Guide to Global Stock Exchanges

OCTOBER 2009

GUIDE TO GLOBAL STOCK EXCHANGES

Contents

OCTOBER 2009

GUIDE TO GLOBAL STOCK EXCHANGES

Summary pages

ArgentinaArmeniaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelgiumBermudaBoliviaBosnia and HerzegovinaBotswanaBrazilBulgariaCanadaCayman IslandsChileChina – ShanghaiChina – ShenzhenColombiaCosta RicaCroatiaCyprusCzech RepublicDenmarkEcuadorEgyptEl SalvadorEstoniaFiji 37FinlandFranceGeorgiaGermanyGhanaGreeceGuatemala

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.

GuernseyHondurasHong KongHungaryIcelandIndia – MumbaiIndia – NationalIndonesiaIranIraqIrelandIsraelItalyJamaicaJapan – TokyoJapan – OsakaJordanKazakhstanKenyaKuwaitKyrgyz RepublicLatviaLebanonLithuaniaLuxembourgMacedoniaMalawiMalaysiaMaldivesMaltaMauritiusMexicoMoldovaMongoliaMontenegroMoroccoNamibiaNepalNetherlands

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.

New ZealandNigeriaNorwayOmanPakistanPalestinePanamaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussiaSaudi ArabiaSerbiaSingaporeSlovakiaSloveniaSouth AfricaSouth KoreaSpainSri LankaSwazilandSwedenSwitzerland – SWX & Virt-xTaiwanTanzaniaThailandTrinidad & TobagoTunisiaTurkeyUgandaUkraineUAEUnited Kingdom USA – ChicagoUSA – NASDAQ

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.

USA – NationalUSA – New YorkUruguayUzbekistanVenezuelaVietnamWest African Stock ExchangeBourse Regionale des Valeurs Mobilières SA (BRVM) ZambiaZimbabwe

ECNs, ATS & Dark PoolsNYSE ArcaNYSE Arca EuropeEuroTLX – TLXLiquidnetITG POSITPrimex Trading, Bloomberg TradebookNexTrade NASDAQ TraderInstinet Instinet Chi-XNYFIX Track ECNPipeline The International Securities ExchangeDirectEdge BATSCNSX/Pure Trading TurquoiseLava Trading, CBOE Stock Exchange Baikal, SmartPoolEquiduct , BurgundyAlpha X Europe

123.124.125.126.127.128.129.

130.

131.132.

133.

134.135.136.137.138.139.

140.

141.

142.

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144.145.

146.

147.148.149.

A Pioneer in Equity & Equity Derivatives

SG’s Global Equity Flow Department

Division Services & Products Offered

Equity SalesFundamental, Long/Short, Specialist Sales, Quantitative

Equity Execution Services

Sales Trading, Program Trading, ETF Advisory, Indexation, Algorithmic & Electronic Trading, ADR & Arbitrage Specialist

Flow Equity DerivativesListed & OTC Options (Single, Listed & ETF), Futures

Tailor Made DerivativesAlternative Risk Transfer, Exotic Swaps (Dispersion, Correlation)

1 DeltaCFDs, Dynamic Portfolio Swaps, Equity Finance

Listed ProductsWarrants, Trackers, Certificates, Digits, Turbos

For every type of fund... ...a wide range of solutions and services adapted to your needs

Equity/Balanced Fund

Asset Allocation Fund

Income Fund

Convertible Bond Fund

Hedge Fund

Long/Short 130/30 Fund

Separately Managed Account

Listed Products

Beta & Alpha Generation

Equity Finance & Indexation

Equity Derivatives

Cash Management Products

Société Générale Index (SGI)

Cash Execution

Research

Financing & Factoring

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 ever-expanding 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.

Delving a little deeper, in flow equity, being active in the primary, 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 (2002-2008) 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

The Global Equity 24 hour Business Day

N E W Z E A L A N D

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09:00 14:50

17:00 - 17:30 Closing Auction


11:00 & 15:00 Two Closing Auctions




17:35 Closing Auction

16:50 - 17:00 Random Close
















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Document produced by Société Générale Corporate & Investment Banking

Countries

�Document produced by Société Générale Corporate & Investment Banking

Brief HistoryThe first short-lived exchange to be established in Argentina was the Bolsa Mercantil, set up by Bernardino Rivadavia in 1822. The Bolsa de Commercia de Buenos Aires, founded in 1854, was set up by 118 businessmen and a number of brokers. Today there are several other stock exchanges in Argentina but the Bolda de Comercio de Buenos Aires (BCBA) remains the largest.

Trading SystemThe Buenos Aires Stock Exchange has developed a comprehensive computer trading system called SINAC. Traders enter buy and sell orders through workstations in their offices. The system then matches transactions based on the rules of the Exchange.

Continuous Trading System:

The continuous market (bonds) and the dealer market (shares) were merged into this system. Transactions can be closed on- or off-exchange (at the dealer’s offices) but must be reported immediately to the Exchange. The price may not differ by more than 1.5% from a reference price. The securities traded are: equities (a selected set of listed stocks) and government and corporate bonds. Transactions between dealers and clients may be cleared and settled by the dealers themselves but may also be cleared using the MBVA facilities. Trades cleared through the MVBA are guaranteed. No special guarantee for clients exists. No commission is paid by brokers and sellers since it is included in the bid/ask spread. Dealers (brokers) pay MBVA and stock exchange fees monthly. A fixed amount, independent of the amount traded, is charged.

Continuous open-outcry auction trading system:

Transactions must be matched on the floor. The securities and instruments traded are: equities, government and corporate bonds, forwards on stocks and government bonds, options on stocks, government bonds and indices, index futures and repos. The MVBA guarantees transactions between brokers. Clearing and settlement is carried out by the MVBA with the assistance of the CVSA. A special guarantee ensures payment to brokers’ clients made by cheques issued by the MVBA. Buyers and sellers must pay the MVBA.

Circuit BreakersThere are no market-wide circuit breakers, but there are volatility interruptions for individual stocks. Whenever a trade would imply a move of more than 10%, a 15 minute halt is observed.

Taxes, Market Charges & Compulsory CommissionsBroker’s commission: Negotiated

Stock Market Fee: 0.0�%

Stock Exchange Fee: 0.0351%

Taxes & Regulations Affecting Foreign InvestorsThe Foreign Investment Act has been modified and now puts foreign investors on a similar footing to Argentinean Investors. There is no capital gains tax on shares obtained by individuals’ resident in Argentina or by individuals, corporations, trusts or their successor’s non-resident in Argentina.

Cross Selling Equity & Short SellingShort selling is allowed, a stock only needs to be borrowed before a short sale.

Money Repatriation Procedures in ArgentinaOn March 7th 2005 Argentinean authorities implemented a system that allows money repatriation through Merval Communication 11.374. Since Argentina implemented the so-called “corralito”, the only way to take money out of Argentina was through an ADR conversion. 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. This ADR conversion procedure was widely used over 3 years. By the end of 2004 the Argentinean government made a statement saying that it was fully aware of the situation, and was ready to take action on it.

As a result the Argentinean government implemented the “contra cables” (versus wire) system. A so-called, “cable” line was created for all local stocks and bonds. These lines are traded in USD’s and are fungible with the regular Argentinean peso lines. According to this law, any proceeds coming from the sale of a “cable” line are subject to be taken out of Argentina.

GMT -3hrs (-2hrs DST)Internet: www.bolsar.com Email: [email protected]

Primary ExchangeBuenos Aires Stock Exchange

Futures InformationMain Contract Merval Index FuturesTrading Exchange Buenos Aires Stock ExchangeTrading Times 12:00 – 19:00Contract Size ARS 1 x IndexTick Size ARS 1 equals 1 index pointsContract Months Monthly, up to 12 months aheadExpiration Day The last business day of the contract monthReuters <0#MEF:>, nearest month <0#MEFd:> / <0#MAR:>,

nearest month <0#MARd:>Bloomberg MM (Month Code)(Last Number of Year) <Index>

Argentina

Main IndicesMerval 25 Index

BURCAP

GENERAL

Official Trading HoursMonday – Friday

Floor Trading: 11:00 – 17:00

Continuous Trading: 11:00 – 17:00

Computer-Assisted Trading: 11:00 – 17:00

Market Size as of August 2009

Market Capitalisation: USD37.8bn

Average Daily Trading Value: USD10.8m

Board Lots1

CurrencyArgentine Peso (ARS)

Clearing and SettlementT+3 Business Days

Currency ExchangeUSD1 = ARS3.847�

EUR1 = ARS5.�241

7 Document produced by Société Générale Corporate & Investment Banking

Brief HistoryThe Armenian Stock Exchange (Armex) was registered in February 2001 by 22 brokerage and investment firms. Trading on the exchange opened in July 2001. Foreign currency exchange trading was launched on 15 November 2005. In 2007 the Armenia Stock Exchange was purchased by the OMX Group and now forms part of the NASDAQ OMX Group.

Trading SystemTrading is effected through the electronic-trading system ‘Armex Plaza’. As a result of OMX’s purchase of the ASX, the exchange will begin the use of OMX’s trading system during 2008.

Taxes, Market Charges & Compulsory Commissions Commission fees range from 0.75% for transactions of shares listed on lower (C2) listing tier to 0.1% for upper (A) listing tier.

Listing Tier Fee charged to each party

Fee charged to Market Maker

A 0.1% 0.05%

B 0.2% 0.1%

C1 0.3% 0.15%

C2 0.75% 0.375%

Taxes & Regulations Affecting Foreign InvestorsWithholding tax is levied on dividends, interest and any other income paid to non-residents at a rate of 10%, subject to double tax agreements with Armenia.

GMT +4hrs (DST +5hrs)Internet: www.nasdaqomx.am Email: [email protected]

Primary ExchangeArmenian Stock Exchange

Futures InformationNoneArmenia

Main IndicesNone

Official Trading Hours Monday – Friday

Equities and Corporate bonds: 11:00 – 15:00


Market Capitalisation: USD70m

Average Daily Turnover: ~USD1m

CurrencyArmenian Dram (AMD)


Currency ExchangeUSD1 = AMD377.39

EUR1 = AMD551.�8

8Document produced by Société Générale Corporate & Investment Banking

GMT +9hrs (+11hrs DST)Internet: www.asx.com.au Email: [email protected]

Primary ExchangeAustralian Stock Exchange

Futures InformationMain Contract SFE SPI 200 Index Futures and OptionsTrading Exchange Australian Stock Exchange (www.asx.com.au) Trading Times 09:50 – 1�:30 and 17:10 – 08:00 (17:10 – 07:00

US Daylight saving time)Contract Size Price quoted at the number of points with a

minimum price movement of 1 index point = AUD10Contract Months March, June, September, December CycleExpiration Day The last business day of the contract month (the

third Thursday of the contract month, unless otherwise specified by the ASX))

Reuters <0#YAP:>, nearest month <0#2YAP:> (floor) <0#1YAP:> (SYCOM), contract details <SFE/YAP>

Bloomberg XP (Month Code)(Last Number of Year) <Index>

Australia

Brief HistoryThe Australian Stock Exchange Ltd (ASX) was formed in 1987 through a special act of parliament amalgamating Australia’s six state-based stock exchanges. In 1998, ASX became the first exchange in the world to simultaneously demutualise and list on itself. 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). In October that year the ASX began the replacement of the Stock Exchange Trading System (SEATS) with CLICK XT, known as the Integrated Trading System (ITS).

Trading SystemSince 200� trading has been conducted on a system called CLICK XT ITS that was designed by OMX Technology. This system allows trading of all ASX products on a single, integrated platform. All orders are automatically processed and it also offers new opportunities for contingent trading and new order types. CLICK XT ITS performs more transactions per second than the previous system and allows up to 5 orders per transaction. This system is used for all ASX activities; ASX equities, fixed interest, warrants, options and futures markets.

The features of the ITS system include

Automated Order Processing

Improved Order and Trade History

Enhanced Combination Trade Reporting Functionality

Fast Order Entry Window

Additional Market Information

Performance Improvements

Access to a multiple international stock market system

Taxes, Market Charges & Compulsory Commissions Brokerage rates on share market transactions have been negotiable since 1984. Some full-service broking organisations can charge between 0.1% and 2% commission depending on the size of the transaction.

Taxes & Regulations Affecting Foreign InvestorsAustralia 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.

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. Unfranked dividends are subject to 30% dividend withholding tax, which is generally reduced to 15% if the investor is resident in a country with which Australia has a double-taxation agreement.

While non-residents will not pay any tax on the franked amount of dividends, they will not get a refund of the imputation credits attached to the dividends.

In addition there are dividend-streaming rules which prevent companies offering investors the choice to substitute other dividends for franked dividends. Australian dividend withholding tax and underlying company tax may be creditable against the non-resident’s tax liability in its home jurisdiction.

Cross Selling Equity & Short SellingSince 1 October 2002, participating organisations of the ASX have been able to short-sell an approved ETF without entering into a script-lending arrangement. These guidelines allow the short-selling party to initiate a trade (shorting on the downtick) to gain an immediate execution. The normal short-selling margin requires a margin cover of 20%, if the sale of each approved security exceeds 10% of the capital issued, then the investor must provide additional margin cover of 100% to their broker) Daily short selling reporting will apply. Naked short selling is prohibited on all securities, whereas covered short selling is authorised.

Crossings are strictly regulated by the ASX Market Rules. The regulations are formulated to protect retail investors and ensure the integrity of the marketplace. Only brokers may cross.

The broker may be acting on behalf of buying and selling clients, or acting on behalf of a client on one side of the trade and as principal (i.e., trading for themselves) on the other. The Broker cannot act as principal on both sides of the trade.

Main IndicesS&P/ASX 200 Index


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



Average Daily Turnover: USD3.2bn

Board Lots1

CurrencyAustralian Dollar (AUD)


Currency ExchangeUSD1 = AUD1.1�39

EUR1 = AUD1.7012


GMT +1hrs (+2hrs DST)Internet: www.wienerborse.at Email: [email protected]

Primary ExchangeWiener Börse

Futures InformationMain Contract Austrian Index Futures Trading Exchange Austrian Futures & Options Exchange (OETOB)Trading Times Mon – Fri; 09:00 – 17:40Contract Size EUR10 x Index pointTick Size 0.1 EuroContract Months Next 3 months in March, June, September,

December cycle, as well as March and September of the following year

Expiration Day Third Friday of the expiry monthReuters <0#ATX:>, nearest month <ATXc1>, contract details

<OTB/ATX>Bloomberg AX (Month Code)(Last Number of Year) <Index>

Austria

Brief HistoryThe Vienna Stock Exchange was founded in 1771. 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. From 1938 to 1945 the Stock Exchange was under German law and administration. Reopening on 15 November 1948 the Vienna Stock Exchange initially served mainly as a domestic financial market; however foreign investment firms now account for over 50% of trading. In 2005, Wiener Börse was the first exchange worldwide to enter into a product cooperation agreement with the Shanghai Stock Exchange. At the end of 2005, the two exchanges started the joint publication of the CNX (China Traded Index), which contains 30 Chinese blue chips.

Trading SystemIn November 1999 Wiener Börse introduced the trading system EQOS (Electronic Quote and Order-Driven System) which is based on the Deutsche Borse’s XETRA. This system enables electronic cross-border securities trading.

The following types of securities are traded through EQOS: shares, participation and investment certificates, profit-sharing certificates and profit-sharing rights, debt securities. Warrants’ trading is via OMex, a fully electronic trading system provided by OM Systems, which has been in use for trading in standardised derivative products since 1991.

Circuit BreakersThe levels for circuit breakers are calculated by the exchange based on historic price movements and are not made public.

Taxes, Market Charges & Compulsory Commissions Brokerage fees from the sale of shares on Wiener Börse are set as follows:

Fee Rate Minimum Fee Maximum Fee

Agent 4.00bps 1.8EUR 90EUR

Principal 4.00bps 1.8EUR 90EUR

Market Maker 1.00bps 0.9EUR 18EUR

Taxes & Regulations Affecting Foreign InvestorsPersons 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.

Cross Selling Equity & Short SellingThere are no regulations in Austria preventing short selling. However, on settlement day (of the sell) there has to be sufficient holdings in the account to cover the settlement of the sale. This means that the settlement date of the buy can not be later than Settlement Date of the Sell. Buy-ins for non-settlement can take place as soon as SD+1. No uptick rules apply in this market.

Main IndicesATX (Austrian Traded Index)


Pre-Open: 08:00 – 08:55


Closing Auction: 17:30

Single Intraday Auction: 12:30 – 13:30


Market Capitalisation: USD9�.�bn

Average Daily Turnover: USD174.4m

Board Lots1

Tick Size0.01 Euro

CurrencyEuro (EUR)

Clearing and SettlementT+3 Business Days (spot), T+1 Business Days (futures)

Currency ExchangeUSD1 = EUR0.�8417


GMT +4hrs (+5hrs DST)Internet: www.bse.az Email: [email protected]

Primary ExchangeBaku Stock Exchange

Futures InformationNone Azerbaijan

Brief HistoryThe Baku Stock Exchange (BSE) is the sole organised market for securities in Azerbaijan and officially opened for trading on 3 October 2001. It is a Closed Joint Stock Company whose shareholders are leading Azeri and foreign banks and investment companies. The share of one shareholder in BSE capital is equal to AZN�0,000 (USD�8,9�5). The supreme decision making authority of the exchange is the General Shareholders Meeting which elects members of the supervisory council.

Legal and physical bodies (banks, investment funds, broker firms) involved in professional activities on the security market, with special permission (licences) of the State Committee for securities under the auspices of the President of Azerbaijan Republic, can become members of the BSE.

Trading SystemTrading is effected through an automated trading system.

Currently only stocks of pre-listed companies are traded.

Taxes, Market Charges & Compulsory Commissions IPO commission for state securities ranges from 0.025% to 0.�%. On the secondary market the rate of commission is 0.0125%. The commission rate for T-bills is 0.15% of the transaction amount. The commission rate for corporate securities is 0.05% of the transactions volume.

Taxes & Regulations Affecting Foreign InvestorsThe withholding tax on interest and dividends is 10%. Under the Regulations of the State Committee for Securities, non-residents may invest into T-bills.

Main IndicesNone


Pre-Opening: 09:15 – 11:00

First and Second Markets: 11:00 – 15:00



Board Lots1

CurrencyAzerbaijani New Manat (AZN)

Clearing and SettlementT+0; DVP

Currency ExchangeUSD1 = AZN0.80480

EUR1 = AZN1.17�5


GMT -5hrs (-4hrs DST)Internet: www.bisxbahamas.com Email: [email protected]

Primary ExchangeBahamas International Securities Exchange

Futures InformationNoneBahamas

Brief HistoryTrading in equities in The Bahamas dates back to the 1980s, from which time an informal over-the-counter market for publicly traded equities operated. The Securities Industry Act was passed in 1999 and the Securities Industry Regulations followed in 2000. The legislation is consistent with international norms. 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. BISX launched its international segment with the opening of its mutual funds facility in April 2001.

Trading SystemTrading is conducted through the BATS Market (Bahamas Automated Trading System) via off-floor terminals at brokers’ offices, with back-up facilities provided at BISX’s premises. All orders are exposed to the market via the electronic trading system except for intra-family gifts and inheritance transfers validated by agreed procedures.

Securities listed on the Exchange are traded using automated matching of orders. The BISX trading system permits a variety of order types, with orders matched on a price, source and time priority during regular continuous trading. A pre-opening period permits accumulated orders to be matched using a volume-maximisation algorithm. The trading system permits the use of variable settlement periods, so that the seller and buyer can state a settlement period at the time of order, which may be accepted by counter-parties prepared to accept the given settlement period. This settlement period is used as an additional parameter in the trade-matching algorithm, after price and time priority. BISX intends to move towards real time gross settlement once the necessary clearing system technology is introduced in the banking system.

Taxes, Market Charges & Compulsory Commissions Brokerage: Brokerage fees are set by each BISX member firm individually and disclosed to all investors.

Transaction Levy: For domestic securities USD5 for each buy or sell transaction. Where multiple transactions occur from each completed buy or sell order, matched per trading session: Minimum of USD5+0.1 cents x number of shares, to a maximum of USD15.

Taxes & Regulations Affecting Foreign InvestorsThe Bahamas permits non-resident foreign investors who make investments in The Bahamas to repatriate capital, together with any gains. The Bahamas does not levy tax on dividends and capital gains for either domestic or foreign investors.

Cross Selling Equity and Short SellingShort Selling and Naked Short Selling are prohibited for companies listed on the BISX.

Main IndicesBISX All Share Index


Pre-Open: 10:00 – 10:30


Market Size as of July 2009


Average Daily Value: USD0.7m

Board Lots1

CurrencyBahamian Dollar (BSD)


Currency ExchangeUSD1 = BSD1.0000

EUR1 = BSD1.4�17


GMT +3hrsInternet: www.bahrainstock.com Email: [email protected]

Primary ExchangeBahrain Stock Exchange

Futures InformationNone Bahrain

Brief HistoryDuring the late 1970s and early 1980s, following the collapse of the unofficial stock market in Kuwait (known as Souq Almanakh), Bahrain, along with the other economically booming oil-producing countries in the Gulf, realised the need for an organised stock market. As such in 1987 the Bahrain Stock Exchange (BSE) was established and started operations two years later in June 1989.

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. In July 2007 the BSE removed the odd lots market from the trading platform, allowing all traders full access to the market system. 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, whilst in 2007 the BSE signed a co-operation agreement with the London Stock Exchange which formalised their existing strong ties. Foreign brokerage firms have been allowed to operate independently in Bahrain since 2003.

Trading SystemThe Exchange has adopted an Automated Trading System known as ‘ATS’. It gives traders the ability to trade directly from their computer through a link to the trading engine.

The trading workstation is one of the key elements of the ATS, simplifying the process of order entry and other exchange activities. It can be used to process orders, manage trades, monitor activity, monitor a selected market by order or price, determine outstanding and traded positions, print reports and download market information.

There are five markets supported by the trading system:

The regular market

The IPOs Market (the market in which shares of a company are traded for the first time following its listing on the exchange

The Special Orders Market (Min. BHD 500,000)

Mutual fund market

Bond market

Brokers input their bids and offers into the system until they match. The mechanism for which the price of equities is determined is as follows:

The best price (price priority)

Source of Order

Time of order priority

Cross priority

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. Off-market transfers are not permitted except in very limited circumstances.

Circuit BreakersPrice fluctuation is fixed to a maximum of 10% either way from the last closing. This rule only applies to shares. There are no restrictions on Mutual Funds and Bonds.

Taxes, Market Charges & Compulsory CommissionsBroker commission is negotiable but for equities it is normally 0.275% with a minimum of BD3. The commission for Bonds is calculated at a rate of 0.05 with a minimum of BHD1.

The Exchange calculates its commission at the rate of 20% of the brokers’ total commission.

Taxes & Regulations Affecting Foreign Investors There is no tax levied on foreign investors. 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%. The Minister of Commerce may increase this percentage by a Resolution to be passed by him. Bahrain Flour Mills Co and Delmon Poultry Co have been exempted. Foreign security holders are legally entitled to all the benefits prescribed by law for the ownership of securities in domestic joint stock companies.

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Main IndicesBHSE All Share Index (Esterad Index, Dow Jones Bahrain Index)

Official Trading Hours Sunday – Thursday

Pre-Opening: 09:15 – 09:30



Market Capitalisation: USD1�.�bn

Average Daily Value: USD3m

CurrencyBahraini Dinar (BHD)


Currency ExchangeUSD1 = BHD0.37�98

EUR1 = BHD0.55112


GMT +�hrsInternet: www.dsebd.org Email: [email protected]

Primary ExchangeDhaka Stock Exchange

Futures InformationNoneBangladesh

Brief HistoryThe Dhaka Stock Exchange (DSE) was incorporated in 1954 as the East Pakistan Stock Exchange and started formal trading in 195�. In 19�2 it was renamed as the Dhaka Stock Exchange Limited. On-line automated trading commenced in August 1998.

Trading SystemTrading is automated using the Tandem Electronic Securities Architecture (TESA). TESA’s screen-based trading system supports fully automated trading, manual trading and hybrid markets. The system can function as an order-driven (electronic order matching), a quote-driven (market-maker based) or a hybrid (elements of both) market. All features commonly associated with electronic trading are incorporated into the system. TESA conducts trading in 4 phases:

Pre-Opening: traders enter orders for participation in the opening and/or inclusion in the book. No trading takes place

Opening: The Opening is a pure, single-price auction. All buy and all sell orders are compared and matched

Continuous Trading: During this phase, participants enter orders and immediate execution or for inclusion in the book. Automatic matching and execution takes place based on best price/first-in, first-out trading rules

Post Closing: Closing prices are calculated and disseminated to market participants. Day orders and other orders whose term has expired are cancelled and returned to their originators

Circuit BreakersStocks have individual circuit breaker bounds. The level of permitted fluctuation is calculated regularly and is freely available on the official website.

Taxes, 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.

Taxes & Regulations Affecting Foreign InvestorsThere is no capital gains tax on the sale of shares/securities for local or foreign investors. For non-resident foreign companies, dividend income is taxed at the rate of 15%. The rate for non-resident individuals is 25%. With the exception of a few reserved sectors, foreign investors are free to invest in Bangladesh in any industrial entity. Non-residents are free to invest in shares/securities quoted on the Stock Exchange. They may also invest in IPOs.

Main IndicesDSE General Index

All Share Price Index

Official Trading Hours Saturday – Thursday




Average Daily Turnover: USD�3m

Board LotsThe most common board lots are lots of 50 shares

CurrencyBangladesh Taka (BDT)

Clearing and SettlementTransactions of A and B category shares are settled on T+3 Business Days and cleared on T+5. Transactions of Z category shares are settled on T+4 and cleared on T+7

Currency ExchangeUSD1 = BDT�9.055

EUR1 = BDT100.95


GMT -5hrs Internet: www.bse.com.bb Email: [email protected]

Primary ExchangeBarbados Stock Exchange

Futures InformationNone Barbados

Brief HistoryThe Barbados Government passed the Securities Exchange Act 1982/44 in 1982. The Securities Exchange of Barbados came into being with the proclamation of this Act in June 1987. 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. The BSE is an association of Member-Brokers, operating a Central Marketplace for trading securities.

Trading SystemIn July 2001 the BSE switched from manual, open auction outcry to electronic trading. On 1 November 2002 the brokers commenced remote trading from their own locations.

Taxes, Market Charges & Compulsory CommissionsThe BSE charges 0.25% either side of the transaction. Brokers’ commission is not regulated and therefore varies based on the services rendered, typically it is 2% and declines with the size of the order.

Taxes & Regulations Affecting Foreign InvestorsNon-nationals and Barbadians who are permanently residing abroad must obtain exchange control approval to trade securities. Caricom residents are treated as nationals. Property Transfer Tax and Stamp Duty are waived if securities are traded on the Exchange.

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. There are fees attached to exchange control approval.

Main IndicesBarbados Stock Exchange

Local Share Index


Pre-Opening: 09:00 – 10:00

Trading Session: 10:00 – 13:00


Market Capitalisation: USD12.�bn

CurrencyBarbadian Dollar (BBD)

Clearing and SettlementSettlement day is T+3 on net settlement basis. Stocks traded on Tuesdays, Wednesdays and Fridays are settled by the Real Time Gross Settlement System (RTGS) through the Central Bank of Barbados

Currency ExchangeUSD1 = BBD2.000

EUR1 = BBD2.922


GMT+1hrs (+2hrs DST)Internet: www.euronext.com Email: [email protected]

Primary ExchangeEuronext Brussels

Futures InformationMain Contract BEL20 Index FuturesTrading Exchange Euronext Brussels Derivatives MarketsTrading Times Monday – Friday; 08:15 – 09:00 (pre-opening)/

09:00 – 17:30 (CET) Contract Size EUR10 x IndexTick Size 0.1Contract Months Cycle of 1, 2, 3, � months (according to the March,

June, September and December cycle) Expiration Day The first business day after the last trading dayReuters <0#BFX:>, nearest month <BFXc1>, contract details

<BFX/BFX1>Bloomberg BE (Month Code)(Last Number of Year) <Index>

Belgium

Brief HistoryThe Brussels Stock Exchange was formed by a merger between the Antwerp and Brussels stock exchanges in January 1998. In March 1999, Brussels Exchanges was formed as a result of the integration of the Belgian Futures and Options Exchange (BELFOX), the Brussels Stock Exchange and the CIK (National Depository). Brussels Exchanges merged with its partners to form Euronext in September 2000 which is now known as NYSE Euronext.

Trading SystemThe Euronext Trading Technology System (NSC) and centralised order book (COB) is used across all the Euronext Cash Market locations.

Trading on the Euronext Cash Market is based on two mechanisms: continuous trading and auctions. The most liquid securities are traded continuously during market sessions. Less liquid securities can be traded continuously with the aid of a liquidity provider, or exclusively in auctions. Liquidity providers are dealers (members entitled to trade exclusively for their own account) that have undertaken, with the approval of the relevant market operator, to improve liquidity in a particular security. Trade reporting for off-orderbook trades can be done through Euronext’s Trade Confirmation System (TCS), which can be accessed via the web or via standard means.

During continuous trading, orders are matched and executed on a time/price priority. During auctions phases, market orders have priority over limit orders. Likewise, market-to-limit orders take precedence over limit orders with a limit equal to the auction price. Cross trades can be effected outside of the COB. 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. In the COB, cross trades can be made only for securities traded continuously. Block trades can be executed outside of the COB if there are equal to or exceed certain size thresholds or Normal Block Amount (NBA).

Circuit BreakersFor BEL20 companies

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.

Taxes, Market Charges & Compulsory CommissionsCash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam, Brussels and cv Paris Cash Markets and adopted by Euronext Lisbon in November 2004. The current product-driven fee structure has been in place since February 2005.

Clearing fees are charged to clearing members by the clearing house, LCH. Clearnet, and include annual membership fees and variable fees that depend on the member’s activity. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.

Taxes & Regulations Affecting Foreign InvestorsAll 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, Finance and Insurance Commission. The declaration has to be made, at the latest, on the day after the change of ownership.

Cross Selling Equity and Short SellingA temporary ban on naked short selling has been put into place on the shares of the following financial institutions: Dexia, Fortis, KBC Groep, KBC Ancora and ING Groep. A short derivative position must also be covered by a position in the underlying security. The Ban expires on the 21 of September 2009.

In the Central Order Book, cross trades can be made only for Securities traded continuously and within the market best bid/ask spread at the time of execution. Up tick rules do not apply.

Tick SizeA specific fixed tick size of EUR0.005 will be implemented for certain stocks traded above EUR10. The tick size for all other trades is listed below.

Price (Euros)

From To Tick Size

0 0.2500 0.0005

0.251 2.500 0.001

2.505 10.000 0.005

>10.01 – 0.01

Main IndicesBEL20


Pre-Opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35


Trading at Last (TAL): 17:35 – 17:40


Market Capitalisation: USD2.74trn (Euronext)

Average Daily Turnover: USD7.2bn (Euronext)

Board Lots1 (minimum order size 10)

CurrencyEuro (EUR)




1�Document produced by Société Générale Corporate & Investment Banking

GMT -4hrs (-3hrs DST)Internet: www.bsx.com Email: [email protected]

Primary ExchangeBermuda Stock Exchange

Futures InformationNone Bermuda

Brief HistoryThe Bermuda Stock Exchange (BSX) was established in 1971, primarily as a domestic equities market. 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. 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. 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. The BSX also offers a “Mezzanine Market”, which allows development stage companies the opportunity to list on a recognised international stock exchange without having to commit to a full IPO.

Trading SystemThe BSX runs a fully electronic trading system, BEST (Bermuda Electronic Securities 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, first served’ basis. Once executed, trade information is forwarded electronically to the major information dissemination systems of Bloomberg and Reuters for global distribution.

BEST’s system design supports tight integration with the BSX’s future electronic settlement facility, the Bermuda Securities Depository (BSD).

Taxes, Market Charges & Compulsory CommissionsBrokerage: Brokerage fees are negotiable.

Transaction Levy: For domestic securities, 0.1% of the amount of the consideration for each purchase or sale of prescribed securities subject to a minimum of USD1 on each side.

For international securities, 0.01% 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.

For crosses, USD0.70 per crossing subject to a minimum per crossing of USD7 and a maximum per crossing of USD70.

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.

Taxes & Regulations Affecting Foreign InvestorsBermuda operates completely free from all forms of taxation on both profits and income or on any capital asset, gain or appreciation. There is no stamp duty payable on the transfer of any securities listed on the BSX. There is, however, a transaction levy payable to the BSX by each trading member based on the value of each trade executed on the BSX.

Foreign investors are free of exchange controls in Bermuda and may deal in any foreign securities without restriction. However, 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 IndicesBSX/RG Composite Index


Pre-Opening: 08:30 – 09:00

Normal trading: 09:00 – 15:30




Board LotsThe 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

CurrencyBermudian Dollar (BMD)

Clearing and SettlementAll BSX transaction settlements occur on a rolling T+3, DVP basis

Currency ExchangeUSD1 = BMD1.0000

EUR1 = BMD1.4�17


GMT -4hrsInternet: www.bbv.com.bo (Spanish text only) Email: [email protected]

[email protected]

Primary ExchangeBolivian Stock Exchange

Futures InformationNoneBolivia

Brief HistoryThe Bolivian Stock Exchange (BBV) was established in April 1979 to channel resources into the economy in an orderly, efficient and transparent fashion, but did not commence operations until 1989 due to the economic and political problems Bolivia was going through during the early 1980s.

The Comisión Nacional de Valores (CNV), a government institution established to regulate, supervise and watch over capital market institutions, was created in August 1979. In March 1998, the Securities Market Act was approved by parliament.

Trading SystemIn March 2007 the exchange replaced open-outcry trading with an electronic trading system.

Taxes, Market Charges & Compulsory CommissionsEquities

Transaction costs (USD) Commission

1 to 500,000 0.200%

500,000 to 2,000,000 0.180%

2,000,001 to 5,000,000 0.170%

5,000,001 to 10,000,000 0.1�0%

10,000,001 to 20,000,000 0.130%

20,000,001 to 40,000,000 0.100%

40,000,001 and more 0.085%

Fixed income securities (buy/sell and repos)

0.005%

Taxes & Regulations Affecting Foreign InvestorsThe 1998 Securities Market Law provided important tributary incentives. It abolished the 12.5% tax on the remittance of money outside the country. It also eliminated taxes on capital gains generated from the transactions of stocks at the Bolivian Stock Exchange.

Main IndicesNone


Equity: 10:45 – 11:30

Fixed Income Securities: 10:45 – 11:30 15:00 – 15:45



CurrencyBolivian Boliviano (BOB)

Clearing and SettlementClearing and settlement of dematerialised instruments is carried out by the ‘Entidad de Depósito de Valores EDV’. The Central Securities Depository began partial operations in October 2004 with the dematerialisation of securities owned by institutional investors, the clearing and settlement of securities and instruments that are not dematerialised is performed at the Exchange. The first trade with dematerialised securities took place in February 2005

Currency ExchangeUSD1 = BOB7.0200

EUR1 = BOB10.2�1


Brief HistoryThe Sarajevo Stock Exchange (SASE) was founded in 2001 by eight brokerage firms and official trading commenced on 12 April 2002.

Trading SystemTrading is conducted through the electronic trading system BTS (Berzni Trgovački Sistem). Stock exchange transactions may only be conducted by SASE members. Trading is based on the automated processing of orders entered into the system.

Taxes, Market Charges & Compulsory Commissions Brokerage Fees on the SASE range between 0.5% and 1.5% of the trade value. The Securities Registry charges 0.07% of trade value.

Taxation & Regulations Affecting Foreign InvestorsForeigner ownership is limited to 49% of the equity in enterprises engaged in the production and sale of arms, ammunition, explosives for military use, military equipment and public information.

There are no restrictions on the repatriation of profits.

GMT +1hrs (+2hrs DST)Internet: www.sase.ba Email: [email protected]

Primary ExchangeThe Sarajevo Stock Exchange

Futures InformationNone

Bosnia and Herzegovina

Main IndicesBIFX

SASX- 10


Pre-open: 09.00 – 10.0x (x=0-5 min)

Opening Auction: 10.00

Continuous Trading: 10.0x – 13.00



Average Daily Turnover: USD.0.4m

Tick Size0.01 KM

CurrencyKonvertibilna Marka (BAM)


Currency ExchangeUSD1 = BAM1.342

EUR1 = BAM1.957


GMT +2hrsInternet: www.bse.co.bw Email: [email protected]

Primary ExchangeBotswana Stock Exchange

Futures InformationNoneBotswana

Brief HistoryThe Botswana Stock Market (BSM) commenced trading in June 1989. At that time there was no formal stock exchange, although Stockbrokers Botswana Ltd, the only stockbroker in Botswana, acted like a stock exchange. In September 1994 the legislation to transform the BSM into a full stock exchange was passed by Parliament. Trading on the Botswana Stock Exchange (BSE) commenced in November 1995.

Trading SystemTrading is conducted twice a day via a call-over system at 09:00 and at 15:00, Monday to Friday.

Stockbrokers Botswana Ltd acts as agent between the buyer and seller. The broker remains independent and does not take a position. The broker matches both buyer and seller and charges both a commission.

Taxes, Market Charges & Compulsory Commissions Commission on purchase and sale of shares:

Value of Transaction (BWP) Commission

0 – 50,000 2.0%

50,000 – 100,000 1.5%

Over 100,000 1.0%

Handling Fee on purchase and sale of shares: BWP15 per bought note; BWP10 per sold note.

Commission on purchase of domestic bonds: BWP100 per BWP1m nominal or part thereof (no handling fee is charged on domestic bonds).

Taxes & Regulations Affecting Foreign InvestorsCapital gains on listed shares are tax free. Withholding tax on dividends is calculated at a rate of 15% and dividends are paid net of this. Therefore dividend income received by shareholders is not subject to taxation.

There are no restrictions on the ownership of listed companies by foreign investors and exchange controls were fully abolished in 1999.

Main IndicesDomestic Companies Index

Foreign Company Index

All Company Index


09:00 – 15:00

Market Size as of December 2008


Average Daily Turnover: >USD50k

Board LotsThere are no designated board lots; however, the minimum trading lot at the BSM is 100 shares. Odd lots trade with no price differential

CurrencyBotswana Pula (BWP)


Currency ExchangeUSD1 = BWP�.�401

EUR1 = BWP9.7052


GMT -3hrs (-2hrs DST)Internet: www.bovespa.com.br Email: [email protected]

Primary ExchangeSão Paulo Stock Exchange/Bovespa

Futures InformationMain Contract Bovespa Stock Index FuturesTrading Exchange Bolsa de Mercadorias E Futures (BMF)Trading Times Monday – Friday; Pre-expiration 09:00 – 17:00, expiration day 10:00 – 13:00Contract Size BRL1.00 x Index Tick Size 5Contract Months Even numbered months as authorised by BM&F Expiration Day Wednesday closest to the 15th day of the

delivery monthReuters <0#IND:>, nearest month <INDc1>, contract details

<BMF/IND>Bloomberg BZ (Month Code)(Last Number of Year) <Index>

Brazil

Brief HistoryIn August 1890 Emílio Rangel Pestana founded the São Paulo Free Exchange and introduced security trading based on European traditions. In 1895 the institution’s name was changed to the São Paulo Public Funds Exchange. In 1935 it was changed again to the Official São Paulo Stock Exchange, at which time the Exchange became partially independent under the direct responsibility of the State Financial Secretariat. In 2000 the Brazilian Stock Markets were reorganised at a nationwide level. Under this model, the São Paulo Stock Exchange/Bovespa is the only Brazilian centre for the trading of equities and of private fixed-income securities. The Rio de Janeiro Stock Exchange/BVRJ, in turn, is responsible for managing the market for the electronic trading of public debt securities.

As the result of a corporate restructuring, since 28 August 2007 BOVESPA has no longer been a not-for-profit institution and now operates as a joint stock corporation. As a consequence, BOVESPA Holding was created which has, as fully owned subsidiaries, the São Paulo Stock Exchange (BVSP) – responsible for the operations by the stock exchange and the organised over-the-counter markets – and the Brazilian Clearing and Depository Corporation (CBLC), providing settlement, clearing and depository services.

On 27 March 2008 BOVESPA agreed to merge with the Brazilian Mercantile and Futures Exchange. 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.

Trading SystemOn 3 October 2005, Bovespa discontinued its trading floor and all trades now take place exclusively through the electronic trading system MEGA BOLSA.

The MEGA BOLSA trading system processes buy or sell orders electronically. Therefore, the whole process has become more fair and transparent, allowing investors, brokerage houses and vendors to view all orders in real time via internet or private networks. 99.5% of orders placed on MEGA BOLSA take less than a second to be processed, currently, the average time stands at 0.�2 seconds per order. MEGA BOLSA counts on a monitoring scheme to measure the system’s performance. That means it is possible to track and identify an eventual problem, in case the response time does not meet the standard. It is worth mentioning the solution also allows statistical treatment of data.

Brazil has two general classes of equities; 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 is dissolved. However, preferred stocks do not grant voting rights or restrict them. Short selling is not permitted.

Circuit Breakers10% and 15% down in the Bovespa index; trading resumes after 30 minutes and 1 hour, respectively.

Taxes, Market Charges & Compulsory CommissionsTransaction Fee: 0.035%.

Taxes & Regulations Affecting Foreign InvestorsIn order to trade in Brazilian market foreigners must obtain a CVM number (the Brazilian Securities and Exchange Commission) number.

Since March 2000, both individual and institutional investors may invest in Brazilian Capital Markets, exempt from taxation. There is no tax on capital gains from the purchase and sale of stocks on the cash market, or on earnings resulting from trading on the options and futures market.

The tax rate on income (interest fees, agio – premium or discount and profit participations) earned by investment companies, investment funds and managed portfolios is 15%. Investors from countries where the applicable income tax rate is equal to or higher than 20% are exempt from capital gains tax. 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, 15% on earnings resulting from trading on the options and futures markets and 15% on earnings from fixed income investments).

Cross Selling Equity & Short SellingNaked short selling is forbidden, however covered short selling is permitted.

Circuit Breakers

1) If the Ibovespa falls 10% in relation to the closing index of the previous day, trading on all BVSP markets will be interrupted for 30 minutes.

2) As trading resumes, if the Ibovespa falls 15% in relation to the previous day’s closing index, trading on all BVSP markets will be interrupted for one hour.

3) As trading resumes, if the Ibovespa falls 20% in relation to the previous day’s closing index, 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).

Main IndicesIbovespa


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


Market Capitalisation: USD1.0trn

Average Daily Trading Value: USD2.1bn

Board LotsRound lots of units which vary from 100 – 100,000 in the amount of underlying shares

Tick SizeR$ 0.01

CurrencyBrazil Real (BRL)


Currency ExchangeUSD1 = BRL1.814�

EUR1 = BRL2.�524

http://www.hosting.sajmont.pl/images/9i11lhobplsrde41tj4.jpghttp://www.hosting.sajmont.pl/images/9i11lhobplsrde41tj4.jpg


GMT +2hrs (+3hrs DST)Internet: www.bse-sofia.bg Email: [email protected]

Primary ExchangeBulgarian Stock Exchange – Sofia

Futures InformationNoneBulgaria

Brief HistoryThe Bulgarian stock exchange was first established in 1914 under the Kings Decree No.7, however its operations ceased due to World War II. The equity market was re-established in November 1991 and started trading in May 1992. During the following two years some 20 stock exchanges sprang up across the country, functioning in a completely unregulated environment. The adoption of the Stock Exchanges and Securities Act in July 1995 led to a process of stock exchange consolidation.

Trading SystemThe Bulgarian Stock Exchange System (BSE Workstation) is a fully automated system designed to provide market transparency, liquidity, price discovery and allow for future market growth. It was launched in October 2000 and is based on the NASDAQ quotation system. It is an order- and/or dealer-driven trading system with multiple market-makers. In 2003 the BSE successfully implemented a system for electronic processing of buy-sell orders through the Internet, named COBOS. COBOS gives authorised and secure access to the BSE trading system in real time. 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. Customer orders have priority of execution at the same price over BSE-Sofia members’ orders.

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. The Xetra platform was implemented in June 2008, trading is now organized by Deutsche Boerse AG.

Circuit BreakersVolatility interruptions will occur:

with movements of ±10% on the Official Market and ±20% on the Unofficial Market, 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, the reference price being the last auction price or the previous close

Taxes, Market Charges & Compulsory Commissions Shares

Value of Transaction (BGN) Commission

Up to BGN25m inclusive 0.1% of nominal stock transactions value from both sides

Above BGN25m up to BGN75m inclusive

BGN25,000 plus 0.05% on the balance above BGN25m

Above BGN75m BGN50,000 plus 0.01% on the balance above BGN75m

Other Instruments

Value of Transaction (BGN) Commission

Government Securities 0.005%

Corporate and Municipal bonds and depository receipts on bonds

0.01%

Block and other registered trades 0.1%

Taxes & Regulations Affecting Foreign InvestorsFrom January 2005, dividends and liquidation proceeds payable by residents to both resident and foreign entities are subject to a 7% withholding tax.

Cross Selling Equity & Short SellingShort selling is not permitted.

Main IndicesSOFIX, (BG40)


Pre-Trading: 09:00 – 09:20

Opening Auction: 09:20 – 09:30


Intraday Auction: 10:50 – 11:00


Closing Auction: 13:40 – 13:45

Post-Trading: 13:45 – 1�:00



Board LotsThe minimum lot size is currently one share

CurrencyBulgarian Lev (BGL) (Euro from a January 2010 and currently pegged at EUR1=1.95583 level)


Currency ExchangeUSD1 = BGN1.3377

EUR1 = BGN1.9558


GMT -5hrs (+4hrs DST)Internet: www.tsx.com Email: [email protected]

Primary ExchangeTSX Group

Futures InformationMain Contract S&P / TSE Canada �0 Index FuturesTrading Exchange Montreal Futures Exchange (MSE)

http://www.m-x.ca/Trading Times Monday – Friday; 09:35 – 1�:15Contract Size CAD200 x IndexTick Size 0.1 point Contract Months March, June, September and DecemberExpiration Day Third Friday of the contract monthReuters <0#SXF:>, nearest month <SXFc1>, contract details

<MON/SXF>Bloomberg PT (Month Code)(Last Number of Year) <Index>

Canada

Brief HistoryThe Toronto Stock Exchange was founded in 1852 by the Association of Brokers. The exchange was formally incorporated by an act of the Legislative Assembly of Ontario in 1878. In the 1970s, the TSX was the first exchange in the world to develop a computerised system to trade some of its stocks. 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. In 1999 the Canadian stock market industry changed significantly with the TSE becoming the sole market for the preferred stocks or senior equities, whilst the Montreal Exchange (MX) became the sole market for derivatives. In June of the same year the membership of the TSX also voted in favour of demutualising the Exchange, making it a for-profit entity. The merger of the Vancouver, Alberta and Winnipeg bourses allowed the forming of a junior equity market for fledgling companies looking to raise equity capital. In 2001 this newly formed group was purchased by the TSX Group and is now known as the TSX Venture Exchange. 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.

Trading SystemThe exchange has been fully automated since 2000. In November 2007 TSX launched a new trading system called TSX Quantum, which operates on both the Toronto Stock Exchange and the TSX Venture Exchange. This system offers increased liquidity, faster trading speeds, improved reliability, increased capacity for the markets and decreased trading fees. As with its predecessor, TOREX TSX Quantum is a remote, electronic, order driven system. The Montreal exchange continues to handle all derivative products.

Circuit Breakers10%, 20% and 30% declines in the Dow Jones Industrial Average. The numerical points are decided each quarter, using the average closing from the preceding month. Without a set designation, TSE oversees the pending for each name.

Level 1:

Before 14:00 – one hour.

At 14:00 pm or later but before 14:30 – 30 minutes.

At 14:30 pm or later – trading shall continue, unless there is a level 2 halt.

Level 2:

Before 13:00 – two hours.

At 13:00 or later but before 14:00 – one hour.

At 14:00 or later – trading shall halt and not resume for the remainder of the day.

Level 3 Halt:

At any time – trading shall halt and not resume for the remainder of the day.

Taxes, Market Charges & Compulsory CommissionsCommission rates vary from firm to firm and are negotiable based on the size of the order. Most brokers charge a minimum commission per transaction of around CAD75.

Taxes & Regulations Affecting Foreign InvestorsDomestic investors receiving dividends from taxable Canadian corporations are entitled to a dividend tax credit which favours dividend income over interest on earned income. Capital gains (minus losses) are taxed on only half the amount received and at the ordinary rate of income tax.

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, in which case the withholding tax is usually 15%. Capital gains received by foreign investors are not subject to Canadian capital-gains tax.

Cross Selling Equity & Short SellingShort selling is permitted in the market only on an up or an even tick. 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, a Market-on-Close (MOC) order, a VWAP order, or a trade on an ETF (Exchange Traded Fund).

Basis Cross, VWAP Cross and Contingent Cross’s are available in the regular session and during the extended session. They may only be entered as a board lot trade. Basis and VWAP crosses will not set last sale price. A Special Trading Session (STS) Cross is available only during the extended session (1�:15 – 17:00); it can only be printed at the last sale price, cannot change the last sale price and may only be entered as a board lot trade.

A member firm must obtain prior approval of the exchange before executing a trade or cross that will cause, during the course of a single trading session, a change in price away from the prevailing bid & offer of more than CAD1 (for stocks prices <CAD20) or CAD2 for stocks priced >CAD20.

Main IndicesS&P/TSX �0 Index

S&P/TSX Composite Index



Extended Session: 1�:15 – 17:00




Board LotsTrading price per unit

CAD0 – 0.10 1,000 units

CAD0.10 – 0.99 500 units

CAD1.00 and above 100 units

Tick Size0.01

CurrencyCanadian Dollar (CAD)

Clearing and SettlementT+3 Business days

Currency ExchangeUSD1 = CAD1.08�9

EUR1 = CAD1.5888


GMT -5hrsInternet: www.csx.com.ky Email: [email protected]

Primary ExchangeCayman Islands Stock Exchange

Futures InformationNoneCayman Islands

Brief HistoryThe Cayman Islands Stock Exchange (CSX) commenced its operations in July 1997. It was established under the Stock Exchange Company Law 199� (‘the Law’) as a private limited company. The Exchange is wholly owned by the Cayman Islands Government. Under the Law, the CSX has the sole and exclusive right to operate one or more securities markets in the Cayman Islands.

The Exchange operates a true offshore market. The listing and membership rules have been designed to meet international standards as well as the needs of its specialist products. The main feature of the Exchange is its flexibility in dealing with listing applications. The CSX is not bound by any EU directive in this regard and can offer a quick but regulatory-sound service to its customers.

In 1999 the Exchange was granted approved organisation status by the London Stock Exchange (LSE), so that stocks listed on the CSX are eligible for trading on the LSE International Equity Market and can be quoted on SEAQ International.

The CSX is also an affiliate member of IOSCO, a correspondent emerging market of the WFE, an affiliate member of the ISG (Intermarket Surveillance Group) and a member of the European Securitisation Forum.

In March 2004 the CSX was granted the status of ‘Recognised Stock Exchange’ by the UK’s Inland Revenue, enabling interest on securities listed on the CSX to be paid without deduction of UK Tax.

Trading SystemIn conjunction with Bloomberg Financial Markets the CSX has developed a fully electronic trading platform and dedicated news wire service. The trading facility is order driven, displaying a buy and sell price throughout the trading day. Orders are displayed on-screen through the central system and trades are executed automatically when buyers and sellers are matched. To assure comprehensive protection for all market participants, the CSX has a market surveillance system to monitor all market transactions.

The CSX Bloomberg pages are divided into two sections. The trading pages provide the CSX trading facility. The company information pages contain descriptive information, including financial and other price information about CSX listed issues. Real time orders can be accessed via the CSX trading pages on Bloomberg. The pages show a composite page with the best bid and ask orders available, the last traded price and the daily volume for each listed security.

Taxes, Market Charges & Compulsory CommissionsNone.

Taxes & Regulations Affecting Foreign InvestorsThe Cayman Islands is entirely free from any type of taxation on profits, income, inheritance, capital gains or corporate taxes. There is no stamp duty levied on the transfer of any securities. There is no distinction between foreign and domestic investors in terms of taxation.

Foreign investors may deal freely in any foreign securities without restriction. However, for Cayman-registered companies that do not carry exempt status, the 40-�0 rule applies. Thus only 40% of the shares in issue can at any given time be owned by a foreign investor.

Main IndicesNone


09:30 – 1�:00 GMT


Market Capitalisation: USD1�3.87bn

CurrencyCayman Dollar (KYD)


Currency ExchangeUSD1 = KYD0.82001

EUR1 = KYD1.198�


GMT -4hrs (-3hrs DST)Internet: www.bolsadesantiago.com Email: [email protected]

Primary ExchangeSantiago Stock Exchange

Futures InformationNone Chile

Brief HistoryThe Santiago Stock Exchange was founded in 1893 and has been operating without interruption ever since. It is a member of the International Federation of Stock Exchanges (FIBV), and the Hispanic Federation of Stock Exchanges (FIABV).

Trading SystemShares are now traded by electronic order-driven matching system (Telepregón). Floor trading is split into three sessions, and alternates throughout the day with what is called High Presence Telepregón (when most, if not all, brokers are involved). Low Presence Telepregón (a reduced number of brokers) continues for the whole trading day.

Telepregón: Electronic system for automatic execution of price-compatible bid and ask offers of equities, currency, options, futures and investment funds quotas (CFI).

Trading floor (Pregón): prices are determined by the interaction of bid and ask offers shouted by brokers. For trading equities, currency, options, futures and investment funds quotas (CFI).

Electronic auction: equities are traded under the ‘concurrent auction’ mode. There are four transaction stages. In the first one, operators enter sale offers. In the second stage, interested parties are allowed to select the offers they want to make bids on. The third stage is the auction, where interested parties make bid offers. In the final stage, the system awards sale offers to the best bids.

Taxes, Market Charges & Compulsory CommissionsBrokers’ commission: Commission is freely negotiable and usually ranges between 0.35% and 1%.

Stock Exchange fees: Calculated on the amount of the transaction. They are established by the Santiago Stock Exchange and vary according to the type of instrument being traded.

Value Added Tax (IVA): Both brokers commission and exchange fees are subject to a 19% Value Added Tax (IVA).

Exchange fees: Stocks, CFI and Share Rights: 0.50% maximum, decreasing according to the volumes traded and the trading activity of the client.

Taxes & Regulations Affecting Foreign InvestorsSecondary market

Transfer of securities is exempt from tax. Broker’s commission and Exchange fees are subject to Value Added Tax (IVA), equivalent to 18%.

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 non-resident 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

Dividends

In the case of resident investors, dividends are taxed as revenue

In the case of non-resident investors, dividends are taxed at a rate of 15%. The First Category Tax already paid by issuer companies constitutes a credit for the final payment of the tax

Value Added Tax (IVA)

Value Added Tax applies to the majority of purchases/sales at the rate of 18%.

Import Duties and Taxes:

Since 2003 Chile has had a general tariff of �%.

Cross Selling Equity & Short SellingNot permitted due to tax issues.

Main IndicesGeneral Stock Prices Index (IGPA)

Selective Price Index (IPSA)

Inter-10


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




Board Lots1

CurrencyChilean Peso (CLP)


Currency ExchangeUSD1 = CLP551.55

EUR1 = CLP80�.21


GMT +8hrsInternet: www.sse.com.cn Email: [email protected]

Primary ExchangeShanghai Stock Exchange

Futures InformationMain Contract Hang Seng China Enterprises Index (HSCEI) Futures

(H-shares Index Futures)Trading Exchange Hong Kong Futures Exchange

(http://www.hkex.com.hk/)Trading Times 09:45 – 12:30, 14:30 – 1�:15Contract Size HKD50 /1Contract Months Spot month, the next calendar month, and the next

two calendar quarter months (i.e. quarterly months are March, June, September and December)

Expiration Day The first business day after the last trading monthReuters <0#HRI:>, nearest month <HRIc1>, contract details

<HFE/HRI>Bloomberg HI (Month Code)(Last Number of Year) <Index>

China – Shanghai

Brief HistoryThe first stock market in China was formed in Shanghai in 1891 to facilitate trade. 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.

The Shanghai Stock Exchange (SSE), founded in November 1990, began trading securities in December of the same year. It was the first securities exchange in mainland China. The Exchange is a non-profit-making legal entity with a membership system.

Trading SystemThe SSE is a centralised marketplace. All transactions on the trading floor are matched automatically by a computerised system. Trading is continuous. 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. The computer system will automatically match orders according to the principles of price and time priority, trading at a speed of more than 8,000 transactions per second. The SSE owns a 3,�00m2 trading floor, the largest in the Asia Pacific region. In addition, it operates the largest domestic satellite and optical communication network with connects SSE with more than 5,000 trading terminals. The trading system allows for block, auction and tender orders. 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 prohibited but turn-around trades are allowed on the same day.

Chinese stocks are available in Hong Kong as ‘H’ shares and the US as ‘N’ shares. They also have to obtain an investor ID code, Shanghai codes are 9-digits long starting with “C9900xxxxx”. Shares are settled in cash, in New York, in USD. ‘B’ shares are not traded on Chinese or US holidays.

The Shanghai Stock Exchange will be using Xetra technology as the core element of its new trading platform. This is currently under construction.

Circuit BreakersThe circuit breakers are activated with 10% fluctuation from the static reference price for normal stocks, i.e. the last closing price and 5% for stocks under special treatment.

Taxes, Market Charges & Compulsory CommissionsFor bonds the average commission is 0.1% of the transaction value. For shares commission is charged at 38bps. The SSE takes 0.011% of these set commissions.

The stamp duty of securities trading in both A-shares and B-shares is 0.3% for both buyers and sellers.

Taxes & Regulations Affecting Foreign InvestorsIncome tax is levied on the part of dividends that exceed the bank rate for the same maturity at a rate of 20%. There is no withholding tax for institutional and QFII investors. There is no capital gains tax at present.

Cross Selling Equity & Short SellingShort selling is currently not allowed. Crossing has to be put through the exchange and must be at least 500,000 shares or USD$300,000 at a price between the daily high/low

Main IndicesShanghai 50 Index

Shanghai 180 Index

Shanghai Securities Composite Index

SHSE-SZSE 300 Index


Pre-open: 09:15 – 09:30

Continuous Trading (AM): 09:30 – 11:30

Continuous Trading (PM): 13:00 – 15:00



Average Daily Turnover: USD19.�bn

Board LotsBased 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

CurrencyChinese Yuan (CNY) also referred to as the Renminbi (RMB)

Clearing and SettlementA Shares: T+1, B Shares: T+3 Business Days

Currency ExchangeUSD1 = CNY�.8289

EUR1 = CNY9.9818


GMT +8hrsInternet: www.szse.cn/main/en Email: [email protected]

Primary ExchangeShenzhen Stock Exchange

Futures InformationMain Contract Hang Seng China Enterprises Index (HSCEI) Futures

(H-shares Index Futures)Trading Exchange Hong Kong Futures Exchange

(http://www.hkex.com.hk/)Trading Times 09:45 – 12:30, 14:30 – 1�:15Contract Size HKD50 / 1Contract Months Spot month, the next calendar month, and the next

two calendar quarter months (i.e. quarterly months are March, June, September and December)

Expiration Day The first business day after the last trading monthReuters <0#HRI:>, nearest month <HRIc1>, contract details

<HFE/HRI>Bloomberg HI (Month Code)(Last Number of Year) <Index>

China – Shenzhen

Brief HistoryThe Shenzhen Stock Exchange came into operation on 1 December 1990. Automated trading started in 1992 and now trading is fully electronic with computer and satellite networks connecting members from all over China.

There are two independent markets, traded in different currencies. The A-shares market, traded in Renminbi, is offered to local investors and qualified foreign institutional investors since the end of 2002. The B-shares market, traded in Hong Kong dollars, is open to foreign investors and local individuals.

Trading SystemTrading is electronic and computerised. It is order-driven, based on price-time priority. Buy-and-sell orders are put into the Exchange’s system through remote terminals at broker offices. Real-time quotations are sent nationwide through satellite and fixed-lines. The system has a capacity for 20 million deals in 2,000 securities, compared to the historical peak record of 4 million deals. Investors can trade either through their brokers or do their own on-line trading. The minimum trading lot is 1 share and block trading is implemented for orders of 50 million shares or more for a single stock.

Circuit Breakers:A Price limit of 10% is imposed for common stocks and 5% for stocks under special treatment.

Taxes, Market Charges & Compulsory CommissionsCommission

Commission is imposed for buyers and sellers, at 33.41bps + 5bps to a maximum of 500HKD + 50HKD.

Stamp duty:

0.3% Stamp Duty.

Taxes & Regulations Affecting Foreign InvestorsSince December 2002, qualified foreign institutional investors may participate in the A-share market with certain specifications. Capital gains are not subject to taxation. Dividend income is subject to a 20% withholding tax.

Foreign investors may hold B shares. All settlements and income receipts on B shares are in HKD with no repatriation difficulty.

There is no withholding tax for institutional and QFII investors.

Cross Selling Equity & Short SellingShort selling is currently not allowed.

Crossing has to be put through the exchange and must be at least 50,000 shares or HKD$300,000 at a price between the daily high/low or between previous closing price ±20 spreads. 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.

Main IndicesSSE Composite Index

SSE 100

SHSE-SZSE300 Index


Pre-open: 09:15 – 09:30


Continuous Trading:

13:00 – 14:57

Close Auction:

14:57 – 15:00


Market Capitalisation: USD72�bn


Board Lots100 units

CurrencyChinese Yuan (CNY) also referred to as the Renminbi (RMB)

Clearing and SettlementA Shares: T+1

B Shares: T+3 Business Days

Currency ExchangeUSD1 = CNY�.8289

EUR1 = CNY9.9818


GMT -5hrsInternet: www.bvc.com.co (Spanish text only) Email: [email protected]

Primary ExchangeColombia Stock Exchange

Futures InformationNoneColombia

Brief HistoryOn 3 July 2001 the Bolsa de Bogota, Bolsa de Occidente (in Cali) and Bolsa de Medellin merged to form the Colombian Stock Exchange (Bolsa de Valores de Colombia). The Colombian Stock Exchange (CSE) has its main offices in Bogota with regional operations in the cities of Cali and Medellin.

Trading SystemThe CSE has an electronic trading system ‘MEC (Colombian Electronic Market)’ used for trading shares, fixed income and other securities. The Colombian Stock Exchange also uses a martillo (auction) system for trading shares based on the open/outcry floor trading system. All shares must be recorded in the national securities register. There is also another electronic system to register the OTC market, called Inverlace.

Taxes, Market Charges & Compulsory CommissionsCommission rates are freely negotiable, but are subject to VAT at 15%.

Local Tax: 0.0�%.

Stamp duty is currently 1%; however this will fall to 0.5% from 1 January 2009 and will be abolished in 2010.

Taxes & Regulations Affecting Foreign InvestorsFor foreign investors with no domicile or residence in Colombia, only income whose source can be located in Colombia is taxed. This does not include rent, 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, during a single tax year.

Article 254 of the Tributary Status alludes to the possibility of discounting in Colombia taxes paid in other countries, a right which is only granted, in general practice, to Colombian nationals. Special rules apply to certain dividends paid by companies located in countries with which Colombia has integration agreements, permitting the discount in Colombia of the tax paid in the country of origin on these dividends.

Cross Selling Equity & Short SellingShort selling is not permitted.

Main IndicesIndice General de la Bolsa de Valores de Colombia IGBC, Indicator de Rentabilidad del mercado electronico colombiano MEC

Official Trading Hours Monday – FridayBVC (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. For this, the CSE uses the open outcry floor trading system. All shares must be recorded in the national securities register. Subasta is equivalent to auction



Average Daily Turnover: USD59.�m

CurrencyColombian Peso (COP)

Clearing and SettlementThe CSE in cooperation with the Inter-American Development Bank is developing a project to establish a central clearing-house that will cover compensation risks. Clearing and settlement occurs on a T+3 Business Day basis

Currency ExchangeUSD1 = COP1999.7

EUR1 = COP2923.0


GMT -�hrsInternet: www.bnv.co.cr (Spanish text only) Email: [email protected]

Primary ExchangeNational Stock Exchange (Costa Rica)

Futures InformationNone Costa Rica

Brief HistoryThe Bolsa Nacional de Valores, SA (BNV) began operating the first security market in Costa Rica and Central America in August 197�.

Trading SystemThe exchange operates on- and off-book trading facilities. On book facilities are completely automated, using a central order book system developed in-house. The market model includes market makers for key components of the yield curve.

An off-book facility has been created for large block trades, which are negotiated bilaterally and registered with the exchange without the need to be exposed to other market participants. All trades are published to the market by the exchange.

There is full trade transparency for trade’s on- and off-book and for trades carried out by local brokers through other exchanges. This regime is over seen by the exchange.

Taxes, Market Charges & Compulsory CommissionsIn the primary market for public debt, no commissions can be charged. The commission structure for secondary market transactions in Costa Rica is a competitive one, with commissions being set entirely by negotiation between the broker and the client.

Taxes & Regulations Affecting Foreign InvestorsCosta Rican residents and foreign investors have the same tax treatment, and there are no restrictions for capital repatriation.

A 5% withholding tax is applied to dividends of registered and traded shares at the BNV, and a 15% withholding tax is applied to dividends of unregistered shares or those which have not been traded at the BNV.

There are no legal restrictions on foreign investors in Costa Rican listed companies.

Main IndicesBNV Index


Primary Market: 08:00 – 12:45 14:00 – 18:00

Secondary Market: 09:00 – 12:20 15:30 – 1�:00



Average Daily Volume: USD14�m

CurrencyCosta Rican Colon (CRC)

Clearing and SettlementSpot-Price Transactions: payment and delivery of securities must be made before the end of the day following the transaction, i.e. T+1. Fixed term transactions – up to 3�0 days

Currency ExchangeUSD1 = CRC583.00

EUR1 = CRC852.08


GMT +1hrs (+2hrs DST)Internet: www.zse.hr Email: [email protected]

Primary ExchangeZagreb Stock Exchange

Futures InformationNoneCroatia

Brief HistoryThe Zagreb Stock Exchange (ZSE) is the only registered stock exchange in Croatia. Its modern history started in 1991, but its roots date back to 1918, when a group of entrepreneurs set up the Zagreb Stock & Commodity Exchange. Although its activities were severely affected by the Great Depression and in 1931 equity trading was abandoned, commodities trading continued throughout World War II. In 194�, the exchange was closed by the Communist regime.

When the market reopened in 1991 trading was conducted in an open-cry system which was replaced by an electronic system in 1995 which allowed remote access to the market place. Today, the ZSE has 47 shareholders and 40 members. The Prerequisites for ZSE membership include: compliance with the Securities Law, licensing with CROSEC and acceptance of ZSE rules.

In 2007 the Croatian Financial Market consolidated with the merger of the ZSE with the Varazdin Stock Exchange.

Trading SystemSince the 23 November 2007 a new trading system has been operational on the ZSE provided by the OMX Group. The X-Stream system is designed to process 200,000 transactions per day or 5,000 per second and replaced the MOST trading system. X-Stream provides real-time, online access for brokers from remote terminals. The only real-time data feed service provided by the ZSE is the ZSE Monitor, which can be accessed via an online subscription.

Taxes, Market Charges & Compulsory CommissionsBrokers charge fees for handling Stock Exchange transactions, but these fees are not officially prescribed and range between 0.4% and 2% of the transaction’s value. There is no stock-transfer tax in Croatia.

Taxes & Regulations Affecting Foreign InvestorsTaxes in Croatia include Corporate Income Tax 20% (withholding 15%) Income Tax (15 – 45%), Dividends are entitled to pay VAT at the rate of 10%.

Croatia adheres to the international agreements avoiding double taxation. Double taxation agreements exist with the following countries: Belgium, China, Czech Republic, Cyprus, Denmark, Egypt, Great Britain, Finland, France, Germany, Hungary, Italy, Malaysia, Netherlands, Norway, Philippines, Poland, Romania and Sri Lanka.

Foreign investments in securities are not limited or subject to special restrictions. Foreign investors are guaranteed unrestricted transfer of profits and the unrestricted transfer of capital.

Main IndicesCroatian Zagreb CROBEX


10:00 – 1�:00



Average Daily Turnover: USD�m

Board Lots1

CurrencyCroatian Kuna (HRK)


Currency ExchangeUSD1 = HRK5.010�

EUR1 = HRK7.325�


GMT +2hrs (+3hrs DST)Internet: www.cse.com.cy Email: [email protected]

Primary ExchangeCyprus Stock Exchange

Futures InformationNone Cyprus

Brief HistoryThe Cyprus Stock Exchange started its operations as a legal entity in the form of a public corporation body in March 199�, by virtue of The Cyprus Stock Exchange Laws and Regulations, which had been passed by the House of Representatives in 1993 and 1995 respectively. In 200� it launched a common platform with the Athens Stock Exchange. With the adoption of the Euro on 2 January 2008 the Cyprus Pound ceased to be the legal tender. As such the nominal value of shares was converted from CP£0.05 to EUR0.09

Trading SystemThe Common Trading Platform has been fully operational since October 200�. All shares are traded electronically through the OASIS system, which supports the trading of equities, fixed income and derivatives products. Trading is order driven, although market makers may exist for certain shares. Depending on the market segment, the trading procedure may be a combination of continuous automatic matching of orders and of call auctions (Big Cap, Medium & Small Cap markets), or a sequence of multiple call auctions (Special Financial Characteristics and Surveillance markets). Trading at the Volume Weighted Average Price (VWAP) is possible after the daily closing auction for the Big Cap market, whereas trading at close price may be performed for the other market segments.

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, who are responsible for monitoring and supervising the stock market

Members of the Exchange as well as investors are informed about real time data regarding the full depth of the market, i.e. the quantity of securities to be bought or sold at each price for each security.

Transactions prices (open-high-low-close-volume), closing entry and sell quotations, as well as a number of sectoral indices are faxed to the media one hour after market close.

Taxes, Market Charges & Compulsory CommissionsCommissions at the CSE are liberalised and can be agreed upon between members and their clients. The CSE charges 0.01% on the total value of the transaction, which is payable by each party and central depository charges 0.03% on the daily value of transactions.

Taxes & Regulations Affecting Foreign InvestorsThere is no tax on interest or dividends for individuals. There is also no tax on capital gains on listed stocks for individuals.

Foreign investors are allowed to trade securities registered in the Cyprus Stock Exchange. In general, there are no ceilings for foreign investment in listed stocks. However, a number of laws establish ceilings or other restrictions for non-EU investors in certain business sectors, such as media, education, real estate, construction, travel, shipping and fishing. Additionally, the acquisition of 10% or more of a bank’s share capital by any person, Cypriot or foreign, requires prior approval of the Central Bank of Cyprus.

Cross Selling & Short SellingShort selling is prohibited at the CSE. 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.

Main IndicesCSE General Index

FTSE/CySE 20 Index

(FTSE med 100 Index)


Pre-Open: 10:00 – 10:30


Closing: 1�:45 – 17:00




Board Lots1

CurrencyEURO (EUR)

Clearing and SettlementThe settlement cycle for both Contractual and TFT transactions is defined as T+3



Brief HistoryThe origins of the first exchange in Prague go back to the 1850s when foreign exchange and currencies were the principal trading products. An exchange, trading securities and commodities was established in 1871. The volumes traded at the exchange fluctuated considerably and in 1938 official trading was suspended. After World War II trading was not resumed and in 1952 the exchange was abolished. Trading recommenced in April 1993.

Trading SystemTrading under the Market for Shares and Bonds Supporting System (SPAD) – SPAD uses market makers (MM). A MM is an Exchange member with a contract to act with the Exchange as a MM for issue(s) chosen by the MM. There are no limits on nos. of MMs per issue / issues per MM. Trading in SPAD works in 2 phases: open & closed. Trades may be contracted within the allowable spread (best bid/offer prices) and expanded by 0.5% both ways. If the arithmetic midpoint of the allowable spread deviates by >20% from the arithmetic midpoint defined at the start of the open phase, and doesn’t return to within the spread in 2 mins from the crossing over point, a 15 min break occurs. In the break, transactions of the issue can’t be concluded in SPAD. If at least 3 mkt makers apply for quotation in the break, the allowable spread will extend by another 10% after the break, up to the max defined limited of ± 50%. A break will happen every time the next 10% spread level is exceeded.

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.

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, defined by the best quotation at the time the open phase was closed, expanded by 5% both ways. If instructions put in the AOS at this phase are not matched, they expire when the phase is closed.

Trades concluded during both phases are Exchange trades and they can be settled anywhere from T+1 up to T+15. 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.

Auction regime under automatic trades – Auction trading is based on cumulating buy/sell orders in securities up to a single moment of time; the outcome being to fix the price for an issue. 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. The objective is to achieve maximum value (volume) of securities transacted. No time priority principle is applied. Settlement is T+3.

Continual regime under automatic trades – This is for securities in trading groups 1 and 3 (linked to auction). Opening price is equal to the price fixed for the securities under the auction. 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. If no trade in the issue has been contracted, the closing quoted price is the opening quoted price. For security issues assigned to Trading group 3, this is not a price-fixing segment. Continual regime trades settle T+3. The min marketable unit set for the continual regime is a lot (fixed at one piece of any security).

Circuit Breakers:There are no circuit breakers in place.

Taxes, Market Charges & Compulsory CommissionsA trader pays the exchange 0.25% for the purchase or sale of an unquoted/unlisted stock, while the charge for quoted shares and bonds is on half of that 0.25%.

Taxes & Regulations Affecting Foreign InvestorsSecurity Owners are Subject to Two Forms of Taxation:

In general, dividends paid abroad are subject to 15% withholding tax, unless a double tax treaty provides otherwise

The income tax for legal entities and corporate income is 24%. 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

Cross Selling Equity & Short SellingShort 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. Back to back trades are possible but these instructions must be prioritised accordingly. There are no uptick rules applicable in the market.

Tick Size

Price (CZK) Tick Size

0.00 – 100 0.01

100 – 1000 0.1

over 1000 1

GMT +1hrs (+2hrs DST)Internet: www.pse.cz Email: [email protected]

Primary ExchangePrague Stock Exchange

Futures InformationMain Contract Czech Traditional Index FuturesTrading Exchange Wiener BorseTrading Times Mon – Fri; 09:00 – 17:00 Contract Size EUR10 per Index point Tick Size 0.1Contract Months MonthlyExpiration Day Third Friday of the expiry monthReuters <0#ATX:>, nearest month <ATXc1>, contract details

<OTB/ATX>Bloomberg VR (Month Code)(Last Number of Year) <Index>

Czech Republic

Main IndicesPX Index


Auction – Order Collection: 08:00 – 08:45

Auction: 08:45 – 09:10


Closing auction (selected securities): 1�:00 – 1�:07



Average Daily Turnover: USD150m

Board LotsThe minimum tradable unit under the continual regime is a lot. The size of a lot is fixed at one unit for all securities

CurrencyCzech Koruna (CZK)

Clearing and SettlementSee trading system explanation

Currency ExchangeUSD1 = CZK17.427

EUR1 = CZK25.479


Brief HistoryTrading in securities at the Copenhagen Stock Exchange (CSE) dates back to the late 17th century, when merchants acted as brokers and bankers. The first proper stock exchange law was passed in 1919, amended in 1930 and again in 1972. In January 1997, the Copenhagen Stock Exchange and Stockholmsbörsen signed a co-operation agreement to create a strategic alliance, NOREX. This was expanded to include the Oslo SE and Iceland SE during 2000. On 9 February 2005 the Copenhagen Stock Exchange became part of the OMX Group. 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 will gained a 20% state in NASDAQ.

Trading SystemSAXESS – Joint Trading System

The members of the NOREX Alliance use the SAXESS trading system. The Exchanges in Copenhagen and Stockholm have traded their listed shares in the SAXESS system since June 1999. In October 2000, the Copenhagen Stock Exchange transferred bonds to SAXESS. The Iceland Stock Exchange moved trading in bonds and shares to SAXESS at the same time. In November 2000 Swedish bonds were also moved to SAXESS. The system opened for trading in Oslo in May 2002. SAXESS is a single cross-border trading system with one set of trading rules. Derivatives trading is conducted through OMX’s CLICK trading system and voice broking.

The SAXESS trading system offers continuous trading from 09:00 to 17:00. The system operates with automatic matching, which means that transactions are executed when the prices of the orders to buy and the orders to sell match or overlap.

Best price takes priority and orders entered in the order book first take priority over orders entered later. A transaction is always executed at the price of the existing order.

Central Counterparty ClearingIn 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 BreakerStatic 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

Static circuit breaker threshold

Blue Chip Index stocks 3% 15%

Other stocks 5% 20%

Penny shares (<DKK10), liquidity class C, First North DK, shares with large avg. spreads (>4%)

15% 25%

Taxes, Market Charges & Compulsory CommissionsCommission collected by brokers as the result of the sale of shares are a matter of negotiation between broker and client, but usually range from 0.025% to 0.15% of market value.

Taxes & Regulations Affecting Foreign InvestorsForeign investors are exempt from all taxes in Denmark. An exception is a 28 percent holding tax on dividends on account for non-residents. Should a double-taxation agreement exist between Denmark and the country in which the investor resides, the non-resident may apply for a refund of the tax, or part thereof.

Cross Selling Equity & Short SellingThere are no specific rules for the short selling of equities. Short selling is prohibited except for hedging purposes and market makers (Oct. 2008).

Board LotsAs of 2009 all board lots for Danish equities have changed to 1.

Tick SizesOMX C20 Companies

Stock Price (DKK) Tick Size Stock Price (DKK) Tick Size

0 – 4.99 0.01 250.00 – 499.50 0.50

5.00 – 9.95 0.05 500.00 – 4999.00 1.00

10.00 – 49.90 0.10 5,000.00 – 19,990.00 10.00

50.00 – 249.75 0.25 20,000.00 100.00

GMT +1hr (+2hrs DST)Internet: www.omxgroup.com/nordicexchange Email: [email protected]

Primary ExchangeNordic Exchange in Copenhagen

Futures InformationMain Contract KFX Index Share Index Future Trading Exchange Copenhagen Stock ExchangeTrading Times Mon – Fri; 09:00 – 1�:50Contract Size 100 x KFX IndexTick Size More than or equal to 0 but less than 0.10 = 0.01.

Greater than or equal to 0.10 = 0.05Contract Months 1, 2, 3, � & 9 months in the quarterly cycle

(March, June, September & December)Expiration Day Third Friday of the expiration month or if not a

trading day, the previous trading dayReuters <0#KFX:>, nearest month <KFXc1>,

contract details <CPH/KFX>Bloomberg KX (Month Code)(Last Number of Year) <Index>

Denmark

Main IndicesOMX C20



Closing Call: 1�:50 – 17:00


Market Capitalisation: USD720.3bn (OMX)

Average Daily Turnover: USD3bn (OMX)

CurrencyDanish Kroner (DKK)


Currency ExchangeUSD1 = DKK5.092�

EUR1 = DKK7.443�


Brief HistoryIn March 19�9 the National Congress issued Law No. 111, which authorised the president to establish stock exchanges in the country controlled by the Superintendency of Companies. Corporaciòn Financiera Nacional (a public institution) was authorised to participate as promoter and shareholder. In July 19�9 a presidential decree established two exchanges: one in Quito and one in Guayaquil.

Trading SystemDeals are settled during floor trading and on the electronic trading system. The operations are registered on a panel and published in the Daily Bulletin. When a trade occurs the Stock Exchange issues a written contract, which is signed by the director. There are three basic types of operation: spot, which must be paid for within 48 hours of the value date; operations, which can be paid for three to five days after the transaction; and term operations. The Exchange inaugurated its electronic system, designed by the Chicago Stock Exchange, in June 1995. The electronic system allows brokers to conduct real-time transactions. Once a deal is closed the system also informs its subscribers of the closing price and the number of shares traded. The electronic system is currently used for trading in shares and fixed income.

The securities listed on the Guayaquil Stock Exchange can be traded through floor trading, electronic trading or via an auction session.

Taxes, Market Charges & Compulsory CommissionsCommissions for traders are open. The exchange charges for shares are 0.1% – these charges are on the effective value per each trade.

Taxes & Regulations Affecting Foreign InvestorsForeign and national investors receive the same treatment. Foreign investors may own up to 100% of equity and enjoy the same rights as Ecuadorian private investors in nearly every sector.

GMT -5hrsInternet: www.mundobvg.com/www.bolsadequito.com Email: [email protected];

[email protected]

Primary ExchangeQuito Stock Exchange/Guayaquil Stock Exchange

Futures InformationNoneEcuador

Main IndicesIPECU


Electronic Trading System Equities: 09:30 – 15:30

Floor Trading Session: 15:30 – 1�:00

Market Size 2007


Average Daily Turnover: USD1�.8m

Board Lots1

CurrencyUS Dollar (USD)

Ecuadorian Sucre (ECS)

Clearing and SettlementThe Quito Stock Exchange has a clearing department. The Exchange’s Treasury Department receives securities and delivers the requisite amount of money. Settlement takes place at T+0, T+1, T+2, T+3, T+4 and T+5 to T+9, T+180

Currency ExchangeUSD1 = ECS25000

EUR1 = ECS3�543


Brief HistoryFrom their inception in the late 1890s, 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. However in 19�1, following an era of economic boom and development, the market collapsed as a result of nationalisation. It was reinstated in 1993 after a comprehensive capital-market law was enacted (Law No 95 for 1992).

Trading SystemThe 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. Trading takes place either on the exchange or Over the Counter (OTC) which is the venue for trading unlisted securities.

Trading is effected through a fully automated system and is continuous. The Cairo Stock Exchange is linked by computer to the Alexandria Stock Exchange and both operate as a single market. The EFA trading system became operational in the first quarter of 2001.

Primary Dealers System

CASE completed the Primary Dealers System which became effective as of 4 July 2004. 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. The Primary Dealers System has made the local bond market more competitive and has enhanced its liquidity. As of December 2005, there were 11 Treasury bond issues with values ranging from EGP1bn to EGP5bn and maturities ranging from three to 20 years.

Intra-day trading rules

In August 2005, the Capital Market Authority (CMA) issued Decree No. 24, which introduced the intra-day trading concept to the Egyptian market for the first time. According to the rules, 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. Member firms can only trade within the limits of four times the amount deposited at the clearing bank. Moreover, the volume of daily transactions made by one investor, according to this system, should not exceed 1/10,000 (one over ten thousand) of the company’s listed securities on CASE.

Taxes, Market Charges & Compulsory CommissionsFor listed securities fees are levied at 0.012% of the value of each side of the transaction with a maximum amount of LE 5,000.

For unlisted securities or Over the Counter market, the fees are levied at 0.1% of the value of each side of the transaction, with a maximum amount of LE 5,000.

Taxes & Regulations Affecting Foreign InvestorsForeign and National investors receive the same treatment. There are no taxes levied on dividends or capital gains.

There are no restrictions on foreign investment or profit repatriation.

GMT +2hrs (+3hrs DST)Internet: www.egyptse.com Email: [email protected]

Primary ExchangeCairo and Alexandria Stock Exchange

Futures InformationNone Egypt

Main IndicesCASE 30 Index


Pre-Open: 9:45 – 10:15 (random closing 10:15 to 10:30)





Board Lots1

CurrencyEgyptian Pound (EGP)

Clearing and SettlementThe system is based upon Delivery versus Payment, whereby MCDR acts as the Clearing House between the buying and selling member firms, 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

Currency ExchangeUSD1 = EGP5.51�0

EUR1 = EGP8.0�38


Brief HistoryLa Bolsa de Valores de El Salvador (BVES) is the only authorised institution for the Salvadorean stock exchange market. It came into existence in September 1989 and began operations three years later in April 1992.

BVES provide the trading platforms used by the authorised broking firms. More than 70 firms trade as members of the Salvadorean Stock Exchange Market.

In December 1994 the Exchange implemented electronic currency trading (SINEDI). Commercial banks, foreign-exchange houses, member firms and the central bank trade the USD and the SVC.

BVES is a member of important regional associations, such as BOLCEN (Association of Stock Exchanges of Central America), and the FIAB (Latin-American Federation of Stock Exchanges). BVES has signed strategic co-operation agreements with the stock exchanges of Guatemala, Honduras, Costa Rica and Panama, and has collaboration agreements with exchanges in Spain and Mexico.

Trading SystemBrokers trade repos from the floor. Electronic trading began in June 2002. Foreign exchange is traded electronically.

Taxes, Market Charges & Compulsory CommissionsPrimary Market

Exchange: 0.125% seller, 0.0�25% buyer annualised.

Broker/Client: as negotiated.

Secondary Market

Exchange: 0.0�25% annualised.


Repos

Exchange: 0.25% annualised.

Broker/Client as negotiated.

Equity Market

Exchange: 0.03125% annualised on the Compromised Value.


Taxes & Regulations Affecting Foreign InvestorsCongress approved Decree no. 780 which exempts investors from the payment of tax on dividends and capital gains. VAT of 13% was introduced in September 1993, which affects commissions only. There is a 10% withholding tax on interest for local and foreign investors in the case of corporations only.

GMT -5hrsInternet: www.bves.com.sv (Spanish text only) Email: [email protected]

Primary ExchangeEl Salvador Stock Exchange

Futures InformationNoneEl Salvador

Main IndicesNone


Primary Market: 09:15 – 09:30

Secondary Market: 08:30 – 15:30

Reportos Market: 10:00 – 11:15



Average Daily Turnover: ~5m


Salvadoran Colon (SVC)

Clearing and SettlementSettling and Clearing is based on physical settlement after the netting of trades by the Exchange. Each deal must be settled by 15.30 on the day of trade unless otherwise agreed upon by both buyer and seller

Currency ExchangeUSD1 = SVC8.7475

EUR1 = SVC12.785


Brief HistoryA 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.

Trading SystemAll 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.

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 BreakersThere 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.

Taxes, Market Charges & Compulsory CommissionsTallinn, 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 InvestorsIn 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 non-resident individuals are not taxed on the receipt of dividend payments.

Cross Selling Equity & Short SellingThere is no specific rules on short selling, it is the broker’s responsibility to deliver shares by settlement date.

GMT +2hrs (+3hrs DST)Internet: www.baltic.omxnordicexchange.com Email: [email protected]

Primary ExchangeTallinn Stock Exchange

Futures InformationNone Estonia

Main IndicesOMX Tallinn All-Share (OMXT) BALTIX (OMX)


Pre-Trading Session: 08:30 – 09:45

Pre-Opening Auction Period: 09:45 – 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




Board Lots1

Tick Size0.01 Euro

CurrencyEstonian Kroon (EEK) however trading on the TSE is conducted in Euros

Clearing and SettlementAutomatically 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

Currency ExchangeUSD1 = EEK10.701

EUR1 = EEK15.�45


Brief HistoryThe 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).

Trading SystemTrading 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.

Taxes, Market Charges & Compulsory CommissionsCommission rates are negotiable. The average cost is 2.5% of the consideration.

Taxes & Regulations Affecting Foreign InvestorsNon Resident withholding tax applies for foreign investors.

Prospective DevelopmentsThe SPSE plans to:

Automate trading, clearing and settlement

Remove scripts and make all trades script less

Encourage and introduce dual listing

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.

GMT +12hrs Internet: www.spse.com.fj Email: [email protected]

Primary ExchangeSouth Pacific Stock Exchange

Futures InformationNoneFiji

Main IndicesKSPX Index


10:30 – until last price is matched


Market Capitalisation: USD4�9m

CurrencyFijian Dollar (FJD)


Currency ExchangeUSD1 = FJD1.9�12

EUR1 = FJD2.8��9


Brief HistoryThe Helsinki Stock Exchange (HSE) was founded in 1912. There had been stock exchange activity in Helsinki since the 18�0s, 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 SystemAs 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.


Circuit BreakersStatic price range: The reference price is either the last close, or the last auction price.





Other stocks 5% 20%

Penny shares (<1EUR), liquidity class C, First North DK, shares with large avg spreads (>4%)

15% 25%

Taxes, Market Charges & Compulsory CommissionsHelsinki 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.

Taxes & Regulations Affecting Foreign InvestorsForeign 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 SellingThere 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.

GMT +2hrs (+3hrs DST)Internet: www.omxgroup.com/nordicexchange/ Email: [email protected]

Primary ExchangeNordic Exchange in Helsinki

Futures InformationMain Contract OMXH25 Index FuturesTrading Exchange Nordic Exchange in HelsinkiTrading Times Mon – Fri; 10.00 – 18.20Contract Size EUR10 per HEX25 index pointContract Months The three nearest months within the cycle March,

June, September, DecemberExpiration Day The third Friday of the expiration month, if that is an

exchange trading day; otherwise, on the exchange trading day prior to that Friday

Bloomberg OT (Month Code)(Last Number of Year) <Index>

Finland

Main IndicesOMX Helsinki All-Share (OMXH)

OMXH25 Index

HEX Portfolio Index


10:00 – 18:20 (closing call 18:20 – 18:30)




Tick Size0.10 Euro

Board Lots1

CurrencyEuro (EUR)




Brief HistoryThe 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. In 2007 the New York Stock Exchange (NYSE) merged with Euronext to form NYSE Euronext.

Trading SystemThe Euronext single cash electronic trading system, NSC, is used across all the Euronext Cash Market locations. NSC is a centralised, order-driven market with a single centralised electronic order book and uniform market rules for all European and non-European equities. 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, and incorporating the reliable and secure communications protocol of a TCP/IP transport layer.

Trading on the Euronext Cash Market is based on two mechanisms: continuous trading and auctions. The most liquid securities are traded continuously during market sessions. Less liquid securities can be traded continuously with the aid of a liquidity provider, or exclusively in actions. Liquidity providers are dealers (members entitled to trade exclusively for their own account) that have undertaken, with the approval of the relevant market operator, to improve liquidity in a particular security. Trade reporting for off-order book trades can be done through Euronext’s Trade Confirmation System (TCS), which can be accessed via the web or via standard means.

With the possible emergence of MTFs and Internal Markets, MiFID puts pressure on the Regulated Markets. In order to keep as much liquidity as possible, EURONEXT changed the order book priority, to favour matching of the offers from the same member (in replacement of the current “regular” (First-in – First-out Rule). This new priorities rule gives the members the ability to leverage their market share and gives a strong premium to the main members.

Circuit BreakersFor CAC40During 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 stocksDuring auctions: 10% difference from the reference price

During continuous trading: 5% difference from the reference price


10% change from the static reference price reset every time the market breaks its upside/downside threshold; this is the last closing price for the opening. Trading recommences after the 4-minute halt. If the traded price deviates more than 2% from the last traded price, the market stops for 1 minute.

Taxes, Market Charges & Compulsory CommissionsCash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam, Brussels and Paris Cash Markets and adopted by Euronext Lisbon in November 2004, one year after its migration to the NCS trading system. The current product-driven fee structure has been in place since February 2005.

Clearing fees are charged to clearing members by the clearing house, LCH. Clearnet, and include annual membership fees and variable fees that depend on the member’s activity. Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.

French investors settling in France are required to pay 19.�% of the commission as an extra VAT charge.

Taxes & Regulations Affecting Foreign InvestorsNon-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. Funds and securities credited to this account may be exported at any time to the country of their choice.

Cross Selling Equity & Short SellingShort 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, April Group, Axa, BNP Paribas, CIC, CNP Assurances, Crédit Agricole, Dexia, Euler Hermes, HSBC Holdings, Natixis, NYSE Euronext, Paris RE, SCOR, Société Générale.

The rule on short selling doesn’t apply to Market Makers. The restriction will be reviewed on the 20 of September 2009.


Price (EUR)

From To Tick Size

0 0.2500 0.0005

0.251 2.500 0.001

2.505 10.000 0.005

>10.01 – 0.01

GMT +1hr (+2hrs DST)Internet: www.euronext.com Email: [email protected]

Primary ExchangeEuronext Paris

Futures InformationMain Contract CAC 40 Stock Index FuturesTrading Exchange Euronext Paris Trading Times Mon – Fri; 08:00 – 20:00Contract Size EUR10 x futures quoted indexTick Size EUR5Contract Months Three spot months, three quarterly maturities and

two half-yearly maturities (March and September)Expiration Day 1�:00 on the last business day of the maturity monthReuters <0#FCH:>, nearest months <0#1FCH:>, contract

details <MAT/FCH1>Bloomberg CF (Month Code)(Last Number of Year) <Index>

France

Main IndicesCAC40 Index

SBF120

SBF250


Pre-Opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35






Board Lots1 (minimum order size 10)

CurrencyEuro (EUR)

Clearing and SettlementPost-trade services, including clearing, are processed through the systems of LCH. Clearnet, formed from the merger in December 2003 of Clearnet and the London Clearing House (LCH) and Euroclear settles trades on a T+3 basis



Brief HistoryThe 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. Settlement and clearing is carried out by the Georgian Securities Central Depository. In November 2007 the GeSX began the process of demutualisation.

Trading SystemTrading is conducted through the fully automated Exchange Trading system. Orders are entered remotely by brokers and are matched on a strict time-price priority.

Taxes, Market Charges & Compulsory CommissionsBrokerage fees are negotiable. Dividends and interest income are taxes at 10% at the source whilst capital gains are 20% for corporates and 12% for individuals.

Taxes & Regulations Affecting Foreign InvestorsThere are no restrictions to foreign participation.

GeorgiaGMT +4hrsInternet: www.gse.ge/ Email: [email protected]

Primary ExchangeGeorgian Stock Exchange


Main IndicesNone

Official Trading Hours Monday, Wednesday, Friday:

Continuous Auction: 13:00 – 13:35 13:40 – 14:15




CurrencyGeorgian Lari (GEL)


Currency ExchangeUSD1 = GEL1.�770

EUR1 = GEL2.4515


Brief HistoryThe 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). Initially, most stock-exchange transactions were in bills of exchange but towards the end of the 18th century regular trading in bonds and promissory notes had begun. The first exchange list of the FWB was printed in 1�25. The first dividend-yielding shares to be traded were those of the Austrian National Bank, issued in 1820. Meetings originally took place in the open air; later they were held in the Haus Braunfels on the Liebfrauenberg. In 1843 the Exchange moved to its own building, the Old Exchange, near Paulskirche. In 1879 the new Stock Exchange was inaugurated. In 1993 Deutsche Börse AG was established and in January 2000 Deutsche Börse Clearing, the clearing and settlement organisation of Deutsche Börse Group, was merged with Cedel International to form Clearstream.

Trading SystemTrading is executed on the Xetra 10.0 electronic trading system in parallel with the trading floor via open outcry. In floor trading, independent lead brokers determine the prices. Each security is supported by a lead broker, 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, deleted or expire. Less liquid securities can thus also be traded efficiently on the trading floor. 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). Deutsche Börse also offers private and institutional investors best execution in around 245,000 securities on both the Xetra system and the trading floor via Xetra BEST. 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, thereby reducing implicit and explicit costs.

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. Private investors, in particular, enjoy many benefits on the trading floor: on the Frankfurt Stock Exchange, they can trade in some 90,000 certificates, reverse convertibles and warrants – with high standards of transparency and price quality.

Circuit BreakersStatic 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.

When continuous trading is interrupted due to a breach of the static or dynamic range, an auction is started (with a random end).

If there is a breach during an auction, the call phase is extended (with a random end).

Taxes, Market Charges & Compulsory CommissionsThe Official Exchange Brokers of the Frankfurt Stock Exchange charge fees for the brokerage of exchange transactions.

For shares, warrants, subscription rights as well as securities quoted per unit (certificates) the fee is 0.8% of their official share price.

Taxes & Regulations Affecting Foreign InvestorsFor German investors all dividends are subject to a withholding tax of 25%. All dividends distributed to foreign investors (non-residents) are also subject to the flat withholding tax of 25%. In order to avoid double taxation most international conventions reduce this to 15%.

Cross Selling Equity & Short SellingShort selling is restricted for certain stocks, the following stocks have to be borrowed before they can be sold short.

Arreal Holding AG, Allianz AG, AMB Generali Holding AG, Commerzbankk AG, Deutsche Bank AG, Deutsche Boerse AG, Deutsche Post AG, Hannover Ruckversicherung AG, Hypo Real Estate AGA, MLP AG, MuenchnerRueckversicherung Gesellschaft AG.

Crossing is allowed off-exchange. For large block trades, DB offers a block crossing facility called ‘Xetra XXL’. 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. Trades generated on XXL are considered “on-exchange” trades. In Germany, exchange transactions must be settled within two days. An investor who sells short and is unable to deliver the securities before this time must borrow them from another party. He is then obliged to buy the securities and return them to the lender before the loan period or the repo agreement expires. No Uptick rules apply.

GMT +1hr (+2hrs DST)Internet: www.deutsche-boerse.com Email: [email protected]

Primary ExchangeDeutsche Börse

Futures InformationMain Contract DAX Index FuturesTrading Exchange EUREX Deutschland (www.eurexchange.com)Trading Times Mon – Fri; 07:50 – 22:00 (CET)Contract Size EUR25 x index Tick Size 0.5 point equals EUR12.50Contract Months Nearest three months of the March, June,

September and December cycleExpiration Day Third Friday of expiration month or previous

exchange trading dayReuters <0#FDX:>, nearest month <FDXc1>, contract details

<DTB/FDX1>Bloomberg GX (Month Code)(Last Number of Year) <Index>

Germany

Main IndicesDAX

HDAX


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




Tick SizeEUR0.01

Board Lots1

CurrencyEuro (EUR)


Currency ExchangeUSD1 = EUR.�8417


Brief HistoryThe Ghana Stock Exchange (GSE) was incorporated in July 1989 as a private company limited by guarantee under Ghana’s Companies’ Code, 19�3 (Act 179). 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. Its status was changed to public company limited by guarantee in 1994.

GSE is a private sector initiative and is not funded by the government. GSE currently has 1� stockbroking firms licensed to deal on the Exchange.

Trading SystemTrading is carried on the floor of the Exchange under the Continuous Auction Trading system (CAT). Trading is done in lots of 100 shares.

Taxes, Market Charges & Compulsory CommissionsThe commission rates for shares are a maximum of 2.5% of value of transaction and a minimum 1.5% of value.

Taxes & Regulations Affecting Foreign InvestorsThere is a 10% withholding tax on dividend income for all investors, both local and foreign. Capital gains on investments in listed securities are exempt from tax until after December 2010. There is no stamp duty.

Foreign InvestmentExchange Control permission has been given to non-resident Ghanaians and foreigners to invest through the Exchange without prior approval. However, one external resident portfolio investor (whether individual or institutional) can hold only up to 10% of any security approved for listing on the Exchange. Furthermore, the total holdings of external residents in one listed security shall not exceed 74%. Holdings above the 10% and 74% limits require prior exchange control approval. Ghanaians resident abroad and foreigners resident in Ghana, though, may invest without any limit. All capital gains, interest or dividends refunds and related earnings can be repatriated freely.

GMT +0hrInternet: www.gse.com.gh Email: [email protected]

Primary ExchangeGhana Stock Exchange

Futures InformationNone Ghana

Main IndicesGSE All Share Index


Pre-Opening Period: 09:30 – 10:00

Market opens for Continuous Trading: 10:00 – 12:00


Market Capitalisation: USD9.�5bn

CurrencyGhana Cedi (GHC)

Clearing and SettlementSettlement after trading among brokers is done within T+3. The seller is responsible for the authenticity of all documents delivered.

Currency ExchangeUSD1 = GHC1.4570

EUR1 = GHC2.1295


Brief HistoryThe Athens Stock Exchange was established in 187�. The rules and regulations governing the Exchange were based on the French Code de Commerce.

The Athens Exchange and the Athens Derivatives Exchange, both subsidiaries of Hellenic Exchanges, merged in September 2002 to form Athens Exchange SA (ATHEX). In 200� it launched a common platform with the Cyprus Stock Exchange.

Trading SystemAll shares are traded electronically through the OASIS system, which supports the trading of equities, fixed income and derivatives products in the Athens Exchange (ATHEX).

Trading in ATHEX equities market is order driven, although market makers may exist for certain shares. Depending on the market segment, the trading procedure may be a combination of continuous automatic matching of orders and of call auctions (Big Cap, Medium & Small Cap markets), or a sequence of multiple call auctions (Special Financial Characteristics and Surveillance markets). Trading at the Volume Weighted Average Price (VWAP) is possible after the daily closing auction for the Big Cap market, whereas trading at close price may be performed for the other market segments.

Circuit Breakers18% deviation from the previous closing price. Limits do not apply in the first three days of a company’s listing on the exchange. Depending on the market segment, restrictions exist on the price fluctuations of shares during a trading session (ceiling/floor), which may lead to trading stops. These fluctuation limits may be static or dynamic. No fluctuation limits exist for bonds prices.

Taxes, Market Charges & Compulsory CommissionsBrokerage commissions are freely negotiated between transacting parties. ATHEX charges a fee of 0.02% on the daily transaction value. Clearing is charged at a rate of 5bps of the transaction value. Registration fee of 0.0�% on buys and a tax of 0.15% on sells.

Taxes & Regulations Affecting Foreign InvestorsThere is 35% taxation only on company profits; investors will receive all dividends tax-free. For foreign investors the tax relief still holds. The taxation, however, of dividends and other income depends on existing bilateral tax agreements between Greece and the country of residence of the foreign investor. There is no capital gains tax in Greece. Income from government-issued fixed-interest securities is taxed at 10%. All sale transactions are taxed at 0.15%.

There are no restrictions on foreign investors investing in Greek securities. They may freely buy and sell securities listed on the stock exchange and they can, without any restrictions, take out the capital invested in securities when liquidated, plus any capital gains and dividends which result from their investments.

Cross Selling Equity & Short SellingShort Selling and Margin Trading have been legalised on the Athens Stock Exchange. The uptick rule mean that the price of the short sale trade must be higher than the previous trading price.

Cross Trades Minimum value for such transaction has to be EUR�00.000.

Value of Transaction (EUR) % Deviation from Last Price

>�00,000 – 1,173,881.14 0

1,173,881.15 – 2,347,7�2.28 5

> 2,347,7�2.29 10

GMT +2hrs (+3hrs DST)Internet: www.ase.gr/ Email: [email protected]

Primary ExchangeAthens Stock Exchange

Futures InformationMain Contract ASE-20 Index FutureTrading Exchange Athens Derivative Exchange (www.adex.ase.gr)Trading Times Mon – Fri; 10:00 – 17:00 Contract Size EUR5 x 1 Index PointTick Size 0.25 Index point or EUR1.25 per contractContract Months Third nearest consecutive months and then the 3 nearest quarterly months (Mar, Jun etc.) not includedExpiration Day The expiration day is the third Friday of the expiration

month, at 13:50 (local time). If that is a holiday, the expiration day is the preceding Greek trading day

Reuters <0#ATF:>, nearest month <ATFc1>, contract details <ADE/ATF1>

Bloomberg AJ (Month Code)(Last Number of Year) <Index>

Greece

Main IndicesFTSE/Athex 20


Continuous Trading (Large Cap): 10:25 – 17:00

Continuous Trading (Mid Cap; Small Cap): 14:00 – 17:00





Board LotsThe majority of securities trade in units of 1

CurrencyEuro (EUR)




Brief HistoryThe Bolsa de Valores Nacional was established towards the end of 198� through a resolution of the Ministry of Finance.

Trading SystemThe Exchange trades through open outcry and an electronic matching system known as INFOBOL. Information is dispersed using the INFO-SINEDI System.

Taxes, Market Charges & Compulsory CommissionsCommissions are liberalised and are agreed between Exchange members and their clients.

Taxes & Regulations Affecting Foreign InvestorsTaxation and regulations for foreign investors are the same as for national investors. Capital gains are taxed at a rate of 10%.

GMT -�hrs Internet: www.bvnsa.com.gt (Spanish text only) Email: [email protected]

Primary ExchangeBolsa de valores Nacional (Guatemala)

Futures InformationNone Guatemala

Main IndicesNone


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: USD�92.2m

Average Daily Turnover: USD25m

CurrencyGuatemala Quetzal (GTQ) US Dollar (USD)

Clearing and SettlementSettlement Date is T+0

Currency ExchangeUSD1 = GTQ8.3150

EUR1 = GTQ12.153


Brief HistoryThe Channel Islands Stock Exchange, (CISX) was incorporated in March 1998 as a company limited by guarantee with shares, and was officially opened on 2� October 1998. The CISX’s mission is to be the premier offshore stock exchange in the European time zone. The CISX is based in Guernsey and has focused on the following core product areas:

Investment funds, both open and closed ended

Specialist debt, including structured debt, Eurobonds and Special Purpose Vehicles

Primary and secondary listings of securities issued by domestic companies (that is, companies that are incorporated in the Channel Islands)

Primary and secondary listings of securities issued by overseas companies

Channel Islands Depository Receipts (CIDRs)

The Exchange Listing Rules have been designed to meet two key objectives: compliance with international standards for listings and ease of understanding.

Trading SystemThe CISX’s screen-based trading platform is based on Reuter’s Triarch network installed at their headquarters in St Peter Port, Guernsey.

The key features of the trading system are as follows:

An electronic bulletin board on which Market Makers may input two-way 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, orders and trades is stored at the Exchange, both to facilitate market surveillance and to provide a historical record

News concerning companies listed on the Exchange is disseminated on the Reuters system, as and when it is received during the trading day

Listed investment funds provide revaluations and bid and ask prices on a regular basis. 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

Taxes, Market Charges & Compulsory CommissionsGBP0.50 per trade payable by both buyer and seller.

Taxes & Regulations Affecting Foreign InvestorsNone.

Investor Protection DetailsThe 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 Exchange is responsible for members’ compliance with its Rules and for regulation, surveillance and enforcement of the Rules. However, it is not responsible for the financial control and capital adequacy of firms which are members of the Exchange. It relies instead on regulation by the member’s regulatory body (e.g. the GFSC in Guernsey, FSA in the UK, etc.). In the case of a Listing Member which is not authorised / licensed by a regulatory body, the Exchange relies on that member’s recognition by the recognised professional body of which they are a member.

GMT +0hrs (+1hr DST)Internet: www.cisx.com Email: [email protected]

Primary ExchangeChannel Islands Stock Exchange

Futures InformationNoneGuernsey

Main IndicesNone


Pre-Trading (order and quotation amendment): 08:00 – 09:00

Continuous Trading: 09:00 –1�.30



CurrencyBritish Pound (GBP) Guernsey Pound

Clearing and SettlementTrading in the shares of local companies may be settled via Crest or Crest Residual

Currency ExchangeUSD1 = GBP0.�0332

EUR1 = GBP0.88181


Brief HistoryThe Bolsa Centroamericana de Valores (BCV), S.A., received legal authorisation to begin operations by means of the approval in the Agreement Number A.L. 0090/93. The statutes of the BCV were published in the official Gazette on 5 May 1993. The BCV began operations in September 1993.

Trading SystemStock transactions are conducted in the trading room, to which only stockbrokers and the general manager or his representative and other auxiliary personnel of the Exchange have access during trading sessions.

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. Stock market sessions are held every business day.

Taxes, Market Charges & Compulsory CommissionsPrimary Market

Private sector financial: Minimum 0.30%

Private sector non financial (terms up to 3�0 days): Minimum 0.30%

Private sector non financial (terms over 3�0 days): Flat 3�0 days

Secondary Market

Private sector (terms up to 3�0 days): 0.15% to each buyer and seller

Private sector (terms over 3�0 days): Flat 0.15% to each buyer and seller

Taxes & Regulations Affecting Foreign InvestorsCorporate Legal Framework:

100% foreign ownership is acceptable under Honduran law. Joint-venture corporations organised under Honduran law can take any of the following forms: Sociedad Anonima (corporation); Sociedad Anonima de Capital Variable (corporation), the only type of legal framework under which a corporation can buy back its own stock; Sociedad de Responsabilidad Limitada (limited partnership).

GMT -�hrsInternet: www.bcv.hn (Spanish text only) Email: [email protected]

Primary ExchangeBolsa Centroamericana de Valores

Futures InformationNone Honduras

Main IndicesNone


08:30 – 1�:30

Market Size 2007


CurrencyHonduran Lempira (HNL)

Clearing and SettlementDaily transactions of must be liquidated on the day they are made and are acceptable only on the Primary Market. Liquidation is made in cash and the transfer of stock certificates is conducted as soon as the issuer presents them to the Exchange, within 48 hours of the transaction being conducted. Liquidation of government issued paper liquidated directly with the Central Bank of Honduras is T+0

Currency ExchangeUSD1 = HNL18.895

EUR1 = HNL27.�1�


Brief HistorySecurities trading began in Hong Kong in 18�� although the first exchange was not formed until 1891. In 1914 the name changed to Hong Kong Stock Exchange from the Association of Stockbrokers in Hong Kong. In 1921, a second exchange was formed called the Hong Kong Stockbrokers Association.

The two exchanges merged in 1947. In the late �0’s and early 70’s three more regional exchanges were formed. 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. HKEx went public in June 2000 following the completion of the merger of the securities and futures exchanges in March 2000.

Trading SystemThe trading system of the Exchange is order-driven. During the Pre-opening Session, the system accepts at-auction and at-auction limit orders only. During the Continuous Trading Session, the system accepts limit, enhanced limit and special limit orders, with an option for an ‘All or Nothing Qualifier’ that confines the order to be either executed immediately in full or rejected, without being written in the central book.

Trading is conducted through terminals in the trading hall of the Exchange or through the off-floor trading devices at exchange participants’ offices.

Stocks are traded on a continuous auction screen based matching system (AMS). The best bids/offers are shown, followed by each subsequent spread with the maximum deviation being nine spreads from the previous nominal. The maximum order size for auto-match stocks is �00 board lots. The maximum number of outstanding orders per broker ID in the System is 2,000 while the number of orders in each order queue is also 2,000. Orders are continuously executed in strict price and time priority. 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 lot and special orders are quoted at a discount to the prevailing market price. Each spread shows the volume at price and the broker. Offshore crosses are allowed. Buy-ins are automatic after T+4. Under normal operation environment, 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. The system will take up five snapshots on the nominal prices at 15-second interval starting from 15:59.

There are particular rules for the trading of the exchange should a typhoon signal number eight or above or a Black Rainstorm be announced. Please see the website for more details.

Circuit BreakersThere is no set designation. SEHK intervenes when thought necessary. Also, each listed company may appeal to SEHK to halt trading for its desired duration.

Board LotsRange 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.

Taxes, Market Charges & Compulsory CommissionsBrokerage: Since 1 April 2003 brokerage has been freely negotiable between brokers and their clients.Transaction Levy: A transaction levy of 0.004% and an investment levy of 0.002% are charged per side of the consideration of a transaction.Trading Fee: The trading fee applied at the SEHK is at the rate of 0.005% per side of the consideration of a transaction.Transfer Deed Stamp Duty: Independent of the quantity of shares traded, the Government levies a transfer deed stamp duty of HKD5.00, payable by the seller, on each new transfer deed.Ad Valorem Stamp Duty: Unless stated otherwise, all securities listed on the Exchange are subject to a stamp duty at a rate of 0.1% on the value of the transaction, on both the buyer and the seller.

Taxes & Regulations Affecting Foreign InvestorsDividends are regarded as having been paid out of taxed profits and are not subject to further taxation. There is no capital gains tax.

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.

Short SellingNaked 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. 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, all short sell trades must be traded through the exchange system under auto-matching

Market SpreadsBid/Offer (HKD)

Spread (c)

Bid/Offer (HKD)

Spread (c)

Bid/Offer (HKD)

Spread (c)

>0.01 – <0.25 0.001 >5 – <100 0.050 >1000 – <2000 1.000

>0.25 – <0.50 0.005 >100 – <200 0.100 >2000 – <5000 2.000

>0.50 – <2 0.010 >200 – <500 0.200 >5000 – <9995 5.000

>2 – <5 0.025 >500 – <1000 0.500

GMT +8hrsInternet: www.hkex.com.hk Email: [email protected]

Primary ExchangeHKEx

Futures InformationMain Contract Hang Seng Index FuturesTrading Exchange Hong Kong Futures ExchangeTrading Times Mon – Fri; 09:45 – 12:30, 14:30 – 1�:15Contract Size HKD 50 (HSI 100 Future HKD 1000)Tick Size 1 point equal to HKD50 (HSI 1 100 Future 0.1point

equals HKD10)Contract Months Spot, next and the next two calendar quarter monthsExpiration Day The first business day after the last trading dayReuters <0#HSI:>, nearest month <HSIc1>, contract details <HFE/HSI> (HSI)Bloomberg HI (Month Code)(Last Number of Year) <Index> (Main Hang Seng Index)

Hong Kong

Main IndicesHang Seng Index


Pre-opening: 09:30 – 09:50


Continuous Trading: 10:00 – 12:30, 14:30 – 1�:00

Extended Morning Session: 12:30 – 14:30




CurrencyHong Kong Dollar (HKD)


Currency ExchangeUSD1 = HKD7.7500

EUR1 = HKD11.328


Brief HistoryHungary’s stock market reopened in 1990, having been closed for the previous 42 years. The reorganisation of the Hungarian securities market started at the beginning of the 1980s. At the initiative of the banks and financial institutions, which were playing an active role in the bond market, an agreement on trading in securities was signed in 1987. 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). 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. Based on almost 10 years of experience in securities trading, the Exchange was founded in June 1990. In 2004 the BSE became a full member of the Federation of European Securities Exchanges. In Spring 2004 an investor group consisting of international banks and Wiener Borse AG acquired a majority ownership in the BSE. Due to the integration of the activities of the Budapest Stock Exchange and the Budapest Commodity Exchange, commodity trading on the BSE commenced on the 2 November 2005.

Trading SystemThe BSE launched its Multi Market Trading System (MMTS) in November 1998. As a result, floor trading came to an end and the prompt (or cash) market is now only operated through remote trading. The Futures Market was transferred to the MMTS system in September 1999. The Options Market of the BSE was introduced in February 2000.

Circuit BreakersTrading can be halted from 2 to 15 minutes after a +/-10% move in comparison to the close.

Taxes, Market Charges & Compulsory CommissionsTransaction fees on the exchange are 0.15% of the transaction value. Brokerage fees vary depending upon the level of service provided and the type of security traded. Typically fees for dealing in shares are around 0.25% for institutional clients and in the range of 0.25% to 1.0% for retail clients.

Taxes & Regulations Affecting Foreign InvestorsThere is no general restriction under Hungarian law regarding foreign business participation and investment in Hungary, but foreign participation in certain strategic activities (such as defence and energy) is limited. Foreign contributions or foreign purchases of shares in Hungarian companies are required to be made in convertible currency or from a convertible foreign account.

The corporate tax rate is 1�%, plus a 4% solidarity tax. Capital gains in Hungarian companies are added to regular income. The rate of tax imposed on capital gains is identical to the tax on regular company income. Individuals pay 25% for capital gains and other investment income. 20% tax rate is paid on capital gains from sale of shares in EU and OECD markets. Dividend income from shares in EU stock exchanges is taxed at 10%. Interest income is taxed at 20%. A 20% withholding tax on distributed cash dividends must be withheld and paid by the entity distributing the dividend. 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.

Cross Selling Equity & Short SellingShort selling is not restricted on the BSE. 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.

Stock Tick MovementsAll stocks trade between HUF 1 and HUF 5 increments and there is no rule to the increments.

GMT +1hr (+2hrs DST)Internet: www.bse.hu Email: [email protected]

Primary ExchangeBudapest Stock Exchange

Futures InformationMain Contract BUX Index FuturesTrading Exchange Budapest Stock ExchangeTrading Times Mon – Fri; 09:05 – 1�:40Contract Size HUF10 x BUX Index Tick Size 0.5 Index pointsContract Months One year ahead of the Mar ¼ cycle and the

18-month and 24-month June and DecemberExpiration Day The last trading dayReuters <0#BUX:>, <BUD/BUX1>Bloomberg UO (Month Code)(Last Number of Year) <Index>

Hungary

Main IndicesBUX Index

Central European Stock Index (CESI)


Pre-Market: 08:30 – 09:00


Free Period: 09:02 – 1�:30

Closing Auction: 1�:30 – 1�:3�




Board LotsNone

CurrencyHungarian Forint (HUF)


Currency ExchangeUSD1 = HUF18�.99

EUR1 = HUF273.39


Brief HistoryThe Iceland Stock Exchange was established in 1985 as a joint venture of several banks and brokerage firms on the initiative of the Central Bank. Trading began in 198� in T-bonds, which was the dominant component in trading up until 1993. In 1990, housing bonds (mortgage-backed securities with a State guarantee) were listed. The first equities were listed in 1990. In 1998, the Icelandic parliament passed a new law on securities exchanges, abolishing the monopoly and requiring the exchange in Iceland to change its legal status from a self-governing foundation to a limited-liability company. The year 1999 was the exchange’s first year of operation as a limited company, and in July 1999 the exchange received its licence for exchange operations. In mid-2002, the owners of the exchange in Iceland and the Icelandic Securities Depository (ISD) established Eignarhaldsfelagid Verdbrefathing hf. In November 200�, OMX and the owners of Eignarhaldsfelagid Verdbrefathing hf. (EV) completed a share purchase agreement and thus the exchange in Iceland joined OMX Nordic Exchange. Since January 2008 Iceland Stock Exchange has been part of the NASDAQ OMX group.

Trading SystemICEX uses the SAXESS trading system developed by OM Technology in Stockholm. SAXESS is an order-based system, in which orders are automatically executed when price and volume match. Information on reported off-exchange trades is also displayed in the system. Information is presented in real-time on the traders´ screens in the form of order books, market briefs, trade information, index information and various reports. All market players receive market information simultaneously.

SAXESS is a state-of-the-art trading system with capacity for handling more than 2000 orders per second. It gives member firms access to a number of functions that support and facilitate trading, such as linked orders, average price matching, etc. It is designed to carry out trading in not only equities and bonds but also in a wide range of financial instruments. Thus, it offers the member firms on the respective NOREX exchanges equal and easy technical access to the Nordic securities markets.

Circuit BreakerDynamic price range: The reference price is determined by the last trade in the order book.


Constituents of the OMXI� index 3%

Other stocks 5%

Penny shares (<5ISK) 15%

Taxes, Market Charges & Compulsory CommissionsBroker’s commission (listed securities): 0.5 – 3.0%

Stamp Duty: 0.25%

Taxes and regulations affecting foreign investors:Dividends are taxed at a withholding rate of 10% for individuals and 15% for corporations. Since December 2005 no capital taxes have been levied on net capital in Iceland, neither for individuals nor businesses. Banking and the operation of other financial institutions are exempt from VAT (otherwise 24.5%).

The taxes on dividends and capital gains are withholding taxes, applied at source. Foreign investors who verify their obligation to pay taxes other countries may be exempted from the payment of taxes on interest and capital gains.

Cross Selling Equity & Short SellingThere 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.

GMT +0hrsInternet: www.omxnordicexchange.com Email: [email protected]

Primary ExchangeNordic Exchange in Iceland

Futures InformationNoneIceland

Main IndicesICEX-15


Summertime: 10:00 – 15:23 (Closing call 15:20 – 15:23)

Wintertime: 10:00 – 1�:23

Market Size

as of August 2009



CurrencyIcelandic Krona (ISK)

Clearing and SettlementOnly the settlement banks can participate in the netting process for security trading. The settlement cycle is T+1

Currency ExchangeUSD1 = ISK124.10

EUR1 = ISK181.39


Brief HistoryThe Stock Exchange, Mumbai (BSE), was established in 1875 as ‘The Native Share and Stockbrokers Association’, and is the oldest exchange in Asia.

The capital markets in India came into prominence in the late 1980s with the boom in equity prices. Practically every security issued by corporates in India is listed at BSE. The exchange demutualised on the 29 June 2007.

Trading SystemTrading takes place through a fully electronic trading system known as BOLT (BSE Online Trading), which was commissioned in 1995. This system, which is essentially order-driven, facilitates efficient processing, automatic order matching and faster execution. The trading system displays on a continuous basis, scrip and market-related information required to support traders. Information includes best five bids and offers, last traded quantity and price, total buy and sell depth (irrespective of rates), open, high, low and close price, total number of trades, volume and value, and index movement. Other company-related information is also displayed. As soon as an order is matched, the confirmation of the trade is generated online. Online and offline reports are available to members for orders entered and pending, and trades executed. The order matching logic is based on best price and time priority.

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. However, if there is no trade recorded during the last 30 minutes, then the last traded price of a scrip in the continuous trading session is taken as the official closing price.

Along with a Digitally Signed Electronic Contract note system the BSE has also introduced the world first centralised exchange based Internet Trading System, BSEWEBx.com. This allows investors anywhere in the world to trade on BSE.

Circuit BreakersCircuit breakers are triggered by movement of either the BSE Sensex or the NSE S&P CNX Nifty.

Before 13:00 Before 14:30 After 14:30

±10% 1h halt 30min halt no halt

±15% 2h halt 1h halt halt until close

±20% Trading halted for the rest of the day

These percentages are translated into absolute points of index variations on a quarterly basis. At the end of each quarter, these absolute points of index variations are revised for the applicability for the next quarter.

Tick SizeTrading in scrips listed on the Exchange is done with the tick size of 5 paise. However, in order to increase the liquidity and enable the market participants to put orders at finer rates, the Exchange has reduced the tick size from 5 paise to 1 paise in case of units of mutual funds, securities traded in “F” group and equity shares having closing price up to Rs. 15/- on the last trading day of the calendar month. Accordingly, the tick size in various scrips quoting up to Rs.15/- is revised to 1 paise no the first trading day of month.

Taxes, Market Charges & Compulsory CommissionsBrokerage is negotiable but is subject to a ceiling of 2.5% of the contract value.

Local Tax 0.125%

Stamp duty 0.01%

Taxes & Regulations Affecting Foreign InvestorsTo trade in India the beneficial owner of the shares needs to register with the Securities & Exchange Board of India (SEBI) as an FII. 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.

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. All FII and their sub-accounts taken together cannot acquire more than 24% of the paid up capital of any Indian company. 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, followed by a special resolution made by the board of directors and its general body to that effect.

In the case of investments in the secondary market, 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

The taxation of income of Foreign Institutional Investors from securities or capital gains arising from their transfer, for the present, 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%

Cross Selling Equity & Short SellingCrossing as well as short selling are permitted. However, naked short selling is prohibited.

GMT +5.5hrsInternet: www.bseindia.com Email: [email protected]

Primary ExchangeBombay Stock Exchange

Futures InformationMain Contract BSE 30 Share Index Trading Exchange Bombay Stock ExchangeTrading Times Mon – Fri; 09:30 – 15:30Contract Size INR25 x Index Tick Size 0.1 Index pointsContract Months Three quarterly month cycleExpiration Day Last Thursday of delivery month, if holiday then

previous dayReuters <0#BIF:>, <BIFc1>, <BSE/BIF> Bloomberg SH (Month Code)(Last Number of Year) <Index>

India – Mumbai

Main IndicesBSE Sensitive Index

(SENSEX 30)



Pre-Close: 15:40 – 15:50

Closing Auction: 15:50 – 1�:00




Board LotsEquities: 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)

Tick Size5 paise

CurrencyIndian Rupee (INR)


Currency ExchangeUSD1 = INR48.735

EUR1 = INR71.23�


Brief HistoryThe National Stock Exchange of India Ltd (NSE) was incorporated in November 1992 and was recognised as a stock exchange in April 1993. NSE was the first Indian exchange to introduce dematerialised trading in December 199�.

Trading SystemNSE operates a nationwide, fully automated screen based trading system known as the National Exchange for Automated Trading System (NEAT).

NEAT provides a uniform trade response time of less than 1.5 seconds and can handle up to 5m trades per day. NSE has also put in place NIBIS (NSE’s Internet Based Information System) for online real-time dissemination of trading information over the internet.

The Exchange provides a facility for screen-based trading with automated order matching. The whole process of trading to clearing and settlement is automated. The trading system uses the NEAT (National Exchange for Automated Trading) software as the front-end and Stratus mainframe as its back-end. The system trades through an online nationwide Wide Area Network (WAN) connected by VSATs and leased lines.

The first phase of the day is the pre-open phase where traders’ orders participate in arriving at the opening price of the day. All the orders in this phase match at the opening price of the day if they fit into the price-time priority. The matching takes place in batch mode. The next phase of the market is the ‘open’ phase where continuous matching of orders takes place provided they satisfy the matching criteria. The system is order driven and conceals the identity of all parties. The trading system operates on a price-time priority. All orders received on the system are sorted with the best priced order getting the first priority for matching, i.e. the best buy order matches the best sell order. Similar priced orders are sorted on time, i.e. early orders get priority over later ones. Orders are matched automatically by the computers. Where an order does not find a match it remains in the system and is displayed to the whole market, until a fresh order comes in or this order is cancelled or modified.

Circuit BreakersCircuit breakers are triggered by movement of either the BSE Sensex or the NSE S&P CNX Nifty.

Before 13:00 Before 14:30 After 14:30




These percentages are translated into absolute points of index variations on a quarterly basis. At the end of each quarter, these absolute points of index variations are revised for the applicability for the next quarter.

Taxes, Market Charges & Compulsory CommissionsThe 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 2.5% of the contract price, exclusive of statutory levies like, SEBI turnover fee, service tax and stamp duty. However, brokerage charges as low as 0.15% are also observed in the market. A trading member is required to pay the exchange transaction charges at the rate of 0.035% of the turnover.

Taxes & Regulations Affecting Foreign InvestorsSee Bombay Stock Exchange.

Cross Selling Equity & Short SellingIs 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%, whichever is higher. This amount is credited to the receiving member’s account on the auction pay-out day.

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, whichever is higher.

GMT +5.5hrsInternet: www.nse-india.com Email: [email protected]

Primary ExchangeNational Stock Exchange of India

Futures InformationMain Contract S&P CNX NIFTY Futures Trading Exchange National Stock ExchangeTrading Times Mon – Fri; 09:55 – 15:30Contract Size INR100 x IndexTick Size 0.05 Index pointsContract Months Three quarterly month cycleExpiration Day Last Thursday of delivery month, if holiday then

previous dayReuters <0#NIF:>, <NIFc1>, <NSI/NIF> Bloomberg NZ (Month Code)(Last Number of Year) <Index>

India – National

Main IndicesS&P CNX Nifty 50



Closing Session: 15:50 – 1�:00




Tick Size:5 paise

Board LotsEquities: 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)

CurrencyIndian Rupee (INR)


Currency ExchangeUSD1 = INR48.735

EUR1 = INR71.23�


Brief HistoryIn 1912, under the Dutch colonial government’s rule, Indonesia’s first stock exchange was set up in Batavia. The Exchange closed during the First World War and then reopened in 1925. The Batavia exchange operated alongside parallel bourses in Semarang and Surabaya until 1942, when the archipelago’s occupation by Japanese Imperial Forces caused trading to cease. In 1952, seven years after Indonesia declared its independence; the exchange was reopened in Jakarta, trading stocks and bonds issued before the war by Dutch enterprises. However, in 195�, nationalisation once again brought trading to a halt. The exchange reopened in 1977 and commenced automated trading in 1995. In 2007 the Surabaya Stock Exchange was merged into the Jakarta Stock Exchange. As a result the Indonesia Stock Exchange was formed.

Trading SystemAll 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. JATS has the capacity to process up to 150,000 transactions a day with the possibility of increasing capacity up to 500,000 transactions a day. All stocks are traded on a continuous on the JATS order-driven market auction screen based system.

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). Brokerage companies then execute their orders.

There are two market places for trading since the removal of foreign lines; namely the regular market and the crossing boards. Trading at the Regular Market and Cash Market is based on fixed lot and fixed time of the continuous auction market mechanism. In the Regular and Cash Markets, trades are done in “round lots”, which are the minimum units of trades that can be executed. However, trades in the Negotiated Market can be carried out without using this criterion. Consequently, trades in the Negotiated Market are often executed in “odd lots”.

The regular market shows all of the bids/offers, followed by each subsequent spread to the dealers on the exchange floor. But the brokerage house dealers can only see the best bid/offer. Single trades of more than 200,000 shares are recorded as block trades. Crossing is allowed but must be reported. Turnaround trades are permitted. To encourage market liquidity, in February 2004, the JSX implemented pre-opening trading.

In January 2008 the IDX announced that it had chosen OMX as the provider of its new trading system. 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.

Market spreadsEverything is IDR25.

Price LimitsThe system determines a floor and ceiling for stock’s offer price that is inputted in the Jakarta Automated Trading System (JATS). The system automatically rejects orders or buy/sell offers that exceed the parameter.

Price (IDR) Price Limits

<100 50%

>100 – <500 35%

>500 – <2500 30%

>2500 – <5000 25%

>5000 20%

Taxes, Market Charges & Compulsory Commissions

Sales Tax 0.1%

Transaction Levy 0.043%

VAT duty 0.01% (usually absorbed by local broker)

Under the JSX regulations, stockbrokers should charge a commission fee of no more than 1% of the value of the transaction to either a buyer or a seller. Commission fee is negotiable. Brokers have to pay a transaction fee of 0.03% of the total transaction to the Exchange and a security deposit of 0.01% of the value per guaranteed transaction managed by PT Kliring dan Penjaminan Efek Indonesia (PT KPEI). For each security sold, there is a 0.1% sales tax of the value of the transaction. In addition, for each transaction, the government imposes VAT at the rate of 10% of the commission fee.

Taxes & Regulations Affecting Foreign InvestorsForeign shares for the banking sector will not start trading until 49% of ordinary shares are owned by Indonesians. 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. Foreign investors are not subject to capital gains taxation, 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. 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. Income Tax on gains of Indonesian listed securities is limited to 0.1% of transaction value.

Cross Selling Equity & Short SellingShort selling is prohibited in Indonesia.

GMT +7hrsInternet: www.idx.co.id Email: [email protected]

Primary ExchangeIndonesia Stock Exchange (IDX) or Bursa Efek Indonesia (BEI)

Futures InformationNone Indonesia

Main IndicesThe Composite Share Price Index

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


Market Capitalisation: USD15�.4bn

Average Daily Turnover: USD3�2.5m

Board Lots500. Odd lots can be sold by designated dealers who trade odd lots in particular stocks, the price given is the prevailing market price ± and is reported net

CurrencyIndonesian Rupiah (IDR)


Currency ExchangeUSD1 = IDR9940.0

EUR1 = IDR14529


Brief HistoryThe Tehran Stock Exchange (TSE) was established in 19�� and commenced operations in April 19�7. The activities of the TSE continued to grow until the Iranian Revolution of 1979. With a different political ideology controlling Iran, an increased public sector reduced the need for private capital and for the next decade the TSE entered a period of standstill.

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, primarily through privatisation of state owned entities and for channeling capital into the appropriate sectors of the economy.

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.

Trading SystemThe 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. 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, Market Charges & Compulsory CommissionsCommission fees for buying and selling shares are 0.4% of the value of transactions paid by both buyers (40%) and sellers (�0%) to a maximum of 100 million RLS.

Service Charge is 0.14% of the value of the transaction paid by both buyers (40%) and sellers (�0%) to a maximum of 100 million RLS.

The sellers pay 0.5% tax at source.

Circuit BreakerAccording to TSE riles the price fluctuation is fixed to a maximum of 2% either way from the last closing.

Taxes & Regulations Affecting Foreign InvestorsNo tax is levied on capital gains. There is 22.5% tax levied on dividends. This means that shareholders are exempted from dividend tax which is calculated and paid by the companies themselves.

The new by-law for Foreign Portfolio Investment (FPI) was approved by the government in June 2005. Under this new bylaw, foreign investors can participate in the TSE for the first time. Initially, however, 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

GMT +3.5hrs (+4.5hrs DST)Internet: www.iranbourse.com Email: [email protected] (International Affairs)

Primary ExchangeTehran Stock Exchange

Futures InformationNoneIran

Main IndicesTSE All Share Price Index (TEPIX)

TSE-50 Index

Official Trading Hours Saturday – Wednesday


Pre-Opening: 08:30 – 09:00




Board Lots1

CurrencyIranian Rial (IRR)


Currency ExchangeUSD1 = IRR9893.1

EUR1 = IRR144�3


IraqFutures InformationNone

GMT +3hrsInternet: www.isx-iq.net Email: [email protected]

Primary ExchangeIraq Stock Exchange

Brief HistoryThe Baghdad Stock Exchange was suspended following the US led invasion of Iraq in 2003. The Iraq Stock Exchange (ISX), was established on 18 April 2004 and began trading on 24 June 2004. It is organised as a non-profit entity that is owned by its members, the Brokers. It is regulated by the Iraq Securities Commission.

Trading SystemSince February 2008 trading has been conducted on the ISX Electronic System. Here orders are entered by brokers via 50 computer terminals and are automatically matched in time-price priority. Trading is conducted on Mondays and Wednesdays.

Taxes, Market Charges & Compulsory CommissionsCommissions on the market are negotiable.

Taxes & Regulations Affecting Foreign InvestorsThe ISX has been open to foreign investors since 2 August 2007. However investors must register with a broker.

Main IndicesNone

Official Trading Hours Monday and Wednesday

10:00 – 12:00


Market Capitalisation: >USD2.0bn

CurrencyIraqi Dinar (IQD)


Currency ExchangeUSD1 = IQD11�9.0

EUR1 = IQD1709.0


Brief HistoryThe Irish Stock Exchange (ISE) has been in existence since 1793. 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). However in 1995 it broke the link with London and with the introduction of the Stock Exchange Act, the Central Bank was appointed as overall supervisor of the Irish Stock Exchange and its member firms. In 1995 the ISE also became a limited company.

Trading SystemAll equities are traded on the Exchange using the Exchange’s electronic trading system ISE Xetra. Equities can be traded on the Exchange by way of the Order book or OTC. 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. Through this alliance, the ISE operates an electronic trading system for Irish equities on a special segment of the Xetra trading platform in Frankfurt.

Circuit BreakersThere are no circuit breakers in place on the Irish Stock Exchange at the moment.

Taxes, Market Charges & Compulsory CommissionsCommissions in the equities and gilts markets are negotiable. There is a 1% stamp duty (transaction tax) on equity purchase. 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. More information is available on the ISX website.

Taxes & Regulations Affecting Foreign InvestorsThere are no significant taxation distinctions between domestic and foreign investors.

The standard Capital Gains Tax rate in Ireland is currently 20%. In calculating a chargeable gain or loss on an individual Irish security, investors are usually entitled to subtract the cost of the securities, broker’s commission and stamp duty from the proceeds received. 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.

Dividends are subject to an advance corporate tax of 40% paid by the issuing company. Non-Irish investors are exempt from capital gains earned through the sale of quoted shares, but must pay capital gains taxes on unlisted shares in companies which earn their income from land in Ireland, mining or mineral rights in Ireland and exploration or production on the Irish Continental Shelf.

Cross Selling Equity & Short SellingShort selling is prohibited for the shares of the Governor and Company of the Bank of Ireland, Allied Irish Banks Plc, Life and Permanent Plc, Anglo Irish Bank Corporation Plc, except for market makers.

Cross selling is allowed.

GMT +0hrs (+1hr DST)Internet: www.ise.ie Email: [email protected]

Primary ExchangeIrish Stock Exchange

Futures InformationNoneIreland

Main IndicesISEQ Index


Pre-Trading: 0�:30 – 07:50



Closing Auction: 1�:28 – 1�:30

Post-Trading: 1�:30 – 17:15



Average Daily Turnover: 132.7m

Board Lots1

Tick sizeEUR0.01

CurrencyEuro (EUR)




Brief HistoryRegular 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. The TASE has been fully automated since 1999. From 2000 the Dual Listing Law took effect, allowing companies listed in London or the USA to dual-list on the TASE without any additional regulatory requirements.

Trading SystemAll stocks are traded on TACT (Tel-Aviv Continuous Trading), an order-driven and integrated trading platform of the Tel Aviv Stock Exchange’s equity, fixed income and derivatives markets. It adapted from a system that was developed by the Chicago Stock Exchange and implemented in stock exchanges worldwide. In the pre-opening phase opening price fluctuations are limited to 35% in each direction from that day’s base price. Orders entered into the system can be changed or cancelled up to 15 minutes before the end of this phase. The opening phase is randomly between 09:45 and 09:50. At this phase an opening price is set for each security. Prices and transactions are discovered by multilateral trading (auction).

Price fluctuation in the continuous phase is unlimited. The continuous phase ends randomly with a calculation of the closing price, a weighted average of the prices of the trades executed in the last 30 minutes of this phase. The closing price phase from 17:15 to 17:30 begins as soon as the continuous phase ends randomly. Trading in this phase is also bilateral, order-driven and continuous, but has one other prominent feature in that the share’s price cannot be changed. TASE members have direct access to trading.

Similarly to the way prices are displayed in the UK and South Africa, all stocks are quoted not in the main currency of shekels but in agorots (100agorots = 1shekel).

There is also a 45 minute halting of trade in a company’s securities on the day that the company produces price-sensitive data, so that the information can be widely disseminated.

Circuit BreakerTASE have implemented several circuit breakers to protect investors. 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. If after the trading suspension there is another ±8% change there shall not be another halt. If there is a ±12% change trading shall be suspended until the end of the day. When an essential announcement is published regarding a security, a 45-minute trading suspension occurs. During the pre-opening phase the maximum price fluctuations in equities and in convertible bonds is ± 35%.

Taxes, Market Charges & Compulsory CommissionsCommission rates charged by members are left to the discretion of each member.

Taxes & Regulations Affecting Foreign InvestorsOn 1 January 2003, a 15% capital gains tax was imposed on Israeli investors as well as a 10%–15% tax on interest payments. Corporate tax is fixed at a rate of 27%. Capital gains on securities held by Israeli residents abroad are currently 25%. Non-resident investors are exempt from these new taxes.

Cross Selling Equity & Short SellingEquities, Index Linked Noted (ILN) bonds, and T-bills can be sold short on the TASE. 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, and the lender or the lending member, as the case may be, 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, including the particulars of the security, the quantity of the security for carrying out the transaction and the price limit for carrying out the transaction, all are identical with the particulars of the opposite matching order submitted by the other client, with whom the transaction was agreed.

GMT +2hrs (+3hrs DST)Internet: www.tase.co.il Email: [email protected]

Primary ExchangeTel-Aviv Stock Exchange

Futures InformationMain Contract Tel Aviv 25 IX FTTrading Exchange Tel-Aviv Stock ExchangeTrading Times Sun – Thu; 10:30 – 18:00Contract Size ILS100 x Index levelTick Size ILS10Contract Months Issued every three months, on January, April, July

and OctoberExpiration Day Last Friday of expiration month

Israel

Main IndicesTA 100 Index

TA 25 Index


Pre-Opening: 09:00 – 09:45







Board LotsThe seller (or buyer) is obliged to trade at least in the minimum lot (about USD5,000), unless they have also announced that they wish to sell (or buy) more lots at the set price. Small lots (orders under USD5,000) cannot be traded via the auction structure: they must be executed during the opening call stage

CurrencyNew Israeli Shekel (ILS)

Clearing and SettlementT+1 business days

Currency ExchangeUSD1 = ILS3.7780

EUR1 = ILS5.5231


Brief HistoryThe year 2008 marks the bicentennial of the Borsa Italiana. On 1� January 1808 a vice-royal decree promulgated by Eugenioo Napolenone officially inaugurated the “Borsa Di Commercid” (commodities exchange) in Milan. Throughout the 19th and 20th Centuries various exchanges were set up in Italian cities with notable exchanges in Genoa, Florence, Venice and Rome. However during the 20th century the markets consolidated with Milan becoming the dominant exchange. Following a programme of major reforms affecting both the stock market and the activity of intermediaries, a national computerised order-driven trading system was introduced in November 1991 and all securities listed on Milan and on other stock exchanges, were gradually transferred to the new system. The process to list all securities electronically was completed in 1994. 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. On October 10 2007 the London Stock Exchange completed its takeover of the company.

Trading SystemThe electronic trading system is regulated and managed by Borsa Italiana and cash instrument trading platforms are run by SIA, the IT provider which manages the exchange data processing facilities. The system is supported by a network which links all authorised securities firms located throughout Italy and also abroad. It enables trading in real-time of all securities independently of physical location. All the markets organised and managed by Borsa Italiana operate as electronic trading systems on the basis of specifically designed market microstructure characteristics. The Stock Exchange trading day is organised in three main phases: opening auction (pre-auction, validation and opening), continuous trading, and closing auction (pre-auction, validation, closing). For some instruments, the daily session is followed by the After Hours Market (18:00 until 20:30 on MIB30 and MIDEX shares, Nuovo Mercato shares and covered warrants).

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. 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.

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, and execution of trades outside regulated markets allows a better price to be obtained. Block trading is allowed for orders above the minimum block size defined by CONSOB that varies – according to the average trading volume – from EUR150,000 to EUR1.5m. All trades within 15 seconds to the market authorities, and Borsa Italiana must disclose them to the public after �0 minutes.

In late 2008 the LSE plans to integrate the Italian, UK and international equities markets on TradElect, creating the largest European liquidity pool.

Taxes, Market Charges & Compulsory CommissionsCommission fees are negotiable.

Taxes & Regulations Affecting Foreign InvestorsCapital gains accrued by private domestic investors from non-substantial holdings (< 2%) are subject to a definitive withholding tax of 12.5%. Foreign investors are exempt from capital gains taxation both on cash and derivatives instruments. Private domestic investors are subject to a definitive 12.5% withholding tax (excluded for dividends linked to substantial holdings). The taxpayer may opt for ordinary personal taxation.

There is no stamp duty on securities transactions on regulated markets.

Cross Selling Equity & Short SellingThe ban on short selling has been lifted on 31 July, regular rules apply (T+3 delivery). Approved intermediaries may execute cross trades, using a special cross-order function, by matching two orders of opposite sign for the same quantity, 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, excluding such prices

Tick SizePrice (EUR)

Stock Price Tick Size

0 – 0.25 0.0001

0.25 – 1 0.0005

1 – 2.0 0.001

2.0 – 5.0 0.0025

5.0 – 10 0.005

10 0.01

GMT +1hr (+2hrs DST)Internet: www.borsaitalia.it Email: [email protected]

Primary ExchangeBorsa Italiana

Futures InformationMain Contract S&P/MIB Futures IndexTrading Exchange Milan Stock ExchangeTrading Times Mon – Fri; 09:00 – 17:40Contract Size 5 EUR x index Contract Months March quarterly basisExpiration Day Third Friday of the delivery monthReuters <0#IFX:>, FIB30 cash & futures <0#MIB30:>,

nearest month <IFXc1>, contract details <MIL/IFX1>Bloomberg ST (Month Code) (Last Number of Year) <Index>

Italy

Main IndicesS&P/MIB


Pre-Auction Phase: 08:00 – 09:00







Board Lot1

CurrencyEuro (EUR)




Brief HistoryThe Kingston Stock Market Committee was established in 19�1 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. The Committee consisted of stockbrokers and the investment officers of the commercial banks. From these origins the Jamaica Stock Exchange (JSE) evolved, and was incorporated with limited liability under the Companies Act of Jamaica in 19�8, commencing operations in 19�9.

Trading SystemFull electronic trading using the SUNRISE Automated Trading System came into operation in February 2000. There is a price determination phase on the pre-open, but the closing price of a security depends upon the last trade in the primary market.

Block trades are possible as long as the price is ±5% from the last regular traded price. 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.

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.

Circuit breakersTrading in a security is halted for 15 minutes on a 15% rise or fall in its prices. 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.

Taxes, Market Charges & Compulsory CommissionsThe commission to be charged is agreed between broker and client. All commissions, including those charged on corporate bonds, loan stock and block transactions, were deregulated in 1994. There is a Jamaican Stock Exchange Levy of 0.15�25% on either side of the transaction.

A GCT of 15% is charged on commission as well as the Jamaica Stock Exchange levy.

Taxes & Regulations Affecting Foreign InvestorsWithholding Tax on Dividends was abolished in April 2002. There is no capital gains tax. Direct and Portfolio investment is welcome and free of any bureaucratic inconvenience.

Dividends are subject to a 10% withholding tax depending on any double taxation treaties between Jamaica and the other party’s country. Effective 1 April 2002, there is no withholding tax on dividends. There is no capital gains tax.

Tick Size

Price Range (JMD) Tick Size (JMD)

Common, preferred stock, rights and warrants

0.01

Bonds Par to 4 decimal places (100.0000)

GMT -5hrsInternet: www.jamstockex.com Email: [email protected]

Primary ExchangeJamaica Stock Exchange

Futures InformationNone Jamaica

Main IndicesJamaica Stock Exchange Market Index

JSE All Jamaica Composite Index

JSE Select Index






Board Lots1

CurrencyJamaican Dollar (JMD)


Currency ExchangeUSD1 = JMD88.275

EUR1 = JMD129.03


Brief HistoryThe Tokyo Stock Exchange Co Ltd was established in 1878. In 1943, as an emergency measure to control the wartime economy, Japan’s 11 stock exchanges were consolidated into one Semi-government Corporation called the Japan Securities Exchange. Activity was suspended in August 1945. In 1948 the new Securities and Exchange Law (Shoken Torihiki Ho) was enacted. The trading floor was closed in April 1999.

The Tokyo Stock Exchange absorbed the Hiroshima and Niigata stock exchanges on 1 March 2000. The Tokyo Stock Exchange demutualised on 1 November 2001.

Trading SystemThe Tokyo Stock Exchange market operates as a continuous auction, where buy and sell orders interact directly with one another. All orders, whether limit or market orders, are placed by broker/dealer trading participants and matched in accordance with the price priority and time priority under the supervision of the Exchange. Under the price priority rule, a selling (buying) order with the lowest (highest) price takes precedence. Under the time priority rule, an earlier order takes precedence over others at the same price. Once transactions have been completed, the results are transmitted immediately to the terminals of the trading participants’ computer systems.

Minimum price fluctuations (JPY)

Price per shareMinimum price fluctuations

Price per shareMinimum price

fluctuations

up to 2,000 ±1 up to 1m 1,000

up to 3,000 5 up to 20m 10,000

up to 30,000 10 up to 30m 50,000

up to 50,000 50 over 30m 100,000

up to 100,000 100

Maximum Price Fluctuations (JPY)

Price Move Price Move Price Move Price Move Price Move Price Move

<100 30 <2k 300 <30k 3k <200k 300k <3m 400k <30m 4m

<200 50 <3k 400 <50k 4k <300k 40k <5m 500k <50m 5m

<500 80 <5k 500 <70k 5k <500k 50k <10m 1m >50m 10m

<1k 100 <10k 1k <100k 10k <1m 100k <15m 2m

<1.5k 200 <20k 2k <150k 20k <2m 300k <20m 3m

Circuit BreakersWhen there are bids or offers which are outside the reasonable price range from the standpoint of price continuity, a “special bid quote” or a “special ask quote” are indicated in order to notify the public of the existence of such orders. The special bid/ask quotes maybe renewed at intervals of five minutes or more.

Taxes, Market Charges & Compulsory CommissionsThe brokerage commissions of all listed securities and futures/options contracts have been liberalised since the end of 1999.

Taxes & Regulations Affecting Foreign InvestorsCapital Gains Tax for foreign (non residents) is from January 2008 now 15% (from 7%). Taxes on Dividends are 15% from 1 April 2008 (from 7%) again for non residents. Income tax is 15% for non residents. The Securities Transfer Tax and the Exchange Tax were abolished on 1 April 1999.

Foreign ShareholdingsAccording to Japanese law, certain airline stocks, broadcasting stocks and NTT Corp have aggregate foreign ownership limits (33.33%, 20% & 20% respectively). When reached foreign investors can still buys shares but cannot register them in their name. There is no official warning if these limits are close.

Cross Selling Equity & Short SellingShort selling must not be conducted at a price that is equal or below the most recently published price (“most recent price”), unless the most recent price exceeds the immediately previous price, in which case short selling at the most recent price is permitted. 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 0.25% of total market capitalisation. The Financial Services Agency has extended the ban on naked short selling to 31 July.

Under cross dealing, the securities company first places the sell or buy order on the market, and if no other securities company that is a member of the exchange makes a corresponding buy or sell order, the securities company only then match the first order with an opposite order that the securities company has also received.

A securities company has orders both for sale and purchase of the same issue, said securities company may carry out a cross dealing. Under cross dealing, the securities company first places the sell or buy order on the market, and if no other securities company that is a member of the exchange makes a corresponding buy or sell order, the securities company only then match the first order with an opposite order that the securities company has also received, to complete the deal.

GMT +9hrsInternet: www.tse.or.jp/english Email: [email protected]

Primary ExchangeTokyo Stock Exchange

Futures InformationMain Contract Nikkei 225 Index Futures / Nikkei 300 Index Futures Trading Exchange Osaka SETrading Times Mon – Fri; 09:00 – 11:00,12:30 – 15:10, 1�:30 – 19:00 (Tokyo time)Contract Size ¥1000 x IndexTick Size 10Contract Months Business day before second Friday of contract month Expiration Day Five quarterly months (March, June, September and

December cycle)Reuters <0#JNI:>/<0#JNW:>, nearest <JNIc1>/<JNWc1>,

details <OSE/JNI>/<OSE/JNW>Bloomberg NK (225), NE (300) (Month Code)(Last Number of

Year) <Index>

Japan – Tokyo

Main IndicesTokyo stock price index (TOPIX)


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: 15.00



Average Daily Turnover: USD1�.2bn

Board LotsThe number of shares per unit is determined by the issuing company, ranges from 1 to 3,000 shares

CurrencyJapanese Yen (JPY)


Currency ExchangeUSD1 = JPY90.8�3

EUR1 = JPY132.82

�0Document produced by Société Générale Corporate & Investment Banking

Brief HistoryIn 1878 the Osaka Stock Exchange was established as a profit-making corporation. In 1943, as a wartime emergency measure, Japan’s then 11 stock exchanges were consolidated into one semi-government corporation, the Japan Securities Exchange. The Osaka Stock Exchange became its Osaka division. This unified Exchange, however, suspended operations at the end of the war in August 1945 and was finally dissolved in April 1947. 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. Under this law the Osaka Securities Exchange was established in 1949 as a non-profit-making membership organisation.

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, mainly unlisted companies. The OSE initiated trading in an ETF based on FTSE Japan Index on 4 July 2002, and futures contracts based on Dow Jones Industrial Average, MSCI JAPAN Index and the FTSE Japan Index on 15 July 2002.

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.

Trading SystemThe new Trading system was launched on 27 February 200�. All trading in listed stocks are made through a fully automated computerised trading system except for the OptiMark Market.

Market bids or offers have precedence over all other quotations. Among limited-price bids or offers, the highest bid and the lowest offer have precedence in all transactions on the Exchange. Where bids or offers have the same prices, the earliest have priority over the others.

Transactions in futures and options are also executed through a fully automated computerised trading system.

Maximum Price Fluctuations

Please refer to the Tokyo Stock Exchange Page.

Minimum Price Fluctuations

Please refer to the Tokyo Stock Exchange Page.

Taxes, Market Charges & Compulsory CommissionsCommission rates are freely negotiable.

Taxes & Regulations Affecting Foreign InvestorsPlease refer to the Tokyo Stock Exchange page for full details.

GMT +9hrsInternet: www.ose.or.jp/e Email: [email protected]

Primary ExchangeOsaka Securities Exchange

Futures InformationMain Contract Nikkei 225 Index Futures / Nikkei 300 Index FuturesTrading Exchange Osaka SE Trading Times Mon – Fri; 09:00 – 11:00 / 12:30 – 15:10,

1�:30 – 19:00 (JST)Contract Size ¥1000 x IndexTick Size 10Contract Months Five contract months: May, June, Sep and Dec cycleExpiration Day Business day before the second Friday of each contract

monthReuters <0#JNI:>/<0#JNW:>, nearest <JNIc1>/<JNWc1>,

details <OSE/JNI>/<OSE/JNW>Bloomberg NK (225), NE (300)(Month Code)(Last Number of

Year)<Index>

Japan – Osaka

Main IndicesOsaka SE Hercules Index


AM Pre-Open: 08:00 – 09:00

PM Pre-Open: 12:05 – 12:30






PM Closing Auction: 15:10



Average Daily Turnover: USD�19.2m

Board LotsMainly 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%), Par value stocks (¥5k – ¥50k) trade as single shares. Odd lots are sold back to the company by the client’s custodian

CurrencyJapanese Yen (JPY)


Currency ExchangeUSD1 = JPY90.8�3

EUR1 = JPY132.82

�1 Document produced by Société Générale Corporate & Investment Banking

Brief HistoryThe Amman Stock Exchange (ASE) came into being on 11 March 1999. This was a major step in the comprehensive reform of the capital market in Jordan. 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.

Trading SystemThe Amman Stock Exchange implemented its electronic trading system (ETS) in March 2000. Trading on the ASE takes place on an automated, order-driven system. Brokers trade on the system remotely (from their offices).

Trading takes place on a continuous basis for quoted equity stocks traded on all market segments, as well as for bonds and units in mutual funds. Brokers enter buy and sell orders into the trading system. The system then matches those orders to produce a trade.

Taxes, Market Charges & Compulsory CommissionsCommissions for trading in equities on the first, second or third markets vary depending on whether stocks are traded “In the Floor” or “Off the Floor”.

“In the Floor” commission totals 0.0014% which comprises 0.005% for the Jordan Securities Commission, 0.0005% for the Amman Stock Exchange and 0.0004% for the Securities Depository Centre.

“Off the Floor” commission totals 0.002% which comes solely from the Securities Depository Centre with a lower limit of 0.25JOD

For both types of market there will also be the brokerage firms own commission, which is calculated according to the market value.

Taxes & Regulations Affecting Foreign InvestorsThere are no restrictions on the repatriation of proceeds of sale of securities, or income from them.

A 10% tax on distributed dividends was removed as of 1 January 2002. There is no tax on capital gains.

Jordan has double taxation treaties with Egypt, France, India, Indonesia, Malaysia, Poland, Romania, Tunisia, Turkey, Yemen and, collectively, the members of the Council of Arab Economic Unity.

According to the Non-Jordanian Investment Regulation No. 54 of 2000 issued pursuant to Article (24) of the Investment Promotion Law No. 1� of 1995, no ceiling exists on non-Jordanian ownership of companies listed at ASE.

GMT +2hrs (+3hrs DST)Internet: www.exchange.jo Email: [email protected]

Primary ExchangeAmman Stock Exchange

Futures InformationNoneJordan

Main IndicesASE Share Price Index

Official Trading Hours Sunday – ThursdayBonds and Mutual Funds: Pre-Opening: 09:30 – 09:35Opening: 09:35Continuous Trading: 09:35 – 09:55 Block Trades:09:55 – 13:00 Post-Trading: 13:00First and Second markets: Pre-Opening: 09:30 – 10:00Opening: 10:00Continuous Trading: 10:00 – 12:15Pre-Closing: 12:25Trading at Last: 12:25 – 12:40Post-Trading: 13:00Block Trades: 12:40 – 13:10



Average Daily Volume: USD�4.5m

CurrencyJordanian Dinar (JOD)


Currency ExchangeUSD1 = JOD0.70825

EUR1 = JOD1.0354


Brief HistoryThe Kazakhstan Stock Exchange (KASE, 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. The main stimulus to create KASE was the introduction of the national currency, the Kazakhstan, on 15 November 1993. From September 1997 KASE began trades of corporate securities.

In 2001 KASE became a shareholder of the Kyrgyz Stock Exchange. In October 2003 KASE, with its new subsidiary company ‘eTrade.kz’ LLP, launched the ‘eTrade.kz’, an internet-trading system.

Trading SystemBidding at KASE takes place according to the bidding schedule approved by the management of KASE and based on ‘The Rules of Exchange Bidding’. Bidding is based on applications which can be submitted verbally or in writing. Both verbal and written applications are fixed on the electronic indicator panel. Reception of applications starts 30 minutes before bidding and continues up to the end of the trade session. A broker may change the conditions of an application during the session. Bidding takes place based on the system of automatic conclusion of transaction. 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 InvestorsExchange levy of 0.1% on buys.

GMT +3hrs (+4hrs DST)Internet: www.kase.kz Email: [email protected]

Primary ExchangeKazakhstan Stock Exchange

Futures InformationNone Kazakhstan

Main IndicesKASE Index


Equities and Corporate Bonds: 11:30 – 17:00



Average Daily Turnover: SD21.8m

CurrencyKazakhstan Tenge (KZT)

Clearing and SettlementSettlements on listed securities transaction concluded at KASE are carried out through the Central Depository on a T+0 basis. Settlements on Unlisted corporate securities are carried out by participants at the place and time stated in the certificate

Currency ExchangeUSD1 = KZT150.88

EUR1 = KZT220.5�


Brief HistoryThe Nairobi Stock Exchange (NSE) was established in 1954, when Kenya was still a colonial territory, as a voluntary association of stockbrokers registered under the Societies Act. It started off with six stockbroking firms and 50 listed companies. After fast initial growth the Exchange stagnated in the post-independence years. Recently it has shown signs of recovery due to strong government support and investor awareness. In 1989 the Capital Markets Authority (CMA) was set up by the government to facilitate and oversee the orderly development of capital markets.

Trading SystemIn September 200� the Nairobi Stock Exchange implemented the Automated Trading System (ATS) which was constructed by Millennium Information Technologies (MIT) of Colombo, Sri Lanka. The replaced the floor-based open-outcry system.

Taxes, Market Charges & Compulsory CommissionsAlthough commissions are fully negotiable, industry practice is that the highest commission chargeable is 1.78%, applicable to amounts up to KES100,000; above KES100,000, commissions are fully negotiable subject to a maximum of 1.5%.

Brokerage Commission and other costs

Consideration (Transaction value)

Up to KES5,000,000

Above KES5,000,000

Stockbroker Commission 1.78% 1.�8%CMA transaction levy 0.12% 0.12%NSE transaction levy 0.12% 0.12%CDSC transaction levy 0.0�% 0.0�%CMA Investor Compensation Fund 0.01% 0.01%NSE Investor Compensation Fund 0.01% 0.01%Total cost to Investor 2.10% 2.00%

Corporate and Treasury bond transactions

The only commission levied on bonds is the stock brokerage commission: minimum is KES500. A 0.0�25% commission of the value of the transaction is chargeable on amounts up to KES50m. Commissions for amounts above KES50m are fully negotiable.

Taxes & Regulations Affecting Foreign InvestorsThe interests of foreign investors are protected by the Foreign Investment Protection Act. Exchange controls have been repealed.

Foreign investors have been allowed on the NSE since January 1995. Foreign investors are allowed to hold a maximum of 75% of the total capital issued by a Kenyan-controlled firm on the NSE. Foreign investors are not allowed to buy stock in a company controlled abroad, unless such stock was bought from another already existing overseas stockholder or was in a new share issue.

Listed securities are exempt from stamp duty, capital gains tax and value-added tax. Withholding tax on dividends is 5% for residents and 10% for non-residents.

GMT +3hrsInternet: www.nse.co.ke Email: [email protected]

Primary ExchangeNairobi Stock Exchange

Futures InformationNoneKenya

Main IndicesNSE 20 Share index


Pre-Opening: 09:00 – 09:30





Board LotsAn authorised dealer may only trade and deal in minimum lots of KES5m and any trades below this amount must be transacted through stockbrokers

CurrencyKenyan Shilling (KES)


Currency ExchangeUSD1 = KES75.800

EUR1 = KES110.82


Brief HistoryThe 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. The Kuwaiti Stock Exchange recommenced trading in September 1992. 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.

Trading SystemThe bilingual Arabic-English KATS (Kuwait Automated Trading System) system allows brokerage firms to match volume and prices instantly and publishes deals within seconds. Only nationals of the Gulf Co-operation Council (GCC) countries (the United Arab Emirates, Oman, Qatar, Kuwait, Bahrain and Saudi Arabia) may trade directly in listed concerns. Others may participate indirectly through two listed mutual funds.

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.

Investors sit in the former trading floor and watch price quotations, volume movements and company financial data on non-trading computer screens. When they want to buy or sell they go to the brokerage stalls and place an order.

KATS is also the first automated trading system in the world designed to be fully operational in the Arabic language.

Shares of companies are listed according to its category in sectors. Nine Sectors were listed in this respect. These are as follows:

Banking Sector

Investment Sector

Insurance Sector

Real-Estate Sector

Industrial Sector

Services Sector

Food Sector

Non Kuwaiti Companies Sector

Funds

Taxes, Market Charges & Compulsory CommissionsThe commission paid by investors is 0.125% up to KWD50,000 in value and 0.1% for any transaction value in excess of KWD50,000.

Ticks and Trade Units

Share Price in Fils Changing Price in Units No. of Shares

0.5 : 50 0.5 80,000

51 : 100 1 40,000

102 : 250 2 20,000

255 : 500 5 10,000

510 : 1,000 10 5,000

1,020 : 2,500 20 2,500

2,520 : 5,000 20 1,000

5,050 : 9,900 50 500

Taxes & Regulations Affecting Foreign InvestorsAmiree Decree Law No. (10) for 1999 was issued to regulate the direct investment of foreign capital in Kuwait. 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. This law decree has provided guarantees for foreign investors to preserve ownership rights in their enterprises.

Amiree decree No. (20) for 2000 permits foreign investors to own shares in existing Kuwaiti companies or those that may be established in the future.

Ministerial resolution No. (205) for year 2000 outlines the regulation of investment activity in shares for non-Kuwaitis. Financial accounts have been opened at the Kuwait Clearing Company by non-Kuwaiti investors as a prelude to dealing in Kuwaiti shares.

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GMT +3hrsInternet: www.kuwaitse.com Email: [email protected]

Primary ExchangeKuwait Stock Exchange

Futures InformationNone Kuwait

Main IndicesThe Kuwait Stock Exchange Index


Order Acceptance: 08:50

Pre-Auction: 08:59

Open and Continuous Trading: 09:00 –12:30

Forward Quote Entry: 12:32


Forward Close: 13:15



CurrencyKuwaiti Dinar (KWD)

Clearing and SettlementThe assets and liabilities of traders, whether shares or funds, are netted each day with each broker they trade through. At the end of the trading period (Saturday to Wednesday) the account position is automatically cleared. A statement of account is issued for each trader with each broker, showing all activities and transactions for the period

Currency ExchangeUSD1 = KWD0.28�30

EUR1 = KWD0.41855


Brief HistoryThe Kyrgyz Stock Exchange (KSE) was founded in 1994. The first trades in stocks and its official opening took place in May 1995 while the privatisation process was in full swing.

Until 2000 the exchange functioned in the form of a non-profit organisation with a total membership of 1�. 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. In 2001 the Kazakhstan Stock Exchange became a shareholder.

Trading SystemTrading on the KSE is effected through the electronic trading system, which has been operational since May 2003.

Taxes, Market Charges & Compulsory CommissionsCommission rates for the Primary Market

Value issued in KGS

Rate Discount

Below 20m 0.1�% 0%

Between 20m and 50m

0.14% 25%

50m and over 0.12%, maximum KGS100,000

25%, if the volume traded is between 50m and 100m. 40% if the volume traded is 100m and over

Commission rates for the Secondary Market

Value issued in KGS

Rate Discount

Below 10m 0.20% 0%

Between 10m and 50m 0.20% 25%

Between 50m and 100m 0.18%, maximum KGS120,000 25%

Between 100m and 300m 0.12%, maximum KGS180,000 50%

300m and over 0.0�%, maximum KGS200,000 50%

Taxes & Regulations Affecting Foreign InvestorsTax Local Foreigners

Cash Dividends 0% 10%

Interest Income 10%* 10%

Capital Gains 20% 30%

*Not applied to the interest received by commercial banks for state securities.

GMT +5hrs Internet: www.kse.kg (not available in English) Email: [email protected]

Primary ExchangeKyrgyz Stock Exchange

Futures InformationNoneKyrgyz Republic

Main IndicesKSE Index


09:00 – 18:00


Market Capitalisation: ~USD�5m

CurrencyKyrgyz Som (KGS)


Currency ExchangeUSD1 = KGS44.100

EUR1 = KGS�4.4�7

��Document produced by Société Générale Corporate & Investment Banking

Brief HistoryThe Riga Stock Exchange (RSE) was established in December 1993 and the first trading session took place in July 1995. 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). The resulting group was taken over by OMX Group. OMX Exchanges is the largest securities market in Northern Europe and consists of Stockholm Stock Exchange, Helsinki Stock Exchange, Copenhagen Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange and the Vilnius Stock Exchange. Following the merger of the HEX Group and OM Group and the decision of the merged identity to join the NOREX alliance, the RSE also became part of NOREX.

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.

Trading SystemTrading in shares, bonds, warrants, premium bonds, convertibles and depository receipts on the Nordic Exchange is conducted through OMX’s SAXESS trading system, while derivatives trading are 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.



Taxes, Market Charges & Compulsory CommissionsAutomatically matched trades shall be charged at 0.5% of transaction value per each side to a maximum of LVL max LVL 30. Where participants have joined the Liquidity Provider Programme the charge shall be 0.025% of transaction value, to a maximum of LVL 30.

Taxes & Regulations Affecting Foreign InvestorsIn general, taxes from income gained in Latvia by non-residents are collected by tax withholding. The tax rate from dividend payments to non-residents is 10% and from interest payments it is also 10%, if the exemptions provided by law or double taxation treaty do not provide other rate or exemption from taxation. All payments made to low-tax or tax-free countries or territories are subject to withholding tax of 15%.

Cross Selling Equity & Short SellingThere is no specific rules on short selling, it is the broker’s responsibility to deliver shares by settlement date.

GMT +2hrs (+3hrs DST)Internet: www.lv.omxgroup.com Email: riga@omxgroup

Primary ExchangeRiga Stock Exchange

Futures InformationNone Latvia

Main IndicesBALTIX

OMX Riga All-Share (OMXR)








After-Market trading: 1�:05 – 1�:30




CurrencyLatvian Lat (LVL)

Clearing and SettlementT+3. Negotiated deals may have a settlement day between T+0 (inclusive for local members, exclusive for cross-members) and T+40 (inclusive)

Currency ExchangeUSD1 = LVL0.48010

EUR1 = LVL0.70192


Brief HistoryThe Beirut Stock Exchange was founded on 2 July 1920. At that time the exchange dealt mostly in gold and foreign exchange. The exchange suspended operations in 1983, due to war, with 45 companies registered on the trading floor. On 22 January 199� the exchange was reopened for trading.

Trading SystemAll 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. The brokers can also declare explicitly at this stage their direct transactions outside the Stock Exchange.

Second Stage: The buying and selling orders, which are registered separately for each security, are compared electronically, and the price is fixed if the comparison authorises it.

Third Stage: In case of a difference between the buying and selling orders at the equilibrium price, 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.

Fourth Stage: The number of traded securities in the Stock Exchange (except for the direct transactions carried out outside the pit), the fixed price and the trading terms shall be declared for every security.

Fifth Stage: A final list of executed orders shall be printed. A list of the direct transactions executed by every broker outside the pit and accepted shall also be printed, with the determination of the payment and delivery terms. The list shall be transmitted by the Stock Exchange to the authorised body to carry out the payment and delivery operations.

Sixth Stage: The orders which have not been executed in the Stock Exchange during the pricing session are cancelled from the trading system.

Stocks can be issued with three tranches of shares, ownership of A shares is restricted to Lebanese nationals while B shares are open to Lebanese and foreign investors. Sale of A and B shares are subject to prior approval of the central bank. Free dealing is allowed in C shares, listed on the stock exchange.

Taxes, Market Charges & Compulsory CommissionsCommission is charged on each buying or selling transaction carried out in any of the official or secondary markets.

Volume of Trade (USD) Commission Rate (%)

0 – 100,000 0.04%

100,001 – 1,000,000 0.025%

1,000,001 – 5,000,000 0.01%

5,000,000+ 0.0001%

Taxes & Regulations Affecting Foreign InvestorsThere is a 10% flat income tax, and 5% dividend tax. Capital gains on the transfer of companies’ shares are tax free.

GMT +2hrs (+3hrs DST)Internet: www.bse.com.lb Email: [email protected]

Primary ExchangeBeirut Stock Exchange

Futures InformationNoneLebanon

Main IndicesBLOM Stock Index (BSI)


09:30 – 12:00

Market SizeMarket Capitalisation: USD11.1bn

CurrencyLebanese Lira/Pound (LBP)


Currency ExchangeUSD1 = LBP1502.5

EUR1 = LBP219�.5


Brief HistoryThe National Stock Exchange of Lithuania (NSEL) was established in September 1992 and held its first trading session a year later. In 1998, it converted from a non-profit organisation to a public limited company. 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 54.47% of the shares of the Exchange. In May 2004 OMEX purchased 44.3% of the shares of the VSE and 32% of the shares of the Central Securities Depository of Lithuania. On 30 May 2005, the VSE started trading on the SAXESS platform.

OMX was formed in 2003 following the merger of Finnish exchange operator HEX Group and OM Group of Sweden. OMX owns and operates the six exchanges in the Nordic 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.

Trading SystemTrading on the VSE is order-driven, screen-based, centralised and dematerialised. Trading in shares, bonds, warrants, premium bonds, convertibles and depository receipts on the VSE is conducted 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.



Taxes, Market Charges & Compulsory CommissionsThere are no fixed commissions imposed by laws or rules. The rates charged by brokers generally range from 0.3% for large transactions to 1.20% for single small trades.

From the 1 January 2008, with the aim of reducing members’ fees to investors the VSE reduced their trading fees. As such the fees for manual trades on the VSE were reduced from 0.05% to 0.03% with a maximum fee of EUR140. The fee for trades executed in the WSE automatch market will be reduced from 0.05% to 0.045%. The minimum fee will be the equivalent of EUR0.30 in the local currency.

Taxes & Regulations Affecting Foreign InvestorsIn general, 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. The dividend payments to non-resident corporations are taxable at a rate of 15 percent, if the exemptions provided by law or double taxation treaty do not provide other rate or exemption from taxation. 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. The dividend payments and interest payable to non-resident individuals are taxable at a rate of 15 percent, if the exemptions provided by law or double taxation treaty do not provide other rate or exemption from taxation. 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.

Cross Selling Equity & Short SellingShort selling is not permitted in Lithuania.

GMT +2hrs (+3hrs DST)Internet: www.lt.omxgroup.com Email: vilnius@omxgroup

Primary ExchangeVilnius Stock Exchange

Futures InformationNone Lithuania

Main IndicesOMX Vilnius Index








After-Market Trading: 1�:05 – 1�:30




CurrencyLithuanian Litas (LTL)

Clearing and SettlementT+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

Currency ExchangeUSD1 = LTL2.3�1�

EUR1 = LTL3.4527


Brief HistoryThe 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. The first session of the Stock Exchange was in May 1929. Quotation of international bonds in the currency of issue began in April 19�9 and gold trading was introduced in March 1981. The first quotation of shares in the currency of issue was in December 1981. The first remote member was admitted to the Exchange in June 1998. More recently, the Euronext-Luxembourg Stock Exchange cross-membership and cross-access agreement was signed in November 2000.

On 22 March 2007, Euronext and the Luxembourg Stock Exchange announced the signature of a Masters Agreement for mutual cooperation. This agreement will lead to the creation of a European Economic Interest Grouping (EEIG). Since the second quarter of 2007, all securities listed on the Luxembourg Stock Exchange have been available on NSC, the single pan-European trading platform used by all Euronext cash markets. This will give Euronext members’ access to nearly 40,000 instruments traded on the Luxembourg Exchange, including 29,000 bonds issued by more than 4,000 entities in over 100 countries.

Trading SystemOn 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, this replaced the ‘Système Automatisé de Marché – SAM’ which had been in used since 199�.

Taxes, Market Charges & Compulsory CommissionsBrokerage fees are fully negotiable.

Circuit BreakersFor 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.

Taxes & Regulations Affecting Foreign InvestorsDividends are subject to a 20% withholding tax. The reduced treaty rate is 15% with the exception of the US and Greece where the reduced rate is 7.5%. 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, whether they are individuals or legal entities. Equities may be purchased by non-residents and proceeds may be repatriated. Non-residents may open a bank account in Luxembourg without governmental authorisation.

Cross Selling Equity & Short SellingAn investment fund may carry out shot selling subject to the following rules and regulations:

Aggregate commitment (i.e. 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 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, 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)

GMT +1hr (+2hrs DST)Internet: www.bourse.lu Email: [email protected]

Primary ExchangeLuxembourg Stock Exchange

Futures InformationNoneLuxembourg

Main IndicesLuxX Index


Pre-opening: 07:15 – 09:00

Opening auction: 09:00


Pre-Closing: 17:30 – 17:35






CurrencyEuro (EUR)




Brief HistoryThe Macedonian Stock Exchange was founded in September 1995 and commenced trading on 28 March 199�, as a central marketplace for trading in securities and the first organised stock exchange in the history of the Republic of Macedonia.

The MSE was founded as a joint-stock company. Since 1997, under the new Law on Issuance and Trading in Securities, MSE members can only be legal entities (brokerage houses) whose sole activity is trading in securities, 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 2001 the MSE started to operate on a for-profit basis. Shareholders may be any domestic or foreign however shareholding per entity is limited up to 10% of the MSE outstanding shares.

Trading SystemSince April 2001 the Macedonian Stock Exchange has operated an electronic trading system (BEST) that was provided by the Ljubljana Stock Exchange.

BEST (Bourse Electronic System for Trading) is a computer assisted information system, which enables entry, modification, halt and removal of orders, automated matching of orders and concluding trades, supervision of orders and trades, as well as survey of information on trading and on listed securities.

Trading is remote from the MSE members’ premises. MSE members may enter into BEST a market order or different types of limit orders. Trading is based on the automated processing of orders entered into the system. 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, trade is automatically concluded. BEST has three fixing session for certain stocks (from 09:00 to 10:00, from 12:00 to 12:30 and from 12:30 to 13:00).

In general, prices of the securities traded within the BEST are determined completely freely in accordance with the current market demand and supply. However, in order to protect the investors and obtain updated information from listed companies certain limits on price fluctuations have been introduced.

Circuit Breakers± 20% of reference price.

Taxes, Market Charges & Compulsory CommissionsBrokerage Fees: These are fully negotiable and vary from 0.3 to 1.3% on the consideration of each contract (minimum and maximum limits exist).

Stock Exchange Fee:

Up to consideration of MKD500,000 – 0.�%;

MKD500,001 – 0.40% on consideration of each contract;

MKD1,000,001-5,000,000 – 0.20% on the consideration of each contract;

MKD500,000,000 and above – 0.1%.

Taxes & Regulations Affecting Foreign InvestorsDomestic and foreign entities have an equal position when doing business in Macedonia. Legislation allows full repatriation of profits.

As of 1 January 2008 the Government of Macedonia has introduced a flat tax rate of 10%. Corporate income tax as well as capital gain tax for 2008 is 10% for naturalised citizens. Macedonians and foreign nationals receive a 30% incentive on the tax basis when calculating the tax on capital gains.

Foreign legal entities pay taxes on capital gains acquired while trading in the Republic of Macedonia, in accordance with their home country tax legislation laws. This is done for the purpose of avoiding double taxation as per the bilateral agreement between Macedonia and the country in question.

There are no special taxes, charges or duties and there is no stamp duty imposed on trading in securities.

GMT +1hr (+2hrs DST)Internet: www.mse.org.mk Email: [email protected]

Primary ExchangeMacedonian Stock Exchange

Futures InformationNone Macedonia

Main IndicesMBI-10


Fixing Phases:

09:00 – 10:00

12:00 – 12:30

12:30 – 13:00

Trading Phase:

00:00 – 12:00



CurrencyMacedonian Denar (MKD)


Currency ExchangeUSD1 = MKD42.232

EUR1 = MKD�1.�19


Brief HistoryThe Malawi Stock Exchange was founded in 1994 but did not commence operations until November 199�. Prior to the listing of the first company, the major activities that were being undertaken were the provision of a facility for secondary market trading in Government of Malawi bonds namely, Treasury Bills and Local Registered Stocks. The regulatory legislation of the Stock Exchange will be the Securities Act, which is in its draft form awaiting passing into law by Parliament.

Trading SystemThe order to buy or sell a security is placed with the broker in person, by fax or phone. The broker records details such as the name of the investor, date and time of placing the order and price specification.

Orders are then matched. When a trade is successfully matched, a broker’s contract note is issued to the investor within 24 hours. At the time of placing a selling order, the broker receives from the investor the share certificate and a signed transfer form. It is the responsibility of the broker to ensure that the documents are genuine.

Taxes, Market Charges & Compulsory CommissionsCommission on purchase and sale of shares

Value of Transaction Commission

MWK0 – MWK50,000 2.0%*

MWK50,001 – MWK100,000 1.5%*

Over MWK100,000 1.0%*

* Plus 20% surtax on commission paid

Taxes & Regulations Affecting Foreign InvestorsThere is a 10% withholding tax on dividend distributed. 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. Capital gains tax is applicable at marginal rate of 30% subject to an exempt amount of MWK10,000 if shares are disposed off within 12 months.

Company tax is 30%. There is no stamp duty.

There are no investment restrictions on any of the instruments listed on the exchange, except for foreign ownership limits, which should not exceed 10% per individual investor and 49% in aggregate. This rule does not apply to foreign majority shareholders at listing, which carry on as before.

GMT +2hrsInternet: www.mse.co.mw Email: [email protected]

Primary ExchangeMalawi Stock Exchange

Futures InformationNoneMalawi

Main IndicesThe Malawi Domestic Share Index

The Malawi Foreign Share Index

The Malawi All Share Index


11:00 – 11:30


Market Capitalisation: USD�.9bn

CurrencyMalawian Kwacha (MWK)


Currency ExchangeUSD1 = MWK140.�1

EUR1 = MWK205.�1


Brief HistoryAlthough Malaysia has had a regulated marketplace for securities since the founding of the Malaysian Stock Exchange in 19�0, the Kuala Lumpur Stock Exchange (KLSE) in its present form was established in 1973. Bursa Malaysia Securities Clearing, a wholly owned subsidiary of the Exchange, clears and settles all KLSE trades. In addition, the Malaysian Central Depository (CDS) provides depository services.

Trading SystemAll stocks are traded on a continuous auction screen based system (SCORE / WinSCORE). The best bids/offers are shown, followed by each subsequent spread. Orders are matched at each level by using a time priority basis. At the end of each session the prices are fixed by matching trades using a ‘call market’ system. Prices cannot fluctuate by more than 30% from the previous close in a single trading session. Investors must open a CDS account before trading and this number must be quoted before trading, clients can start trading without the number as long as the number is received by T+1.

Circuit BreakersBefore 11.15 Before 14.30 Before 15.45 Before 17.00

±10% 1h halt Trading halted for the rest of the session

1h halt Trading halted for the rest of the session±15% 1h halt 1h halt

±20% Trading halted for the rest of the session

Taxes, Market Charges & Compulsory CommissionsCommission rates for all trades are negotiable subject to a cap of 0.7% and a minimum handling charge of MYR12 per contact for securities and MYR2 for loan instruments.

Clearing Fee – On Market: 0.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1,000.00 per contract. No minimum.

Clearing Fee – Direct Business: 0.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1,000.00 and minimum of MYR10.00.

Stamp Duty: MYR1 per MYR1,000 or fractional part of value of securities (payable by both buyer and seller), subject to a maximum of MYR200 per contract for all trades.

Market SpreadsBid/Offer Spread Bid/Offer Spread Bid/Offer Spread

<1 0.5 5 – 9.95 5 25 – 99.75 25

1 – 2.99 1 10 – 24.90 10 >100 50

3 – 4.98 2

Cross Selling Equity & Short SellingCross selling is allowed with a deviation of up to 15% of the VWAP, above that approval is required from the exchange. Cross selling in the market is technically not allowed, but it is allowed off market.

Naked Short Selling is prohibited, covered short selling is permitted on an approved list of stocks.

Taxes & Regulations Affecting Foreign InvestorsA non-resident stockholder receives the full amount of the dividend, less corporate tax of 28%. There is no capital gains tax in Malaysia.

A government body, the Foreign Investment Committee, is responsible for the regulation of assets, acquisitions, mergers and takeovers of companies and businesses in Malaysia. 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

GMT +8hrsInternet: www.bursamalaysia.com Email: [email protected]

Primary ExchangeBursa Malaysia

Futures InformationMain Contract KL Composite Index Trading Exchange Malaysia Derivatives Exchange Trading Times Mon – Fri; 08:45 – 12:45 / 14:30 – 17:15Contract Size MYR50 x IndexContract Months Spot, next and next two calendar quarterly months Expiration Day Last business day of contract monthReuters <0#KLI:>,near mth<KLCIc1>,<KLO/KLI>Bloomberg IK(Mon Code)(Last No of Year) Index>

Malaysia

Main IndicesKuala Lumpur Composite Index (KLCI)


Each trading day is divided in two sessions

Morning Session:

Pre-Opening: 08:30 – 09:00


Pre-Closing: 12:15 – 12:20

Trading at Last: 12:20 – 12:30

Afternoon Session:

Pre-Opening: 14:00 – 14:30


Pre-Closing: 1�:45 – 1�:50

Trading at Last: 1�:50 – 17:00




Board Lots100

Odd LotOdd Lot: Odd lots are traded on the “odd lot” board or transacted by private negotiation through a direct business transaction

CurrencyMalaysian Ringgit (MYR)


Currency ExchangeUSD1 = MYR3.5080

EUR1 = MYR5.127�


Brief HistoryThe Maldives Stock Exchange (MSE) was established on 14 April 2002. Originally it was operated by the Capital Market Development Authority, 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).

Trading SystemTrading is conducted on the Securities Trading Floor (STF). 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. Pending orders are required to be matched in the following sequence:

Best Price

Within Price, by time priority

1.

2.

Taxes, Market Charges & Compulsory Commissions Brokerage Fees for investing on the MSE are as follows:

Rf. 50,000 and below = 3% (1.5% from buyer and 1.5% from seller)

Rf. 50,000 – 100,000 = 2% (1% from the buyer and 1.5% from the seller)

Rf. 100,000 and above = 1% (0.5% from the buyer and 0.5% from the seller)

There is also a Trade Processing fee of 1% from every transaction charged by CDMA (0.5% from the buyer and 0.5% from the seller

Taxation & Regulations Affecting Foreign InvestorsThere are no direct taxes for foreigners in the Maldives. The banking and hotel industries are the only corporate taxpayers in the Maldives, where they pay 9.1% of their profits in tax.

GMT +5hrsInternet: www.maldivesstockexchange.com.mv/ Email: [email protected]

Primary ExchangeMaldives Stock Market

Futures InformationNoneMaldives

Main IndicesNone


Pre-Open: 08:30 – 9:00

Opening: 09:00


Closing Session: 12:00 – 12:30

Close Trade Session: 12:30 – 13:00

Post Closing Session: 13:00 – 14:00


Market Capitalisation: USD157.2m


CurrencyRufiyaa (MVR)


Currency ExchangeUSD1 = MVR12.800

EUR1 = MVR18.�70


Brief HistoryThe idea of a stock exchange in Malta originated in 19�9 but the project lay dormant for almost 20 years until, in early 1988, the Minister of Finance set up an advisory committee. The first trading session took place in 1992. Originally trades were conducted through a manual call-over system. However since July 199� the MSE has used a fully electronic trading system. From May 1998 daily trading was introduced and the exchange moved towards remote off-the-floor trading.

Trading SystemStocks are traded by the Malta Automated Trading System (MATS), which is provided by OMX. This is a screen-based order matching system, which consists of a pre-opening, an opening and a continuous trading stage. 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.

Taxes, Market Charges & Compulsory Commissions The commission rates charged by stockbrokers have been liberalised. As a general guide the rates of commission range between a maximum of 1.5% to a minimum of 0.25% depending on volume traded.

Taxation & Regulations Affecting Foreign InvestorsAll transfers of listed securities are exempt from the payment of capital gains tax. No stamp duty is payable with regard to transactions.


GMT +1hr (+2hrs DST)Internet: www.borzamalta.com.mt Email: [email protected]

Primary ExchangeMalta Stock Exchange

Malta

Main IndicesThe Malta Stock Exchange Index


Pre-Open: 09:00 – 10:00


Close: 13:30



Average Daily Turnover: USD100k

CurrencyEuro (EUR)




Brief HistoryCompany 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.

Trading SystemSince 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.

Taxes, Market Charges & Compulsory CommissionsOnce 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)

Stockbroking Company (%)

SEM (%)

SEC (%)

CDS (%)

Total (%)

Not exceeding 3m 0.75 0.25 0.05 0.20 1.25

Over 3m up to �m 0.70 0.25 0.05 0.15 1.15

Over �m up to 10m 0.�0 0.25 0.05 0.15 1.05

Over 10m 0.50 0.25 0.05 0.10 0.90

Taxes & Regulations Affecting Foreign InvestorsTax-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.

Cross Selling & Short SellingFor securities traded on the equity board and debt board crossing is carried out during the continuous session of the operating hours of the ATS.

GMT +4hrsInternet: www.stockexchangeofmauritius.com/ Email: [email protected]

Primary ExchangeStock Exchange of Mauritius

Futures InformationNoneMauritius

Main IndicesStock Exchange of Mauritius Index (SEMDEX)


Pre-Opening: 09:00 – 10:00,

Opening: 10:00,

Continuous: 10:00 – 15:00,

Closing: 15:00




CurrencyMauritian Rupee (MUR)


Currency ExchangeUSD1 = MUR30.707

EUR1 = MUR44.892


Brief HistoryThe 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.

Trading SystemAll 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.

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 CommissionsThe stock exchange fee is 0.055% and the commission is fully negotiable.

Taxes & Regulations Affecting Foreign Investors

Equity Market

Capital Gains Exempt

Dividends (to Mexican nationals)

Aggregate income and income tax (33%) paid by the company will be accreditable

Dividends (to foreigners) 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.

Cross Selling Equity & Short SellingShort selling is only available to proprietary accounts of local brokers. Short selling is prohibited for foreigners.

GMT -�hrs (-5hrs DST)Internet: www.bmv.com.mx Email: [email protected]

Primary ExchangeMexican Stock Exchange

Futures InformationMain Contract Mexico Bolsa Index FutureTrading Exchange Mercado Mexicano de DerivadosTrading Times Mon – Fri; 07:30 – 15:00Contract Size 10MXN x IndexTick Size 1 pointContract Months March quarterly cycleExpiration Day Fourth Tuesday of contract monthReuters <0#IPC>, nearest month <IPCc>, contract details

<MXN/IPC1>Bloomberg IS (Month Code) (last Number of Year) <Index>

Mexico

Main IndicesPrice and Quotations Index (IPC)

Mexico Index (INMEX)

Medium Capitalisation Index (IMC30)


08:30 – 15:30




CurrencyMexican Peso (MXN)


Currency ExchangeUSD1 = MXN13.3�9

EUR1 = MXN19.542


Brief HistoryMoldova Stock Exchange (MSE) was founded on 7 December 1994 and opened for trading on 2� June 1995.

Trading SystemThe 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, Market Charges & Compulsory CommissionsThe 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.

Taxes & Regulations Affecting Foreign InvestorsDividends of both residents and non-residents are taxed at 10%. The capital gains tax in Moldova is 20%.

GMT +3hrs (+4hrs DST)Internet: www.moldse.md Email: [email protected]; [email protected];

[email protected]; [email protected]

Primary ExchangeMoldova Stock Exchange

Futures InformationNoneMoldova

Main IndicesCNVM-32


10:00 – 15:00


Market Capitalisation: ~USD2�0m

CurrencyMoldovan Leu (MDL)


Currency ExchangeUSD1 = MDL11.1�8

EUR1 = MDL1�.325


Brief HistoryIn 1990 the public sector in Mongolia, as in other post-communist countries, accounted for about 90% of GDP. The Mongolian Stock Exchange (MSE) was created in 1991 to help facilitate the move from a centrally controlled planned economy to the market system. Due to the privatisation policy of Government, in 1992 – 1995, the 475 state-owned industries were privatised and changed to company form. The securities market is now open for domestic and foreign investors to trade. Following the new Securities and Exchange Law, adopted in December 2002, the MSE was reorganised as a profit making state-owned shareholding company which is allowed to carry out legal business services.

Trading SystemA member securities company takes part in trading through its authorised dealer. The client’s order is passed from the brokerage firm to the dealer through a telecommunications link. The dealers in turn enter the orders for execution into a computer network in the MSE trading hall. Orders are automatically matched and executed. Trading is carried out on an open and continuous basis. Orders are executed depending on price and time priority.

Taxes, Market Charges & Compulsory CommissionsThe commission fee paid to a broker for either buying of selling securities is designated by the MSE:

Area Commission Rate

Province 1% to 7% of value traded

City 1% to 5% of value traded

The Stock Exchange charges 1% of the total turnover of the day.

Taxes & Regulations Affecting Foreign InvestorsA foreign investor may, in accordance with the laws of Mongolia, purchase shares or other securities of any business entity which is operating within the territory of Mongolia. All investors are subject to a 10% tax on earnings from dividends, whilst capital gains tax ranges from 10-25% depending on amount.

GMT +8hrsInternet: www.mse.mn/en Email: [email protected]

Primary ExchangeMongolian Stock Exchange

Futures InformationNone Mongolia

Main IndicesGeneral Index

Top 20 Index

MSE Composite Index


11:00 – 12:00


Market Capitalisation: ~USD70m

CurrencyMongolian Togrog/Tugrik (MNT)

Clearing and SettlementAll trades are settled in the Securities clearing house and Central Depository on a T+1 basis

Currency ExchangeUSD1 = MNT1411.50

EUR1 = MNT2058.95


Brief HistoryThere are two principal Stock Exchanges in Montenegro. The oldest is the Montenegro Stock Exchange which was established in June 1993. It was joined by the New Securities Stock Exchange (NEX) in 2001. Both are located in the capital Podgorica.

Trading SystemTrading on NEX is conducted through an Electronic Trading System which was donated by the Ljubljana Stock Exchange and has operated since March 2001. 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; the current average price, best bid and best ask, close price and other significant trading data. This upgrade of the trading system allows increased market integrity and surveillance, increased capacity and increased liquidity.

Trading on the Montenegro Stock Exchange is conducted through the Exchange Trading System. 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.

Circuit BreakersFluctuations in price are limited to a movement of ±10% from the official average price of the preceding trading day.

Taxes, Market Charges & Compulsory Commissions Commission fees are 0.08% of the trade value with a minimum fee of EUR200.

Taxation & Regulations Affecting Foreign InvestorsCorporate Tax in Montenegro is between 15% and 20% depending on the value. Non residents pay tax on capital gains at the rate of 15%, through withholding.

GMT +1hrs (+2hrs DST)Internet: www.nex.cg.yu; www.montenegroberza.com Email: [email protected]; [email protected]

Primary ExchangeMontenegro Stock Exchange and New Securities Stock Exchange

Futures InformationNoneMontenegro

Main IndicesNEX20

MOSTE


MSX – Continuous Trading: 09:00 – 14:00




CurrencyEuro (EUR)




Brief HistoryThe Casablanca Stock Exchange (CSE) was originally established as a private stock exchange in 1929. Since the CSE was founded it has gone through several major reforms. In 1948, the government took control of the Stock Exchange and set up an open outcry trading system. 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, CDVM (Conseil Déontologique des Valeurs Mobilières) whose responsibility is to protect investor’s interest and the fulfilment of listing requirements. The 1993 reforms were amended and supplemented in 199�, defining the various market players and introducing the rules and technical procedures needed for the development of the Moroccan financial market. The Stock Exchange was privatised in 1995 and a central depository came into operation in 1998.

Trading SystemThe electronic trading system (NSC) is an automated platform for the management of stock-market trading sessions. It enables the automatic routing of stock-market orders and the completion of transactions according to predefined market rules.

All securities quoted on the Casablanca Stock Exchange are traded on the electronic trading system using trading screens provided to brokerage firms. 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.

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 Casablanca Stock Exchange monitors transactions on a daily basis. It can temporarily suspend transactions in any stock or limit the fluctuation of share prices, if it deems it necessary in the interests of the market.

Taxes, Market Charges & Compulsory CommissionsCommissions are set by the Casablanca Stock Exchange. The rates of commissions charged by the Casablanca Stock Exchange were overhauled in 200�. The fees are now 0.1% for dealing, excluding 10% VAT.

Taxes & Regulations Affecting Foreign InvestorsThere are no restrictions on foreign investment. Repatriation of capital gains and income is free of any exchange-control restrictions. 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.

GMT +0hrsInternet: www.casablanca-bourse.com Email: [email protected]

Primary ExchangeCasablanca Stock Exchange

Futures InformationNone Morocco

Main IndicesMASI Float (Moroccan All Share Index)

MADEX Float (Moroccan Most Active Shares Index)








CurrencyMoroccan Dirham (MAD)


Currency ExchangeUSD1 = MAD7.7735

EUR1 = MAD11.3�4


Brief HistoryThe first Namibian Stock Exchange was founded in Lüderitz in southern Namibia at the start of the 20th Century, as the diamond rush brought hundreds of prospectors to the desert and whole towns sprung up. However within a few years, the rush was over and the exchange closed. In 1990 Namibia gained independence from South Africa. At this time the Government and 3� leading businesses agreed to open a Stock Exchange. The Namibian Stock Exchange (NSX) remains a not for profit company.

Trading SystemSince 1998, the NSX has had an integrated computer system handling trading, broker client accounting and transfer services. The NSX introduced new trading and information dissemination systems, JSE SETS and InfoWiz, on 13 May 2002. 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. The NSX is now able to introduce certain trading practices which are unique and suitable for its market, but which may not be suitable in a large market such as the JSE.

In compliance with international practice, NSX closing prices are now calculated on a last trade price basis rather than higher bids or lower offers in the market, thus improving fairness and market integrity in determining closing prices. The full depth of the market order book is displayed, ensuring more transparency in the market.

Taxes, Market Charges & Compulsory CommissionsThe charges for dealing are a percentage of the deal amount. The brokerage rates include a transaction levy of 10% of brokerage paid to the NSX and a 0.04% levy by namfisa.

Dealing charges: Equities

Transaction (NAD) Commission

Deals up to 10,000 1.00%

Portion up to 20,000 0.85%

Portion up to 100,000 0.�5%

Portion up to 500,000 0.55%

Portion up to 5m 0.40%

Portion above 5m 0.35%

Taxes & Regulations Affecting Foreign InvestorsA 10% tax is deducted from dividends paid to persons not residing in Namibia. Double-taxation agreements with certain countries may provide for a lower rate. Non-residents who invest in Namibia are not charged tax on interest earned. There is no capital gains tax and there is no tax on dealing (marketable securities tax). There are no general restrictions on foreign investment.

GMT +1hr (+2hrs DST)Internet: www.nsx.com.na Email: [email protected]

Primary ExchangeNamibian Stock Exchange

Futures InformationNoneNamibia

Main IndicesNSX Overall Index

NSX Local Index


Continuous Trading

Summer Time: 09:00 – 17:00

Winter Time: 08:00 – 1�:00



CurrencyNamibian Dollar (NAD)


Currency ExchangeUSD1 = NAD7.412

EUR1 = NAD10.824


Brief HistoryThe history of the Exchange can be traced back to 1983. With the enactment of the Securities Exchange Act 1983 the former Securities Exchange Centre started trading securities on an ad hoc basis. This system continued until 1993.

The Securities Exchange Centre was converted into the Nepal Stock Exchange in June 1993. It started trading through licensed members in an organised way in January 1994 with 25 broker members and six market makers.

Trading SystemNEPSE has adopted an open outcry system under which transaction of securities is conducted on the open auction principle on the trading floor. The buying broker with the highest bid will post the price and his code number on the buying column, while the selling broker with the lowest offer will post the price and code number on the selling column of the quotation column. The market maker quotes their bid and offer price on their own board before the floor starts. Once the bid and offer price match, contracts between the buying and the selling brokers or between the brokers and market makers are concluded on the floor. NEPSE introduced fully automated screen based trading since 24 August, 2007

Circuit BreakersBefore 13:00 Before 14.00 After 14.00

±3% 15 minute halt No halt

±4% 30 minute halt No halt


Prices on individual stocks can fluctuate no more than ±10% .

Taxes, Market Charges & Compulsory CommissionsThe rate of brokerage on equity transactions ranges from 1 to 1.5% depending on the traded amount.

Equity Transactions

Value of Transaction (NPR) Rate %

Up to 25,000 1.5

Between 25,001 and 50,000 1.4

Between 50,001 and 100,000 1.3

Between 100,001 and 500,000 1.2

Between 500,001 and 1,000,000 1.1

1,000,000 and over 1.0

Minimum commission is NPR15. In addition, NPR10 can be charged as service charge.

Taxes & Regulations Affecting Foreign InvestorsThe rate of brokerage on equity transactions ranges from 1 to 1.5% depending on the traded amount.

GMT +5.75hrsInternet: www.nepalstock.com Email: [email protected]

Primary ExchangeNepal Stock Exchange

Futures InformationNone Nepal

Main IndicesNEPSE Index


Regular Trading: 12:00 – 15:00

Odd Lot Trading: Friday: 12:00 – 13:00




CurrencyNepalese Rupee (NPR)


Currency ExchangeUSD1 = NPR77.�78

EUR1 = NPR113.22�


Brief HistoryAmsterdam was home to the world’s oldest official stock market which began trading at the beginning of the 17th Century. The United East India Company was the first company in the world to be financed by the issuing of shares to the public, and throughout the 18th century Dutch investors played a dominant role in financing foreign investments in both public and private sectors. In September 2000, Amsterdam Exchanges merged with the exchanges of Brussels and Paris to form Euronext, now called NYSE Euronext.

Trading SystemThe Euronext single cash electronic trading system, NSC, is used across all the Euronext Cash Market locations. NSC is a centralised, order-driven market with a single centralised electronic order book and uniform market rules for all European and non-European equities. 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, and incorporating the reliable and secure communications protocol of a TCP/IP transport layer. The NSC system is the most widely used system of its kind in the world today, and versions of the NSC are operational at the exchanges of Toronto, Montreal, Sao Paolo, Warsaw, the Chicago Mercantile Exchange and the Singapore Mercantile Exchange.

Trading on the Euronext Cash Market is based on two mechanisms: continuous trading and auctions. The most liquid securities are traded continuously during market sessions. Less liquid securities can be traded continuously with the aid of a liquidity provider, or exclusively in actions. Liquidity providers are dealers (members entitled to trade exclusively for their own account) that have undertaken, with the approval of the relevant market operator, to improve liquidity in a particular security. Trade reporting for off-order book trades can be done through Euronext’s Trade Confirmation System (TCS), which can be accessed via the web or via standard means.

Circuit BreakersFor AEX

During auctions: �% difference from the reference price (generally the previous day’s close or the last indicative price).


For other stocks

During auctions: 10% difference from the reference price.



10% from the static reference price which is reset every time the market breaks its upside/downside threshold; which is the last closing price for the opening. Trading then resumes after a 4-minute halt. If the traded price deviates more than 2% from the dynamic reference price, the last traded price, the market halts for one minute.

Taxes, Market Charges & Compulsory CommissionsCash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.

Taxes & Regulations Affecting Foreign InvestorsFor 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, 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, which is subject to a 30% tax. The economic value of the investments is therefore taxed at 1.2% per year.

Capital gains are generally not taxable. Dividends paid by a resident company are subject to dividend tax of 25% which may be set off against the income tax due. There is no withholding tax on interest.

Non-residents: depends on tax treaties.

Dividends are subject to a 25% withholding tax. This tax is reduced for residents of countries having tax treaties with The Netherlands. There is no withholding tax on income from bonds and there is no capital gains tax. Foreigners may freely trade in Dutch securities. There are no exchange control restrictions on the repatriation of capital and earnings. Dividends paid on Dutch shares are transferable to non-residents in the currency of their country or in any other currency.

Cross Selling Equity and Short SellingThere are no specific rules for the short selling of equities and there is no uptick rule in place. However it is compulsory to notify the regulator when holding a short position of more than 0.25% of the market capitalisation of a particular stock, this information will not be available to the greater public.

In the Central Order Book, cross trades can be made only for Securities traded continuously and within the market’s best bid/ask spread at the time of execution.

GMT +1hrs (+2hrs DST)Internet: www.euronext.com

Primary ExchangeEuronext Amsterdam

Futures InformationMain Contract Amsterdam Index FuturesTrading Exchange Euronext Liffe Amsterdam Trading Times Mon – Fri; 08:00 – 17:35Contract Size Euro200 x IndexTick Size 0.05 Contract Months Cycle of 1, 2, 3, �, 9, 12 monthsExpiration Day Until 1�.00 on the third Friday of the contract monthReuters <0#AEX:>, nearest month <AEXc1>, contract details

<AEX/AEX1>Bloomberg EO (Month Code)(Last Number of Year) <Index>

Netherlands

Main IndicesAEX Index


Pre-Opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35






Board lot1 (minimum order size 10)

CurrencyEuro (EUR)




Brief HistoryThe first stock exchanges in New Zealand opened during the Gold Rush in the 1870’s, however the majority lasted only as long as the gold reserves. 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. 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). In 1991 the regional trading floors were closed and in 1998 the trading system was fully automated. Today NZX operates its national screen-based trading and settlement system and associated administrative functions from its offices in Wellington. The New Zealand Stock Exchange demutualised on 31 December 2002 and was renamed NZSE Limited, replacing the former corporate body which operated under the realm of Sharebrokers’ Amendment Act 1981. Shares in NZSE commenced trading on 10 July 2003.

Trading SystemIn July 2007 the NZSE introduced a new trading system called GlobalVision which is provided by developers Trayport. This replaced the previous FASTER system and offers a more efficient way of Trading on the New Zealand Market. GobalVision offers a real-time fully electronic securities exchange, incorporating trading, settlement and registration, as well as the recording of market information, databases and support information services. The system allows brokers to enter bids and offers into a terminal based in their individual offices. Bids and offers are captured on a time-priority basis at each successive price level. GlobalVision has the capacity for 8,000 trading screens around the world.

Circuit Breakers:There is no index-wide circuit breakers, however, single stocks cannot trade beyond certain limits which are only disclosed to the company itself.

Taxes, Market Charges & Compulsory CommissionsThere is no stamp duty payable in New Zealand on the transfer of debt or equity securities.

Taxes & Regulations Affecting Foreign InvestorsNon-resident withholding tax (NRWT) is imposed on dividends paid to non-resident. The rate is 30% for dividends which is reduced to 15% for residents of countries with a double taxation agreement with New Zealand.

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, land over five hectares and/or worth more than NZD10m, any land on most off shore islands and any land over four hectares adjoining certain sensitive areas.

Non-residents are allocated imputation credits but they cannot, under current arrangements, use them to reduce their New Zealand tax bill. 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, i.e. those with less than a 10% holding in a company.

Tax is payable on the aggregate of cash received plus any ‘foreign dividend withholding payment’ tax credits attached to the dividend. The liability is then reduced by a credit for the ‘foreign dividend withholding payment’. Where dividends are reinvested in the form of shares, the tax base for non-resident withholding tax will include the amount of the cash dividend foregone.

Cross Selling Equity & Short SellingShort selling is allowed subject to rules and specifications of the regulatory authority.

There is a penalty charge if no delivery on settlement day. Short sales are not permitted if the transaction will amount to more than 10% of the total number of shares issued.

Crossing is allowed onshore but must be reported to the exchange. Offshore crosses are not allowed. 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.

Board LotsShare Price Lot

NZD0 – 0.25 2,000

NZD0.2� – 0.50 1,000

NZD0.51 – 1.00 500

NZD1.01 – 2.00 200

NZD2.01 – 5.00 100

NZD5.01 – 10.00 50

NZD10.01 and over 25

GMT +12hrs (+13hrs DST)Internet: www.nzx.com Email: [email protected]

Primary ExchangeNew Zealand Exchange (NZX)

Futures InformationMain Contract FoX15 Index FuturesTrading Exchange Sydney Futures Exchange Trading Times 07:45 – 15:15 (Sydney)Contract Size NZD10 x IndexTick Size 1Contract Months March, June, September and December up to four

quarter months aheadExpiration Day 1�.30 on the second to last business day of the

contract monthReuters <0#NTP:>, nearest month <NTPc1>, contract

details <NFE/NTP1>Bloomberg ZI (Month Code)(Last Number of Year) <Index>

New Zealand

Main IndicesNZX 50 Index

NZX 15

NZX 50 Portfolio Index


Enquiry: 08:00 – 09:00

Pre-Open: 09:00 – 10:00


Pre-Close: 1�:45 – 17:00

Adjust: 17:00 – 17:30

Enquiry: 17:30




CurrencyNew Zealand Dollar (NZD)


Currency ExchangeUSD1 = NZD1.4310

EUR1 = NZD2.0917


Brief HistoryThe Nigerian Stock Exchange (NSE) was established as a securities trading exchange in 19�0, the same year Nigeria gained its independence from Great Britain. The Exchange started with 19 securities listed for trading recording a total market capitalisation of NGN4.3m.

In October 1999, the Johannesburg Stock Exchange and the NSE signed a memorandum of understanding for cross-border listing of securities. An estimated 47% of all securities held in the Nigerian stock market are held by foreign institutional investors.

Trading SystemSecurities’ trading on the Nigerian Stock Exchange is carried out on the Automated Trading System. The dealing members are all connected to a trading engine, which executes market orders in less than 2 seconds.

The trading platform has a facility for remote or off-site trading which has been fully operational on the regional trading floors, allowing brokers in the regions to trade online in real time with their counterparts on the main trading floor in Lagos.

The Nigerian Stock Exchange has implemented a fully remote trading capability. This allows brokers to trade on the trading floor, using the Internet, from sites anywhere in the world. The Nigerian Stock Exchange website, permits brokers and investors to monitor the market in real time, make investment decisions and enter orders from remote locations.

Taxes, Market Charges & Compulsory CommissionsBrokerage fee: 1% to 2.75%

Stamp duty: 0.075%

Securities and Exchange Commission fee: 1%

Taxes & Regulations Affecting Foreign InvestorsThe 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.

Foreign institutions and individuals are taxed on their Nigerian income only. Corporate tax is generally charged at 30% based on total profit, whilst individuals are taxed up to 25%. A 10% withholding tax is deducted from dividend payments to companies and individuals. Capital gains are taxed at 10%.

Cross Selling Equity & Short SellingA 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 does not apply for market makers, provided that the short sell follows from the obligations the member has as a market maker. The short sell shall be supported by a securities borrowing transaction. All short sells have to be reported to the OSE latest by 7:00pm on trade date. The member firm shall in addition report the accumulated volume of all stock borrowed the last trade date every week. ‘Covered’ short sales are allowed in an uptick situation.

GMT +1hrInternet: www.nigerianstockexchange.com Email: [email protected]

Primary ExchangeNigerian Stock Exchange

Futures InformationNoneNigeria

Main IndicesThe Nigerian Stock Exchange Common Stocks (All Share) Index


Trading Hours: 11:00 – 13:30



CurrencyNigerian Naira (NGN)


Currency ExchangeUSD1 = NGN154.07

EUR1 = NGN225.18


Brief HistoryNorway’s first exchange, Christiania Stock Exchange, was officially opened on 15 April 1819. 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. The Exchange’s activity was very modest, with prices fixed once a month in the presence of the city’s two brokerage houses. Weekly fixings were not introduced until after World War I, and daily fixings started in 1922. Trading became fully electronic in 1999 when the trading floor was discontinued. After 182 years as a self owned and non-profit organisation, Oslo Børs became a public limited company on 22 May 2001. The Exchange is also a member of the NOREX Alliance and adheres to the same regulatory framework as the OMX stock markets

Trading SystemTrading on the SAXESS platform commenced in May 2002. The trading platform allows remote membership and has an electronic order book with automatic matching. There is no floor trading. All shares are quoted and traded continually. In the free-trade period all trades in individual shares must be at least 1 trading block (approximately NOK10,000) in size. Official trading takes place from 09:00 to 17:20, when a closing auction takes place. The auction is finished at 17:30. The system, however, 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 trading-day’s close. Trades which take place between authorised brokers outside the Exchange must be registered in the system within five minutes of completion. Trades which are completed outside official Trading Hours must be registered before 09:00 the next trading day.

Circuit BreakersThere is both dynamic and static circuit breakers.

Static Dynamic

OBX Index ±15% ±5%

Taxes, Market Charges & Compulsory CommissionsCommission fees are negotiable. There are no other taxes.

Tick SizeIn July 2009 The tick size was reduced for all OBX shares to NOK 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, cf. Oslo Børs. Tick sizes will not change for shares (including accompanying subscription rights) that are not included in the OBX index, and tick sizes will also continue unchanged for equity certificates and warrants. The unchanged tick size table for these securities is as follows:

Bid or Offer Price Price Tick

0 – < 14.99 0.01

15 – < 49.90 0.05

50 – < 99.90 0.10

100 – < 249.75 0.25

250 – < 499.50 0.50

500 – 1.00

Taxes & Regulations Affecting Foreign InvestorsNorwegian shareholders normally pay a 28% tax on capital gains arising from share transactions.

Norwegian companies normally make one dividend payment per year, from which withholding tax is deducted. Withholding tax varies from 0-25%, depending on the taxation agreements in existence between Norway and the country in question, but is 15% in most cases.

Cross Selling Equity & Short SellingShares have to be borrowed before a short sale can take place, the uptick rule applies. Market makers do not have to pre-borrow shares, provided that the short sale follows from the obligations the member has as a market maker. All short sales have to be reported to the OSE latest by 19:00 on trade date. The member firm must in addition report the accumulated volume of all stock borrowed the last trade date every week. The Financial Supervisory Authority of Norway has banned short selling in financial institutions in October 2008 and the ban is still in place today. (September 2009).

GMT +1hr (+2hrs DST) Internet: www.oslobors.no Email: [email protected]

Primary ExchangeOslo Børs

Futures InformationMain Contract OBX Index FutureTrading Exchange Oslo Stock Exchange Trading Times Mon – Fri; 08.00 – 15.20 (Oslo)Contract Size NOK100 x Index Tick Size Tick size is 0.01 when futures price is less than 0.1;

0.05 when futures price exceeds or equals 0.1; and 0.25 when the futures price exceeds or equals 4.0

Contract Months All 12 months in 1, 2 and 3 month termsExpiration Day Third Thursday of expiration monthReuters <0#OBX:>, nearest month <OBXc1>, contract

details <OSL/OBX>Bloomberg OI (Month Code)(Last Number of Year) <Index>

Norway

Main IndicesOslo Børs Benchmark index (OSBEX)

Oslo Børs All-Share Index (OSEAX)

Oslo Børs Mutual Fund Index

Oslo Børs Small Cap Index


Pre-Trade: 08:15 – 09:00

Continuous Trade: 09:00 – 17:20

Closing Call: 17:20 – 17:30

Post-Trade: 17:40 – 18:00



Average Daily Value: USD887.2bn

Board LotsTrading takes place in round lots i.e. a round number of securities representing a market value of approximately NOK10,000. Members may also trade in smaller lots, so-called odd lots, on a separate board

CurrencyNorwegian Krone (NOK)


Currency ExchangeUSD1 = NOK5.9278

EUR1 = NOK8.��43


Brief HistoryThe Muscat Securities Market (MSM) was established in 1988 and trading began in May 1989. The MSM secondary market consists of the Regular, Parallel, Third and Bond sub-markets. The Regular Market is for established companies with a history of profitability and sufficient liquidity. The Parallel Market is for new companies, or companies which no longer meet the requirements of the Regular Market. The Third Market has been restructured with regard to listing requirements and trading. There will be a specific place, 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.

The MSM is one of the most open Arab stock markets for foreign investors. There are no taxes on dividends or capital gains, no restrictions on foreign investors repatriating their profits, and the currency is freely convertible. The market has used electronic trading since 1998.

Trading SystemThe exchange now uses the French ATOS Euronext trading system. This system, which replaced the original electronic trading system introduced in 1998, ensures that data and information are provided immediately for the market. It also offers a facility to connect to the other exchanges in the GCC and to add further trading instruments in the future.

Circuit BreakersTrading is temporarily suspended if the stock fluctuates by 5% or more from the previous day’s close.

Taxes, Market Charges & Compulsory CommissionsBrokerage companies and investment banks dealing in the field of securities may charge the client a commission ranging between 0.75% as a maximum limit and 0.4% as a minimum limit of the market value for each order for any amount from OMR1 to OMR100,000. This percentage includes the broker’s commission and the MSM’s commission. The MSM receives 20% of the maximum limit. Where the market value of the order is more than OMR100,000 the charges are 20% of 0.5% of the excess amount.

The minimum limit of the broker’s commission is OMR0.5 and the minimum limit of the MSM commission is OMR0.2

Taxes & Regulations Affecting Foreign InvestorsThe Muscat Securities Market operates one of the most liberal stock exchanges in the region. There are several incentives for foreign investment on the MSM. Such as no tax on capital returns or profits, no restrictions on capital profits or transfers, no restrictions on exchange processes, fixed exchange transfers, low corporate profit tax, no prior permission required for foreigners to invest in listed companies (where ownership of up to 100% is permitted) or investment funds. In Oman foreign ownership of up 100% is permitted, no personal income tax and a corporate tax holiday of up to 10 years, amongst others.

GMT +4hrsInternet: www.msm.gov.om Email: [email protected]

Primary ExchangeMuscat Securities Market

Futures InformationNoneOman

Main IndicesMuscat Securities Market Index (MSM 30)


Pre-Open: 09:30 – 10:00





CurrencyOmani Rial (OMR)


Currency ExchangeUSD1 = OMR0.38500

EUR1 = OMR0.5�285


Brief HistoryOn 18 September 1947, just one month after partition from India and independence from Great Britain, The Karachi Stock Exchange was founded. It was converted and registered as a Company Limited by Guarantee on 10 March 1949. In November 1991 the KSE-100 was introduced and is still the most generally accepted measure of the exchange. In 1995 the KSE-100 was joined by the KSE All Share Index. The KSE is currently in the process of demutualisation.

Trading SystemThe Karachi Stock Exchange has introduced a computerised trading system known as Karachi Automated Trading System (KATS) to provide a fair, transparent, efficient and cost effective market for investors. Currently, the exchange conducts one trading session from Monday to Thursday and two sessions on Friday. Trading is divided into four distinct segments, each of which has its own clearing and settlement procedure. These are: T+2, Provisionally Listed Companies, Spot (T+1) Transactions and Future. Internet-based trading was introduced in December 2004.

Off-market crosses are allowed, but they have to be reported by 15:00 and will appear as a tick on the following day’s trades. 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.

Circuit BreakerThe KSE has imposed a circuit breaker of 7.5% or Rs 1.50 for upward price fluctuation and 5% or Rs 1 for downward price fluctuation.

Taxes, Market Charges & Compulsory CommissionsBrokerage on sale and purchase: Brokerage on transactions is freely negotiable between the brokers and clients.

Stamp duty/registration: Stamp duty is charged at 1.5% of the face value of the shares under the physical form of transfer. There is no stamp duty for transfers settled through the Central Depository System; however, there is a one time stamp duty at the rate of PKR0.01 per share at the time of deposit of securities in the CDS.

Local Tax: 0.02%.

Taxes & Regulations Affecting Foreign InvestorsForeign investors are freely allowed to operate in the capital market without any retention period.

Funds invested in the capital market are freely transferable along with dividend income.

Foreign investors are treated on-par with local investors in tax treatment.

Local Investors: Capital gains on sale of listed securities are exempt from income tax up to the year 2008. This exemption has been available since 1974.

Foreign and non-resident investors have to pay withholding tax on their dividends. If due to a double taxation treaty the stockholder can claim a rebate, the custodian will have to be informed. Dividends are subject to withholding tax at different rates. Where the recipient is a public company or an insurance company, the rate is 5%. For others the rate is 10%. However, where the company declaring the dividend is a power generation entity the tax is withheld at 7.5% from recipients other than public and insurance companies.

Cross Selling Equity & Short SellingForeign investors are prohibited from short-selling. Cross selling is permitted.

GMT +5hrsInternet: www.kse.net.pk Email: [email protected]

Primary ExchangeKarachi Stock Exchange

Futures InformationNone Pakistan

Main IndicesKSE 100 Index

KSE All Share Index

KSE 30 Index

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




CurrencyPakistani Rupee (PKR)


Currency ExchangeUSD1 = PKR82.739

EUR1 = PKR120.95


Brief HistoryThe Palestine Securities Exchange (PSE) was incorporated as a private shareholding company in March 1995 with its Board of Directors elected in the same year. The exchange is controlled by is the Palestine Development & Investment Company (PADICO). PADICO aims to invest directly or through subsidiary companies in diverse projects that will help rebuild the economic infrastructure of the occupied Palestinian territories. The PSE held its first session in February 1997. Shares of the listed companies are mostly traded in Jordanian Dinars, whilst some are traded in US Dollars. The PSE is the sole securities market in Palestine.

Trading SystemPSE’s Stock Exchange Management System (SEMS) is a high-performance automated trading system. Trading is order-driven under which share trading originates from an order by a client, as either a market order or a limit order. Order entry is conducted via remote terminals located at members’ offices throughout the region. The broker workstation provides the broker with up-to-date market information, order status inquiries and reporting, and user-friendly facilities to enter and manage orders. Instruments can be traded and settled in different currencies. The trading system is capable of trading several financial instruments, however currently only equities are traded.

Circuit Breakers± 5% movement from last closing price.

Taxes, Market Charges & Compulsory CommissionsCommissions are imposed on both parties of the transaction and all fees and commissions are subject to VAT.

PSE commission 0.002

Member commission 0.0047

CMA commission 0.0005

Total 0.0072 (minimum 1JD)

Taxes & Regulations Affecting Foreign InvestorsNone.

GMT +2hrs (+3hrs DST)Internet: www.p-s-e.com Email: [email protected]

Primary ExchangePalestine Securities Exchange

Futures InformationNonePalestine

Main IndicesThe Al-Quds Index


Pre-Open: 09:45 – 10:00


Pre-close: 12:00 – 13:00

Close: 13:00


Market Capitalisation: >USD3bn

Average Daily Volume: ~USD1m

CurrencyJordanian Dinar (JOD)

US Dollar (USD)


Currency ExchangeUSD1 = JOD0.70825

EUR1 = JOD1.0354


Brief HistoryThe Bolsa de Valores de Panama (Panama Stock Exchange Inc) started operations in 1990. During the early 1970s a group of securities brokers had made a serious effort to set up a stock exchange, meeting for several months and publishing the results of their trades, but this venture failed. Decree No. 247 of July 1970 created the Comision Nacional de Valores and this was modified by Decree No. 1 of 8 July 1999 which created the National Securities Commission (SEC) and regulates the stock market in Panama. Since the early 1990s the exchange has helped facilitate growth brought about by political reforms and economic stability.

Trading SystemThe Stock Exchange operates an electronic trading system with remote trading terminals for all Stock Exchange seat holders. In certain special circumstances where the electronic system fails, the BVP has adopted open outcry trading norms for used on the Stock Exchange floor with a physical presence of the participants. All trades in the Exchange are carried out by individuals who have a licence issued by the SEC to act as securities brokers. The securities brokers work for companies that have bought the right to buy and sell securities or to have a seat on the Exchange.

Taxes, Market Charges & Compulsory CommissionsBrokers’ commission is negotiable within a range of 0.5-2% of the transaction value.

Taxes & Regulations Affecting Foreign InvestorsThere is no taxation on capital gains and interest income. There is a 10% withholding tax on dividends.

The USD is the legal currency of Panama and all securities are issued and traded in them. There are no restrictions on foreign ownership of local corporations and no restrictions on capital repatriation.

GMT -5hrsInternet: www.panabolsa.com Email: [email protected]

Primary ExchangePanama Stock Exchange

Futures InformationNone Panama

Main IndicesBVPSI (BVP Index)


10:00 – 15:00



CurrencyPanamanian Balboa (PAB)

US Dollar (USD)


Currency ExchangeUSD1 = PAB1.0000

EUR1 = PAB1.4�1�


Brief HistoryThe Asuncíon Stock Exchange (Bolsa de Valores y Productos de Asuncíon, or BVPASA) was established in September 1977. Exchange operations began in 1978 but it was inactive from 1982.

In 1991 Law 94/91 governing the capital markets in Paraguay was promulgated. This law also created the National Securities Commission (Comisión Nacional de Valores). The Exchange reopened in 1993.

Trading SystemTrading on the Asuncíon Stock Exchange is by open outcry.

Taxes, Market Charges & Compulsory CommissionsExchange Transaction Fees

Instrument Commission

Fixed incomes 0.025 of transaction value

Equities 0.15% of transaction value

Brokerage House Commission: Freely negotiable and each brokerage house decides on its own policy on brokerage commission.

Taxes & Regulations Affecting Foreign InvestorsThe legislation on foreign capital allows capital to enter and leave Paraguay without difficulty. 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, corporate income will be subject to a 30% tax rate. In the case of reinvestment, the income tax is reduced to 10%.

GMT -4hrs (-3 DST)Internet: www.bvpasa.com.py (Spanish text only) Email: [email protected];

[email protected]

Primary ExchangeAsunción Stock Exchange

Futures InformationNoneParaguay

Main IndicesPDV General

PDV 20


08:00 – 17:00

Market Size 2007

Market Capitalisation: USD3�0m

CurrencyParaguayan Guarani (PYG)


Currency ExchangeUSD1 = PYG4945.0

EUR1 = PYG7228.2


Brief HistoryThe Lima Mercantile Exchange was established in the mid-19th century. In 18�0 the institution was reorganised, adopting the name of the Lima Commercial Exchange, until 1951 when it was renamed the New Commerce Exchange. On 22 September 1970, the current LSE was founded as a non-profit civil partnership, in accordance with Decree Laws 18302 and 18350, issued by the governing military dictatorship. The Special General Associates’ Meeting of 19 November 2002 resolved to convert LSE into an equity for profit company, effective 1 January 2003.

Trading SystemThe Electronic Trading System (ELEX), implemented in August 1995, is a mechanism developed to facilitate trading operations on the Lima Stock Exchange. This system has been developed under a client-server model which optimises the handling of market information, 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 Mode: Entry of Firm Bids – During this phase, from 09:00 to 09:30, stock brokers enter firm bids which cannot be withdrawn until after the opening.

Trading: This is the period between 09:30 and 13:30, during which buying and selling bids are entered and continuous transactions are traded on the basis first of price and second of time.

Closing: Between 13:30 and 14:00 operations are effected at their respective closing prices.

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.

Permanent: These remain registered for an indefinite time, until they are accepted, withdrawn or remain outside the margins of the market.

Immediate or Cancel: When these bids are entered, the system tries to place them partially or completely. If placed partially, the system automatically eliminates the balance and when not placed at all, the bid is completely eliminated.

All or None: These bids must be applied integrally at the time they are entered into the system; if this is not possible, the system eliminates them automatically.

Price Fixing Over Time Bids: These bids remain in the Bid Register until such time as they are applied, cancelled by the user or system because of being outside market ranges or because they have expired.

Taxes, Market Charges & Compulsory CommissionsThe brokerage agency commission is a variable amount, freely negotiable between brokers and their clients. A value added tax (VAT) of 18% is applied to the sum of the brokerage agency commission plus the LSE fee, settlement fund contribution and the CAVALI and CONASEV fees forming the total cost for investors.

Equities LSE Fees

Guarantee Fund

Settlement Fund

CAVALI Fees

CONASEV Contributions

Spot Market 0.0825% 0.0075% 0.005% 0.0�5% 0.05%

Day Trade 0.03% 0.0075% 0.005% 0.045% 0.05%

Taxes & Regulations Affecting Foreign InvestorsThere is no distinction between residents and non-residents.

The tax rate on long-term capital gains in Peru is 30%. An income tax of 4.1% is applied over dividends distributed by listed companies when the decision to distribute dividends was taken by the company after 1 January 2003. Domestic institutional investors are exempt from this tax. Dividends are subjected to a withholding tax at the rate of 4%.

Cross Selling Equity & Short SellingShort selling is permitted in Peru. Foreign and local investors are allowed to execute transactions on equity transactions listed in the Tabla de Valores Referenciales (TVR). 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.

The LSE is informed of all short selling transactions and will penalise investors that do not comply with the collateral requirement. They will be subject to a 5% penalty of the total amount of the transaction, which will be part of the LSE guarantee fund.

GMT -5hrsInternet: www.bvl.com.pe Email: [email protected]

Primary ExchangeLima Stock Exchange

Futures InformationNone Peru

Main IndicesGeneral Index of the Lima Stock Exchange (IGBVL)

Selective Index of the Lima Stock Exchange (ISBVL)

Selective Perú-15 Index (ISP-15)


Pre-Opening: 09:00 – 09:30,


Closing Transactions 13:30 – 14:00

The trading session for Peruvian shares that are cross-listed on foreign exchanges is extended to 1�:10




CurrencyPeruvian Nuevo Sol (PEN)


Currency ExchangeUSD1 = PEN2.9225

EUR1 = PEN4.2719


Brief HistoryThe 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 19�3). In March 1994 the one-price-one-market exchange was achieved through a successful computer linkup between the two existing trading floors of the PSE, producing a single open-and-close price for all traded stocks. In 2001 the PSE was reorganised and transformed from a non-stock, member-governed organisation into a shareholder-based, revenue-generating corporation.

Trading SystemTrading is fully automated, using the Maktrade trading system. The two trading floors use the single order-book system on where all orders are posted and matched in one computer.

Investors must place their orders through stockbrokers licensed by the Securities and Exchange Commission. Bid and ask prices are keyed into the Maktrade system, and prioritising of orders takes place according first to price and then to time (first entered = first done). The system was modified to allow bond trading from 2001.

The minimum board lot and price fluctuation vary depending on the movement of the market price of the security. 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, whichever is higher.

Taxes, Market Charges & Compulsory CommissionsThe PSE prescribes the following charges.

Fees/Taxes Seller Buyer

Brokerage Commission (between 0.125% and 0.25% of transaction cost + 12% VAT)

X X

Securities Clearing Corporation of the Philippines Fee of 0.0001 x value of transaction

X X

Transfer Fee of Php100.00 + 12% VAT X

Cancellation Fee of Php20.00 + 12% VAT X

Stock Transaction Tax (0.05bps value of transaction in lieu of capital gains tax)

X

Taxes & Regulations Affecting Foreign InvestorsFor citizens or resident alien individuals, cash and/or property dividend earned on or after 1 January 2000 from a domestic corporation is taxed at 10%. For non-resident alien individuals, cash and/or property dividend from a domestic corporation is subject to an income tax of 20% on the total amount thereof.

A tax reform law, Republic Act No. 8424, took effect on 1 January 1998. Under this law, except in cases where tax treaties are in force, 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, and 32% if the recipient is a non-resident foreign corporation.

Foreign Investment is limited to 40% for public utilities, banks and corporation in the natural resource sector. Foreigners cannot purchase retail or mass media companies.

Cross Selling Equity & Short SellingIn October 2007 the PSE revised the rules on short selling. Short selling is defined as any sale with borrowed securities. 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

Board Lots and Price TicksPrice Minimum Fluctuations Board Lot

0.001 to 0.0024 0.0002 1,000,000

0.002� to 0.0050 0.0002 1,000,000

0.0055 to 0.0100 0.0005 1,000,000

0.0110 to 0.0250 0.001 100,000

0.02�0 to 0.0500 0.001 100,000

0.0525 to 0.1000 0.0025 100,000

0.105 to 0.2500 0.005 10,000

0.2�00 to 0.5000 0.01 10,000

0.5100 to 1.000 0.01 10,000

1.020 to 2.500 0.02 1,000

2.550 to 5.000 0.05 1,000

5.10 to 10.00 0.1 1,000

10.25 to 25.00 0.25 100

25.50 to 50.00 0.5 100

50.50 to 100.00 0.5 100

101.00 to 250.00 1 10

252.50 to 500.00 2.5 10

505.00 and up 5 10

GMT +8hrs Internet: www.pse.com.ph Email: [email protected]

Primary ExchangePhilippine Stock Exchange

Futures InformationNonePhilippines

Main IndicesPSE Composite Index


Pre-Open: 09:00 – 09:30


Close: 12:00 – 12:10 (end of regular trading/calculation of closing price, Run-Off Time; Trading at closing prices)




Board LotsBoard lots vary with share price and range from 10 shares to one million shares. Any unit smaller than a board lot is considered an odd lot. Trading is done by board lots and a maximum of five board lots are allowed per trade

CurrencyPhilippine Peso (PHP)


Currency ExchangeUSD1 = PHP48.235

EUR1 = PHP70.505


Brief HistoryThe Warsaw Stock Exchange (WSE) in its current form started its operations in April 1991 and since this date trade has been conducted electronically. However, the history of Polish capital markets goes back to 1817 when the first exchange was opened in Warsaw. Operations ceased with the onset of World War Two and with the subsequent communist control, it was only when democracy returned in the early 1990s were economic and political conditions suitable for the WSE to operate. The WSE has been a member of the International Federation of Stock Exchanges since October 1994. In May 1997, it received from the US Securities and Exchange Commission the status of a designated offshore securities market. In June 1999, the Exchange became an associate member of the Federation of European Securities Exchanges. In February 2002, the Warsaw Stock Exchange and Euronext signed an agreement on cross-membership and cross-access. This agreement will allow WSE members to have access to Euronext products and vice versa. Since Poland’s accession into the European Union (May 2004), the Exchange is a regular FESE member.

Trading SystemTrading on the Warsaw Stock Exchange is order-driven, centralised and paperless. In the WARSET system, introduced in November 2000, all listed companies are divided into separate groups based on their liquidity assessment. The most liquid stocks are traded in the continuous trading system, while less liquid ones are allocated to the single-price auction system. Stocks of one company may only be quoted in one system. Each quotation system has its own schedule. Bonds and derivative instruments are traded in the continuous system. For some securities, trading is supported by market makers (animators). Large blocks of securities may be traded off-session, without affecting retail market prices.

Taxes, Market Charges & Compulsory Commissions:The exchange does not determine brokerage commissions. However, the standard rates for equities are 0.9% per USD5,000 0.8% per USD10,000 and 0.�% per USD50,000. For bonds the commission rates are between one third and half as much.

Taxes & Regulations Affecting Foreign InvestorsForeign investors are subject basically to the same regulations as domestic investors. However, their tax obligations are additionally regulated by provisions of double taxation treaties. Poland has such treaties signed with most European countries and developed countries outside Europe.

According to those agreements, as a rule, income derived by foreign investors from the exchange in Poland is subject to taxation in the country of residence (domicile). The investor must, however, present a relevant certificate of residence for that. Otherwise, the income will be taxed in Poland at a 19% rate.

Cross Selling Equity & Short SellingShort selling is allowed on the Exchange for most liquid stocks, a list of which is updated daily on the WSE website. Short selling is only available to local brokers and is rarely practiced.

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

The maximum difference between the security price in order and the last price of this security from a trading session does not exceed 0.5%

Tick Size

Stock Price (PLN) Tick Size

<50 0.01

50 – 100 0.05

100 – 500 0.10

>500 0.50

–

–

–

GMT +1hr (+2hrs DST)Internet: www.gpw.pl Email: [email protected]

Primary ExchangeWarsaw Stock Exchange

Futures InformationMain Contract WIG20 Futures IndexTrading Exchange Warsaw Stock ExchangeTrading Times 09:00 – 1�:30Contract Size PLN10 x indexTick Size 1Contract Months Three nearest months from the March quarterly cycleExpiration Day Same as trading dayBloomberg WI (Month Code) (Last Number of Year) <Index>

Poland

Main IndicesWIG20




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, 15:00




Board Lot1

CurrencyPolish Zloty (PLN)


Currency ExchangeUSD1 = PLN2.8�75

EUR1 = PLN4.1925


Brief HistoryThe first modern regulations on broking activity in Portugal were published in 1825. In 1859 the General Council of Commerce studied a proposal to create a stock exchange for the negotiation of funds, separate from the existing one on which goods and securities were traded. Many stock markets emerged throughout Portugal but the Bolsa de Valores de Lisboa e Porto (BVLP) was the most prominent. On � February 2002 the BVLP joined Euronext to form Euronext Lisbon which is now part of NYSE Euronext.

Trading SystemAs of 7 November 2003, Euronext Lisbon has utilised that same trading and clearing systems as those in the other markets of Paris, Amsterdam and Brussels. All trades are conducted through the NSC system; within this fully automated system highly-liquid securities are traded continuously, whilst the less liquid securities are traded by auction.

Taxes, Market Charges & Compulsory CommissionsCash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The package structure was adopted by Euronext Lisbon in November 2004, one year after its migration to the NCS trading system. The current product-driven fee structure has been in place since February 2005.

Clearing fees are charged to clearing members by the clearing house, LCH. Clearnet, and include annual membership fees and variable fees that depend on the member’s activity.

Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.

Taxes & Regulations Affecting Foreign InvestorsSecurities 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; financial intermediary commissions are charged stamp duty at a flat rate of 4%

The tax rate on dividends for residents is 15% (withholding or income) tax and 25% for non-residents on the full gross amount, plus a further municipal tax of 2.5% payable by both residents and non-residents.

Tax IRS/IRC IRS/IRC ISD

Status Resident Non-resident Resident/Non-resident

Rate 15% 25% 2.5%

Resulting net dividend will be different for residents and non-residents.

Circuit Breakers:For PSI20:During auctions: �% difference from the reference price (generally the previous day’s close or the last indicative price).


For other stocks:During auctions: 10% difference from the reference price.



Cross Selling Equity & Short SellingShort positions both on equity or by using derivatives have to be reported to the CMVM if the position exceeds 0.25% of market capitalisation. For the following stocks the disclosure will be public: Banco Comercial Português, Banco Espírito Santo, Banco BPI, Banif, SGPS, Finibanco-Holding SGPS, Banco Santander, Banco Popular Español, Espírito Santo Financial Group. For any other stock the information will remain confidential.

The rule is not applicable to intermediaries acting as market makers.

Implications for Foreign InvestorsForeign investment is regulated by Investimentos Comercio e Turismo de Portugal (ICEP). 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.


Price (Euros)

From To Tick Size

0 0.2500 0.0005

0.251 2.500 0.001

2.505 10.000 0.005

>10.01 - 0.01

GMT +0hrs (+1hr DST)Internet: www.euronext.com Email: [email protected]

Primary ExchangeEuronext Lisbon

Futures InformationMain Contract PSI -20 Index FutureTrading Exchange Euronext Lisbon Trading Times Mon – Fri; 08:00 – 1�:35Contract Size EUR1 x IndexTick Size EUR1 x Index / EUR1Contract Months Current month, following calendar month and the

four closest months of the March, June, September and December cycle

Expiration Day Business day immediately after last trading dayReuters <0#PSI20:>, near month <PSI20c1>, spreads

<0#PSI20-:>, contract details <BDP/PSI20>Bloomberg PP (Month Code)(Last Number of Year) <Index>

Portugal

Main IndicesPSI 20


Pre-opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35






Board Lot1

CurrencyEuro (EUR)




Brief HistoryThe Doha securities market was established on 2� May 1997 with the aim of consolidating the financial and economic structure of the country. It opened with an initial 17 companies listed on the exchange with a total market capitalisation of USD1.�5bn. Originally trades were manual, they later turned semi electronic and were fully automated in 2002.

Trading SystemTrades are conducted through a full automated order driven system called the (ETS). Trades are completed using a remote system; however brokers are required to have written authorisation before trade can be conducted. The Central Clearing and Registration (CCR) is part of the DSM and holds the register of share ownership. It logs stock transfers that are trading and processes the clearing and settlement of stock. Q-Tel is the only stock at present to trade scrip less.

Taxes, Market Charges & Compulsory CommissionsDoha Securities Market Levy: 10% of brokers’ commission. The commission amount for buying and selling transactions is QR. 0.00275 for each QR. 1000/-, a minimum charge of QR. 30/- will be paid for the commission.

Taxes & Regulations Affecting Foreign InvestorsThere are no taxes imposed on profits whether allocated by money or from the capital profits.

The Doha Securities Market opened its doors to non-Qataris on 3 April 2005. All investors are required on the Doha Securities Market to register with the exchange and get an Investors Identification Number (NIN), this can be completed through the official website and costs QR. 100/-. Currently, 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 non-Qatari investors are required to register with the exchange and get a NIN number.

GMT +4hrs Internet: www.dsm.com.qa Email: [email protected]

Primary ExchangeDoha Securities Market

Futures InformationNone Qatar

Main IndicesDSM 20 Index


Pre-Opening: 09:30 – 10:00

Open: 10:00 – 12:30

Close: 12:30




CurrencyQatari Riyal (QAR)


Currency ExchangeUSD1 = QAR3.�413

EUR1 = QAR5.3234


Brief HistoryTrading in equities in Romania dates back to 1882. 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. After the Romanian Revolution in 1989 the economic and business leaders in Romania realised the need to raise capital and encourage commercial activities, as such the Bucharest Stock Exchange (BSE) recommenced its operations in November 1995. Initially, the twenty four founding members of the Stock Exchange Association were able to trade the shares of just six listed companies; however this number has since grown to approximately 70 listed companies. The exchange was fully automated in 1999. In December 2005, the Bucharest Stock Exchange merged with the RASDAQ Electronic Exchange and as a result Bucharest Stock Exchange became the operator of both markets; the regulated market BSE and the alternative trading system RASDAQ. In November 200� the BSE signed a cooperation agreement with Wiener Borse (WBAG) for joint dissemination of BVB data.

Trading SystemThe ARENA trading system, introduced in 2001 (for bonds) and 2005 (for shares and rights), is a flexible trading system with integrated modules for clearing-settlement operations and for the registry. A share can be traded in more than one market. They are:

Regular market (an order driven market, used for trading of blocks)Odd-lot market (an order driven market, used for trading of a volume of shares less than a block size)Deal (negotiated market, large blocks of both shares and bonds)Squaring Up markets (Buy-In, Sell-Out, used for completing the settlement)POF (Public Offering)Unlisted

The current settings of the BSE include. 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); 1 share in the Deal market; 1 share in the Odd-lot market (the volume allowed is less than 1 block); 1 share in the Unlisted market.

Regulations regarding disclosure of take-overs, significant (5%), controlling (33%), and majority holding interests (>50%) are provided by the Securities and Exchange Law and by Regulations of the National Securities Commission.

Circuit BreakerTrading is limited to a variation of ± 15% from the last close price.

Circuit breakers only activate with a negative move: if the BET Index moves -12%, trading is halted for 30 minutes, for -15% move, trading is halted for the rest of the day.

Taxes, Market Charges & Compulsory CommissionsTrading fees for shares: In general the BSE charges 0.3% from the value of a trade for the seller and 0.22% from the buyer involved in the trade. When the trade is conducted through the deal market the fee becomes 0.2% from the seller and 0.12% for the buyer. The Romanian National Securities Commission charge 0.08% of the value of the trade for every buyer; for IPOs 0.1%; for other public offers 0.3%. Up to 8% on each trade is to be paid by the client to the brokerage house; large investors can negotiate lower rates.


Rate (%) Notes

Capital Gains Tax 1� Applicable to both residents and non-residents

Dividends 10/15 10% applied to residents; 15% applied to non-residents

Interest 10/15 10% applied to income related to term deposits, deposit certificates, saving instruments; 15% for other saving instruments

Corporate Income Tax 1�

Cross Selling Equity & Short SellingShort selling is currently not permitted on the Bucharest Stock Exchange.

Stock Tick Movements

Stock Price (RON) Tick Size

0 – 0.1 0.0001

0.1 – 0.5 0.001

0.5 – 1 0.005

1 – 5 0.01

5 – 10 0.05

>10 0.1

GMT +2hrs (+3hrs DST)Internet: www.bvb.ro Email: [email protected]

Primary ExchangeBucharest Stock Exchange

Futures InformationMain Contract BET Index FutureTrading Exchange Bucharest Stock ExchangeTrading Times Mon – Fri; 09:30 – 14:30 Contract Size RON 1x Index / 0.1Tick Size 0.1Contract Months March, June, September and December months Expiration Day Last Friday of the contract monthBloomberg BET(Month Code)(Last Number of Year) <Index>

Romania

Main IndicesBucharest Exchange Trading Index (BET)


Pre-Opening: 09:30 – 10:00


Pre-Close: 1�:15 – 1�:30





Board Lots100 shares (exceptions BRD and Transelectrica with 10 shares)

CurrencyRomanian Leu (RON)


Currency ExchangeUSD1 = RON2.9224

EUR1 = RON4.272�


Brief HistoryThe Russian Trading System (RTS) Stock Exchange was established in 1998 by leading dealer-broker companies and professional stock market participants. Its mission was to consolidate regional securities markets into an organised securities industry and to regulate OTC trading in Russia. Its origins, however, trace back to the Russian Trading System – the first electronic trading floor in Russia, introduced to the market in mid-1995.

The RTS was the first market to introduce technological trading in Russia and the first to issue recognised market regulations. Born as an electronic OTC trading system, the RTS has developed into the benchmark of the Russian Securities Industry.

Trading SystemAll trading on the RTS Stock Exchange is performed electronically. Only RTS member companies can transact in the Trading System (on behalf of their clients and on their own account). RTS members access the Trading System through the RTS Plaza Workstation, a complex of software and databases installed on their personal computers. The RTS Trading System is a universal automated screen-based system, constituting both dealer-driven and order-driven markets. 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. The Trading System also provides for a trade reporting mechanism and an assets control vehicle. 90% of trades executed in the RTS Trading System are processed electronically through the RTS Electronic Agreements Centre, a trade confirmation system for matching parameters of trades and digital signing of purchase and sale agreements.

Circuit BreakersReference price is the previous close.

Index: trading shall be halted for 1 hour following a ±15% move lasting for more than 10 minutes (except after 1�:00), and shall be halted for the rest of the day when a ±25% move occurs.

Single stocks: trading shall be halted for 1 hours following a ±20% move lasting for more than 10 minutes (except after 1�.00), and shall be halted for the rest of the day when a ±30% move occurs.

Taxes, Market Charges & Compulsory CommissionsRTS operates on a non-commission basis. The Russian government charges a stamp duty at 0.3% on transfers of ownership of shares.

Taxes & Regulations Affecting Foreign InvestorsTaxation of foreign investors is in accordance with the Profit Taxation Law. Regulation of foreign investors is in accordance with the Foreign Investment Law. The standard rate of tax is 13% for a resident and 30% for a foreign resident. Withholding taxes for foreign entities is 15% for dividends and 20% for interest and royalties.

Central Bank approval must be obtained for the following; any investment of over 50 million roubles; a foreign investment for the acquisition of in excess of 50% ownership; investments in the defence industries (25% limit of foreign ownership); or an investment in projects for the exploitation of Russian’s natural resource (20% limit).

Cross Selling Equity & Short SellingShort Selling in Russia is not a recognised market practice, though there is no specific legislation to prohibit it.

GMT +3hrs (+4hrs DST)Internet: www.rts.ru Email: [email protected]

Primary ExchangeRussian Trading System RTS

Futures InformationMain Contract Russia Traded Index FuturesTrading Exchange RTSTrading Times Mon – Fri; 08:00 – 09:00; 10:30 – 17:45;

18:00 – 23:50Contract Size USD10 x indexTick Size 0.10 point equal to USD1Contract Months Next 3 months and the last month of the

following quarterExpiration Day The working day following the last trading dayReuters <0#RTX:>, nearest month (RTXc1>, contract details

<OTB/RTX>Bloomberg RC (Month Code)(Last Number of Year) <Index>

Russia

Main IndicesRTS Index


Pre-Trading: 10:15 – 10:30


Additional Session: 18:00 – 19:00 (decided by Board of directors of the Exchange)



Average Daily Turnover: USD3.4bn, 250m in equities

Tick Size1RUB

CurrencyRussian Ruble (RUB)

Clearing and SettlementT+3 but depending on the issuer’s registry can go to T+15

Currency ExchangeUSD1 = RUB30.810

EUR1 = RUB45.039


Brief HistoryThe Saudi stock market has its origins in the 1930s when the first joint stock company was established. The rapid economic expansion in the 1970s led to the establishment of a number of large corporations and joint venture banks. Major share offerings were made to the public during this period. Automated clearing and settlement was introduced in 1989, followed by the trading platform, the Electronic Securities Information System (ESIS), in 1990. In October 2001 the Tadawul system was launched, replacing ESIS. Tadawul offers straight-through-processing, with real-time settlement on a gross basis. In 2003 the Capital Market Authority was established to oversee and regulate the market.

Trading SystemIn 200� TADAWUL signed an agreement with OMX to replace the old trading system with one designed by the Swedish firm. The new system is similar to others designed by OMX and will offer the tadawul increased speed, capacity and flexibility. The new systems, will display best 10 orders during the trading session. The best 5 price levels will be displayed during the Pre-open session. The number of displayed price levels can be increased at any time. No date has yet been set for its implementation.

Taxes, Market Charges & Compulsory CommissionsThe maximum commission is 0.0012 of the trade value executed by the bank. The customer can negotiate a lower commission with the bank.

The minimum commission is SAR12 for any trade equal to, or less than, SAR10,000. Commission is charged on executed trades only. There is no charge on order submission, change or cancellation.

Taxes & Regulations Affecting Foreign InvestorsNon-Saudi Residents intending to open Trading Investment Portfolios, regardless their nationalities, are obliged to have a legally valid residence permit and they must have a bank account with a local Saudi Bank.

GMT +3hrsInternet: www.tadawul.com.sa Email: [email protected]

Primary ExchangeSaudi Financial Market (TADAWUL)

Futures InformationNoneSaudi Arabia

Main IndicesTadawul All Share index (TASI)


Pre-Open: 10:00 – 11:00




Average Daily Volume: USD879.9m

CurrencySaudi Riyal (SAR)

Clearing and Settlement100% of shares are settled in real time i.e. T+0

Currency ExchangeUSD1 = SAR3.7501

EUR1 = SAR5.4824


Brief HistoryThe first exchange on the territories of the former Yugoslavia was established in Belgrade in 1894. The old Belgrade Exchange operated almost continuously until interrupted by World War II in April 1941 and it was officially closed in 1953. In December 1989 the exchange was re-established under the name The Yugoslav Capital Market – Belgrade. The name Belgrade Stock Exchange was restored in May 1992. The Belgrade Stock Exchange is a corresponding member of the World Federation of Exchanges, and Federation of European Stock Exchanges and a member of Federation of Euro-Asian Stock Exchanges.

Trading SystemSecurities can be traded on the exchange and OTC. Transactions can be executed promptly or on-term. The exchange trading in shares, bonds and other debt securities is carried out through the BSE trading information system and electronic trading platform BELEX.

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. Orders are matched by the criteria of price and time. Trading agreements are transmitted to the Central Register and to the members of the exchange who concluded transaction.

In the primary securities trading (public offer of securities in the process of issuing), trading methods are: Proportional sale method, Continuous sale method and multiply sale method.

Secondary trading in shares during trading sessions is organised by the following trading methods, depending of the place of listing of the securities – A or B listing, or OTC trading – Single Auction Price, Continuous Trading Method, and Minimum price method.

Taxes, Market Charges & Compulsory CommissionsMembers of the Belgrade Stock Exchange pay the following fees:

0.12% for selling or buying shares

0.18% for block transactions in shares

0.05% for block transactions in securities other than shares

0.10% for secondary trade of debt securities from the Exchange Lists.

For Securities listed on the exchange market buying and selling of shares on the A and B lists of the Belgrade Stock Exchange, the fee is 0.10% on the value of the transaction.

Taxes & Regulations Affecting Foreign InvestorsForeign Legal entities may become Exchange members provided they have established a brokerage company registered in Yugoslavia, have a designated person/persons who will be authorised by the Exchange to trade securities and have fulfilled the minimum capital requirements. There is no discrimination in regulations regarding domestic and foreign investors; the precondition for all foreign investments is respect of the principal of reciprocity.

Withholding tax on interest rates is 20%, withholding tax on dividend is 20% and withholding tax on capital gains is 14% for legal reasons and 20% for physical persons; tax on transfer of absolute rights is 0.3%.

There is no ceiling for foreign investments. Exceptions are defined by Foreign Investment Law, including investment over 25% requiring approval of competent bodies. Repatriation of capital is allowed with no limit.

GMT +1hr (+2hrs DST)Internet: www.belex.rs Email:

Primary ExchangeBelgrade Stock Exchange

Futures InformationNone Serbia

Main IndicesBELEX15


09:00 – 13:00

Market SizeMarket Capitalisation: USD14.�9bn


CurrencySerbian Dinar (RSD), in Montenegro Euro (EUR)


Currency ExchangeUSD1 = RSD�4.104

EUR1 = RSD93.722


Brief HistoryThe first trading of stocks in Singapore goes back to 1930 when the Singapore Stockbrokers Association was formed. 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). This marked the birth of Asia Pacific’s first demutualised, integrated securities and derivatives exchange.

On 23 November 2000 SGX became the first exchange in Asia Pacific to be listed via a public offer and a private placement.

In 2007 The London Stock Exchange chose the SGX as its strategic partner in Asia.

Trading SystemIn 200� the SGX replaced the CLOB trading system with SGX QUEST (Quotation and Execution System for Trading). This system has been used on the derivatives market since 2004 and now includes all securities trading. 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. The system is described as high speed, state of the art and allows remote access for market participants as well as increased capacity and liquidity.

Taxes, Market Charges & Compulsory CommissionsBrokerage rates are negotiable for all transactions on the SGX Securities Trading. However there are additional charges:

A clearing fee of 0.04% (maximum of HKD3,095 and USD393)

Trading free of 0.75bps

Goods and Services tax (GST) of 5% on brokerage and clearing fees

Taxes & Regulations Affecting Foreign InvestorsThere is no dividend tax or withholding tax on dividends paid to non-residents. However tax at the prevailing corporate tax rate is deducted from the gross dividends payable. Capital gains are not subject to Singapore tax and capital losses are not deductible for Singapore tax purposes. 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.

No restrictions exist on the acquisition of foreign securities by residents but dividends received from abroad are subject to income tax.

Foreign ownership is restricted only in certain companies; there are also no limitations on the repatriation of income, capital and capital gains.

Cross Selling Equity & Short SellingShort selling is permitted. However investors are required to make arrangements to borrow securities before selling short. If investors cannot settle by the settlement date, he/she will be bought in.

In September 2008, the SES introduced measures to remedy against failure to delivery of securities

A penalty of 5% of the value of the failed trade, subject to a minimum of SGD1,000 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 SGD50,000 fine and/or disbarment from participation in the Buying-In Market

Crossing is allowed, a member firm may cross a trade if it is above the minimum size threshold (150,000 shares or SGD50,000). Cross trades executed during Official Trading Hours have to be reported to the Exchange within 10 minutes of execution. If executed after Official Trading Hours, the member firm must report it in the first half hour of trading on the following day.

Board LotsShares are mainly traded in board lots of 1,000 shares. However, the trading of odd lots is also allowed.

Effective 14 April 2003, the “Odd Lot Market” was replaced with “Unit Share Market”, which enables the trading of odd lots in any quantity less than one board lot of the underlying share in the Ready Market. Amalgamation of trades between the Ready and Unit Share markets is possible, whereby trades executed in the two markets for the same underlying share can be consolidated in a single contract.

Board lot trading on the existing Ready Market is maintained for those who wish to continue trading in the designated board lot sizes.

GMT +8hrsInternet: www.sgx.com Email: [email protected]

Primary ExchangeSingapore Exchange (SGX)

Futures InformationMain Contract STI Index Futures ETSTrading Exchange Singapore ExchangeTrading Times Mon – Fri; 08:45 – 12:35 / 14:00 – 17:15Contract Size SGD10 x IndexTick Size 1Contract Months Two nearest serial months and March, June,

September, December months on a 1-year cycleExpiration Day Second last business day of the contract monthReuters <0#SST:>, nearest month <SSTc1>, contract details

<SIM/SST>Bloomberg SD(Month Code)(Last Number of Year) <Index>

Singapore

Main IndicesStraits Times Index


Pre-Open routine: 08:30 – 09:00,

Trading Session: 09:00 – 12:30, 14:00 – 17:00

Pre-Closing routine: 17:00 – 17:0�



Average Daily Value: USD924.7bn

CurrencySingapore Dollar (SGD)


Currency ExchangeUSD1 = SGD1.4225

EUR1 = SGD2.0793


Brief HistoryBratislava Stock Exchange (BSSE) was founded on the 15 March 1991 when Slovakia was part of Czechoslovakia. The BSSE commenced its commercial activity in April 1993 three months after the Velvet Divorce when Slovakia split from Czechoslovakia. It remains the primary securities exchange in Slovakia.

Trading SystemThe trading of securities takes place via the Electronic Stock Exchange Trading System (Elektronický Burzový Operacný Systém – EBOS). The counter-parties to a transaction are Stock Exchange members. Members place the orders to buy and the orders to sell by means of EBOS workstations, which are located at their offices and have an on-line connection to the Stock Exchange’s central computer. The members can close electronic order book (i.e. price-setting) transactions, negotiated deals and REPO transactions. They can also make a public offer to take over a company.

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. Electronic order book transactions can be closed in the following modules of EBOS: Auction Trading; Continuous Trading; Market-maker Trading; Negotiated Deals. For full details of these see the official website.

Taxes, Market Charges & Compulsory CommissionsBrokerage fees vary from 0.�% to 0.1% depending on the size of the transaction. The BSSE fee for trading equals 0.08% of the volume of the transaction; however it must not be less than 10 SKK and more than 10,000 SKK.

Taxes & Regulations Affecting Foreign InvestorsThere is a 15% withholding tax on dividends and interest. There is no capital gains tax for non-residents. Non-residents may only purchase bank shares if they have received permission from the National Bank.

Cross Selling Equity & Short SellingShort selling and crossing are not banned by the Exchange’s legislation, but they are not specified in the regulations.

GMT +1hrs (+2hrs DST)Internet: www.bsse.sk Email: [email protected]; [email protected]

Primary ExchangeBratislava Stock Exchange

Futures InformationNone Slovakia

Main IndicesSlovak Stock Index


Fixing (Auction Trading): 10:30 – 10:50




Average Daily Turnover: USD59.1m (¼ equities, ¾ bonds)

CurrencySlovak Koruna (SKK)


Currency ExchangeUSD1 = SKK20.�04

EUR1 = SKK30.12�


Brief HistoryThe Ljubljana Stock, Commodities and Foreign Exchange was established in 1924. The Exchange was closed in 1941 due to World War II and officially abolished in 1953. It remained closed for almost 50 years but was the first Yugoslav stock exchange to be reopened when, in 1989, federal laws were passed which opened the doors to the capital market and the creation of stock exchanges. The Ljubljana Stock Exchange (LJSE) was officially established in December 1989 by 33 banks. The first session was held in March 1990 involving 14 brokers trading in 11 securities. On 1 January 2001 the existing official market segments A and B were merged to form the Official Stock Exchange Market. In 200�, LJSE continued with activities intended to further increase liquidity of the market. Thus, a new mechanism of trading within the trading system was introduced, with the securities being traded through liquidity providers. On 1 January 2007, Slovenia became the first among the new Member States to adopt the euro, due to its stable macroeconomic environment.

Trading SystemSince October 2005 the Ljubljana Stock Exchange has traded on the upgraded BTS trading system. 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; the current average price, best bid and best ask, close price and other significant trading data. This upgrade of the trading system allows increased market integrity and surveillance, increased capacity and increased liquidity. The LJSE continues to facilitate auction trading for less liquid stocks.

Circuit BreakersThe new system also allows for trading to be halted whenever trades exceed the parameters decided by the LJSE, currently the rate is ± 3% of the last day’s closing price, trading will first resume with an auction.

In October 2008, the Ljubljana Stock Exchange instored a maximum ±20% daily price movement.

Taxes, Market Charges & Compulsory CommissionsDepending on the size of the amount traded the fees charged by the LJSE normally range between 0.03% of the value of the transaction and 0.07%. Brokerage commission is negotiable.

Taxes & Regulations Affecting Foreign InvestorsAll shares listed on the LJSE are freely available to foreign investors and repatriation of capital, dividends and other income is not subject to any restrictions.

The general rate of tax in Slovenia is 22%, which shall fall by one percentage point per year until 2010 when it shall be 20%. Dividends are subject to a 15% tax. Capital gains tax is progressively lowered every five years of ownership from 15% from five years, 10% from ten years and 5% from fifteen years. After twenty years of ownership the tax rate becomes 0%.

Non-residents of Slovenia may also benefit from elimination of double taxations through bi-lateral treaties between Slovenia and other countries.

Non-residents are required to register with a stockbroker and investors must open a special custody account with a bank beforehand.

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.

Only members of the stock exchange (LJSE) are allowed to trade directly on the organised market in Slovenia, whereas other entities may only trade there through the mediation of member. Becoming a remote member of LJSE is also possible.

Cross Selling Equity & Short SellingShort selling is tolerated, settlement has to be respected (T+2).

GMT +1hrs (+2hrs DST)Internet: www.ljse.si Email: [email protected]

Primary ExchangeLjubljana Stock Exchange

Futures InformationNoneSlovenia

Main IndicesSlovenian Stock Exchange Index (SBI 20)


Continuous Trading

Pre-trading: 08:00 – 09:30

Main session: 09:30 – 13.00 (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




CurrencyEuro (EUR)




Brief HistoryThe 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. 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. In November 1995 the JSE for the first time permitted ownership by foreign and corporate members. In 199� the open outcry trading floor was closed with trading going fully automated from this date. In 2000 the Johannesburg Stock Exchange changed its name to JSE Securities South. In July 2001, South African Futures Exchange (Safex) became a division of the JSE.

On 1 July 2005, after 118 years as a mutual association, the JSE Securities Exchange demutualised and became JSE Limited, a limited liability public company with a share capital.

In 2007 the JSE announced plans to create a pan-African exchange by enabling investors to trade in shares from, initially, Ghana, Namibia, Zimbabwe and Zambia before expanding to include more of the continent.

Trading SystemThe JSE trading system – JSE SETS – was implemented in May 2002. JSE SETS was supplied by the London Stock Exchange on an Application Service Provider basis. 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.

Circuit BreakersThere is currently no market-wide circuit breakers in place. For individual stocks, a Dynamic Price Range is defined around the last traded price in an auction or during continuous trading. It defines the maximum percentage deviation of the indicative price from the Dynamic Reference Price.

Volatility bands are defined at a sector level. The following price volatility bands have been defined for the JSE market:

Segment Sector CodeOpening Auction

Continuous Trading and Other Auctions

ZA01 J1H1, J1H2, J1M1, J1M2, J1L1, J1L2 10% 5%

ZA02 J2H1, J2H2, J2M1, J2M2, J2L1, J2L2 20% 10%

ZA03 J3H1, J3M1, J3L1, J3S1, ALT None None

ZA04 J4S1, J4S2 None None

ZA11 N1H1, N1H2, N1M1, N1M2, N1L1, N1L2 None None

Taxes, Market Charges & Compulsory CommissionsBrokerage is fully negotiable between the investor and the JSE member firm.

Stamp duty on Purchase: 0.25%

Insider Trading Levy: 0.0003%

STRATE Trading Fee: 0.005%

Taxes & Regulations Affecting Foreign InvestorsVAT, at a current rate of 14%, is payable by local investors on brokerage charged in agency transactions. 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.

Cross Selling Equity & Short SellingThere are no rules regarding short selling at the JSE. However, settlement of transactions is contractual and on a five day cycle. Brokers are required to ensure that their clients are able to meet this requirement before they enter orders to sell. Therefore, if a client wishes to short sell he must have arranged borrowing facilities before the sale takes place. There can be substantial fines for not covering a short sell with either a borrow or back to back transactions.

All transactions in securities shall only be conducted through the JSE trading system, unless otherwise stipulated by the JSE. The JSE prioritises orders first by price and then by time. 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. The exceptions to this rule are certain transactions known as reported trades that are defined in the JSE rules.

GMT +2hrs Internet: www.jse.co.za Email: [email protected]

Primary ExchangeJSE Securities Exchange South Africa

Futures InformationMain Contract FTSE/JSE Top 40 Index FuturesTrading Exchange South African Futures ExchangeTrading Times Mon – Fri; 08:30 – 17:30Contract Size ZAR10 x Index Tick Size 1Contract Months March, June, September and December cycleExpiration Day 15th of the month at 1�.00 Reuters <0#ALS:>, nearest month <ALSc1>, contract details

<SFX/ALS>Bloomberg AI (Month Code)(Last Number of Year) <Index>

South Africa

Main IndicesJSE All-Share Index


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


Market Capitalisation: USD��3.8bn


Board Lots1

CurrencySouth African Rand (ZAR)

Clearing and SettlementT+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 ExchangeUSD1 = ZAR7.4523

EUR1 = ZAR10.892


Brief HistoryOn 27 January 2005, the Korea Exchange, Inc (KRX) was launched as Korea’s single integrated exchange under the Korea Stock and Futures Exchange Act. KRX was created through the merger of the Korea Stock Exchange (KSE), the Korea Futures Market (KOFEX), the KOSDAQ Market and the KOSDAQ Committee a sub-organisation of the Korea Securities Dealers Association (KSDA). 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.

Trading SystemThe KRX is an order-driven market where buy and sell orders compete for the best price. Throughout the Official Trading Hours, orders are continuously matched at a price satisfactory to both buy and sell sides, according to price and time priorities. The opening and closing prices, however are determined by call auctions.

In January 2004 the KRX introduced the random-end system for opening and closing call auctions. The main purpose of the random-end system is to prevent any distortion in the price discovery function of the KRX, caused by so-called ‘fake order’ placed with an intention of misleading other investors, thereby promoting fair price formation at the opening and closing call markets.

In December 2007 the KRX announced plans to upgrade its electronic trading system. Due to be online in January 2009 the new platform aims to enable up to 2,800 orders a second for trading on the main exchange, up from the current 500. Investors and brokers will have their trades settled in 0.08 seconds as apposed to the current average of two seconds.

Circuit BreakersIf the KOSPI decreases by more than 10% of the previous closing price for more than one minute all trading is suspended for 20 minutes. For ten minutes after the trading halt, all bids and offers will be received and all orders will be settled by a single price. This process is limited to once a day and is not issued 40 minutes before market closing.

Short Selling:

Naked Short Selling and Short Selling (after having borrowed the shares) is prohibited for Financials. Covered Short selling permitted on non-Financials. Uptick rule applies.

Taxes, Market Charges & Compulsory CommissionsBrokerage commission is negotiable and each member autonomously determines its own brokerage commission rate. Currently, the commission rate for stocks is around 0.2% of the trading value.

The basic rate of tax for a stock transaction is 0.5%. When investing in the securities market, investors have to pay 0.15% stock transaction tax and a special 0.15% tax for farming and fishing villages. On the KOSDAQ the tax for stock transaction is 0.5%. Off-exchange trading will be taxed at a rate of 0.5%. The withholding tax on dividends is 1�.5%.

Taxes & Regulations Affecting Foreign InvestorsForeign investors must apply to the FSC (Financial Services Commission) for registration to commence investments. When this has been completed investors shall be given a IRC which is required to execute trades.

No restriction is imposed on foreign investment in Korea, except for the investment ceiling placed on a few industries that are considered to be of national strategic importance, such as electricity, telecommunications, broadcasting and airline industries.

Tick Size

Unit Tick Size

KRW5 0.5 ~ 0.1%

KRW10 0.2 ~ 0.1%

KRW50 0.5 ~ 0.1%

KRW100 0.2 ~ 0.1%

KRW500 0.5 ~ 0.1%

KRW1000 <0.2%

GMT +9hrsInternet: www.krx.co.kr Email: [email protected]

Primary ExchangeKorea Exchange

Futures InformationMain Contract KOSPI2 Index FuturesTrading Exchange Korea Futures Exchange (www.krx.co.kr) Trading Times 09:30 – 11:30, 13:00 – 15:15 (Mon – Fri); On the last

trading day 09:00 – 14:50 Contract Size KRW500,000 x Index Tick Size 0.05Contract Months March, June, September and DecemberExpiration Day Second Thursday of the delivery monthReuters <0#KS:>, near month <KSc1>, details <KFE/KS> / Bloomberg KM (Month Code)(Last Number of Year) <Index>

South Korea

Main IndicesKRX 100

Korea composite stock price index (KOSPI)

KOSDAQ


Pre-Open: 08:00 – 09:00


Regular Session: 09:00 – 14:50

Closing: 14:50 – 15:00



Average Daily Turnover: USD�.2bn

Board Lots10 shares/units (one share if the price is KRW50,000 or higher

CurrencySouth Korean Won (KRW)

Clearing and SettlementT+2 business days for stocks

Currency ExchangeUSD1 = KRW1222.7

EUR1 = KRW1787.2


Brief HistoryThere are currently four regional exchanges in Spain; the Barcelona, Bilbao, Valencia and Madrid borses. All the regional exchanges are now part of an umbrella organisation – the Bolsas y Mercados Españoles (BME). The BME has integrated the companies that direct and manage the securities markets and financial systems in Spain. It has brought together, under a single activity, decision-making and coordination unit, the Spanish equity, fixed-income and derivatives markets and their clearing and settlement systems.

Bolsas y Mercados Españoles, with its four exchanges, is one of Europe’s four leading stock market operators by trading volume.

Trading SystemAt present, 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).

In the Equity Market an electronic trading platform (SIBE) accessed by the four stock exchanges operates a single equities market, based on an order-driven structure, with a single order book and a matching procedure based on price-time priority. A call market (Fixing) is also supported for the less liquid stocks, operating with two daily auctions. More than 150 shares are traded in the main market. The most liquid 35 are included in the market index, IBEX-35. The system supplies sectorial indices (financial, utilities and so on). Other market segments, such as Nuevo Mercado, are operated on the same platform. New products, such as warrants, are also traded in SIBE, utilising particular matching procedures for this sort of instrument.

Additionally open out-cry floor trading is still conducted in every stock exchange, based on outcry operations, but accounting for a residual volume (less than 2% of trading volume).

Additionally open out-cry floor trading is still conducted in every stock exchange, based on outcry operations, but accounting for a residual volume (less than 2% of trading volume).

Circuit BreakersThere are no marketwide circuit breakers in place, however, each stock is subject to a static and dynamic range.

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.

Whenever the static or dynamic ranges are breached, a five minute auction takes place.

Taxes, Market Charges & Compulsory CommissionsFees charged by members (brokers and broker dealers) are fully negotiable. Intermediaries have to communicate the fees they charge to the Securities Market Commission (CNMV) and make them public.

Taxes & Regulations Affecting Foreign InvestorsThere 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. Dividends are subject to a 15% withholding tax.

There are also special conditions that affect foreign investment in Spain in matters of air transport, radio, minerals, mineral raw materials of strategic interest and mining rights, television, gambling and telecommunications.

Cross Selling Equity & Short SellingShares must be borrowed before they can be sold short, this does not apply to market makers). Short positions over 0.25% of a company’s capital has to be disclosed.

This rule shall be in place until 22 September 2009 (see www.cnmv.es for updates).

Tick Sizes

Unit Tick Size

< 50 € 0.01

> 50 € 0.05

Starting on January 4th, 2010, the stocks components of the IBEX 35 index will trade according to the new tick type that is detailed below:

Number of decimals: 3


< 10 € 0.01

> 10 € - < 50 € 0.005

> 50 € - <100 € 0.010

> 100 € 0.050

GMT +1hr (+2hrs DST)Internet: www.bolsasymercados.es Email: [email protected]

Primary ExchangeBME, Spanish Exchanges

Futures InformationMain Contract IBEX-35 FuturesTrading Exchange Meff Renta Variable (Madrid)Trading Times 09:00 – 17:35 (pre-opening auction 08:30 – 09:00)Contract Size EUR10 x IndexContract Months Ten nearest months of the March, June, September

and December cycle, two nearest calendar months not included in the previous group, and further five months of the June and December cycle

Expiration Day The third Friday of the contract monthReuters <0#MFXI:>, next month <MFXIc1>, spreads

<0#MFXI-:>, details <MRV/MFXI1? Bloomberg IB(Month Code)(Last Number of Year)<Index>

Spain

Main IndicesIBEX 35 Index

IGBM Index

Official Trading Hours Monday – FridayEquity Market – SIBE (Electronic order book)Pre–Opening Auction: 08:30 – 09:00Open Market: 09:00 – 17:30Closing Auction: 17:30 – 17:35Fixing Market: First Fixing: 12:00Fixing Market: Second Fixing: 1�:00Block Trading: 09:00 – 17:30Special Operations: 17:40 – 20:00

Equity Market – Floor TradingBarcelona: 11:00 – 11:10Bilbao: 10:30 – 11:30Madrid: 10:00 – 12:00Valencia: 10:30 – 10:45



Average Daily Turnover: USD�.3bn

Board Lot1

CurrencyEuro (EUR)




Brief HistoryShare 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).

Trading SystemThe 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. This automation process was completed with the commissioning of the Automated Trading Systems (ATS) in 1997. The technology introduced by the Exchange significantly enhanced the competitiveness of the CSE and provided a more efficient and transparent market. As a modern exchange, the CSE now offers state-of-the-art technological infrastructure to facilitate an “order-driven trading platform” for securities trading – including shares, corporate debt securities and government debt securities.

The ATS is designed to match buy and sell orders placed by the member firms of the CSE. Bid and Ask prices are entered into a central electronic order book. During Official Trading Hours, orders are matched according to fixed rules and execution prices are set. Price and volume details of all completed transactions are electronically communicated immediately to all the members involved.

Circuit BreakersIn 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, a “Market Halt” be imposed on all equity securities for a period of 30 minutes.

Taxes, Market Charges & Compulsory CommissionsCommissions are non-negotiable under RS100m. Investors in the CSE will face the following charges.

Transactions up to Rs.1 million Transactions over Rs.1 million

The CSE will charge 1.425% on your transaction This is divided

as follows:

The CSE will charge 1.225% on your transaction This is divided

as follows:

Net amount to Broker

1.00% Net amount to Broker

0.80%

SEC Cess 0.09% SEC Cess 0.09%

CSE Fees 0.105% CSE Fees 0.105%

CDS Fees 0.03% CDS Fees 0.03%

Govt. Cess tax 0.20% Govt. Cess tax 0.20%

(Subject to a minimum brokerage of Rs. 10/- per contract & a minimum CDS fee of Rs. 5/-).

Taxes & Regulations Affecting Foreign InvestorsForeign investment is permitted without restriction in listed companies up to 100%, except in certain area deemed of national importance. In such areas the standard limit is 40% of the share issue ownership, however there are some variations and the limit can be increased with governmental approval. The sectors which are protected include mining companies, insurance companies, mass communication, deep sea fishing and commercial banks. The full list is available on the website.

Cross Selling Equity & Short SellingShort selling is prohibited.

Cross Selling is allowed as long as it takes place within the bid-ask spread.

GMT +�hrsInternet: www.cse.lk Email: [email protected]

Primary ExchangeColombo Stock Exchange

Futures InformationNoneSri Lanka

Main IndicesAll Share Price Index (ASPI)

Milanka Price Index (MPI)


Pre-Open: 09:00 – 09:30



Close: 14:30



Average Daily Turnover: USD3.�m

CurrencySri Lankan Rupee (LKR)


Currency ExchangeUSD1 = LKR114.82

EUR1 = LKR1�7.85


Brief HistoryThe initiative for the establishment of a local stock market came from the Government of Swaziland and approval was given in 1989. In July 1990 the stock market commenced trading with the listing of the first public company, Standard Chartered Bank Swaziland Ltd.

For eight years the stock market operated as an over the counter-single broker facility. It was not until July 1999 that a fully-fledged stock exchange, the Swaziland Stock Exchange (SSX), was inaugurated.

Trading SystemTrading is conducted using the call-over system under the supervision of the Capital Markets Development Unit of the Central Bank, which has regulatory oversight over the operations of the exchange. There are currently two members of the Swaziland Stock Market: Swaziland Stockbrokers Ltd and African Alliance Swaziland Securities Ltd. A total of six equities are listed on the exchange, which are as follows:

Position Security

1 Royal Swaziland Sugar Corporation Ltd

2 NEWERA Partners Ltd

3 Swazi Empowerment Limited

4 Swaziland Property Investments Ltd

5 Nedbank (Swaziland) Ltd

� Swazispa Holdings Ltd


Value of Transaction (SZL) Commission Rate

Orders up to 49,999 2.0%

Orders from 50,000 to 99,999 1.5%

Orders over 100,000 1.0%

Handling Fees (SZL)

Vendor 20.0

Purchaser 20.0

Taxes & Regulations Affecting Foreign InvestorsThere are no investment restrictions on any of the instruments listed on the market or ownership restrictions for both residents and non-resident investors. Also there is no disclosure requirement in the market.

However, prior approval of the Central Bank of Swaziland is required for all capital transfers into Swaziland from outside the Common Monetary Area (CMA). In practice, approval is routinely granted when required for investment activity. Repatriation of dividends and capital is allowed, provided the authorities approved the inflow of funds.

The following are taxes levied on foreign investments:

Tax Rate

Withholding tax on interest 10.0%

Dividend tax on CMA residents 12.5%

Non CMA residents tax on dividends 15.0%

GMT +2hrsInternet: www.ssx.org.sz Email: [email protected]

Primary ExchangeSwaziland Stock Market

Futures InformationNone Swaziland

Main IndicesThe SSX Index


12:00 – 12:30



CurrencySwaziland Lilangeni (SZL)


Currency ExchangeUSD1 = SZL7.413

EUR1 = SZL11.004


GMT +1hr (+2hrs DST)Internet: www.se.omxgroup.com Email: [email protected]

Primary ExchangeStockholm Stock Exchange

Futures InformationMain Contract OMXS30 Index FuturesTrading Exchange OMX Stockholm Stock ExchangeTrading Times Mon – Fri; 09:00 – 17:20Contract Size SEK100 x Index Tick Size 0.25 Contract Months All 12 months with contract terms of

1,2 and 3 monthsExpiration Day Fourth Friday of the expiration monthReuters <0#OMX:>, nearest month <OMXc1>, contract details <OM/MENY>Bloomberg QC(Month Code)(Last Number of Year) <Index>

Sweden

Main IndicesOMX Stockholm 30




Closing Call: 17:20 – 17:30 (no opening auction)




Board Lots1

CurrencySwedish Krona (SEK)


Currency ExchangeUSD1 = SEK�.9971

EUR1 = SEK10.227

Brief HistoryTrading at the Stockholm Stock Exchange commenced in 18�3. Banks were admitted as trading members from 1907 and an electromechanical trading system was introduced in 1918. The Stockholm Stock Exchange was the most modern exchange in Europe and was referred to as ‘the world’s quietest exchange’. In 1990, the Stockholm Stock Exchange became fully electronic with the introduction of the SAXESS trading system.

As recently as 1997 there were three exchanges in Sweden: OM Stockholm AB, the Stockholm Stock Exchange and PmI AB. In 1998 and 1999 the three exchanges merged.

The OMX Exchanges division was created when OM and HEX merged in 1998. In December 2002 OMX together with the London Stock Exchange (LSE) announced the formation of EDEX London, a new marketplace for Equity Derivatives trading. Operations commenced in 2003 through EDX London’s acquisition of OM London Exchange’s Scandinavian equity derivatives business. 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 SystemTrading in shares, bonds, warrants, premium bonds, convertibles and depository receipts on the Stockholm Stock Exchange is carried out via OMX’s SAXESS trading system, while derivatives trading takes place via OMX’s CLICK trading system and voice broking.

Numerous transactions are executed using automatic matching, this means that bid and ask orders are automatically matched for a trade where 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.


Circuit BreakerStatic price range: The reference price is either the last close, or the last auction price.





Other stocks 5% 20%

Penny shares (<SEK10), liquidity class C, First North DK, shares with large avg spreads (>4%)

15% 25%

Taxes, Market Charges & Compulsory CommissionsStockholm Stock Exchange currently charges a two-fold transaction fee to their members. The trading fees are related to the number of trades and turnover value. In addition to these fees members also receive a discount on their traded volumes.

Taxes & Regulations Affecting Foreign InvestorsForeign investors are exempt from all taxes in Sweden except for a withholding tax on dividends. This tax of nominally 30% is often reduced by a double-taxation agreement between Sweden and the investor’s nation.

Cross Selling Equity & Short SellingShort selling is practised in Sweden but is unregulated, the only requirement being that the securities are delivered at settlement. No uptick rules apply in this market. Abusive short-selling where manipulation can be proven is prohibited.

Tick SizePrice from (SEK) Tick Size

0 – 4.99 0.01

5 – 14.95 0.05

15 – 49.90 0.1

50 – 149.75 0.25

150 – 499.5 0.5

500 – 4,999 1

5,000 5


Brief HistoryFormal securities exchange in Switzerland date back to the 19th century with the foundation of the Geneva Exchange (1850), Zurich (1873) and Basle (187�), although traces of financial markets can be found in the 13th Century. In 1995 the exchanges in Geneva, Zurich and Basle were fused into a single bourse, the SWX Swiss Exchange.

The SWX was the first exchange in the world to fully automate trading, clearing and settlement with the new system launched in 199�.

Virt-x was founded in 2001 as the first cross-border trading platform for pan-European blue chips. The Virt-x market is based on an integrated trading, clearing and settlement model which simplifies the process of trading pan-European blue chips. Since its launch Virt-x has focused on consulting with the London trading community to develop competitive models, successfully increasing its share of SMI trading in. Virt-x international presence is reflected by having more than 100 members domiciled in Switzerland, England, Germany, France, the Netherlands, Austria, Sweden, Ireland and the USA. As an RIE (Recognised Investment Exchange) based in London, it is supervised by the UK’s Financial Services Authority (FSA). Since 2003 the Virt-x has been a wholly owned subsidiary of SWX Swiss Exchange.

Trading SystemAll securities listed on the SWX Swiss Exchange are traded via an electronic trading system – the Electronic Bourse Schweiz (EBS) or SWX electronic trading system. 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. This supports all necessary activities, including trading against the central order book, OTC trading and the fulfilment of reporting obligations.

The SWX Swiss Exchange supports permanent access to the central order book over the course of the trading day. During the trading period trades are generated according to the matching rules on the basis of supply and demand. The system also supports OTC trading between members and provides reporting facilities for non-exchange-traded transactions.

Virt-x’s trading system is conducted through their own trading system. Orders are forwarded to the central order book in the Exchange System, which automatically validates, confirms receipt of, and gives a time stamp to each order. Buy and sell orders are matched against each other in the central order book. Regardless of their size or origin, incoming orders are executed on a price/time priority. Alternatively, orders may be executed directly between two market participants and trade reported on Virt-x. Members can choose to settle off order book trades manually or automatically depending on the transaction type.

Circuit BreakersTrading 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. 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.

Taxes, Market Charges & Compulsory CommissionsSince 1991 commissions from traders on the SWX has been fully negotiable. Agency trades: 1 Basis point (usually absorbed by the broker).

For on-order book transactions on the Virt-x, the fee shall be 0.574 basis points with a EUR0.�0 transaction based fee per order. For full details please see Directive 9 on the official website.

Taxes & Regulations Affecting Foreign InvestorsDividends are subject to a 35% withholding tax. The withholding tax on interest is also 35%. These rates are reduced by double-taxation treaties.

Stamp duty on some securities transactions was abolished in 1993. There is no Swiss federal securities tax on Eurobond and Euro-stock issues, trading in Swiss and foreign-money market paper and securities trading in bonds between foreign contracting parties. The trading inventories of Swiss securities dealers are exempt from the securities transfer tax. There is no Swiss federal new-issue tax on investment-fund certificates, Swiss corporate restructuring and the transfer of domicile of foreign companies in Switzerland.

As the Virt-x is regulated by the FSA it is subject to identical taxation treatment in comparison with other RIEs in the UK.

Cross Selling Equity & Short SellingThere are restrictions on short selling for non-residents; Investors need to be aware of buy in regulations. No uptick rules apply.

GMT +1hr (+2hrs DST)Internet: www.swx.com Email: [email protected]

Primary ExchangeSWX Swiss Exchange, Virt-x

Futures InformationMain Contract Swiss Market Index FuturesTrading Exchange Eurex ZurichTrading Times Mon – Fri; 09:00 – 17:30Contract Size CHF10 x IndexTick Size 1Contract Months The nearest three months in the quarterly cycle of

March, June, September and DecemberExpiration Day Third Friday of contract month (at 17:30)Reuters <0#FSMI:>, nearest month <FSMIc1>, contract

details <SFF/FSMI1>Bloomberg SM (Month Code)(Last Number of Year) <Index>

Switzerland – SWX & Virt-x

Main IndicesSwiss Market Index (SMI)

Virt-x Composite Index


09:00 – 17:30






Board Lots1

Tick SizeSWX= Minimum tick size 0.01CHF

Virt-x = 0.01 Euro

CurrencySwiss Franc (CHF)


Currency ExchangeUSD1 = CHF1.0347

EUR1 = CHF1.5124


Brief HistoryThe 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. The Securities and Futures Commission (SFC) was set up in September 19�0 to supervise and control all aspects of securities-market operations. The Exchange began operations in Feb 19�2. The Financial Supervisory Commission (FSC) was established on 1 July 2004. The Commission consolidates regulatory functions over the securities, futures, banking and insurance industries in a single institution.

Trading SystemInvestors place orders to buy or sell securities through brokers. The unit of trading is 1,000 shares. All listed stocks are traded through the Fully Automated Electronic Trading System (FAST).

When a customer or a dealer places an order, the broker or dealer enters the volume, bid or offer price and other required information into the system through their terminal. The orders are processed and displayed on the Exchange’s matching terminals and are matched automatically according to price and time priority. The highest bid or lowest offer has precedence over other orders and the earliest order has priority over others at the same price.

When a transaction is completed, the broker or dealer immediately receives, via the printer installed in his office, a trade report which contains the order number, investor’s account number, broker’s identification, trading volume, price of the stock bought and the time when the order was matched.

Circuit BreakersDaily price fluctuations are limited to a movement of ± 7% from the closing price of the preceding business day.

Taxes, Market Charges & Compulsory CommissionsBrokerage commission is fully negotiable and subject to a maximum of 0.1425% of the traded value.

Additionally a securities transaction tax is levied on securities sales at 0.3% of the trading value.

Taxes & Regulations Affecting Foreign InvestorsSince October 2003 foreign investors have no longer been required to obtain approval from the Securities and Futures Commission (SFC). 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. Foreign investors no longer need to obtain approval from

Dividends payable to resident beneficiaries are included in their consolidated income. A 30% withholding tax is levied on non-resident individual beneficiaries and 25% on non-resident corporate beneficiaries; however, it may be reduced to 20% if the investments are approved under the Statute for Investment by Foreign Nationals. There is no capital gains tax.

Interest income is taxable, subject to withholding tax of either 10% for a resident beneficiary or 20% for a non-resident beneficiary.

Cross Selling & Short SellingNaked Short Selling is prohibited, Short Selling after borrowing the shares for the top 50 & mid cap 100 stock. For other stocks, a short sale can only be made when the stock is trading above the previous day’s close.

GMT +8hrsInternet: www.tse.com.tw Email: [email protected]; [email protected]

Primary ExchangeTaiwan Stock Exchange

Futures InformationMain Contract TAIEX FuturesTrading Exchange Taiwan Futures ExchangeTrading Times Mon – Friday; 08:45 – 13:45Contract Size TWD200 x Index Tick Size 1Contract Months Spot, next and then three quarterly months on

March and June cycleExpiration Day Third Wednesday of the delivery monthReuters <0#TX:>, near month <TXc1>, details <TM/TX> Bloomberg FT (Month Code)(Last Number of Year) <Index>

Taiwan

Main IndicesTaiwan Stock Exchange Corp (TSEC)

Capitalisation Weighted Stock index (TAIEX)


Pre-Open: 08:30 – 09:00






Average Daily Value: USD3.�bn

Board Lots1,000 shares

CurrencyNew Taiwan Dollar (TWD)


Currency ExchangeUSD1 = TWD32.��2

EUR1 = TWD47.742


Brief HistoryThe Dar es Salaam Stock Exchange (DSE) was established in 199� to facilitate the privatisation of state owned industries.

The Exchange was incorporated in 199� as a company limited by guarantee without a share capital and became operational in April 1998. The opening of the Trading Floor coincided with the listing of TOL Limited (formerly Tanzania Oxygen Limited), as the first company on the new Exchange. 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.

Trading SystemTrading is facilitated by the Automated Trading System (ATS) where bids and offers are matched using an electronic matching engine. LDMs converge at the trading room and post their orders in the ATS. Orders are executed in strict price and time priority. 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. Matched orders are displayed on the computer terminal in the trading room and projected in the public gallery. Currently, the ATS operates on a Local Area Network (LAN). Future plans include operation in a Wide Area Network (WAN), which can be accessed by brokers even out of Dar es Salaam. This system will enable the DSE to meet the expected growth in the Tanzania securities industry.


Consideration Brokerage Commission

Transaction Fee

Fidelity Fee

Total Cost to Investor

First TZS10m 1.7% 0.28% 0.02% 2.0%

Next TZS40m 1.5% 0.28% 0.02% 1.8%

TZS50m and above 0.8% 0.28% 0.02% 1.1%

Taxes & Regulations Affecting Foreign InvestorsDividends are taxed at source at a rate of 5% for listed companies and 10% for unlisted companies. There is no stamp duty and no capital gains tax for listed companies. Corporation tax is 25%. There are no ownership limits or restrictions on foreign investment.

GMT +3hrs

Primary ExchangeDar es Salaam Stock Exchange

Futures InformationNone Tanzania

Main IndicesNone


10:00 – 12:00 (closes early when there are low levels of activity)



CurrencyTanzanian Shilling (TZS)


Currency ExchangeUSD1 = TZS1307.0

EUR1 = TZS1910.8


Brief HistoryThe inception of the Thai stock market began in the early 19�0s, when a private group established an organised stock exchange as a limited partnership. The group later became a limited company and changed its name to the Bangkok Stock Exchange Co. Ltd. (BSE) in 19�3. However due to low levels of activity it ceased operations in the early 1970s. In 1975 the exchanged reopened and in 1991 it formally changed it name to The Stock Exchange of Thailand (SET).

Trading SystemSince 1991, the SET has operated a fully computerised trading system, the Automated System for the Stock Exchange of Thailand (ASSET). In the ASSET trading system, two principal methods of trading are available: Automatic Order Matching (AOM) and Put-Through (PT) systems.

Automatic Order Matching (AOM) Trading: AOM trading performs the order matching process according to price, then time, priority, without human intervention. After brokerage houses electronically send buy or sell orders from their offices to the SET mainframe computer, the ASSET system queues the orders and arranges them according to a price-then-time priority. This means orders are first grouped according to price, with the best price taking precedence. Then, within each price group, orders are arranged according to time.

Put Through (PT) Trading: The ASSET system also allows brokers to advertise their buy or sell interests by announcing bid or offer prices. Members may then deal directly with each other, either on behalf of their clients or for themselves. Prices may be adjusted during the negotiation; hence, the effective executed price may not be the same as that advertised and may not follow the price spread rules. After concluding negotiations, dealers must send details of the result(s) to the ASSET system for recording purposes.

The SET have introduced a new type of share called None Voting Depository receipts (NVDR Shares). 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. By investing in NVDRs, investors will receive all financial benefits as if they had invested in a company’s ordinary shares. The only difference between investing in the NVDR and the companies shares is that the NVDR holder cannot be involved in company decision making.

Circuit BreakersFirst Stage: If the SET index falls by 10% from the previous day’s close, all trading in listed securities will be halted for 30 minutes.

Second stage: If the SET index falls by 20% from the previous day’s close (i.e. another 10%), trading in all listed securities will be halted for one hour.

If the trading time left in a session is less than 30 minutes, or one hour (as the case may be) after the circuit breaker comes into effect, trading will be halted until the closing time of that session, and the trading will then resume in the next session.

Taxes, Market Charges & Compulsory CommissionsAll investors must pay stamp duty on the transfer of share and debenture certificates for 0.1%. For the trading of stocks, warrants, non-voting depository receipts (NVDRs), derivative warrants and transferable subscription rights (TSR), brokerage commissions are negotiable but subject to a floor of 0.25% of the trading value.

If trades of these instruments are submitted through the Internet, the floor is reduced to 0.20% if the trading value.

VAT is charged at 7% on brokers commission.

Taxes & Regulations Affecting Foreign InvestorsForeign investors are subject to taxation on capital gains, dividends and interest earned from their securities investment on the stock Exchange of Thailand, according to the following schedule: Capital gains: Tax free for individual investors, but 15% withholding tax for foreign juristic Investors, defined as

institutions established under foreign law and which do not operate in Thailand). Interest income is subject to a 15% withholding tax. Dividends are subject to a 10% withholding tax.

Trading BoardTrading Board Requirement

Main Board ≥ 1 board lot or a multiple thereof with spread and price limits

Foreign Board≥ 1 board lot or a multiple thereof with spread but without price limits, no minimum quantity without spread and price limit

Big Lot Board ≥ 3 million Baht or 1 million shares without spread and price limits

Odd Lot Board < 1 board lot with spread and price limits

Cross Selling Equity & Short SellingCovered short selling is permitted, naked short selling is prohibited. A member shall, at the end of each day in accordance with the form prescribed by the Exchange, submit a report on short positions which have not yet been covered; classified according to each individual security. Only securities listed on the SET 50 Index are able to be short sold. The uptick rule applies.

Cross trades are allowed on and off the exchange. Off exchange crosses are allowed only for block trades.

Tick SizeTick Size Price Range

0.01 10 and below

0.05 10 to 50

0.1 50 to 100

0.5 100 to 500

1 500 to 1000

5 1000 and above

GMT +7hrsInternet: www.set.or.th Email: [email protected]

Primary ExchangeStock Exchange of Thailand

Futures InformationMain Contract SET50 Index FuturesTrading Exchange Thailand Futures ExchangeTrading Times Monday – Friday; 09:45 – 12:30, 14:30 – 1�:55Contract Size THB1,000 x IndexTick Size 0.1Contract Months March, June, September and DecemberReuters <0#TX:>, near month <TXc1>, details <TM/TX> Bloomberg FT (Month Code)(Last Number of Year) <Index>

Thailand

Main IndicesStock Exchange of Thailand (SET)

SET100

SET50


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


Off-Hour Trading: 1�:40 – 17:00




Board Lots100 shares

CurrencyThai Baht (THB)


Currency ExchangeUSD1 = THB33.955

EUR1 = THB49.�32


Brief HistoryAn 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 thrust of the policy was to get such companies to divest and sell a majority of their shares to nationals of Trinidad and Tobago. The Trinidad and Tobago Stock Exchange was founded in 1981 under the auspices of the Ministry of Finance to facilitate such a transfer. Currently the Trinidad and Tobago Stock Exchange is governed by Securities and Exchange Commission who were established by the Securities Industry Act of 1995.

Trading SystemOn 18 March 2005, electronic trading was introduced using the Horizon Electronic trading system. The Exchange does not fix the price at which a stock may be bought or sold. The price is determined by the demand and supply of the particular stock in an electronic environment. Between 08:00 and 09:30 on the morning of every trading day brokers are permitted to enter orders into the system, but they are not immediately matched. Based on this method, the Horizon Trading System will determine separately, 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.

Once the market opens at 09:30 trading is done on a continuous basis. This means that any security can trade at any time throughout the trading session. All trades will be determined on a Price and time sequence and on a FIFO basis, that is, first in, first out.


Value of Transaction (TTD) Commission Rate

On the first 50,000 1.50%

On the next 50,000 1.25%

On excess above 100,000 1.00%

For executing transactions on the floor of the Exchange members are charged, on a monthly basis 2% of their commissions earned during the period.

On every transaction clients are required to pay 2% of 1% of the transaction cost or TTD1, whichever is higher. Stamp duty is paid on share transfers.

Taxes & Regulations Affecting Foreign InvestorsThe new Foreign Investment Bill allows foreign investors to hold up to 30% of the shares in a public company without obtaining a licence, although any further purchases require such a licence.

Withholding taxes are payable for non-residents. For dividends rates vary from 10% to 20% whilst on interest they are subjected to a final withholding tax of 20%. This may be reduced with double taxation treaties.

GMT -5hrsInternet: www.stockex.co.tt Email: [email protected]

Primary ExchangeTrinidad and Tobago Stock Exchange

Futures InformationNone Trinidad & Tobago

Main IndicesTrinidad and Tobago Stock Exchange Composite Index

All Trinidad and Tobago Index


Pre-Open: 08:00 – 09:30

Open: 09:30 – 12:00

Pre-Close: 12:00 – 14:00

Market Closes: 14:00


Market Capitalisation: USD14.9�bn


Board Lots500 Shares

CurrencyTrinidad and Tobago Dollar (TTD)


Currency ExchangeUSD1 = TTD�.3251

EUR1 = TTD9.245�


Brief HistoryThe Bourse des Valeurs Mobilières de Tunis (BVM) was founded in 19�9. Its responsibilities included the organisation of the securities market and the promotion and protection of investments in securities. As a consequence, some positive results were achieved such as the centralisation of securities trading and intermediation activity. In 1987, the Structural Adjustment Programme was adopted which emphasised, among other things, the importance of private enterprise and the direct financing of investments. Following Tunisia’s economic reforms, led by the 1994 Financial Markets act, a new-look Tunis Stock Exchange with increased independence became operational in November 1995. The Tunisia Stock Exchange is wholly owned by brokerage firms.

Trading SystemIn December 2007 the Tunis Stock Exchange upgraded the SUPERCAC electronic trading system which has been in use since 199�. The current system allows remote access for brokers so that orders can be entered at their terminals, forwarded then matched at the central system.

Tunis Stock Exchange disseminates information of the market in real time via Reuters and Bloomberg; quotations are in addition available in real time via the Web site of the Stock Exchange.


Transaction Value (TND) Buyer Seller

Up to 50,000 0.2% 0.2%

Above 50,000 0.1% 0.1%


There is total exemption from taxes on dividends and capital gains for individuals. For corporations, capital gains are taxed at a rate of 35%. The present exchange regulation guarantees free transfer of profits to non-residents if the company is listed on the permanent quotation of the BVM and fixes a non-foreign investment ceiling of 50%.

GMT +1hr (+2 DST)Internet: www.bvmt.com.tn Email: [email protected]

Primary ExchangeTunis Stock Exchange

Futures InformationNoneTunisia

Main IndicesBVMT

TUNINDEX


Pre-Open: 09:00 – 10:00

Continuous Session: 10:00 – 14:00



Fixing taking place at 9:00, 10:00, 11:30, 13:00, 13:05

Trading hours in July, August and during Ramadan are as follows:

Monday – Friday

Pre-Open: 08:30 – 9:30




Fixing taking place at 9:30, 10:00, 11:30, 11:35




CurrencyTunisian Dinar (TND)

Clearing and SettlementAll of the BVM markets are spot markets. Settlement is on a T+3 basis. The settlement process is automated

Currency ExchangeUSD1 = TND1.2991

EUR1 = TND1.8991


Brief HistoryTurkish securities markets have their roots in the 19th century with the development of the Dersaadet Securities Exchange in 18��. Following the creation of the Turkish Republic, a new law was enacted in 1929 to reorganise the fledgling capital markets under the new name of Istanbul Securities and Foreign Exchange Bourse. The Istanbul Stock Exchange (ISE) was inaugurated in its present structure at the end of 1985.

Trading SystemThe fully computerised trading system enables ISE members to trade in stocks and rights coupons. Stock trading activities are carried out in two separate two-and-a-half hour sessions, one in the morning and the other in the afternoon.

Prices are determined on a ‘multiple price-continuous auction method,’ utilising a system that automatically matches buy and sell orders on a price and time priority basis. Buyers and sellers enter orders through workstations located at the ISE. It is a blind order system with counterparties identified upon matching. All information regarding transparency, except standing order IDs are displayed in the trading system during the sessions.

For companies traded on the ISE the standard lot size is 1,000 shares. The system enables members to execute several types of orders such as ‘limit’, ‘limit value’, ‘fill or kill’ and ‘special limit’.

Odd-lot trades that involve fewer shares than the round lot amount are also available. Odd-lot orders in a specific security are matched according to the last trading price of the same security traded in round lots.

Every order involving a price limit is also limited by a maximum lot quantity. For rights coupons, one round lot represents the subscription coupons of a stock with a total nominal value of TRL1. Special orders are designated depending on the base price and the lot limits allowed for bidding or offering for each stock.

Taxes, Market Charges & Compulsory CommissionsCommission with brokers is freely negotiable with a limit of 1% maximum.

Taxes & Regulations Affecting Foreign InvestorsThere are no restrictions on overseas institutional and individual investments in securities listed on the ISE, making the Turkish stock and bond markets open to foreign investors without any restrictions on the repatriation of capital and profits.

Cross Selling Equity & Short SellingShort selling is legal in Turkey, although it is not widely practised. Short selling can be practised on ISE-100 Index, which makes up the main index. 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. Resident and Non resident investors are both permitted to short sell.

GMT +2hrs (+3hrs DST)Internet: www.ise.org Email: [email protected]

Primary ExchangeIstanbul Stock Exchange

Futures InformationNone Turkey

Main IndicesISE National-All Shares Index

ISE National-30 Index

ISE National-100 Index


National, Regional & New Company Trading: 09:30 – 12:00

(09:30 – 09:45 electronic order collection);

14:00 – 17:30

(14:00 – 14:10 electronic order collection)

Watch list companies market: 14:00 – 15:00

Primary Market; Official Market; Wholesale Trading: 11:00 – 12:00 (no opening or closing auctions)





CurrencyNew Turkish Lira (TRY)


Currency ExchangeUSD1 = TRY1.497�

EUR1 = TRY2.1892


Brief HistoryThe Uganda Securities Exchange (USE) was licensed to operate an approved stock exchange in June 1997 by the Capital Markets Authority of Uganda. The USE began formal trading operations in January 1998 with the trading of the East African Development Bond (EADB).

Trading SystemCurrently trading is conducted at the USE floor under a continuous open outcry trading system. 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. A trade is affected when a bid and an offer are matched.

Taxes, Market Charges & Compulsory CommissionsCommission rates and client costs

First UGX200m

Next UGX800m

Any sum over UGX1bn

Brokerage Commission 1.70% 1.50% 0.80%

Transaction Levy

USE 0.14% 0.14 0.14%

CMA* 0.14% 0.14% 0.14%

Compensation Fund Fee 0.02% 0.02% 0.02%

Total cost to investor 2.00% 1.80% 1.00%

*CMA is the Capital Markets Authority Uganda

Taxes & Regulations Affecting Foreign InvestorsCurrently there are no restrictions to foreign investors in the Ugandan market. Withholding tax on dividends of listed companies is 10%, for unlisted companies it is 15%. Corporate tax is charged at a rate of 30%. There is no stamp duty or capital gains tax.

GMT +3hrs Internet: www.use.or.ug Email: [email protected]

Primary ExchangeUganda Securities Exchange

Futures InformationNoneUganda

Main IndicesUSE All Share Index

Official Trading Hours Mondays, Tuesdays & Thursdays

10:00 – 12:00




CurrencyUgandan Shilling (UGX)


Currency ExchangeUSD1 = UGX19�5.0

EUR1 = UGX2873.5


Brief HistoryThere are two main stock exchanges in operation in the Ukraine, namely the Ukraine Stock Exchange (USE) and the PFTS Stock Exchange.

The Ukraine Stock Exchange (USE) was founded in 1991, with activity on the exchange starting in January 1992. The exchange is a closed joint-stock company, and is the most advanced stock exchange in the Ukraine.

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. PFTS Association is self-regulatory organisation (SRO) according to decision of the Ukrainian State Securities and Stock Market Commission. Only PFTS Association members may perform transactions at the PFTS trading system. PFTS membership now stands at 218 firms in 14 Ukrainian cities. From January 2008 the PFTS Index has been calculated in real time.

Trading SystemOn the USE Stocks are traded on a screen based order-driven system called EBOS (Elektronický Burzový Operačný Systém). Three methods can be used for share transactions; Auction trading (at one fixed price), Continuous trading and Block trading.

The PFTS Trading system is assembled as multi-functional system for ensuring activity of securities traders. The PFTS trading system consists of Quote-Driven, Order-Driven markets and PFTS Auctions.

The Quote-Driven Market (QDM) is the major PFTS market built on the Dealer-Driven trading technology, which is based on the rules of competing quotes offered by trade participants and on acceptance of firm quotes. QDM is used for the secondary trades in stocks, state, municipal and corporate bonds, investment certificates and derivatives with the prices used to calculate the PFTS system.

Order-Driven Market is the market built on the order-driven market trading technology. Trading is performed with full preliminary deposition on assets; settlement is conducted in Hryvnya using the delivery versus payment technology.

PFTS Auctions is based on the principle of a unilateral auction, 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.

Taxes & Regulations Affecting Foreign InvestorsCurrently, Ukraine applies the following tax rates to foreign investors:

Tax Type Rate

Tax on Dividends for Foreign Investors* 15%

Corporate Profit Tax 25%

Repatriation Tax* 15%

* Repatriation of dividends is not possible if securities were purchased offshore

Restrictions exist for foreign investments in the publishing and broadcasting sectors, and foreigners are not allowed to participate in the manufacturing of weapons. Tax incentives for investments were abolished in March 2005.

GMT +2hrs (+3 DST)Internet: www.ukrse.kiev.ua; www.pfts.com Email: [email protected],ua; [email protected]

Primary ExchangeUkrainian Stock Exchange/ First Securities Trading System (PFTS)

Futures InformationNone Ukraine

Main IndicesPFTS Index


Ukrainian Stock Exchange: 11:00 – 17:00

PFTS: 10:00 – 17:00



Average Daily Value: ~USD15m

CurrencyUkrainian Hryvnia (UAH)


Currency ExchangeUSD1 = UAH8.�350

EUR1 = UAH12.�19


Brief HistoryThe Dubai Financial Market (DFM) was established in 2000 by the Government of Dubai. It became a fully operational exchange on 2� March 2000. Prior to the establishment of the DFM, the United Arab Emirates (UAE) had an OTC market in which publicly held companies were traded. The DFM offers a centralised mechanism for trading, clearing and settlement as well as a regulatory framework to govern the market.

Trading SystemThe DFM operates on an order driven system. The trading system is screen-based and fully automated. It matches the buying and selling orders that are entered into the system by the accredited brokers, all of whom have been provided with trading workstations at the DFM premises.

The trading system is completely transparent and trading information is disseminated widely to all interested parties. Brokers, as well as investors, can view outstanding orders, price and volume data, and price and index histories for all listed stocks.

Taxes, Market Charges & Compulsory CommissionsFor share trading, investors pay an overall commission of 0.5% of the value of each transaction (minimum 75 Dirhams). This is made up of 0.3% to the broker (minimum of 45 Dirhams), 0.1% to the Market (minimum of 15 Dirhams), 0.05% to The Emirates Securities and Commodities Market Authority (minimum 7.50 Dirhams) and 0.05% for Clearing (minimum 7.50 Dirhams).

Taxes & Regulations Affecting Foreign InvestorsThere are no taxes on dividends, 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.

UAE law allows foreigners to own up to 49% of any locally incorporated public company. In practice, most listed companies allow foreign ownership of various percentages up to this limit. No limits are specified for foreign investments in local bonds. Foreign investments are not allowed in local insurance companies. Foreigners can also invest indirectly in the market through locally incorporated mutual funds which have no restrictions on individual share ownership.

GMT +4hrsInternet: www.dfm.co.ae Email: [email protected]

Primary ExchangeDubai Financial Market

Futures InformationNoneUAE

Main IndicesThe DFM General Index

Official Trading Hours Saturday – Thursday




Average Daily Value: USD325.�m

CurrencyUAE dirham (AED)


Currency ExchangeUSD1 = AED3.��79

EUR1 = AED5.3�22


Brief HistoryThe London Stock Exchange (LSE) can trace it history back over three centuries. In 1�97 brokers had been banned from the Royal Exchange due to their rowdy behaviour and instead headed towards surrounding coffee houses in Change Alley, most famously Garraway’s and Jonathan’s. Here John Castaing began to issue list of stock and commodity prices called “The Course of the Exchange and other things”. It is the earliest evidence of organised trading in marketable securities in London. By the late 17�0s, 150 brokers formed a subscription club at Jonathan’s coffee house, later opening their own subscription room, New Jonathan’s, in Threadneedle Street after the old one burnt down. In 1773 the members of New Jonathan’s voted to change the name to the Stock Exchange. 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. These were amalgamated in 1973. In 198� the market was deregulated, an event known as the “Big Bang”. This event lead to the following changes; firms were allowed to be owned by outside corporations, firms became broker-dealers, able to act either as agency brokers representing clients in the market or as principals buying and selling shares on their own account. In 2007 after NASDAQ failed in an attempt to takeover the LSE; instead the LSE and the Italian Borsa merged.

Trading SystemTradeElect is the LSE’s new trading system which incorporates several other systems. The Stock Exchange Trading System (SETS) is an electronic automatic, order-driven, flexible and transparent trading platform. The most liquid stocks on the exchange are traded through SETS, namely the FTSE All Share Index, Exchange Traded Funds, Exchanged Traded Commodities and of the most traded AIM and Irish Securities.

The less liquid are traded on SETSqx (The Stock Exchange Electronic Trading System – quotes and crosses). All Main Market and EURM AIM securities not traded on a full order book are traded here. This system combines a periodic electronic auction book with standalone quote driven market making. Un-crossings take place at 08:00, 11:00, 15:00 and 1�:35.

SEAQ is the LSE’s service for the Fixed Interest market and AIM securities that are not traded on either SETS or SETSqx.The International Order Book (IOB) trades securities from 4� countries through one central order book via depositary receipts (DRs). 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, offering greater visibility in the market.IOB Clearing is now through a Central Counterparty (CCP) clearing service for 50 of the most heavily traded securities. 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, attract new IOB participants, improve liquidity and lower operational costs. An optional netting service is available on the IOB, provided by LCH.Clearnet

Circuit Breakers5% from the last traded price. Trading session resumes after 5 minutes.

Taxes, Market Charges & Compulsory CommissionsThere are no minimum scales of commission. A 50bps stamp duty is imposed on equity purchases. Irish stocks listed on the exchange are subject to Irish stamp duty of 1% on buys.There is a PTM (Panel on Takeovers and Mergers) levy of GBP1 (EUR1.50) per transaction, except for Hong Kong listed stocks, or if the gross consideration of the bargain is GBP10,000 (EUR15,000) or less.

Taxes & Regulations Affecting Foreign InvestorsUK Corporations are required to pay advance corporation tax on dividends distributed to shareholders. 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, less withholding tax. Investors whose countries of residence have a tax treaty in force with the UK are subject to a 15% withholding tax on dividends.

Cross Selling Equity & Short SellingThe partial ban on short selling has been lifted in January 2009, however a disclosure obligation is maintained. Disclosure of a short position has to be made when it reaches 0.25% of the companies market capitalisation, further disclosure has to be made with every tenth of percent, both when increasing and decreasing.

Tick SizesTop 15 FTSE 100 Stocks (SE10)

GMT +0hrs (+1hr DST)Internet: www.londonstockexchange.com Email: [email protected]

Primary ExchangeLondon Stock Exchange

Futures InformationMain Contract FTSE 100 Index FuturesTrading Exchange Euronext LIFFE (www.liffe.com)Trading Times Mon – Fri; 08:00 – 17:30Contract Size GBP10 x IndexTick Size 0.5Contract Months Mar (H), Jun (M), Sept (U), Dec (Z)Expiration Day Third Friday of delivery monthReuters <0#FFI:>, near month <FFIc1>, details <LIF/FFI> Bloomberg Z(Space)(Month Code)(Last Number of Year)

<Index>

United Kingdom

Main IndicesFTSE 100

FTSE All-Share Index








Board Lots1 share (some trade 1 or 50)

CurrencyBritish Pound (GBP)


Currency ExchangeUSD1 = GBP0.�0332

EUR1 = GBP0.88181

Stock Price GBp TickLess than 0.999 0.00011 - 4.9995 0.00055 - 9.999 0.00110 - 49.995 0.00550 - 99.99 0.01100 - 499.95 0.05500 - 999.9 0.11000 - 4999.5 0.55000 - 9999 11000 or more 5

Stock Price GBp TickLess than 0.5 0.00010.5 - 0.9995 0.00051 - 4.999 0.0015 - 9.995 0.00510 - 49.99 0.0150 - 99.95 0.05100 - 499.9 0.1500 - 999.5 .051000 - 4999 15000 - 9995 51000 or more 10

Bottom 85 FTSE 100 Stocks (SET1) Mid-Cap Stocks (STMM)


Brief HistoryThe Chicago Stock Exchange (CHX) opened for trading of local bonds and stocks in 1882. As the marketplace evolved the emphasis on trading shifted from bonds to stocks, and it was speculation in newly issued local securities that prompted the early growth of the CHX. These local securities included utilities, meat-packing companies and railroads. In 1949 the CHX merged with the stock exchanges of St Louis, Cleveland and Minneapolis-St Paul to form the Midwest Stock Exchange (MSE). A decade later the New Orleans Stock Exchange became part of the MSE. In 1985 the Exchange moved into its present address. This marked the tenth move since the Exchange was formed in 1882. In 1993 the Exchange reverted to its original name, the Chicago Stock Exchange.

On 9 February 2005 the US Securities and Exchange Commission (SEC) approved the demutualisation plan set forth by the CHX in November 2004.

In March 2008 the CME Group announced a deal to take over the New York Mercantile Exchange for USD9.4bn.

Trading SystemThe Chicago Stock Exchange’s Matching System trading platform provides a fully automated electronic system. It offers broker/dealers access to a fair, open and neutral market place with diverse order flows from retail brokers, CHX Institutional Brokers, NASD market makers and CHX market makers. CHX supports ITS and NMS/Linkage Plan access to the Matching System.

Order-sending participants may reach the CHX Matching System by using the FIX and CMS protocols via order-sending participant or vendor connections. Upon receipt of an order, the CHX Order Management System (OMS) will validate and route orders to the appropriate matching engine. Once the matching engine receives an order in an NYSE, AMEX or regional-listed stock, the order’s price is compared with resting limit orders in the book. If a match can be consummated at a price within the National Best Bid and Offer (NBBO) then the orders will be executed. If the execution would occur at a price outside the NBBO then no execution will occur and the inbound order will be rejected. If no match is available, then an inbound order will be placed in the book and immediately quoted. If the order’s price would lock or cross the NBBO then the order will be rejected.

Orders resting in the book will be matched in price – time priority and according to the ranking – Display orders; Un-displayed portions of reserves; Un-displayed orders.

The Matching System matches orders on a share for share basis and inbound odd lot orders can match at prices outside the NBBO.

As part of the Exchange’s new trading model, the CHX operates a neutral communications service, the CHXConnect. This service allows participants to route orders to market makers or other broker-dealers connected to CHXConnect, which provide order handling and execution services in the over-the-counter market; and to other destinations (including order-routing vendors) that are connected. Participants also use CHXConnect to route orders to the Exchange’s Matching System and to its institutional brokers.

Circuit BreakersSame circuit breakers as for NYSE Euronext apply.

Taxes, Market Charges & Compulsory CommissionsSEC fee 0.15�bps on the gross consideration 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.

Taxes & Regulations Affecting Foreign InvestorsDividends 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.

Cross Selling Equity & Short SellingSame rules as for NYSE Euronext apply.

GMT -�hrs (-5hrs DST)Internet: www.chx.com Email: [email protected]

Primary ExchangeChicago Stock Exchange

Futures InformationNoneUSA – Chicago

Main IndicesNone


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)


Market Capitalisation: NA


Tick SizeUSD0.01



Currency ExchangeEUR1 = USD1.4�19


Brief HistorySince 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.

Trading System: PreciseThe 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 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.

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

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.


Taxes, Market Charges & Compulsory CommissionsCommission 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.



Cross Selling Equity & Short SellingThe Short-Sale and Bid Test rules have been abolished.

GMT -5hrs (-4hrs DST)Internet: www.NASDAQ.com Email: [email protected]

Primary ExchangeNASDAQ Stock Market

Futures InformationMain Contract NASDAQ 100 Index Futures Trading Exchange Chicago Mercantile Exchange (www.cme.com)Trading Times 15:30 – 08:15, 08:30 – 15:15 Contract Size USD100 x IndexTick Size 0.25Contract Months March quarterly cycleReuters <0#ND:>, nearest month <NDc1>, contract details

<CME/ND>Bloomberg ND (Month Code)(Last Number of Year) <Index>

USA – NASDAQ

Main IndicesNASDAQ Composite Index


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


Market Capitalisation: USD2.�2trn

Average Daily Turnover: USD34bn


Tick SizeUSD0.01





Brief HistoryIn 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.

Trading SystemNSX 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.


Taxes, Market Charges & Compulsory CommissionsSEC Fee 0.15�bps 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.



Cross Selling Equity & Short SellingSame rules as for NYSE Euronext apply.

GMT -�hrs (-5hrs DST)Internet: www.nsx.com Email: [email protected]

Primary ExchangeNational Stock Exchange

Futures InformationNoneUSA – National

Main IndicesNone


09:30 – 1�:30 EST

Market SizeMarket Capitalisation: NA

Average Daily Turnover: NA

Board Lot100 shares

Tick SizeUSD0.01





Brief HistoryThe 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 18�5 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.

Trading SystemThe 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+.

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 BreakersTrading 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 before 13:30 after 13:30


before 12:00 before 13:00 after 13:00


±30% trading halted for the rest of the day

Taxes, Market Charges & Compulsory CommissionsSEC Fee 0.15�bps on the gross considerations of sells only.




Cross Selling Equity & Short SellingThe 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-till-executed (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.

GMT -5hrs (-4hrs DST)Internet: www.nyse.com

Primary ExchangeNew York Stock Exchange

Futures InformationMain Contract S&P500 Stock Price Index Future Trading Exchange Chicago Mercantile Exchange (CME)Trading Times 15:30 – 08:15, 08:30 – 15:15Contract Size USD250xIndexTick Size 0.1Contract Months March (H), June (M), September(U), December(Z)Reuters <0#SP:>, nearest month <SPc1>, contract details

<CME/SP>Bloomberg SP (Month Code)(Last Number of Year) <Index>

USA – New York

Main IndicesNYSE Composite



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

Market Size as of August 2009:




Tick SizeUSD0.01





Brief HistoryThe Montevideo Stock Exchange (MSE) was established in 18�7. In 1992 the Exchange amended its by-laws to allow the purchase of broker titles by legal entities. In 199� additional reforms were introduced to provide a legal framework for the securities markets.

Trading SystemTrading at the MSE is effected manually on the trading floor.

Taxes, Market Charges & Compulsory CommissionsCommissions collected by brokers as a result of the sale of shares are approximately 0.5% of the price of the transaction.

Taxes & Regulations Affecting Foreign InvestorsThe Act 14.179 guarantees restitution of capital invested by individuals or corporations domiciled abroad, as well as earnings accrued. Investments covered by this law must be authorised by the government. Investors have the absolute freedom to bring capital into the company as well as to remit it. Neither dividends nor capital gains are taxed.

GMT -3hrs (-2hrs DST)Internet: www.bvm.com.uy (Spanish text only) Email: [email protected]

Primary ExchangeMontevideo Stock Exchange

Futures InformationNoneUruguay

Main IndicesIndice de Precios





CurrencyUruguayan Peso (UYU)

Clearing and SettlementBMV provides all the securities clearing and settlement services for its members and on behalf of their customers. Settlement takes place 24 hours after the transaction

Currency ExchangeUSD1 = UYU22.025

EUR1 = UYU32.194


Brief HistoryToshkent Republican Stock Exchange (TRSE), formerly the Uzbekistan Stock Exchange, was established in 1994. Its creation came about due to economic reforms in Uzbekistan, most significantly the creation of joint-stock companies and the privatisation of state enterprises. The State Property Committee of the Republic of Uzbekistan and the financial company Uzfininvest were the founders of the Exchange.

Trading SystemTrading is effected via the Exchange Information and trade system. Trading is via the double continuous auction method. The system ensures that the stock exchange is transparent and presents detailed information to both investors and participants in real time. The information system allows users to find any transaction that has been concluded at the TRSE from the date of its creation, and to get information on the JSCs that have sold shares at the stock exchange, as well as data on brokerage companies or everyday analytical information.

Taxes, Market Charges & Compulsory CommissionsFor Shares: 1% from the buyer and seller on IPO For privatised state shares only). In the public float market the rate ranges from 0.025% to 0.4% depending on the volume of the transaction, from both each buyer and seller.

Taxes & Regulations Affecting Foreign InvestorsForeign legal entities are subject to a corporate income tax of 10%.

GMT +5hrs Internet: www.uzse.uz (Russian text only) Email: [email protected]

Primary ExchangeToshkent Republican Stock Exchange

Futures InformationNone Uzbekistan

Main IndicesTASIX Index


10:00 – 15:30



CurrencyUzbekistani Som (UZS)


Currency ExchangeUSD1 = UZS149�.7

EUR1 = UZS2187.2


Brief HistoryThe 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. In 1807 the Government issued trading rules and the first association of traders was created. 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. In 1958 a second exchange, the Bolsa de Comercio del Estado Miranda, was founded to compete with the first exchange. However, in 1974 the two exchanges were merged, thus marking the beginning of the modern exchange. In 1998 the Exchange acquired the SIBE electronic trading exchange from the Madrid Stock Exchange.

Trading SystemEquities and fixed income instruments are traded on the SIBE platform. SIBE is an order-driven market system, with real-time information and dissemination of trading data. SIBE gives support to the management of orders, trading, dissemination of information, settlement and monitoring activities of the organised markets.

Trading is done via a fully automated, screen-based trading system called SIBE, where transactions are matched automatically. All members bid and/or offers are identified on the screen. Trading a large volume of shares or trading a stock at a price which varies from the pre-established percentage band, will automatically be delayed.

The main index is open-ended and accounts for more than �0% of total market capitalisation. The majority of equity trading takes place in locally listed shares and Global Depository Shares (GDS).

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.

Taxes, Market Charges & Compulsory CommissionsCommissions paid by investors to the brokers for buying or selling a share are determined by the brokers individually. Commission is paid by each side involved in a transaction.

Taxes & Regulations Affecting Foreign Investors.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. There are two ‘sensitive’ areas regarding foreign investment:

TV and radio broadcasting, Spanish-language newspapers

Professional services regulated by national laws (e.g. law firms)

Dividends are tax exempt, but net income from loans granted by financial institutions constituted overseas is taxed at the rate of 4.95%. 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). The rates for trades (variable and fixed income securities) not done on a stock exchange are as follows:

Proportional Tax Rate

Individuals Companies

Residents 3% 5%

Non-residents 34% Varies from �.0% – 34.0% depending on taxable income

Cross Selling Equity & Short SellingShort selling is prohibited.

GMT -4.30hrsInternet: www.bolsadecaracas.com Email: [email protected]

Primary ExchangeCaracas Stock Exchange

Futures InformationMain Contract IBC Index FutureTrading Exchange Caracas Stock ExchangeTrading Times Mon – Fri; 09:00 – 14:45Contract Size 2000 BolivarsTick Size 0.1 index pointContract Months 3 consecutive months & the next 3 contracts on the Mar, Jun, Sep & Dec expiry cycleReuters <0#IBC:>, contract details <CCS/IBC>Bloomberg CI (Month Code)(Last Number of Year) <Index>

Venezuela

Main IndicesCaracas Stock index (IBC)


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




Average Daily Turnover: ~USD500m

CurrencyVenezuelan Bolivar fuerte (VEB)


Currency ExchangeUSD1 = VEB2.1473

EUR1 = VEB3.1387


Brief HistoryHo Chi Minh City Securities Trading Center (HoSTC) (‘STC’) was officially inaugurated on 20 July 2000 and trading commenced on 28 July 2000. Initially, two equity issues were listed, Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’). In August 2007, HoSTC was renamed the Ho Chi Minh Stock Exchange (HOSE).

Trading SystemThe STC operates fully-computerised trading system for the Stock Exchange of Vietnam. Two principal methods of trading are available: Automatic Order Matching (AOM) and Put Through transactions (PT).

Automatic Order Matching (AOM) Trading

The Automatic Order Matching performs the order matching process according to price then time priority, without human intervention. After brokerage houses electronically send buy or sell orders from their offices to the HOSE mainframe computer, 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, with the best price taking precedence. Then, within each price group, orders are arranged according to time.

The system calculates the opening and closing price of a security at the opening and closing times of the Official Trading Hours. 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.

Put Through (PT) Trading

The system provides a facility for brokers to deal directly with each other, either on behalf of their clients or for themselves. The dealing price is negotiated between the two brokers and hence, the effective executed price may not be the same as that of securities traded in the market on that day. After concluding negotiations, dealers must send details of the result(s) to STC mainframe recording purposes.

Circuit Breakers±5% Trading bands from the reference price are applied.


Taxes & Regulations Affecting Foreign InvestorsThe only tax on equities for foreign investors is a securities transaction tax of 0.1%. There is no withholding tax on dividends paid abroad. There is no capital gains tax. Foreigners can buy up to 49% of listed stocks except banks. For banks the limit on foreign ownership is 30% with a maximum individual investor limit of 10%. Maximum bonds holding: no limitation. Foreign contribution on joint-venture securities firms or fund management company less than or equal to 49%.

GMT +7hrsInternet: www.hsx.vn Email: [email protected]

Primary ExchangeHo Chi Minh Stock Exchange

Futures InformationNone Vietnam

Main IndicesVietnam Index





Put Through: 10:30 – 11:00

Market SizeMarket Capitalisation: USD20.�bn

CurrencyVietnamese Dong (VND)

Clearing and SettlementT+3 Business Days for less than 100,000 shares

T+1 for more than 100,000 shares

Currency ExchangeUSD1 = VND17833

EUR1 = VND2�0�8


West African Stock ExchangeBourse Regionale des Valeurs Mobilières SA (BRVM)


GMT+1Internet: www.brvm.org Email: [email protected]

Primary ExchangeRegional Stock Exchange West Africa

Brief HistoryThe West African Stock Exchange can trace its roots back to the foundation in 1973 of the West African Monetary Union (WAMU). In Adibjan, 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. The Regional West African Exchange, Bourse des Regionale Valeurs Mobilieres (BRVM), took over the 35 stocks of Ivory Coast’s national BVA bourse from 1� September 1998. The BRVM is made up of eight member nations. The head quarters are located in Abidjan, the capital of Cote d’Ivoire, whilst market offices are maintained in Benin, Burkina Faso, Guinea Bissau, Mali, Niger, Senegal and Togo.

Trading SystemThere is one method of dealing and establishing prices. Stocks and bonds are traded through a computer system known as the Decentralised Electronic Fixing (CED) system, with a single price auction called fixing. Stocks are quoted in multiples of XOF5. Bonds are quoted as a percentage of nominal. The trading system allows orders to be dispatched to the Abidjan headquarters, with brokers able to amend orders at any time until the fixing. The trading system serves Benin, Burkina Faso, Cote d’Ivoire, Mali, Niger, Senegal and Togo.

A satellite trading system was inaugurated in March 1999 allowing orders to be dispatched to the Abidjan headquarters via satellite, with brokers able to amend orders at any time until the fixing. 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. The satellite trading system serves the countries included in the regional bourse (Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, Togo and Guinea Bissau).

Circuit BreakersThe price fluctuation per session is limited to 7.5% for stocks and bonds.

Taxes, Market Charges & Compulsory CommissionsThe fees charged by the exchange to the brokers are:

Trading: 0.30% of the transaction value.

Settling and Clearing: 0.10% of the transaction value.

The brokerage fees are about 1% of the transaction value (freely determined by each broker).

Taxes & Regulations Affecting Foreign InvestorsThere are no formal restrictions on foreign investment.

Main IndicesBVRM Composite Index

BVRM10 Index


Pre-Open: 08:00 – 08:30


Fixing: 10:30 – 10:45

Post-Close: 10:45 – 13:00



CurrencyCommunauté Financière Africaine Franc (XOF)

Clearing and SettlementSettlement is carried out via the Central Depository and the cycle is T+5, but to meet international standards it is expected to move to T+3 in the future

Currency ExchangeUSD1 = XOF449.84

EUR1 = XOF�5�.392


Brief HistoryThe Lusaka Stock Exchange (LuSE) began operations in February 1994. Its formation was directly linked to the economic reforms and liberalisation of the Zambian economy that began in 1991, a key feature of which was the privatisation of state-owned enterprises. A stock exchange was viewed as pivotal to the success of the privatisation programme which was also intended to facilitate foreign investment.

The securities market in Zambia was formalised by the enactment of the Securities Act in December 1993. The Securities Act, and its subsidiary legislation in the form of rules, provides for the operation of a market that is fair, orderly, secure, and transparent. It provides for investor protection and the licensing of all market players. The Act also provides for the establishment of the Securities and Exchange Commission (SEC-Zambia) as the regulatory agency for the Zambian securities market. There are currently 15 companies listed on the LuSE.

Trading SystemThe LuSE operates as an order-driven market. Trading is manual and through direct order matching. A single price auction (SPA) is used to determine the opening market price. SPA is the price at which the largest volume of shares will be traded with the least imbalance. Orders are traded based on the criteria of price, time of entry and whether the order is a client order or principal order. Orders can be submitted to the Exchange by fax. The Exchange produces an opening market price summary report, a mid-morning update report and a closing market report.

Taxes, Market Charges & Compulsory Commissions0.25% of value to each party paid to the exchange. Brokerage rates are negotiable. Indicative scale is 0.5% on equities. Depository Transfer Fees 0.375% of the total value deposited.

Taxes & Regulations Affecting Foreign InvestorsThere is a withholding tax of 15% on dividends that are treated as income. However this tax is exempted for dividends paid on listed stock to individuals. There is no capital gains tax. A property transfer tax of 3% is paid by the seller of unlisted securities. Listed stock does not attract this tax. The corporate income tax rate is 33%. Government restructured the preferential tax structure for listed companies effective 1 April 2004 as follows; 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. This incentive is for new listings for one year only and is accessible only once.

There are no ownership limits or restrictions on foreign investment.

GMT +2hrsInternet: www.luse.co.zm Email: [email protected]

Primary ExchangeLusaka Stock Exchange

Futures InformationNone Zambia

Main IndicesLuSE All Share Index


First Trading Session: 10:00 – 11:00

Second Trading Session: 12:00 – 13:00



CurrencyZambian Kwacha (ZMK)


Currency ExchangeUSD1 = ZMK4�30.0

EUR1 = ZMK�770.�


Brief HistoryThe first stock exchange in Zimbabwe opened its doors shortly after the arrival of the Pioneer Column in Bulawayo. It was however only operative for about six years from 189� to the end of the South African war. Other stock exchanges were established in Gwelo (Gweru) and Umtali (Mutare). The latter, also founded in 189�, thrived on the success of local mining, but with the realisation that deposits in the area were not extensive, activity declined and it closed in 1924. After World War II a new exchange was founded in Bulawayo and dealing started in January 194�. A second floor was opened in Salisbury (Harare) in December 1951 and trading between the two centres was by telephone. 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.

The Zimbabwe Stock Exchange Act reached the statute book in January 1974. The members of the Exchange continued to trade as before, but it became necessary for legal reasons to bring into being a new Exchange coincidental with the passing of the legislation. The present Exchange therefore dates from the passing of the Act.

The exchange has been open to foreign investment since 1993. The US Dollar has been adopted as legal tender for trading.

In the last few years, liquidity has dried up significantly as the political and economical situation has deteriorated.

Trading SystemThe trading method used on the ZSE is a call-over system organised on the floor of the exchange. Trading is carried out by open call over in two sessions. The system is paper based and a trading record is published by the ZSE daily and circulated to broking firms and the press. Deals are effected by placing an order with a local broker who completes the trade at the call over.

Taxes, Market Charges & Compulsory CommissionsBuying and selling shares incurs costs which are added onto the purchase price or deducted from the sale amount.

Rate (ZWD)

Basic charge 500

Brokerage 2 per 100

Stamp duty 2 per 100 (of shares purchased)

Transfer fee (on purchases) 500

VAT 15%

Taxes & Regulations Affecting Foreign InvestorsControl on repatriation of sale proceeds were lifted in January 1994. However the following rules still apply; no one foreign investor may own more than 10% of the issued equity of a listed company. Aggregate foreign ownership of a listed company may not exceed 40% (excluding positions held before June 1993).

Withholding taxes on dividends are deducted at source at the rate of 15%. Capital gains tax was abolished in 2003. 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.

GMT +2hrsInternet: www.zse.co.zw Email: [email protected]

Primary ExchangeZimbabwe Stock Exchange

Futures InformationNoneZimbabwe

Main IndicesABRI Zimbabwe Index

Zimbabwe Industrials index

Zimbabwe Mining Index


09:00 – 10:30

11:45 – 13:00

Market Size

Market Capitalisation: NA

CurrencyZimbabwean Dollar (ZWD)


Currency ExchangeUSD1 = N/A

EUR1 = N/A

ECNs, ATS & Dark Pools


Brief HistoryIn January 1997, the US Securities and Exchange Commission (SEC) implemented new Order Handling Rules, which revolutionised trading in NASDAQ securities. The new rules created the opportunity for Electronic Communications Networks (ECNs), such as Archipelago, to interact directly with the NASDAQ National Market System. 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.

In October 2001, the SEC approved the proposal of the Pacific Exchange, Inc (PCX) to establish the Archipelago Exchange (ArcaEx) as its new, electronic trading facility. The Pacific Exchange closed its San Francisco equities floor on 21 March 2002, moving its equities trading operations to the fully electronic, replacing the traditional floor specialists. The Pacific Exchange options floor in San Francisco is unaffected by the migration of equities trading to an electronic environment.

In March 200� Archipelago merged with the NYSE to form the for-profit entity NYSE group (now NYSE Euronext). NYSE Arca was the first open, all-electronic stock market in the United States enabling customers to trade equity securities, including those listed on NYSE Arca, the NYSE and other US equities markets and options products. 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, direct and anonymous market access.

Trading SystemArcaEx, is an open, fully electronic equity exchange offering fast, anonymous and consistent order processing. NYSE Arca trades all NYSE, NYSE Arca, AMEX and OTC listed stocks. 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. NYSE Arca features four trading sessions each day: a Pre-Opening Session (03:30 – 04:00), Opening Session (04:00 – 09:30), Core Trading Session (09:30 – 1�:00), Extended Hours (1�:00 – 20:00). Additionally, ArcaEX has an opening auction, a Market Order Auction and a Closing Auction where all participants can see and participate in price information. Equity trading Permit Holders and other uses of Arca submit orders directly to an electronic file of orders, known as the ArcaBook. Arca searches for the best price for orders internally or externally.

Investor ProtectionThe legal entity known as NYSE Regulation, Inc., was created during the course of the merger between the New York Stock Exchange and Archipelago Holdings, Inc. To protect investors, the health of the financial system, and the integrity of the capital-formation process, the SEC selected NYSE as the Designated Examining Authority for financial and operational issues for its member organisations. The chide executive officer of NYSE Regulation has primary responsibility for the regulatory oversight of the exchange subsidiaries within NYSE Group, and reports solely to the NYSE Regulation board of directors.

Internet: www.nyse.com

NYSE Arca

Official Trading Hours Opening Auction: 04:00

Core Trading: 09:30 – 1�:00


Extended hours: 1�:00 – 20:00

Clearing and SettlementIt is necessary for clearing firms to become NYSE Arca Equity Trading Permit (ETP) holders to clear trades on behalf of exchange participants. Once a trade has been executed, records will be sent to National Securities Clearing Corporation (NSCC) for clearance and settlement. 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. Trades executed will be routed to NSCC for settlement via the Regional Interface Organisation (RIO).


NYSE Arca Europe

Brief HistoryNYSE 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, Denmark, Finland, Germany, Ireland, Italy, Norway, Sweden, Switzerland, Spain and the United Kingdom.

It is regulated by the Dutch regulator, Autoriteit Financiële Markten (AFM) and is fully compliant with MiFID obligations to ensure transparency and best execution for clients.

Trades are published in real-time via NYSE Euronext market data feeds and systems.

Clearing and settlement is managed by EuroCCP to ensure an efficient pan-European low-cost solution.

StructureOrder Types: Limit Order, Market to Limit Order, Pegged Order.

Order ValidityGood-for-day Orders are only valid for the trading day. This is the default validity of the NSYE Arca Europe trading platform.

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.

When one of the above periods of validity expires, orders are automatically deleted from the NYSE Arca Europe trading platform.

Execution ParametersImmediate or Cancel Orders: An IOC order may be filled in full or in part, depending on market conditions at the time it is entered, at the specified limit price or better. 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 is cancelled.

Minimum-quantity Orders: The minimum-size requirement is valid only at the time the order is entered. If the specified minimum quantity is filled immediately, the unexecuted part of the order remains on the market. If the minimum quantity is not immediately executed, the entire order is cancelled. The minimum quantity parameter cannot be combined with the discretionary order.

Order Transparency ParametersReserve Orders: The disclosed quantity of a reserve order means the quantity of securities the Member wishes to be made apparent to the market. It is the maximum quantity of securities that will be visible to the market at any given time.

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. The resulting trade will be marked. Guaranteed cross trades have to be limited at a price within the best bid and offer (BBO), boundaries included. 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. It shall be effected on the conditions applicable to cross trades.

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.


Brief HistoryTLX was launched as an ATS in January 2000 by TradingLab Banca, the investment bank of Unicredito Group. On 1 January 2003 the exchange was spun off from TradingLab Banca into a new vehicle called TLX SpA, in order to create a pan-European electronic exchange of financial instruments targeted to individual investors.

Since the 20 October 2003, TLX SpA has managed two markets: a Regulated Market recognised by the Italian Authority CONSOB, called TLX and the ECN called EuroTLX, where the following instruments are traded: foreign equities, corporate bonds, emerging market bonds, non EU government bonds, structured bonds, covered warrant and certificates.

EuroTLX enables retail investors to trade, through intermediaries, with a high level of liquidity and transparency. Trading activity is especially concentrated on instruments such as foreign equities, structured bonds, Covered Warrants, Certificates and Corporate bonds. Investors can access real time prices and pre and post trading info through the EuroTLX website. On 29 December 200�, Banca IMI, the investment bank of Intesa Sanpaolo banking group, acquired a 50% stake in TLX, and started to act as a market makers from February 2007. TLX currently has 40 members, among them major Italian brokers-dealers.

StructureThe following members have access to the market:

Market Makers, which provide liquidity through insertion of quotes for all instruments traded

Broker-Dealers, which provide orders on behalf of their clients

The liquidity of all instruments is guaranteed by the mixed structure, quote-and order-driven. A single investor may send orders independently from the quotes of the market maker.

The rules of the market are available on the web site (www.eurotlx.com).

Securities TradedNon EU Government bonds, sovereign bonds, supranational bonds, corporate bonds, structured bonds, covered warrant and certificates, ABS.

Trading SystemTrading occurs through a hybrid quote- and order-driven system supported by an OM technology electronic trading platform. Market Makers and Members enter buy and sell orders through an order routing system located in their offices. The system then matches the transactions basing on the rules of the Exchange.

Commission Rates & Other Client CostsMembership and execution are free for Members.

EuroTLX – TLX

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Euro TLX

Equities 10:00 – 1�:30 Bonds (Specialists) 9:00 – 17:30Other Instruments 9:00 – 18:00

TLX

All Instruments 9:00 – 18:00

Clearing and SettlementEuroTLX contracts are settled through the domestic clearing system (Montetitoli), except for Eurobonds which are cleared on Euroclear.

Internet: www.eurotlx.com

13� Document produced by Société Générale Corporate & Investment Banking

Brief HistoryLiquidnet was launched initially in the US in April 2001. 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. The 227 buy-side firms that have signed up to the system represent approximately USD5.8trn in equity assets under management. In Europe, Liquidnet was launched in November 2002 allowing European fund managers access to liquid six distinct foreign markets. On 15 March 2007, Liquidnet completed its acquisition of Miletus Trading. By March 2009, Liquidnets reach had risen to 582 member firms in 29 Markets following launches in Australia, Europe and Asia, with a total of 20 Streaming Liquidity Partners.

In June 2009, Liquidnet announced a partnership with NYSE Euronext and launched Liquidnet InfraRed which aggregates institutional demand, news sentiment and block trading data for both institutional investors and corporate issuers.

StructureLiquidnet is the major marketplace for electronic block trading. Liquidnet allows money management institutions to trade large blocks of equities directly and anonymously with significant price improvements and little-to-no market impact. Liquidnets model brings natural buyers and sellers together and enable them to anonymously negotiate trades among each other, without intermediaries or information leaks. Liquidnet’s Members trade large blocks of small-, mid- and large-cap stocks efficiently with little to no market impact costs. Liquidnet estimates that searching for liquidity currently cost the US equities industry more than USD100bn a year in hidden transaction costs. Liquidnet executes 93% of all trades within the spread, with 42% executed at the mid-point. Liquidnet is the only institutional broker to offer one global pool to its Members.

Trading SystemMembers’ orders flow automatically into Liquidnet, and Liquidnet alerts a trader only when there is a natural contra on the system.

Traders can actively work trades in multiple venues without competing against themselves in the marketplace.

Members Trade Only With Fellow Buy-side Institutions.

Liquidnet guarantees anonymity and takes it to a new level. Nothing is done – and no critical information is revealed – unless two Members actively negotiate with each other. Even then, the parties remain anonymous to each other and to everyone else.

Commission Rates & Other Client CostsThere is no software-licensing fee. Members pay commissions to Liquidnet only when they deal.

Liquidnet

Official Trading Hours Monday – Friday:

02:00 – 18:00 EST

Clearing and SettlementLiquidnet out-sources clearing and settlement to Bear, Stearns Securities Corp. Settlement is handled as with any other broker. Liquidnet will collect allocation information from the Electronic Trade Confirmation (ETC) system (e.g. 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, already available in the US, allows Liquidnet’s buy-side members to access liquidity from external sources such as brokers, exchanges and multilateral trading facilities (MTFs), which Liquidnet calls

Streaming Liquidity Participants (SLPs). The 12 European SLPs include MTFs Chi-X Europe, NYSE Arca Europe, BATS Europe and Nasdaq OMX Europe, exchange NYSE Euronext and brokers Instinet, Credit Suisse, Deutsche Bank, Sanford Bernstein, CA Cheuvreux. The SLP list also includes two further brokers, which Liquidnet did not name

The US version of Supernatural, launched in 2005, now has 25 SLPs

Supernatural was approved by the UK’s Financial Services Authority in August. Pilot testing with a select group of members will begin in October 2009, with a full launch to all members once this is complete

13�

Internet: www.liquidnet.com


Brief HistoryITG (Investment Technology Group) was founded in 1987 to provide automated equity trading to institutional investors, and in the same year ITG introduced POSIT, the first anonymous electronic matching system, an is currently the world’s largest intraday equities crossing system. It was introduced for UK equities on 18 November 1998. In 2005 ITG expanded into Japan, launching POSIT matching for Japanese securities. In 200� ITG acquired Macgregor and Plexus Group, adding a leading trade order management system provider and boosting its transaction cost analysis offering.

ITG also expanded its Electronic Trading Services to Latin America by offering direct market access to the Brazilian Stock Exchange BM&F Bovespa.

StructureITG POSIT trades equities in US, Australia, UK, France, Germany, Switzerland, Holland, Finland, Sweden, Spain, Italy, Belgium (Ireland added in February 2003). Since 2002 a POSIT cross has been available in Hong Kong. Its HQ is in New York; with offices in Boston, London, Dublin, Sydney, Melbourne, Toronto & Hong Kong.

Trading SystemPOSIT supports active, passive and quantitative trading styles. It covers domestic and international stocks as well as listed and OTC. POSIT is also a venue for small, illiquid names and allows order matching and extra-liquidity searching. 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. POSIT has evolved to offer a host of options with several benefits which includes POSIT MATCH, POSIT Now and Blockalert. Since the introduction of MiFID in November 2007, POSIT is now categorised as a multilateral trading facility.

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, resulting in significant price improvement of executions

Ensures total anonymity so that trading results in no market impact

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

POSIT is a “black box” system that runs a proprietary algorithm at designated times each day. In Europe, this algorithm is set to maximise the value of shares matching in the system, at the mid-price taken from the lead market quote for each stock. All matching orders are immediately reported back to the client and are trade/transaction reported to the relevant authority.

ITG POSIT

137


See IGT Posit website for details.

Clearing and SettlementModel “A” clearing with relationship Pershing (part of CSFB Group and one of the independent clearers in the UK)

France, Germany, Spain, Italy and Belgium

BNP Paribas

Switzerland Bank Leu

Netherlands CDC Labouchere

Internet: www.itginc.com


Brief HistoryPrimex was established in 1998 as a hybrid auction/dealer system. The NASDAQ Stock Market agreed in 2000 to license the Primex Auction System and became its exclusive operator for all US equities, giving access to NASD-member broker/dealers, following the market’s conversion to decimal pricing in Spring 2001. NASDAQ, in its desire to consolidate certain functionality into one system (SuperMontage), has elected to no longer offer the Primex.

Auction System as a facility of NASDAQ has been effective since 31 December 2003.

Trading SystemThe Primex Auction System is a trading system that replicates a competitive trading crowd in an extended digital environment. The system is available for NASDAQ-listed securities and exchange listed securities traded.

Market orders and immediately executable limit (priced) orders may be entered into the Primex Auction System for exposure to a broad-based,

electronically linked crowd. Participants compete anonymously for orders using bidding tools that speed the auction process. Orders being exposed will execute instantly in many cases. All executions in the system will be at prices at least as favourable as the prevailing National Best Bid and Offer (NBBO).

The system’s electronic auction process elicits latent trading interest from market participants that is not often displayed in public quotes. This interest in the system, which is always at prices equal to or better than what may be available in the NBBO, provides orders with increased opportunities to receive price improvement and enhanced liquidity.

Trade types include At-market orders and executable orders at a limit that is within the prevailing spread.

Order sizes can be between 100 – 1,000,000 shares and can be as agent or principal.

Primex Trading

Brief HistoryEstablished in 199�, Bloomberg Tradebook is a leading global agency broker used by institutional equity and fixed income traders, broker-dealers, hedge fund managers, market makers and portfolio managers world-wide. Bloomberg Tradebook has established itself as a leading electronic consolidator of global liquidity.

Since its inception, 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. Bloomberg Tradebook now offers its global customer base direct connectivity to over �5 markets spanning 54 countries. It also provides global clearing and settlement capabilities via executing and clearing relationships with B-Trade Services LLC and BNY Brokerage Inc. (US Equities), and G-Trade Services Ltd. (International Equities), all affiliates of the Bank of New York.

138

Internet: www.primextrading.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, update credit limits and clearing limits, review market activity and evaluate their exposure.

Internet: www.bloombergtradebook.com

Bloomberg Tradebook

138


Brief HistoryIn November 1998, after two years of design and development, NexTrade (NTRD) received SEC approval to become one of nine ECNs (Electronic Communications Network). NexTrade’s technology allows participants to interact simultaneously with all NASDAQ ECNs and market-makers.

NexTrade was the first ECN to offer 24 hour trading to retail investors through participating broker-dealers. Currently, NexTrade offers direct access solutions, intelligent order routing solutions and straight-through-processing through its proprietary product, Pro-Trade. Its clients include mutual funds, hedge funds, NASDAQ market-makers, traditional broker-dealers, online broker-dealers and professional trading companies.

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. In February 2005 NexTrade and the Philadelphia Stock exchange announced an XPO licensing agreement. XPOs are options that simply have no expiration date, traded at multiple strike prices and closed-out via exercise.

Brief HistoryNASDAQ completed its Exchange Operation for the Integration of the NASDAQ Market Centre, Brut and INET into a single platform which uses INET technology for all securities, on 12 February 2007, the same day that NASDAQ became operational as an exchange in non-NASDAQ listed securities. All trades on the integrated system are now considered exchange trades.

The switch to operational status as an exchange means that NASD/NASDAQ Trade Reporting Facility (TRF), a new limited liability company operated by NADSAQ and subject to NASD’s regulatory license and oversight, now offers trade reporting of over-the-counter transactions. NASDAQ trading riles regarding its quotation and trading systems remain essentially the same. NASDAQ members need not undertake any technology changes; 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).

Internet: www.nextrade.com

NexTrade

Internet: www.nasdaqtrader.com

NASDAQ Trader

139


Brief HistoryInstinet was the first ever ECN, founded in 19�9. 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.

Instinet is a global agency broker that helps clients define and seek best execution in global markets. Instinet provides clients with flexible and technologically advanced tools and services, acting as an unconflicted agent focused solely on customers trading and investment performance.

Through Instinet’s electronic trading platforms, clients have unbiased direct and efficient access to more than 55 equity markets worldwide. In addition, clients can interact with the liquidity of Instinet’s institutional clients. Instinets systems are designed to optimise access to liquidity across all available marketplaces, without any bias or interference that might compromise the pursuit of best execution. Clients can choose to access this liquidity by trading electronically and self-directing their order flow, or using Instinets sales trading offering – or combination of both. In addition, clients can trade with each other directly and anonymously, with out intermediation, in both continuous market and the periodic crossing venues.

Instinet

Brief HistoryInstinet has been providing innovative trading solution to the financial community since it was created in 19�9. Instinet Chi-X limited was launched by Instinet as a FSA authorised securities firm, and is known as an ATS (Alternative Trading System) or MTF (Multi-Lateral Trading Facility).

Chi-X is an order-driven ATS/MTF for professional investors to trade approximately 7,500 pan-European equities. It is the first order-driven pan-European ATS. It offers a lower-cost, less-complex model designed to help ensure that not only client execution costs are low but so are the associated clearing and settlement costs.

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.

In August 2009 Instinet announced plans to launch an Australian ATS.

StructureThrough Chi-X’s low cost, streamlined model, institutional investors are able to trade pan-European equities and achieve ultra-low execution clearing and settlement costs. 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. 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.

Clearing & SettlementTrades on Chi-X are anonymous, netting and fungibility is done at the domestic Central Securities Depository (CSD). Several Central Counterparties are available, which allows participants to effectively manage their counterparty risk.

Internet: www.instinet.com

Internet: www.instinet.com / www.chi-x.com

Instinet Chi-X

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Brief HistoryNYFIX, Inc. through its subsidiaries provides electronic trading technology infrastructure and execution services to brokerage firms and institutional investors. NYFIX products and services automate trading workflows by streamlining data entry and seamlessly integrating electronic order and execution handling. NYFIX offers a complete electronic desktop order management solution; stationary and wireless handheld exchange floor technology; FIX (Financial Information eXchange) Protocol messaging and monitoring tools and a high volume trade execution platform. Its products deliver straight-through processing (STP) for front, middle and back office trade transaction processing.

NYFIX Millennium Alternative Trading System (ATS) is an automated execution venue designed to maximise execution quality and reduce the over all transaction cost. It is a hybrid market system as it combines the electronic execution technology of an ECN with the liquidity of traditional primary markets. NYFIX Millennium facilitates trades through its real-time matching algorithm at or better than the National Best Bid or Offer (NBBO). Through Millennium PLUS, the system offers the ability to generate anonymous liquidity alerts to external dark pools and other passive liquidity sources.

Euro Millennium was launched on the 17 March 2008. 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, Germany, France, Switzerland, Denmark, Finland, Belgium, Portugal and the Netherlands.

More information on Euro Millenium can be found on www.thinkliquidity.com

Brief HistoryTrack ECN is a subsidiary of Track Data Securities Corp. Track ECN offers Smart Order Routing Technology, Routing out to major Markets, Direct Connections to Major Markets, and Book Feed Showing Depth of Book. Track ECN has made its mark by offering the largest rebates and smallest take-away fees, without imposing minimum trading levels. Track ECN is one of the last independent ECNs unattached to any market maker or exchange.

Headquarters are located in New York City with offices across the US and London.

Internet: www.nyfix.com

NYFIX

Internet: www.trackecn.com

Track ECN

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Pipeline

Brief HistoryNew 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, NASDAQ stocks, and Exchange Traded Funds (ETFs). Pipeline empowers firms to execute block trades in single executions. Pipeline maintains a hidden book of large, executable limit orders with strict price time priority. Pipeline facilitates interaction between traders, enabling all real buyers and sellers to find each other anonymously and get trades done while minimising gaming. 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.

In August 2009, Trading the company introduced the PowerPlus™ Client Commission Arrangement (CCA). 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.

The International Securities Exchange

Brief HistoryThe International Securities Exchange (ISE) was founded in 2000 and was the first fully-electronic US options exchange. Today the ISE is the world’s largest equity options trading venue. It offers equity, ETF, index and FX options. The ISE Stock Exchange offers two capabilities on the one platform: MidPoint Match – this is the only continuous, exchange – based dark pool in the US. Members can use this facility to trade equities instantaneously at the exact midpoint of the National Best Bid and Offer (NBBO). 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, NYSEArca, NASDAQ and Amex. Members benefit from the interaction between two liquidity pools, which allows them to have the best of both worlds.

At the end of December 2008, the ISE became a wholly owned subsidiary of Direct Edge.


Monday – Friday:

Continuous Trading: 09:00 – 1�:00 (1�:15 for ETFs)

Internet: www.pipelinetrading.com

Internet: www.ise.com

142


Brief HistoryDirectEdge ECN is a next generation of displayed financial markets. It trades in all Tape A, Tape B, Tape C and OTCBB securities. Through multiple platforms and unique order types, Direct Edge matches complementary forms of liquidity based on sensitivity to transaction cost, fill rate, fill speed, and contra-side sophistication while maintaining high execution quality and low latencies.

DirectEdge was originally wholly owned by White Knight Capital, 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.

Brief HistoryBetter Alternative Trading System (BATS) was formed in June 2005 and filed to become a stock exchange November 200�. It operates one of the fastest-growing, top-tier equity markets in the United States. The BATS ECN is designed to handle high-speed, high-volume, anonymous, reliable, algorithmic trading. The system is designed to facilitate order frequency rates as high as 110,000msgs/sec with acknowledgement response times under 0.7 milliseconds under these loads. 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, NYSE and Amex-listed securities) trailing only NASDAQ and the NYSE.

The European platform was launched in Summer 2008 while the BATS Dark Pool was created in June 2009.

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

Internet: www.directedge.com

DirectEdge

Internet: www.batstrading.com

BATS

143


Monday – Friday

08:00 – 17:00


CNSX/ Pure Trading

Brief HistoryThe CNSX, launched in 2003, was the first new Canadian Exchange in over 70 years. The exchange founders felt that after a period of consolidation in the Canadian Securities Industry there was a need for a low cost, streamlined stock exchange. 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. The trading system offers dealers access to order display including price, volume, recent trade history and other market information. Investors enter orders through their order entry vendor system, orders are then queued in marketplace according to pure price and time priority rules.

On 3 March 2008 CNQ launched the CNSX Deal Exchange. 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. This is system is free for professionals to participate in; fees are largely success-based.

Pure Trading is a subsidiary of CNSX and is the first alternative market in Canada to offer a visible auction market. The exchange was launched in September 2007 and by January 2008 all 2.22� senior Canadian-listed Securities were available for trading. It is a new trading venue for Canadian Exchange-listed securities and uses the X-Stream trading engine constructed by the OMX Group. 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), but orders can be sent through a FIX gateway (the international standard), or through a direct connection with an API.

Official Trading Hours (UK Time)

Monday – Friday

Pre-Open: 07:40 – 07:59



The Opening Auction is subject to a 30 second randomisation process

Internet: www.cnsx.ca / www.puretrading.ca

Internet: www.tradeturquoise.com

Turquoise

Brief HistoryTurquoise 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 markets covered are Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

StructureThe platform combines both dark and visible orders, which allows clients to avoid information leakage and limit market impact for their large orders while also having access to the lit market.

All types of orders are available. Additionally Turquoise gives the possibility to specify a Minimum Acceptable Quantity below which an order shall not partially execute for dark orders, while lit orders can be pegged to the best bid.

Orders on the lit market will be executed in priority over dark orders.

Clearing & SettlementTurquoise has partnered with the European Central Counterparty (EuroCCP) for crealing and settling equity trades. EuroCCP subistutes itself for all counterparties through a novation process and becomes the buyer to each seller and seller to each buyer. This allows participants to remain anonymous and to eliminates counterparty risk which is carried by EuroCCP.

In order to give participants more flexibility and to put different clearers in competition, Turquoise will be introducing choice of central counterparty for participants, alternative venues being X-Clear and LCH.Clearnet.

144


Monday – Friday

09:30 – 1�:00


Brief HistoryOriginally an independent electronic platform, Lava Trading was acquired by Citi in 2004.

The platform’s technology is based on the core ColorBook system which integrates the full depth of order books from ECNs, exchanges and other liquidity sources into a unified real-time data feed for US Markets. It provides a single execution interface to access all available market data and transmit orders to all liquidity sources.

StructureRebate of USD0.0024 per share for shares executed that add liquidity.

Fee of USD0.0022 per share for shares that remove liquidity.

Clearing & SettlementAll trades are cleared and settled via the National Securities Clearing Corporation (NSCC), which is a DTCC subsidiary.

Internet: www.lavatrading.com

Lava Trading

Internet: www.cbsx.com

Brief HistoryThe CBSX offers liquidity rebates and dedicated liquidity provision, all within a fully electronic strict price-time priority trading environment for the US market. It runs on the CBOEdirect trading platform which also powers the CBOE.

CBSX is Reg-NMS compliant, providing automatic sweep functionality to ensure NBBO executions under the Order Protection Rule, and is an Automated Trading Center with protected quotes.

StructureIncoming orders receive full electronic, immediate execution. Resting orders are always fully accessible. A strictly anonymous matching algorithm ensures equality among participants.

Each security has an assigned Designated Primary Market Maker (DPM) obligated to quote continuous, 2-sided markets. In addition, CBSX offers a Remote Market Maker (RMM) program, allowing approved applicants to participate remotely, adding to the liquidity pool. Through a rich rebate program and maker-taker pricing structure, CBSX provides liquidity providers economic incentive to provide the best markets without sacrificing a level playing field for all market participants.

Rebate of USD0.0025-0.0027 per share for shares executed that add liquidity.

Fee of USD0.0029-0.0030 per share for shares that remove liquidity.

145


Monday – Friday

0�:30 – 19:00

CBOE Stock Exchange


Internet: www.baikalglobal.com

Baikal

Brief HistoryBaikal, part of the London Stock Exchange Group, 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, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland and the United Kingdom).

StructureBaikal functions both as an aggregator of lit and dark venues while providing a single clearing and settlement arrangement.

Two main services are provided by Baikal:

Smart Order Routing, which is desined to seek best execultion across different venues in Europe (visible and hidden orders)

Liquidity Seeking Strategies, which aims at facilitating trading without impacting the price formation process

Clearing & SettlementAll trades executed on Baikal will be settled against the CCP in the local Central Security Depositories (CSDs).

OTC settlement options is also available to participants who prefer not to establish a CCP relationship.

Internet: www.tradeonsmartpool.com

SmartPool

Brief HistorySmartPool is a Multi-Lateral Trading Facility and dark liquidity pool created by NYSE Euronext in partnership with J.P. Morgan, HSBC and BNP Paribas.

The platform covers stocks from 15 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom

The Platform is MiFID compliant.

StructureSmart Pool shares the same technology and infrastructure as NYSE Euronext.

Starting at the end of September 2009, SmartPool expanded accedd to mid-capitalisation indices including:

FTSE 250, FTSE Italia Mid Cap, MDAX, SMIM and Mid Cap constituents of the DJ Stoxx �00.

Clearing & SettlementLCH.Clearnet for NYSE Euronext stocks (Euroclear and Interbolsa) and EuroCCP for all other markets (Citi, Local CSDs) are the two clearing entities for SmartPool.

14�


Trading hours are according to each venue

Orders can be received from 7:30am


Brief HistoryIn September 2007 the Berlin Stock Exchange, 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.

Equiduct offers several products:

OrangeVBBO, where the platform calculates the Volume-weighted Best Bid and Offer across several venues.

ParnterEx, allowing the advantages of internal crossing to be emulated via an exchange without the implied costs.

HybridBook, guaranteeing best price by tracking the Europe-wide Best Bid and Offer (EBBO).

Clearing & SettlementThe clearer can be chosen by each participant.

Internet: www.equiduct-trading.com

Equiduct

Internet: www.burgundy.se

Burgundy

Brief HistoryBurgundy 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, Norwegian, Finnish and Danish securities.

The long term goal of Burgundy is to reach a 25% marketshare until end of 2010.

StructureBurgundy is a strictly lit market.

The following order types are available in the Burgundy trading platform: Limit orders, Mass-quotation orders, Fill-and-Kill (FaK), Fill-or-Kill (FoK), Pegged orders, Iceberg orders, Dark orders.

Clearing & SettlementAs of October 2009, Burgundy has appointed EMCF as its first CCP provider for the most liquid stocks: OMXC20 and Large Cap on NASDAQ OMX Copenhagen, OMXH25 and Large Cap and Mid Cap on NASDAQ OMX Helsinki, OMXS30 and Large Cap on NASDAQ OMX Stockholm.

For other stocks, traders are cleared and settled through local CSDs or CCP providers.

During the Q4 2009, it is planned to introduce warrants and structured products onto the trading platform.

147


TDK: 09:00 – 17:00

FI, NO, SE: 09:00 – 17:30



Trading is open during opening hours for each local market

Please contact your local sales representative for further information

Alpha X Europe

Brief HistorySociété Générale launched its own integrated MiFID compliant electronic execution platform in March 2009 under the name of Alpha x Europe.

It functions as a crossing network which matches clients’ buy and sell orders on a particular stock. 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, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland and the United Kingdom).

The system is open to both hedge funds and traditional asset managers and does not allow resting liquidity.

StructureOrders are sent both to Alpha X and the public market at the same time. The platform allows client to reduce their transaction costs as orders are executed at mid-spread of the best bid and offer, saving 5 to 12 basis points depending on the stock.

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, as well as through the bank’s algorithmic trading platform.

148


Country Information

Argentina Broker’s commission: Negotiated

Stock Market Fee: 0.06%

Stock Exchange Fee: 0.0351%

Australia Brokerage rates on share market transactions have been negotiable since 1984. Some full-service broking organisations can charge between 0.1% and 2% commission depending on the size of the transaction.

Austria Brokerage fees from the sale of shares on Wiener Börse are set as follows:

Fee Rate Minimum Fee Maximum Fee

Agent 4.00bps 1.8EUR 90EUR

Principal 4.00bps 1.8EUR 90EUR

Market Maker 1.00bps 0.9EUR 18EUR

Belgium Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam, Brussels and cv Paris Cash Markets and adopted by Euronext Lisbon in November 2004. The current product-driven fee structure has been in place since February 2005.

Clearing fees are charged to clearing members by the clearing house, LCH. Clearnet, and include annual membership fees and variable fees that depend on the member’s activity. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.

Bermuda Brokerage: Brokerage fees are negotiable.

Transaction Levy: For domestic securities, 0.1% of the amount of the consideration for each purchase or sale of prescribed securities subject to a minimum of USD1 on each side.

For international securities, 0.01% 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.

For crosses, USD0.70 per crossing subject to a minimum per crossing of USD7 and a maximum per crossing of USD70.

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.

Brazil Transaction Fee: 0.035%.

Canada Commission rates vary from firm to firm and are negotiable based on the size of the order. Most brokers charge a minimum commission per transaction of around CAD75.

Chile Brokers’ commission: Commission is freely negotiable and usually ranges between 0.35% and 1%.

Stock Exchange fees: Calculated on the amount of the transaction. They are established by the Santiago Stock Exchange and vary according to the type of instrument being traded.

Value Added Tax (IVA): Both brokers commission and exchange fees are subject to a 19% Value Added Tax (IVA).

Exchange fees: Stocks, CFI and Share Rights: 0.50% maximum, decreasing according to the volumes traded and the trading activity of the client.

China - Shanghai For bonds the average commission is 0.1% of the transaction value. For shares commission is charged at 38bps. The SSE takes 0.011% of these set commissions.

The stamp duty of securities trading in both A-shares and B-shares is 0.3% for both buyers and sellers.

China - Shenzhen Commission: Commission is imposed for buyers and sellers, at 33.41bps + 5bps to a maximum of 500HKD + 50HKD.

Stamp duty: 0.3% Stamp Duty.


Country Information

Colombia Commission rates are freely negotiable, but are subject to VAT at 15%.

Local Tax: 0.06%.

Stamp duty is currently 1%; however this will fall to 0.5% from 1 January 2009 and will be abolished in 2010.

Cyprus Commissions at the CSE are liberalised and can be agreed upon between members and their clients. The CSE charges 0.01% on the total value of the transaction, which is payable by each party and central depository charges 0.03% on the daily value of transactions.

Czech Republic A trader pays the exchange 0.25% for the purchase or sale of an unquoted/unlisted stock, while the charge for quoted shares and bonds is on half of that 0.25%.

Denmark Commission collected by brokers as the result of the sale of shares are a matter of negotiation between broker and client, but usually range from 0.025% to 0.15% of market value.

Egypt For listed securities fees are levied at 0.012% of the value of each side of the transaction with a maximum amount of LE 5,000.

For unlisted securities or Over the Counter market, the fees are levied at 0.1% of the value of each side of the transaction, with a maximum amount of LE 5,000.

Finland 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.

France Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The package structure was introduced on 1 January 2004 for the Euronext Amsterdam, Brussels and Paris Cash Markets and adopted by Euronext Lisbon in November 2004, one year after its migration to the NCS trading system. The current product-driven fee structure has been in place since February 2005.

Clearing fees are charged to clearing members by the clearing house, LCH. Clearnet, and include annual membership fees and variable fees that depend on the member’s activity. Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.

French investors settling in France are required to pay 19.6% of the commission as an extra VAT charge.

Germany The Official Exchange Brokers of the Frankfurt Stock Exchange charge fees for the brokerage of exchange transactions.

For shares, warrants, subscription rights as well as securities quoted per unit (certificates) the fee is 0.8% of their official share price.

Greece Brokerage commissions are freely negotiated between transacting parties. ATHEX charges a fee of 0.02% on the daily transaction value. Clearing is charged at a rate of 5bps of the transaction value. Registration fee of 0.06% on buys and a tax of 0.15% on sells.

Hong Kong Brokerage: Since 1 April 2003 brokerage has been freely negotiable between brokers and their clients.

Transaction Levy: A transaction levy of 0.004% and an investment levy of 0.002% are charged per side of the consideration of a transaction.

Trading Fee: The trading fee applied at the SEHK is at the rate of 0.005% per side of the consideration of a transaction.

Transfer Deed Stamp Duty: Independent of the quantity of shares traded, the Government levies a transfer deed stamp duty of HKD5.00, payable by the seller, on each new transfer deed.

Ad Valorem Stamp Duty: Unless stated otherwise, all securities listed on the Exchange are subject to a stamp duty at a rate of 0.1% on the value of the transaction, on both the buyer and the seller.

Hungary Transaction fees on the exchange are 0.15% of the transaction value. Brokerage fees vary depending upon the level of service provided and the type of security traded. Typically fees for dealing in shares are around 0.25% for institutional clients and in the range of 0.25% to 1.0% for retail clients.


Country Information

Iceland Broker’s commission (listed securities): 0.5 – 3.0%

Stamp Duty: 0.25%

India - Mumbai Brokerage is negotiable but is subject to a ceiling of 2.5% of the contract value.

Local Tax 0.125%

Stamp duty 0.01%

India - 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 2.5% of the contract price, exclusive of statutory levies like, SEBI turnover fee, service tax and stamp duty. However, brokerage charges as low as 0.15% are also observed in the market. A trading member is required to pay the exchange transaction charges at the rate of 0.035% of the turnover.

Indonesia Sales Tax 0.1%

Transaction Levy 0.043%

VAT duty 0.01% (usually absorbed by local broker)

Under the JSX regulations, stockbrokers should charge a commission fee of no more than 1% of the value of the transaction to either a buyer or a seller. Commission fee is negotiable. Brokers have to pay a transaction fee of 0.03% of the total transaction to the Exchange and a security deposit of 0.01% of the value per guaranteed transaction managed by PT Kliring dan Penjaminan Efek Indonesia (PT KPEI). For each security sold, there is a 0.1% sales tax of the value of the transaction. In addition, for each transaction, the government imposes VAT at the rate of 10% of the commission fee.

Ireland Commissions in the equities and gilts markets are negotiable. There is a 1% stamp duty (transaction tax) on equity purchase. 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. More information is available on the ISX website.

Israel Commission rates charged by members are left to the discretion of each member.

Italy Commission fees are negotiable.

Japan - Tokyo The brokerage commissions of all listed securities and futures/options contracts have been liberalised since the end of 1999.

Japan - Osaka Commission rates are freely negotiable.

Jordan Commissions for trading in equities on the first, second or third markets vary depending on whether stocks are traded “In the Floor” or “Off the Floor”.

“In the Floor” commission totals 0.0014% which comprises 0.005% for the Jordan Securities Commission, 0.0005% for the Amman Stock Exchange and 0.0004% for the Securities Depository Centre.

“Off the Floor” commission totals 0.002% which comes solely from the Securities Depository Centre with a lower limit of 0.25JOD

For both types of market there will also be the brokerage firms own commission, which is calculated according to the market value.


Country Information

Kenya Although commissions are fully negotiable, industry practice is that the highest commission chargeable is 1.78%, applicable to amounts up to KES100,000; above KES100,000, commissions are fully negotiable subject to a maximum of 1.5%.

Brokerage Commission and other costs

Consideration (Transaction value) Up to KES5,000,000 Above KES5,000,000

Stockbroker Commission 1. 8% 1.68%

CMA transaction levy 0.12% 0.12%

NSE transaction levy 0.12% 0.12%

CDSC transaction levy 0.06% 0.06%

CMA Investor Compensation Fund 0.01% 0.01%

NSE Investor Compensation Fund 0.01% 0.01%

Total cost to Investor 2.10% 2.00%

Kuwait The commission paid by investors is 0.125% up to KWD50,000 in value and 0.1% for any transaction value in excess of KWD50,000.

Ticks and Trade Units

Share Price in Fils Changing Price in Units No. of Shares

0.5 : 50 0.5 80,000

51 : 100 1 40,000

102 : 250 2 20,000

255 : 500 5 10,000

510 : 1,000 10 5,000

1,020 : 2,500 20 2,500

2,520 : 5,000 20 1,000

5,050 : 9,900 50 500

Luxembourg Brokerage fees are fully negotiable.

Malaysia Commission rates for all trades are negotiable subject to a cap of 0.7% and a minimum handling charge of MYR12 per contact for securities and MYR2 for loan instruments.

Clearing Fee – On Market: 0.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1,000.00 per contract. No minimum.

Clearing Fee – Direct Business: 0.03% of transaction value (payable by both buyer and seller) with a maximum of MYR1,000.00 and minimum of MYR10.00.

Stamp Duty: MYR1 per MYR1,000 or fractional part of value of securities (payable by both buyer and seller), subject to a maximum of MYR200 per contract for all trades.

Mexico The stock exchange fee is 0.055% and the commission is fully negotiable.

Morocco Commissions are set by the Casablanca Stock Exchange. The rates of commissions charged by the Casablanca Stock Exchange were overhauled in 2006. The fees are now 0.1% for dealing, excluding 10% VAT.

Netherlands Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. Members are free to charge their clients commission on a negotiable basis in the majority of Cash Market locations.

New Zealand There is no stamp duty payable in New Zealand on the transfer of debt or equity securities.


Country Information

Nigeria Brokerage fee: 1% to 2.75%

Stamp duty: 0.075%

Securities and Exchange Commission fee: 1%

Norway Commission fees are negotiable. There are no other taxes.

Oman Brokerage companies and investment banks dealing in the field of securities may charge the client a commission ranging between 0.75% as a maximum limit and 0.4% as a minimum limit of the market value for each order for any amount from OMR1 to OMR100,000. This percentage includes the broker’s commission and the MSM’s commission. The MSM receives 20% of the maximum limit. Where the market value of the order is more than OMR100,000 the charges are 20% of 0.5% of the excess amount.

The minimum limit of the broker’s commission is OMR0.5 and the minimum limit of the MSM commission is OMR0.2

Pakistan Brokerage on sale and purchase: Brokerage on transactions is freely negotiable between the brokers and clients.

Stamp duty/registration: Stamp duty is charged at 1.5% of the face value of the shares under the physical form of transfer. There is no stamp duty for transfers settled through the Central Depository System; however, there is a one time stamp duty at the rate of PKR0.01 per share at the time of deposit of securities in the CDS.

Local Tax: 0.02%.

Peru The brokerage agency commission is a variable amount, freely negotiable between brokers and their clients. A value added tax (VAT) of 18% is applied to the sum of the brokerage agency commission plus the LSE fee, settlement fund contribution and the CAVALI and CONASEV fees forming the total cost for investors.

Equities LSE Fees Guarantee Fund

Settlement Fund CAVALI Fees

CONASEV Contributions

Spot Market 0.0825% 0.0075% 0.005% 0.065% 0.05%

Day Trade 0.03% 0.0075% 0.005% 0.045% 0.05%

Philippines The PSE prescribes the following charges.

Fees/Taxes Seller Buyer

Brokerage Commission (between 0.125% and 0.25% of transaction cost + 12% VAT)

X X

Securities Clearing Corporation of the Philippines Fee of 0.0001 x value of transaction

X X

Transfer Fee of Php100.00 + 12% VAT X

Cancellation Fee of Php20.00 + 12% VAT X

Stock Transaction Tax (0.05bps value of transaction in lieu of capital gains tax)

X

Poland The exchange does not determine brokerage commissions. However, the standard rates for equities are 0.9% per USD5,000 0.8% per USD10,000 and 0.6% per USD50,000. For bonds the commission rates are between one third and half as much.


Country Information

Portugal Cash market trading fees for members are based on a harmonised package structure for all Euronext Cash Markets. The package structure was adopted by Euronext Lisbon in November 2004, one year after its migration to the NCS trading system. The current product-driven fee structure has been in place since February 2005.

Clearing fees are charged to clearing members by the clearing house, LCH. Clearnet, and include annual membership fees and variable fees that depend on the member’s activity.

Members are free to charge their clients commission on a negotiable basis n the majority of Cash Market locations.

Qatar Doha Securities Market Levy: 10% of brokers’ commission. The commission amount for buying and selling transactions is QR. 0.00275 for each QR. 1000/-, a minimum charge of QR. 30/- will be paid for the commission.

Romania Trading fees for shares: In general the BSE charges 0.3% from the value of a trade for the seller and 0.22% from the buyer involved in the trade. When the trade is conducted through the deal market the fee becomes 0.2% from the seller and 0.12% for the buyer. The Romanian National Securities Commission charge 0.08% of the value of the trade for every buyer; for IPOs 0.1%; for other public offers 0.3%. Up to 8% on each trade is to be paid by the client to the brokerage house; large investors can negotiate lower rates.

Russia RTS operates on a non-commission basis. The Russian government charges a stamp duty at 0.3% on transfers of ownership of shares.

Saudi Arabia The maximum commission is 0.0012 of the trade value executed by the bank. The customer can negotiate a lower commission with the bank.

The minimum commission is SAR12 for any trade equal to, or less than, SAR10,000. Commission is charged on executed trades only. There is no charge on order submission, change or cancellation.

Singapore Brokerage rates are negotiable for all transactions on the SGX Securitises Trading. However there are additional charges:

A clearing fee of 0.04% (maximum of HKD3,095 and USD393)

Trading free of 0.75bps

Goods and Services tax (GST) of 5% on brokerage and clearing fees

Slovakia Brokerage fees vary from 0.6% to 0.1% depending on the size of the transaction. The BSSE fee for trading equals 0.08% of the volume of the transaction; however it must not be less than 10 SKK and more than 10,000 SKK.

South Africa Brokerage is fully negotiable between the investor and the JSE member firm.

Stamp duty on Purchase: 0.25%

Insider Trading Levy: 0.0003%

STRATE Trading Fee: 0.005%

South Korea Brokerage commission is negotiable and each member autonomously determines its own brokerage commission rate. Currently, the commission rate for stocks is around 0.2% of the trading value.

The basic rate of tax for a stock transaction is 0.5%. When investing in the securities market, investors have to pay 0.15% stock transaction tax and a special 0.15% tax for farming and fishing villages. On the KOSDAQ the tax for stock transaction is 0.5%. Off-exchange trading will be taxed at a rate of 0.5%. The withholding tax on dividends is 16.5%.

Spain Fees charged by members (brokers and broker dealers) are fully negotiable. Intermediaries have to communicate the fees they charge to the Securities Market Commission (CNMV) and make them public.


Country Information

Sri Lanka Commissions are non-negotiable under RS100m. Investors in the CSE will face the following charges.

Transactions up to Rs.1 million Transactions over Rs.1 million

The CSE will charge 1.425% on yourtransaction This is divided as follows:

The CSE will charge 1.225% on yourtransaction This is divided as follows:

Net amount to Broker 1.00% Net amount to Broker 0.80%SEC Cess 0.09% SEC Cess 0.09%CSE Fees 0.105% CSE Fees 0.105%CDS Fees 0.03% CDS Fees 0.03%Govt. Cess tax 0.20% Govt. Cess tax 0.20%

(Subject to a minimum brokerage of Rs. 10/- per contract & a minimum CDS fee of Rs. 5/-).

Sweden Stockholm Stock Exchange currently charges a two-fold transaction fee to their members. The trading fees are related to the number of trades and turnover value. In addition to these fees members also receive a discount on their traded volumes.

Switzerland Since 1991 commissions from traders on the SWX has been fully negotiable. Agency trades: 1 Basis point (usually absorbed by the broker).

For on-order book transactions on the Virt-x, the fee shall be 0.574 basis points with a EUR0.60 transaction based fee per order. For full details please see Directive 9 on the official website.

Taiwan Brokerage commission is fully negotiable and subject to a maximum of 0.1425% of the traded value.

Additionally a securities transaction tax is levied on securities sales at 0.3% of the trading value.

Thailand All investors must pay stamp duty on the transfer of share and debenture certificates for 0.1%. For the trading of stocks, warrants, non-voting depository receipts (NVDRs), derivative warrants and transferable subscription rights (TSR), brokerage commissions are negotiable but subject to a floor of 0.25% of the trading value.

If trades of these instruments are submitted through the Internet, the floor is reduced to 0.20% if the trading value.

VAT is charged at 7% on brokers commission.

Tunisia Transaction Value (TND) Buyer Seller

Up to 50,000 0.2% 0.2%

Above 50,000 0.1% 0.1%

Turkey Commission with brokers is freely negotiable with a limit of 1% maximum.

Ukraine

UAE For share trading, investors pay an overall commission of 0.5% of the value of each transaction (minimum 75 Dirhams). This is made up of 0.3% to the broker (minimum of 45 Dirhams), 0.1% to the Market (minimum of 15 Dirhams), 0.05% to The Emirates Securities and Commodities Market Authority (minimum 7.50 Dirhams) and 0.05% for Clearing (minimum 7.50 Dirhams).

United Kingdom There are no minimum scales of commission.

A 50bps stamp duty is imposed on equity purchases. Irish stocks listed on the exchange are subject to Irish stamp duty of 1% on buys.

There is a PTM (Panel on Takeovers and Mergers) levy of GBP1 (EUR1.50) per transaction, except for Hong Kong listed stocks, or if the gross consideration of the bargain is GBP10,000 (EUR15,000) or less.

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.


Country Information

USA New York SEC Fee 0.156bps on the gross considerations of sells only.


Venezuela Commissions paid by investors to the brokers for buying or selling a share are determined by the brokers individually. Commission is paid by each side involved in a transaction.

Vietnam None.

Cross Selling Equity and Short Selling

Country Information

Argentina Short selling is allowed, a stock only needs to be borrowed before a short sale.

Australia Since 1 October 2002, participating organisations of the ASX have been able to short-sell an approved ETF without entering into a script-lending arrangement. These guidelines allow the short-selling party to initiate a trade (shorting on the downtick) to gain an immediate execution. The normal short-selling margin requires a margin cover of 20%, if the sale of each approved security exceeds 10% of the capital issued, then the investor must provide additional margin cover of 100% to their broker) Daily short selling reporting will apply. Naked short selling is prohibited on all securities, whereas covered short selling is authorised.

Crossings are strictly regulated by the ASX Market Rules. The regulations are formulated to protect retail investors and ensure the integrity of the marketplace. Only brokers may cross.

The broker may be acting on behalf of buying and selling clients, or acting on behalf of a client on one side of the trade and as principal (i.e., trading for themselves) on the other. The Broker cannot act as principal on both sides of the trade.

Austria There are no regulations in Austria preventing short selling. However, on settlement day (of the sell) there has to be sufficient holdings in the account to cover the settlement of the sale. This means that the settlement date of the buy can not be later than Settlement Date of the Sell. Buy-ins for non-settlement can take place as soon as SD+1. No uptick rules apply in this market.

Belgium A temporary ban on naked short selling has been put into place on the shares of the following financial institutions: Dexia, Fortis, KBC Groep, KBC Ancora and ING Groep. A short derivative position must also be covered by a position in the underlying security. The Ban expires on the 21 of September 2009.

In the Central Order Book, cross trades can be made only for Securities traded continuously and within the market best bid/ask spread at the time of execution. Up tick rules do not apply.

Bermuda

Brazil Naked short selling is forbidden, however covered short selling is permitted.

Canada Short selling is permitted in the market only on an up or an even tick. 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, a Market-on-Close (MOC) order, a VWAP order, or a trade on an ETF (Exchange Traded Fund).

Basis Cross, VWAP Cross and Contingent Cross’s are available in the regular session and during the extended session. They may only be entered as a boardlot trade. Basis and VWAP crosses will not set last sale price. A Special Trading Session (STS) Cross is available only during the extended session (16:15 – 17:00); it can only be printed at the last sale price, cannot change the last sale price and may only be entered as a boardlot trade.

A member firm must obtain prior approval of the exchange before executing a trade or cross that will cause, during the course of a single trading session, a change in price away from the prevailing bid & offer of more than CAD1 (for stocks prices <CAD20) or CAD2 for stocks priced >CAD20.

Chile Not permitted due to tax issues.

China - Shanghai Short selling is currently not allowed. Crossing has to be put through the exchange and must be at least 500,000 shares or USD$300,000 at a price between the daily high/low.

China - Shenzhen Short selling is currently not allowed.

Crossing has to be put through the exchange and must be at least 50,000 shares or HKD$300,000 at a price between the daily high/low or between previous closing price ±20 spreads. 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.

Colombia Short selling is not permitted.


Country Information

Cyprus Short selling is prohibited at the CSE. 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.

Czech Republic 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. Back to back trades are possible but these instructions must be prioritised accordingly. There are no uptick rules applicable in the market.

Denmark There are no specific rules for the short selling of equities. Short selling is prohibited except for hedging purposes and market makers (Oct. 2008).

Egypt

Finland 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.

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, April Group, Axa, BNP Paribas, CIC, CNP Assurances, Crédit Agricole, Dexia, Euler Hermes, HSBC Holdings, Natixis, NYSE Euronext, Paris RE, SCOR, Société Générale.

The rule on short selling doesn’t apply to Market Makers. The restriction will be reviewed on the 20 of September 2009.

Germany Short selling is restricted for certain stocks, the following stocks have to be borrowed before they can be sold short.

Arreal Holding AG, Allianz AG, AMB Generali Holding AG, Commerzbankk AG, Deutsche Bank AG, Deutsche Boerse AG, Deutsche Post AG, Hannover Ruckversicherung AG, Hypo Real Estate AGA, MLP MLP AGAG, MuenchnerRueckversicherung Gesellschaft AG.

Crossing is allowed off-exchange. For large block trades, DB offers a block crossing facility called ‘Xetra XXL’. 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. Trades generated on XXL are considered “on-exchange” trades. In Germany, exchange transactions must be settled within two days. An investor who sells short and is unable to deliver the securities before this time must borrow them from another party. He is then obliged to buy the securities and return them to the lender before the loan period or the repo agreement expires. No Uptick rules apply.

Greece Short Selling and Margin Trading have been legalised on the Athens Stock Exchange. The uptick rule mean that the price of the short sale trade must be higher than the previous trading price.


Country Information

Hong Kong 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. 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, all short sell trades must be traded through the exchange system under auto-matching

Hungary Short selling is not restricted on the BSE. 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.

Iceland 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.

India - Mumbai Crossing as well as short selling are permitted. However, naked short selling is prohibited.

India - National 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%, whichever is higher. This amount is credited to the receiving member’s account on the auction pay-out day.

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, whichever is higher.

Indonesia Short selling is prohibited in Indonesia.

Ireland Short selling is prohibited for the shares of the Governor and Company of the Bank of Ireland, Allied Irish Banks Plc, Life and Permanent Plc, Anglo Irish Bank Corporation Plc, except for market makers.

Cross selling is allowed.

Israel Equities, Index Linked Noted (ILN) bonds, and T-bills can be sold short on the TASE. 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, and the lender or the lending member, as the case may be, 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, including the particulars of the security, the quantity of the security for carrying out the transaction and the price limit for carrying out the transaction, all are identical with the particulars of the opposite matching order submitted by the other client, with whom the transaction was agreed.


Country Information

Italy The ban on short selling has been lifted on 31 July, regular rules apply (T+3 delivery). Approved intermediaries may execute cross trades, using a special cross-order function, by matching two orders of opposite sign for the same quantity, 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, excluding such prices

Japan - Tokyo Short selling must not be conducted at a price that is equal or below the most recently published price (“most recent price”), unless the most recent price exceeds the immediately previous price, in which case short selling at the most recent price is permitted. 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 0.25% of total market capitalisation. The Financial Services Agency has extended the ban on naked short selling to 31 July.

Under cross dealing, the securities company first places the sell or buy order on the market, and if no other securities company that is a member of the exchange makes a corresponding buy or sell order, the securities company only then match the first order with an opposite order that the securities company has also received.

A securities company has orders both for sale and purchase of the same issue, said securities company may carry out a cross dealing. Under cross dealing, the securities company first places the sell or buy order on the market, and if no other securities company that is a member of the exchange makes a corresponding buy or sell order, the securities company only then match the first order with an opposite order that the securities company has also received, to complete the deal.

Japan - Osaka

Jordan

Kenya

Kuwait

Luxembourg An investment fund may carry out shot selling subject to the following rules and regulations:

Aggregate commitment (i.e. 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 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, 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, above that approval is required from the exchange. Cross selling in the market is technically not allowed, but it is allowed off market.

Naked Short Selling is prohibited, covered short selling is permitted on an approved list of stocks.

Mexico Short selling is only available to proprietary accounts of local brokers. Short selling is prohibited for foreigners.

Morocco


Country Information

Netherlands There are no specific rules for the short selling of equities and there is no uptick rule in place. However it is compulsory to notify the regulator when holding a short position of more than 0.25% of the market capitalisation of a particular stock, this information will not be available to the greater public.

In the Central Order Book, 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.

There is a penalty charge if no delivery on settlement day. Short sales are not permitted if the transaction will amount to more than 10% of the total number of shares issued.

Crossing is allowed onshore but must be reported to the exchange. Offshore crosses are not allowed. 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.

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 does not apply for market makers, provided that the short sell follows from the obligations the member has as a market maker. The short sell shall be supported by a securities borrowing transaction. All short sells have to be reported to the OSE latest by 7:00pm on trade date. The member firm shall in addition report the accumulated volume of all stock borrowed the last trade date every week. ‘Covered’ short sales are allowed in an uptick situation.

Norway Shares have to be borrowed before a short sale can take place, the uptick rule applies. Market makers do not have to pre-borrow shares, provided that the short sale follows from the obligations the member has as a market maker. All short sales have to be reported to the OSE latest by 19:00 on trade date. The member firm must in addition report the accumulated volume of all stock borrowed the last trade date every week. The Financial Supervisory Authority of Norway has banned short selling in financial institutions in October 2008 and the ban is still in place today. (September 2009).

Oman

Pakistan Foreign investors are prohibited from short-selling. Cross selling is permitted.

Peru Short selling is permitted in Peru. Foreign and local investors are allowed to execute transactions on equity transactions listed in the Tabla de Valores Referenciales (TVR). 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.

The LSE is informed of all short selling transactions and will penalise investors that do not comply with the collateral requirement. They will be subject to a 5% penalty of the total amount of the transaction, which will be part of the LSE guarantee fund.

Philippines In October 2007 the PSE revised the rules on short selling. Short selling is defined as any sale with borrowed securities. 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

Poland Short selling is allowed on the Exchange for most liquid stocks, a list of which is updated daily on the WSE website. Short selling is only available to local brokers and is rarely practiced.

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

The maximum difference between the security price in order and the last price of this security from a trading session does not exceed 0.5%


Country Information

Portugal Short positions both on equity or by using derivatives have to be reported to the CMVM if the position exceeds 0.25% of market capitalisation. For the following stocks the disclosure will be public: Banco

Comercial Português, Banco Espírito Santo, Banco BPI, Banif, SGPS, Finibanco-Holding SGPS, Banco Santander, Banco Popular Español, Espírito Santo Financial Group. For any other stock the information will remain confidential.

The rule is not applicable to intermediaries acting as market makers.

Qatar

Romania Short selling is currently not permitted on the Bucharest Stock Exchange.

Russia Short Selling in Russia is not a recognised market practice, though there is no specific legislation to prohibit it.

Saudi Arabia

Singapore Short selling is permitted. However investors are required to make arrangements to borrow securities before selling short. If investors cannot settle by the settlement date, he/she will be bought in.

In September 2008, the SES introduced measures to remedy against failure to delivery of securities

A penalty of 5% of the value of the failed trade, subject to a minimum of SGD1,000 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 SGD50,000 fine and/or disbarment from participation in the Buying-In Market

Crossing is allowed, a member firm may cross a trade if it is above the minimum size threshold (150,000 shares or SGD50,000). Cross trades executed during Official Trading Hours have to be reported to the Exchange within 10 minutes of execution. If executed after Official Trading Hours, the member firm must report it in the first half hour of trading on the following day.

Slovakia Short selling and crossing are not banned by the Exchange’s legislation, but they are not specified in the regulations.

South Africa There are no rules regarding short selling at the JSE. However, settlement of transactions is contractual and on a five day cycle. Brokers are required to ensure that their clients are able to meet this requirement before they enter orders to sell. Therefore, if a client wishes to short sell he must have arranged borrowing facilities before the sale takes place. There can be substantial fines for not covering a short sell with either a borrow or back to back transactions.

All transactions in securities shall only be conducted through the JSE trading system, unless otherwise stipulated by the JSE. The JSE prioritises orders first by price and then by time. 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. The exceptions to this rule are certain transactions known as reported trades that are defined in the JSE rules.

South Korea

Spain Shares must be borrowed before they can be sold short, this does not apply to market makers). Short positions over 0.25% of a company’s capital has to be disclosed.

This rule shall be in place until 22 September 2009 (see www.cnmv.es for updates).

Sri Lanka Short selling is prohibited.

Cross Selling is allowed as long as it takes place within the bid-ask spread.

Sweden Short selling is practised in Sweden but is unregulated, the only requirement being that the securities are delivered at settlement. No uptick rules apply in this market. Abusive short-selling where manipulation can be proven is prohibited.


Country Information

Switzerland There are restrictions on short selling for non-residents; Investors need to be aware of buy in regulations. No uptick rules apply.

Taiwan Naked Short Selling is prohibited, Short Selling after borrowing the shares for the top 50 & mid cap 100 stock. For other stocks, a short sale can only be made when the stock is trading above the previous day’s close.

Thailand Covered short selling is permitted, naked short selling is prohibited. A member shall, at the end of each day in accordance with the form prescribed by the Exchange, submit a report on short positions which have not yet been covered; classified according to each individual security. Only securities listed on the SET 50 Index are able to be short sold. The uptick rule applies.

Cross trades are allowed on and off the exchange. Off exchange crosses are allowed only for block trades.

Tunisia

Turkey Short selling is legal in Turkey, although it is not widely practised. Short selling can be practised on ISE-100 Index, which makes up the main index. 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. Resident and Non resident investors are both permitted to short sell.

Ukraine

UAE

United Kingdom The partial ban on short selling has been lifted in January 2009, however a disclosure obligation is maintained. Disclosure of a short position has to be made when it reaches 0.25% of the companies market capitalisation, further disclosure has to be made with every tenth of percent, both when increasing and decreasing.

USA NASDAQ The Short-Sale and Bid Test rules have been abolished.

USA New York 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-till-executed (GTX) orders for a specific stock into the SuperDot system to be executed at 5p.m 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.

Venezuela Short selling is prohibited.

Vietnam

Tick Size

Country Information

Argentina

Australia

Austria 0.01 Euro

Belgium A specific fixed tick size of EUR0.005 will be implemented for certain stocks traded above EUR10. The tick size for all other trades is listed below.

Price (Euros)

From To Tick Size

0 0.2500 0.0005

0.251 2.500 0.001

2.505 10.000 0.005

>10.01 – 0.01

Bermuda

Brazil R$ 0.01

Canada 0.01

Chile

China - Shanghai

China - Shenzhen

Colombia

Cyprus

Czech Republic Price (CZK) Tick Size

0.00 – 100 0.01

100 – 1000 0.1

over 1000 1

Denmark OMX C20 Companies

Stock Price (DKK) Tick Size Stock Price (DKK) Tick Size

0 – 4.99 0.01 250.00 – 499.50 0.50

5.00 – 9.95 0.05 500.00 – 4999.00 1.00

10.00 – 49.90 0.10 5,000.00 –19,990.00 10.00

50.00 – 249.75 0.25 20,000.00 100.00

Egypt

Finland 0.10 Euro

France A specific fixed tick size of EUR0.005 will be implemented for certain stocks traded above EUR10. The tick size for all other trades is listed below.

Tick Size

Country Information

Price (EUR)

From To Tick Size

0 0.2500 0.0005

0.251 2.500 0.001

2.505 10.000 0.005

>10.01 – 0.01

Germany EUR0.01

Greece

Hong Kong

Hungary

Iceland

India - Mumbai Trading in scrips listed on the Exchange is done with the tick size of 5 paise. However, in order to increase the liquidity and enable the market participants to put orders at finer rates, the Exchange has reduced the tick size from 5 paise to 1 paise in case of units of mutual funds, securities traded in “F” group and equity shares having closing price up to Rs. 15/- on the last trading day of the calendar month. Accordingly, the tick size in various scrips quoting up to Rs.15/- is revised to 1 paise no the first trading day of month.

India - National

Indonesia

Ireland EUR0.01

Israel

Italy Price (EUR)


0 – 0.25 0.0001

0.25 – 1 0.0005

1 – 2.0 0.001

2.0 – 5.0 0.0025

5.0 – 10 0.005

10 0.01

Tick Size

Country Information

Japan - Tokyo Price per share Minimum price

fluctuations Price per share Minimum price fluctuations

up to 2,000 ±1 up to 1m 1,000

up to 3,000 5 up to 20m 10,000

up to 30,000 10 up to 30m 50,000

up to 50,000 50 Over 30m 100,000

up to 100,000 100

Japan - Osaka

Jordan

Kenya

Kuwait

Luxembourg

Malaysia

Mexico

Morocco

Netherlands

New Zealand

Nigeria

Norway In July 2009 The tick size was reduced for all OBX shares to NOK 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, cf. Oslo Børs. Tick sizes will not change for shares (including accompanying subscription rights) that are not included in the OBX index, and tick sizes will also continue unchanged for equity certificates and warrants. The unchanged tick size table for these securities is as follows:

Bid or Offer Price Price Tick

0 – < 14.99 0.01

15 – < 49.90 0.05

50 – < 99.90 0.10

100 – < 249.75 0.25

250 – < 499.50 0.50

500 – 1.00

Oman

Pakistan

Peru

Philippines

Tick Size

Country Information

Poland Stock Price (PLN) Tick Size

<50 0.01

50 – 100 0.05

100 – 500 0.10

>500 0.50

Portugal A specific fixed tick size of EUR0.005 will be implemented for certain stocks traded above EUR10. The tick size for all other trades is listed below.

Price (Euros)

From To Tick Size

0 0.2500 0.0005

0.251 2.500 0.001

2.505 10.000 0.005

>10.01 - 0.01

Qatar

Romania Stock Price (RON) Tick Size

0 – 0.1 0.0001

0.1 – 0.5 0.001

0.5 – 1 0.005

1 – 5 0.01

5 – 10 0.05

>10 0.1

Russia

Saudi Arabia

Singapore

Slovakia

South Africa

South Korea

Spain

Starting on January 4th, 2010, the stocks components of the IBEX 35 index will trade according to the new tick type that is detailed below:

Number of decimals: 3

Unit Tick Size

< 50 € 0.01

> 50 € 0.05

Tick Size

Country Information

Unit Tick Size

< 10 € 0.01

> 10 € - < 50 € 0.005

> 50 € - <100 € 0.010

> 100 € 0.050

Sri Lanka

Sweden Stock Price (SEK) Tick Size

0 – 4.99 0.01

5 – 14.95 0.05

15 – 49.90 0.1

50 – 149.75 0.25

150 – 499.5 0.5

500 – 4,999 1

5,000 5

Switzerland SWX= Minimum tick size 0.01CHF

Virt-x = 0.01 Euro

Taiwan

Thailand Tick Size Price Range

0.01 10 and below

0.05 10 to 50

0.1 50 to 100

0.5 100 to 500

1 500 to 1000

5 1000 and above

Tunisia

Turkey

Ukraine

UAE

Tick Size

Country Information

United Kingdom Top 15 FTSE 100 Stocks (SE10)

Stock Price GBp Tick

Less than 0.999 0.0001

1 - 4.9995 0.0005

5 - 9.999 0.001

10 - 49.995 0.005

50 - 99.99 0.01

100 - 499.95 0.05

500 - 999.9 0.1

1000 - 4999.5 0.5

5000 - 9999 1

1000 or more 5

Bottom 85 FTSE 100 Stocks (SET1) Mid-Cap Stocks (STMM)

Stock Price GBp Tick

Less than 0.5 0.0001

0.5 - 0.9995 0.0005

1 - 4.999 0.001

5 - 9.995 0.005

10 - 49.99 0.01

50 - 99.95 0.05

100 - 499.9 0.1

500 - 999.5 .05

1000 - 4999 1

5000 - 9995 5

1000 or more 10

USA NASDAQ USD0.01

USA New York USD0.01

Venezuela

Vietnam

Board Lots

Country Information

Argentina 1

Australia 1

Austria 1

Belgium 1 (minimum order size 10)

Bermuda 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

Brazil Round lots of units which vary from 100 – 100,000 in the amount of underlying shares

Canada Trading price per unit

CAD0 – 0.10 1,000 units

CAD0.10 – 0.99 500 units

CAD1.00 and above 100 units

Chile 1

China - Shanghai 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

China - Shenzhen 100 units

Colombia

Cyprus 1

Czech Republic The minimum tradable unit under the continual regime is a lot. The size of a lot is fixed at one unit for all securities

Denmark As of 2009 all board lots for Danish equities have changed to 1.

Egypt 1

Finland 1

France 1 (minimum order size 10)

Germany 1

Greece The majority of securities trade in units of 1

Hong Kong 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.

Hungary None

Iceland

India - Mumbai 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)

Board Lots

Country Information

India - National 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)

Indonesia 500. Odd lots can be sold by designated dealers who trade odd lots in particular stocks, the price given is the prevailing market price ± and is reported net

Ireland 1

Israel The seller (or buyer) is obliged to trade at least in the minimum lot (about USD5,000), unless they have also announced that they wish to sell (or buy) more lots at the set price. Small lots (orders under USD5,000) cannot be traded via the auction structure: they must be executed during the opening call stage

Italy 1

Japan - Tokyo The number of shares per unit is determined by the issuing company, ranges from 1 to 3,000 shares

Japan - Osaka 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%), Par value stocks (¥5k – ¥50k) trade as single shares. Odd lots are sold back to the company by the client’s custodian

Jordan

Kenya An authorised dealer may only trade and deal in minimum lots of KES5m and any trades below this amount must be transacted through stockbrokers

Kuwait

Luxembourg

Malaysia 100

Mexico

Morocco

Netherlands 1 (minimum order size 10)

New Zealand Share Price Lot

NZD0 – 0.25 2,000

NZD0.26 – 0.50 1,000

NZD0.51 – 1.00 500

NZD1.01 – 2.00 200

NZD2.01 – 5.00 100

NZD 5.01 – 10.00 50

NZD10.01 and over 25

Nigeria

Norway Trading takes place in round lots i.e. a round number of securities representing a market value of approximately NOK10,000. Members may also trade in smaller lots, so-called odd lots, on a separate board

Board Lots

Country Information

Oman

Pakistan

Peru

Philippines Board lots vary with share price and range from 10 shares to one million shares. Any unit smaller than a board lot is considered an odd lot. Trading is done by board lots and a maximum of five board lots are allowed per trade

Poland 1

Portugal 1

Qatar

Romania 100 shares (exceptions BRD and Transelectrica with 10 shares)

Russia

Saudi Arabia

Singapore Shares are mainly traded in board lots of 1,000 shares. However, the trading of odd lots is also allowed.

Effective 14 April 2003, the “Odd Lot Market” was replaced with “Unit Share Market”, which enables the trading of odd lots in any quantity less than one board lot of the underlying share in the Ready Market. Amalgamation of trades between the Ready and Unit Share markets is possible, whereby trades executed in the two markets for the same underlying share can be consolidated in a single contract.

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 1

South Korea 10 shares/units (one share if the price is KRW50,000 or higher

Spain 1

Sri Lanka

Sweden 1

Switzerland 1

Taiwan 1,000 shares

Thailand 100 shares

Tunisia 100 shares

Turkey 100 shares

Ukraine

UAE

Board Lots

Country Information

United Kingdom 1 share (some trade 1 or 50)

USA NASDAQ 100 shares

USA New York 100 shares

Venezuela

Vietnam

Market Capitalisation

Country Information

Argentina USD37.8bn

Australia USD991.7bn

Austria USD96.6bn

Belgium USD2.74trn (Euronext)

Bermuda USD1.3bn

Brazil USD1.0trn

Canada USD1.5trn

Chile USD195.3bn

China - Shanghai USD2.7trn

China - Shenzhen USD726bn

Colombia USD24.6bn

Cyprus USD10.03bn

Czech Republic USD73.9bn

Denmark USD720.3bn (OMX)

Egypt USD90.2bn

Finland USD720.3bn (OMX)

France USD2.74trn (Euronext)

Germany USD1.19trn

Greece USD118.5bn

Hong Kong USD2.1trn

Hungary USD24.8bn

Iceland USD720.3bn (OMX)

India - Mumbai USD1.07trn

India - National USD1.001trn

Indonesia USD156.4bn

Ireland USD55.1bn

Israel USD198.1bn

Italy USD588.3bn

Japan - Tokyo USD3.33trn

Japan - Osaka USD145.8bn


Country Information

Jordan USD33.2bn

Kenya USD10.6bn

Kuwait USD119.3bn

Luxembourg USD85.7bn

Malaysia USD249.3bn

Mexico USD289.4bn

Morocco USD17.3bn

Netherlands USD2.74trn (Euronext)

New Zealand USD30.6bn

Nigeria USD31.8bn

Norway USD175.7bn

Oman USD24.1bn

Pakistan USD31.1bn

Peru USD57.0bn

Philippines USD76.4bn

Poland USD115.9bn

Portugal USD2.74trn (Euronext)

Qatar USD74.1bn

Romania USD30.6bn

Russia USD454.1bn

Saudi Arabia USD297.3bn

Singapore USD545.4bn

Slovakia USD5.1bn

South Africa USD663.8bn

South Korea USD720.5bn

Spain USD1.2trn

Sri Lanka USD7.0bn

Sweden USD720.3bn (OMX)

Switzerland USD932.8bn

Taiwan USD545.4bn


Country Information

Thailand USD146.4bn

Tunisia USD6.8bn

Turkey USD195.3bn

Ukraine USD38.4bn

UAE USD46.89bn

United Kingdom USD2.42trn

USA NASDAQ USD2.62trn

USA New York USD9.38trn

Venezuela USD47.3bn

Vietnam USD20.6bn

Average Daily Turnover

Country Information

Argentina USD10.8m

Australia USD3.2bn

Austria USD174.4m

Belgium USD7.2bn (Euronext)

Bermuda USD0.2m

Brazil USD2.1bn

Canada USD4.9bn

Chile USD151.2m

China - Shanghai USD19.6bn

China - Shenzhen USD10.1bn

Colombia USD59.6m

Cyprus USD7m

Czech Republic USD150m

Denmark USD3bn (OMX)

Egypt USD236.52m

Finland USD3bn (OMX)

France USD7.2bn (Euronext)

Germany USD9.9bn

Greece USD233.1m

Hong Kong USD5.8bn

Hungary USD92.4m

Iceland USD3bn (OMX)

India - Mumbai USD1.01bn

India - National USD3.0bn

Indonesia USD362.5m

Ireland USD132.7m

Israel USD197.4m

Italy USD3.4bn

Japan - Tokyo USD16.2bn

Japan - Osaka USD619.2m


Country Information

Jordan USD64.5m

Kenya

Kuwait

Luxembourg USD1.4m

Malaysia USD337.9m

Mexico USD291.7m

Morocco USD38m

Netherlands USD7.2bn (Euronext)

New Zealand USD753.3m

Nigeria

Norway USD887.2bn

Oman USD32.5m

Pakistan USD83.3m

Peru USD13.8m

Philippines USD70.2m

Poland USD191.7m

Portugal USD7.2bn (Euronext)

Qatar USD115.2m

Romania USD11m

Russia USD3.4bn, 250m in equities

Saudi Arabia USD879.9m

Singapore USD924.7bn

Slovakia USD59.1m (¼ equities, ¾ bonds)

South Africa USD1.2bn

South Korea USD6.2bn

Spain USD6.3bn

Sri Lanka USD3.6m

Sweden USD3bn (OMX)

Switzerland USD3.2bn

Taiwan USD3.6bn


Country Information

Thailand USD425.4m

Tunisia

Turkey USD1.1bn

Ukraine ~USD15m

UAE USD325.6m

United Kingdom USD14.5bn

USA NASDAQ USD34bn

USA New York USD75.5bn

Venezuela ~USD500m

Vietnam

Clearing and Settlement

Country Information

Argentina T+3 Business Days

Australia T+3 Business Days

Austria T+3 Business Days (spot),

T+1 Business Days (futures)

Belgium T+3 Business Days

Bermuda All BSX transaction settlements occur on a rolling T+3, DVP basis

Brazil T+3 Business Days

Canada T+3 Business Days

Chile T+2 Business Days

China - Shanghai A Shares: T+1, B Shares: T+3 Business Days

China - Shenzhen 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. Clearing and settlement occurs on a T+3 Business Day basis

Cyprus The settlement cycle for both Contractual and TFT transactions is defined as T+3

Czech Republic See trading system explanation

Denmark T+3 Business Days

Egypt The system is based upon Delivery versus Payment, whereby MCDR acts as the Clearing House between the buying and selling member firms, 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

Finland T+3 Business Days

France Post-trade services, including clearing, are processed through the systems of LCH. Clearnet, formed from the merger in December 2003 of Clearnet and the London Clearing House (LCH) and Euroclear settles trades on a T+3 basis

Germany T+2 Business Days

Greece T+3 Business Days

Hong Kong T+2 Business Days

Hungary T+3 Business Days


Country Information

Iceland Only the settlement banks can participate in the netting process for security trading. The settlement cycle is T+1

India - Mumbai T+2 Business Days

India - National T+2 Business Days

Indonesia T+3 Business Days

Ireland T+3 Business Days

Israel T+1 business days

Italy T+3 Business Days

Japan - Tokyo T+3 Business Days

Japan - Osaka T+3 Business Days

Jordan T+2 Business Days

Kenya T+5 Business Days

Kuwait The assets and liabilities of traders, whether shares or funds, are netted each day with each broker they trade through. At the end of the trading period (Saturday to Wednesday) the account position is automatically cleared. A statement of account is issued for each trader with each broker, showing all activities and transactions for the period

Luxembourg T+3 Business Days

Malaysia T+3 Business Days

Mexico T+3 Business Days

Morocco T+3 Business Days

Netherlands T+3 Business Days

New Zealand T+3 Business Days

Nigeria T+3 Business Days

Norway T+3 Business Days

Oman T+3 Business Days

Pakistan T+2 Business Days

Peru T+3 Business Days

Philippines T+3 Business Days

Poland T+3 Business Days

Portugal T+3 Business Days

Qatar T+3 Business Days


Country Information

Romania T+3 Business Days

Russia T+3 but depending on the issuer’s registry can go to T+15

Saudi Arabia 100% of shares are settled in real time i.e. T+0

Singapore T+3 Business Days

Slovakia T+3 Business Days

South Africa 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)

South Korea T+2 Business Days for stocks

Spain T+3 Business Days

Sri Lanka T+4 Business Days

Sweden T+3 Business Days

Switzerland T+3 Business Days

Taiwan T+2 Business Days

Thailand T+3 Business Days

Tunisia All of the BVM markets are spot markets. Settlement is on a T+3 basis. The settlement process is automated

Turkey T+2 Business Days

Ukraine T+5 Business Days

UAE T+2 Business Days

United Kingdom T+3 Business Days

USA NASDAQ T+3 Business Days

USA New York T+3 Business Days

Venezuela T+3 Business Days

Vietnam T+3 Business Days for less than 100,000 shares

T+1 for more than 100,000 shares


Country Information

Argentina Monday – Friday

Floor Trading: 11:00 – 17:00


Computer-Assisted Trading: 11:00 – 17:00

Australia Monday – Friday

Pre-Opening: 07:00 – 10:00



Closing Single Price Auction: 16:10 – 16:11

After Hours Adjust: 16:12 – 17:00

Austria Monday – Friday

Pre-Open: 08:00 – 08:55



Single Intraday Auction:12:30 – 13:30

Belgium Monday – Friday

Pre-Opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35



Bermuda Monday – Friday

Pre-Opening: 08:30 – 09:00

Normal trading: 09:00 – 15:30


Country Information

Brazil Monday – Friday

Pre-Opening Auction: 09:45 – 10:00

Continuous Trading Session: 10:00 – 16:55


After Market: 17:45 – 19:00

Canada Monday – Friday


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 - Shanghai Monday – Friday

Pre-open: 09:15 – 09:30

Continuous Trading (AM): 09:30 – 11:30

Continuous Trading (PM): 13:00 – 15:00

China - Shenzhen Monday – Friday

Pre-open: 09:15 – 09:30



Close Auction: 14:57 – 15:00


Country Information

Colombia 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. For this, the CSE uses the open outcry floor trading system. All shares must be recorded in the national securities register. Subasta is equivalent to auction

Cyprus Monday – Friday

Pre-Open: 10:00 – 10:30


Closing: 16:45 – 17:00

Czech Republic Monday – Friday

Auction – Order Collection: 08:00 – 08:45

Auction: 08:45 – 09:10


Closing auction (selected securities): 16:00 – 16:07

Denmark Monday – Friday



Egypt Sunday – Thursday

Pre-Open: 9:45 – 10:15 (random closing 10:15 to 10:30)


Finland Monday – Friday

10:00 – 18:20 (closing call 18:20 – 18:30)


Country Information

France Monday – Friday

Pre-Opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35



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; Small Cap): 14:00 – 17:00


Hong Kong Monday – Friday

Pre-opening: 09:30 – 09:50


Continuous Trading: 10:00 – 12:30, 14:30 – 16:00

Extended Morning Session: 12:30 – 14:30


Country Information

Hungary Monday – Friday

Pre-Market:08:30 – 09:00


Free Period: 09:02 – 16:30


Iceland Monday – Friday

Summertime:10:00 – 15:23 (Closing call 15:20 – 15:23)

Wintertime: 10:00 – 16:23

India - Mumbai Monday – Friday


Pre-Close: 15:40 – 15:50


India - National Monday – Friday


Closing Session: 15:50 – 16:00

Indonesia Monday – Thursday:

Pre-Opening: 09:25 – 09:30

1st Session: 09:30 – 12:00

2nd Session: 13:30 – 16:00

Friday:

1st Session: 09:30 – 11:30

2nd Session: 14:00 – 16:00


Country Information

Ireland Monday – Friday

Pre-Trading: 06:30 – 07:50




Post-Trading: 16:30 – 17:15

Israel Sunday – Thursday

Pre-Opening: 09:00 – 09:45




Italy Monday – Friday

Pre-Auction Phase: 08:00 – 09:00




Japan - Tokyo Monday – Friday

AM Pre-Open:08:00 – 09:00

PM Pre-Open: 12:05 – 12:30






PM Closing Auction: 15.00


Country Information

Japan - Osaka Monday – Friday

AM Pre-Open:08:00 – 09:00

PM Pre-Open:12:05 – 12:30






PM Closing Auction: 15:10

Jordan Sunday – Thursday

Bonds and Mutual Funds:Pre-Opening: 09:30 – 09:35

Opening: 09:35


Block Trades: 09:55 – 13:00

Post-Trading: 13:00

First and Second markets: Pre-Opening: 09:30 – 10:00

Opening: 10:00


Pre-Closing: 12:25


Post-Trading: 13:00

Block Trades: 12:40 – 13:10

Kenya Monday – Friday

Pre-Opening: 09:00 – 09:30




Country Information

Kuwait Saturday – Wednesday

Order Acceptance: 08:50

Pre-Auction: 08:59

Open and Continuous Trading: 09:00 –12:30



Forward Close: 13:15

Luxembourg Monday – Friday

Pre-opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35



Malaysia Monday – Friday

Each trading day is divided in two sessions

Morning Session:

Pre-Opening: 08:30 – 09:00


Pre-Closing: 12:15 – 12:20


Afternoon Session:

Pre-Opening: 14:00 – 14:30


Pre-Closing: 16:45 – 16:50


Mexico Monday – Friday

08:30 – 15:30

Morocco Monday – Friday





Country Information

Netherlands Monday – Friday

Pre-Opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35



New Zealand Monday – Friday

Enquiry: 08:00 – 09:00

Pre-Open: 09:00 – 10:00


Pre-Close: 16:45 – 17:00

Adjust: 17:00 – 17:30

Enquiry: 17:30

Nigeria Monday – Friday


Norway Monday – Friday

Pre-Trade: 08:15 – 09:00

Continuous Trade: 09:00 – 17:20


Post-Trade: 17:40 – 18:00

Oman Sunday – Thursday

Pre-Open: 09:30 – 10:00



Country Information

Pakistan 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,


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


Close: 12:00 – 12:10 (end of regular trading/calculation of closing price, Run-Off Time; Trading at closing prices)

Poland Monday – Friday



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, 15:00


Country Information

Portugal Monday – Friday

Pre-opening: 07:15 – 09:00



Pre-Closing: 17:30 – 17:35



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


Pre-Close: 16:15 – 16:30


Russia Monday – Friday

Pre-Trading: 10:15 – 10:30


Additional Session: 18:00 – 19:00 (decided by Board of directors of the Exchange)

Saudi Arabia Saturday – Wednesday

Pre-Open: 10:00 – 11:00



Country Information

Singapore Monday – Friday

Pre-Open routine: 08:30 – 09:00,

Trading Session: 09:00 – 12:30, 14:00 – 17:00

Pre-Closing routine: 17:00 – 17:06

Slovakia Monday – Friday

Fixing (Auction Trading): 10:30 – 10:50


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


Regular Session: 09:00 – 14:50

Closing: 14:50 – 15:00


Country Information

Spain Monday – Friday

Equity Market – SIBE (Electronic order book) Pre–Opening Auction: 08:30 – 09:00

Open Market:09:00 – 17:30


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



Close:14:30

Sweden Monday – Friday



Closing Call: 17:20 – 17:30 (no opening auction)

Switzerland Monday – Friday

09:00 – 17:30




Country Information

Taiwan Monday – Friday

Pre-Open: 08:30 – 09:00




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


Off-Hour Trading: 16:40 – 17:00

Tunisia Monday – Friday

Pre-Open: 09:00 – 10:00




Fixing taking place at 9:00, 10:00, 11:30, 13:00, 13:05

Trading hours in July, August and during Ramadan are as follows:

Monday – Friday

Pre-Open: 08:30 – 9:30




Fixing taking place at 9:30, 10:00, 11:30, 11:35


Country Information

Turkey Monday – Friday

National, Regional & New Company Trading: 09:30 – 12:00

(09:30 – 09:45 electronic order collection);

14:00 – 17:30

(14:00 – 14:10 electronic order collection)

Watch list companies market: 14:00 – 15:00

Primary Market; Official Market; 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


United Kingdom Monday – Friday




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



After-Hours Trading:

Closing Session I: 16:15 – 17:00

Closing Session II, III, IV: 16:00 – 18:30


Country Information

Venezuela Monday – Friday Spring – Summer

Pre-Opening: 09:00 – 09:30

Market Session:09:30 – 14:00


Autumn – Winter

Pre-Opening: 09:00 – 10:00

Market Session:10:00 – 14:30


Vietnam Monday – Friday




Put Through: 10:30 – 11:00

Global Equity Flow Contacts

This document has been prepared by Société Générale (‘SG’) based solely upon publicly available information. Although the material contained herein is believed to be accurate in all material respects, no express or implied representation or warranty as to the accuracy or completeness of such information is made by SG or any other party. Nothing contained herein is, or shall be, relied upon as a promise or representation as to the future. 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. SG does not accept any responsibility or liability (express or implied) for this document. This document is to be treated in the strictest confidence and is not to be disclosed directly or indirectly to any third party. It is not to be produced in whole or in part, nor used for any purpose except as authorised by SG.

This publication is issued in the United Kingdom by or through Société Générale (“SG”). The information herein is not intended to be an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities and including any expression of opinion, 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. SG, and their affiliated companies in the Société Générale Group, may from time to time deal in, hold or act as market-makers or act as advisers, brokers or bankers in relation to the securities, or derivatives thereof, of persons, firms or entities mentioned in this document or be represented on the board of such persons, firms or entities. Employees of SG, and their affiliated companies in the Société Générale Group, or individuals connected to them, may from time to time have a position in or be holding any of the investments or related investments mentioned in this document. SG and their affiliated companies in the Société Générale Group, 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. Any investments or investment services mentioned herein are not available for private customers.

Société Générale is a Member of the London Stock Exchange.http://www.sgcib.com/Copyright The Société Générale Group 2008. All rights reserved. DTP43523

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Guide to Global Stock Exchanges

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