearing house. The maximum commission is 0.00275 for each QR. .will be paid for the commission. 30/. Taiwan Brokerage commission is fully negotiable and subject to a maximum of 0. Transactions up to Rs. Additionally a securities transaction tax is levied on securities sales at 0.105% CDS Fees 0. 10/. Tunisia Transaction Value (TND) Buyer Seller Switzerland Up to 50.09% CSE Fees 0. There are no minimum scales of commission.20% if the trading value. In addition to these fees members also receive a discount on their traded volumes.20% Sweden The CSE will charge 1. Irish stocks listed on the exchange are subject to Irish stamp duty of 1% on buys. .5% of the value of each transaction (minimum 75 Dirhams). Cess tax 0.1425% of the traded value.00% SEC Cess 0.3% of the trading value. Since 1991 commissions from traders on the SWX has been fully negotiable. or if the gross consideration of the bargain is GBP10.105% CDS Fees 0.09% CSE Fees 0.05% for Clearing (minimum 7. If trades of these instruments are submitted through the Internet.574 basis points with a EUR0.000 Turkey Ukraine UAE 0.03% Govt.50 Dirhams). Market Charges & Compulsory Commissions Country Sri Lanka Information Commissions are non-negotiable under RS100m. The trading fees are related to the number of trades and turnover value.3% to the broker (minimum of 45 Dirhams). For full details please see Directive 9 on the official website. 0.1 million The CSE will charge 1. There is a PTM (Panel on Takeovers and Mergers) levy of GBP1 (EUR1.425% on your transaction This is divided as follows: Net amount to Broker 1.per contract & a minimum CDS fee of Rs. United Kingdom USA NASDAQ Commission rates and other client costs in the NASDAQ market are frequently lower than on the exchanges because of the competition among the multiple market-makers.25% of the trading value.1%. Stockholm Stock Exchange currently charges a two-fold transaction fee to their members.1% to the Market (minimum of 15 Dirhams). brokerage commissions are negotiable but subject to a floor of 0.2% 0. non-voting depository receipts (NVDRs).05% to The Emirates Securities and Commodities Market Authority (minimum 7.50 Dirhams) and 0. A 50bps stamp duty is imposed on equity purchases. This is made up of 0. 5/-). For the trading of stocks. the floor is reduced to 0.03% Govt. investors pay an overall commission of 0. 0.000 (EUR15. warrants. derivative warrants and transferable subscription rights (TSR). Thailand All investors must pay stamp duty on the transfer of share and debenture certificates for 0.80% SEC Cess 0.000) or less.50) per transaction.60 transaction based fee per order.Contents Taxes.1% 0.000 Above 50. For share trading. the fee shall be 0. except for Hong Kong listed stocks.225% on your transaction This is divided as follows: Net amount to Broker 0.2% 0.20% (Subject to a minimum brokerage of Rs. Investors in the CSE will face the following charges.1 million Transactions over Rs. Agency trades: 1 Basis point (usually absorbed by the broker). Cess tax 0. For on-order book transactions on the Virt-x. VAT is charged at 7% on brokers commission.1% Commission with brokers is freely negotiable with a limit of 1% maximum. Commission is paid by each side involved in a transaction. There are substantial differences in the charges an investor can incur depending on the level of service required. Market Charges & Compulsory Commissions Country USA New York Information SEC Fee 0. Venezuela Vietnam Commissions paid by investors to the brokers for buying or selling a share are determined by the brokers individually.156bps on the gross considerations of sells only. . Since 1975 brokerage commissions in the USA have been freely negotiable.Contents Taxes. None. Buy-ins for non-settlement can take place as soon as SD+1. cross trades can be made only for Securities traded continuously and within the market best bid/ask spread at the time of execution. Crossing has to be put through the exchange and must be at least 50. if the sale of each approved security exceeds 10% of the capital issued.Shenzhen Not permitted due to tax issues. Basis and VWAP crosses will not set last sale price. during the course of a single trading session. A member firm must obtain prior approval of the exchange before executing a trade or cross that will cause. The broker may be acting on behalf of buying and selling clients. Up tick rules do not apply. Austria There are no regulations in Austria preventing short selling. on settlement day (of the sell) there has to be sufficient holdings in the account to cover the settlement of the sale. trading for themselves) on the other. A facility that allows users to bypass the short sale rules under a few specific circumstances is also provided by the TSX: a long position currently exists and you receive an order to sell a larger position. KBC Ancora and ING Groep. KBC Groep. then the investor must provide additional margin cover of 100% to their broker) Daily short selling reporting will apply. However. Crossing has to be put through the exchange and must be at least 500. a change in price away from the prevailing bid & offer of more than CAD1 (for stocks prices <CAD20) or CAD2 for stocks priced >CAD20.Shanghai China .. Crossings are strictly regulated by the ASX Market Rules. This means that the settlement date of the buy can not be later than Settlement Date of the Sell. A Special Trading Session (STS) Cross is available only during the extended session (16:15 – 17:00). a VWAP order.000 at a price between the daily high/low or between previous closing price ±20 spreads. Fortis. however covered short selling is permitted. They may only be entered as a boardlot trade. The normal short-selling margin requires a margin cover of 20%. . The regulations are formulated to protect retail investors and ensure the integrity of the marketplace. Basis Cross. Belgium Bermuda Brazil Canada Naked short selling is forbidden.000 shares or HKD$300. Block trades and crossing can be done without opening up to outside participation and have to be reported at least five minutes before the market close. Short selling is permitted in the market only on an up or an even tick. cannot change the last sale price and may only be entered as a boardlot trade. Short selling is currently not allowed. VWAP Cross and Contingent Cross’s are available in the regular session and during the extended session. A short derivative position must also be covered by a position in the underlying security. Since 1 October 2002.000 at a price between the daily high/low.Contents Cross Selling Equity and Short Selling Country Argentina Australia Information Short selling is allowed. whereas covered short selling is authorised. or a trade on an ETF (Exchange Traded Fund). Chile China . Colombia Short selling is not permitted. or acting on behalf of a client on one side of the trade and as principal (i. A temporary ban on naked short selling has been put into place on the shares of the following financial institutions: Dexia. In the Central Order Book. it can only be printed at the last sale price. Naked short selling is prohibited on all securities. The Broker cannot act as principal on both sides of the trade. participating organisations of the ASX have been able to short-sell an approved ETF without entering into a script-lending arrangement. Only brokers may cross. a stock only needs to be borrowed before a short sale. The Ban expires on the 21 of September 2009. No uptick rules apply in this market. Short selling is currently not allowed. a Market-on-Close (MOC) order. These guidelines allow the short-selling party to initiate a trade (shorting on the downtick) to gain an immediate execution.000 shares or USD$300.e. Axa. Deutsche Bank AG. MLP MLP AGAG. Dexia. Commerzbankk AG. Abusive short-selling where manipulation can be proven is prohibited. Trades generated on XXL are considered “on-exchange” trades. Deutsche Boerse AG. CIC. Back to back trades are possible but these instructions must be prioritised accordingly. For large block trades. There are no uptick rules applicable in the market. An investor who sells short and is unable to deliver the securities before this time must borrow them from another party. France Short selling is restricted: The stock has to be borrowed before it can be sold short You cannot create a delta short position using derivatives You cannot lend the stocks if the loan is linked to a delta short position The stocks where these restrictions apply are the following: Allianz. For trades bigger than EUR500. The uptick rule mean that the price of the short sale trade must be higher than the previous trading price. Hannover Ruckversicherung AG. A transaction cannot be cleared and settled unless valid certificates of ownership or certain other documents accepted by the Exchange are provided in order to prove the ownership of securities. Germany Short selling is restricted for certain stocks. quoting outside the bid-ask is allowed. Deutsche Post AG. NYSE Euronext. There are no specific rules for the short selling of equities. CNP Assurances. . DB offers a block crossing facility called ‘Xetra XXL’. BNP Paribas. The rule on short selling doesn’t apply to Market Makers. April Group. Paris RE. In Germany. Greece Short Selling and Margin Trading have been legalised on the Athens Stock Exchange. Crossing is allowed off-exchange. Crédit Agricole. the following stocks have to be borrowed before they can be sold short. No Uptick rules apply. Euler Hermes. Short selling is possible but the stock must be borrowed in the market as securities must be on the seller’s SCP account for delivery on settlement date.Contents Cross Selling Equity and Short Selling Country Cyprus Information Short selling is prohibited at the CSE. exchange transactions must be settled within two days. HSBC Holdings. MuenchnerRueckversicherung Gesellschaft AG. naked short selling is tolerated as long as the shares are delivered on settlement (T+3). AMB Generali Holding AG. Arreal Holding AG. SCOR. He is then obliged to buy the securities and return them to the lender before the loan period or the repo agreement expires. Crossing is allowed within the bid-ask. The restriction will be reviewed on the 20 of September 2009. Natixis. Hypo Real Estate AGA.000. It provides a closed order book where large orders are matched during predefined times (several times per day) at the currently existing midpoint price of the conventional Xetra order book. Société Générale. Czech Republic Denmark Egypt Finland There are no specific rules in regards to short selling of equities. Short selling is prohibited except for hedging purposes and market makers (Oct. 2008). Allianz AG. A short sale is permitted only if all the conditions specified below have been complied with: The security sold is a share or a bond that is not convertible The seller first borrowed from a lender or from a lending member the quantity of securities which he is about to sell short. Abusive short-selling where manipulation can be proven is prohibited. Crosses are allowed and do not need to go through the market unless originated via Hungarian brokerage who must cross with a minimum value of HUF 25m. Cross selling is allowed. However. For Regular Market and depository deals In the case of failure to give delivery: At the highest price prevailing in the NSE from the first day of the relevant trading period till the day of closing out or 20% above the official closing price on the auction day. Index Linked Noted (ILN) bonds. The broker has an obligation to maintain the documentary records (including Bloomberg messages and telephone tape recordings) of the Assurance for not less than one year) When sending the order to the exchange the broker is obliged to flag the order as a “Short-Sell” A short sell must be executed at a price NOT below the best current Ask Price No broker is allowed to conclude any short selling order by entering into a cross-trade. naked short selling is prohibited.Contents Cross Selling Equity and Short Selling Country Hong Kong Information Naked short selling on the Hong Kong Stock Exchange is a criminal offence. Short Selling is legal if “covered” and is subject to additional legal requirements set out below: A short seller is obliged to notify the broker that the sale is short and provide an Assurance that the “cover” is in place. and the lender or the lending member. This amount is credited to the receiving member’s account on the auction pay-out day. including the particulars of the security. Life and Permanent Plc. agreed to the lending in writing Members must mark the orders submitted by them to the member Members will make certain that the particulars of every matching order. naked short selling is tolerated as long as the shares are delivered on settlement (T+3). Is allowed subject to the following: Shortages Handling and Close-out Procedures All shortages not bought-in are deemed closed out at the highest price between the first day of the trading period till the day of squaring off or closing price on the auction day plus 20%. the quantity of the security for carrying out the transaction and the price limit for carrying out the transaction. whichever is higher. as the case may be. except for market makers. all are identical with the particulars of the opposite matching order submitted by the other client. Allied Irish Banks Plc. . with whom the transaction was agreed. all short sell trades must be traded through the exchange system under auto-matching Hungary Iceland Short selling is not restricted on the BSE. Crossing as well as short selling are permitted.Mumbai India . whichever is higher. and T-bills can be sold short on the TASE.National Indonesia Ireland Short selling is prohibited in Indonesia. There are no specific rules in regards to short selling of equities. Short selling is prohibited for the shares of the Governor and Company of the Bank of Ireland. India . Anglo Irish Bank Corporation Plc. Israel Equities. Under cross dealing. Cross selling in the market is technically not allowed. Mexico Morocco Short selling is only available to proprietary accounts of local brokers. unrealised losses) in terms of short selling may not exceed 50% of assets Other-party risks per lender may not exceed 20% of assets A fund may invest up to 10% of its assets in short positions of unlisted securities. provided: a) the orders correspond to customer orders b) the execution price is between the best bid price and the best ask price on the book at the time of entry. said securities company may carry out a cross dealing. the securities company first places the sell or buy order on the market. A securities company has orders both for sale and purchase of the same issue. above that approval is required from the exchange. the securities company only then match the first order with an opposite order that the securities company has also received. T+3 delivery applies Shares of financial institutions and insurance companies cannot be sold short if resulting in a net short position (market makers exempt) Malaysia Cross selling is allowed with a deviation of up to 15% of the VWAP.25% of total market capitalisation. to complete the deal.Osaka Jordan Kenya Kuwait Luxembourg An investment fund may carry out shot selling subject to the following rules and regulations: Aggregate commitment (i. . and if no other securities company that is a member of the exchange makes a corresponding buy or sell order. by matching two orders of opposite sign for the same quantity. but it is allowed off market. There is a requirement for trading participants to disclose the fact that they intend to execute a short sale and for any short position exceeding 0. Under cross dealing. Japan .Tokyo Short selling must not be conducted at a price that is equal or below the most recently published price (“most recent price”). in which case short selling at the most recent price is permitted.Contents Cross Selling Equity and Short Selling Country Italy Information The ban on short selling has been lifted on 31 July. The Financial Services Agency has extended the ban on naked short selling to 31 July. and if no other securities company that is a member of the exchange makes a corresponding buy or sell order. Short selling is prohibited for foreigners. covered short selling is permitted on an approved list of stocks. using a special cross-order function. Naked Short Selling is prohibited.e. the securities company only then match the first order with an opposite order that the securities company has also received. Approved intermediaries may execute cross trades. provided such securities are listed A fund may not sell short more than 10% of the same type of securities issued by the same issuer Short positions on securities issued by the same body may not exceed 10% of assets and/or the commitment on such securities may not exceed 5% of assets Shares do not need to be borrowed prior to a short sale. regular rules apply (T+3 delivery). excluding such prices Japan . unless the most recent price exceeds the immediately previous price. the securities company first places the sell or buy order on the market. which will be part of the LSE guarantee fund. The member firm must in addition report the accumulated volume of all stock borrowed the last trade date every week. Nigeria A member firm can only conduct a short-sell in its own books or on behalf of a client to a market price that is higher than the official bid price in the security. this information will not be available to the greater public. All short sales have to be reported to the OSE latest by 19:00 on trade date. cross trades can be made only for Securities traded continuously and within the market’s best bid/ask spread at the time of execution. New Zealand Short selling is allowed subject to rules and specifications of the regulatory authority. The LSE is informed of all short selling transactions and will penalise investors that do not comply with the collateral requirement. (September 2009). Short selling is defined as any sale with borrowed securities. the uptick rule applies. This does not apply for market makers. provided that the short sell follows from the obligations the member has as a market maker. Philippines In October 2007 the PSE revised the rules on short selling.Contents Cross Selling Equity and Short Selling Country Netherlands Information There are no specific rules for the short selling of equities and there is no uptick rule in place. Offshore crosses are not allowed. provided that the short sale follows from the obligations the member has as a market maker. In the Central Order Book. A cross sale can be made if: At least one exchange member submits a buy order and a sell order for the same number of securities at the same price and with the same settlement date The block has a value of: At least PLN 3 million for shares that are included in the WIG20 index At Least PLN 1 million for shares traded in the continuous trading system At least PLN 0. Short selling is only available to local brokers and is rarely practiced. According to the rules. short selling is only allowed at a price higher than the last sale price except in case of odd lot sales Short selling is allowed on the Exchange for most liquid stocks. Crossing is allowed onshore but must be reported to the exchange. Market makers do not have to pre-borrow shares. Cross selling is permitted. ‘Covered’ short sales are allowed in an uptick situation. The Financial Supervisory Authority of Norway has banned short selling in financial institutions in October 2008 and the ban is still in place today.5% Poland . Shares have to be borrowed before a short sale can take place. Norway Oman Pakistan Peru Foreign investors are prohibited from short-selling.5 million for other securities The maximum difference between the security price in order and the last price of this security from a trading session does not exceed 0. All short sells have to be reported to the OSE latest by 7:00pm on trade date. There is a penalty charge if no delivery on settlement day. Short selling is permitted in Peru. However it is compulsory to notify the regulator when holding a short position of more than 0. Short sales are not permitted if the transaction will amount to more than 10% of the total number of shares issued. They will be subject to a 5% penalty of the total amount of the transaction. a list of which is updated daily on the WSE website. The member firm shall in addition report the accumulated volume of all stock borrowed the last trade date every week. Foreign and local investors are allowed to execute transactions on equity transactions listed in the Tabla de Valores Referenciales (TVR). The short sell shall be supported by a securities borrowing transaction.25% of the market capitalisation of a particular stock. Trades can be put through the market but the price has to be within the bid/offer spread unless over USD3m or concerns a non-resident. Collateral must be 50% of the total amount of the transaction during the period from trade date until purchase transaction or securities lending is made. 000 fine and/or disbarment from participation in the Buying-In Market Crossing is allowed.es for updates). subject to a minimum of SGD1. unless otherwise stipulated by the JSE. Short selling is currently not permitted on the Bucharest Stock Exchange. This means that before a cross can take place all orders in the order book that have a better price or have time priority must be satisfied. For the following stocks the disclosure will be public: Banco Comercial Português. Finibanco-Holding SGPS. Banco Popular Español. However investors are required to make arrangements to borrow securities before selling short.25% of a company’s capital has to be disclosed. the only requirement being that the securities are delivered at settlement. The JSE prioritises orders first by price and then by time.000 will be imposed (additional to the existing SGD30 per contract) If participants fail to deliver shares in the buying-in market they will be subject to a SGD50. The rule is not applicable to intermediaries acting as market makers. Cross trades executed during Official Trading Hours have to be reported to the Exchange within 10 minutes of execution. but they are not specified in the regulations. No uptick rules apply in this market. settlement of transactions is contractual and on a five day cycle. Banco Espírito Santo. SGPS. For any other stock the information will remain confidential. Banco Santander. Banif. However. In September 2008. he/she will be bought in. this does not apply to market makers). Abusive short-selling where manipulation can be proven is prohibited. Brokers are required to ensure that their clients are able to meet this requirement before they enter orders to sell. Slovakia South Africa Short selling and crossing are not banned by the Exchange’s legislation.25% of market capitalisation. If executed after Official Trading Hours. Sweden Short selling is practised in Sweden but is unregulated. if a client wishes to short sell he must have arranged borrowing facilities before the sale takes place. There are no rules regarding short selling at the JSE. South Korea Spain Shares must be borrowed before they can be sold short. . This rule shall be in place until 22 September 2009 (see www. If investors cannot settle by the settlement date. Qatar Romania Russia Saudi Arabia Singapore Short selling is permitted. though there is no specific legislation to prohibit it. There can be substantial fines for not covering a short sell with either a borrow or back to back transactions. Therefore. The exceptions to this rule are certain transactions known as reported trades that are defined in the JSE rules. a member firm may cross a trade if it is above the minimum size threshold (150. All transactions in securities shall only be conducted through the JSE trading system. Short Selling in Russia is not a recognised market practice. the SES introduced measures to remedy against failure to delivery of securities A penalty of 5% of the value of the failed trade. Sri Lanka Short selling is prohibited. Cross Selling is allowed as long as it takes place within the bid-ask spread. Short positions over 0.cnmv. Espírito Santo Financial Group. Banco BPI.000 shares or SGD50.Contents Cross Selling Equity and Short Selling Country Portugal Information Short positions both on equity or by using derivatives have to be reported to the CMVM if the position exceeds 0. the member firm must report it in the first half hour of trading on the following day.000). please see the SEC’s website for current details. Investors need to be aware of buy in regulations. The SEC also publishes a Threshold Security List for stocks where more than 0. session III is for Guaranteed Price Trades and IV is for Volume Weighted Average Prices (VWAP) for Sessions II. For other stocks. In 1991 the NYSE introduced off-hours cross selling. III and IV the trades are reported. Session 1 enables members to enter one-sided. The temporary ban on short selling of 799 financial stocks has been lifted in October 2008. Naked Short Selling is prohibited. The SEC is currently considering the reintroduction of an uptick rule as well as other restrictions on short selling. Currently the Exchange offers four crossing session in its Off-hours Trading Facility (OFHT). USA NASDAQ USA New York . The securities on which short selling can be practised is determined on a quarterly basis by the ISE and announced in the daily ISE bulletin. further disclosure has to be made with every tenth of percent.5% of their total outstanding shares failed to deliver for five consecutive business days. Off exchange crosses are allowed only for block trades. Only securities listed on the SET 50 Index are able to be short sold. Starting in 2004. Session II facilitates program trades. at the end of each day in accordance with the form prescribed by the Exchange. The uptick rule applies. Cross trades are allowed on and off the exchange. however a disclosure obligation is maintained. Regulation SHO has specifically targeted the issue of naked short selling by limiting fails to deliver and forcing market participants to buy these back (known under the “close-out requirement”). Disclosure of a short position has to be made when it reaches 0. Short selling can be practised on ISE100 Index. Venezuela Vietnam Short selling is prohibited. Ukraine UAE United Kingdom The partial ban on short selling has been lifted in January 2009. both when increasing and decreasing. two-sided. Short Selling after borrowing the shares for the top 50 & mid cap 100 stock. naked short selling is prohibited. although it is not widely practised.25% of the companies market capitalisation. a short sale can only be made when the stock is trading above the previous day’s close. submit a report on short positions which have not yet been covered. classified according to each individual security.m at the NYSE closing price. A member shall. Thailand Tunisia Turkey Short selling is legal in Turkey. or good-till-executed (GTX) orders for a specific stock into the SuperDot system to be executed at 5p. Resident and Non resident investors are both permitted to short sell. which makes up the main index. Covered short selling is permitted. The Short-Sale and Bid Test rules have been abolished. No uptick rules apply.Contents Cross Selling Equity and Short Selling Country Switzerland Taiwan Information There are restrictions on short selling for non-residents. 000.00 Tick Size 0.00 A specific fixed tick size of EUR0.505 >10.000 – 0.01 Euro A specific fixed tick size of EUR0.01 0.01 0.00 10.99 5.00 – 100 100 – 1000 over 1000 Denmark OMX C20 Companies Stock Price (DKK) 0 – 4.500 10.1 1 Stock Price (DKK) 250.001 0.75 Egypt Finland France 0.01 Bermuda Brazil Canada Chile China .00 – 499.005 will be implemented for certain stocks traded above EUR10.990.00 20.00 –19.00 5. The tick size for all other trades is listed below.50 1.005 will be implemented for certain stocks traded above EUR10.95 10.50 500.00 – 249. .10 Euro Tick Size 0.00 100.Shanghai China . Price (Euros) From To Tick Size 0 0.0005 0.05 0.251 2.01 0.25 0.01 Tick Size 0.10 0.Contents Tick Size Country Argentina Australia Austria Belgium Information 0.000.90 50.01 R$ 0.005 0.Shenzhen Colombia Cyprus Czech Republic Price (CZK) 0.2500 2.00 – 9.00 – 4999. The tick size for all other trades is listed below.00 – 49. 0 – 10 10 0.005 0.25 0.0 – 5.01 Trading in scrips listed on the Exchange is done with the tick size of 5 paise.001 0. the tick size in various scrips quoting up to Rs.500 10.is revised to 1 paise no the first trading day of month.01 Germany Greece Hong Kong Hungary Iceland India .0001 0.505 >10.251 2.01 0. Accordingly.Contents Tick Size Country Information Price (EUR) From To Tick Size 0 0. in order to increase the liquidity and enable the market participants to put orders at finer rates.National Indonesia Ireland Israel Italy Price (EUR) Stock Price Tick Size EUR0.0025 0.01 0 – 0.01 .25 – 1 1 – 2.0005 0.0 5.001 0. However. India .0005 0.000 – 0. 15/.0 2. the Exchange has reduced the tick size from 5 paise to 1 paise in case of units of mutual funds.15/.005 0.on the last trading day of the calendar month. securities traded in “F” group and equity shares having closing price up to Rs.2500 2.Mumbai EUR0. 90 50 – < 99.25 0.99 15 – < 49.50 1. and tick sizes will also continue unchanged for equity certificates and warrants.05 0.000 100.000 In July 2009 The tick size was reduced for all OBX shares to NOK 0.00 .Contents Tick Size Country Japan .50 500 – Oman Pakistan Peru Philippines 0.01 as a result of reductions in tick sizes that some MTFs had already announced even though the FESE was still working on harmonising tick sizes.000 100.75 250 – < 499.Osaka Jordan Kenya Kuwait Luxembourg Malaysia Mexico Morocco Netherlands New Zealand Nigeria Norway 2.01 0.10 0.000 3. Oslo Børs.000 10.000 30. cf. The unchanged tick size table for these securities is as follows: Bid or Offer Price Price Tick 0 – < 14.Tokyo Information Price per share Minimum price fluctuations Price per share Minimum price fluctuations up to up to up to up to up to Japan .90 100 – < 249. Tick sizes will not change for shares (including accompanying subscription rights) that are not included in the OBX index.000 ±1 5 10 50 100 up to up to up to Over 1m 20m 30m 30m 1.000 50.000 50. Price (Euros) From To Tick Size 0 0.1 Tick Size < 50 € > 50 € 0.50 A specific fixed tick size of EUR0.251 2.001 0.001 0.Contents Tick Size Country Poland Information Stock Price (PLN) Tick Size <50 50 – 100 100 – 500 >500 Portugal 0.505 >10.2500 2.005 0.5 – 1 1–5 5 – 10 >10 Russia Saudi Arabia Singapore Slovakia South Africa South Korea Spain Unit 0.1 – 0.000 - 0.01 0.01 0.500 10.1 0.01 0.05 0.05 Starting on January 4th. the stocks components of the IBEX 35 index will trade according to the new tick type that is detailed below: Number of decimals: 3 .01 Qatar Romania Stock Price (RON) 0.5 0.05 0.0001 0.0005 0.01 Tick Size 0 – 0. The tick size for all other trades is listed below.005 will be implemented for certain stocks traded above EUR10.005 0.10 0. 2010. Contents Tick Size Country Information Unit Tick Size < 10 € > 10 € - < 50 € > 50 € - <100 € > 100 € Sri Lanka Sweden Stock Price (SEK) 0.01 0.005 0.010 0.050 Tick Size 0 – 4.99 5 – 14.95 15 – 49.90 50 – 149.75 150 – 499.5 500 – 4,999 5,000 Switzerland SWX= Minimum tick size 0.01CHF Virt-x = 0.01 Euro Taiwan Thailand Tick Size 0.01 0.05 0.1 0.25 0.5 1 5 Price Range 0.01 0.05 0.1 0.5 1 5 Tunisia Turkey Ukraine UAE 10 and below 10 to 50 50 to 100 100 to 500 500 to 1000 1000 and above Contents Tick Size Country United Kingdom Information Top 15 FTSE 100 Stocks (SE10) Stock Price GBp Tick Bottom 85 FTSE 100 Stocks (SET1) Mid-Cap Stocks (STMM) Stock Price GBp Tick Less than 0.999 1 - 4.9995 5 - 9.999 10 - 49.995 50 - 99.99 100 - 499.95 500 - 999.9 1000 - 4999.5 5000 - 9999 1000 or more 0.0001 0.0005 0.001 0.005 0.01 0.05 0.1 0.5 1 5 Less than 0.5 0.5 - 0.9995 1 - 4.999 5 - 9.995 10 - 49.99 50 - 99.95 100 - 499.9 500 - 999.5 1000 - 4999 5000 - 9995 1000 or more 0.0001 0.0005 0.001 0.005 0.01 0.05 0.1 .05 1 5 10 USA NASDAQ USA New York Venezuela Vietnam USD0.01 USD0.01 Contents Board Lots Country Argentina Australia Austria Belgium Bermuda Brazil Canada Information 1 1 1 1 (minimum order size 10) The board lot size of a stock on the BSX is set at 100 shares in the regular market. Odd Lot orders are entered in a separate odd lot market – an order may have a maximum of 99 shares Round lots of units which vary from 100 – 100,000 in the amount of underlying shares Trading price per unit CAD0 – 0.10 CAD0.10 – 0.99 CAD1.00 and above 1,000 units 500 units 100 units Chile China - Shanghai China - Shenzhen Colombia Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary Iceland India - Mumbai 1 Based on lots of 100 shares or its round sum multiples as a unit, Odd lots of less than 100. Shares can be sold during trading time but cannot be bought 100 units 1 The minimum tradable unit under the continual regime is a lot. The size of a lot is fixed at one unit for all securities As of 2009 all board lots for Danish equities have changed to 1. 1 1 1 (minimum order size 10) 1 The majority of securities trade in units of 1 Range from 100 to 50,000 shares with no set rule, but the most common lots are 100, 400, 500, 1000 and 2000. Odd lots can be sold but at a discount to the market price. Odd lot buys are not advised. None Equities: In the dematerialised segment, a board lot is one share. Physical shares: 5, 10, 50 and 100 shares, odd lots can be sold, typically at a discount to current price. (However trading in physical segment is not open to Institutional investors. Institutions are allowed to sell physical securities provided the security is not connected to both / one of the depositories) Contents Board Lots Country India .01 – 5.50 NZD0. Par value stocks (¥5k – ¥50k) trade as single shares. Members may also trade in smaller lots.00 NZD1.25 NZD0.National Information Equities: In the dematerialised segment. Odd lots can be sold by designated dealers who trade odd lots in particular stocks.000 1. the price given is the prevailing market price ± and is reported net 1 The seller (or buyer) is obliged to trade at least in the minimum lot (about USD5.Tokyo Japan . so-called odd lots. Small lots (orders under USD5.00 NZD2.000 500 200 100 50 25 Trading takes place in round lots i.00 NZD10.01 and over Nigeria Norway 2.00 NZD 5.000) cannot be traded via the auction structure: they must be executed during the opening call stage 1 The number of shares per unit is determined by the issuing company. 50 and 100 shares. ranges from 1 to 3. Odd lots are sold back to the company by the client’s custodian Indonesia Ireland Israel Italy Japan . on a separate board . unless they have also announced that they wish to sell (or buy) more lots at the set price.01 – 10. (however trading in physical segment is not open to Institutional investors.000. 10.000 shares Mainly 1000 (78% of all listed) for stocks with a par of ¥50 (a number trade in lots of 100). Par values of ¥500 trade in lots of 100 (17%). a round number of securities representing a market value of approximately NOK10. Institutions are allowed to sell physical securities provided the security is not connected to both/one of the depositories) 500.Osaka Jordan Kenya Kuwait Luxembourg Malaysia Mexico Morocco Netherlands New Zealand 1 (minimum order size 10) Share Price Lot An authorised dealer may only trade and deal in minimum lots of KES5m and any trades below this amount must be transacted through stockbrokers 100 NZD0 – 0. odd lots can be sold. a board lot is one share.e.000).26 – 0.01 – 2. Physical shares: 5. typically at a discount to current price.51 – 1. whereby trades executed in the two markets for the same underlying share can be consolidated in a single contract. the “Odd Lot Market” was replaced with “Unit Share Market”. Effective 14 April 2003.000 shares 100 shares 100 shares 100 shares 1 10 shares/units (one share if the price is KRW50.000 or higher 1 . the trading of odd lots is also allowed. However.000 shares. Any unit smaller than a board lot is considered an odd lot. Amalgamation of trades between the Ready and Unit Share markets is possible. which enables the trading of odd lots in any quantity less than one board lot of the underlying share in the Ready Market. Board lot trading on the existing Ready Market is maintained for those who wish to continue trading in the designated board lot sizes. Slovakia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan Thailand Tunisia Turkey Ukraine UAE 1 1 1. Trading is done by board lots and a maximum of five board lots are allowed per trade 1 1 Poland Portugal Qatar Romania Russia Saudi Arabia Singapore 100 shares (exceptions BRD and Transelectrica with 10 shares) Shares are mainly traded in board lots of 1.Contents Board Lots Country Oman Pakistan Peru Philippines Information Board lots vary with share price and range from 10 shares to one million shares. Contents Board Lots Country United Kingdom USA NASDAQ USA New York Venezuela Vietnam Information 1 share (some trade 1 or 50) 100 shares 100 shares . 001trn USD156.03bn USD73.8bn .National Indonesia Ireland Israel Italy Japan .74trn (Euronext) USD1.3bn (OMX) USD1.74trn (Euronext) USD1.3bn (OMX) USD2.7bn USD96.Shenzhen Colombia Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary Iceland India .3bn (OMX) USD90.3bn USD1.5bn USD2.1bn USD588.4bn USD55.33trn USD145.Tokyo Japan .8bn USD991.1trn USD24.8bn USD720.6bn USD2.19trn USD118.0trn USD1.3bn USD2.6bn USD10.9bn USD720.Osaka Information USD37.07trn USD1.Shanghai China .5trn USD195.2bn USD720.7trn USD726bn USD24.Contents Market Capitalisation Country Argentina Australia Austria Belgium Bermuda Brazil Canada Chile China .1bn USD198.Mumbai India .3bn USD3. 8bn USD175.74trn (Euronext) USD74.8bn USD720.7bn USD249.4bn USD17.1bn USD663.2trn USD7.2bn USD10.1bn USD31.6bn USD454.1bn USD297.3bn USD289.9bn USD2.4bn USD115.5bn USD1.3bn USD2.0bn USD720.3bn USD85.8bn USD545.3bn USD545.4bn USD5.3bn (OMX) USD932.Contents Market Capitalisation Country Jordan Kenya Kuwait Luxembourg Malaysia Mexico Morocco Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar Romania Russia Saudi Arabia Singapore Slovakia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan Information USD33.74trn (Euronext) USD30.1bn USD57.7bn USD24.6bn USD119.1bn USD30.4bn .6bn USD31.0bn USD76. Contents Market Capitalisation Country Thailand Tunisia Turkey Ukraine UAE United Kingdom USA NASDAQ USA New York Venezuela Vietnam Information USD146.4bn USD46.4bn USD6.3bn USD38.89bn USD2.6bn .8bn USD195.3bn USD20.38trn USD47.42trn USD2.62trn USD9. 1m USD5.2bn USD174.6bn USD10.01bn USD3.1bn USD59.Tokyo Japan .4m USD3bn (OMX) USD1.6m USD7m USD150m USD3bn (OMX) USD236.Osaka Information USD10.8m USD3.Shenzhen Colombia Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary Iceland India .2m .2m USD2.National Indonesia Ireland Israel Italy Japan .1bn USD4.4bn USD16.5m USD132.4m USD3.Contents Average Daily Turnover Country Argentina Australia Austria Belgium Bermuda Brazil Canada Chile China .2bn USD619.52m USD3bn (OMX) USD7.2bn (Euronext) USD9.0bn USD362.9bn USD151.Shanghai China .2m USD19.8bn USD92.7m USD197.2bn (Euronext) USD0.4m USD7.9bn USD233.Mumbai India . ¾ bonds) USD1.1m (¼ equities.Contents Average Daily Turnover Country Jordan Kenya Kuwait Luxembourg Malaysia Mexico Morocco Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar Romania Russia Saudi Arabia Singapore Slovakia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan USD887.3m Information USD64.5m USD83.2bn USD3.2bn USD32.5m .3m USD13.2m USD11m USD3.2bn (Euronext) USD753.4bn. 250m in equities USD879.2bn (Euronext) USD115.6m USD3bn (OMX) USD3.8m USD70.2bn USD6.6bn USD1.7m USD38m USD7.2bn USD6.4m USD337.7bn USD59.3bn USD3.2m USD191.7m USD7.9m USD291.9m USD924. 1bn ~USD15m USD325.5bn ~USD500m Information USD425.4m .6m USD14.5bn USD34bn USD75.Contents Average Daily Turnover Country Thailand Tunisia Turkey Ukraine UAE United Kingdom USA NASDAQ USA New York Venezuela Vietnam USD1. Shenzhen T+3 Business Days All BSX transaction settlements occur on a rolling T+3. regarding their paper and funds settlements as follows: Cyprus Czech Republic Denmark Egypt T+0 for securities traded by the intra-day Trading System T+1 for government bonds that are traded through Primary Dealers System T+2 for all other securities Finland France T+3 Business Days Post-trade services. formed from the merger in December 2003 of Clearnet and the London Clearing House (LCH) and Euroclear settles trades on a T+3 basis T+2 Business Days T+3 Business Days T+2 Business Days T+3 Business Days Germany Greece Hong Kong Hungary . are processed through the systems of LCH. Clearnet. DVP basis T+3 Business Days T+3 Business Days T+2 Business Days A Shares: T+1. Clearing and settlement occurs on a T+3 Business Day basis The settlement cycle for both Contractual and TFT transactions is defined as T+3 See trading system explanation T+3 Business Days The system is based upon Delivery versus Payment.Shanghai China . whereby MCDR acts as the Clearing House between the buying and selling member firms. including clearing. B Shares: T+3 Business Days A Shares: T+1 B Shares: T+3 Business Days Colombia The CSE in cooperation with the Inter-American Development Bank is developing a project to establish a central clearing-house that will cover compensation risks. T+1 Business Days (futures) Belgium Bermuda Brazil Canada Chile China .Contents Clearing and Settlement Country Argentina Australia Austria Information T+3 Business Days T+3 Business Days T+3 Business Days (spot). Mumbai India . The settlement cycle is T+1 T+2 Business Days T+2 Business Days T+3 Business Days T+3 Business Days T+1 business days T+3 Business Days T+3 Business Days T+3 Business Days T+2 Business Days T+5 Business Days The assets and liabilities of traders.National Indonesia Ireland Israel Italy Japan .Tokyo Japan .Contents Clearing and Settlement Country Iceland India . showing all activities and transactions for the period T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+2 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days Luxembourg Malaysia Mexico Morocco Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar . At the end of the trading period (Saturday to Wednesday) the account position is automatically cleared. are netted each day with each broker they trade through.Osaka Jordan Kenya Kuwait Information Only the settlement banks can participate in the netting process for security trading. whether shares or funds. A statement of account is issued for each trader with each broker. Settlement is on a T+3 basis.000 shares South Korea Spain Sri Lanka Sweden Switzerland Taiwan Thailand Tunisia Turkey Ukraine UAE United Kingdom USA NASDAQ USA New York Venezuela Vietnam . The settlement process is automated T+2 Business Days T+5 Business Days T+2 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days for less than 100.Contents Clearing and Settlement Country Romania Russia Saudi Arabia Singapore Slovakia South Africa Information T+3 Business Days T+3 but depending on the issuer’s registry can go to T+15 100% of shares are settled in real time i.000 shares T+1 for more than 100.e. T+0 T+3 Business Days T+3 Business Days T+5 Business Days (however the JSE is in the process of cutting clearing and settlement to T+3 which it plans to have implemented by Q4 2008) T+2 Business Days for stocks T+3 Business Days T+4 Business Days T+3 Business Days T+3 Business Days T+2 Business Days T+3 Business Days All of the BVM markets are spot markets. Contents Official Trading Hours Country Argentina Information Monday – Friday Floor Trading: 11:00 – 17:00 Continuous Trading: 11:00 – 17:00 Computer-Assisted Trading: 11:00 – 17:00 Australia Monday – Friday Pre-Opening: 07:00 – 10:00 Opening Auction: 10:00 Continuous Trading: 10:00 – 16:00 Closing Single Price Auction: 16:10 – 16:11 After Hours Adjust: 16:12 – 17:00 Austria Monday – Friday Pre-Open: 08:00 – 08:55 Continuous Trading: 09:00 – 17:30 Closing Auction: 17:30 Single Intraday Auction: 12:30 – 13:30 Belgium Monday – Friday Pre-Opening: 07:15 – 09:00 Opening Auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Bermuda Monday – Friday Pre-Opening: 08:30 – 09:00 Normal trading: 09:00 – 15:30 . Shenzhen Monday – Friday Pre-open: 09:15 – 09:30 Opening Auction: 09:30 Continuous Trading: 13:00 – 14:57 Close Auction: 14:57 – 15:00 .Shanghai Monday – Friday Pre-open: 09:15 – 09:30 Continuous Trading (AM): 09:30 – 11:30 Continuous Trading (PM): 13:00 – 15:00 China .Contents Official Trading Hours Country Brazil Information Monday – Friday Pre-Opening Auction: 09:45 – 10:00 Continuous Trading Session: 10:00 – 16:55 Closing Auction: 16:55 – 17:00 After Market: 17:45 – 19:00 Canada Monday – Friday Continuous Trading: 09:30 – 16:00 Extended Session: 16:15 – 17:00 Chile Monday – Friday Pre-Opening Session: 09:00 – 09:30 Telepregnón (continuous electronic trading system): 09:30 – 17:30 Pregnón (open outcry on trading floor): 09:30 – 17:30 China . the CSE uses the open outcry floor trading system.Contents Official Trading Hours Country Colombia Information Monday – Friday BVC (Normal Trading) Renta Variable: 09:00 – 13:00 Foreign Exchange: 08:00 – 18:30 OPCFs: 08:00 – 15:00 Register Inverlace* (Normal Trading) *An electronic system to register OTC market transactions The Colombian stock exchanges also use a martillo (auction) system for trading shares. Subasta is equivalent to auction Cyprus Monday – Friday Pre-Open: 10:00 – 10:30 Continuous Trading: 10:30 – 16:45 Closing: 16:45 – 17:00 Czech Republic Monday – Friday Auction – Order Collection: 08:00 – 08:45 Auction: 08:45 – 09:10 Continuous Trading: 09:15 – 16:00 Closing auction (selected securities): 16:00 – 16:07 Denmark Monday – Friday Continuous Trading: 09:00 – 16:50 Closing Call: 16:50 – 17:00 Egypt Sunday – Thursday Pre-Open: 9:45 – 10:15 (random closing 10:15 to 10:30) Continuous Trading: 10:30 – 14:30 Finland Monday – Friday 10:00 – 18:20 (closing call 18:20 – 18:30) . For this. All shares must be recorded in the national securities register. 14:30 – 16:00 Extended Morning Session: 12:30 – 14:30 . Small Cap): 14:00 – 17:00 Closing Auction: 17:00 – 17:03 Hong Kong Monday – Friday Pre-opening: 09:30 – 09:50 Opening Auction: 09:50 – 10:00 Continuous Trading: 10:00 – 12:30.Contents Official Trading Hours Country France Information Monday – Friday Pre-Opening: 07:15 – 09:00 Opening Auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Germany Monday – Friday Xetra (Electronic Trading) Opening Auction: 08:50 Normal Trading: 09:00 – 17:30 Closing Auction 17:30 – 17:35 Pre-Open Trading 07:30 – 08:50 After-Hours Trading: 17:30 – 20:30 Greece Monday – Friday Continuous Trading (Large Cap): 10:25 – 17:00 Continuous Trading (Mid Cap. National Monday – Friday Continuous Trading: 09:55 – 15:30 Closing Session: 15:50 – 16:00 Indonesia Monday – Thursday: Pre-Opening: 09:25 – 09:30 1 Session: 09:30 – 12:00 nd 2 Session: 13:30 – 16:00 st Friday: 1st Session: 09:30 – 11:30 2nd Session: 14:00 – 16:00 .Contents Official Trading Hours Country Hungary Information Monday – Friday Pre-Market: 08:30 – 09:00 Opening Auction: 09:00 – 09:02 Free Period: 09:02 – 16:30 Closing Auction: 16:30 – 16:36 Iceland Monday – Friday Summertime: 10:00 – 15:23 (Closing call 15:20 – 15:23) Wintertime: 10:00 – 16:23 India .Mumbai Monday – Friday Continuous Trading: 09:55 – 15:30 Pre-Close: 15:40 – 15:50 Closing Auction: 15:50 – 16:00 India . Contents Official Trading Hours Country Ireland Information Monday – Friday Pre-Trading: 06:30 – 07:50 Opening Auction: 07:50 – 08:00 Continuous Trading: 08:00 – 16:28 Closing Auction: 16:28 – 16:30 Post-Trading: 16:30 – 17:15 Israel Sunday – Thursday Pre-Opening: 09:00 – 09:45 Opening Auction: 09:45 – 09:50 Continuous Trading: 09:50 – 16:15 Closing Auction: 16:25 – 16:30 Italy Monday – Friday Pre-Auction Phase: 08:00 – 09:00 Opening Auction: 09:00 – 09:05 Continuous Trading: 09:05 – 17:25 Closing Auction: 17:25 – 17:35 Japan .00 .Tokyo Monday – Friday AM Pre-Open: 08:00 – 09:00 PM Pre-Open: 12:05 – 12:30 AM Opening Auction: 09:00 PM Opening Auction: 12:30 AM Continuous Trading: 09:00 – 11:00 PM Continuous Trading: 12:30 – 15:00 AM Closing Auction: 11:00 PM Closing Auction: 15. Osaka Information Monday – Friday AM Pre-Open: 08:00 – 09:00 PM Pre-Open: 12:05 – 12:30 AM Opening Auction: 09:00 PM Opening Auction: 12:30 AM Continuous Trading: 09:00 – 11:00 PM Continuous Trading: 12:30 – 15:10 AM Closing Auction: 11:00 PM Closing Auction: 15:10 Jordan Sunday – Thursday Bonds and Mutual Funds: Pre-Opening: 09:30 – 09:35 Opening: 09:35 Continuous Trading: 09:35 – 09:55 Block Trades: 09:55 – 13:00 Post-Trading: 13:00 First and Second markets: Pre-Opening: 09:30 – 10:00 Opening: 10:00 Continuous Trading: 10:00 – 12:15 Pre-Closing: 12:25 Trading at Last: 12:25 – 12:40 Post-Trading: 13:00 Block Trades: 12:40 – 13:10 Kenya Monday – Friday Pre-Opening: 09:00 – 09:30 Opening Auction: 09:30 Continuous Trading: 09:30 – 15:00 .Contents Official Trading Hours Country Japan . Contents Official Trading Hours Country Kuwait Information Saturday – Wednesday Order Acceptance: 08:50 Pre-Auction: 08:59 Open and Continuous Trading: 09:00 –12:30 Forward Quote Entry: 12:32 Forward Quote Entry: 12:55 Forward Close: 13:15 Luxembourg Monday – Friday Pre-opening: 07:15 – 09:00 Opening auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Malaysia Monday – Friday Each trading day is divided in two sessions Morning Session: Pre-Opening: 08:30 – 09:00 Continuous Trading: 09:00 – 12:15 Pre-Closing: 12:15 – 12:20 Trading at Last: 12:20 – 12:30 Afternoon Session: Pre-Opening: 14:00 – 14:30 Continuous Trading: 14:30 – 16:45 Pre-Closing: 16:45 – 16:50 Trading at Last: 16:50 – 17:00 Mexico Monday – Friday 08:30 – 15:30 Morocco Monday – Friday Opening Auction: 09:00 – 10:00 Continuous Trading: 10:00 – 15:25 Closing Auction: 15:25 – 15:30 . Contents Official Trading Hours Country Netherlands Information Monday – Friday Pre-Opening: 07:15 – 09:00 Opening Auction: 09:00 – 09:01 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 New Zealand Monday – Friday Enquiry: 08:00 – 09:00 Pre-Open: 09:00 – 10:00 Continuous Trading: 10:00 – 16:45 Pre-Close: 16:45 – 17:00 Adjust: 17:00 – 17:30 Enquiry: 17:30 Nigeria Monday – Friday Trading Hours: 11:00 – 13:30 Norway Monday – Friday Pre-Trade: 08:15 – 09:00 Continuous Trade: 09:00 – 17:20 Closing Call: 17:20 – 17:30 Post-Trade: 17:40 – 18:00 Oman Sunday – Thursday Pre-Open: 09:30 – 10:00 Trading Session: 10:00 – 13:00 . 15:00 .Contents Official Trading Hours Country Pakistan Information Monday – Thursday Pre-Open: 09:30 – 09:45 Open: 09:45 –14:15 Friday: Pre-Open: 09:15 – 09:30 14:15 – 14:30 Open: 09:30 – 12:00 14:30 – 16:00 Peru Monday – Friday Pre-Opening: 09:00 – 09:30. Continuous Trading: 09:30 – 13:30 Closing Transactions 13:30 – 14:00 The trading session for Peruvian shares that are cross-listed on foreign exchanges is extended to 16:10 Philippines Monday – Friday Pre-Open: 09:00 – 09:30 Continuous Trading: 09:30 – 12:00 Close: 12:00 – 12:10 (end of regular trading/calculation of closing price. Trading at closing prices) Poland Monday – Friday Opening Auction: 09:00 Continuous Trading: 09:00 – 16:35 Continuous Trading for Futures Market: 09:00 – 16:30 (09:00 – 16:35 for T-note futures) Single Price Auction with two Auctions: 11:15. Run-Off Time. Contents Official Trading Hours Country Portugal Information Monday – Friday Pre-opening: 07:15 – 09:00 Opening auction: 09:00 Continuous Trading: 09:00 – 17:30 Pre-Closing: 17:30 – 17:35 Closing Auction: 17:35 Trading at Last (TAL): 17:35 – 17:40 Qatar Sunday – Thursday Pre-Opening: 09:30 – 10:00 Open: 10:00 – 12:30 Close: 12:30 Romania Monday – Friday Pre-Opening: 09:30 – 10:00 Continuous Trading: 10:00 – 16:15 Pre-Close: 16:15 – 16:30 Closing Auction: 16:30 Russia Monday – Friday Pre-Trading: 10:15 – 10:30 Continuous Trading: 10:30 – 18:00 Additional Session: 18:00 – 19:00 (decided by Board of directors of the Exchange) Saudi Arabia Saturday – Wednesday Pre-Open: 10:00 – 11:00 Continuous Trading: 11:00 – 15:30 . 14:00 – 17:00 Pre-Closing routine: 17:00 – 17:06 Slovakia Monday – Friday Fixing (Auction Trading): 10:30 – 10:50 Continuous Trading: 11:00 – 14:00 South Africa Monday – Friday Open period: 08:30 – 08:35 Opening auction: 08:35 – 09:00 Continuous trading: 09:00 – 16:50 Closing auction: 16:50 – 17:00 Run-off: 17:00 – 18:00 South Korea Monday – Friday Pre-Open: 08:00 – 09:00 Opening Auction: 09:00 Regular Session: 09:00 – 14:50 Closing: 14:50 – 15:00 .Contents Official Trading Hours Country Singapore Information Monday – Friday Pre-Open routine: 08:30 – 09:00. Trading Session: 09:00 – 12:30. Contents Official Trading Hours Country Spain Information Monday – Friday Equity Market – SIBE (Electronic order book) Pre–Opening Auction: 08:30 – 09:00 Open Market: 09:00 – 17:30 Closing Auction: 17:30 – 17:35 Fixing Market: First Fixing: 12:00 Fixing Market: Second Fixing: 16:00 Block Trading: 09:00 – 17:30 Special Operations: 17:40 – 20:00 Equity Market – Floor Trading Barcelona: 11:00 – 11:10 Bilbao: 10:30 – 11:30 Madrid: 10:00 – 12:00 Valencia: 10:30 – 10:45 Sri Lanka Monday – Friday Pre-Open: 09:00 – 09:30 Opening Auction: 09:30 Regular Trading: 09:30 – 14:30 Close: 14:30 Sweden Monday – Friday Opening Auction: 08:45 – 09:00 Continuous Trading: 09:00 – 17:20 Closing Call: 17:20 – 17:30 (no opening auction) Switzerland Monday – Friday 09:00 – 17:30 Opening Auction: 09:00 – 09:02 Closing Auction: 17:20 – 17:30 . 13:00. 11:35 . 10:00. 10:00. 13:05 Trading hours in July.Contents Official Trading Hours Country Taiwan Information Monday – Friday Pre-Open: 08:30 – 09:00 Opening Auction: 09:00 Continuous Trading: 09:00 – 13:25 Closing Auction: 13:25 – 13:30 Thailand Monday – Friday Pre-Open: 9:30 – 10:00 Morning Session: 10:00 – 12:30 Afternoon Pre-Open: 14:00 – 14:30 Afternoon Trading Session: 14:30 – 16:30 Closing Auction: 16:30 – 16:40 Off-Hour Trading: 16:40 – 17:00 Tunisia Monday – Friday Pre-Open: 09:00 – 10:00 Continuous Session: 10:00 – 14:00 Closing Auction: 14:00 – 14:05 Trading at Last: 14:05 – 14:10 Fixing taking place at 9:00. 11:30. 11:30. August and during Ramadan are as follows: Monday – Friday Pre-Open: 08:30 – 9:30 Continuous Session: 9:30 – 12:00 Closing Auction: 12:00 – 12:05 Trading at Last: 12:05 – 12:10 Fixing taking place at 9:30. III. Official Market. 14:00 – 17:30 (14:00 – 14:10 electronic order collection) Watch list companies market: 14:00 – 15:00 Primary Market. Regional & New Company Trading: 09:30 – 12:00 (09:30 – 09:45 electronic order collection). Wholesale Trading: 11:00 – 12:00 (no opening or closing auctions) Ukraine Monday – Friday Ukrainian Stock Exchange: 11:00 – 17:00 PFTS: 10:00 – 17:00 UAE Saturday – Thursday Trading Session: 10:00 – 14:00 United Kingdom Monday – Friday Opening Auction: 07:50 – 08:00 Continuous Trading: 08:00 – 16:30 Closing Auction: 16:30 – 16:35 USA NASDAQ Monday – Friday Pre-Hours Trading Session: 07:00 – 09:30 NASDAQ Stock Market Regular Official Trading Hours: 09:30 – 16:00 NASDAQ Stock Market After-Hours: 16:00 – 20:00 NASDAQ International: 03:30 – 09:00 USA New York Monday – Friday Opening Auction: 09:30 – 09:31 Trading Hours: 09:30 – 16:00 After-Hours Trading: Closing Session I: 16:15 – 17:00 Closing Session II.Contents Official Trading Hours Country Turkey Information Monday – Friday National. IV: 16:00 – 18:30 . Contents Official Trading Hours Country Venezuela Information Monday – Friday Spring – Summer Pre-Opening: 09:00 – 09:30 Market Session: 09:30 – 14:00 Post-Closing: 14:00 – 14:30 Autumn – Winter Pre-Opening: 09:00 – 10:00 Market Session: 10:00 – 14:30 Post-Closing: 14:30 – 15:00 Vietnam Monday – Friday Opening Auction: 08:30 – 09:00 Continuous Trading: 09:10 – 09:30 Closing Auction: 10:15 – 10:30 Put Through: 10:30 – 11:00 . This document is to be treated in the strictest confidence and is not to be disclosed directly or indirectly to any third party. hold or act as market-makers or act as advisers.sgcib. Employees of SG. It is not to be produced in whole or in part. Any investments or investment services mentioned herein are not available for private customers. no express or implied representation or warranty as to the accuracy or completeness of such information is made by SG or any other party. and their affiliated companies in the Société Générale Group. Although the material contained herein is believed to be accurate in all material respects. of persons. or a solicitation of an offer to buy or sell. relied upon as a promise or representation as to the future. SG and their affiliated companies in the Société Générale Group. All rights reserved. nor used for any purpose except as authorised by SG. The contents of this document are subject to corrections or change at any time but SG shall not be obliged to notify you of such corrections or change. and their affiliated companies in the Société Générale Group. or individuals connected to them. The information herein is not intended to be an offer to buy or sell. may from time to time have a position in or be holding any of the investments or related investments mentioned in this document. or derivatives thereof. or shall be.com/ Copyright The Société Générale Group 2008. may from time to time deal in. SG does not accept any responsibility or liability (express or implied) for this document.Global Equity Flow Contacts LONDON Equity Sales Trading (Toll Free) Program Trading ETF Advisory DMA/Algos Service Desk Flow Derivatives Exotic Derivatives + 44 20 7972 0171 1 800 949 5529 + 44 20 728 8441 + 44 20 772 5511 + 44 20 772 5400 + 44 20 772 5121 + 44 20 772 5052 MONTREAL Flow & Exotic Derivatives + 1 514 841 021 ZURICH Flow & Exotic Derivatives + 41 58 272 3733 NEW YORK Equity Sales Trading (Toll Free) Program Trading (Toll Free) + 1 212 278 5313 1 888 8SOCGEN + 1 212 278 5317 1 800 217 8095 + 1 212 278 5317 + 1 212 278 5100 + 1 212 278 7384 + 1 212 278 5284 PARIS Equity Sales Trading Program Trading ETF Advisory DMA/Algos Service Desk Flow Derivatives Exotic Derivatives + 33 1 42 13 39 73 + 33 1 42 13 52 1 + 33 1 42 13 5 10 + 33 1 58 98 17 00 + 33 1 42 13 21 35 + 33 1 42 13 85 0 ETF Advisory DMA/Algos Service Desk Flow Derivatives Exotic Derivatives HONG KONG Equity Sales Trading (Toll Free) + 852 21 443 1 800 404 9905 + 852 21 442 + 852 21 4939 + 852 21 4229 + 852 21 434 FRANKFURT Equity Sales Trading Flow & Exotic Derivatives + 49 9 71 74 823 + 49 9 71 74 801 Program Trading ETF Advisory DMA/Algos Service Desk Flow & Exotic Derivatives MADRID Equity Sales Trading Flow & Exotic Derivatives + 34 9 15 89 500 + 34 9 15 89 30 SEOUL Program Trading + 822 2195 7022 MILAN Flow & Exotic Derivatives + 39 02 89 32 381 TOKYO Program Trading + 81 3 5549 540 This document has been prepared by Société Générale (‘SG’) based solely upon publicly available information. SG. Nothing contained herein is. has been obtained from or is based upon sources believed to be reliable but is not guaranteed as to accuracy or completeness although SG believe it to be fair and not misleading. are under no obligation to disclose or take account of this document when advising or dealing with or for their customers and where permitted by UK regulation may have acted upon or made use of the information in this document prior to its publication. brokers or bankers in relation to the securities. This publication is issued in the United Kingdom by or through Société Générale (“SG”). http://www. firms or entities mentioned in this document or be represented on the board of such persons. Société Générale is a Member of the London Stock Exchange. DTP43523 Front Page Introduction Global Trading Clock Contents . firms or entities. any securities and including any expression of opinion.