Guide To Global Stock Exchanges

GUIDE TO GLOBAL STOCK EXCHANGES
OCTOBER 2009
Contents Introduction Global Trading Clock Contacts

GUIDE TO GLOBAL STOCK EXCHANGES
OCTOBER 2009
Summary pages
Taxes, Market Charges & Cross Selling Equity Tick Size Board Lots
Compulsory Commissions & Short Selling
Market Capitalisation Average Daily Turnover Clearing & Settlement Official Trading Hours
Contents
6. Argentina 45. Guernsey 84. New Zealand 123. USA – National
7. Armenia 46. Honduras 85. Nigeria 124. USA – New York
8. Australia 47. Hong Kong 86. Norway 125. Uruguay
9. Austria 48. Hungary 87. Oman 126. Uzbekistan
10. Azerbaijan 49. Iceland 88. Pakistan 127. Venezuela
11. Bahamas 50. India – Mumbai 89. Palestine 128. Vietnam
12. Bahrain 51. India – National 90. Panama 129. West African
13. Bangladesh 52. Indonesia 91. Paraguay Stock Exchange
14. Barbados 53. Iran 92. Peru 130. Bourse Regionale
des Valeurs Mobilières
15. Belgium 54. Iraq 93. Philippines
SA (BRVM)
16. Bermuda 55. Ireland 94. Poland
131. Zambia
17. Bolivia 56. Israel 95. Portugal
132. Zimbabwe
18. Bosnia and 57. Italy 96. Qatar
Herzegovina 58. Jamaica 97. Romania 133. ECNs, ATS
19. Botswana 59. Japan – Tokyo 98. Russia & Dark Pools
20. Brazil 60. Japan – Osaka 99. Saudi Arabia 134. NYSE Arca
21. Bulgaria 61. Jordan 100. Serbia 135. NYSE Arca Europe
22. Canada 62. Kazakhstan 101. Singapore 136. EuroTLX – TLX
23. Cayman Islands 63. Kenya 102. Slovakia 137. Liquidnet
24. Chile 64. Kuwait 103. Slovenia 138. ITG POSIT
25. China – Shanghai 65. Kyrgyz Republic 104. South Africa 139. Primex Trading,
26. China – Shenzhen 66. Latvia 105. South Korea Bloomberg
27. Colombia Tradebook
67. Lebanon 106. Spain
28. Costa Rica 140. NexTrade
68. Lithuania 107. Sri Lanka
NASDAQ Trader
29. Croatia 69. Luxembourg 108. Swaziland
141. Instinet
30. Cyprus 70. Macedonia 109. Sweden Instinet Chi-X
31. Czech Republic 71. Malawi 110. Switzerland 142. NYFIX
32. Denmark 72. Malaysia – SWX & Virt-x Track ECN
33. Ecuador 73. Maldives 111. Taiwan 143. Pipeline The
34. Egypt 74. Malta 112. Tanzania International Securities
35. El Salvador 75. Mauritius 113. Thailand Exchange
36. Estonia 76. Mexico 114. Trinidad & Tobago 144. DirectEdge BATS
37. Fiji 37 77. Moldova 115. Tunisia 145. CNSX/Pure Trading
38. Finland 116. Turkey Turquoise
78. Mongolia
39. France 117. Uganda 146. Lava Trading, CBOE
79. Montenegro
Stock Exchange
40. Georgia 80. Morocco 118. Ukraine
147. Baikal, SmartPool
41. Germany 81. Namibia 119. UAE
148. Equiduct , Burgundy
42. Ghana 82. Nepal 120. United Kingdom
149. Alpha X Europe
43. Greece 83. Netherlands 121. USA – Chicago
44. Guatemala 122. USA – NASDAQ
Front Page Introduction Global Trading Clock Contacts

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Listed Products
Front Page Contents Global Trading Clock Contacts

The Global Equity
24 hour Business Day
NEW ZEALAND 10:00 17:00 17:00 - 17:30 Closing Auction
AUSTRALIA 10:00 16:00 16:10 - 16:11 Closing Auction
JAPAN 9:00 11:00 12:30 15:00 11:00 & 15:00 Two Closing Auctions
KOREA 09:00 14:50 14:50 - 15:00 Closing Auction
TAIWAN 09:00 13:25 13:25 - 13:30 Closing Auction
SINGAPORE 09:00 12:30 14:00 17:00 17:00 - 17:06 Closing Auction
CHINA 09:30 11:30 13:00 15:00
HONG KONG 10:00 12:30 14:30 16:00
INDIA 09:55 15:50 15:50 - 16:00 Closing Auction
RUSSIA 10:30 18:45
SOUTH AFRICA 09:00 16:50 16:50 - 17:00 Closing Auction
BELGIUM 09:00 17:35 17:35 Closing Auction
DENMARK 09:00 16:50 16:50 - 17:00 Random Close
FINLAND 10:00 18:20 18:20 - 18:30 Closing Auction
NETHERLANDS 09:00 17:35 17:35 Closing Auction
PORTUGAL 09:00 17:35 17:35 Closing Auction
SWEDEN 09:00 17:20 17:20 - 17:30 Closing Auction
FRANCE 09:00 17:35 17:35 Closing Auction
UK 08:00 16:30 16:30 - 16:35 Closing Auction
SPAIN 09:00 17:30 17:30 - 17:35 Closing Auction
IRELAND 08:00 16:30 16:28 - 16:30 Closing Auction
SWITZERLAND 09:00 17:20 17:20 - 17:30 Closing Auction
GERMANY 09:00 17:30 17:30 - 17:35 Closing Auction
NORWAY 09:00 17:20 17:20 - 17:30 Closing Auction
ITALY 09:00 17:25 17:25 - 17:30 Closing Auction
AUSTRIA 09:00 17:30 17:30 - 17:30 Closing Auction
GREECE 10:25 17:00 17:00 - 17:03 Closing Auction
BRAZIL 16:55 - 17:00 Closing Auction 10:00 16:55
CANADA 9:30 16:00
USA 9:30 16:00
New York Time 17 18 19 20 21 22 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16
Paris Time 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
London Time 22 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Tokyo Time 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1am 2 3 4 5
Front Page Contents Introduction Contacts

Countries
Document produced by Société Générale Corporate & Investment Banking

Contents
Argentina
Futures Information
Main Contract Merval Index Futures
Trading Exchange Buenos Aires Stock Exchange
Trading Times 12:00 – 19:00
Contract Size ARS 1 x Index
Tick Size ARS 1 equals 1 index points GMT -3hrs (-2hrs DST)
Contract Months Monthly, up to 12 months ahead Internet: www.bolsar.com
Expiration Day The last business day of the contract month Email: cau@bolsar.com
Reuters <0#MEF:>, nearest month <0#MEFd:> / <0#MAR:>,
nearest month <0#MARd:> Primary Exchange
Bloomberg MM (Month Code)(Last Number of Year) <Index> Buenos Aires Stock Exchange
Brief History Continuous open-outcry auction trading system:

The first short-lived exchange to be established in Argentina was the Transactions must be matched on the floor. The securities and instruments
Bolsa Mercantil, set up by Bernardino Rivadavia in 1822. The Bolsa traded are: equities, government and corporate bonds, forwards on
de Commercia de Buenos Aires, founded in 1854, was set up by 118 stocks and government bonds, options on stocks, government bonds
businessmen and a number of brokers. Today there are several other and indices, index futures and repos. The MVBA guarantees transactions
stock exchanges in Argentina but the Bolda de Comercio de Buenos Aires between brokers. Clearing and settlement is carried out by the MVBA
(BCBA) remains the largest. 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.
Trading System
The Buenos Aires Stock Exchange has developed a comprehensive
computer trading system called SINAC. Traders enter buy and sell
Circuit Breakers
orders through workstations in their offices. The system then matches There are no market-wide circuit breakers, but there are volatility
transactions based on the rules of the Exchange. interruptions for individual stocks. Whenever a trade would imply a move
of more than 10%, a 15 minute halt is observed.
Continuous Trading System:
The continuous market (bonds) and the dealer market (shares) were Taxes, Market Charges & Compulsory Commissions
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. Broker’s commission: Negotiated
The price may not differ by more than 1.5% from a reference price. Stock Market Fee: 0.06%
The securities traded are: equities (a selected set of listed stocks) and
government and corporate bonds. Transactions between dealers and Stock Exchange Fee: 0.0351%
clients may be cleared and settled by the dealers themselves but may also
be cleared using the MBVA facilities. Trades cleared through the MVBA Taxes & Regulations Affecting Foreign Investors
are guaranteed. No special guarantee for clients exists. No commission
The Foreign Investment Act has been modified and now puts foreign
is paid by brokers and sellers since it is included in the bid/ask spread.
investors on a similar footing to Argentinean Investors. There is
Dealers (brokers) pay MBVA and stock exchange fees monthly. A fixed
no capital gains tax on shares obtained by individuals’ resident in
amount, independent of the amount traded, is charged.
Argentina or by individuals, corporations, trusts or their successor’s
non-resident in Argentina.
Cross Selling Equity & Short Selling

Short selling is allowed, a stock only needs to be borrowed before a
Main Indices Board Lots short sale.
Merval 25 Index 1
BURCAP Money Repatriation Procedures in Argentina
GENERAL
Currency
On March 7th 2005 Argentinean authorities implemented a system that
Argentine Peso (ARS)
allows money repatriation through Merval Communication 11.374. Since
Official Trading Hours Argentina implemented the so-called “corralito”, the only way to take
Monday – Friday
Clearing and Settlement
money out of Argentina was through an ADR conversion. This method
T+3 Business Days was nothing more than a loophole that market participants found as a way
Floor Trading:
11:00 – 17:00 around the Argentinean law that strictly prohibited any money repatriation.
Currency Exchange This ADR conversion procedure was widely used over 3 years. By the
Continuous Trading:
11:00 – 17:00 USD1 = ARS3.8476 end of 2004 the Argentinean government made a statement saying
Computer-Assisted Trading: EUR1 = ARS5.6241 that it was fully aware of the situation, and was ready to take action on it.
11:00 – 17:00
As a result the Argentinean government implemented the “contra cables”
(versus wire) system. A so-called, “cable” line was created for all local
Market Size
as of August 2009
stocks and bonds. These lines are traded in USD’s and are fungible
with the regular Argentinean peso lines. According to this law, any
Market Capitalisation:
proceeds coming from the sale of a “cable” line are subject to be taken
USD37.8bn
out of Argentina.
Average Daily Trading Value:
USD10.8m

Contents
Armenia
Futures Information
None
GMT +4hrs (DST +5hrs)

Internet: www.nasdaqomx.am
Email: info@nasdaqomx.com
Primary Exchange
Armenian Stock Exchange
Brief History
The 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 System
Trading 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 Fee charged to

each party 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 Investors

Withholding 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.
Main Indices Currency

None Armenian Dram (AMD)
Official Trading Hours Clearing and Settlement

Monday – Friday T+2 Business Days
Equities and Corporate bonds:
11:00 – 15:00 Currency Exchange
USD1 = AMD377.39
Market Size EUR1 = AMD551.68
as of August 2009
USD70m
Average Daily Turnover:
~USD1m

Contents
Australia
Futures Information
Main Contract SFE SPI 200 Index Futures and Options
Trading Exchange Australian Stock Exchange (www.asx.com.au)
Trading Times 09:50 – 16:30 and 17:10 – 08:00 (17:10 – 07:00
US Daylight saving time)
Contract Size Price quoted at the number of points with a GMT +9hrs (+11hrs DST)
minimum price movement of 1 index point = AUD10
Contract Months March, June, September, December Cycle Internet: www.asx.com.au
Expiration Day The last business day of the contract month (the Email: info@asx.com.au
third Thursday of the contract month, unless
otherwise specified by the ASX)) Primary Exchange
Reuters <0#YAP:>, nearest month <0#2YAP:> (floor) Australian Stock Exchange
<0#1YAP:> (SYCOM), contract details <SFE/YAP>
Bloomberg XP (Month Code)(Last Number of Year) <Index>
Brief History  Additional Market Information

The Australian Stock Exchange Ltd (ASX) was formed in 1987 through a  Performance Improvements
special act of parliament amalgamating Australia’s six state-based stock  Access to a multiple international stock market system
exchanges. In 1998, ASX became the first exchange in the world to
simultaneously demutualise and list on itself. On 25 July 2006 the Sydney Taxes, Market Charges & Compulsory Commissions
Futures Exchange Corporation Limited merged with the Australian Stock
Brokerage rates on share market transactions have been negotiable since
Exchange Limited to form the Australian Securities Exchange Limited
1984. Some full-service broking organisations can charge between 0.1%
(ASX). In October that year the ASX began the replacement of the Stock
and 2% commission depending on the size of the transaction.
Exchange Trading System (SEATS) with CLICK XT, known as the Integrated
Trading System (ITS).
Trading System Australia imposes a 10% withholding tax on interest paid to non-residents
unless an exemption has been granted by the taxation authorities for
Since 2006 trading has been conducted on a system called CLICK XT ITS
interest paid on widely distributed debentures outside Australia.
that was designed by OMX Technology. This system allows trading of all
ASX products on a single, integrated platform. All orders are automatically Fully Franked dividends (dividends that Australian companies pay taxes
processed and it also offers new opportunities for contingent trading and on) paid to non-resident investors in Australian-resident companies
new order types. CLICK XT ITS performs more transactions per second are not subject to dividend withholding tax. Unfranked dividends are
than the previous system and allows up to 5 orders per transaction. This subject to 30% dividend withholding tax, which is generally reduced to
system is used for all ASX activities; ASX equities, fixed interest, warrants, 15% if the investor is resident in a country with which Australia has a
options and futures markets. double-taxation agreement.
The features of the ITS system include 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
 Automated Order Processing
the dividends.
 Improved Order and Trade History
In addition there are dividend-streaming rules which prevent companies
 Enhanced Combination Trade Reporting Functionality
offering investors the choice to substitute other dividends for franked
 Fast Order Entry Window dividends. Australian dividend withholding tax and underlying company
tax may be creditable against the non-resident’s tax liability in its
home jurisdiction.

Main Indices Board Lots Since 1 October 2002, participating organisations of the ASX have been
S&P/ASX 200 Index 1 able to short-sell an approved ETF without entering into a script-lending
arrangement. These guidelines allow the short-selling party to initiate a
Official Trading Hours Currency trade (shorting on the downtick) to gain an immediate execution. The
normal short-selling margin requires a margin cover of 20%, if the sale
Monday – Friday Australian Dollar (AUD)
of each approved security exceeds 10% of the capital issued, then the
Pre-Opening: investor must provide additional margin cover of 100% to their broker)
07:00 – 10:00 Clearing and Settlement
Daily short selling reporting will apply. Naked short selling is prohibited on
Opening Auction: T+3 Business Days
all securities, whereas covered short selling is authorised.
10:00
Continuous Trading: Currency Exchange Crossings are strictly regulated by the ASX Market Rules. The regulations
10:00 – 16:00 USD1 = AUD1.1639 are formulated to protect retail investors and ensure the integrity of the
Closing Single Price Auction: EUR1 = AUD1.7012 marketplace. Only brokers may cross.
16:10 – 16:11 The broker may be acting on behalf of buying and selling clients, or acting
After Hours Adjust: on behalf of a client on one side of the trade and as principal (i.e., trading
16:12 – 17:00 for themselves) on the other. The Broker cannot act as principal on both
sides of the trade.
Market Size
as of August 2009
USD991.7bn
USD3.2bn

Contents
Austria
Futures Information
Main Contract Austrian Index Futures
Trading Exchange Austrian Futures & Options Exchange (OETOB)
Trading Times Mon – Fri; 09:00 – 17:40
Contract Size EUR10 x Index point
GMT +1hrs (+2hrs DST) Tick Size 0.1 Euro
Internet: www.wienerborse.at Contract Months Next 3 months in March, June, September,
December cycle, as well as March and September
Email: info@wienerborse.at of the following year
Primary Exchange Expiration Day Third Friday of the expiry month
Wiener Börse Reuters <0#ATX:>, nearest month <ATXc1>, contract details
<OTB/ATX>
Bloomberg AX (Month Code)(Last Number of Year) <Index>
Brief History Taxes, Market Charges & Compulsory Commissions

The Vienna Stock Exchange was founded in 1771. From the middle of Brokerage fees from the sale of shares on Wiener Börse are set as follows:
the 19th century to the beginning of World War I it was the main capital
Fee Rate Minimum Fee Maximum Fee
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 Agent 4.00bps 1.8EUR 90EUR
Austro-Hungarian Empire. From 1938 to 1945 the Stock Exchange was Principal 4.00bps 1.8EUR 90EUR
under German law and administration. Reopening on 15 November 1948
Market Maker 1.00bps 0.9EUR 18EUR
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 Taxes & Regulations Affecting Foreign Investors
into a product cooperation agreement with the Shanghai Stock Exchange. Persons who are neither domiciled nor have their customary place of
At the end of 2005, the two exchanges started the joint publication of the residence in Austria (persons subject to limited tax liability) are not required
CNX (China Traded Index), which contains 30 Chinese blue chips. to pay taxes on interest from debt securities.
Trading System Cross Selling Equity & Short Selling

In November 1999 Wiener Börse introduced the trading system EQOS There are no regulations in Austria preventing short selling. However, on
(Electronic Quote and Order-Driven System) which is based on the settlement day (of the sell) there has to be sufficient holdings in the account
Deutsche Borse’s XETRA. This system enables electronic cross-border to cover the settlement of the sale. This means that the settlement date
securities trading. of the buy can not be later than Settlement Date of the Sell. Buy-ins for
The following types of securities are traded through EQOS: shares, non-settlement can take place as soon as SD+1. No uptick rules apply
participation and investment certificates, profit-sharing certificates and in this market.
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 Breakers
The levels for circuit breakers are calculated by the exchange based on
historic price movements and are not made public.
Main Indices Board Lots

ATX (Austrian Traded Index) 1
Official Trading Hours Tick Size

Monday – Friday 0.01 Euro
Pre-Open:
08:00 – 08:55 Currency
Continuous Trading: Euro (EUR)
09:00 – 17:30
Closing Auction: Clearing and Settlement
17:30 T+3 Business Days (spot),
Single Intraday Auction: T+1 Business Days (futures)
12:30 – 13:30
Currency Exchange
Market Size USD1 = EUR0.68417
as of August 2009
USD96.6bn
USD174.4m

Contents
Azerbaijan
Futures Information
None
GMT +4hrs (+5hrs DST)

Internet: www.bse.az
Email: feedback@bse.az
Primary Exchange
Baku Stock Exchange

The Baku Stock Exchange (BSE) is the sole organised market for securities IPO commission for state securities ranges from 0.025% to 0.6%. On the
in Azerbaijan and officially opened for trading on 3 October 2001. It is a secondary market the rate of commission is 0.0125%. The commission
Closed Joint Stock Company whose shareholders are leading Azeri and rate for T-bills is 0.15% of the transaction amount. The commission rate
foreign banks and investment companies. The share of one shareholder in for corporate securities is 0.05% of the transactions volume.
BSE capital is equal to AZN60,000 (USD68,965). The supreme decision
making authority of the exchange is the General Shareholders Meeting
which elects members of the supervisory council.
The withholding tax on interest and dividends is 10%. Under the
Legal and physical bodies (banks, investment funds, broker firms) involved Regulations of the State Committee for Securities, non-residents may
in professional activities on the security market, with special permission invest into T-bills.
(licences) of the State Committee for securities under the auspices of the
President of Azerbaijan Republic, can become members of the BSE.
Trading System
Trading is effected through an automated trading system.
Currently only stocks of pre-listed companies are traded.

None 1
Official Trading Hours Currency

Monday – Friday Azerbaijani New Manat (AZN)
Pre-Opening:
First and Second Markets: T+0; DVP
11:00 – 15:00
Currency Exchange
Market Size USD1 = AZN0.80480
as of August 2009
EUR1 = AZN1.1765
USD1.49m
Document produced by Société Générale Corporate & Investment Banking 10

Contents
Bahamas
Futures Information
None
GMT -5hrs (-4hrs DST)

Internet: www.bisxbahamas.com
Email: info@bisxbahamas.com
Primary Exchange
Bahamas International Securities Exchange

Trading in equities in The Bahamas dates back to the 1980s, from Brokerage: Brokerage fees are set by each BISX member firm individually
which time an informal over-the-counter market for publicly traded and disclosed to all investors.
equities operated. The Securities Industry Act was passed in 1999 and
Transaction Levy: For domestic securities USD5 for each buy or sell
the Securities Industry Regulations followed in 2000. The legislation
transaction. Where multiple transactions occur from each completed buy
is consistent with international norms. The BISX was established as a
or sell order, matched per trading session: Minimum of USD5+0.1 cents x
company in September 1999 and in May 2000 successfully launched its
number of shares, to a maximum of USD15.
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. Taxes & Regulations Affecting Foreign Investors
The Bahamas permits non-resident foreign investors who make
Trading System investments in The Bahamas to repatriate capital, together with any gains.
The Bahamas does not levy tax on dividends and capital gains for either
Trading is conducted through the BATS Market (Bahamas Automated
domestic or foreign investors.
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 Cross Selling Equity and Short Selling
inheritance transfers validated by agreed procedures. Short Selling and Naked Short Selling are prohibited for companies listed
Securities listed on the Exchange are traded using automated matching on the BISX.
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.

BISX All Share Index 1

Monday – Friday Bahamian Dollar (BSD)
Pre-Open:
Continuous Trading: T+3 Business Days
10:30 – 12:00
Currency Exchange
Market Size USD1 = BSD1.0000
as of July 2009
EUR1 = BSD1.4617
USD3.045bn
Average Daily Value:
USD0.7m
11 Document produced by Société Générale Corporate & Investment Banking

Contents
Bahrain
Futures Information
None
GMT +3hrs
Internet: www.bahrainstock.com
Email: info@bahrainstock.com
Primary Exchange
Bahrain Stock Exchange
Brief History There are five markets supported by the trading system:
During the late 1970s and early 1980s, following the collapse of the 1. The regular market
unofficial stock market in Kuwait (known as Souq Almanakh), Bahrain, 2. T
he IPOs Market (the market in which shares of a company are
along with the other economically booming oil-producing countries in the traded for the first time following its listing on the exchange
Gulf, realised the need for an organised stock market. As such in 1987 the 3. The Special Orders Market (Min. BHD 500,000)
Bahrain Stock Exchange (BSE) was established and started operations
two years later in June 1989. 4. Mutual fund market
5. Bond market
In July 2004 the Bahrain Stock Exchange (BSE) officially launched two
new indices – the Bahrain All Share Index and Esterad and in July 2005 Brokers input their bids and offers into the system until they match.
BSE officially launched the Dow Jones Bahrain Index. In July 2007 the The mechanism for which the price of equities is determined is
BSE removed the odd lots market from the trading platform, allowing all as follows:
traders full access to the market system. To aid the long-term development 1. The best price (price priority)
of the region’s capital markets the Exchange has signed a cross listing 2. Source of Order
agreement with several other exchanges including The Muscat Securities
3. Time of order priority
Market (MSM) and the Egypt Capital Market Authority, whilst in 2007 the
BSE signed a co-operation agreement with the London Stock Exchange 4. Cross priority
which formalised their existing strong ties. Foreign brokerage firms have 5. Random factor priority
been allowed to operate independently in Bahrain since 2003. Brokers on the trading floor receive orders from their offices and then
record them manually on the appropriate trading board for execution. Off-
Trading System market transfers are not permitted except in very limited circumstances.
The Exchange has adopted an Automated Trading System known as
‘ATS’. It gives traders the ability to trade directly from their computer Circuit Breakers
through a link to the trading engine.
Price fluctuation is fixed to a maximum of 10% either way from the last
The trading workstation is one of the key elements of the ATS, simplifying closing. This rule only applies to shares. There are no restrictions on
the process of order entry and other exchange activities. It can be used Mutual Funds and Bonds.
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.
Broker 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.
Main Indices Currency The Exchange calculates its commission at the rate of 20% of the brokers’
BHSE All Share Index (Esterad Bahraini Dinar (BHD) total commission.
Index, Dow Jones Bahrain Index)
Clearing and Settlement Taxes & Regulations Affecting Foreign Investors
Official Trading Hours T+2 Business Days
Sunday – Thursday 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
Pre-Opening: Currency Exchange
and non-GCC citizens up to 49%. The Minister of Commerce may increase
09:15 – 09:30 USD1 = BHD0.37698
this percentage by a Resolution to be passed by him. Bahrain Flour Mills
Continuous Trading: EUR1 = BHD0.55112 Co and Delmon Poultry Co have been exempted. Foreign security holders
09:30 – 12:30
are legally entitled to all the benefits prescribed by law for the ownership
of securities in domestic joint stock companies.
Market Size
as of August 2009
USD16.6bn
USD3m

Contents
Bangladesh
Futures Information
None
GMT +6hrs
Internet: www.dsebd.org
Email: dse@bol-online.com
Primary Exchange
Dhaka Stock Exchange
Brief History Circuit Breakers

The Dhaka Stock Exchange (DSE) was incorporated in 1954 as the East Stocks have individual circuit breaker bounds. The level of permitted
Pakistan Stock Exchange and started formal trading in 1956. In 1962 it fluctuation is calculated regularly and is freely available on the
was renamed as the Dhaka Stock Exchange Limited. On-line automated official website.
trading commenced in August 1998.
Trading System Members of the Exchange are entitled to a maximum brokerage
Trading is automated using the Tandem Electronic Securities Architecture commission of 1% of the market value of the securities sold or bought
(TESA). TESA’s screen-based trading system supports fully automated through them.
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 There is no capital gains tax on the sale of shares/securities for local or
conducts trading in 4 phases: foreign investors. For non-resident foreign companies, dividend income
is taxed at the rate of 15%. The rate for non-resident individuals is 25%.
 Pre-Opening: traders enter orders for participation in the opening With the exception of a few reserved sectors, foreign investors are free
and/or inclusion in the book. No trading takes place to invest in Bangladesh in any industrial entity. Non-residents are free to
 Opening: The Opening is a pure, single-price auction. All buy and all invest in shares/securities quoted on the Stock Exchange. They may also
sell orders are compared and matched invest in IPOs.
 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

DSE General Index The most common board lots are
All Share Price Index lots of 50 shares

Saturday – Thursday Bangladesh Taka (BDT)
Continuous Trading:
10:00 – 14:00
Transactions of A and B category
Market Size shares are settled on T+3
as of August 2009 Business Days and cleared on
T+5. Transactions of Z category
shares are settled on T+4 and
USD14.5bn
cleared on T+7
USD63m Currency Exchange
USD1 = BDT69.055
EUR1 = BDT100.95

Contents
Barbados
Futures Information
None
GMT -5hrs
Internet: www.bse.com.bb
Email: bse@caribsurf.com
Primary Exchange
Barbados Stock Exchange
Brief History Taxes & Regulations Affecting Foreign Investors

The Barbados Government passed the Securities Exchange Act 1982/44 Non-nationals and Barbadians who are permanently residing abroad must
in 1982. The Securities Exchange of Barbados came into being with the obtain exchange control approval to trade securities. Caricom residents
proclamation of this Act in June 1987. In April 1991 the stock exchanges are treated as nationals. Property Transfer Tax and Stamp Duty are waived
of Barbados, Jamaica and Trinidad and Tobago began the cross-trading of if securities are traded on the Exchange.
listed securities; the first step towards the creation of a regional securities
There is no Capital gains tax however it is recommended that inflows of
market. The BSE is an association of Member-Brokers, operating a Central
foreign currency for investment be registered through the Central Bank of
Marketplace for trading securities.
Barbados in order to facilitate easy repatriation of dividends and capital.
There are fees attached to exchange control approval.
Trading System
In 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.

The 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.

Barbados Stock Exchange Barbadian Dollar (BBD)
Local Share Index
Official Trading Hours Settlement day is T+3 on net
Monday – Friday settlement basis. Stocks traded
on Tuesdays, Wednesdays and
Pre-Opening: Fridays are settled by the Real
09:00 – 10:00 Time Gross Settlement System
Trading Session: (RTGS) through the Central Bank
10:00 – 13:00 of Barbados
Market Size Currency Exchange

as of August 2009
USD1 = BBD2.000
EUR1 = BBD2.922
USD12.6bn

Contents
Belgium
Futures Information
Main Contract BEL20 Index Futures
Trading Exchange Euronext Brussels Derivatives Markets
Trading Times Monday – Friday; 08:15 – 09:00 (pre-opening)/
09:00 – 17:30 (CET)
GMT+1hrs (+2hrs DST) Contract Size EUR10 x Index
Internet: www.euronext.com Tick Size 0.1
Contract Months Cycle of 1, 2, 3, 6 months (according to the March,
Email: info.be@euronext.com June, September and December cycle)
Primary Exchange Expiration Day The first business day after the last trading day
Euronext Brussels Reuters <0#BFX:>, nearest month <BFXc1>, contract details
<BFX/BFX1>
Bloomberg BE (Month Code)(Last Number of Year) <Index>

The Brussels Stock Exchange was formed by a merger between the All persons who acquire or transfer securities representing 5% (or a
Antwerp and Brussels stock exchanges in January 1998. In March 1999, multiple of it) of the voting rights in a Belgian company listed on an EU
Brussels Exchanges was formed as a result of the integration of the exchange must declare their holding to the company and to the Banking,
Belgian Futures and Options Exchange (BELFOX), the Brussels Stock Finance and Insurance Commission. The declaration has to be made, at
Exchange and the CIK (National Depository). Brussels Exchanges merged the latest, on the day after the change of ownership.
with its partners to form Euronext in September 2000 which is now known
as NYSE Euronext. Cross Selling Equity and Short Selling
A temporary ban on naked short selling has been put into place on the
Trading System shares of the following financial institutions: Dexia, Fortis, KBC Groep,
The Euronext Trading Technology System (NSC) and centralised order KBC Ancora and ING Groep. A short derivative position must also be
book (COB) is used across all the Euronext Cash Market locations. covered by a position in the underlying security. The Ban expires on the
21 of September 2009.
Trading on the Euronext Cash Market is based on two mechanisms:
continuous trading and auctions. The most liquid securities are traded In the Central Order Book, cross trades can be made only for Securities
continuously during market sessions. Less liquid securities can be traded traded continuously and within the market best bid/ask spread at the time
continuously with the aid of a liquidity provider, or exclusively in auctions. of execution. Up tick rules do not apply.
Liquidity providers are dealers (members entitled to trade exclusively
for their own account) that have undertaken, with the approval of the Tick Size
relevant market operator, to improve liquidity in a particular security. Trade
A specific fixed tick size of EUR0.005 will be implemented for certain stocks
reporting for off-orderbook trades can be done through Euronext’s Trade
traded above EUR10. The tick size for all other trades is listed below.
Confirmation System (TCS), which can be accessed via the web or via
standard means. Price (Euros)
During continuous trading, orders are matched and executed on a time/ From To Tick Size
price priority. During auctions phases, market orders have priority over
limit orders. Likewise, market-to-limit orders take precedence over limit 0 0.2500 0.0005
orders with a limit equal to the auction price. Cross trades can be effected 0.251 2.500 0.001
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% 2.505 10.000 0.005
from the last traded price. In the COB, cross trades can be made only for >10.01 – 0.01
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). Main Indices Market Size
BEL20 as of August 2009
Circuit Breakers Market Capitalisation:
For BEL20 companies Official Trading Hours USD2.74trn (Euronext)
Monday – Friday Average Daily Turnover:
During auctions: 6% difference from the reference price (generally the
USD7.2bn (Euronext)
previous day’s close or the last indicative price). Pre-Opening:
07:15 – 09:00
During continuous trading: 3% difference from the reference price Board Lots
(re-adjusted during trading after an order has been matched). Opening Auction:
09:00 1 (minimum order size 10)
For other stocks
Continuous Trading:
During auctions: 10% difference from the reference price.
Currency
09:00 – 17:30
Euro (EUR)
During continuous trading: 5% difference from the reference price. Pre-Closing:
17:30 – 17:35
Trading resumes after a 2-minute halt. Clearing and Settlement
Closing Auction:
17:35 T+3 Business Days
Taxes, Market Charges & Compulsory Commissions Trading at Last (TAL):
Cash market trading fees for members are based on a harmonised Currency Exchange
17:35 – 17:40
package structure for all Euronext Cash Markets. The package structure USD1 = EUR0.68417
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.
Contents
Bermuda
Futures Information
None

Internet: www.bsx.com
Email: info@bsx.com
Primary Exchange
Bermuda Stock Exchange

The Bermuda Stock Exchange (BSX) was established in 1971, primarily Brokerage: Brokerage fees are negotiable.
as a domestic equities market. However as the island’s international
Transaction Levy: For domestic securities, 0.1% of the amount of the
financial sector grew so too did the Exchange and in 1992 the company
consideration for each purchase or sale of prescribed securities subject to
was restructured into a de-mutalised, for-profit entity. The Exchange
a minimum of USD1 on each side.
has been granted “approved stock exchange status” under Australia’s
Foreign Investment Fund taxation rules and effective from 1 September For international securities, 0.01% of the amount of the consideration for
2005 the BSX was granted designated investment exchange status by each purpose or sale of prescribed securities subject to a minimum of
the United Kingdom’s Financial Services Authority. On 4 December 2007 USD7 on each side and a maximum per trade of USD70 on each side.
the BSX was designated as a Recognised Stock Exchange by the UK’s
HM Revenue and Customs which was requested due to the exchanges’ For crosses, USD0.70 per crossing subject to a minimum per crossing of
growing international presence in the off-shore market. The BSX also offers USD7 and a maximum per crossing of USD70.
a “Mezzanine Market”, which allows development stage companies the Ad valorem stamp duty: The provisions of the Bermuda Stamp Duties
opportunity to list on a recognised international stock exchange without Act 1976 do not apply to any instrument which relates to a transfer on sale
having to commit to a full IPO. of a security which is listed on the BSX.
Trading System Taxes & Regulations Affecting Foreign Investors

The BSX runs a fully electronic trading system, BEST (Bermuda Electronic Bermuda operates completely free from all forms of taxation on both
Securities Trading system). BEST is based on a central order book system profits and income or on any capital asset, gain or appreciation. There is
which allows trading members to trade securities on an equal real-time no stamp duty payable on the transfer of any securities listed on the BSX.
‘first come, first served’ basis. Once executed, trade information is There is, however, a transaction levy payable to the BSX by each trading
forwarded electronically to the major information dissemination systems member based on the value of each trade executed on the BSX.
of Bloomberg and Reuters for global distribution.
Foreign investors are free of exchange controls in Bermuda and may
BEST’s system design supports tight integration with the BSX’s future deal in any foreign securities without restriction. However, the purchase
electronic settlement facility, the Bermuda Securities Depository (BSD). 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.

BSX/RG Composite Index The board lot size of a stock
on the BSX is set at 100 shares
Official Trading Hours in the regular market. Odd Lot
orders are entered in a separate
Monday – Friday
odd lot market – an order may
Pre-Opening: have a maximum of 99 shares
08:30 – 09:00
Normal trading: Currency
09:00 – 15:30 Bermudian Dollar (BMD)
Market Size Clearing and Settlement

as of August 2009
All BSX transaction settlements
occur on a rolling T+3, DVP basis
USD1.3bn
Average Daily Turnover: Currency Exchange
USD0.2m
USD1 = BMD1.0000
EUR1 = BMD1.4617

Contents
Bolivia
Futures Information
None
GMT -4hrs
Internet: www.bbv.com.bo (Spanish text only)
Email: sserrate@bolsa-valores-bolivia.com
ialeman@bolsa-valores-bolivia.com
Primary Exchange
Bolivian Stock Exchange

The Bolivian Stock Exchange (BBV) was established in April 1979 to Equities
channel resources into the economy in an orderly, efficient and transparent
fashion, but did not commence operations until 1989 due to the economic Transaction costs (USD) Commission
and political problems Bolivia was going through during the early 1980s. 1 to 500,000 0.200%
The Comisión Nacional de Valores (CNV), a government institution 500,000 to 2,000,000 0.180%
established to regulate, supervise and watch over capital market 2,000,001 to 5,000,000 0.170%
institutions, was created in August 1979. In March 1998, the Securities
5,000,001 to 10,000,000 0.160%
Market Act was approved by parliament.
10,000,001 to 20,000,000 0.130%
Trading System 20,000,001 to 40,000,000 0.100%
In March 2007 the exchange replaced open-outcry trading with an 40,000,001 and more 0.085%
electronic trading system. Fixed income securities 0.005%
(buy/sell and repos)

The 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 Indices Clearing and Settlement

None Clearing and settlement of
dematerialised instruments is
Official Trading Hours carried out by the ‘Entidad de
Depósito de Valores EDV’. The
Monday – Friday
Central Securities Depository
Equity: began partial operations
10:45 – 11:30 in October 2004 with the
Fixed Income Securities: dematerialisation of securities
10:45 – 11:30 owned by institutional
15:00 – 15:45 investors, the clearing and
settlement of securities and
Market Size instruments that are not
as of August 2009 dematerialised is performed at
the Exchange. The first trade
with dematerialised securities
USD2.3bn
took place in February 2005
Currency
Currency Exchange
Bolivian Boliviano (BOB)
USD1 = BOB7.0200
EUR1 = BOB10.261

Contents
Futures Information
Bosnia and
None
Herzegovina
Internet: www.sase.ba
Email: contact@sase.ba
Primary Exchange
The Sarajevo Stock Exchange
Brief History
The Sarajevo Stock Exchange (SASE) was founded in 2001 by eight
brokerage firms and official trading commenced on 12 April 2002.
Trading System
Trading 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.

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 Investors

Foreigner 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.
Main Indices Tick Size

BIFX 0.01 KM
SASX- 10
Currency
Official Trading Hours Konvertibilna Marka (BAM)
Monday – Friday
Pre-open:
09.00 – 10.0x (x=0-5 min) T+3 Business Days
Opening Auction:
10.00 Currency Exchange
Continuous Trading: USD1 = BAM1.342
10.0x – 13.00 EUR1 = BAM1.957
Market Size
as of August 2009
USD5.3bn
USD.0.4m

Contents
Botswana
Futures Information
None
GMT +2hrs
Internet: www.bse.co.bw
Email: enquries@bse.co.bw
Primary Exchange
Botswana Stock Exchange

The Botswana Stock Market (BSM) commenced trading in June 1989. Commission on purchase and sale of shares:
At that time there was no formal stock exchange, although Stockbrokers
Botswana Ltd, the only stockbroker in Botswana, acted like a stock Value of Transaction (BWP) Commission
exchange. In September 1994 the legislation to transform the BSM into a 0 – 50,000 2.0%
full stock exchange was passed by Parliament. Trading on the Botswana 50,000 – 100,000 1.5%
Stock Exchange (BSE) commenced in November 1995.
Over 100,000 1.0%
Trading System
Handling Fee on purchase and sale of shares: BWP15 per bought
Trading is conducted twice a day via a call-over system at 09:00 and at
note; BWP10 per sold note.
15:00, Monday to Friday.
Commission on purchase of domestic bonds: BWP100 per BWP1m
Stockbrokers Botswana Ltd acts as agent between the buyer and seller.
nominal or part thereof (no handling fee is charged on domestic bonds).
The broker remains independent and does not take a position. The broker
matches both buyer and seller and charges both a commission.
Capital 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.

Domestic Companies Index There are no designated board
Foreign Company Index lots; however, the minimum
trading lot at the BSM is 100
All Company Index shares. Odd lots trade with no
price differential
Official Trading Hours
Monday – Friday Currency
09:00 – 15:00 Botswana Pula (BWP)
Market Size Clearing and Settlement

as of December 2008
T+5 Business Days
USD41.7bn Currency Exchange
Average Daily Turnover: USD1 = BWP6.6401
>USD50k
EUR1 = BWP9.7052

Contents
Brazil
Futures Information
Main Contract Bovespa Stock Index Futures
Trading Exchange Bolsa de Mercadorias E Futures (BMF)
Trading Times Monday – Friday; Pre-expiration 09:00 – 17:00,
expiration day 10:00 – 13:00
Contract Size BRL1.00 x Index GMT -3hrs (-2hrs DST)
Tick Size 5 Internet: www.bovespa.com.br
Contract Months Even numbered months as authorised by BM&F Email: bovespa@bovespa.com.br
Expiration Day Wednesday closest to the 15th day of the
delivery month Primary Exchange
Reuters <0#IND:>, nearest month <INDc1>, contract details São Paulo Stock Exchange/Bovespa
<BMF/IND>
Bloomberg BZ (Month Code)(Last Number of Year) <Index>
Brief History The MEGA BOLSA trading system processes buy or sell orders
electronically. Therefore, the whole process has become more fair and
In August 1890 Emílio Rangel Pestana founded the São Paulo Free
transparent, allowing investors, brokerage houses and vendors to view all
Exchange and introduced security trading based on European traditions.
orders in real time via internet or private networks. 99.5% of orders placed
In 1895 the institution’s name was changed to the São Paulo Public Funds
on MEGA BOLSA take less than a second to be processed, currently, the
Exchange. In 1935 it was changed again to the Official São Paulo Stock
average time stands at 0.62 seconds per order. MEGA BOLSA counts on
Exchange, at which time the Exchange became partially independent
a monitoring scheme to measure the system’s performance. That means it
under the direct responsibility of the State Financial Secretariat. In 2000
is possible to track and identify an eventual problem, in case the response
the Brazilian Stock Markets were reorganised at a nationwide level. Under
time does not meet the standard. It is worth mentioning the solution also
this model, the São Paulo Stock Exchange/Bovespa is the only Brazilian
allows statistical treatment of data.
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 Brazil has two general classes of equities; Common (ON): which grant
the market for the electronic trading of public debt securities. 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
http://www.hosting.sajmont.pl/
As the result of a corporate restructuring, since 28 August 2007 BOVESPA
is dissolved. However, preferred stocks do not grant voting rights or
has no longer been a not-for-profit institution and now operates as a joint
images/9i11lhobplsrde41tj4.jpg
restrict them. Short selling is not permitted.
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 Circuit Breakers
the organised over-the-counter markets – and the Brazilian Clearing 10% and 15% down in the Bovespa index; trading resumes after 30
and Depository Corporation (CBLC), providing settlement, clearing and minutes and 1 hour, respectively.
depository services.
On 27 March 2008 BOVESPA agreed to merge with the Brazilian Mercantile Taxes, Market Charges & Compulsory Commissions
and Futures Exchange. If the merger receives shareholder approval the Transaction Fee: 0.035%.
new bourse shall be called The New Exchange and shall be the world
largest securities exchange in terms of market value.
Trading System In order to trade in Brazilian market foreigners must obtain a CVM number
(the Brazilian Securities and Exchange Commission) number.
On 3 October 2005, Bovespa discontinued its trading floor and all
trades now take place exclusively through the electronic trading system Since March 2000, both individual and institutional investors may invest in
MEGA BOLSA. 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
Ibovespa Round lots of units which vary
profit participations) earned by investment companies, investment funds
from 100 – 100,000 in the
and managed portfolios is 15%. Investors from countries where the
Official Trading Hours amount of underlying shares
applicable income tax rate is equal to or higher than 20% are exempt
Monday – Friday from capital gains tax. Capital gains obtained by investors from countries
Tick Size
Pre-Opening Auction: where the applicable income tax rate is lower than 20% (known as ‘tax
09:45 – 10:00 R$ 0.01
havens’) are subject to the same taxation regime established for investors
Continuous Trading Session: resident or domiciled in Brazil (which is 15% on earnings resulting from
10:00 – 16:55
Currency
stock trading on the cash market, 15% on earnings resulting from trading
Brazil Real (BRL) on the options and futures markets and 15% on earnings from fixed
Closing Auction:
16:55 – 17:00 income investments).
After Market:
17:45 – 19:00 T+3 Business Days
Market Size Currency Exchange Naked short selling is forbidden, however covered short selling is permitted.
as of August 2009 USD1 = BRL1.8146
Circuit Breakers
Market Capitalisation: EUR1 = BRL2.6524
USD1.0trn 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.
Average Daily Trading Value:
USD2.1bn 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).

Contents
Bulgaria
Futures Information
None

Internet: www.bse-sofia.bg
Email: bse@bse-sofia.bg
Primary Exchange
Bulgarian Stock Exchange – Sofia

The Bulgarian stock exchange was first established in 1914 under the Shares
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 Value of Transaction (BGN) Commission
in May 1992. During the following two years some 20 stock exchanges Up to BGN25m inclusive 0.1% of nominal stock transactions
sprang up across the country, functioning in a completely unregulated value from both sides
environment. The adoption of the Stock Exchanges and Securities Act in Above BGN25m up to BGN25,000 plus 0.05% on the
July 1995 led to a process of stock exchange consolidation. BGN75m inclusive balance above BGN25m
Above BGN75m BGN50,000 plus 0.01% on the
Trading System balance above BGN75m
The Bulgarian Stock Exchange System (BSE Workstation) is a fully Other Instruments
automated system designed to provide market transparency, liquidity, price
discovery and allow for future market growth. It was launched in October Value of Transaction (BGN) Commission
2000 and is based on the NASDAQ quotation system. It is an order- and/ Government Securities 0.005%
or dealer-driven trading system with multiple market-makers. In 2003 the
BSE successfully implemented a system for electronic processing of buy- Corporate and Municipal bonds and 0.01%
depository receipts on bonds
sell orders through the Internet, named COBOS. COBOS gives authorised
and secure access to the BSE trading system in real time. It allows BSE Block and other registered trades 0.1%
members’ clients and participants on the unofficial market to enter orders
and to transact after receiving a confirmation from the broker. Currently Taxes & Regulations Affecting Foreign Investors
orders are matched automatically according to time and price priority. From January 2005, dividends and liquidation proceeds payable by
Customer orders have priority of execution at the same price over BSE- residents to both resident and foreign entities are subject to a 7%
Sofia members’ orders. withholding tax.
The Bulgarian Stock Exchange-Sofia JSC and Deutsche Boerse AG signed
on 30 October 2007 a Framework Agreement for the implementation Cross Selling Equity & Short Selling
of the electronic trading system Xetra at the BSE. The Xetra platform
Short selling is not permitted.
was implemented in June 2008, trading is now organized by Deutsche
Boerse AG.
Circuit Breakers
Volatility interruptions will occur:
Main Indices Market Size
 with movements of ±10% on the Official Market and ±20% on the as of August 2009
Unofficial Market, the reference price being the last auction price or SOFIX, (BG40)
the previous close
Official Trading Hours USD19.8bn
 with movements of ±5% on the Official Market and ±10% on the
Monday – Friday
Unofficial Market, the reference price being the last auction price or Board Lots
the previous close Pre-Trading:
09:00 – 09:20 The minimum lot size is currently
one share
Opening Auction:
09:20 – 09:30
Currency
Continuous Trading:
Bulgarian Lev (BGL) (Euro from
09:30 – 10:50
a January 2010 and currently
Intraday Auction: pegged at EUR1=1.95583 level)
10:50 – 11:00
Continuous Trading: Clearing and Settlement
Closing Auction:
Post-Trading: USD1 = BGN1.3377
13:45 – 16:00
EUR1 = BGN1.9558

Contents
Canada
Futures Information
Main Contract S&P / TSE Canada 60 Index Futures
Trading Exchange Montreal Futures Exchange (MSE)
http://www.m-x.ca/
Trading Times Monday – Friday; 09:35 – 16:15
Contract Size CAD200 x Index GMT -5hrs (+4hrs DST)
Tick Size 0.1 point Internet: www.tsx.com
Contract Months March, June, September and December
Email: info@tsx.com
Expiration Day Third Friday of the contract month
Reuters <0#SXF:>, nearest month <SXFc1>, contract details Primary Exchange
<MON/SXF> TSX Group
Bloomberg PT (Month Code)(Last Number of Year) <Index>

The Toronto Stock Exchange was founded in 1852 by the Association 10%, 20% and 30% declines in the Dow Jones Industrial Average. The
of Brokers. The exchange was formally incorporated by an act of the numerical points are decided each quarter, using the average closing
Legislative Assembly of Ontario in 1878. In the 1970s, the TSX was from the preceding month. Without a set designation, TSE oversees the
the first exchange in the world to develop a computerised system pending for each name.
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 Level 1:
in North America to migrate to a floorless trading environment. In 1999 Before 14:00 – one hour.
the Canadian stock market industry changed significantly with the TSE
becoming the sole market for the preferred stocks or senior equities, whilst At 14:00 pm or later but before 14:30 – 30 minutes.
the Montreal Exchange (MX) became the sole market for derivatives. In At 14:30 pm or later – trading shall continue, unless there is a level 2 halt.
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 Level 2:
the Vancouver, Alberta and Winnipeg bourses allowed the forming of a Before 13:00 – two hours.
junior equity market for fledgling companies looking to raise equity capital.
In 2001 this newly formed group was purchased by the TSX Group and At 13:00 or later but before 14:00 – one hour.
is now known as the TSX Venture Exchange. In December 2007 the TSX At 14:00 or later – trading shall halt and not resume for the remainder of
and the MX announced a merger of the two main Canadian exchanges the day.
under one authority to be called the TMX Group.
Level 3 Halt:
Trading System At any time – trading shall halt and not resume for the remainder of the day.
The exchange has been fully automated since 2000. In November 2007
TSX launched a new trading system called TSX Quantum, which operates Taxes, Market Charges & Compulsory Commissions
on both the Toronto Stock Exchange and the TSX Venture Exchange. Commission rates vary from firm to firm and are negotiable based on
This system offers increased liquidity, faster trading speeds, improved the size of the order. Most brokers charge a minimum commission per
reliability, increased capacity for the markets and decreased trading fees. transaction of around CAD75.
As with its predecessor, TOREX TSX Quantum is a remote, electronic,
order driven system. The Montreal exchange continues to handle all
derivative products.
Domestic 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
Main Indices Board Lots half the amount received and at the ordinary rate of income tax.
S&P/TSX 60 Index Trading price per unit
Foreign investors receiving Canadian dividends have a 25% withholding
S&P/TSX Composite Index CAD0 – 0.10 1,000 units
tax deducted at source unless they are residents of a country which
CAD0.10 – 0.99 500 units has concluded a double-taxation treaty with Canada, in which case the
Official Trading Hours CAD1.00 and above 100 units withholding tax is usually 15%. Capital gains received by foreign investors
Monday – Friday are not subject to Canadian capital-gains tax.
Continuous Trading: Tick Size
09:30 – 16:00 0.01
Extended Session:
16:15 – 17:00 Currency 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
Canadian Dollar (CAD)
Market Size circumstances is also provided by the TSX: a long position currently exists
as of August 2009 and you receive an order to sell a larger position, a Market-on-Close (MOC)
Market Capitalisation: order, a VWAP order, or a trade on an ETF (Exchange Traded Fund).
T+3 Business days
USD1.5trn
Basis Cross, VWAP Cross and Contingent Cross’s are available in the
Average Daily Turnover: Currency Exchange regular session and during the extended session. They may only be
USD4.9bn
USD1 = CAD1.0869 entered as a board lot trade. Basis and VWAP crosses will not set last
EUR1 = CAD1.5888 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 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.
Contents
Cayman Islands
Futures Information
None
GMT -5hrs
Internet: www.csx.com.ky
Email: csx@csx.com.ky
Primary Exchange
Cayman Islands Stock Exchange

The Cayman Islands Stock Exchange (CSX) commenced its operations in None.
July 1997. It was established under the Stock Exchange Company Law
1996 (‘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 is entirely free from any type of taxation on profits,
the Cayman Islands. income, inheritance, capital gains or corporate taxes. There is no stamp
duty levied on the transfer of any securities. There is no distinction between
The Exchange operates a true offshore market. The listing and membership foreign and domestic investors in terms of taxation.
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 Foreign investors may deal freely in any foreign securities without
flexibility in dealing with listing applications. The CSX is not bound by any restriction. However, for Cayman-registered companies that do not carry
EU directive in this regard and can offer a quick but regulatory-sound exempt status, the 40-60 rule applies. Thus only 40% of the shares in
service to its customers. issue can at any given time be owned by a foreign investor.
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 System
In 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 Main Indices Currency
has a market surveillance system to monitor all market transactions. None Cayman Dollar (KYD)
The CSX Bloomberg pages are divided into two sections. The trading Official Trading Hours Clearing and Settlement
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 09:30 – 16:00 GMT
Currency Exchange
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 Market Size USD1 = KYD0.82001
as of August 2009 EUR1 = KYD1.1986
the daily volume for each listed security.
USD163.87bn

Contents
Chile
Futures Information
None

Internet: www.bolsadesantiago.com
Email: nalmazan@bolsadesantiago.com
Primary Exchange
Santiago Stock Exchange

The Santiago Stock Exchange was founded in 1893 and has been Brokers’ commission: Commission is freely negotiable and usually
operating without interruption ever since. It is a member of the International ranges between 0.35% and 1%.
Federation of Stock Exchanges (FIBV), and the Hispanic Federation of
Stock Exchange fees: Calculated on the amount of the transaction.
Stock Exchanges (FIABV).
They are established by the Santiago Stock Exchange and vary according
to the type of instrument being traded.
Trading System
Value Added Tax (IVA): Both brokers commission and exchange fees are
Shares are now traded by electronic order-driven matching system subject to a 19% Value Added Tax (IVA).
(Telepregón). Floor trading is split into three sessions, and alternates
throughout the day with what is called High Presence Telepregón (when Exchange fees: Stocks, CFI and Share Rights: 0.50% maximum,
most, if not all, brokers are involved). Low Presence Telepregón (a reduced decreasing according to the volumes traded and the trading activity of
number of brokers) continues for the whole trading day. the client.
Telepregón: Electronic system for automatic execution of price-

compatible bid and ask offers of equities, currency, options, futures and Taxes & Regulations Affecting Foreign Investors
investment funds quotas (CFI). Secondary market
Trading floor (Pregón): prices are determined by the interaction of bid Transfer of securities is exempt from tax. Broker’s commission and
and ask offers shouted by brokers. For trading equities, currency, options, Exchange fees are subject to Value Added Tax (IVA), equivalent to 18%.
futures and investment funds quotas (CFI).
Capital gains
Electronic auction: equities are traded under the ‘concurrent auction’  Investment in High Presence Stocks: capital gains are exempt from
mode. There are four transaction stages. In the first one, operators enter tax for all investors
sale offers. In the second stage, interested parties are allowed to select
 Investment in Low Presence Stocks: capital gains obtained by non-
the offers they want to make bids on. The third stage is the auction, where
resident investors are subject to 15% Capital Gains Tax
interested parties make bid offers. In the final stage, the system awards
sale offers to the best bids.  Investment in the Market for Emergent Companies: capital gains
obtained from investments in this Market are exempt from tax
payment until 2006 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
Main Indices Board Lots constitutes a credit for the final payment of the tax
General Stock Prices Index 1
(IGPA) Value Added Tax (IVA)
Selective Price Index (IPSA) Currency Value Added Tax applies to the majority of purchases/sales at the rate
Inter-10 Chilean Peso (CLP) of 18%.
Import Duties and Taxes:
T+2 Business Days Since 2003 Chile has had a general tariff of 6%.
Monday – Friday
Pre-Opening Session:
09:00 – 09:30 Currency Exchange Cross Selling Equity & Short Selling
Telepregnón (continuous USD1 = CLP551.55 Not permitted due to tax issues.
electronic trading system): EUR1 = CLP806.21
09:30 – 17:30
Pregnón (open outcry
on trading floor):
09:30 – 17:30
Market Size
as of August 2009
USD195.3bn
USD151.2m

Contents
China – Shanghai
Futures Information
Main 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 – 16:15
GMT +8hrs Contract Size HKD50 /1
Internet: www.sse.com.cn Contract Months Spot month, the next calendar month, and the next
Email: zgliao@sse.com.cn two calendar quarter months (i.e. quarterly months
are March, June, September and December)
Primary Exchange Expiration Day The first business day after the last trading month
Shanghai Stock Exchange Reuters <0#HRI:>, nearest month <HRIc1>, contract details
<HFE/HRI>
Bloomberg HI (Month Code)(Last Number of Year) <Index>

The first stock market in China was formed in Shanghai in 1891 to facilitate The circuit breakers are activated with 10% fluctuation from the static
trade. It operated until the Japanese occupation of Shanghai in 1941 reference price for normal stocks, i.e. the last closing price and 5% for
and it briefly resumed operations after World War Two until the Cultural stocks under special treatment.
Revolution forced its suspension.
The Shanghai Stock Exchange (SSE), founded in November 1990, began Taxes, Market Charges & Compulsory Commissions
trading securities in December of the same year. It was the first securities For bonds the average commission is 0.1% of the transaction value. For
exchange in mainland China. The Exchange is a non-profit-making legal shares commission is charged at 38bps. The SSE takes 0.011% of these
entity with a membership system. set commissions.
The stamp duty of securities trading in both A-shares and B-shares is
Trading System 0.3% for both buyers and sellers.
The 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 Income tax is levied on the part of dividends that exceed the bank rate
through terminals on the trading floor or at member firms. The computer for the same maturity at a rate of 20%. There is no withholding tax for
system will automatically match orders according to the principles of price institutional and QFII investors. There is no capital gains tax at present.
and time priority, trading at a speed of more than 8,000 transactions per
second. The SSE owns a 3,600m2 trading floor, the largest in the Asia Cross Selling Equity & Short Selling
Pacific region. In addition, it operates the largest domestic satellite and
Short selling is currently not allowed. Crossing has to be put through the
optical communication network with connects SSE with more than 5,000
exchange and must be at least 500,000 shares or USD$300,000 at a
trading terminals. The trading system allows for block, auction and tender
price between the daily high/low
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
Shanghai 50 Index Based on lots of 100 shares or
element of its new trading platform. This is currently under construction.
Shanghai 180 Index its round sum multiples as a unit,
Odd lots of less than 100. Shares
Shanghai Securities can be sold during trading time
Composite Index but cannot be bought
SHSE-SZSE 300 Index
Currency
Official Trading Hours Chinese Yuan (CNY) also referred
Monday – Friday to as the Renminbi (RMB)
Pre-open:
Continuous Trading (AM): A Shares: T+1, B Shares: T+3
09:30 – 11:30 Business Days
Continuous Trading (PM):
USD1 = CNY6.8289
Market Size EUR1 = CNY9.9818
as of August 2009
USD2.7trn
USD19.6bn

Contents
China – Shenzhen
Futures Information
Main Contract Hang Seng China Enterprises Index (HSCEI) Futures
(H-shares Index Futures)
(http://www.hkex.com.hk/)
Trading Times 09:45 – 12:30, 14:30 – 16:15
Contract Size HKD50 / 1
GMT +8hrs
Contract Months Spot month, the next calendar month, and the next Internet: www.szse.cn/main/en
two calendar quarter months (i.e. quarterly months Email: cis@szse.cn
are March, June, September and December)
Expiration Day The first business day after the last trading month Primary Exchange
Reuters <0#HRI:>, nearest month <HRIc1>, contract details Shenzhen Stock Exchange
<HFE/HRI>

The Shenzhen Stock Exchange came into operation on 1 December Commission
1990. Automated trading started in 1992 and now trading is fully Commission is imposed for buyers and sellers, at 33.41bps + 5bps to a
electronic with computer and satellite networks connecting members maximum of 500HKD + 50HKD.
from all over China.
Stamp duty:
There are two independent markets, traded in different currencies.
0.3% Stamp Duty.
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 Taxes & Regulations Affecting Foreign Investors
and local individuals. Since December 2002, qualified foreign institutional investors may
participate in the A-share market with certain specifications. Capital
Trading System gains are not subject to taxation. Dividend income is subject to a 20%
withholding tax.
Trading is electronic and computerised. It is order-driven, based on
price-time priority. Buy-and-sell orders are put into the Exchange’s Foreign investors may hold B shares. All settlements and income receipts
system through remote terminals at broker offices. Real-time quotations on B shares are in HKD with no repatriation difficulty.
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 There is no withholding tax for institutional and QFII investors.
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 Cross Selling Equity & Short Selling
and block trading is implemented for orders of 50 million shares or more
Short selling is currently not allowed.
for a single stock.
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
Circuit Breakers:
previous closing price ±20 spreads. Block trades and crossing can be
A Price limit of 10% is imposed for common stocks and 5% for stocks done without opening up to outside participation and have to be reported
under special treatment. at least five minutes before the market close.

SSE Composite Index 100 units
SSE 100
SHSE-SZSE300 Index
Currency
Chinese Yuan (CNY) also referred
Official Trading Hours to as the Renminbi (RMB)
Monday – Friday
Pre-open:
A Shares: T+1
09:15 – 09:30
B Shares: T+3 Business Days
Opening Auction:
09:30
Currency Exchange
Continuous Trading:
USD1 = CNY6.8289
13:00 – 14:57
EUR1 = CNY9.9818
Close Auction:
14:57 – 15:00
Market Size
as of August 2009
USD726bn
USD10.1bn

Contents
Colombia
Futures Information
None
GMT -5hrs
Internet: www.bvc.com.co (Spanish text only)
Email: pinformacion@bvc.com.co
Primary Exchange
Colombia Stock Exchange

On 3 July 2001 the Bolsa de Bogota, Bolsa de Occidente (in Cali) and For foreign investors with no domicile or residence in Colombia, only
Bolsa de Medellin merged to form the Colombian Stock Exchange (Bolsa income whose source can be located in Colombia is taxed. This
de Valores de Colombia). The Colombian Stock Exchange (CSE) has does not include rent, occasional income or income from the sale of
its main offices in Bogota with regional operations in the cities of Cali shares registered in a Colombian stock exchange which do not exceed
and Medellin. 10% of the shares in circulation of the respective company, during a single
tax year.
Trading System Article 254 of the Tributary Status alludes to the possibility of discounting
The CSE has an electronic trading system ‘MEC (Colombian Electronic in Colombia taxes paid in other countries, a right which is only granted,
Market)’ used for trading shares, fixed income and other securities. The in general practice, to Colombian nationals. Special rules apply to certain
Colombian Stock Exchange also uses a martillo (auction) system for dividends paid by companies located in countries with which Colombia
trading shares based on the open/outcry floor trading system. All shares has integration agreements, permitting the discount in Colombia of the tax
must be recorded in the national securities register. There is also another paid in the country of origin on these dividends.
electronic system to register the OTC market, called Inverlace.
Taxes, Market Charges & Compulsory Commissions Short selling is not permitted.
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.

Indice General de la Bolsa de as of August 2009
Valores de Colombia IGBC, Market Capitalisation:
Indicator de Rentabilidad del USD24.6bn
mercado electronico Average Daily Turnover:
colombiano MEC USD59.6m
Monday – Friday Colombian Peso (COP)
BVC (Normal Trading)
Renta Variable: Clearing and Settlement
09:00 – 13:00 The CSE in cooperation with
Foreign Exchange: the Inter-American Development
08:00 – 18:30 Bank is developing a project to
OPCFs: establish a central clearing-house
08:00 – 15:00 that will cover compensation
risks. Clearing and settlement
Register Inverlace* occurs on a T+3 Business
(Normal Trading) Day basis
*An electronic system to register OTC
market transactions Currency Exchange
The Colombian stock exchanges USD1 = COP1999.7
also use a martillo (auction)
EUR1 = COP2923.0
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

Contents
Costa Rica
Futures Information
None
GMT -6hrs
Internet: www.bnv.co.cr (Spanish text only)
Email: bnv@bnv.co.cr
Primary Exchange
National Stock Exchange (Costa Rica)

The Bolsa Nacional de Valores, SA (BNV) began operating the first security Costa Rican residents and foreign investors have the same tax treatment,
market in Costa Rica and Central America in August 1976. and there are no restrictions for capital repatriation.
A 5% withholding tax is applied to dividends of registered and traded
Trading System shares at the BNV, and a 15% withholding tax is applied to dividends of
The exchange operates on- and off-book trading facilities. On book unregistered shares or those which have not been traded at the BNV.
facilities are completely automated, using a central order book system There are no legal restrictions on foreign investors in Costa Rican
developed in-house. The market model includes market makers for key listed companies.
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.

In 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.

BNV Index Costa Rican Colon (CRC)

Monday – Friday Spot-Price Transactions:
Primary Market: payment and delivery of
08:00 – 12:45 securities must be made before
14:00 – 18:00 the end of the day following the
transaction, i.e. T+1. Fixed term
Secondary Market: transactions – up to 360 days
09:00 – 12:20
15:30 – 16:00
Currency Exchange
Market Size USD1 = CRC583.00
as of August 2009 EUR1 = CRC852.08
USD1.2bn
Average Daily Volume:
USD146m

Contents
Croatia
Futures Information
None

Internet: www.zse.hr
Email: public.relations@zse.hr
Primary Exchange
Zagreb Stock Exchange

The Zagreb Stock Exchange (ZSE) is the only registered stock exchange in Taxes in Croatia include Corporate Income Tax 20% (withholding 15%)
Croatia. Its modern history started in 1991, but its roots date back to 1918, Income Tax (15 – 45%), Dividends are entitled to pay VAT at the rate
when a group of entrepreneurs set up the Zagreb Stock & Commodity of 10%.
Exchange. Although its activities were severely affected by the Great
Croatia adheres to the international agreements avoiding double taxation.
Depression and in 1931 equity trading was abandoned, commodities
Double taxation agreements exist with the following countries: Belgium,
trading continued throughout World War II. In 1946, the exchange was
China, Czech Republic, Cyprus, Denmark, Egypt, Great Britain, Finland,
closed by the Communist regime.
France, Germany, Hungary, Italy, Malaysia, Netherlands, Norway,
When the market reopened in 1991 trading was conducted in an open- Philippines, Poland, Romania and Sri Lanka.
cry system which was replaced by an electronic system in 1995 which
Foreign investments in securities are not limited or subject to special
allowed remote access to the market place. Today, the ZSE has 47
restrictions. Foreign investors are guaranteed unrestricted transfer of
shareholders and 40 members. The Prerequisites for ZSE membership
profits and the unrestricted transfer of capital.
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 System
Since 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.

Brokers 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.
Croatian Zagreb CROBEX 1

Monday – Friday Croatian Kuna (HRK)
10:00 – 16:00
Market Size T+3 Business Days
as of August 2009
Market Capitalisation: Currency Exchange
USD33.5bn USD1 = HRK5.0106
Average Daily Turnover: EUR1 = HRK7.3256
USD6m

Contents
Cyprus
Futures Information
None

Internet: www.cse.com.cy
Email: info@cse.com.cy
Primary Exchange
Cyprus Stock Exchange
Brief History Users of the system fall into three categories:

The Cyprus Stock Exchange started its operations as a legal entity in  Traders who are responsible for buying and selling securities on
the form of a public corporation body in March 1996, by virtue of The behalf of the members or their clients or on their own
Cyprus Stock Exchange Laws and Regulations, which had been passed  Trading firm managers who are responsible for supervising and
by the House of Representatives in 1993 and 1995 respectively. In 2006 it monitoring all trading activities within the firm
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  Supervisors, who are responsible for monitoring and supervising the
the legal tender. As such the nominal value of shares was converted from stock market
CP£0.05 to EUR0.09 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.
Trading System
The Common Trading Platform has been fully operational since October Transactions prices (open-high-low-close-volume), closing entry and sell
2006. All shares are traded electronically through the OASIS system, quotations, as well as a number of sectoral indices are faxed to the media
which supports the trading of equities, fixed income and derivatives one hour after market close.
products. Trading is order driven, although market makers may exist for
certain shares. Depending on the market segment, the trading procedure Taxes, Market Charges & Compulsory Commissions
may be a combination of continuous automatic matching of orders and
Commissions at the CSE are liberalised and can be agreed upon between
of call auctions (Big Cap, Medium & Small Cap markets), or a sequence
members and their clients. The CSE charges 0.01% on the total value of
of multiple call auctions (Special Financial Characteristics and Surveillance
the transaction, which is payable by each party and central depository
markets). Trading at the Volume Weighted Average Price (VWAP) is
charges 0.03% on the daily value of transactions.
possible after the daily closing auction for the Big Cap market, whereas
trading at close price may be performed for the other market segments.
There 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
Main Indices Board Lots any person, Cypriot or foreign, requires prior approval of the Central Bank
of Cyprus.
CSE General Index 1
FTSE/CySE 20 Index
(FTSE med 100 Index)
Currency Cross Selling & Short Selling
EURO (EUR) Short selling is prohibited at the CSE. A transaction cannot be cleared and
Official Trading Hours settled unless valid certificates of ownership or certain other documents
Monday – Friday
Clearing and Settlement accepted by the Exchange are provided in order to prove the ownership
The settlement cycle for both of securities.
Pre-Open:
Contractual and TFT transactions
10:00 – 10:30
is defined as T+3
Continuous Trading:
Closing: USD1 = EUR0.68417
16:45 – 17:00
Market Size
as of August 2009
USD10.03bn
USD7m

Contents
Czech Republic
Futures Information
Main Contract Czech Traditional Index Futures
Trading Exchange Wiener Borse
Contract Size EUR10 per Index point
GMT +1hrs (+2hrs DST) Tick Size 0.1
Internet: www.pse.cz Contract Months Monthly
Email: info@pse.cz Expiration Day Third Friday of the expiry month
Reuters <0#ATX:>, nearest month <ATXc1>, contract details
Primary Exchange <OTB/ATX>
Prague Stock Exchange Bloomberg VR (Month Code)(Last Number of Year) <Index>

The origins of the first exchange in Prague go back to the 1850s when A trader pays the exchange 0.25% for the purchase or sale of an
foreign exchange and currencies were the principal trading products. unquoted/unlisted stock, while the charge for quoted shares and bonds
An exchange, trading securities and commodities was established in is on half of that 0.25%.
1871. The volumes traded at the exchange fluctuated considerably and
in 1938 official trading was suspended. After World War II trading was not Taxes & Regulations Affecting Foreign Investors
resumed and in 1952 the exchange was abolished. Trading recommenced
Security Owners are Subject to Two Forms of Taxation:
in April 1993.
 In general, dividends paid abroad are subject to 15% withholding
tax, unless a double tax treaty provides otherwise
Trading System
 The income tax for legal entities and corporate income is 24%.
Trading under the Market for Shares and Bonds Supporting System
Private individuals are exempt from this type of tax provided the
(SPAD) – SPAD uses market makers (MM). A MM is an Exchange member
period between the acquisition and sale of the securities does not
with a contract to act with the Exchange as a MM for issue(s) chosen by the
exceed six months
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% Cross Selling Equity & Short Selling
both ways. If the arithmetic midpoint of the allowable spread deviates by Short selling is possible but the stock must be borrowed in the market as
>20% from the arithmetic midpoint defined at the start of the open phase, securities must be on the seller’s SCP account for delivery on settlement
and doesn’t return to within the spread in 2 mins from the crossing over date. Back to back trades are possible but these instructions must be
point, a 15 min break occurs. In the break, transactions of the issue can’t prioritised accordingly. There are no uptick rules applicable in the market.
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 Tick Size
next 10% spread level is exceeded.
Price (CZK) Tick Size
The closing price for securities traded in SPAD equals the mid-point of the
0.00 – 100 0.01
allowable spread at the moment the SPAD open phase closes at 16:00.
100 – 1000 0.1
SPAD closed phase – In the closed phase MMs are neither obliged to
quote nor conclude trades. Trades can be concluded in the framework of over 1000 1
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 Main Indices Board Lots
be settled anywhere from T+1 up to T+15. It is not possible to conclude PX Index The minimum tradable unit under
block trades in securities classified for trading in SPAD with the exception the continual regime is a lot. The
of trades with value exceeding the set limit. Official Trading Hours size of a lot is fixed at one unit for
all securities
Auction regime under automatic trades – Auction trading is based on Monday – Friday
cumulating buy/sell orders in securities up to a single moment of time; the Auction – Order Collection: Currency
outcome being to fix the price for an issue. The price may vary by 5% from 08:00 – 08:45
Czech Koruna (CZK)
the closing price quoted on the previous day and must be rounded so as Auction:
to fit the respective quotation step. The objective is to achieve maximum 08:45 – 09:10
value (volume) of securities transacted. No time priority principle is applied. Continuous Trading:
Settlement is T+3. See trading system explanation
09:15 – 16:00
Continual regime under automatic trades – This is for securities in Closing auction Currency Exchange
trading groups 1 and 3 (linked to auction). Opening price is equal to the (selected securities):
16:00 – 16:07 USD1 = CZK17.427
price fixed for the securities under the auction. A closing quoted price
EUR1 = CZK25.479
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
Market Size
as of August 2009
continual regime. If no trade in the issue has been contracted, the closing
quoted price is the opening quoted price. For security issues assigned
USD73.9bn
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 Average Daily Turnover:
USD150m
a lot (fixed at one piece of any security).
Circuit Breakers:
There are no circuit breakers in place.

Contents
Denmark
Futures Information
Main Contract KFX Index Share Index Future
Trading Exchange Copenhagen Stock Exchange
Contract Size 100 x KFX Index
Tick Size More than or equal to 0 but less than 0.10 = 0.01.
Greater than or equal to 0.10 = 0.05 GMT +1hr (+2hrs DST)
Contract Months 1, 2, 3, 6 & 9 months in the quarterly cycle Internet: www.omxgroup.com/nordicexchange
(March, June, September & December) Email: copenhagen@omxgroup.com
Expiration Day Third Friday of the expiration month or if not a
trading day, the previous trading day Primary Exchange
Reuters <0#KFX:>, nearest month <KFXc1>, Nordic Exchange in Copenhagen
contract details <CPH/KFX>
Bloomberg KX (Month Code)(Last Number of Year) <Index>
Brief History 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
Trading in securities at the Copenhagen Stock Exchange (CSE) dates back
price of the existing order.
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 Central Counterparty Clearing
Exchange and Stockholmsbörsen signed a co-operation agreement to In October 2009, NASDAQ OMX Nordic, together with EMCF (European
create a strategic alliance, NOREX. This was expanded to include the Oslo Multilateral Clearing Facility), launched a full central counterparty clearing
SE and Iceland SE during 2000. On 9 February 2005 the Copenhagen (CCP) service on the NASDAQ OMX exchanges in Copenhagen, Helsinki
Stock Exchange became part of the OMX Group. During 2007 NASDAQ and Stockholm. There is now mandatory CCP on nine Nordic securities:
and Dubai Borse were involved in a takeover battle for OMX. In January three Finnish, Swedish and Danish stocks respectively. The OMX and its
2008 it was announced that Borse Dubai was to buy OMX and three CCP partners – EMCF, SIX X-clear and Euro CCP – have further
would then sell it to NASDAQ, in return the Borse Dubai will gained a 20% agreed to achieve competitive clearing by January 2010.
state in NASDAQ.
Circuit Breaker
Trading System Static price range: The reference price is either the last close, or the last
SAXESS – Joint Trading System auction price.
The members of the NOREX Alliance use the SAXESS trading system. The
Dynamic price range: The reference price is determined by the last
Exchanges in Copenhagen and Stockholm have traded their listed shares
trade in the order book, the dynamic price range is only active during
in the SAXESS system since June 1999. In October 2000, the Copenhagen
continuous trading.
Stock Exchange transferred bonds to SAXESS. The Iceland Stock
Exchange moved trading in bonds and shares to SAXESS at the same Group Dynamic circuit Static circuit
time. In November 2000 Swedish bonds were also moved to SAXESS. The breaker threshold breaker threshold
system opened for trading in Oslo in May 2002. SAXESS is a single cross- Blue Chip Index stocks 3% 15%
border trading system with one set of trading rules. Derivatives trading is
Other stocks 5% 20%
conducted through OMX’s CLICK trading system and voice broking.
Penny shares (<DKK10), liquidity
The SAXESS trading system offers continuous trading from 09:00 to class C, First North DK, shares with 15% 25%
17:00. The system operates with automatic matching, which means that large avg. spreads (>4%)
transactions are executed when the prices of the orders to buy and the
orders to sell match or overlap. Taxes, Market Charges & Compulsory Commissions
Commission collected by brokers as the result of the sale of shares are
a matter of negotiation between broker and client, but usually range from
Main Indices Currency 0.025% to 0.15% of market value.
OMX C20 Danish Kroner (DKK)
Official Trading Hours Clearing and Settlement Taxes & Regulations Affecting Foreign Investors
Monday – Friday T+3 Business Days Foreign investors are exempt from all taxes in Denmark. An exception is a
Continuous Trading:
28 percent holding tax on dividends on account for non-residents. Should
09:00 – 16:50
Currency Exchange a double-taxation agreement exist between Denmark and the country in
USD1 = DKK5.0926 which the investor resides, the non-resident may apply for a refund of the
Closing Call:
16:50 – 17:00 EUR1 = DKK7.4436 tax, or part thereof.
Market Size Cross Selling Equity & Short Selling

as of August 2009
There are no specific rules for the short selling of equities. Short selling is
prohibited except for hedging purposes and market makers (Oct. 2008).
USD720.3bn (OMX)
USD3bn (OMX) Board Lots
As of 2009 all board lots for Danish equities have changed to 1.
Tick Sizes
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

Contents
Ecuador
Futures Information
None
GMT -5hrs
Internet: www.mundobvg.com/www.bolsadequito.com
Email: bernardoortega@bolsadequito.com;
webmaster@bvg.fin.ec
Primary Exchange
Quito Stock Exchange/Guayaquil Stock Exchange

In March 1969 the National Congress issued Law No. 111, which Commissions for traders are open. The exchange charges for shares are
authorised the president to establish stock exchanges in the country 0.1% – these charges are on the effective value per each trade.
controlled by the Superintendency of Companies. Corporaciòn Financiera
Nacional (a public institution) was authorised to participate as promoter
and shareholder. In July 1969 a presidential decree established two
exchanges: one in Quito and one in Guayaquil. Foreign 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.
Trading System
Deals 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.

IPECU US Dollar (USD)
Ecuadorian Sucre (ECS)
Monday – Friday Clearing and Settlement
Electronic Trading System The Quito Stock Exchange has
Equities: 09:30 – 15:30 a clearing department. The
Floor Trading Session: Exchange’s Treasury Department
15:30 – 16:00 receives securities and delivers
the requisite amount of money.
Settlement takes place at T+0,
Market Size
2007
T+1, T+2, T+3, T+4 and T+5 to
T+9, T+180
USD4.11bn
Currency Exchange
USD1 = ECS25000
USD16.8m
EUR1 = ECS36543
Board Lots
1

Contents
Egypt
Futures Information
None

Internet: www.egyptse.com
Email: hserafie@egyptse.com
Primary Exchange
Cairo and Alexandria Stock Exchange
Brief History Intra-day trading rules

From their inception in the late 1890s, the Cairo and Alexandria Stock In August 2005, the Capital Market Authority (CMA) issued Decree No. 24,
Exchanges (CASE) reflected the performance of an economy which was which introduced the intra-day trading concept to the Egyptian market for
based solely on private ownership and enterprise which met the financial the first time. According to the rules, member firms wishing to carry out
needs of the business sector. However in 1961, following an era of intra-day trading transactions must first obtain a licence from the CMA
economic boom and development, the market collapsed as a result of and deposit a minimum of EGP5m in one of the clearing banks in order
nationalisation. It was reinstated in 1993 after a comprehensive capital- to meet the settlement of these transactions. Member firms can only
market law was enacted (Law No 95 for 1992). 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
Trading System thousand) of the company’s listed securities on CASE.
The trading system of the Cairo and Alexandria Stock Exchanges witnessed
a gradual evolution from an open outcry system prior to 1994 to an
automated order-driven system available at both the Cairo and Alexandria
Stock Exchanges. Trading takes place either on the exchange or Over the For listed securities fees are levied at 0.012% of the value of each side of
Counter (OTC) which is the venue for trading unlisted securities. the transaction with a maximum amount of LE 5,000.
Trading is effected through a fully automated system and is continuous. For unlisted securities or Over the Counter market, the fees are levied at
The Cairo Stock Exchange is linked by computer to the Alexandria Stock 0.1% of the value of each side of the transaction, with a maximum amount
Exchange and both operate as a single market. The EFA trading system of LE 5,000.
became operational in the first quarter of 2001.
Primary Dealers System Taxes & Regulations Affecting Foreign Investors
CASE completed the Primary Dealers System which became effective as Foreign and National investors receive the same treatment. There are no
of 4 July 2004. The main function of the Primary Dealers would be to taxes levied on dividends or capital gains.
underwrite the initial offering of the government securities in the primary There are no restrictions on foreign investment or profit repatriation.
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.

CASE 30 Index Egyptian Pound (EGP)

Sunday – Thursday The system is based upon
Pre-Open: Delivery versus Payment,
9:45 – 10:15 whereby MCDR acts as the
(random closing 10:15 to 10:30) Clearing House between the
buying and selling member firms,
Continuous Trading: regarding their paper and funds
10:30 – 14:30 settlements as follows:
 T+0 for securities traded by
Market Size
as of August 2009
the intra-day Trading System
Market Capitalisation:  T+1 for government bonds

USD90.2bn that are traded through
Primary Dealers System
USD236.52m  T+2 for all other securities
Board Lots Currency Exchange

1 USD1 = EGP5.5160
EUR1 = EGP8.0638

Contents
El Salvador
Futures Information
None
GMT -5hrs
Internet: www.bves.com.sv (Spanish text only)
Email: info@bves.com.sv
Primary Exchange
El Salvador Stock Exchange

La Bolsa de Valores de El Salvador (BVES) is the only authorised institution Primary Market
for the Salvadorean stock exchange market. It came into existence in Exchange: 0.125% seller, 0.0625% buyer annualised.
September 1989 and began operations three years later in April 1992.
Broker/Client: as negotiated.
BVES provide the trading platforms used by the authorised broking
firms. More than 70 firms trade as members of the Salvadorean Stock Secondary Market
Exchange Market. Exchange: 0.0625% annualised.
In December 1994 the Exchange implemented electronic currency trading Broker/Client: as negotiated.
(SINEDI). Commercial banks, foreign-exchange houses, member firms
and the central bank trade the USD and the SVC. Repos
Exchange: 0.25% annualised.
BVES is a member of important regional associations, such as BOLCEN
(Association of Stock Exchanges of Central America), and the FIAB (Latin- Broker/Client as negotiated.
American Federation of Stock Exchanges). BVES has signed strategic
Equity Market
co-operation agreements with the stock exchanges of Guatemala,
Honduras, Costa Rica and Panama, and has collaboration agreements Exchange: 0.03125% annualised on the Compromised Value.
with exchanges in Spain and Mexico.
Broker/Client: as negotiated.

Brokers trade repos from the floor. Electronic trading began in June 2002.
Congress approved Decree no. 780 which exempts investors from
Foreign exchange is traded electronically.
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.

None US Dollar (USD)
Salvadoran Colon (SVC)
Primary Market: Settling and Clearing is based
09:15 – 09:30 on physical settlement after
the netting of trades by the
Secondary Market:
Exchange. Each deal must be
08:30 – 15:30
settled by 15.30 on the day of
Reportos Market: trade unless otherwise agreed
10:00 – 11:15 upon by both buyer and seller

as of August 2009
USD1 = SVC8.7475
USD3.2bn EUR1 = SVC12.785

~5m

Contents
Estonia
Futures Information
None

Internet: www.baltic.omxnordicexchange.com
Email: tallinn@omxgroup.com
Primary Exchange
Tallinn Stock Exchange
Brief History The trading system has the following features besides the common ones
(negotiation of trades): Transactions can be made simultaneously with
A foreign currency and securities exchange was launched in Tallinn in
securities traded in on different exchanges; Multiple types of transaction
1920 but was closed in 1941 after the Soviet occupation of Estonia.
orders can be used (limit order, market order, etc.).
Following the restoration of independence in 1991, Estonia undertook the
The official trading currency of the Tallinn Stock Exchange trading system
task of creating a securities market from scratch. The Exchange opened
is the euro.
for trading in May 1996 with 11 securities listed. In April 2001 the Finnish
HEX Group acquired strategic ownership in the TSE. Trading in Estonian The companies listed on the TSE are divided between the following lists:
securities through the HEX trading system was launched on 25 February
2002. In 2003 HEX Group and Swedish stock exchange operator OM  Main List for blue-chip companies with several years of operating
Group announced a merger, to form OMX which owns and operates the history, established financial position, and market value at least
six exchanges in the Nordic Exchange. EUR4m
 Investor List, or I-List, for mid-size companies with stable operations
On 27 September 2004 the Helsinki Tallinn and Riga Stock Exchanges and consolidated positions, and market value EUR1m
harmonised their cash markets by adopting the SAXESS cash trading
system already used by the Stockholm Stock Exchange.  Free Market (Pre-List) for short-term listing needs, or preliminary
listing before the actual listing
During 2007 NASDAQ and Dubai Borse were involved in a takeover battle  Bonds List for bonds, convertibles, etc.
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. Circuit Breakers
There is no market-wide circuit breakers on the Baltic Market.
Trading System If a ±15% move in a single share occurs, trading in that security is halted
All members of the Norex Alliance of Scandinavian and Baltic exchanges, and an auction takes place.
including Stockholm, Helsinki, Copenhagen, Oslo and Reykjavik exchanges,
use the same trading systems; SAXESS for shares bonds warrants ext Taxes, Market Charges & Compulsory Commissions
and CLICK for derivatives. Numerous transactions are executed using
automatic matching, where bid and ask orders are automatically matched Tallinn, Riga and Vilnius stock exchanges have a transaction fee charged
for a trade when the bid and ask price correspond. All brokers have the as a percentage of the value of the trade fee per each party to the trade or
same picture of the market situation simultaneously since all information as a fixed fee per each party to the trade.
from cash and derivative trading is relayed in real time.
In most cases capital gains derived from securities transactions and
interest payments to non residents are not taxed in Estonia. Income tax at
Main Indices Board Lots a rate of 21% (20% from 1 January 2009) must be withheld on dividend
OMX Tallinn All-Share (OMXT) 1 payments from resident corporations made to non-resident companies. A
BALTIX (OMX) double-taxation treaty between the Republic of Estonia and another state
Tick Size where the corporation has its tax domicile may reduce that rate (usually to
Official Trading Hours 0.01 Euro 15 percent). Non-resident corporations that own at least 20 percent share
Monday – Friday of a resident corporation that makes a dividend distribution and non-
Currency resident individuals are not taxed on the receipt of dividend payments.
Pre-Trading Session:
08:30 – 09:45 Estonian Kroon (EEK) however
Pre-Opening Auction Period: trading on the TSE is conducted Cross Selling Equity & Short Selling
09:45 – 10:00 in Euros
There is no specific rules on short selling, it is the broker’s responsibility to
Opening Auction: 10:00 deliver shares by settlement date.
Trading Period:
10:00 – 15:50 Automatically matched trades are
always settled on the third day
Pre-Closing Auction Period: after the trade (T+3) Negotiated
15:50 – 16:00 deals in Tallinn and Vilnius stock
Closing Auction: 16:00 exchanges may also have a
After-Market Trading: settlement day between T+1
16:05 – 16:30 (inclusive) and T+6 (inclusive) if
agreed so separately
Market Size
as of August 2009 Currency Exchange
Market Capitalisation: USD1 = EEK10.701
USD720.3bn (OMX) EUR1 = EEK15.645
USD3bn (OMX)

Contents
Fiji
Futures Information
None
GMT +12hrs
Internet: www.spse.com.fj
Email: info@spse.com.fj
Primary Exchange
South Pacific Stock Exchange

The establishment of a Stock Exchange was under consideration as Non Resident withholding tax applies for foreign investors.
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
Prospective Developments
shareholding was restructured to allow increased participation of financial The SPSE plans to:
institutions in the development and strengthening of SPSE. To compliment  Automate trading, clearing and settlement
its ambitions to become the leading securities exchange in the south
 Remove scripts and make all trades script less
pacific islands, the exchange changed its name to the South Pacific Stock
Exchange (SPSE).  Encourage and introduce dual listing
The SPSE has set up a Central Registry known as SPSE Central Share
Trading System Registry. The SPSE plans to expand to other South Pacific Island Countries
(excluding Australia and New Zealand).
Trading is effected by means of a call market. In the open outcry, licensed
brokers respond with buy and sell orders during the trading sessions at SPSE also plans to have dual listings with recognised Stock Exchanges
specified times. The “market caller” calls out a listed company’s name. The in due course.
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.

Commission rates are negotiable. The average cost is 2.5% of the
consideration.

KSPX Index Fijian Dollar (FJD)

10:30 – until last price is matched
Currency Exchange
Market Size USD1 = FJD1.9612
as of August 2009 EUR1 = FJD2.8669
USD469m

Contents
Finland
Futures Information
Main Contract OMXH25 Index Futures
Trading Exchange Nordic Exchange in Helsinki
Trading Times Mon – Fri; 10.00 – 18.20
Contract Size EUR10 per HEX25 index point
Contract Months The three nearest months within the cycle March, GMT +2hrs (+3hrs DST)
June, September, December Internet: www.omxgroup.com/nordicexchange/
Expiration Day The third Friday of the expiration month, if that is an Email: info.helsinki@omxgroup.com
exchange trading day; otherwise, on the exchange
trading day prior to that Friday Primary Exchange
Bloomberg OT (Month Code)(Last Number of Year) <Index>
Nordic Exchange in Helsinki
Brief History Trading System

The Helsinki Stock Exchange (HSE) was founded in 1912. There had been As a general rule, all banking days are also market days at the Helsinki
stock exchange activity in Helsinki since the 1860s, but it lacked proper Stock Exchange.
organisation and regulation. From 1935 the HSE was a so-called ‘silent’
Trading in shares, bonds, warrants, premium bonds, convertibles and
exchange with an electro-mechanical quotation board.
depository receipts on the Nordic Exchange is done through OMX’s SAXESS
The HSE and the Finnish securities market underwent major changes in trading system, while derivatives trading is done through OMX’s CLICK
the 1980s with a complete re-organisation, new improved set of rules and trading system and voice broking. Numerous transactions are executed
regulations, a fully automated trading system and legislation concerning using automatic matching, where bid and ask orders are automatically
the whole of the securities market. In 1998, Helsinki Exchanges and matched for a trade when the bid and ask price correspond. All brokers
Finnish Central Securities Depository Ltd merged into one group, the have the same picture of the market situation simultaneously since all
parent company of which was Helsinki Exchanges Group Oyj (HEX information from cash and derivative trading is relayed in real time.
Group). In addition, Helsinki Exchanges began cooperation with Eurex
AG in derivatives trading. In 2001, the HEX Group became a majority
shareholder (62%) in the TSE Group consisting of the Tallinn Stock
Central Counterparty Clearing
Exchange and the Estonian Central Securities Depository. In October 2009, NASDAQ OMX Nordic, together with EMCF (European
Multilateral Clearing Facility), launched a full central counterparty clearing
In June 2002, the HEX Group acquired a majority shareholding of the Riga (CCP) service on the NASDAQ OMX exchanges in Copenhagen, Helsinki
Stock Exchange and the Latvian Central Depository. In September 2003 and Stockholm. There is now mandatory CCP on nine Nordic securities:
HEX and OM merged to create an integrated Nordic and Baltic market three Finnish, Swedish and Danish stocks respectively. The OMX and its
for listing trading, clearing settlement and depository of securities. The three CCP partners – EMCF, SIX X-clear and Euro CCP – have further
operations of the group merged, OMX are based on two divisions: OMX agreed to achieve competitive clearing by January 2010.
Exchanges and OMX Technologies. Through OMX Exchanges, OMX offers
access to 75% of the Nordic and Baltic securities market.
Circuit Breakers
During 2007, NASDAQ and Dubai Borse were involved in a takeover battle Static price range: The reference price is either the last close, or the last
for OMX. In January 2008 it was announced that Borse Dubai was to buy auction price.
OMX and would then sell it to NASDAQ, in return the Borse Dubai gained
a 20% state in NASDAQ. 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 Static circuit

breaker threshold breaker threshold
Blue Chip Index stocks 3% 15%
OMX Helsinki All-Share (OMXH) 0.10 Euro Other stocks 5% 20%
OMXH25 Index Penny shares (<1EUR), liquidity class
HEX Portfolio Index

Board Lots C, First North DK, shares with large 15% 25%
avg spreads (>4%)
1
Monday – Friday
Currency Taxes, Market Charges & Compulsory Commissions
Euro (EUR) Helsinki Stock Exchange also has a two-fold transaction fee charged for the
10:00 – 18:20
(closing call 18:20 – 18:30) number of trades and turnover value. HSE though charges fees per executed
Clearing and Settlement order while the other OMX exchanges charge fees per transaction.
as of August 2009
Foreign investors are exempt from taxes in Finland except for the
USD720.3bn (OMX) USD1 = EUR0.68417
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
USD3bn (OMX)
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.

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.

Contents
France
Futures Information
Main Contract CAC 40 Stock Index Futures
Trading Exchange Euronext Paris
Contract Size EUR10 x futures quoted index
GMT +1hr (+2hrs DST) Tick Size EUR5
Internet: www.euronext.com Contract Months Three spot months, three quarterly maturities and
Email: info@euronext.com two half-yearly maturities (March and September)
Expiration Day 16:00 on the last business day of the maturity month
Primary Exchange Reuters <0#FCH:>, nearest months <0#1FCH:>, contract
Euronext Paris details <MAT/FCH1>
Bloomberg CF (Month Code)(Last Number of Year) <Index>

The Paris Bourse was established in the 19th century and was a separate Non-residents may freely buy and sell French and foreign securities traded in
entity until it merged with its partners to form Euronext in September 2000. France by opening an account with an exchange member firm or an authorised
In 2007 the New York Stock Exchange (NYSE) merged with Euronext to form intermediary. Funds and securities credited to this account may be exported at
NYSE Euronext. any time to the country of their choice.

The Euronext single cash electronic trading system, NSC, is used across Short selling is restricted:
all the Euronext Cash Market locations. NSC is a centralised, order-driven  The stock has to be borrowed before it can be sold short
market with a single centralised electronic order book and uniform market
 You cannot create a delta short position using derivatives
rules for all European and non-European equities. A worldwide standard in
trading technology, NSC is based on an open architecture allowing customised  You cannot lend the stocks if the loan is linked to a delta short position
solutions using the standard international formats of MMTP and FIX, and The stocks where these restrictions apply are the following: Allianz, April Group,
incorporating the reliable and secure communications protocol of a TCP/IP Axa, BNP Paribas, CIC, CNP Assurances, Crédit Agricole, Dexia, Euler Hermes,
transport layer. HSBC Holdings, Natixis, NYSE Euronext, Paris RE, SCOR, Société Générale.
Trading on the Euronext Cash Market is based on two mechanisms: continuous The rule on short selling doesn’t apply to Market Makers. The restriction will be
trading and auctions. The most liquid securities are traded continuously during reviewed on the 20 of September 2009.
market sessions. Less liquid securities can be traded continuously with the
aid of a liquidity provider, or exclusively in actions. Liquidity providers are Tick Size
dealers (members entitled to trade exclusively for their own account) that have
A specific fixed tick size of EUR0.005 will be implemented for certain stocks
undertaken, with the approval of the relevant market operator, to improve
traded above EUR10. The tick size for all other trades is listed below.
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 Price (EUR)
accessed via the web or via standard means.
From To Tick Size
With the possible emergence of MTFs and Internal Markets, MiFID puts
pressure on the Regulated Markets. In order to keep as much liquidity as 0 0.2500 0.0005
possible, EURONEXT changed the order book priority, to favour matching of the
0.251 2.500 0.001
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 2.505 10.000 0.005
their market share and gives a strong premium to the main members. >10.01 – 0.01
Circuit Breakers
For CAC40
During auctions: 6% difference from the reference price (generally the previous Main Indices Board Lots
day’s close or the last indicative price)
CAC40 Index 1 (minimum order size 10)
During continuous trading: 3% difference from the reference price (re-adjusted
SBF120
during trading after an order has been matched) Currency
SBF250
For other stocks Euro (EUR)
During auctions: 10% difference from the reference price Official Trading Hours
During continuous trading: 5% difference from the reference price Monday – Friday
Trading resumes after a 2-minute halt. Post-trade services, including
Pre-Opening:
clearing, are processed through
10% change from the static reference price reset every time the market breaks 07:15 – 09:00
the systems of LCH. Clearnet,
its upside/downside threshold; this is the last closing price for the opening. Opening Auction: 09:00 formed from the merger in
Trading recommences after the 4-minute halt. If the traded price deviates more December 2003 of Clearnet
Continuous Trading:
than 2% from the last traded price, the market stops for 1 minute. 09:00 – 17:30 and the London Clearing House
(LCH) and Euroclear settles
Taxes, Market Charges & Compulsory Commissions Pre-Closing:
trades on a T+3 basis
17:30 – 17:35
Cash market trading fees for members are based on a harmonised package
Closing Auction: 17:35 Currency Exchange
structure for all Euronext Cash Markets. The package structure was introduced
on 1 January 2004 for the Euronext Amsterdam, Brussels and Paris Cash Trading at Last (TAL): USD1 = EUR0.68417
Markets and adopted by Euronext Lisbon in November 2004, one year after its 17:35 – 17:40
migration to the NCS trading system. The current product-driven fee structure
has been in place since February 2005. Market Size
as of August 2009
Clearing fees are charged to clearing members by the clearing house, LCH.
Clearnet, and include annual membership fees and variable fees that depend
USD2.74trn (Euronext)
on the member’s activity. Members are free to charge their clients commission
on a negotiable basis n the majority of Cash Market locations. Average Daily Turnover:
USD7.2bn (Euronext)
French investors settling in France are required to pay 19.6% of the commission
as an extra VAT charge.

Contents
Georgia
Futures Information
None
GMT +4hrs
Internet: www.gse.ge/
Email: info@gse.ge
Primary Exchange
Georgian Stock Exchange

The Georgian Stock Exchange (GeSX) was founded in January 1999 and Brokerage fees are negotiable. Dividends and interest income are taxes at
in January 2000 the National Securities Commission of Georgia licensed 10% at the source whilst capital gains are 20% for corporates and 12%
it as a stock exchange. Settlement and clearing is carried out by the for individuals.
Georgian Securities Central Depository. In November 2007 the GeSX
began the process of demutualisation.
There are no restrictions to foreign participation.
Trading System
Trading is conducted through the fully automated Exchange Trading
system. Orders are entered remotely by brokers and are matched on a
strict time-price priority.

None Georgian Lari (GEL)

Monday, Wednesday, Friday: T+1 Business Days
Continuous Auction:
13:40 – 14:15 USD1 = GEL1.6770
EUR1 = GEL2.4515
Market Size
as of August 2009
USD0.78bn
>USD10k

Contents
Germany
Futures Information
Main Contract DAX Index Futures
Trading Exchange EUREX Deutschland (www.eurexchange.com)
Trading Times Mon – Fri; 07:50 – 22:00 (CET)
Contract Size EUR25 x index
GMT +1hr (+2hrs DST) Tick Size 0.5 point equals EUR12.50
Internet: www.deutsche-boerse.com Contract Months Nearest three months of the March, June,
September and December cycle
Email: info@deutsche-boerse.com
Expiration Day Third Friday of expiration month or previous
Primary Exchange exchange trading day
Reuters <0#FDX:>, nearest month <FDXc1>, contract details
Deutsche Börse <DTB/FDX1>
Bloomberg GX (Month Code)(Last Number of Year) <Index>

The fixing of exchange rates for nine currencies by 82 merchants at For German investors all dividends are subject to a withholding tax of
the autumn fair in September 1585 is considered to be the date of the 25%. All dividends distributed to foreign investors (non-residents) are also
foundation of the Frankfurt Stock Exchange (FWB). Initially, most stock- subject to the flat withholding tax of 25%. In order to avoid double taxation
exchange transactions were in bills of exchange but towards the end most international conventions reduce this to 15%.
of the 18th century regular trading in bonds and promissory notes had
begun. The first exchange list of the FWB was printed in 1625. 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 Short selling is restricted for certain stocks, the following stocks have to
they were held in the Haus Braunfels on the Liebfrauenberg. In 1843 the be borrowed before they can be sold short.
Exchange moved to its own building, the Old Exchange, near Paulskirche. Arreal Holding AG, Allianz AG, AMB Generali Holding AG, Commerzbankk
In 1879 the new Stock Exchange was inaugurated. In 1993 Deutsche AG, Deutsche Bank AG, Deutsche Boerse AG, Deutsche Post AG,
Börse AG was established and in January 2000 Deutsche Börse Clearing, Hannover Ruckversicherung AG, Hypo Real Estate AGA, MLP AG,
the clearing and settlement organisation of Deutsche Börse Group, was MuenchnerRueckversicherung Gesellschaft AG.
merged with Cedel International to form Clearstream.
Crossing is allowed off-exchange. For large block trades, DB offers a
block crossing facility called ‘Xetra XXL’. It provides a closed order book
Trading System where large orders are matched during predefined times (several times per
Trading is executed on the Xetra 10.0 electronic trading system in parallel day) at the currently existing midpoint price of the conventional Xetra order
with the trading floor via open outcry. In floor trading, independent lead book. Trades generated on XXL are considered “on-exchange” trades.
brokers determine the prices. Each security is supported by a lead broker, In Germany, exchange transactions must be settled within two days. An
who fixes bid and ask prices and either executes incoming orders in investor who sells short and is unable to deliver the securities before this
accordance with the price discovery rules or manages them in an order time must borrow them from another party. He is then obliged to buy the
book until they are executed, deleted or expire. Less liquid securities securities and return them to the lender before the loan period or the repo
can thus also be traded efficiently on the trading floor. Electronic trading agreement expires. No Uptick rules apply.
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 as of August 2009
largest of the eight German stock exchanges as it handles about 96% DAX
HDAX Market Capitalisation:
percent of the trade in German shares. Private investors, in particular, enjoy
USD1.19trn
many benefits on the trading floor: on the Frankfurt Stock Exchange, they
can trade in some 90,000 certificates, reverse convertibles and warrants Official Trading Hours Average Daily Turnover:
USD9.9bn
– with high standards of transparency and price quality. Monday – Friday
Xetra (Electronic Trading) Tick Size
Circuit Breakers Opening Auction:
08:50 EUR0.01
Static price range: The reference price is either the last close, or the last
Normal Trading:
auction price. Board Lots
09:00 – 17:30
1
Dynamic price range: The reference price is determined by the last trade. Closing Auction
17:30 – 17:35
When continuous trading is interrupted due to a breach of the static or Currency
Pre-Open Trading:
dynamic range, an auction is started (with a random end). 07:30 – 08:50 Euro (EUR)
If there is a breach during an auction, the call phase is extended (with a After-Hours Trading:
random end). 17:30 – 20:30
T+2 Business Days
Taxes, Market Charges & Compulsory Commissions Currency Exchange

The Official Exchange Brokers of the Frankfurt Stock Exchange charge USD1 = EUR.68417
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.

Contents
Ghana
Futures Information
None
GMT +0hr
Internet: www.gse.com.gh
Email: info@gse.com
Primary Exchange
Ghana Stock Exchange

The Ghana Stock Exchange (GSE) was incorporated in July 1989 as a There is a 10% withholding tax on dividend income for all investors, both
private company limited by guarantee under Ghana’s Companies’ Code, local and foreign. Capital gains on investments in listed securities are
1963 (Act 179). The Exchange was given recognition as an authorised exempt from tax until after December 2010. There is no stamp duty.
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
Foreign Investment
guarantee in 1994. Exchange Control permission has been given to non-resident Ghanaians
and foreigners to invest through the Exchange without prior approval.
GSE is a private sector initiative and is not funded by the government. GSE However, one external resident portfolio investor (whether individual or
currently has 16 stockbroking firms licensed to deal on the Exchange. institutional) can hold only up to 10% of any security approved for listing
on the Exchange. Furthermore, the total holdings of external residents in
Trading System one listed security shall not exceed 74%. Holdings above the 10% and
74% limits require prior exchange control approval. Ghanaians resident
Trading is carried on the floor of the Exchange under the Continuous
abroad and foreigners resident in Ghana, though, may invest without any
Auction Trading system (CAT). Trading is done in lots of 100 shares.
limit. All capital gains, interest or dividends refunds and related earnings
can be repatriated freely.
The commission rates for shares are a maximum of 2.5% of value of
transaction and a minimum 1.5% of value.

GSE All Share Index Ghana Cedi (GHC)

Monday – Friday Settlement after trading
Pre-Opening Period: among brokers is done within
09:30 – 10:00 T+3. The seller is responsible
for the authenticity of all
Market opens for documents delivered.
Continuous Trading:
10:00 – 12:00
Currency Exchange
Market Size USD1 = GHC1.4570
as of August 2009 EUR1 = GHC2.1295
USD9.65bn

Contents
Greece
Futures Information
Main Contract ASE-20 Index Future
Trading Exchange Athens Derivative Exchange (www.adex.ase.gr)
Contract Size EUR5 x 1 Index Point
GMT +2hrs (+3hrs DST) Tick Size 0.25 Index point or EUR1.25 per contract
Contract Months Third nearest consecutive months and then the 3
Internet: www.ase.gr/ nearest quarterly months (Mar, Jun etc.) not included
Email: Helpdesk@helex.gr Expiration Day The expiration day is the third Friday of the expiration
month, at 13:50 (local time). If that is a holiday, the
Primary Exchange expiration day is the preceding Greek trading day
Athens Stock Exchange Reuters <0#ATF:>, nearest month <ATFc1>, contract details
<ADE/ATF1>
Bloomberg AJ (Month Code)(Last Number of Year) <Index>

The Athens Stock Exchange was established in 1876. The rules There is 35% taxation only on company profits; investors will receive
and regulations governing the Exchange were based on the French Code all dividends tax-free. For foreign investors the tax relief still holds. The
de Commerce. taxation, however, of dividends and other income depends on existing
bilateral tax agreements between Greece and the country of residence
The Athens Exchange and the Athens Derivatives Exchange, both
of the foreign investor. There is no capital gains tax in Greece. Income
subsidiaries of Hellenic Exchanges, merged in September 2002 to form
from government-issued fixed-interest securities is taxed at 10%. All sale
Athens Exchange SA (ATHEX). In 2006 it launched a common platform
transactions are taxed at 0.15%.
with the Cyprus Stock Exchange.
There are no restrictions on foreign investors investing in Greek securities.
They may freely buy and sell securities listed on the stock exchange and
Trading System they can, without any restrictions, take out the capital invested in securities
All shares are traded electronically through the OASIS system, which when liquidated, plus any capital gains and dividends which result from
supports the trading of equities, fixed income and derivatives products in their investments.
the Athens Exchange (ATHEX).
Trading in ATHEX equities market is order driven, although market makers Cross Selling Equity & Short Selling
may exist for certain shares. Depending on the market segment, the trading
Short Selling and Margin Trading have been legalised on the Athens Stock
procedure may be a combination of continuous automatic matching of
Exchange. The uptick rule mean that the price of the short sale trade must
orders and of call auctions (Big Cap, Medium & Small Cap markets), or
be higher than the previous trading price.
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 Cross Trades
market, whereas trading at close price may be performed for the other Minimum value for such transaction has to be EUR600.000.
market segments.
Value of Transaction (EUR) % Deviation from Last Price
Circuit Breakers >600,000 – 1,173,881.14 0
18% deviation from the previous closing price. Limits do not apply in the 1,173,881.15 – 2,347,762.28 5
first three days of a company’s listing on the exchange. Depending on
> 2,347,762.29 10
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 Commissions FTSE/Athex 20 The majority of securities trade
Brokerage commissions are freely negotiated between transacting parties. in units of 1
ATHEX charges a fee of 0.02% on the daily transaction value. Clearing is Official Trading Hours
charged at a rate of 5bps of the transaction value. Registration fee of Monday – Friday Currency
0.06% on buys and a tax of 0.15% on sells. Continuous Trading (Large Cap): Euro (EUR)
10:25 – 17:00
Continuous Trading Clearing and Settlement
(Mid Cap; Small Cap): T+3 Business Days
14:00 – 17:00
Closing Auction: 17:00 – 17:03 Currency Exchange
USD1 = EUR0.68417
Market Size
as of August 2009
USD118.5bn
USD233.1m

Contents
Guatemala
Futures Information
None
GMT -6hrs
Internet: www.bvnsa.com.gt (Spanish text only)
Email: bvn@bvnsa.com.gt
Primary Exchange
Bolsa de valores Nacional (Guatemala)
Brief History
The Bolsa de Valores Nacional was established towards the end of 1986
through a resolution of the Ministry of Finance.
Trading System
The Exchange trades through open outcry and an electronic matching
system known as INFOBOL. Information is dispersed using the INFO-
SINEDI System.

Commissions are liberalised and are agreed between Exchange members
and their clients.

Taxation and regulations for foreign investors are the same as for national
investors. Capital gains are taxed at a rate of 10%.

None as of August 2009
Official Trading Hours USD692.2m
USD25m
Reportos
Electronic Matching: Currency
08:00 – 14:00
Guatemala Quetzal (GTQ)
Electronic Bidding: US Dollar (USD)
15:00 – 15:15
Open Outcry Bidding: Clearing and Settlement
14:45 – 15:00
Settlement Date is T+0
Open Outcry Matching:
Primary Market USD1 = GTQ8.3150
10:00 – 11:00 EUR1 = GTQ12.153
15:00 – 16:00
Secondary Market
Electronic:
10:00 – 10:30
15:00 – 16:00
Open Outcry:
12:00 – 13:00

Contents
Guernsey
Futures Information
None
GMT +0hrs (+1hr DST)

Internet: www.cisx.com
Email: info@cisx.com
Primary Exchange
Channel Islands Stock Exchange

The Channel Islands Stock Exchange, (CISX) was incorporated in March GBP0.50 per trade payable by both buyer and seller.
1998 as a company limited by guarantee with shares, and was officially
opened on 26 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: None.
 Investment funds, both open and closed ended

Investor Protection Details
 Specialist debt, including structured debt, Eurobonds and Special
Purpose Vehicles The Exchange is regulated by the GFSC and is licensed to operate as
an investment exchange under the Protection of Investors (Bailiwick of
 Primary and secondary listings of securities issued by domestic Guernsey) Law 1987.
companies (that is, companies that are incorporated in the
Channel Islands) The Exchange is responsible for members’ compliance with its Rules
 Primary and secondary listings of securities issued by overseas and for regulation, surveillance and enforcement of the Rules. However,
companies 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
 Channel Islands Depository Receipts (CIDRs) member’s regulatory body (e.g. the GFSC in Guernsey, FSA in the UK,
The Exchange Listing Rules have been designed to meet two key etc.). In the case of a Listing Member which is not authorised / licensed
objectives: compliance with international standards for listings and ease by a regulatory body, the Exchange relies on that member’s recognition by
of understanding. the recognised professional body of which they are a member.
Trading System
The 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 None British Pound (GBP)
Exchange, both to facilitate market surveillance and to provide a Guernsey Pound
historical record Official Trading Hours
 News concerning companies listed on the Exchange is Monday – Friday Clearing and Settlement
disseminated on the Reuters system, as and when it is received Trading in the shares of local
during the trading day Pre-Trading (order and companies may be settled via
quotation amendment): Crest or Crest Residual
 Listed investment funds provide revaluations and bid and ask 08:00 – 09:00
prices on a regular basis. This information is disseminated on pages
Continuous Trading: Currency Exchange
branded as the Exchange 09:00 –16.30 USD1 = GBP0.60332
 Information feeds are provided to information distributors
EUR1 = GBP0.88181
 Information is also made accessible to the general public through the Market Size
as of August 2009
press and electronic media
USD42.2bn

Contents
Honduras
Futures Information
None
GMT -6hrs
Internet: www.bcv.hn (Spanish text only)
Email: bvc@bcv.hn
Primary Exchange
Bolsa Centroamericana de Valores

The Bolsa Centroamericana de Valores (BCV), S.A., received legal Corporate Legal Framework:
authorisation to begin operations by means of the approval in the
100% foreign ownership is acceptable under Honduran law. Joint-venture
Agreement Number A.L. 0090/93. The statutes of the BCV were published
corporations organised under Honduran law can take any of the following
in the official Gazette on 5 May 1993. The BCV began operations in
forms: Sociedad Anonima (corporation); Sociedad Anonima de Capital
September 1993.
Variable (corporation), the only type of legal framework under which a
corporation can buy back its own stock; Sociedad de Responsabilidad
Trading System Limitada (limited partnership).
Stock 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.

Primary Market
Private sector financial: Minimum 0.30%
Private sector non financial (terms up to 360 days): Minimum 0.30%
Private sector non financial (terms over 360 days): Flat 360 days
Secondary Market
Private sector (terms up to 360 days): 0.15% to each
buyer and seller
Private sector (terms over 360 days): Flat 0.15% to each
buyer and seller
Main Indices Clearing and Settlement

None Daily transactions of must be
liquidated on the day they
Official Trading Hours are made and are acceptable
only on the Primary Market.
Monday – Friday
Liquidation is made in cash and
08:30 – 16:30 the transfer of stock certificates
is conducted as soon as the
Market Size issuer presents them to the
2007 Exchange, within 48 hours of the
Market Capitalisation: transaction being conducted.
USD2.8bn Liquidation of government issued
paper liquidated directly with the
Currency Central Bank of Honduras is T+0
Honduran Lempira (HNL)
Currency Exchange
USD1 = HNL18.895
EUR1 = HNL27.616

Contents
Hong Kong
Futures Information
Main Contract Hang Seng Index Futures
Trading Times Mon – Fri; 09:45 – 12:30, 14:30 – 16:15
Contract Size HKD 50 (HSI 100 Future HKD 1000)
GMT +8hrs Tick Size 1 point equal to HKD50 (HSI 1 100 Future 0.1point
Internet: www.hkex.com.hk equals HKD10)
Email: info@hkex.com.hk Contract Months Spot, next and the next two calendar quarter months
Expiration Day The first business day after the last trading day
Primary Exchange Reuters <0#HSI:>, nearest month <HSIc1>, contract details
HKEx <HFE/HSI> (HSI)
(Main Hang Seng Index)

Securities trading began in Hong Kong in 1866 although the first exchange Dividends are regarded as having been paid out of taxed profits and are not
was not formed until 1891. In 1914 the name changed to Hong Kong Stock subject to further taxation. There is no capital gains tax.
Exchange from the Association of Stockbrokers in Hong Kong. In 1921, a second There are no restrictions on foreign investment except for companies involved
exchange was formed called the Hong Kong Stockbrokers Association. in television broadcast where there is a limit of 49% for institutions and 10%
The two exchanges merged in 1947. In the late 60’s and early 70’s three more per individual.
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 Short Selling
HKEx on 7 July 1980. HKEx went public in June 2000 following the completion Naked short selling on the Hong Kong Stock Exchange is a criminal offence.
of the merger of the securities and futures exchanges in March 2000. Short Selling is legal if “covered” and is subject to additional legal requirements
set out below:
Trading System  A short seller is obliged to notify the broker that the sale is short and
The trading system of the Exchange is order-driven. During the Pre-opening provide an Assurance that the “cover” is in place. The broker has an
Session, the system accepts at-auction and at-auction limit orders only. During obligation to maintain the documentary records (including Bloomberg
messages and telephone tape recordings) of the Assurance for not less
the Continuous Trading Session, the system accepts limit, enhanced limit and
than one year)
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  When sending the order to the exchange the broker is obliged to flag the
order as a “Short-Sell”
written in the central book.
 A short sell must be executed at a price NOT below the best current
Trading is conducted through terminals in the trading hall of the Exchange or Ask Price
through the off-floor trading devices at exchange participants’ offices.
 No broker is allowed to conclude any short selling order by entering into
Stocks are traded on a continuous auction screen based matching system a cross-trade, all short sell trades must be traded through the exchange
(AMS). The best bids/offers are shown, followed by each subsequent spread system under auto-matching
with the maximum deviation being nine spreads from the previous nominal. The
maximum order size for auto-match stocks is 600 board lots. The maximum Market Spreads
number of outstanding orders per broker ID in the System is 2,000 while the
Bid/Offer Spread Bid/Offer Spread Bid/Offer Spread
number of orders in each order queue is also 2,000. Orders are continuously (HKD) (c) (HKD) (c) (HKD) (c)
executed in strict price and time priority. An order entered into the system at an
>0.01 – <0.25 0.001 >5 – <100 0.050 >1000 – <2000 1.000
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 >0.25 – <0.50 0.005 >100 – <200 0.100 >2000 – <5000 2.000
to the prevailing market price. Each spread shows the volume at price and the >0.50 – <2 0.010 >200 – <500 0.200 >5000 – <9995 5.000
broker. Offshore crosses are allowed. Buy-ins are automatic after T+4. Under >2 – <5 0.025 >500 – <1000 0.500
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. Main Indices Currency
There are particular rules for the trading of the exchange should a typhoon Hang Seng Index Hong Kong Dollar (HKD)
signal number eight or above or a Black Rainstorm be announced. Please see
the website for more details. Official Trading Hours Clearing and Settlement
Circuit Breakers Pre-opening:
There is no set designation. SEHK intervenes when thought necessary. Also, each 09:30 – 09:50 Currency Exchange
listed company may appeal to SEHK to halt trading for its desired duration. Opening Auction: USD1 = HKD7.7500
09:50 – 10:00 EUR1 = HKD11.328
Board Lots Continuous Trading:
Range from 100 to 50,000 shares with no set rule, but the most common lots 10:00 – 12:30, 14:30 – 16:00
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. Extended Morning Session:
12:30 – 14:30
Brokerage: Since 1 April 2003 brokerage has been freely negotiable between Market Size
brokers and their clients. as of August 2009
Transaction Levy: A transaction levy of 0.004% and an investment levy of Market Capitalisation:
0.002% are charged per side of the consideration of a transaction. USD2.1trn
Trading Fee: The trading fee applied at the SEHK is at the rate of 0.005% per Average Daily Turnover:
side of the consideration of a transaction. USD5.8bn
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.

Contents
Hungary
Futures Information
Main Contract BUX Index Futures
Trading Exchange Budapest Stock Exchange
Contract Size HUF10 x BUX Index
Tick Size 0.5 Index points GMT +1hr (+2hrs DST)
Contract Months One year ahead of the Mar ¼ cycle and the Internet: www.bse.hu
18-month and 24-month June and December
Email: info@bse.hu
Expiration Day The last trading day
Reuters <0#BUX:>, <BUD/BUX1> Primary Exchange
Bloomberg UO (Month Code)(Last Number of Year) <Index> Budapest Stock Exchange

Hungary’s stock market reopened in 1990, having been closed for the Trading can be halted from 2 to 15 minutes after a +/-10% move in
previous 42 years. The reorganisation of the Hungarian securities market comparison to the close.
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 Transaction fees on the exchange are 0.15% of the transaction value.
process which led to the foundation of the Budapest Stock Exchange Brokerage fees vary depending upon the level of service provided
(BSE). The legal framework for the Exchange’s operation was created and the type of security traded. Typically fees for dealing in shares are
by the Securities Act VI of 1990 on the public offering of securities around 0.25% for institutional clients and in the range of 0.25% to 1.0%
on the Stock Exchange. Based on almost 10 years of experience in for retail clients.
securities trading, the Exchange was founded in June 1990. In 2004
the BSE became a full member of the Federation of European Securities Taxes & Regulations Affecting Foreign Investors
Exchanges. In Spring 2004 an investor group consisting of international
There is no general restriction under Hungarian law regarding foreign
banks and Wiener Borse AG acquired a majority ownership in the BSE.
business participation and investment in Hungary, but foreign participation
Due to the integration of the activities of the Budapest Stock Exchange
in certain strategic activities (such as defence and energy) is limited.
and the Budapest Commodity Exchange, commodity trading on the BSE
Foreign contributions or foreign purchases of shares in Hungarian
commenced on the 2 November 2005.
companies are required to be made in convertible currency or from a
convertible foreign account.
Trading System
The corporate tax rate is 16%, plus a 4% solidarity tax. Capital gains
The BSE launched its Multi Market Trading System (MMTS) in November in Hungarian companies are added to regular income. The rate of tax
1998. As a result, floor trading came to an end and the prompt (or cash) imposed on capital gains is identical to the tax on regular company
market is now only operated through remote trading. The Futures Market income. Individuals pay 25% for capital gains and other investment
was transferred to the MMTS system in September 1999. The Options income. 20% tax rate is paid on capital gains from sale of shares in EU
Market of the BSE was introduced in February 2000. 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.
Main Indices Board Lots Cross Selling Equity & Short Selling
BUX Index None 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
Central European Stock Index
Currency who must cross with a minimum value of HUF 25m.
(CESI)
Hungarian Forint (HUF)
Official Trading Hours Stock Tick Movements
Monday – Friday Clearing and Settlement All stocks trade between HUF 1 and HUF 5 increments and there is no
Pre-Market: T+3 Business Days rule to the increments.
08:30 – 09:00
Opening Auction: Currency Exchange
09:00 – 09:02 USD1 = HUF186.99
Free Period: EUR1 = HUF273.39
09:02 – 16:30
Closing Auction:
16:30 – 16:36
Market Size
as of August 2009
USD24.8bn
USD92.4m

Contents
Iceland
Futures Information
None
GMT +0hrs
Internet: www.omxnordicexchange.com
Email: nordicexchange.en@omxgroup.com
Primary Exchange
Nordic Exchange in Iceland

The Iceland Stock Exchange was established in 1985 as a joint venture Broker’s commission (listed securities): 0.5 – 3.0%
of several banks and brokerage firms on the initiative of the Central Bank.
Stamp Duty: 0.25%
Trading began in 1986 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 Taxes and regulations affecting foreign investors:
in 1990. In 1998, the Icelandic parliament passed a new law on securities Dividends are taxed at a withholding rate of 10% for individuals and 15%
exchanges, abolishing the monopoly and requiring the exchange in Iceland for corporations. Since December 2005 no capital taxes have been levied
to change its legal status from a self-governing foundation to a limited- on net capital in Iceland, neither for individuals nor businesses. Banking
liability company. The year 1999 was the exchange’s first year of operation and the operation of other financial institutions are exempt from VAT
as a limited company, and in July 1999 the exchange received its licence (otherwise 24.5%).
for exchange operations. In mid-2002, the owners of the exchange
in Iceland and the Icelandic Securities Depository (ISD) established The taxes on dividends and capital gains are withholding taxes, applied
Eignarhaldsfelagid Verdbrefathing hf. In November 2006, OMX and the at source. Foreign investors who verify their obligation to pay taxes other
owners of Eignarhaldsfelagid Verdbrefathing hf. (EV) completed a share countries may be exempted from the payment of taxes on interest and
purchase agreement and thus the exchange in Iceland joined OMX Nordic capital gains.
Exchange. Since January 2008 Iceland Stock Exchange has been part of
the NASDAQ OMX group. Cross Selling Equity & Short Selling
There are no specific rules in regards to short selling of equities; naked short
Trading System selling is tolerated as long as the shares are delivered on settlement (T+3).
ICEX uses the SAXESS trading system developed by OM Technology Abusive short-selling where manipulation can be proven is prohibited.
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. ICEX-15 Icelandic Krona (ISK)

Circuit Breaker Monday – Friday Only the settlement banks
Dynamic price range: The reference price is determined by the last trade Summertime: can participate in the netting
in the order book. 10:00 – 15:23 process for security trading. The
(Closing call 15:20 – 15:23) settlement cycle is T+1
Group Dynamic circuit breaker threshold
Wintertime:
Constituents of the OMXI6 index 3% 10:00 – 16:23
Currency Exchange
Other stocks 5% USD1 = ISK124.10
Penny shares (<5ISK) 15% Market Size EUR1 = ISK181.39
as of August 2009
USD720.3bn (OMX)
USD3bn (OMX)

Contents
India – Mumbai
Futures Information
Main Contract BSE 30 Share Index
Trading Exchange Bombay Stock Exchange
Contract Size INR25 x Index
Tick Size 0.1 Index points GMT +5.5hrs
Contract Months Three quarterly month cycle Internet: www.bseindia.com
Expiration Day Last Thursday of delivery month, if holiday then Email: info@bseindia.com
previous day
Reuters <0#BIF:>, <BIFc1>, <BSE/BIF> Primary Exchange
Bloomberg SH (Month Code)(Last Number of Year) <Index> Bombay Stock Exchange

The Stock Exchange, Mumbai (BSE), was established in 1875 as ‘The Native Circuit breakers are triggered by movement of either the BSE Sensex or the
Share and Stockbrokers Association’, and is the oldest exchange in Asia. NSE S&P CNX Nifty.
The capital markets in India came into prominence in the late 1980s with the Before 13:00 Before 14:30 After 14:30
boom in equity prices. Practically every security issued by corporates in India is
±10% 1h halt 30min halt no halt
listed at BSE. The exchange demutualised on the 29 June 2007.
±15% 2h halt 1h halt halt until close
±20% Trading halted for the rest of the day
Trading System
Trading takes place through a fully electronic trading system known as BOLT These percentages are translated into absolute points of index variations on
(BSE Online Trading), which was commissioned in 1995. This system, which a quarterly basis. At the end of each quarter, these absolute points of index
is essentially order-driven, facilitates efficient processing, automatic order variations are revised for the applicability for the next quarter.
matching and faster execution. The trading system displays on a continuous
basis, scrip and market-related information required to support traders. Tick Size
Information includes best five bids and offers, last traded quantity and price,
Trading in scrips listed on the Exchange is done with the tick size of 5 paise.
total buy and sell depth (irrespective of rates), open, high, low and close
However, in order to increase the liquidity and enable the market participants
price, total number of trades, volume and value, and index movement. Other
to put orders at finer rates, the Exchange has reduced the tick size from 5
company-related information is also displayed. As soon as an order is matched,
paise to 1 paise in case of units of mutual funds, securities traded in “F” group
the confirmation of the trade is generated online. Online and offline reports are
and equity shares having closing price up to Rs. 15/- on the last trading day of
available to members for orders entered and pending, and trades executed.
the calendar month. Accordingly, the tick size in various scrips quoting up to
The order matching logic is based on best price and time priority.
Rs.15/- is revised to 1 paise no the first trading day of month.
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 Brokerage is negotiable but is subject to a ceiling of 2.5% of the contract value.
session is taken as the official closing price. Local Tax 0.125%
Along with a Digitally Signed Electronic Contract note system the BSE has also Stamp duty 0.01%
introduced the world first centralised exchange based Internet Trading System,
BSEWEBx.com. This allows investors anywhere in the world to trade on BSE. Taxes & Regulations Affecting Foreign Investors
To trade in India the beneficial owner of the shares needs to register with the
Securities & Exchange Board of India (SEBI) as an FII. 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.
Main Indices and 100 shares, odd lots can be A foreign institutional investor (FII) (investing on own behalf) or a sub account
sold, typically at a discount to can hold up to 10% of paid-up equity capital of any company. All FII and their
BSE Sensitive Index
current price. (However trading in sub-accounts taken together cannot acquire more than 24% of the paid
(SENSEX 30) physical segment is not open to up capital of any Indian company. Indian companies can raise the above
Institutional investors. Institutions mentioned 24% ceiling to the sectoral cap/statutory ceiling as applicable by
Official Trading Hours are allowed to sell physical passing a resolution by the board of directors, followed by a special resolution
Monday – Friday securities provided the security made by the board of directors and its general body to that effect.
is not connected to both / one of
Continuous Trading: In the case of investments in the secondary market, the following additional
the depositories)
09:55 – 15:30 conditions apply:
Pre-Close: Tick Size  The foreign institutional investor shall transact business only on the basis
15:40 – 15:50 of taking and giving deliveries of securities bought and sold and shall not
5 paise
Closing Auction: engage in short selling in securities
15:50 – 16:00
Currency  No transactions on the Stock Exchange shall be carried forward
Market Size Indian Rupee (INR)
 The transaction of business in securities shall be only through
as of August 2009
Clearing and Settlement stockbrokers who have been granted a certificate by the SEBI
USD1.07trn T+2 Business Days The taxation of income of Foreign Institutional Investors from securities or
capital gains arising from their transfer, for the present, is as under:
USD1.01bn Currency Exchange  The income received in respect of securities is taxable at the rate of 20%
USD1 = INR48.735  Income by way of long-term capital gains arising from the transfer of the
Board Lots EUR1 = INR71.236 securities is taxable at the rate of 10%
Equities: In the dematerialised  Income by way of short-term capital gains arising from the transfer of the
segment, a board lot is one securities is taxable at the rate of 30%
share. Physical shares: 5, 10, 50

Crossing as well as short selling are permitted. However, naked short selling
is prohibited.
Contents
India – National
Futures Information
Main Contract S&P CNX NIFTY Futures
Trading Exchange National Stock Exchange
Contract Size INR100 x Index
GMT +5.5hrs Tick Size 0.05 Index points
Internet: www.nse-india.com Contract Months Three quarterly month cycle
Email: slala@nse.co.in Expiration Day Last Thursday of delivery month, if holiday then
previous day
Primary Exchange Reuters <0#NIF:>, <NIFc1>, <NSI/NIF>
National Stock Exchange of India Bloomberg NZ (Month Code)(Last Number of Year) <Index>

The National Stock Exchange of India Ltd (NSE) was incorporated in The maximum brokerage chargeable by trading member in respect of
November 1992 and was recognised as a stock exchange in April 1993. trades effected in the securities admitted to dealing on the CM segment of
NSE was the first Indian exchange to introduce dematerialised trading in the Exchange is fixed at 2.5% of the contract price, exclusive of statutory
December 1996. 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
Trading System the rate of 0.035% of the turnover.
NSE 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
See Bombay Stock Exchange.
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. Cross Selling Equity & Short Selling
The Exchange provides a facility for screen-based trading with automated Is allowed subject to the following:
order matching. The whole process of trading to clearing and settlement Shortages Handling and Close-out Procedures
is automated. The trading system uses the NEAT (National Exchange for
All shortages not bought-in are deemed closed out at the highest price
Automated Trading) software as the front-end and Stratus mainframe as
between the first day of the trading period till the day of squaring off
its back-end. The system trades through an online nationwide Wide Area
or closing price on the auction day plus 20%, whichever is higher. This
Network (WAN) connected by VSATs and leased lines.
amount is credited to the receiving member’s account on the auction pay-
The first phase of the day is the pre-open phase where traders’ orders out day.
participate in arriving at the opening price of the day. All the orders in this
For Regular Market and depository deals
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 In the case of failure to give delivery: At the highest price prevailing in the
market is the ‘open’ phase where continuous matching of orders takes NSE from the first day of the relevant trading period till the day of closing
place provided they satisfy the matching criteria. The system is order out or 20% above the official closing price on the auction day, whichever
driven and conceals the identity of all parties. The trading system operates is higher.
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 Main Indices Board Lots
remains in the system and is displayed to the whole market, until a fresh
S&P CNX Nifty 50 Equities: In the dematerialised
order comes in or this order is cancelled or modified.
segment, a board lot is one share.
Official Trading Hours Physical shares: 5, 10, 50 and
Circuit Breakers Monday – Friday
100 shares, odd lots can be sold,
typically at a discount to current
Circuit breakers are triggered by movement of either the BSE Sensex or Continuous Trading: price. (However trading in physical
the NSE S&P CNX Nifty. 09:55 – 15:30 segment is not open to Institutional
Closing Session: investors. Institutions are allowed
Before 13:00 Before 14:30 After 14:30 15:50 – 16:00 to sell physical securities provided
±10% 1h halt 30min halt no halt the security is not connected to
±15% 2h halt 1h halt halt until close Market Size both/one of the depositories)
±20% Trading halted for the rest of the day as of August 2009
Market Capitalisation: Currency
These percentages are translated into absolute points of index variations USD1.001trn Indian Rupee (INR)
on a quarterly basis. At the end of each quarter, these absolute points of Average Daily Turnover:
index variations are revised for the applicability for the next quarter. USD3.0bn Clearing and Settlement
T+2 Business Days
Tick Size:
5 paise Currency Exchange
USD1 = INR48.735
EUR1 = INR71.236

Contents
Indonesia
Futures Information
None
GMT +7hrs
Internet: www.idx.co.id
Email: webmaster@idx.co.id
Primary Exchange
Indonesia Stock Exchange (IDX) or Bursa Efek Indonesia (BEI)
Brief History 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
In 1912, under the Dutch colonial government’s rule, Indonesia’s first stock can only see the best bid/offer. Single trades of more than 200,000 shares
exchange was set up in Batavia. The Exchange closed during the First World are recorded as block trades. Crossing is allowed but must be reported.
War and then reopened in 1925. The Batavia exchange operated alongside Turnaround trades are permitted. To encourage market liquidity, in February
parallel bourses in Semarang and Surabaya until 1942, when the archipelago’s 2004, the JSX implemented pre-opening trading.
occupation by Japanese Imperial Forces caused trading to cease. In 1952,
seven years after Indonesia declared its independence; the exchange was In January 2008 the IDX announced that it had chosen OMX as the provider of
reopened in Jakarta, trading stocks and bonds issued before the war by Dutch its new trading system. The new system will be implemented for stock trades at
enterprises. However, in 1956, nationalisation once again brought trading to the end of 2008 and will be followed in the next two years by the trading system
a halt. The exchange reopened in 1977 and commenced automated trading for derivatives and bonds.
in 1995. In 2007 the Surabaya Stock Exchange was merged into the Jakarta
Stock Exchange. As a result the Indonesia Stock Exchange was formed. Market spreads
Everything is IDR25.
Trading System
All stocks are traded on the JaAll stocks are traded on the Jakarta Automated Price Limits
Trading System (JATS) is an integrated system covering settlement and central
The system determines a floor and ceiling for stock’s offer price that is inputted
custody and providing real-time information. JATS has the capacity to process
in the Jakarta Automated Trading System (JATS). The system automatically
up to 150,000 transactions a day with the possibility of increasing capacity up
rejects orders or buy/sell offers that exceed the parameter.
to 500,000 transactions a day. All stocks are traded on a continuous on the
JATS order-driven market auction screen based system. Price (IDR) Price Limits
Trading at the JSX can only be done by JSX Members who are already registered <100 50%
as the Members of the Indonesian Clearing and Guarantee Corporation (KPEI).
Brokerage companies then execute their orders. >100 – <500 35%
There are two market places for trading since the removal of foreign lines; >500 – <2500 30%
namely the regular market and the crossing boards. Trading at the Regular
>2500 – <5000 25%
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 >5000 20%
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”. 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
The Composite Share 500. Odd lots can be sold
no more than 1% of the value of the transaction to either a buyer or a seller.
Price Index by designated dealers who
Commission fee is negotiable. Brokers have to pay a transaction fee of 0.03%
trade odd lots in particular
of the total transaction to the Exchange and a security deposit of 0.01% of
Official Trading Hours stocks, the price given is the
the value per guaranteed transaction managed by PT Kliring dan Penjaminan
prevailing market price ± and is
Monday – Thursday: Efek Indonesia (PT KPEI). For each security sold, there is a 0.1% sales tax of
reported net
Pre-Opening: the value of the transaction. In addition, for each transaction, the government
09:25 – 09:30 imposes VAT at the rate of 10% of the commission fee.
Currency
1st Session: Indonesian Rupiah (IDR)
09:30 – 12:00 Taxes & Regulations Affecting Foreign Investors
2nd Session: Clearing and Settlement Foreign shares for the banking sector will not start trading until 49% of
13:30 – 16:00 ordinary shares are owned by Indonesians. There are no restrictions on the
T+3 Business Days remittance of foreign currency into Indonesia and there are also no restrictions
Friday:
on the repatriation of sale proceeds or dividends to a foreign investor. Foreign
1st Session: Currency Exchange investors are not subject to capital gains taxation, but they are subject to a
09:30 – 11:30 USD1 = IDR9940.0 20% withholding tax on dividends deducted by the company or a lower rate if
2nd Session: there is a tax treaty between Indonesia and the country of the foreign investor.
EUR1 = IDR14529
14:00 – 16:00 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
Market Size tax rate. Income Tax on gains of Indonesian listed securities is limited to 0.1%
as of July 2009 of transaction value.
USD156.4bn Cross Selling Equity & Short Selling
Average Daily Turnover: Short selling is prohibited in Indonesia.
USD362.5m

Contents
Iran
Futures Information
None
GMT +3.5hrs (+4.5hrs DST)

Internet: www.iranbourse.com
Email: int.dept@tse.or.ir (International Affairs)
Primary Exchange
Tehran Stock Exchange
Brief History Circuit Breaker

The Tehran Stock Exchange (TSE) was established in 1966 and commenced According to TSE riles the price fluctuation is fixed to a maximum of 2%
operations in April 1967. The activities of the TSE continued to grow until either way from the last closing.
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.
No tax is levied on capital gains. There is 22.5% tax levied on dividends.
In 1989 at the end of the Iran-Iraq conflict trading on the TSE entered a This means that shareholders are exempted from dividend tax which is
growth phase following the first post-war Budget Act (enacted in March calculated and paid by the companies themselves.
1989) which heavily promoted the private sector’s role in the revival of the
economy, primarily through privatisation of state owned entities and for The new by-law for Foreign Portfolio Investment (FPI) was approved by
channeling capital into the appropriate sectors of the economy. the government in June 2005. Under this new bylaw, foreign investors can
participate in the TSE for the first time. Initially, however, some limitations
In 2006 the Iranian Government passed the Capital Markets Law under have been imposed on foreign investors:
which the TSE was privatised and the Supervision and operation of the
exchange was separated into the Securities and Exchange Council and  Foreign investors may own a maximum of 10 percent of each
The Securities and Exchange Organisation respectively. listed company
 Foreign investors may not withdraw their main capital and capital
gain for the first three years of their investment
Trading System
 Repatriation is possible once a year under current regulations
The Automated Trading System (ATS) of the TSE was implemented on
1 September 1994 and all listed securities have been traded through the
ATS since then. 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.

Commission fees for buying and selling shares are 0.4% of the value of
transactions paid by both buyers (40%) and sellers (60%) 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 (60%) to a maximum of 100 million RLS.
The sellers pay 0.5% tax at source. Main Indices Board Lots
TSE All Share Price Index (TEPIX) 1
TSE-50 Index
Currency
Official Trading Hours Iranian Rial (IRR)
Saturday – Wednesday
Continuous Trading:
Pre-Opening:
USD1 = IRR9893.1
Market Size EUR1 = IRR14463
as of August 2009
USD55.03bn
USD30.3m

Contents
Iraq
Futures Information
None
GMT +3hrs
Internet: www.isx-iq.net
Email: info-isx@isx-iq.net
Primary Exchange
Iraq Stock Exchange

The Baghdad Stock Exchange was suspended following the US led Commissions on the market are negotiable.
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. The ISX has been open to foreign investors since 2 August 2007. However
investors must register with a broker.
Trading System
Since 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.

None Iraqi Dinar (IQD)

Monday and Wednesday T+3 Business Days
10:00 – 12:00
Currency Exchange
Market Size USD1 = IQD1169.0
as of August 2009 EUR1 = IQD1709.0
>USD2.0bn

Contents
Ireland
Futures Information
None
GMT +0hrs (+1hr DST)

Internet: www.ise.ie
Email: info@ise.ie
Primary Exchange
Irish Stock Exchange

The Irish Stock Exchange (ISE) has been in existence since 1793. From There are no significant taxation distinctions between domestic and
1973 the Irish Stock Exchange was a member of the International Stock foreign investors.
Exchange of Great Britain and Ireland (now called the London Stock
The standard Capital Gains Tax rate in Ireland is currently 20%. In calculating
Exchange). However in 1995 it broke the link with London and with the
a chargeable gain or loss on an individual Irish security, investors are
introduction of the Stock Exchange Act, the Central Bank was appointed
usually entitled to subtract the cost of the securities, broker’s commission
as overall supervisor of the Irish Stock Exchange and its member firms. In
and stamp duty from the proceeds received. In addition an investor is
1995 the ISE also became a limited company.
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.
Trading System
Dividends are subject to an advance corporate tax of 40% paid by the
All equities are traded on the Exchange using the Exchange’s electronic issuing company. Non-Irish investors are exempt from capital gains earned
trading system ISE Xetra. Equities can be traded on the Exchange by through the sale of quoted shares, but must pay capital gains taxes on
way of the Order book or OTC. All trades are reported to ISE Xetra and unlisted shares in companies which earn their income from land in Ireland,
information in relation to these trades is disseminated directly to the market mining or mineral rights in Ireland and exploration or production on the
using the Exchange’s data feeds Irish Continental Shelf.
The system is the product of a strategic alliance between the Irish Stock
Exchange and Deutsche Börse. Through this alliance, the ISE operates Cross Selling Equity & Short Selling
an electronic trading system for Irish equities on a special segment of the
Short selling is prohibited for the shares of the Governor and Company of
Xetra trading platform in Frankfurt.
the Bank of Ireland, Allied Irish Banks Plc, Life and Permanent Plc, Anglo
Irish Bank Corporation Plc, except for market makers.
Circuit Breakers
Cross selling is allowed.
There are no circuit breakers in place on the Irish Stock Exchange at
the moment.

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.
ISEQ Index 1
Official Trading Hours Tick size

Monday – Friday EUR0.01
Pre-Trading:
06:30 – 07:50 Currency
Opening Auction: Euro (EUR)
07:50 – 08:00
Continuous Trading: Clearing and Settlement
Closing Auction:
Post-Trading: USD1 = EUR0.68417
16:30 – 17:15
Market Size
as of August 2009
USD55.1bn
132.7m

Contents
Israel
Futures Information
Main Contract Tel Aviv 25 IX FT
Trading Exchange Tel-Aviv Stock Exchange
Trading Times Sun – Thu; 10:30 – 18:00
Contract Size ILS100 x Index level
Tick Size ILS10 GMT +2hrs (+3hrs DST)
Contract Months Issued every three months, on January, April, July Internet: www.tase.co.il
and October
Email: info@tase.co.il
Expiration Day Last Friday of expiration month
Primary Exchange
Tel-Aviv Stock Exchange
Brief History 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
Regular trading in securities in Israel dates back to 1935 when an unofficial
(100agorots = 1shekel).
organisation was established at the initiative of the Anglo-Palestine Bank
Ltd. In 1953 the Tel-Aviv Stock Exchange Ltd (TASE) was incorporated There is also a 45 minute halting of trade in a company’s securities on
as a public company. The TASE has been fully automated since 1999. the day that the company produces price-sensitive data, so that the
From 2000 the Dual Listing Law took effect, allowing companies listed information can be widely disseminated.
in London or the USA to dual-list on the TASE without any additional
regulatory requirements.
Circuit Breaker
TASE have implemented several circuit breakers to protect investors. On
Trading System the TA-25 when there is a ±8% change in the TA-25 index relative to the
All stocks are traded on TACT (Tel-Aviv Continuous Trading), an order- base index there will be a temporary halt for 45 minutes. If after the trading
driven and integrated trading platform of the Tel Aviv Stock Exchange’s suspension there is another ±8% change there shall not be another halt.
equity, fixed income and derivatives markets. It adapted from a If there is a ±12% change trading shall be suspended until the end of the
system that was developed by the Chicago Stock Exchange and day. When an essential announcement is published regarding a security, a
implemented in stock exchanges worldwide. In the pre-opening phase 45-minute trading suspension occurs. During the pre-opening phase the
opening price fluctuations are limited to 35% in each direction from that maximum price fluctuations in equities and in convertible bonds is ± 35%.
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 Commission rates charged by members are left to the discretion of
multilateral trading (auction). each member.
Price fluctuation in the continuous phase is unlimited. The continuous

phase ends randomly with a calculation of the closing price, a weighted Taxes & Regulations Affecting Foreign Investors
average of the prices of the trades executed in the last 30 minutes of this On 1 January 2003, a 15% capital gains tax was imposed on Israeli
phase. The closing price phase from 17:15 to 17:30 begins as soon as the investors as well as a 10%–15% tax on interest payments. Corporate
continuous phase ends randomly. Trading in this phase is also bilateral, tax is fixed at a rate of 27%. Capital gains on securities held by Israeli
order-driven and continuous, but has one other prominent feature in residents abroad are currently 25%. Non-resident investors are exempt
that the share’s price cannot be changed. TASE members have direct from these new taxes.
access to trading.
Equities, Index Linked Noted (ILN) bonds, and T-bills can be sold short
Main Indices Board Lots on the TASE. A short sale is permitted only if all the conditions specified
TA 100 Index The seller (or buyer) is obliged to below have been complied with:
TA 25 Index trade at least in the minimum lot
(about USD5,000), unless they  The security sold is a share or a bond that is not convertible
have also announced that they  The seller first borrowed from a lender or from a lending member the
wish to sell (or buy) more lots at quantity of securities which he is about to sell short, and the
Sunday – Thursday the set price. Small lots (orders lender or the lending member, as the case may be, agreed to the
Pre-Opening: under USD5,000) cannot be
lending in writing
09:00 – 09:45 traded via the auction structure:
they must be executed during  Members must mark the orders submitted by them to the member
Opening Auction:
09:45 – 09:50 the opening call stage Members will make certain that the particulars of every matching order,
Continuous Trading: including the particulars of the security, the quantity of the security for carrying
Currency out the transaction and the price limit for carrying out the transaction, all
09:50 – 16:15
New Israeli Shekel (ILS) are identical with the particulars of the opposite matching order submitted
Closing Auction:
16:25 – 16:30 by the other client, with whom the transaction was agreed.
Market Size T+1 business days
as of August 2009
USD198.1bn USD1 = ILS3.7780
Average Daily Turnover: EUR1 = ILS5.5231
USD197.4m

Contents
Italy
Futures Information
Main Contract S&P/MIB Futures Index
Trading Exchange Milan Stock Exchange
Contract Size 5 EUR x index
GMT +1hr (+2hrs DST) Contract Months March quarterly basis
Internet: www.borsaitalia.it Expiration Day Third Friday of the delivery month
Reuters <0#IFX:>, FIB30 cash & futures <0#MIB30:>,
Email: info@borsaitalia.it nearest month <IFXc1>, contract details <MIL/IFX1>
Primary Exchange Bloomberg ST (Month Code) (Last Number of Year) <Index>
Borsa Italiana

The year 2008 marks the bicentennial of the Borsa Italiana. On 16 January Capital gains accrued by private domestic investors from non-substantial
1808 a vice-royal decree promulgated by Eugenioo Napolenone officially holdings (< 2%) are subject to a definitive withholding tax of 12.5%.
inaugurated the “Borsa Di Commercid” (commodities exchange) in Milan. Foreign investors are exempt from capital gains taxation both on cash
Throughout the 19th and 20th Centuries various exchanges were set up and derivatives instruments. Private domestic investors are subject to a
in Italian cities with notable exchanges in Genoa, Florence, Venice and definitive 12.5% withholding tax (excluded for dividends linked to substantial
Rome. However during the 20th century the markets consolidated with holdings). The taxpayer may opt for ordinary personal taxation.
Milan becoming the dominant exchange. Following a programme of major
There is no stamp duty on securities transactions on regulated markets.
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 Cross Selling Equity & Short Selling
exchanges, were gradually transferred to the new system. The process to The ban on short selling has been lifted on 31 July, regular rules apply
list all securities electronically was completed in 1994. In 1997 The Milan (T+3 delivery). Approved intermediaries may execute cross trades, using a
stock exchange was privatised and The Borsa Italiana was founded and special cross-order function, by matching two orders of opposite sign for
is responsible for the organisation and management of the Italian Stock the same quantity, provided:
Exchange. On October 10 2007 the London Stock Exchange completed
its takeover of the company. 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
Trading System
The electronic trading system is regulated and managed by Borsa Italiana
and cash instrument trading platforms are run by SIA, the IT provider
Tick Size
which manages the exchange data processing facilities. The system is Price (EUR)
supported by a network which links all authorised securities firms located Stock Price Tick Size
throughout Italy and also abroad. It enables trading in real-time of all 0 – 0.25 0.0001
securities independently of physical location. All the markets organised
0.25 – 1 0.0005
and managed by Borsa Italiana operate as electronic trading systems on
1 – 2.0 0.001
the basis of specifically designed market microstructure characteristics.
The Stock Exchange trading day is organised in three main phases: 2.0 – 5.0 0.0025
opening auction (pre-auction, validation and opening), continuous 5.0 – 10 0.005
trading, and closing auction (pre-auction, validation, closing). For some 10 0.01
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). Main Indices Board Lot
After the closing auction phase a 20 minute time period starts during S&P/MIB 1
which no new orders may be entered and the system computes official
prices as the weighted average of prices of all contracts. Securities are Official Trading Hours Currency
subject to a 5 minute suspension every time the new price varies by more Monday – Friday Euro (EUR)
than 10% with respect to the reference price or by more than 5% against Pre-Auction Phase:
the previous price in the same session. 08:00 – 09:00 Clearing and Settlement
Opening Auction: T+3 Business Days
During official Trading Hours it is possible to execute trades outside the
09:00 – 09:05
regulated market only if the following two conditions hold: the customer Currency Exchange
Continuous Trading:
has authorised the intermediary in advance to execute trades outside
09:05 – 17:25 USD1 = EUR0.68417
regulated markets, and execution of trades outside regulated markets
allows a better price to be obtained. Block trading is allowed for orders Closing Auction:
17:25 – 17:35
above the minimum block size defined by CONSOB that varies – according
to the average trading volume – from EUR150,000 to EUR1.5m. All trades
Market Size
within 15 seconds to the market authorities, and Borsa Italiana must as of August 2009
disclose them to the public after 60 minutes.
In late 2008 the LSE plans to integrate the Italian, UK and international USD588.3bn
equities markets on TradElect, creating the largest European liquidity pool. Average Daily Turnover:
USD3.4bn
Commission fees are negotiable.

Contents
Jamaica
Futures Information
None
GMT -5hrs
Internet: www.jamstockex.com
Email: trading@jamstockex.com
Primary Exchange
Jamaica Stock Exchange
Brief History Circuit breakers

The Kingston Stock Market Committee was established in 1961 under Trading in a security is halted for 15 minutes on a 15% rise or fall in its
the auspices of the Bank of Jamaica in order to coordinate and organise prices. If upon resumption of trading there is an additional 5% decline or
the growing level of trading activity in government and corporate increase in the price or in volume traded then trading of that security will
bonds and equities. The Committee consisted of stockbrokers and the be suspended for the remainder of the day.
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 1968, commencing
operations in 1969. The 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
Trading System Stock Exchange Levy of 0.15625% on either side of the transaction.
Full electronic trading using the SUNRISE Automated Trading System
A GCT of 15% is charged on commission as well as the Jamaica Stock
came into operation in February 2000. There is a price determination
Exchange levy.
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 Withholding Tax on Dividends was abolished in April 2002. There is no
be done within one stock broking firm and where there is no change in capital gains tax. Direct and Portfolio investment is welcome and free of
beneficial ownership. any bureaucratic inconvenience.
Odd lots must be traded between the best bid/offer or at any price Dividends are subject to a 10% withholding tax depending on any double
in the event that there has been no bid/offer during the previous 24 taxation treaties between Jamaica and the other party’s country. Effective
trading sessions. 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 0.01
and warrants
Bonds Par to 4 decimal places (100.0000)

Jamaica Stock Exchange 1
Market Index
JSE All Jamaica Composite Index Currency
JSE Select Index Jamaican Dollar (JMD)

Continuous Trading:
USD1 = JMD88.275
Market Size EUR1 = JMD129.03
as of August 2009
USD9.2bn
USD26.8m

Contents
Japan – Tokyo
Futures Information
Main Contract Nikkei 225 Index Futures / Nikkei 300 Index Futures
Trading Exchange Osaka SE
Trading Times Mon – Fri; 09:00 – 11:00,12:30 – 15:10,
16:30 – 19:00 (Tokyo time)
GMT +9hrs Contract Size ¥1000 x Index
Tick Size 10
Internet: www.tse.or.jp/english Contract Months Business day before second Friday of contract month
Email: wwwadm@tse.or.jp Expiration Day Five quarterly months (March, June, September and
December cycle)
Primary Exchange Reuters <0#JNI:>/<0#JNW:>, nearest <JNIc1>/<JNWc1>,
Tokyo Stock Exchange details <OSE/JNI>/<OSE/JNW>
Bloomberg NK (225), NE (300) (Month Code)(Last Number of
Year) <Index>
Brief History Foreign Shareholdings

The Tokyo Stock Exchange Co Ltd was established in 1878. In 1943, as According to Japanese law, certain airline stocks, broadcasting stocks
an emergency measure to control the wartime economy, Japan’s 11 stock and NTT Corp have aggregate foreign ownership limits (33.33%, 20% &
exchanges were consolidated into one Semi-government Corporation 20% respectively). When reached foreign investors can still buys shares
called the Japan Securities Exchange. Activity was suspended in August but cannot register them in their name. There is no official warning if these
1945. In 1948 the new Securities and Exchange Law (Shoken Torihiki Ho) limits are close.
was enacted. The trading floor was closed in April 1999.
The Tokyo Stock Exchange absorbed the Hiroshima and Niigata stock Cross Selling Equity & Short Selling
exchanges on 1 March 2000. The Tokyo Stock Exchange demutualised Short selling must not be conducted at a price that is equal or below
on 1 November 2001. the most recently published price (“most recent price”), unless the most
recent price exceeds the immediately previous price, in which case short
Trading System 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
The Tokyo Stock Exchange market operates as a continuous auction,
short sale and for any short position exceeding 0.25% of total market
where buy and sell orders interact directly with one another. All orders,
capitalisation. The Financial Services Agency has extended the ban on
whether limit or market orders, are placed by broker/dealer trading
naked short selling to 31 July.
participants and matched in accordance with the price priority and time
priority under the supervision of the Exchange. Under the price priority rule, Under cross dealing, the securities company first places the sell or buy
a selling (buying) order with the lowest (highest) price takes precedence. order on the market, and if no other securities company that is a member
Under the time priority rule, an earlier order takes precedence over others of the exchange makes a corresponding buy or sell order, the securities
at the same price. Once transactions have been completed, the results company only then match the first order with an opposite order that the
are transmitted immediately to the terminals of the trading participants’ securities company has also received.
computer systems.
A securities company has orders both for sale and purchase of the same
Minimum price fluctuations (JPY) issue, said securities company may carry out a cross dealing. Under
cross dealing, the securities company first places the sell or buy order
Minimum price Minimum price
Price per share
fluctuations
Price per share
fluctuations
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
up to 2,000 ±1 up to 1m 1,000
company only then match the first order with an opposite order that the
up to 3,000 5 up to 20m 10,000
securities company has also received, to complete the deal.
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) Main Indices Board Lots

Tokyo stock price index (TOPIX) The number of shares per unit
Price Move Price Move Price Move Price Move Price Move Price Move
is determined by the issuing
<100 30 <2k 300 <30k 3k <200k 300k <3m 400k <30m 4m Official Trading Hours company, ranges from
<200 50 <3k 400 <50k 4k <300k 40k <5m 500k <50m 5m 1 to 3,000 shares
Monday – Friday
<500 80 <5k 500 <70k 5k <500k 50k <10m 1m >50m 10m
AM Pre-Open: Currency
<1k 100 <10k 1k <100k 10k <1m 100k <15m 2m
08:00 – 09:00
<1.5k 200 <20k 2k <150k 20k <2m 300k <20m 3m Japanese Yen (JPY)
PM Pre-Open:
12:05 – 12:30
Circuit Breakers Clearing and Settlement
AM Opening Auction: 09:00
T+3 Business Days
When there are bids or offers which are outside the reasonable price range PM Opening Auction: 12:30
from the standpoint of price continuity, a “special bid quote” or a “special
AM Continuous Trading: Currency Exchange
ask quote” are indicated in order to notify the public of the existence of 09:00 – 11:00
such orders. The special bid/ask quotes maybe renewed at intervals of USD1 = JPY90.863
PM Continuous Trading: EUR1 = JPY132.82
five minutes or more.
12:30 – 15:00
AM Closing Auction: 11:00
PM Closing Auction: 15.00
The brokerage commissions of all listed securities and futures/options
contracts have been liberalised since the end of 1999. Market Size
as of August 2009
Taxes & Regulations Affecting Foreign Investors Market Capitalisation:
Capital Gains Tax for foreign (non residents) is from January 2008 USD3.33trn
now 15% (from 7%). Taxes on Dividends are 15% from 1 April 2008 Average Daily Turnover:
(from 7%) again for non residents. Income tax is 15% for non residents. USD16.2bn
The Securities Transfer Tax and the Exchange Tax were abolished on
1 April 1999.
Contents
Japan – Osaka
Futures Information
Main Contract Nikkei 225 Index Futures / Nikkei 300 Index Futures
Trading Exchange Osaka SE
Trading Times Mon – Fri; 09:00 – 11:00 / 12:30 – 15:10,
16:30 – 19:00 (JST)
Contract Size ¥1000 x Index
GMT +9hrs
Tick Size 10
Contract Months Five contract months: May, June, Sep and Dec cycle
Internet: www.ose.or.jp/e
Expiration Day Business day before the second Friday of each contract Email: webmaster@ose.or.jp
month
Reuters <0#JNI:>/<0#JNW:>, nearest <JNIc1>/<JNWc1>, Primary Exchange
details <OSE/JNI>/<OSE/JNW> Osaka Securities Exchange
Bloomberg NK (225), NE (300)(Month Code)(Last Number of
Year)<Index>

In 1878 the Osaka Stock Exchange was established as a profit-making The new Trading system was launched on 27 February 2006. All trading
corporation. In 1943, as a wartime emergency measure, Japan’s then in listed stocks are made through a fully automated computerised trading
11 stock exchanges were consolidated into one semi-government system except for the OptiMark Market.
corporation, the Japan Securities Exchange. The Osaka Stock Exchange
became its Osaka division. This unified Exchange, however, suspended Market bids or offers have precedence over all other quotations. Among
operations at the end of the war in August 1945 and was finally limited-price bids or offers, the highest bid and the lowest offer have
dissolved in April 1947. In 1948 the new Securities and Exchange Law precedence in all transactions on the Exchange. Where bids or offers have
was enacted with the principal object of establishing a system of fair trade the same prices, the earliest have priority over the others.
in securities and the protection of investors. Under this law the Osaka
Transactions in futures and options are also executed through a fully
Securities Exchange was established in 1949 as a non-profit-making
automated computerised trading system.
membership organisation.
Maximum Price Fluctuations
In July 2001 the OSE launched the ETFs (Exchange Traded Funds)
Market and in December 2001 OSE established a market for investment Please refer to the Tokyo Stock Exchange Page.
companies to invest in ventures, mainly unlisted companies. The OSE Minimum Price Fluctuations
initiated trading in an ETF based on FTSE Japan Index on 4 July 2002,
Please refer to the Tokyo Stock Exchange Page.
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 Commission rates are freely negotiable.
other products.
Please refer to the Tokyo Stock Exchange page for full details.

Osaka SE Hercules Index Mainly 1000 (78% of all listed)
for stocks with a par of ¥50 (a
Official Trading Hours number trade in lots of 100). Par
Monday – Friday values of ¥500 trade in lots of
100 (17%), Par value stocks
AM Pre-Open:
(¥5k – ¥50k) trade as single
08:00 – 09:00
shares. Odd lots are sold
PM Pre-Open: back to the company by the
12:05 – 12:30 client’s custodian
PM Opening Auction: 12:30 Currency
AM Continuous Trading: Japanese Yen (JPY)
09:00 – 11:00
PM Continuous Trading:
Currency Exchange
PM Closing Auction: 15:10
USD1 = JPY90.863
Market Size EUR1 = JPY132.82
as of August 2009
USD145.8bn
USD619.2m

Contents
Jordan
Futures Information
None

Internet: www.exchange.jo
Email: info@ase.com.jo
Primary Exchange
Amman Stock Exchange

The Amman Stock Exchange (ASE) came into being on 11 March 1999. There are no restrictions on the repatriation of proceeds of sale of
This was a major step in the comprehensive reform of the capital market securities, or income from them.
in Jordan. The Jordanian Government initiated the reforms by adopting
A 10% tax on distributed dividends was removed as of 1 January 2002.
the Securities Law of 2002 with the aim of bringing the operation of the
There is no tax on capital gains.
securities industry up to international standards.
Jordan has double taxation treaties with Egypt, France, India, Indonesia,
Trading System Malaysia, Poland, Romania, Tunisia, Turkey, Yemen and, collectively, the
members of the Council of Arab Economic Unity.
The Amman Stock Exchange implemented its electronic trading
system (ETS) in March 2000. Trading on the ASE takes place on an According to the Non-Jordanian Investment Regulation No. 54 of 2000
automated, order-driven system. Brokers trade on the system remotely issued pursuant to Article (24) of the Investment Promotion Law No. 16 of
(from their offices). 1995, no ceiling exists on non-Jordanian ownership of companies listed
at ASE.
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.

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.

ASE Share Price Index as of August 2009
Official Trading Hours USD33.2bn
Sunday – Thursday Average Daily Volume:
USD64.5m
Bonds and Mutual Funds:
Pre-Opening:
09:30 – 09:35 Currency
Opening: 09:35 Jordanian Dinar (JOD)
Continuous Trading:
Block Trades: T+2 Business Days
09:55 – 13:00
Post-Trading: 13:00
Currency Exchange
First and Second markets: USD1 = JOD0.70825
Pre-Opening: EUR1 = JOD1.0354
09:30 – 10:00
Opening: 10:00
Continuous Trading:
10:00 – 12:15
Pre-Closing: 12:25
Trading at Last:
12:25 – 12:40
Post-Trading: 13:00
Block Trades:
12:40 – 13:10

Contents
Kazakhstan
Futures Information
None

Internet: www.kase.kz
Email: info@kase.kz
Primary Exchange
Kazakhstan Stock Exchange

The Kazakhstan Stock Exchange (KASE, previously named the None.
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 Exchange levy of 0.1% on buys.
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 System
Bidding at KASE takes place according to the bidding schedule approved
by the management of KASE and based on ‘The Rules of Exchange
Bidding’. 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.

KASE Index Kazakhstan Tenge (KZT)

Monday – Friday Settlements on listed securities
Equities and Corporate Bonds: transaction concluded at KASE
11:30 – 17:00 are carried out through the
Central Depository on a T+0
basis. Settlements on Unlisted
Market Size
as of August 2009
corporate securities are carried
out by participants at the place
Market Capitalisation: and time stated in the certificate
USD50.5bn
Average Daily Turnover: Currency Exchange
SD21.8m
USD1 = KZT150.88
EUR1 = KZT220.56

Contents
Kenya
Futures Information
None
GMT +3hrs
Internet: www.nse.co.ke
Email: info@nse.co.ke
Primary Exchange
Nairobi Stock Exchange

The Nairobi Stock Exchange (NSE) was established in 1954, when Kenya The interests of foreign investors are protected by the Foreign Investment
was still a colonial territory, as a voluntary association of stockbrokers Protection Act. Exchange controls have been repealed.
registered under the Societies Act. It started off with six stockbroking firms
Foreign investors have been allowed on the NSE since January 1995.
and 50 listed companies. After fast initial growth the Exchange stagnated
Foreign investors are allowed to hold a maximum of 75% of the total
in the post-independence years. Recently it has shown signs of recovery
capital issued by a Kenyan-controlled firm on the NSE. Foreign investors
due to strong government support and investor awareness. In 1989 the
are not allowed to buy stock in a company controlled abroad, unless such
Capital Markets Authority (CMA) was set up by the government to facilitate
stock was bought from another already existing overseas stockholder or
and oversee the orderly development of capital markets.
was in a new share issue.
Trading System 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
In September 2006 the Nairobi Stock Exchange implemented the non-residents.
Automated Trading System (ATS) which was constructed by Millennium
Information Technologies (MIT) of Colombo, Sri Lanka. The replaced the
floor-based open-outcry system.

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 Up to Above
(Transaction value) KES5,000,000 KES5,000,000
Stockbroker Commission 1.78% 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%
Corporate and Treasury bond transactions NSE 20 Share index An authorised dealer may only
trade and deal in minimum lots
The only commission levied on bonds is the stock brokerage commission: Official Trading Hours of KES5m and any trades below
minimum is KES500. A 0.0625% commission of the value of the this amount must be transacted
Monday – Friday
transaction is chargeable on amounts up to KES50m. Commissions for through stockbrokers
amounts above KES50m are fully negotiable. Pre-Opening:
09:00 – 09:30 Currency
Opening Auction: 09:30 Kenyan Shilling (KES)
Continuous Trading:
T+5 Business Days
Market Size
as of August 2009 Currency Exchange
Market Capitalisation: USD1 = KES75.800
USD10.6bn
EUR1 = KES110.82

Contents
Kuwait
Futures Information
None
GMT +3hrs
Internet: www.kuwaitse.com
Email: webmaster@kuwaitse.com
Primary Exchange
Kuwait Stock Exchange
Brief History Shares of companies are listed according to its category in sectors.
Nine Sectors were listed in this respect. These are as follows:
The Kuwait Stock Exchange (KSE) was established in 1983. All trading
operations of the Exchange were suspended on the Iraqi invasion of 1. Banking Sector
Kuwait on 2 August 1990. The Kuwaiti Stock Exchange recommenced 2. Investment Sector
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 3. Insurance Sector
offer such a facility. 4. Real-Estate Sector
5. Industrial Sector
Trading System . Services Sector
The bilingual Arabic-English KATS (Kuwait Automated Trading System) 7. Food Sector
system allows brokerage firms to match volume and prices instantly and 8. Non Kuwaiti Companies Sector
publishes deals within seconds. Only nationals of the Gulf Co-operation
9. Funds
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. Taxes, Market Charges & Compulsory Commissions
The commission paid by investors is 0.125% up to KWD50,000 in value
Dealers sit at stalls and cubicles set up by brokerage firms around the
and 0.1% for any transaction value in excess of KWD50,000.
edge of the hall and use their own trading screens to conduct business.
Ticks and Trade Units
Investors sit in the former trading floor and watch price quotations,
volume movements and company financial data on non-trading computer Share Price in Fils Changing Price in Units No. of Shares
screens. When they want to buy or sell they go to the brokerage stalls and 0.5 : 50 0.5 80,000
place an order. 51 : 100 1 40,000
KATS is also the first automated trading system in the world designed to 102 : 250 2 20,000
be fully operational in the Arabic language. 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

Main Indices Currency Amiree Decree Law No. (10) for 1999 was issued to regulate the direct
The Kuwait Stock Kuwaiti Dinar (KWD) investment of foreign capital in Kuwait. An investment committee was
Exchange Index established to promote investment opportunities in the country as well
Clearing and Settlement as offering incentives to foreign investors and to facilitate the elimination
Official Trading Hours The assets and liabilities of of all obstacles a foreign investor may face. This law decree has provided
Saturday – Wednesday traders, whether shares or funds, guarantees for foreign investors to preserve ownership rights in their
are netted each day with each enterprises.
Order Acceptance: 08:50
broker they trade through. At
Pre-Auction: 08:59 the end of the trading period Amiree decree No. (20) for 2000 permits foreign investors to own
Open and Continuous Trading: (Saturday to Wednesday) the shares in existing Kuwaiti companies or those that may be established in
09:00 –12:30 account position is automatically the future.
Forward Quote Entry: 12:32 cleared. A statement of account
is issued for each trader with
Ministerial resolution No. (205) for year 2000 outlines the regulation of
Forward Quote Entry: 12:55 investment activity in shares for non-Kuwaitis. Financial accounts have
each broker, showing all activities
Forward Close: 13:15 and transactions for the period been opened at the Kuwait Clearing Company by non-Kuwaiti investors
as a prelude to dealing in Kuwaiti shares.
as of August 2009
USD1 = KWD0.28630
EUR1 = KWD0.41855
USD119.3bn

Contents
Kyrgyz Republic
Futures Information
None
GMT +5hrs
Internet: www.kse.kg (not available in English)
Email: kse@kse.kg
Primary Exchange
Kyrgyz Stock Exchange
Brief History Commission rates for the Secondary Market

The Kyrgyz Stock Exchange (KSE) was founded in 1994. The first trades Value issued Rate Discount
in stocks and its official opening took place in May 1995 while the in KGS
privatisation process was in full swing. Below 10m 0.20% 0%
Until 2000 the exchange functioned in the form of a non-profit organisation Between 10m and 50m 0.20% 25%
with a total membership of 16. In May 2000 the KSE was transformed into Between 50m and 100m 0.18%, maximum KGS120,000 25%
a joint stock company and the exchange acquired a large shareholder Between 100m and 300m 0.12%, maximum KGS180,000 50%
and a partner in the form of the Istanbul Stock Exchange. In 2001 the 300m and over 0.06%, maximum KGS200,000 50%
Kazakhstan Stock Exchange became a shareholder.

Trading System
Tax Local Foreigners
Trading on the KSE is effected through the electronic trading system,
Cash Dividends 0% 10%
which has been operational since May 2003.
Interest Income 10%* 10%
Capital Gains 20% 30%
Commission rates for the Primary Market *Not applied to the interest received by commercial banks for state securities.
Value issued Rate Discount

in KGS
Below 20m 0.16% 0%
Between 0.14% 25%
20m and 50m
50m and over 0.12%, maximum 25%, if the volume traded is
KGS100,000 between 50m and 100m. 40%
if the volume traded is 100m
and over

KSE Index Kyrgyz Som (KGS)

09:00 – 18:00
Currency Exchange
Market Size USD1 = KGS44.100
as of August 2009 EUR1 = KGS64.467
~USD65m

Contents
Latvia
Futures Information
None

Internet: www.lv.omxgroup.com
Email: riga@omxgroup
Primary Exchange
Riga Stock Exchange

The Riga Stock Exchange (RSE) was established in December 1993 and Trading in shares, bonds, warrants, premium bonds, convertibles and
the first trading session took place in July 1995. In 2002 the Riga Stock depository receipts on the Nordic Exchange is conducted through
Exchange acquired the Latvian Central Depository (the holder of the OMX’s SAXESS trading system, while derivatives trading are done
registrar for public securities and also operating a securities settlement through OMX’s CLICK trading system and voice broking. Numerous
system). The resulting group was taken over by OMX Group. OMX transactions are executed using automatic matching, where bid and ask
Exchanges is the largest securities market in Northern Europe and consists orders are automatically matched for a trade when the bid and ask price
of Stockholm Stock Exchange, Helsinki Stock Exchange, Copenhagen correspond. All brokers have the same picture of the market situation
Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange and the simultaneously since all information from cash and derivative trading is
Vilnius Stock Exchange. Following the merger of the HEX Group and OM relayed in real time.
Group and the decision of the merged identity to join the NOREX alliance,
the RSE also became part of NOREX.
Circuit Breakers
On 27 September 2004 the Helsinki, Tallinn and Riga stock exchanges There is no market-wide circuit breakers on the Baltic Market.
harmonised their cash markets by adopting the SAXESS cash trading
system already used by the Stockholm Stock Exchange. During 2007 If a ±15% move in a single share occurs, trading in that security is halted
NASDAQ and Dubai Borse were involved in a takeover battle for OMX. In and an auction takes place.
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% Taxes, Market Charges & Compulsory Commissions
state in NASDAQ.
Automatically 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.

In 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%.
Main Indices Market Size Cross Selling Equity & Short Selling
BALTIX as of August 2009
Market Capitalisation: There is no specific rules on short selling, it is the broker’s responsibility to
OMX Riga All-Share (OMXR) deliver shares by settlement date.
USD720.3bn (OMX)
Official Trading Hours Average Daily Turnover:
USD3bn (OMX)
Monday – Friday
Pre-Trading Session: Currency
08:30 – 09:45
Latvian Lat (LVL)
Pre-Opening Auction Period:
09:45 – 10:00
Opening Auction: 10:00
T+3. Negotiated deals may have
Trading Period: a settlement day between T+0
10:00 – 15:50 (inclusive for local members,
Pre-Closing Auction Period: exclusive for cross-members)
15:50 – 16:00 and T+40 (inclusive)
Closing Auction: 16:00
Currency Exchange
After-Market trading:
16:05 – 16:30 USD1 = LVL0.48010
EUR1 = LVL0.70192

Contents
Lebanon
Futures Information
None

Internet: www.bse.com.lb
Email: bse@bse.com.lb
Primary Exchange
Beirut Stock Exchange

The Beirut Stock Exchange was founded on 2 July 1920. At that time Commission is charged on each buying or selling transaction carried out
the exchange dealt mostly in gold and foreign exchange. The exchange in any of the official or secondary markets.
suspended operations in 1983, due to war, with 45 companies registered
on the trading floor. On 22 January 1996 the exchange was reopened for Volume of Trade (USD) Commission Rate (%)
trading. 0 – 100,000 0.04%
100,001 – 1,000,000 0.025%
Trading System 1,000,001 – 5,000,000 0.01%
All securities are traded on a screen based price fixing system:
5,000,000+ 0.0001%
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 There is a 10% flat income tax, and 5% dividend tax. Capital gains on the
or execution of the trading operations. The brokers transfer of companies’ shares are tax free.
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 Main Indices Currency
of the direct transactions executed by every broker BLOM Stock Index (BSI) Lebanese Lira/Pound (LBP)
outside the pit and accepted shall also be printed,
with the determination of the payment and delivery Official Trading Hours Clearing and Settlement
terms. The list shall be transmitted by the Stock Monday – Friday T+3 Business Days
Exchange to the authorised body to carry out the 09:30 – 12:00
payment and delivery operations. Currency Exchange
Sixth Stage: The orders which have not been executed in the Market Size USD1 = LBP1502.5
Stock Exchange during the pricing session are Market Capitalisation: EUR1 = LBP2196.5
cancelled from the trading system. USD11.1bn
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.

Contents
Lithuania
Futures Information
None

Internet: www.lt.omxgroup.com
Email: vilnius@omxgroup
Primary Exchange
Vilnius Stock Exchange

The National Stock Exchange of Lithuania (NSEL) was established in There is no market-wide circuit breakers on the Baltic Market.
September 1992 and held its first trading session a year later. In 1998,
If a ±15% move in a single share occurs, trading in that security is halted
it converted from a non-profit organisation to a public limited company.
and an auction takes place.
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. Taxes, Market Charges & Compulsory Commissions
In May 2004 OMEX purchased 44.3% of the shares of the VSE and 32% There are no fixed commissions imposed by laws or rules. The rates
of the shares of the Central Securities Depository of Lithuania. On 30 May charged by brokers generally range from 0.3% for large transactions to
2005, the VSE started trading on the SAXESS platform. 1.20% for single small trades.
OMX was formed in 2003 following the merger of Finnish exchange From the 1 January 2008, with the aim of reducing members’ fees to
operator HEX Group and OM Group of Sweden. OMX owns and operates investors the VSE reduced their trading fees. As such the fees for manual
the six exchanges in the Nordic Exchange. During 2007 NASDAQ and trades on the VSE were reduced from 0.05% to 0.03% with a maximum
Dubai Borse were involved in a takeover battle for OMX. In January 2008 fee of EUR140. The fee for trades executed in the WSE automatch market
it was announced that Borse Dubai was to buy OMX and would then sell it will be reduced from 0.05% to 0.045%. The minimum fee will be the
to NASDAQ, in return the Borse Dubai gained a 20% state in NASDAQ. equivalent of EUR0.30 in the local currency.

Trading on the VSE is order-driven, screen-based, centralised and In general, the income of non-resident corporations and individuals without
dematerialised. Trading in shares, bonds, warrants, premium bonds, permanent establishments are tax-exempt if derived from the sale or
convertibles and depository receipts on the VSE is conducted through other transfer into ownership of securities. The dividend payments to non-
OMX’s SAXESS trading system, while derivatives trading is done resident corporations are taxable at a rate of 15 percent, if the exemptions
through OMX’s CLICK trading system and voice broking. Numerous provided by law or double taxation treaty do not provide other rate or
transactions are executed using automatic matching, where bid and ask exemption from taxation. The interest on corporate bonds (excluding
orders are automatically matched for a trade when the bid and ask price government bonds issued on international financial markets) payable to
correspond. All brokers have the same picture of the market situation non-resident corporations is subject to a 10 percent tax. The dividend
simultaneously since all information from cash and derivative trading is payments and interest payable to non-resident individuals are taxable at
relayed in real time. 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
Main Indices Currency percent tax rate.
OMX Vilnius Index Lithuanian Litas (LTL)
Official Trading Hours Clearing and Settlement Short selling is not permitted in Lithuania.
Monday – Friday T+3, Negotiated deals in Tallinn
Pre-Trading Session: and Vilnius stock exchanges
08:30 – 09:45 may also have a settlement day
between T+1 (inclusive) and T+6
Pre-Opening Auction Period: (inclusive) if agreed so separately
09:45 – 10:00
Opening Auction: 10:00 Currency Exchange
Trading Period: USD1 = LTL2.3616
10:00 – 15:50
EUR1 = LTL3.4527
Pre-Closing Auction Period:
15:50 – 16:00
After-Market Trading:
16:05 – 16:30
Market Size
as of August 2009
USD720.3bn (OMX)
USD3bn (OMX)

Contents
Luxembourg
Futures Information
None
GMT +1hr (+2hrs DST)

Internet: www.bourse.lu
Email: info@bourse.lu
Primary Exchange
Luxembourg Stock Exchange
Brief History Cross Selling Equity & Short Selling

The law concerning the creation of a trade exchange was enacted in 1927 An investment fund may carry out shot selling subject to the following
and the Stock Exchange was incorporated as the ‘Société Anonyme de rules and regulations:
la Bourse de Luxembourg’ the following year. The first session of the
 Aggregate commitment (i.e. unrealised losses) in terms of short
Stock Exchange was in May 1929. Quotation of international bonds in
selling may not exceed 50% of assets
the currency of issue began in April 1969 and gold trading was introduced
in March 1981. The first quotation of shares in the currency of issue  Other-party risks per lender may not exceed 20% of assets
was in December 1981. The first remote member was admitted to the  A fund may invest up to 10% of its assets in short positions of
Exchange in June 1998. More recently, the Euronext-Luxembourg Stock unlisted securities, provided such securities are listed
Exchange cross-membership and cross-access agreement was signed in
 A fund may not sell short more than 10% of the same type of
November 2000.
securities issued by the same issuer
On 22 March 2007, Euronext and the Luxembourg Stock Exchange  Short positions on securities issued by the same body may not
announced the signature of a Masters Agreement for mutual cooperation. exceed 10% of assets and/or the commitment on such securities
This agreement will lead to the creation of a European Economic Interest may not exceed 5% of assets
Grouping (EEIG). Since the second quarter of 2007, all securities listed on
 Shares do not need to be borrowed prior to a short sale, T+3
the Luxembourg Stock Exchange have been available on NSC, the single
delivery applies
pan-European trading platform used by all Euronext cash markets. This
will give Euronext members’ access to nearly 40,000 instruments traded  Shares of financial institutions and insurance companies cannot be
on the Luxembourg Exchange, including 29,000 bonds issued by more sold short if resulting in a net short position (market makers exempt)
than 4,000 entities in over 100 countries.
Trading System
On 2 May 2007 the Luxembourg Stock Exchange migrated all securities
listed on the regular market and the Euro MTF market to the NSC trading
platform of Euronext, this replaced the ‘Système Automatisé de Marché
– SAM’ which had been in used since 1996.

Brokerage fees are fully negotiable.
Circuit Breakers Main Indices Market Size

For all Stocks LuxX Index as of August 2009
During auctions: 5% difference from the reference price (generally the Market Capitalisation:
previous day’s close or the last indicative price) Official Trading Hours USD85.7bn
During continuous trading: 5% difference from the reference price USD1.4m
(re-adjusted during trading after an order has been matched) Pre-opening:
07:15 – 09:00
Trading resumes after a 90-second halt.
Currency
Opening auction:
09:00 Euro (EUR)
Taxes & Regulations Affecting Foreign Investors Continuous Trading:

09:00 – 17:30
Dividends are subject to a 20% withholding tax. The reduced treaty rate is T+3 Business Days
15% with the exception of the US and Greece where the reduced rate is Pre-Closing:
17:30 – 17:35
7.5%. Capital gains earned through the sale of shares on the Luxembourg Currency Exchange
Stock Exchange are not taxed. Closing Auction:
17:35 USD1 = EUR0.68417
There are no restrictions on investment by non-residents, whether they are Trading at Last (TAL):
individuals or legal entities. Equities may be purchased by non-residents 17:35 – 17:40
and proceeds may be repatriated. Non-residents may open a bank
account in Luxembourg without governmental authorisation.

Contents
Macedonia
Futures Information
None

Internet: www.mse.org.mk
Email: mse@mse.org.uk
Primary Exchange
Macedonian Stock Exchange
Brief History 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
The Macedonian Stock Exchange was founded in September 1995 and
based on the automated processing of orders entered into the system. All
commenced trading on 28 March 1996, as a central marketplace for
securities (listed on the Official market or admitted on the unofficial market)
trading in securities and the first organised stock exchange in the history
are included in the daily continuous trading (from 10:00 to 13:00) at
of the Republic of Macedonia.
varying prices – if the price of different orders equals, trade is automatically
The MSE was founded as a joint-stock company. Since 1997, under concluded. BEST has three fixing session for certain stocks (from 09:00 to
the new Law on Issuance and Trading in Securities, MSE members can 10:00, from 12:00 to 12:30 and from 12:30 to 13:00).
only be legal entities (brokerage houses) whose sole activity is trading
In general, prices of the securities traded within the BEST are determined
in securities, with headquarters in the Republic of Macedonia. All MSE
completely freely in accordance with the current market demand and
members must be licensed for trading in securities by the Macedonian
supply. However, in order to protect the investors and obtain updated
Security and Exchange Commission.
information from listed companies certain limits on price fluctuations have
In 2001 the MSE started to operate on a for-profit basis. Shareholders been introduced.
may be any domestic or foreign however shareholding per entity is limited
up to 10% of the MSE outstanding shares. Circuit Breakers
± 20% of reference price.
Trading System
Since April 2001 the Macedonian Stock Exchange has operated an Taxes, Market Charges & Compulsory Commissions
electronic trading system (BEST) that was provided by the Ljubljana
Stock Exchange. Brokerage Fees: These are fully negotiable and vary from 0.3 to 1.3% on
the consideration of each contract (minimum and maximum limits exist).
BEST (Bourse Electronic System for Trading) is a computer assisted
information system, which enables entry, modification, halt and removal of Stock Exchange Fee:
orders, automated matching of orders and concluding trades, supervision Up to consideration of MKD500,000 – 0.6%;
of orders and trades, as well as survey of information on trading and on
listed securities. 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%.

Domestic and foreign entities have an equal position when doing business
Main Indices Currency in Macedonia. Legislation allows full repatriation of profits.
MBI-10 Macedonian Denar (MKD)
As of 1 January 2008 the Government of Macedonia has introduced a
Official Trading Hours Clearing and Settlement 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
Fixing Phases: capital gains.
09:00 – 10:00
Currency Exchange
USD1 = MKD42.232 Foreign legal entities pay taxes on capital gains acquired while trading
12:00 – 12:30
EUR1 = MKD61.619 in the Republic of Macedonia, in accordance with their home country
12:30 – 13:00 tax legislation laws. This is done for the purpose of avoiding double
Trading Phase: taxation as per the bilateral agreement between Macedonia and the
00:00 – 12:00 country in question.
Market Size There are no special taxes, charges or duties and there is no stamp duty
as of August 2009 imposed on trading in securities.
USD1.81bn

Contents
Malawi
Futures Information
None
GMT +2hrs
Internet: www.mse.co.mw
Email: mse@mse-mw.com
Primary Exchange
Malawi Stock Exchange

The Malawi Stock Exchange was founded in 1994 but did not commence Commission on purchase and sale of shares
operations until November 1996. Prior to the listing of the first company, the
major activities that were being undertaken were the provision of a facility Value of Transaction Commission
for secondary market trading in Government of Malawi bonds namely, MWK0 – MWK50,000 2.0%*
Treasury Bills and Local Registered Stocks. The regulatory legislation of MWK50,001 – MWK100,000 1.5%*
the Stock Exchange will be the Securities Act, which is in its draft form
awaiting passing into law by Parliament. Over MWK100,000 1.0%*
* Plus 20% surtax on commission paid
Trading System
The order to buy or sell a security is placed with the broker in person, by Taxes & Regulations Affecting Foreign Investors
fax or phone. The broker records details such as the name of the investor, There is a 10% withholding tax on dividend distributed. Interest on treasury
date and time of placing the order and price specification. 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
Orders are then matched. When a trade is successfully matched, a
gains tax is applicable at marginal rate of 30% subject to an exempt
broker’s contract note is issued to the investor within 24 hours. At the time
amount of MWK10,000 if shares are disposed off within 12 months.
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 Company tax is 30%. There is no stamp duty.
to ensure that the documents are genuine.
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.

The Malawi Domestic Share Index Malawian Kwacha (MWK)
The Malawi Foreign Share Index
The Malawi All Share Index
T+7 Business Days
Monday – Friday
Currency Exchange
USD1 = MWK140.61
11:00 – 11:30
EUR1 = MWK205.61
Market Size
as of July 2009
USD6.9bn

Contents
Malaysia
Futures Information
Main Contract KL Composite Index
Trading Exchange Malaysia Derivatives Exchange
Trading Times Mon – Fri; 08:45 – 12:45 / 14:30 – 17:15
Contract Size MYR50 x Index
Contract Months Spot, next and next two calendar quarterly months GMT +8hrs
Expiration Day Last business day of contract month Internet: www.bursamalaysia.com
Reuters <0#KLI:>,near mth<KLCIc1>,<KLO/KLI> Email: enquiries@bursamalaysia.com
Bloomberg IK(Mon Code)(Last No of Year) Index>
Primary Exchange
Bursa Malaysia

Although Malaysia has had a regulated marketplace for securities since Commission rates for all trades are negotiable subject to a cap of 0.7%
the founding of the Malaysian Stock Exchange in 1960, the Kuala Lumpur and a minimum handling charge of MYR12 per contact for securities and
Stock Exchange (KLSE) in its present form was established in 1973. Bursa MYR2 for loan instruments.
Malaysia Securities Clearing, a wholly owned subsidiary of the Exchange,
Clearing Fee – On Market: 0.03% of transaction value (payable by both
clears and settles all KLSE trades. In addition, the Malaysian Central
buyer and seller) with a maximum of MYR1,000.00 per contract. No
Depository (CDS) provides depository services.
minimum.
Trading System 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
All stocks are traded on a continuous auction screen based system MYR10.00.
(SCORE / WinSCORE). The best bids/offers are shown, followed by each
subsequent spread. Orders are matched at each level by using a time Stamp Duty: MYR1 per MYR1,000 or fractional part of value of securities
priority basis. At the end of each session the prices are fixed by matching (payable by both buyer and seller), subject to a maximum of MYR200 per
trades using a ‘call market’ system. Prices cannot fluctuate by more than contract for all trades.
30% from the previous close in a single trading session. Investors must
open a CDS account before trading and this number must be quoted
Market Spreads
before trading, clients can start trading without the number as long as the
number is received by T+1. Bid/Offer Spread Bid/Offer Spread Bid/Offer Spread
<1 0.5 5 – 9.95 5 25 – 99.75 25
Circuit Breakers 1 – 2.99 1 10 – 24.90 10 >100 50
3 – 4.98 2
Before 11.15 Before 14.30 Before 15.45 Before 17.00
±10% 1h halt Trading halted 1h halt Trading halted
for the rest of for the rest of Cross Selling Equity & Short Selling
±15% 1h halt the session 1h halt the session Cross selling is allowed with a deviation of up to 15% of the VWAP, above
±20% Trading halted for the rest of the session 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.

Main Indices Market Size A non-resident stockholder receives the full amount of the dividend, less
Kuala Lumpur Composite Index as of August 2009 corporate tax of 28%. There is no capital gains tax in Malaysia.
(KLCI) Market Capitalisation:
USD249.3bn A government body, the Foreign Investment Committee, is responsible
Official Trading Hours Average Daily Turnover:
for the regulation of assets, acquisitions, mergers and takeovers of
USD337.9m companies and businesses in Malaysia. FIC approval is required for any
Monday – Friday
of the following:
Each trading day is divided in
two sessions Board Lots  Acquisition of more than 15% by a single foreign interest
100
Morning Session:  Aggregate of more than 30% from several foreign interests
Pre-Opening: 08:30 – 09:00 Odd Lot  Take-over/control of businesses in Malaysia by any foreign interest
Continuous Trading: 09:00 – 12:15 Odd Lot: Odd lots are traded on
Pre-Closing: 12:15 – 12:20 the “odd lot” board or transacted
Trading at Last: 12:20 – 12:30 by private negotiation through a
direct business transaction
Afternoon Session:
Pre-Opening: 14:00 – 14:30 Currency
Continuous Trading: 14:30 – 16:45 Malaysian Ringgit (MYR)
Pre-Closing: 16:45 – 16:50
Trading at Last: 16:50 – 17:00 Clearing and Settlement
T+3 Business Days
Currency Exchange
USD1 = MYR3.5080
EUR1 = MYR5.1276

Contents
Maldives
Futures Information
None
GMT +5hrs
Internet: www.maldivesstockexchange.com.mv/
Email: mse@cmda.gov.mv
Primary Exchange
Maldives Stock Market

The Maldives Stock Exchange (MSE) was established on 14 April 2002. Brokerage Fees for investing on the MSE are as follows:
Originally it was operated by the Capital Market Development Authority,
 Rf. 50,000 and below = 3%
however since 28 January 2008 the MSE was licensed as a private sector
(1.5% from buyer and 1.5% from seller)
exchange regulated under the Maldives Securities Act by the Capital
Market Development Authority (CMDA).  Rf. 50,000 – 100,000 = 2%
(1% from the buyer and 1.5% from the seller)
Trading System  Rf. 100,000 and above = 1%

(0.5% from the buyer and 0.5% from the seller)
Trading is conducted on the Securities Trading Floor (STF). Orders are
faxed to the STF from a dedicated fax line at the dealing companies. The There is also a Trade Processing fee of 1% from every transaction charged
orders are then entered into the order book and are matched with existing by CDMA (0.5% from the buyer and 0.5% from the seller
opposite types of orders which have the best price. Pending orders are
required to be matched in the following sequence: Taxation & Regulations Affecting Foreign Investors
1. Best Price There are no direct taxes for foreigners in the Maldives. The banking and
hotel industries are the only corporate taxpayers in the Maldives, where
2. Within Price, by time priority
they pay 9.1% of their profits in tax.

None Rufiyaa (MVR)

Pre-Open:
Opening: 09:00 USD1 = MVR12.800
Continuous Trading: EUR1 = MVR18.670
09:00 – 12:00
Closing Session:
12:00 – 12:30
Close Trade Session:
12:30 – 13:00
Post Closing Session:
13:00 – 14:00
Market Size
as of August 2009
USD157.2m
>USD10k

Contents
Malta
Futures Information
None

Internet: www.borzamalta.com.mt
Email: borza@borzamalta.com.mt
Primary Exchange
Malta Stock Exchange

The idea of a stock exchange in Malta originated in 1969 but the project The commission rates charged by stockbrokers have been liberalised. As
lay dormant for almost 20 years until, in early 1988, the Minister of Finance a general guide the rates of commission range between a maximum of
set up an advisory committee. The first trading session took place in 1992. 1.5% to a minimum of 0.25% depending on volume traded.
Originally trades were conducted through a manual call-over system.
However since July 1996 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. All transfers of listed securities are exempt from the payment of capital
gains tax. No stamp duty is payable with regard to transactions.
Trading System
Stocks 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.

The Malta Stock Exchange Index Euro (EUR)

Pre-Open:
Continuous Trading: USD1 = EUR0.68417
10:00 – 13:30
Close: 13:30
Market Size
as of August 2009
USD3.6bn
USD100k

Contents
Mauritius
Futures Information
None
GMT +4hrs
Internet: www.stockexchangeofmauritius.com/
Email: stockex@sem.intnet.mu
Primary Exchange
Stock Exchange of Mauritius

Company shares have been traded in Mauritius in a market environment Tax-free Dividends and Capital Gains
since the 19th century. However, with the rapid development during the
(a) There is no tax on dividends paid by a company listed on the Stock
1980s, the government decided that a modern stock exchange was
Exchange of Mauritius or by a subsidiary of that company.
necessary to fully develop the financial services sector.
(b) Gains or profits derived from the sale of units or of securities listed on
In 1988 the government passed legislation to cater for the setting up of the
the Official List and the Development & Enterprise Market of the Stock
Stock Exchange Commission (SEC), the regulatory body which controls
Exchange of Mauritius are not taxed.
and supervises the Stock Exchange of Mauritius Ltd (SEM). The stock
market has been opened to foreign investors since 1994. Foreign investment
Foreign investors do not need approval to trade shares, unless investment
Trading System is for the purpose of legal or management control of a Mauritian company
Since June 2001 trading has been computerised through the Stock or for the holding of more than 15% in a sugar company. Foreign investors
Exchange of Mauritius Automated Trading System (SEMATS). Trading in benefit from numerous incentives such as revenue on sale of shares can
securities is no longer floor-based but is conducted through dedicated be freely repatriated and dividends and capital gains are tax free.
trading workstations located at stockbroking companies and linked
by communication lines to the SEM trading engine. The SEMATS also Cross Selling & Short Selling
incorporates internet trading facilities, which will enable investors to follow
For securities traded on the equity board and debt board crossing
the stock market on a real time basis. Through the SEM’s web page,
is carried out during the continuous session of the operating hours of
investors can access iNET, the internet-based routing mechanism, assess
the ATS.
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.

Once the BOM confirms that funds settlement has occurred, the
CDS transfers the shares between the securities accounts of the
respective clients. Main Indices Currency
Stock Exchange of Mauritius Mauritian Rupee (MUR)
Value of Transaction Stockbroking SEM SEC CDS Total Index (SEMDEX)
(MUR) Company (%) (%) (%) (%) (%)
Not exceeding 3m 0.75 0.25 0.05 0.20 1.25 Official Trading Hours T+3 Business Days
Over 3m up to 6m 0.70 0.25 0.05 0.15 1.15 Monday – Friday
Pre-Opening: Currency Exchange
Over 6m up to 10m 0.60 0.25 0.05 0.15 1.05 09:00 – 10:00, USD1 = MUR30.707
Over 10m 0.50 0.25 0.05 0.10 0.90 Opening: 10:00, EUR1 = MUR44.892
Continuous:
10:00 – 15:00,
Closing: 15:00
Market Size
as of August 2009
USD5.7bn
USD1.2m

Contents
Mexico
Futures Information
Main Contract Mexico Bolsa Index Future
Trading Exchange Mercado Mexicano de Derivados
Contract Size 10MXN x Index
Tick Size 1 point GMT -6hrs (-5hrs DST)
Contract Months March quarterly cycle Internet: www.bmv.com.mx
Expiration Day Fourth Tuesday of contract month Email: rtellez@bmv.com.mx
Reuters <0#IPC>, nearest month <IPCc>, contract details
<MXN/IPC1> Primary Exchange
Bloomberg IS (Month Code) (last Number of Year) <Index> Mexican Stock Exchange
Brief History Market: Orders to be executed at the best price which is displayed in the
electronic book.
The Mexican Stock Exchange (Bolsa Mexicana de Valores – BMV) was
founded in Mexico City in 1894. The few shares that were listed in Price limited: Orders with a price fixed by the client which are matched
the market’s early years were mainly banks and industrial and mining at the same or better price than the limited price.
companies. In 1996 the BMV-SENTRA Capitales trading platform (for
equities) was introduced. Price limited orders may remain in effect up to 30 calendar days.
During 2005 brokers introduced new electronic schemes for sending

orders (programme/algorithmic trading), which generated increased
demand on the trading system. The stock exchange fee is 0.055% and the commission is fully negotiable.

All transactions on the Exchange are conducted via the BMV-SENTRA Equity Market
Capitales automated system. Transactions are entered from terminals Capital Gains Exempt
located in each brokerage firms’ offices. Brokers may also register the
valuation prices of mutual funds and trade ‘odd lots’. Dividends Aggregate income and income tax (33%) paid by
(to Mexican nationals) the company will be accreditable
System operators may enter the following type of order:
Dividends (to foreigners) 10%
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 Foreign investors have access to all types of securities traded in the
session at a closing price (quote) calculated by BMV. Only shares of high Mexican securities market.
and medium marketability are considered.
There are no restrictions on foreigners acquiring Free Subscription
Cross orders: If a broker is both the seller and the buyer for an order Series (B shares) since these are not reserved exclusively for Mexican
involving the same security, the same quantity, and the same price they nationals. In the past, investment in B shares was the most commonly
can select the command ‘cross’ and the order and its characteristics used mechanism through which foreign investors acquired shares of
are transmitted to other users, so that they may participate in the trade, Mexican companies.
according to established rules.
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.
Price and Quotations Index (IPC) Mexican Peso (MXN)
Mexico Index (INMEX)
Medium Capitalisation Index
Clearing and Settlement Short selling is only available to proprietary accounts of local brokers.
(IMC30) T+3 Business Days Short selling is prohibited for foreigners.
Official Trading Hours Currency Exchange

Monday – Friday USD1 = MXN13.369
08:30 – 15:30 EUR1 = MXN19.542
Market Size
as of August 2009
USD289.4bn
USD291.7m

Contents
Moldova
Futures Information
None

Internet: www.moldse.md
Email: ssilvia@moldse.md; mila@moldse.md;
valerii@moldse.md; sanda.lazar@mail.ru
Primary Exchange
Moldova Stock Exchange

Moldova Stock Exchange (MSE) was founded on 7 December 1994 and The MSE applies a trading fee at the rate of 0.35% – 0.175% per each
opened for trading on 26 June 1995. side of the transaction. There is also a trading fee for settling and clearing
of 0.1% – 0.05% per each side of the transaction.
Trading System
The MSE trading system, implemented in October 1995, is an automated, Taxes & Regulations Affecting Foreign Investors
order-based system. There are two trading periods: the Open Price Dividends of both residents and non-residents are taxed at 10%. The
Period, when the market price is determined but no matching is executed; capital gains tax in Moldova is 20%.
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 56 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.

CNVM-32 Moldovan Leu (MDL)

10:00 – 15:00
Currency Exchange
Market Size USD1 = MDL11.168
as of August 2009 EUR1 = MDL16.325
~USD260m

Contents
Mongolia
Futures Information
None
GMT +8hrs
Internet: www.mse.mn/en
Email: info@mse.mn
Primary Exchange
Mongolian Stock Exchange

In 1990 the public sector in Mongolia, as in other post-communist The commission fee paid to a broker for either buying of selling securities
countries, accounted for about 90% of GDP. The Mongolian Stock is designated by the MSE:
Exchange (MSE) was created in 1991 to help facilitate the move from a Area Commission Rate
centrally controlled planned economy to the market system. Due to the
Province 1% to 7% of value traded
privatisation policy of Government, in 1992 – 1995, the 475 state-owned
industries were privatised and changed to company form. The securities City 1% to 5% of value traded
market is now open for domestic and foreign investors to trade. Following
The Stock Exchange charges 1% of the total turnover of the day.
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. Taxes & Regulations Affecting Foreign Investors
A foreign investor may, in accordance with the laws of Mongolia, purchase
Trading System 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
A member securities company takes part in trading through its authorised
from dividends, whilst capital gains tax ranges from 10-25% depending
dealer. The client’s order is passed from the brokerage firm to the dealer
on amount.
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.

General Index Mongolian Togrog/Tugrik (MNT)
Top 20 Index
MSE Composite Index
All trades are settled in the
Official Trading Hours Securities clearing house
and Central Depository on a
Monday – Friday T+1 basis
11:00 – 12:00
Currency Exchange
Market Size USD1 = MNT1411.50
as of August 2009
EUR1 = MNT2058.95
~USD70m

Contents
Montenegro
Futures Information
None

Internet: www.nex.cg.yu; www.montenegroberza.com
Email: nex@cg.yu; mberza@cg.yu
Primary Exchange
Montenegro Stock Exchange and
New Securities Stock Exchange

There are two principal Stock Exchanges in Montenegro. The oldest is Fluctuations in price are limited to a movement of ±10% from the official
the Montenegro Stock Exchange which was established in June 1993. It average price of the preceding trading day.
was joined by the New Securities Stock Exchange (NEX) in 2001. Both are
located in the capital Podgorica.
Commission fees are 0.08% of the trade value with a minimum fee
Trading System of EUR200.
Trading 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 Corporate Tax in Montenegro is between 15% and 20% depending on
performance of the entire order book; the current average price, best bid the value. Non residents pay tax on capital gains at the rate of 15%,
and best ask, close price and other significant trading data. This upgrade through withholding.
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.

NEX20 Euro (EUR)
MOSTE
Monday – Friday
MSX – Continuous Trading:
Currency Exchange
09:00 – 14:00 USD1 = EUR0.68417
Market Size
as of August 2009
USD5.2bn
USD400k

Contents
Morocco
Futures Information
None
GMT +0hrs
Internet: www.casablanca-bourse.com
Email: contact@casablanca-bourse.com
Primary Exchange
Casablanca Stock Exchange
Brief History Methods of trading

The Casablanca Stock Exchange (CSE) was originally established as a Methods of trading
private stock exchange in 1929. Since the CSE was founded it has gone On the Central Market, securities are traded according to their liquidity:
through several major reforms. In 1948, the government took control
of the Stock Exchange and set up an open outcry trading system. This  Least liquid shares are quoted on a fixing basis
structure was maintained more or less as such until 1993 when a major  Shares with average liquidity are quoted on a multi-fixing basis
CSE restructuring took place involving the creation of a regulatory body,
 Most liquid shares are quoted on a continuous basis
CDVM (Conseil Déontologique des Valeurs Mobilières) whose responsibility
is to protect investor’s interest and the fulfilment of listing requirements. The share price used for the calculation of indices and the dissemination
The 1993 reforms were amended and supplemented in 1996, defining the of information is the last share price dealt.
various market players and introducing the rules and technical procedures The Casablanca Stock Exchange monitors transactions on a daily basis.
needed for the development of the Moroccan financial market. The Stock It can temporarily suspend transactions in any stock or limit the fluctuation
Exchange was privatised in 1995 and a central depository came into of share prices, if it deems it necessary in the interests of the market.
operation in 1998.

Trading System
Commissions are set by the Casablanca Stock Exchange. The rates
The electronic trading system (NSC) is an automated platform for the of commissions charged by the Casablanca Stock Exchange were
management of stock-market trading sessions. It enables the automatic overhauled in 2006. The fees are now 0.1% for dealing, excluding
routing of stock-market orders and the completion of transactions 10% VAT.
according to predefined market rules.
All securities quoted on the Casablanca Stock Exchange are traded on Taxes & Regulations Affecting Foreign Investors
the electronic trading system using trading screens provided to brokerage
There are no restrictions on foreign investment. Repatriation of capital
firms. Orders entered by dealers are automatically ranked by price limit
gains and income is free of any exchange-control restrictions. There
and by the chronological order by which they have been entered into the
is no capital gains tax but a 10% withholding tax on dividends and on
order book.
interest income is applicable to foreign shareholders and foreign owners
of debentures.

MASI Float (Moroccan Moroccan Dirham (MAD)
All Share Index)
MADEX Float (Moroccan Most Clearing and Settlement
Active Shares Index) T+3 Business Days
Official Trading Hours Currency Exchange

Monday – Friday USD1 = MAD7.7735
Opening Auction: EUR1 = MAD11.364
09:00 – 10:00
Continuous Trading:
10:00 – 15:25
Closing Auction:
15:25 – 15:30
Market Size
as of August 2009
USD17.3bn
USD38m

Contents
Namibia
Futures Information
None

Internet: www.nsx.com.na
Email: info@nsx.com.na
Primary Exchange
Namibian Stock Exchange

The first Namibian Stock Exchange was founded in Lüderitz in southern The charges for dealing are a percentage of the deal amount. The
Namibia at the start of the 20th Century, as the diamond rush brought brokerage rates include a transaction levy of 10% of brokerage paid to the
hundreds of prospectors to the desert and whole towns sprung up. NSX and a 0.04% levy by namfisa.
However within a few years, the rush was over and the exchange
Dealing charges: Equities
closed. In 1990 Namibia gained independence from South Africa. At
this time the Government and 36 leading businesses agreed to open a Transaction (NAD) Commission
Stock Exchange. The Namibian Stock Exchange (NSX) remains a not for
Deals up to 10,000 1.00%
profit company.
Portion up to 20,000 0.85%
Trading System Portion up to 100,000 0.65%
Since 1998, the NSX has had an integrated computer system handling Portion up to 500,000 0.55%
trading, broker client accounting and transfer services. The NSX Portion up to 5m 0.40%
introduced new trading and information dissemination systems, JSE
Portion above 5m 0.35%
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 Taxes & Regulations Affecting Foreign Investors
LMIL (London Market Information Link). A 10% tax is deducted from dividends paid to persons not residing in
Namibia. Double-taxation agreements with certain countries may provide
The systems permit the application of customised rules to different market
for a lower rate. Non-residents who invest in Namibia are not charged tax
segments. The NSX is now able to introduce certain trading practices
on interest earned. There is no capital gains tax and there is no tax on
which are unique and suitable for its market, but which may not be suitable
dealing (marketable securities tax). There are no general restrictions on
in a large market such as the JSE.
foreign investment.
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.

NSX Overall Index Namibian Dollar (NAD)
NSX Local Index
Monday – Friday
Continuous Trading
Currency Exchange
USD1 = NAD7.412
Summer Time:
09:00 – 17:00 EUR1 = NAD10.824
Winter Time:
08:00 – 16:00
Market Size
as of August 2009
USD778.7m

Contents
Nepal
Futures Information
None
GMT +5.75hrs
Internet: www.nepalstock.com
Email: info@nepalstock.com
Primary Exchange
Nepal Stock Exchange

The history of the Exchange can be traced back to 1983. With the Before 13:00 Before 14.00 After 14.00
enactment of the Securities Exchange Act 1983 the former Securities ±3% 15 minute halt No halt
Exchange Centre started trading securities on an ad hoc basis. This
±4% 30 minute halt No halt
system continued until 1993.
±5% Trading halted for the rest of the day
The Securities Exchange Centre was converted into the Nepal Stock
Prices on individual stocks can fluctuate no more than ±10% .
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. Taxes, Market Charges & Compulsory Commissions
The rate of brokerage on equity transactions ranges from 1 to 1.5%
Trading System depending on the traded amount.
NEPSE has adopted an open outcry system under which transaction of Equity Transactions
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 Value of Transaction (NPR) Rate %
number on the buying column, while the selling broker with the lowest Up to 25,000 1.5
offer will post the price and code number on the selling column of the
Between 25,001 and 50,000 1.4
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, Between 50,001 and 100,000 1.3
contracts between the buying and the selling brokers or between the Between 100,001 and 500,000 1.2
brokers and market makers are concluded on the floor. NEPSE introduced
Between 500,001 and 1,000,000 1.1
fully automated screen based trading since 24 August, 2007
1,000,000 and over 1.0
Minimum commission is NPR15. In addition, NPR10 can be charged as service charge.

The rate of brokerage on equity transactions ranges from 1 to 1.5%
depending on the traded amount.

NEPSE Index Nepalese Rupee (NPR)

Regular Trading:
Odd Lot Trading: USD1 = NPR77.678
Friday: 12:00 – 13:00 EUR1 = NPR113.226
Market Size
as of August 2009
USD6.5bn
USD2m

Contents
Netherlands
Futures Information
Main Contract Amsterdam Index Futures
Trading Exchange Euronext Liffe Amsterdam
Contract Size Euro200 x Index
Internet: www.euronext.com Contract Months Cycle of 1, 2, 3, 6, 9, 12 months
Expiration Day Until 16.00 on the third Friday of the contract month
Primary Exchange Reuters <0#AEX:>, nearest month <AEXc1>, contract details
Euronext Amsterdam <AEX/AEX1>
Bloomberg EO (Month Code)(Last Number of Year) <Index>

Amsterdam was home to the world’s oldest official stock market which For individuals who are not engaged in an enterprise and who are not
began trading at the beginning of the 17th Century. The United East performing other activities in respect of the shares which are beyond
India Company was the first company in the world to be financed by the the scope of regular portfolio investment activities, income derived from
issuing of shares to the public, and throughout the 18th century Dutch investments is fixed at a deemed yield of 4% of the net value of the assets
investors played a dominant role in financing foreign investments in both as at 1 January and 31 December, which is subject to a 30% tax. The
public and private sectors. In September 2000, Amsterdam Exchanges economic value of the investments is therefore taxed at 1.2% per year.
merged with the exchanges of Brussels and Paris to form Euronext, now
Capital gains are generally not taxable. Dividends paid by a resident
called NYSE Euronext.
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.
Trading System Non-residents: depends on tax treaties.
The Euronext single cash electronic trading system, NSC, is used across
all the Euronext Cash Market locations. NSC is a centralised, order- Dividends are subject to a 25% withholding tax. This tax is reduced for
driven market with a single centralised electronic order book and uniform residents of countries having tax treaties with The Netherlands. There is
market rules for all European and non-European equities. A worldwide no withholding tax on income from bonds and there is no capital gains tax.
standard in trading technology, NSC is based on an open architecture Foreigners may freely trade in Dutch securities. There are no exchange
allowing customised solutions using the standard international control restrictions on the repatriation of capital and earnings. Dividends
formats of MMTP and FIX, and incorporating the reliable and secure paid on Dutch shares are transferable to non-residents in the currency of
communications protocol of a TCP/IP transport layer. The NSC system is their country or in any other currency.
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 Cross Selling Equity and Short Selling
Paolo, Warsaw, the Chicago Mercantile Exchange and the Singapore There are no specific rules for the short selling of equities and there is
Mercantile Exchange. no uptick rule in place. However it is compulsory to notify the regulator
Trading on the Euronext Cash Market is based on two mechanisms: when holding a short position of more than 0.25% of the market
continuous trading and auctions. The most liquid securities are traded capitalisation of a particular stock, this information will not be available to
continuously during market sessions. Less liquid securities can be traded the greater public.
continuously with the aid of a liquidity provider, or exclusively in actions. In the Central Order Book, cross trades can be made only for Securities
Liquidity providers are dealers (members entitled to trade exclusively traded continuously and within the market’s best bid/ask spread at the
for their own account) that have undertaken, with the approval of the time of execution.
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. Main Indices Market Size
AEX Index as of August 2009
Circuit Breakers USD2.74trn (Euronext)
For AEX Average Daily Turnover:
Monday – Friday
During auctions: 6% difference from the reference price (generally the USD7.2bn (Euronext)
Pre-Opening:
previous day’s close or the last indicative price). 07:15 – 09:00
Board lot
During continuous trading: 3% difference from the reference price (re- Opening Auction:
adjusted during trading after an order has been matched). 09:00 – 09:01 1 (minimum order size 10)
For other stocks Continuous Trading:

Currency
09:00 – 17:30
During auctions: 10% difference from the reference price. Euro (EUR)
Pre-Closing:
During continuous trading: 5% difference from the reference price. 17:30 – 17:35
Trading resumes after a 2-minute halt. Closing Auction:
10% from the static reference price which is reset every time the market
Trading at Last (TAL):
breaks its upside/downside threshold; which is the last closing price for Currency Exchange
17:35 – 17:40
the opening. Trading then resumes after a 4-minute halt. If the traded price USD1 = EUR0.68417
deviates more than 2% from the dynamic reference price, the last traded
price, the market halts for one minute.

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.

Contents
New Zealand
Futures Information
Main Contract FoX15 Index Futures
Trading Exchange Sydney Futures Exchange
Trading Times 07:45 – 15:15 (Sydney)
Contract Size NZD10 x Index
Tick Size 1 GMT +12hrs (+13hrs DST)
Contract Months March, June, September and December up to four Internet: www.nzx.com
quarter months ahead
Email: info@nzx.com
Expiration Day 16.30 on the second to last business day of the
contract month Primary Exchange
Reuters <0#NTP:>, nearest month <NTPc1>, contract
details <NFE/NTP1> New Zealand Exchange (NZX)
Bloomberg ZI (Month Code)(Last Number of Year) <Index>
Brief History Circuit Breakers:

The first stock exchanges in New Zealand opened during the Gold There is no index-wide circuit breakers, however, single stocks cannot
Rush in the 1870’s, however the majority lasted only as long as the trade beyond certain limits which are only disclosed to the company itself.
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 There is no stamp duty payable in New Zealand on the transfer of debt or
remaining regional exchanges were amalgamated into the New Zealand equity securities.
Stock Exchange (NZSE). In 1991 the regional trading floors were closed
and in 1998 the trading system was fully automated. Today NZX operates Taxes & Regulations Affecting Foreign Investors
its national screen-based trading and settlement system and associated
Non-resident withholding tax (NRWT) is imposed on dividends paid to non-
administrative functions from its offices in Wellington. The New Zealand
resident. The rate is 30% for dividends which is reduced to 15% for residents
Stock Exchange demutualised on 31 December 2002 and was renamed
of countries with a double taxation agreement with New Zealand.
NZSE Limited, replacing the former corporate body which operated
under the realm of Sharebrokers’ Amendment Act 1981. Shares in NZSE An overseas person requires consent from the Overseas Investment
commenced trading on 10 July 2003. 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
Trading System
islands and any land over four hectares adjoining certain sensitive areas.
In July 2007 the NZSE introduced a new trading system called GlobalVision
which is provided by developers Trayport. This replaced the previous Non-residents are allocated imputation credits but they cannot, under
FASTER system and offers a more efficient way of Trading on the New current arrangements, use them to reduce their New Zealand tax bill. In
Zealand Market. GobalVision offers a real-time fully electronic securities September 1993 the New Zealand Government implemented legislation
exchange, incorporating trading, settlement and registration, as well as to place foreign and local investors on a more equal footing by reducing
the recording of market information, databases and support information double taxation for non-resident portfolio investors, i.e. those with less
services. The system allows brokers to enter bids and offers into a terminal than a 10% holding in a company.
based in their individual offices. Bids and offers are captured on a time-
Tax is payable on the aggregate of cash received plus any ‘foreign dividend
priority basis at each successive price level. GlobalVision has the capacity
withholding payment’ tax credits attached to the dividend. The liability is
for 8,000 trading screens around the world.
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.

NZX 50 Index as of August 2009 Cross Selling Equity & Short Selling
NZX 15 Market Capitalisation: Short selling is allowed subject to rules and specifications of the
USD30.6bn regulatory authority.
NZX 50 Portfolio Index
USD753.3m There is a penalty charge if no delivery on settlement day. Short sales are
Official Trading Hours not permitted if the transaction will amount to more than 10% of the total
Monday – Friday Currency number of shares issued.
Enquiry: New Zealand Dollar (NZD) Crossing is allowed onshore but must be reported to the exchange.
08:00 – 09:00
Offshore crosses are not allowed. Trades can be put through the market
Pre-Open: Clearing and Settlement but the price has to be within the bid/offer spread unless over USD3m or
09:00 – 10:00
T+3 Business Days concerns a non-resident.
Continuous Trading:
Pre-Close:
Board Lots
USD1 = NZD1.4310
16:45 – 17:00 Share Price Lot
EUR1 = NZD2.0917
Adjust:
17:00 – 17:30 NZD0 – 0.25 2,000
Enquiry: NZD0.26 – 0.50 1,000
17:30 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

Contents
Nigeria
Futures Information
None
GMT +1hr
Internet: www.nigerianstockexchange.com
Email: info@nigerianstockexchange.biz
Primary Exchange
Nigerian Stock Exchange

The Nigerian Stock Exchange (NSE) was established as a securities trading The Nigerian capital market was deregulated in 1993 and in 1995 the
exchange in 1960, the same year Nigeria gained its independence from Federal Government of Nigeria abrogated all the laws that restricted
Great Britain. The Exchange started with 19 securities listed for trading foreign participation in the stock market.
recording a total market capitalisation of NGN4.3m.
Foreign institutions and individuals are taxed on their Nigerian income only.
In October 1999, the Johannesburg Stock Exchange and the NSE signed Corporate tax is generally charged at 30% based on total profit, whilst
a memorandum of understanding for cross-border listing of securities. An individuals are taxed up to 25%. A 10% withholding tax is deducted from
estimated 47% of all securities held in the Nigerian stock market are held dividend payments to companies and individuals. Capital gains are taxed
by foreign institutional investors. at 10%.

Securities’ trading on the Nigerian Stock Exchange is carried out on the A member firm can only conduct a short-sell in its own books or on behalf
Automated Trading System. The dealing members are all connected to a of a client to a market price that is higher than the official bid price in
trading engine, which executes market orders in less than 2 seconds. 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 trading platform has a facility for remote or off-site trading which has
The short sell shall be supported by a securities borrowing transaction.
been fully operational on the regional trading floors, allowing brokers in
All short sells have to be reported to the OSE latest by 7:00pm on
the regions to trade online in real time with their counterparts on the main
trade date. The member firm shall in addition report the accumulated
trading floor in Lagos.
volume of all stock borrowed the last trade date every week. ‘Covered’
The Nigerian Stock Exchange has implemented a fully remote trading short sales are allowed in an uptick situation.
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.

Brokerage fee: 1% to 2.75%
Stamp duty: 0.075%
Securities and Exchange Commission fee: 1%
The Nigerian Stock Exchange Nigerian Naira (NGN)
Common Stocks (All Share)
Index Clearing and Settlement
T+3 Business Days
Monday – Friday Currency Exchange
Trading Hours: USD1 = NGN154.07
11:00 – 13:30
EUR1 = NGN225.18
Market Size
as of August 2009
USD31.8bn

Contents
Norway
Futures Information
Main Contract OBX Index Future
Trading 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; GMT +1hr (+2hrs DST)
0.05 when futures price exceeds or equals 0.1; and Internet: www.oslobors.no
0.25 when the futures price exceeds or equals 4.0
Contract Months All 12 months in 1, 2 and 3 month terms
Email: info@oslobors.no
Expiration Day Third Thursday of expiration month Primary Exchange
Reuters <0#OBX:>, nearest month <OBXc1>, contract Oslo Børs
details <OSL/OBX>
Bloomberg OI (Month Code)(Last Number of Year) <Index>

Norway’s first exchange, Christiania Stock Exchange, was officially opened There is both dynamic and static circuit breakers.
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 Static Dynamic
the nation’s capital. The Exchange’s activity was very modest, with prices OBX Index ±15% ±5%
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 Commission fees are negotiable. There are no other taxes.
organisation, Oslo Børs became a public limited company on 22 May
2001. The Exchange is also a member of the NOREX Alliance and adheres Tick Size
to the same regulatory framework as the OMX stock markets
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
Trading System even though the FESE was still working on harmonising tick sizes, cf.
Trading on the SAXESS platform commenced in May 2002. The trading Oslo Børs. Tick sizes will not change for shares (including accompanying
platform allows remote membership and has an electronic order book with subscription rights) that are not included in the OBX index, and tick sizes
automatic matching. There is no floor trading. All shares are quoted and will also continue unchanged for equity certificates and warrants. The
traded continually. In the free-trade period all trades in individual shares unchanged tick size table for these securities is as follows:
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 Bid or Offer Price Price Tick
takes place. The auction is finished at 17:30. The system, however, is 0 – < 14.99 0.01
open from 08:15 to allow brokers to input buy-and-sell orders and to
15 – < 49.90 0.05
register any trading which has taken place since the previous trading-
day’s close. Trades which take place between authorised brokers outside 50 – < 99.90 0.10
the Exchange must be registered in the system within five minutes of 100 – < 249.75 0.25
completion. Trades which are completed outside official Trading Hours
250 – < 499.50 0.50
must be registered before 09:00 the next trading day.
500 – 1.00

Norwegian shareholders normally pay a 28% tax on capital gains arising
from share transactions.
Norwegian companies normally make one dividend payment per year, from
Oslo Børs Benchmark index Trading takes place in round lots
(OSBEX) i.e. a round number of securities which withholding tax is deducted. Withholding tax varies from 0-25%,
representing a market value depending on the taxation agreements in existence between Norway and
Oslo Børs All-Share Index
of approximately NOK10,000. the country in question, but is 15% in most cases.
(OSEAX)
Members may also trade in
Oslo Børs Mutual Fund Index smaller lots, so-called odd lots,
Oslo Børs Small Cap Index on a separate board Cross Selling Equity & Short Selling
Shares have to be borrowed before a short sale can take place, the
Official Trading Hours Currency uptick rule applies. Market makers do not have to pre-borrow shares,
Monday – Friday Norwegian Krone (NOK) 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
Pre-Trade:
08:15 – 09:00 Clearing and Settlement by 19:00 on trade date. The member firm must in addition report the
T+3 Business Days accumulated volume of all stock borrowed the last trade date every week.
Continuous Trade:
The Financial Supervisory Authority of Norway has banned short selling
09:00 – 17:20
Currency Exchange in financial institutions in October 2008 and the ban is still in place today.
Closing Call:
(September 2009).
17:20 – 17:30 USD1 = NOK5.9278
Post-Trade: EUR1 = NOK8.6643
17:40 – 18:00
Market Size
as of August 2009
USD175.7bn
USD887.2bn

Contents
Oman
Futures Information
None
GMT +4hrs
Internet: www.msm.gov.om
Email: msm.info.news@msm.gov.om
Primary Exchange
Muscat Securities Market

The Muscat Securities Market (MSM) was established in 1988 and Brokerage companies and investment banks dealing in the field of
trading began in May 1989. The MSM secondary market consists of the securities may charge the client a commission ranging between 0.75%
Regular, Parallel, Third and Bond sub-markets. The Regular Market is for as a maximum limit and 0.4% as a minimum limit of the market value for
established companies with a history of profitability and sufficient liquidity. each order for any amount from OMR1 to OMR100,000. This percentage
The Parallel Market is for new companies, or companies which no longer includes the broker’s commission and the MSM’s commission. The
meet the requirements of the Regular Market. The Third Market has been MSM receives 20% of the maximum limit. Where the market value of
restructured with regard to listing requirements and trading. There will be the order is more than OMR100,000 the charges are 20% of 0.5% of
a specific place, time and a specific system for trading which will take the excess amount.
place on the market floor instead of the brokers’ offices as was previously
The minimum limit of the broker’s commission is OMR0.5 and the minimum
the practice.
limit of the MSM commission is OMR0.2
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. The 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
Trading System capital profits or transfers, no restrictions on exchange processes, fixed
The exchange now uses the French ATOS Euronext trading system. This exchange transfers, low corporate profit tax, no prior permission required
system, which replaced the original electronic trading system introduced for foreigners to invest in listed companies (where ownership of up to
in 1998, ensures that data and information are provided immediately for 100% is permitted) or investment funds. In Oman foreign ownership of up
the market. It also offers a facility to connect to the other exchanges in the 100% is permitted, no personal income tax and a corporate tax holiday of
GCC and to add further trading instruments in the future. up to 10 years, amongst others.
Circuit Breakers
Trading is temporarily suspended if the stock fluctuates by 5% or more
from the previous day’s close.

Muscat Securities Market Index Omani Rial (OMR)
(MSM 30)
Sunday – Thursday
Pre-Open: Currency Exchange
09:30 – 10:00 USD1 = OMR0.38500
Trading Session: EUR1 = OMR0.56285
10:00 – 13:00
Market Size
as of August 2009
USD24.1bn
USD32.5m

Contents
Pakistan
Futures Information
None
GMT +5hrs
Internet: www.kse.net.pk
Email: info@kse.com.pk
Primary Exchange
Karachi Stock Exchange

On 18 September 1947, just one month after partition from India and Brokerage on sale and purchase: Brokerage on transactions is freely
independence from Great Britain, The Karachi Stock Exchange was negotiable between the brokers and clients.
founded. It was converted and registered as a Company Limited by
Stamp duty/registration: Stamp duty is charged at 1.5% of the face
Guarantee on 10 March 1949. In November 1991 the KSE-100 was
value of the shares under the physical form of transfer. There is no stamp
introduced and is still the most generally accepted measure of the
duty for transfers settled through the Central Depository System; however,
exchange. In 1995 the KSE-100 was joined by the KSE All Share Index.
there is a one time stamp duty at the rate of PKR0.01 per share at the time
The KSE is currently in the process of demutualisation.
of deposit of securities in the CDS.
Trading System Local Tax: 0.02%.
The Karachi Stock Exchange has introduced a computerised trading

system known as Karachi Automated Trading System (KATS) to provide a Taxes & Regulations Affecting Foreign Investors
fair, transparent, efficient and cost effective market for investors. Currently, Foreign investors are freely allowed to operate in the capital market without
the exchange conducts one trading session from Monday to Thursday any retention period.
and two sessions on Friday. Trading is divided into four distinct segments,
each of which has its own clearing and settlement procedure. These are: Funds invested in the capital market are freely transferable along with
T+2, Provisionally Listed Companies, Spot (T+1) Transactions and Future. dividend income.
Internet-based trading was introduced in December 2004. Foreign investors are treated on-par with local investors in tax treatment.
Off-market crosses are allowed, but they have to be reported by 15:00 Local Investors: Capital gains on sale of listed securities are exempt
and will appear as a tick on the following day’s trades. Crosses are a from income tax up to the year 2008. This exemption has been available
significant part of the volume traded (currently 10-15%) since 1974.
Currently the exchange conducts one trading session Monday to Foreign and non-resident investors have to pay withholding tax on their
Thursdays and two sessions on a Friday. 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
Circuit Breaker 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%.
The KSE has imposed a circuit breaker of 7.5% or Rs 1.50 for upward
However, where the company declaring the dividend is a power generation
price fluctuation and 5% or Rs 1 for downward price fluctuation.
entity the tax is withheld at 7.5% from recipients other than public and
insurance companies.
Main Indices Market Size Cross Selling Equity & Short Selling
KSE 100 Index as of August 2009 Foreign investors are prohibited from short-selling. Cross selling is permitted.
KSE All Share Index Market Capitalisation:
USD31.1bn
KSE 30 Index
Official Trading Hours USD83.3m
Monday – Thursday
Currency
Pre-Open:
Pakistani Rupee (PKR)
09:30 – 09:45
Open: Clearing and Settlement
09:45 –14:15
T+2 Business Days
Friday:
Pre-Open: Currency Exchange
09:15 – 09:30
USD1 = PKR82.739
14:15 – 14:30
EUR1 = PKR120.95
Open:
09:30 – 12:00
14:30 – 16:00

Contents
Palestine
Futures Information
None

Internet: www.p-s-e.com
Email: pse@p-s-e.com
Primary Exchange
Palestine Securities Exchange

The Palestine Securities Exchange (PSE) was incorporated as a private ± 5% movement from last closing price.
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 Commissions are imposed on both parties of the transaction and all fees
economic infrastructure of the occupied Palestinian territories. The PSE and commissions are subject to VAT.
held its first session in February 1997. Shares of the listed companies are PSE commission 0.002
mostly traded in Jordanian Dinars, whilst some are traded in US Dollars.
The PSE is the sole securities market in Palestine. Member commission 0.0047
CMA commission 0.0005
Trading System
Total 0.0072 (minimum 1JD)
PSE’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 Taxes & Regulations Affecting Foreign Investors
order. Order entry is conducted via remote terminals located at members’ None.
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.

The Al-Quds Index Jordanian Dinar (JOD)
US Dollar (USD)
Sunday – Thursday Clearing and Settlement
Pre-Open: T+3 Business Days
09:45 – 10:00
Continuous Trading: Currency Exchange
10:00 – 12:00 USD1 = JOD0.70825
Pre-close: EUR1 = JOD1.0354
12:00 – 13:00
Close:
13:00
Market Size
as of August 2009
>USD3bn
~USD1m

Contents
Panama
Futures Information
None
GMT -5hrs
Internet: www.panabolsa.com
Email: bvp@panabolsa.com
Primary Exchange
Panama Stock Exchange

The Bolsa de Valores de Panama (Panama Stock Exchange Inc) started Brokers’ commission is negotiable within a range of 0.5-2% of the
operations in 1990. During the early 1970s a group of securities brokers transaction value.
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 There is no taxation on capital gains and interest income. There is a 10%
National Securities Commission (SEC) and regulates the stock market in withholding tax on dividends.
Panama. Since the early 1990s the exchange has helped facilitate growth The USD is the legal currency of Panama and all securities are issued and
brought about by political reforms and economic stability. traded in them. There are no restrictions on foreign ownership of local
corporations and no restrictions on capital repatriation.
Trading System
The 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.

BVPSI (BVP Index) Panamanian Balboa (PAB)
US Dollar (USD)

as of August 2009 USD1 = PAB1.0000
Market Capitalisation: EUR1 = PAB1.4616
USD2.8bn

Contents
Paraguay
Futures Information
None
GMT -4hrs (-3 DST)

Internet: www.bvpasa.com.py (Spanish text only)
Email: esteban.medina@bvpasa.com.py;
osvaldo.gauto@bvpasa.com.py
Primary Exchange
Asunción Stock Exchange

The Asuncíon Stock Exchange (Bolsa de Valores y Productos de Asuncíon, Exchange Transaction Fees
or BVPASA) was established in September 1977. Exchange operations
began in 1978 but it was inactive from 1982. Instrument Commission
Fixed incomes 0.025 of transaction value
In 1991 Law 94/91 governing the capital markets in Paraguay was
promulgated. This law also created the National Securities Commission Equities 0.15% of transaction value
(Comisión Nacional de Valores). The Exchange reopened in 1993.
Brokerage House Commission: Freely negotiable and each brokerage
house decides on its own policy on brokerage commission.
Trading System
Trading on the Asuncíon Stock Exchange is by open outcry. Taxes & Regulations Affecting Foreign Investors
The 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%.

PDV General Paraguayan Guarani (PYG)
PDV 20
Monday – Friday
08:00 – 17:00
Currency Exchange
USD1 = PYG4945.0
Market Size EUR1 = PYG7228.2
2007
USD360m

Contents
Peru
Futures Information
None
GMT -5hrs
Internet: www.bvl.com.pe
Email: foviedo@bvl.com.pe
Primary Exchange
Lima Stock Exchange
Brief History The Electronic Trading System only allows the following types of firm bids:
The Lima Mercantile Exchange was established in the mid-19th century. Today: These are registered in the system only until the end of the same
In 1860 the institution was reorganised, adopting the name of the day unless they are accepted or withdrawn during trading.
Lima Commercial Exchange, until 1951 when it was renamed the New Permanent: These remain registered for an indefinite time, until they are
Commerce Exchange. On 22 September 1970, the current LSE was accepted, withdrawn or remain outside the margins of the market.
founded as a non-profit civil partnership, in accordance with Decree Laws Immediate or Cancel: When these bids are entered, the system tries
18302 and 18350, issued by the governing military dictatorship. The to place them partially or completely. If placed partially, the system
Special General Associates’ Meeting of 19 November 2002 resolved to automatically eliminates the balance and when not placed at all, the bid is
convert LSE into an equity for profit company, effective 1 January 2003. completely eliminated.
All or None: These bids must be applied integrally at the time they are
Trading System entered into the system; if this is not possible, the system eliminates
The Electronic Trading System (ELEX), implemented in August 1995, them automatically.
is a mechanism developed to facilitate trading operations on the Lima Price Fixing Over Time Bids: These bids remain in the Bid Register until
Stock Exchange. This system has been developed under a client-server such time as they are applied, cancelled by the user or system because of
model which optimises the handling of market information, and enables being outside market ranges or because they have expired.
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. Taxes, Market Charges & Compulsory Commissions
The brokerage agency commission is a variable amount, freely negotiable
Stock Mode: Entry of Firm Bids – During this phase, from 09:00 to between brokers and their clients. A value added tax (VAT) of 18% is
09:30, stock brokers enter firm bids which cannot be withdrawn until after applied to the sum of the brokerage agency commission plus the LSE fee,
the opening. settlement fund contribution and the CAVALI and CONASEV fees forming
Trading: This is the period between 09:30 and 13:30, during which buying the total cost for investors.
and selling bids are entered and continuous transactions are traded on the
basis first of price and second of time. Equities LSE Guarantee Settlement CAVALI CONASEV
Fees Fund Fund Fees Contributions
Closing: Between 13:30 and 14:00 operations are effected at their
respective closing prices. Spot Market 0.0825% 0.0075% 0.005% 0.065% 0.05%
Day Trade 0.03% 0.0075% 0.005% 0.045% 0.05%

There is no distinction between residents and non-residents.
General Index of the Lima Stock as of August 2009 The tax rate on long-term capital gains in Peru is 30%. An income tax of
Exchange (IGBVL) Market Capitalisation: 4.1% is applied over dividends distributed by listed companies when the
USD57.0bn decision to distribute dividends was taken by the company after 1 January
Selective Index of the Lima Stock
Exchange (ISBVL) Average Daily Turnover: 2003. Domestic institutional investors are exempt from this tax. Dividends
USD13.8m are subjected to a withholding tax at the rate of 4%.
Selective Perú-15 Index (ISP-15)
Official Trading Hours Currency Cross Selling Equity & Short Selling
Monday – Friday Peruvian Nuevo Sol (PEN)
Short selling is permitted in Peru. Foreign and local investors are allowed to
Pre-Opening: execute transactions on equity transactions listed in the Tabla de Valores
09:00 – 09:30, Referenciales (TVR). Collateral must be 50% of the total amount of the
T+3 Business Days transaction during the period from trade date until purchase transaction or
Continuous Trading:
09:30 – 13:30 securities lending is made.
Currency Exchange
Closing Transactions The LSE is informed of all short selling transactions and will penalise
13:30 – 14:00 USD1 = PEN2.9225
EUR1 = PEN4.2719
investors that do not comply with the collateral requirement. They will be
The trading session for Peruvian subject to a 5% penalty of the total amount of the transaction, which will
shares that are cross-listed on be part of the LSE guarantee fund.
foreign exchanges is extended
to 16:10

Contents
Philippines
Futures Information
None
GMT +8hrs
Internet: www.pse.com.ph
Email: piac@pse.com.ph
Primary Exchange
Philippine Stock Exchange

The Philippine Stock Exchange (PSE) was established in 1992 from the In October 2007 the PSE revised the rules on short selling. Short selling is
unification of The Manila Stock Exchange (founded in 1927) and the defined as any sale with borrowed securities. According to the rules, short
Makati Stock Exchange (founded in 1963). In March 1994 the one-price- selling is only allowed at a price higher than the last sale price except in
one-market exchange was achieved through a successful computer case of odd lot sales
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
Board Lots and Price Ticks
organisation into a shareholder-based, revenue-generating corporation. Price Minimum Fluctuations Board Lot
0.001 to 0.0024 0.0002 1,000,000
Trading System 0.0026 to 0.0050 0.0002 1,000,000
0.0055 to 0.0100 0.0005 1,000,000
Trading is fully automated, using the Maktrade trading system. The two
trading floors use the single order-book system on where all orders are 0.0110 to 0.0250 0.001 100,000
posted and matched in one computer. 0.0260 to 0.0500 0.001 100,000
0.0525 to 0.1000 0.0025 100,000
Investors must place their orders through stockbrokers licensed by the
0.105 to 0.2500 0.005 10,000
Securities and Exchange Commission. Bid and ask prices are keyed into
0.2600 to 0.5000 0.01 10,000
the Maktrade system, and prioritising of orders takes place according
first to price and then to time (first entered = first done). The system was 0.5100 to 1.000 0.01 10,000
modified to allow bond trading from 2001. 1.020 to 2.500 0.02 1,000
2.550 to 5.000 0.05 1,000
The minimum board lot and price fluctuation vary depending on the
5.10 to 10.00 0.1 1,000
movement of the market price of the security. The price of an issue moves
10.25 to 25.00 0.25 100
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. 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
The PSE prescribes the following charges.
505.00 and up 5 10
Fees/Taxes Seller Buyer
Brokerage Commission (between 0.125% and X X
0.25% of transaction cost + 12% VAT)
Securities Clearing Corporation of the Philippines Fee X X Main Indices Board Lots
of 0.0001 x value of transaction
PSE Composite Index Board lots vary with share price
Transfer Fee of Php100.00 + 12% VAT X
and range from 10 shares to one
Cancellation Fee of Php20.00 + 12% VAT X
Official Trading Hours million shares. Any unit smaller
Stock Transaction Tax (0.05bps value of X than a board lot is considered an
Monday – Friday
transaction in lieu of capital gains tax) odd lot. Trading is done by board
Pre-Open: lots and a maximum of five board
09:00 – 09:30 lots are allowed per trade
Taxes & Regulations Affecting Foreign Investors Continuous Trading:
For citizens or resident alien individuals, cash and/or property dividend 09:30 – 12:00 Currency
earned on or after 1 January 2000 from a domestic corporation is taxed Close: Philippine Peso (PHP)
at 10%. For non-resident alien individuals, cash and/or property dividend 12:00 – 12:10
from a domestic corporation is subject to an income tax of 20% on the (end of regular trading/calculation Clearing and Settlement
total amount thereof. of closing price, Run-Off Time;
T+3 Business Days
Trading at closing prices)
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 Market Size Currency Exchange
received from domestic corporations are subject to a withholding tax of as of August 2009 USD1 = PHP48.235
25% if the recipient is a non-resident individual not engaged in trade or Market Capitalisation: EUR1 = PHP70.505
business in the Philippines, and 32% if the recipient is a non-resident USD76.4bn
foreign corporation. Average Daily Turnover:
Foreign Investment is limited to 40% for public utilities, banks and USD70.2m
corporation in the natural resource sector. Foreigners cannot purchase
retail or mass media companies.

Contents
Poland
Futures Information
Main Contract WIG20 Futures Index
Trading Exchange Warsaw Stock Exchange
Trading Times 09:00 – 16:30
Contract Size PLN10 x index
Tick Size 1 GMT +1hr (+2hrs DST)
Contract Months Three nearest months from the March quarterly cycle Internet: www.gpw.pl
Expiration Day Same as trading day Email: gielda@wse.com.pl
Bloomberg WI (Month Code) (Last Number of Year) <Index>
Primary Exchange
Warsaw Stock Exchange
Brief History Taxes, Market Charges & Compulsory Commissions:

The Warsaw Stock Exchange (WSE) in its current form started its operations The exchange does not determine brokerage commissions. However, the
in April 1991 and since this date trade has been conducted electronically. standard rates for equities are 0.9% per USD5,000 0.8% per USD10,000
However, the history of Polish capital markets goes back to 1817 when the and 0.6% per USD50,000. For bonds the commission rates are between
first exchange was opened in Warsaw. Operations ceased with the onset one third and half as much.
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 Foreign investors are subject basically to the same regulations as domestic
May 1997, it received from the US Securities and Exchange Commission investors. However, their tax obligations are additionally regulated by
the status of a designated offshore securities market. In June 1999, the provisions of double taxation treaties. Poland has such treaties signed
Exchange became an associate member of the Federation of European with most European countries and developed countries outside Europe.
Securities Exchanges. In February 2002, the Warsaw Stock Exchange and According to those agreements, as a rule, income derived by foreign
Euronext signed an agreement on cross-membership and cross-access. investors from the exchange in Poland is subject to taxation in the country
This agreement will allow WSE members to have access to Euronext of residence (domicile). The investor must, however, present a relevant
products and vice versa. Since Poland’s accession into the European certificate of residence for that. Otherwise, the income will be taxed in
Union (May 2004), the Exchange is a regular FESE member. Poland at a 19% rate.

Trading on the Warsaw Stock Exchange is order-driven, centralised and Short selling is allowed on the Exchange for most liquid stocks, a list of
paperless. In the WARSET system, introduced in November 2000, all which is updated daily on the WSE website. Short selling is only available
listed companies are divided into separate groups based on their liquidity to local brokers and is rarely practiced.
assessment. The most liquid stocks are traded in the continuous trading
A cross sale can be made if:
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  At least one exchange member submits a buy order and a sell order
quotation system has its own schedule. Bonds and derivative instruments for the same number of securities at the same price and with the
are traded in the continuous system. For some securities, trading is same settlement date
supported by market makers (animators). Large blocks of securities may  The block has a value of:
be traded off-session, without affecting retail market prices.
– At least PLN 3 million
for shares that are included in the WIG20 index
– At Least PLN 1 million
Main Indices Board Lot for shares traded in the continuous trading system
WIG20 1 – At least PLN 0.5 million
for other securities
Official Trading Hours Currency  The maximum difference between the security price in order and
Monday – Friday Polish Zloty (PLN) the last price of this security from a trading session does not
Opening Auction: 09:00 exceed 0.5%
Continuous Trading:
09:00 – 16:35 T+3 Business Days Tick Size
Continuous Trading for
Futures Market: Currency Exchange Stock Price (PLN) Tick Size
09:00 – 16:30 USD1 = PLN2.8675
<50 0.01
(09:00 – 16:35 EUR1 = PLN4.1925
for T-note futures) 50 – 100 0.05
Single Price Auction with two 100 – 500 0.10
Auctions: 11:15, 15:00
>500 0.50
Market Size
as of August 2009
USD115.9bn
USD191.7m

Contents
Portugal
Futures Information
Main Contract PSI -20 Index Future
Trading Exchange Euronext Lisbon
Contract Size EUR1 x Index
GMT +0hrs (+1hr DST) Tick Size EUR1 x Index / EUR1
Internet: www.euronext.com Contract Months Current month, following calendar month and the
four closest months of the March, June, September
Email: info@euronext.com and December cycle
Primary Exchange Expiration Day Business day immediately after last trading day
Reuters <0#PSI20:>, near month <PSI20c1>, spreads
Euronext Lisbon <0#PSI20-:>, contract details <BDP/PSI20>
Bloomberg PP (Month Code)(Last Number of Year) <Index>

The first modern regulations on broking activity in Portugal were published Short positions both on equity or by using derivatives have to be
in 1825. In 1859 the General Council of Commerce studied a proposal to reported to the CMVM if the position exceeds 0.25% of market
create a stock exchange for the negotiation of funds, separate from the capitalisation. For the following stocks the disclosure will be public: Banco
existing one on which goods and securities were traded. Many stock Comercial Português, Banco Espírito Santo, Banco BPI, Banif, SGPS,
markets emerged throughout Portugal but the Bolsa de Valores de Lisboa e Finibanco-Holding SGPS, Banco Santander, Banco Popular Español,
Porto (BVLP) was the most prominent. On 6 February 2002 the BVLP joined Espírito Santo Financial Group. For any other stock the information will
Euronext to form Euronext Lisbon which is now part of NYSE Euronext. remain confidential.
The rule is not applicable to intermediaries acting as market makers.
Trading System
As of 7 November 2003, Euronext Lisbon has utilised that same trading Implications for Foreign Investors
and clearing systems as those in the other markets of Paris, Amsterdam
Foreign investment is regulated by Investimentos Comercio e Turismo
and Brussels. All trades are conducted through the NSC system; within
de Portugal (ICEP). There are no general restrictions on foreign holdings
this fully automated system highly-liquid securities are traded continuously,
and presently foreign investment is subject only to a simple notification for
whilst the less liquid securities are traded by auction.
statistical purposes to the ICEP within 30 days following the transaction.
Taxes, Market Charges & Compulsory Commissions Tick Size

Cash market trading fees for members are based on a harmonised
A specific fixed tick size of EUR0.005 will be implemented for certain
package structure for all Euronext Cash Markets. The package structure
stocks traded above EUR10. The tick size for all other trades is listed
was adopted by Euronext Lisbon in November 2004, one year after its
below.
migration to the NCS trading system. The current product-driven fee
structure has been in place since February 2005. Price (Euros)
Clearing fees are charged to clearing members by the clearing house, From To Tick Size
LCH. Clearnet, and include annual membership fees and variable fees that
depend on the member’s activity. 0 0.2500 0.0005
Members are free to charge their clients commission on a negotiable basis 0.251 2.500 0.001
n the majority of Cash Market locations. 2.505 10.000 0.005
>10.01 - 0.01
Securities transactions and income are subject to the following taxes:
 Income tax – IRS (individuals) or IRC (companies) – charged on Main Indices Market Size
as of August 2009
income and capital gains PSI 20
 Stamp duty – there is no stamp duty on securities transactions;
Official Trading Hours USD2.74trn (Euronext)
financial intermediary commissions are charged stamp duty at a flat
rate of 4%
USD7.2bn (Euronext)
The tax rate on dividends for residents is 15% (withholding or income) Pre-opening:
07:15 – 09:00
tax and 25% for non-residents on the full gross amount, plus a further Board Lot
municipal tax of 2.5% payable by both residents and non-residents. Opening auction:
09:00 1
Tax IRS/IRC IRS/IRC ISD Continuous Trading:

Currency
Status Resident Non-resident Resident/Non-resident
09:00 – 17:30
Euro (EUR)
Rate 15% 25% 2.5% Pre-Closing:
17:30 – 17:35
Resulting net dividend will be different for residents and non-residents. Clearing and Settlement
Closing Auction:
Circuit Breakers: Trading at Last (TAL):
Currency Exchange
For PSI20: 17:35 – 17:40
USD1 = EUR0.68417
During auctions: 6% 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.
Contents
Qatar
Futures Information
None
GMT +4hrs
Internet: www.dsm.com.qa
Email: dsm@dsm.com.qa
Primary Exchange
Doha Securities Market

The Doha securities market was established on 26 May 1997 with the There are no taxes imposed on profits whether allocated by money or
aim of consolidating the financial and economic structure of the country. from the capital profits.
It opened with an initial 17 companies listed on the exchange with a total
The Doha Securities Market opened its doors to non-Qataris on 3 April
market capitalisation of USD1.65bn. Originally trades were manual, they
2005. All investors are required on the Doha Securities Market to register
later turned semi electronic and were fully automated in 2002.
with the exchange and get an Investors Identification Number (NIN), this
can be completed through the official website and costs QR. 100/-.
Trading System Currently, non-Qataris can trade in all listed shares from this date subject
Trades are conducted through a full automated order driven system called to an ownership restriction of 25 per cent of a listed company’s issued
the (ETS). Trades are completed using a remote system; however brokers capital. All non-Qatari investors are required to register with the exchange
are required to have written authorisation before trade can be conducted. and get a NIN number.
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.

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.

DSM 20 Index Qatari Riyal (QAR)

Sunday – Thursday T+3 Business Days
Pre-Opening:
Open: USD1 = QAR3.6413
10:00 – 12:30 EUR1 = QAR5.3234
Close:
12:30
Market Size
as of August 2009
USD74.1bn
USD115.2m

Contents
Romania
Futures Information
Main Contract BET Index Future
Trading Exchange Bucharest Stock Exchange
Contract Size RON 1x Index / 0.1
Internet: www.bvb.ro Contract Months March, June, September and December months
Email: bvb@bvb.ro Expiration Day Last Friday of the contract month
Bloomberg BET(Month Code)(Last Number of Year) <Index>
Primary Exchange
Bucharest Stock Exchange

Trading in equities in Romania dates back to 1882. In 1948 the stock Rate (%) Notes
market was left without any public companies due to the nationalisation
of the whole economy by the communist government and ceased to Capital Gains Tax 16 Applicable to both residents and non-
residents
function for almost fifty years. After the Romanian Revolution in 1989 the
economic and business leaders in Romania realised the need to raise Dividends 10/15 10% applied to residents; 15% applied to
capital and encourage commercial activities, as such the Bucharest non-residents
Stock Exchange (BSE) recommenced its operations in November 1995. Interest 10/15 10% applied to income related to term
Initially, the twenty four founding members of the Stock Exchange deposits, deposit certificates, saving
Association were able to trade the shares of just six listed companies; instruments; 15% for other saving
however this number has since grown to approximately 70 listed instruments
companies. The exchange was fully automated in 1999. In December Corporate Income Tax 16
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 Cross Selling Equity & Short Selling
trading system RASDAQ. In November 2006 the BSE signed a cooperation Short selling is currently not permitted on the Bucharest Stock Exchange.
agreement with Wiener Borse (WBAG) for joint dissemination of BVB data.
Stock Tick Movements
Trading System
Stock Price (RON) Tick Size
The ARENA trading system, introduced in 2001 (for bonds) and 2005 (for
shares and rights), is a flexible trading system with integrated modules for 0 – 0.1 0.0001
clearing-settlement operations and for the registry. A share can be traded 0.1 – 0.5 0.001
in more than one market. They are:
0.5 – 1 0.005
 Regular market (an order driven market, used for trading of blocks)
1–5 0.01
 Odd-lot market (an order driven market, used for trading of a volume
of shares less than a block size) 5 – 10 0.05
 Deal (negotiated market, large blocks of both shares and bonds) >10 0.1
 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: Bucharest Exchange Trading 100 shares (exceptions BRD and
Index (BET) Transelectrica with 10 shares)
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.
Monday – Friday Romanian Leu (RON)
Regulations regarding disclosure of take-overs, significant (5%),
Pre-Opening:
controlling (33%), and majority holding interests (>50%) are provided by 09:30 – 10:00 Clearing and Settlement
the Securities and Exchange Law and by Regulations of the National
Continuous Trading: T+3 Business Days
Securities Commission.
10:00 – 16:15
Pre-Close: Currency Exchange
Circuit Breaker 16:15 – 16:30 USD1 = RON2.9224
Trading is limited to a variation of ± 15% from the last close price. Closing Auction: EUR1 = RON4.2726
16:30
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.
Market Size
as of August 2009
Taxes, Market Charges & Compulsory Commissions USD30.6bn
Trading fees for shares: In general the BSE charges 0.3% from the value Average Daily Value:
of a trade for the seller and 0.22% from the buyer involved in the trade. USD11m
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.

Contents
Russia
Futures Information
Main Contract Russia Traded Index Futures
Trading Exchange RTS
Trading Times Mon – Fri; 08:00 – 09:00; 10:30 – 17:45;
18:00 – 23:50
Contract Size USD10 x index GMT +3hrs (+4hrs DST)
Tick Size 0.10 point equal to USD1 Internet: www.rts.ru
Contract Months Next 3 months and the last month of the Email: info@rts.ru
following quarter
Expiration Day The working day following the last trading day Primary Exchange
Reuters <0#RTX:>, nearest month (RTXc1>, contract details Russian Trading System RTS
<OTB/RTX>
Bloomberg RC (Month Code)(Last Number of Year) <Index>

The Russian Trading System (RTS) Stock Exchange was established in Reference price is the previous close.
1998 by leading dealer-broker companies and professional stock market
Index: trading shall be halted for 1 hour following a ±15% move lasting for
participants. Its mission was to consolidate regional securities markets into
more than 10 minutes (except after 16:00), and shall be halted for the rest
an organised securities industry and to regulate OTC trading in Russia. Its
of the day when a ±25% move occurs.
origins, however, trace back to the Russian Trading System – the first
electronic trading floor in Russia, introduced to the market in mid-1995. Single stocks: trading shall be halted for 1 hours following a ±20% move
lasting for more than 10 minutes (except after 16.00), and shall be halted
The RTS was the first market to introduce technological trading in Russia
for the rest of the day when a ±30% move occurs.
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. Taxes, Market Charges & Compulsory Commissions
RTS operates on a non-commission basis. The Russian government
Trading System charges a stamp duty at 0.3% on transfers of ownership of shares.
All trading on the RTS Stock Exchange is performed electronically. Only
RTS member companies can transact in the Trading System (on behalf of Taxes & Regulations Affecting Foreign Investors
their clients and on their own account). RTS members access the Trading Taxation of foreign investors is in accordance with the Profit Taxation
System through the RTS Plaza Workstation, a complex of software and Law. Regulation of foreign investors is in accordance with the Foreign
databases installed on their personal computers. The RTS Trading System Investment Law. The standard rate of tax is 13% for a resident and 30%
is a universal automated screen-based system, constituting both dealer- for a foreign resident. Withholding taxes for foreign entities is 15% for
driven and order-driven markets. Traders input quotes into the system and dividends and 20% for interest and royalties.
trades are either agreed over the phone or the system matches orders
according to a special algorithm and completes transactions. The Trading Central Bank approval must be obtained for the following; any investment
System also provides for a trade reporting mechanism and an assets of over 50 million roubles; a foreign investment for the acquisition of in
control vehicle. 90% of trades executed in the RTS Trading System are excess of 50% ownership; investments in the defence industries (25%
processed electronically through the RTS Electronic Agreements Centre, limit of foreign ownership); or an investment in projects for the exploitation
a trade confirmation system for matching parameters of trades and digital of Russian’s natural resource (20% limit).
signing of purchase and sale agreements.
Short Selling in Russia is not a recognised market practice, though there
is no specific legislation to prohibit it.

RTS Index 1RUB

Monday – Friday Russian Ruble (RUB)
Pre-Trading:
Continuous Trading: T+3 but depending on the
10:30 – 18:00 issuer’s registry can go to T+15
Additional Session:
(decided by Board of directors of USD1 = RUB30.810
the Exchange) EUR1 = RUB45.039
Market Size
as of August 2009
USD454.1bn
USD3.4bn, 250m in equities

Contents
Saudi Arabia
Futures Information
None
GMT +3hrs
Internet: www.tadawul.com.sa
Email: musaed.nemer@tadawul.com.sa
Primary Exchange
Saudi Financial Market (TADAWUL)

The Saudi stock market has its origins in the 1930s when the first joint The maximum commission is 0.0012 of the trade value executed by the
stock company was established. The rapid economic expansion in the bank. The customer can negotiate a lower commission with the bank.
1970s led to the establishment of a number of large corporations and
The minimum commission is SAR12 for any trade equal to, or less than,
joint venture banks. Major share offerings were made to the public during
SAR10,000. Commission is charged on executed trades only. There is no
this period. Automated clearing and settlement was introduced in 1989,
charge on order submission, change or cancellation.
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, Taxes & Regulations Affecting Foreign Investors
with real-time settlement on a gross basis. In 2003 the Capital Market Non-Saudi Residents intending to open Trading Investment Portfolios,
Authority was established to oversee and regulate the market. regardless their nationalities, are obliged to have a legally valid residence
permit and they must have a bank account with a local Saudi Bank.
Trading System
In 2006 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.

Tadawul All Share index (TASI) Saudi Riyal (SAR)

Saturday – Wednesday 100% of shares are settled
Pre-Open: in real time i.e. T+0
10:00 – 11:00
Continuous Trading:
Currency Exchange
11:00 – 15:30 USD1 = SAR3.7501
EUR1 = SAR5.4824
Market Size
as of August 2009
USD297.3bn
USD879.9m

Contents
Serbia
Futures Information
None

Internet: www.belex.rs
Email:
Primary Exchange
Belgrade Stock Exchange
Brief History Secondary trading in shares during trading sessions is organised by the
following trading methods, depending of the place of listing of the securities
The first exchange on the territories of the former Yugoslavia was
– A or B listing, or OTC trading – Single Auction Price, Continuous Trading
established in Belgrade in 1894. The old Belgrade Exchange operated
Method, and Minimum price method.
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 Taxes, Market Charges & Compulsory Commissions
name Belgrade Stock Exchange was restored in May 1992. The Belgrade Members of the Belgrade Stock Exchange pay the following fees:
Stock Exchange is a corresponding member of the World Federation of
Exchanges, and Federation of European Stock Exchanges and a member  0.12% for selling or buying shares
of Federation of Euro-Asian Stock Exchanges.  0.18% for block transactions in shares
 0.05% for block transactions in securities other than shares
Trading System  0.10% for secondary trade of debt securities from the
Securities can be traded on the exchange and OTC. Transactions can be Exchange Lists.
executed promptly or on-term. The exchange trading in shares, bonds and
For Securities listed on the exchange market buying and selling of shares
other debt securities is carried out through the BSE trading information
on the A and B lists of the Belgrade Stock Exchange, the fee is 0.10% on
system and electronic trading platform BELEX.
the value of the transaction.
Members of the exchange input orders to BELEX from their working
stations installed in the pits in the Trading Room of the exchange or Taxes & Regulations Affecting Foreign Investors
at their office location through remote trading. Orders are matched
by the criteria of price and time. Trading agreements are transmitted Foreign Legal entities may become Exchange members provided they
to the Central Register and to the members of the exchange who have established a brokerage company registered in Yugoslavia, have
concluded transaction. a designated person/persons who will be authorised by the Exchange
to trade securities and have fulfilled the minimum capital requirements.
In the primary securities trading (public offer of securities in the process of There is no discrimination in regulations regarding domestic and foreign
issuing), trading methods are: Proportional sale method, Continuous sale investors; the precondition for all foreign investments is respect of the
method and multiply sale method. 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
Main Indices Currency of competent bodies. Repatriation of capital is allowed with no limit.
BELEX15 Serbian Dinar (RSD),
in Montenegro Euro (EUR)

Market Capitalisation: USD1 = RSD64.104
USD14.69bn EUR1 = RSD93.722
USD700k

Contents
Singapore
Futures Information
Main Contract STI Index Futures ETS
Trading Exchange Singapore Exchange
Trading Times Mon – Fri; 08:45 – 12:35 / 14:00 – 17:15
Contract Size SGD10 x Index
GMT +8hrs Tick Size 1
Internet: www.sgx.com Contract Months Two nearest serial months and March, June,
Email: webmaster@sgx.com September, December months on a 1-year cycle
Expiration Day Second last business day of the contract month
Primary Exchange Reuters <0#SST:>, nearest month <SSTc1>, contract details
Singapore Exchange (SGX) <SIM/SST>
Bloomberg SD(Month Code)(Last Number of Year) <Index>
Brief History  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
The first trading of stocks in Singapore goes back to 1930 when the
in the Buying-In Market
Singapore Stockbrokers Association was formed. The Singapore
Exchange (SGX) was formed in December 1999 following the merger of Crossing is allowed, a member firm may cross a trade if it is above the
the Stock Exchange of Singapore (SES) and the Singapore International minimum size threshold (150,000 shares or SGD50,000). Cross trades
Monetary Exchange Limited (SIMEX). This marked the birth of Asia Pacific’s executed during Official Trading Hours have to be reported to the
first demutualised, integrated securities and derivatives exchange. 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
On 23 November 2000 SGX became the first exchange in Asia Pacific to
the following day.
be listed via a public offer and a private placement.
In 2007 The London Stock Exchange chose the SGX as its strategic Board Lots
partner in Asia.
Shares are mainly traded in board lots of 1,000 shares. However, the
trading of odd lots is also allowed.
Trading System
Effective 14 April 2003, the “Odd Lot Market” was replaced with “Unit Share
In 2006 the SGX replaced the CLOB trading system with SGX QUEST
Market”, which enables the trading of odd lots in any quantity less than
(Quotation and Execution System for Trading). This system has been
one board lot of the underlying share in the Ready Market. Amalgamation
used on the derivatives market since 2004 and now includes all securities
of trades between the Ready and Unit Share markets is possible, whereby
trading. The new system was constructed by OMX Technology which also
trades executed in the two markets for the same underlying share can be
provides the technology for 16 different exchanges which will enhance the
consolidated in a single contract.
connectivity between SGX and other markets. The system is described
as high speed, state of the art and allows remote access for market Board lot trading on the existing Ready Market is maintained for those
participants as well as increased capacity and liquidity. who wish to continue trading in the designated board lot sizes.

Brokerage 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 Investors Main Indices Currency

Straits Times Index Singapore Dollar (SGD)
There 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 Monday – Friday T+3 Business Days
purposes. Corporate dividends that are paid (under both the new one-tier Pre-Open routine:
system and old full-imputation tax system) to non-Singapore tax residents 08:30 – 09:00, Currency Exchange
are free from withholding tax. Trading Session: USD1 = SGD1.4225
09:00 – 12:30, 14:00 – 17:00 EUR1 = SGD2.0793
No restrictions exist on the acquisition of foreign securities by residents
Pre-Closing routine:
but dividends received from abroad are subject to income tax.
17:00 – 17:06
Foreign ownership is restricted only in certain companies; there are also
no limitations on the repatriation of income, capital and capital gains. Market Size
as of August 2009
Cross Selling Equity & Short Selling USD545.4bn
Short selling is permitted. However investors are required to make Average Daily Value:
arrangements to borrow securities before selling short. If investors cannot USD924.7bn
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)

Contents
Slovakia
Futures Information
None

Internet: www.bsse.sk
Email: infoa@bsse.sk; statistics@bsse.sk
Primary Exchange
Bratislava Stock Exchange

Bratislava Stock Exchange (BSSE) was founded on the 15 March 1991 Brokerage fees vary from 0.6% to 0.1% depending on the size of the
when Slovakia was part of Czechoslovakia. The BSSE commenced its transaction. The BSSE fee for trading equals 0.08% of the volume of the
commercial activity in April 1993 three months after the Velvet Divorce transaction; however it must not be less than 10 SKK and more than
when Slovakia split from Czechoslovakia. It remains the primary securities 10,000 SKK.
exchange in Slovakia.
Trading System There is a 15% withholding tax on dividends and interest. There is no
The trading of securities takes place via the Electronic Stock Exchange capital gains tax for non-residents. Non-residents may only purchase
Trading System (Elektronický Burzový Operacný Systém – EBOS). bank shares if they have received permission from the National Bank.
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 Short selling and crossing are not banned by the Exchange’s legislation,
close electronic order book (i.e. price-setting) transactions, negotiated but they are not specified in the regulations.
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.

Slovak Stock Index Slovak Koruna (SKK)

Fixing (Auction Trading):
Continuous Trading: USD1 = SKK20.604
11:00 – 14:00 EUR1 = SKK30.126
Market Size
as of August 2009
USD5.1bn
USD59.1m
(¼ equities, ¾ bonds)

Contents
Slovenia
Futures Information
None

Internet: www.ljse.si
Email: info@ljse.si
Primary Exchange
Ljubljana Stock Exchange

The Ljubljana Stock, Commodities and Foreign Exchange was established All shares listed on the LJSE are freely available to foreign investors
in 1924. The Exchange was closed in 1941 due to World War II and and repatriation of capital, dividends and other income is not subject to
officially abolished in 1953. It remained closed for almost 50 years but was any restrictions.
the first Yugoslav stock exchange to be reopened when, in 1989, federal
The general rate of tax in Slovenia is 22%, which shall fall by one percentage
laws were passed which opened the doors to the capital market and the
point per year until 2010 when it shall be 20%. Dividends are subject to
creation of stock exchanges. The Ljubljana Stock Exchange (LJSE) was
a 15% tax. Capital gains tax is progressively lowered every five years of
officially established in December 1989 by 33 banks. The first session
ownership from 15% from five years, 10% from ten years and 5% from
was held in March 1990 involving 14 brokers trading in 11 securities. On
fifteen years. After twenty years of ownership the tax rate becomes 0%.
1 January 2001 the existing official market segments A and B were merged
to form the Official Stock Exchange Market. In 2006, LJSE continued with Non-residents of Slovenia may also benefit from elimination of double
activities intended to further increase liquidity of the market. Thus, a new taxations through bi-lateral treaties between Slovenia and other countries.
mechanism of trading within the trading system was introduced, with the
securities being traded through liquidity providers. On 1 January 2007, Non-residents are required to register with a stockbroker and investors
Slovenia became the first among the new Member States to adopt the must open a special custody account with a bank beforehand.
euro, due to its stable macroeconomic environment. 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
Trading System takeover bid for purchase of the rest of the shares.
Since October 2005 the Ljubljana Stock Exchange has traded on the Only members of the stock exchange (LJSE) are allowed to trade directly
upgraded BTS trading system. Orders are continuously entered into the on the organised market in Slovenia, whereas other entities may only trade
system directly by brokers from their trading stations where they can there through the mediation of member. Becoming a remote member of
also monitor the performance of the entire LJSE order book; the current LJSE is also possible.
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. Short selling is tolerated, settlement has to be respected (T+2).
Circuit Breakers
The 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 Main Indices Market Size
as of August 2009
±20% daily price movement. Slovenian Stock Exchange Index
(SBI 20) Market Capitalisation:
USD12.7bn
Taxes, Market Charges & Compulsory Commissions Official Trading Hours Average Daily Turnover:
Depending on the size of the amount traded the fees charged by the LJSE Monday – Friday USD3.8m
normally range between 0.03% of the value of the transaction and 0.07%.
Continuous Trading
Brokerage commission is negotiable. Currency
Pre-trading:
08:00 – 09:30 Euro (EUR)
Main session:
09:30 – 13.00
(the start of the main session can T+2 Business Days
be delayed up to 7 minutes)
Auction Trading Currency Exchange
Pre-trading: USD1 = EUR0.68417
08:00 – 11:00
Post-trading:
11:00 – 13:00

Contents
South Africa
Futures Information
Main Contract FTSE/JSE Top 40 Index Futures
Trading Exchange South African Futures Exchange
Contract Size ZAR10 x Index
Tick Size 1 GMT +2hrs
Contract Months March, June, September and December cycle Internet: www.jse.co.za
Expiration Day 15th of the month at 16.00 Email: info@jse.co.za
Reuters <0#ALS:>, nearest month <ALSc1>, contract details
<SFX/ALS> Primary Exchange
Bloomberg AI (Month Code)(Last Number of Year) <Index> JSE Securities Exchange South Africa

The JSE Securities Exchange South Africa was first established in 1887 There is currently no market-wide circuit breakers in place. For individual
just after the Witwatersrand gold fields were discovered and celebrated its stocks, a Dynamic Price Range is defined around the last traded price in an
120th anniversary in November 2007. Since 1994 South Africa has been auction or during continuous trading. It defines the maximum percentage
in the process of reversing several decades of isolation from the rest of deviation of the indicative price from the Dynamic Reference Price.
the world and the securities exchange is no different. In November 1995
Volatility bands are defined at a sector level. The following price volatility
the JSE for the first time permitted ownership by foreign and corporate
bands have been defined for the JSE market:
members. In 1996 the open outcry trading floor was closed with trading
going fully automated from this date. In 2000 the Johannesburg Stock Continuous
Exchange changed its name to JSE Securities South. In July 2001, South Opening Trading and
African Futures Exchange (Safex) became a division of the JSE. Segment Sector Code Auction Other Auctions
ZA01 J1H1, J1H2, J1M1, J1M2, J1L1, J1L2 10% 5%
On 1 July 2005, after 118 years as a mutual association, the JSE Securities
ZA02 J2H1, J2H2, J2M1, J2M2, J2L1, J2L2 20% 10%
Exchange demutualised and became JSE Limited, a limited liability public
company with a share capital. ZA03 J3H1, J3M1, J3L1, J3S1, ALT None None
ZA04 J4S1, J4S2 None None
In 2007 the JSE announced plans to create a pan-African exchange
ZA11 N1H1, N1H2, N1M1, N1M2, N1L1, N1L2 None None
by enabling investors to trade in shares from, initially, Ghana,
Namibia, Zimbabwe and Zambia before expanding to include more
of the continent. Taxes, Market Charges & Compulsory Commissions
Brokerage is fully negotiable between the investor and the JSE
Trading System member firm.
The JSE trading system – JSE SETS – was implemented in May 2002. Stamp duty on Purchase: 0.25%
JSE SETS was supplied by the London Stock Exchange on an Application Insider Trading Levy: 0.0003%
Service Provider basis. The JSE SETS order book is based on an order
matching system in which member firms display their bid (buying) and STRATE Trading Fee: 0.005%
offer (selling) orders to the market on an electronic order book.
VAT, 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.
JSE All-Share Index 1 Cross Selling Equity & Short Selling
There are no rules regarding short selling at the JSE. However, settlement
Official Trading Hours Currency of transactions is contractual and on a five day cycle. Brokers are required
Monday – Friday South African Rand (ZAR) to ensure that their clients are able to meet this requirement before they
Open period: enter orders to sell. Therefore, if a client wishes to short sell he must have
08:30 – 08:35 Clearing and Settlement arranged borrowing facilities before the sale takes place. There can be
Opening auction: T+5 Business Days (however substantial fines for not covering a short sell with either a borrow or back
08:35 – 09:00 the JSE is in the process of to back transactions.
cutting clearing and settlement
Continuous trading: All transactions in securities shall only be conducted through the JSE
to T+3 which it plans to have
09:00 – 16:50 trading system, unless otherwise stipulated by the JSE. The JSE prioritises
implemented by Q4 2008)
Closing auction: orders first by price and then by time. This means that before a cross
16:50 – 17:00 Currency Exchange can take place all orders in the order book that have a better price or
Run-off: have time priority must be satisfied. The exceptions to this rule are certain
USD1 = ZAR7.4523
17:00 – 18:00 transactions known as reported trades that are defined in the JSE rules.
EUR1 = ZAR10.892
Market Size
as of August 2009
USD663.8bn
USD1.2bn

Contents
South Korea
Futures Information
Main Contract KOSPI2 Index Futures
Trading 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
GMT +9hrs Contract Size KRW500,000 x Index
Internet: www.krx.co.kr Tick Size 0.05
Email: world@krx.co.kr Contract Months March, June, September and December
Expiration Day Second Thursday of the delivery month
Primary Exchange Reuters <0#KS:>, near month <KSc1>, details <KFE/KS> /
Korea Exchange Bloomberg KM (Month Code)(Last Number of Year) <Index>

On 27 January 2005, the Korea Exchange, Inc (KRX) was launched as Foreign investors must apply to the FSC (Financial Services Commission)
Korea’s single integrated exchange under the Korea Stock and Futures for registration to commence investments. When this has been completed
Exchange Act. KRX was created through the merger of the Korea Stock investors shall be given a IRC which is required to execute trades.
Exchange (KSE), the Korea Futures Market (KOFEX), the KOSDAQ
No restriction is imposed on foreign investment in Korea, except for the
Market and the KOSDAQ Committee a sub-organisation of the Korea
investment ceiling placed on a few industries that are considered to be
Securities Dealers Association (KSDA). The KRX aims to transform itself
of national strategic importance, such as electricity, telecommunications,
from a local exchange to one of the major financial markets in the world by
broadcasting and airline industries.
becoming a centralised securities and derivatives market with significant
trading volume.
Tick Size
Trading System
Unit Tick Size
The KRX is an order-driven market where buy and sell orders compete
for the best price. Throughout the Official Trading Hours, orders are KRW5 0.5 ~ 0.1%
continuously matched at a price satisfactory to both buy and sell sides, KRW10 0.2 ~ 0.1%
according to price and time priorities. The opening and closing prices,
KRW50 0.5 ~ 0.1%
however are determined by call auctions.
KRW100 0.2 ~ 0.1%
In January 2004 the KRX introduced the random-end system for opening
and closing call auctions. The main purpose of the random-end system KRW500 0.5 ~ 0.1%
is to prevent any distortion in the price discovery function of the KRX, KRW1000 <0.2%
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 Breakers
If the KOSPI decreases by more than 10% of the previous closing price Main Indices Board Lots
for more than one minute all trading is suspended for 20 minutes. For ten
KRX 100 10 shares/units (one share if the
minutes after the trading halt, all bids and offers will be received and all price is KRW50,000 or higher
Korea composite stock price
orders will be settled by a single price. This process is limited to once a
index (KOSPI)
day and is not issued 40 minutes before market closing. Currency
KOSDAQ
Short Selling: South Korean Won (KRW)
Naked Short Selling and Short Selling (after having borrowed the shares) Official Trading Hours
Monday – Friday
is prohibited for Financials. Covered Short selling permitted on non-
Financials. Uptick rule applies. T+2 business days for stocks
Pre-Open:
08:00 – 09:00
Currency Exchange
Taxes, Market Charges & Compulsory Commissions Opening Auction:
USD1 = KRW1222.7
09:00
Brokerage commission is negotiable and each member autonomously EUR1 = KRW1787.2
Regular Session:
determines its own brokerage commission rate. Currently, the commission
09:00 – 14:50
rate for stocks is around 0.2% of the trading value.
Closing:
The basic rate of tax for a stock transaction is 0.5%. When investing in the 14:50 – 15:00
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 Market Size
tax for stock transaction is 0.5%. Off-exchange trading will be taxed at a as of August 2009
rate of 0.5%. The withholding tax on dividends is 16.5%. Market Capitalisation:
USD720.5bn
USD6.2bn

Contents
Spain
Futures Information
Main Contract IBEX-35 Futures
Trading Exchange Meff Renta Variable (Madrid)
Trading Times 09:00 – 17:35 (pre-opening auction 08:30 – 09:00)
Contract Size EUR10 x Index
Contract Months Ten nearest months of the March, June, September GMT +1hr (+2hrs DST)
and December cycle, two nearest calendar months Internet: www.bolsasymercados.es
not included in the previous group, and further five
months of the June and December cycle Email: internacional@bolsasymercados.es
Expiration Day The third Friday of the contract month
Reuters <0#MFXI:>, next month <MFXIc1>, spreads
Primary Exchange
<0#MFXI-:>, details <MRV/MFXI1? BME, Spanish Exchanges
Bloomberg IB(Month Code)(Last Number of Year)<Index>
Brief History Additionally open out-cry floor trading is still conducted in every stock
exchange, based on outcry operations, but accounting for a residual
There are currently four regional exchanges in Spain; the Barcelona, Bilbao,
volume (less than 2% of trading volume).
Valencia and Madrid borses. All the regional exchanges are now part of
an umbrella organisation – the Bolsas y Mercados Españoles (BME). The Additionally open out-cry floor trading is still conducted in every stock
BME has integrated the companies that direct and manage the securities exchange, based on outcry operations, but accounting for a residual
markets and financial systems in Spain. It has brought together, under volume (less than 2% of trading volume).
a single activity, decision-making and coordination unit, the Spanish
equity, fixed-income and derivatives markets and their clearing and
settlement systems.
Circuit Breakers
There are no marketwide circuit breakers in place, however, each stock is
Bolsas y Mercados Españoles, with its four exchanges, is one of Europe’s subject to a static and dynamic range.
four leading stock market operators by trading volume.
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
Trading System last trade.
At present, two trading systems coexist in the Madrid stock
market: traditional open outcry trading and the electronic Spanish Whenever the static or dynamic ranges are breached, a five minute auction
Stock Market Interconnection system or SIBE (Sistema de Interconexión takes place.
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 Fees charged by members (brokers and broker dealers) are fully negotiable.
order-driven structure, with a single order book and a matching procedure Intermediaries have to communicate the fees they charge to the Securities
based on price-time priority. A call market (Fixing) is also supported for the Market Commission (CNMV) and make them public.
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 Taxes & Regulations Affecting Foreign Investors
market index, IBEX-35. The system supplies sectorial indices (financial,
There is no taxation on capital gains derived from the transmission of
utilities and so on). Other market segments, such as Nuevo Mercado,
securities on the Spanish stock exchanges if a double taxation agreement
are operated on the same platform. New products, such as warrants, are
with the investors’ country of residence exists. Dividends are subject to a
also traded in SIBE, utilising particular matching procedures for this sort
15% withholding tax.
of instrument.
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.
IBEX 35 Index as of August 2009
IGBM Index
USD1.2trn Shares must be borrowed before they can be sold short, this does not
Average Daily Turnover: apply to market makers). Short positions over 0.25% of a company’s
USD6.3bn capital has to be disclosed.
Monday – Friday
Equity Market – SIBE This rule shall be in place until 22 September 2009 (see
Board Lot
(Electronic order book) www.cnmv.es for updates).
Pre–Opening Auction: 1
08:30 – 09:00
Open Market: Currency Tick Sizes
09:00 – 17:30 Euro (EUR)
Closing Auction: Unit Tick Size
17:30 – 17:35 Clearing and Settlement < 50 € 0.01
Fixing Market: First Fixing: T+3 Business days
12:00 > 50 € 0.05
Fixing Market: Second Fixing: Currency Exchange Starting on January 4th, 2010, the stocks components of the IBEX 35
16:00 index will trade according to the new tick type that is detailed below:
USD1 = EUR0.68417
Block Trading:
09:00 – 17:30 Number of decimals: 3
Special Operations:
17:40 – 20:00 Stock Price Tick Size
Equity Market – Floor Trading
< 10 € 0.01
Barcelona: 11:00 – 11:10
Bilbao: 10:30 – 11:30 > 10 € - < 50 € 0.005
Madrid: 10:00 – 12:00 > 50 € - <100 € 0.010
Valencia: 10:30 – 10:45
> 100 € 0.050

Contents
Sri Lanka
Futures Information
None
GMT +6hrs
Internet: www.cse.lk
Email: info@cse.lk
Primary Exchange
Colombo Stock Exchange

Share trading in Sri Lanka began in 1896 under the aegis of the Colombo Foreign investment is permitted without restriction in listed companies
Share Brokers Association (CSBA). In 1984 share trading was formalised up to 100%, except in certain area deemed of national importance.
and opened to the public with the establishment of the Colombo Stock In such areas the standard limit is 40% of the share issue ownership,
Exchange (CSE) which took over the operations of the stock market from however there are some variations and the limit can be increased with
the Colombo Brokers Association (CBA). 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.
Trading System
The CSE commenced the process of automating the Exchange in
1991 with the installation of the Central Depository System (CDS) and
an electronic clearing and settlement system for share transactions. Short selling is prohibited.
This automation process was completed with the commissioning of the Cross Selling is allowed as long as it takes place within the bid-ask spread.
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 Breakers
In the event the Milanka Price Index (MPI) (or the index that may replace
the MPI in the future) drops 5% within the day from the previous market
day’s close, a “Market Halt” be imposed on all equity securities for a period
of 30 minutes.

Taxes, Market Charges & Compulsory Commissions All Share Price Index (ASPI) Sri Lankan Rupee (LKR)
Commissions are non-negotiable under RS100m. Investors in the CSE will
Milanka Price Index (MPI)
face the following charges. Clearing and Settlement
Transactions up to Rs.1 million Transactions over Rs.1 million
Monday – Friday
The CSE will charge 1.425% on The CSE will charge 1.225% on Currency Exchange
Pre-Open:
your transaction This is divided your transaction This is divided USD1 = LKR114.82
09:00 – 09:30
as follows: as follows:
Opening Auction: EUR1 = LKR167.85
Net amount 1.00% Net amount 0.80%
09:30
to Broker to Broker
Regular Trading:
SEC Cess 0.09% SEC Cess 0.09%
09:30 – 14:30
CSE Fees 0.105% CSE Fees 0.105%
Close:
CDS Fees 0.03% CDS Fees 0.03% 14:30
Govt. Cess tax 0.20% Govt. Cess tax 0.20%
Market Size
(Subject to a minimum brokerage of Rs. 10/- per contract & a minimum as of August 2009
CDS fee of Rs. 5/-).
USD7.0bn
USD3.6m

Contents
Swaziland
Futures Information
None
GMT +2hrs
Internet: www.ssx.org.sz
Email: info@ssx.org.sz
Primary Exchange
Swaziland Stock Market

The initiative for the establishment of a local stock market came from the Value of Transaction (SZL) Commission Rate
Government of Swaziland and approval was given in 1989. In July 1990
the stock market commenced trading with the listing of the first public Orders up to 49,999 2.0%
company, Standard Chartered Bank Swaziland Ltd. Orders from 50,000 to 99,999 1.5%
For eight years the stock market operated as an over the counter-single Orders over 100,000 1.0%
broker facility. It was not until July 1999 that a fully-fledged stock exchange, Handling Fees (SZL)
the Swaziland Stock Exchange (SSX), was inaugurated.
Vendor 20.0
Purchaser 20.0
Trading System
Trading is conducted using the call-over system under the supervision
of the Capital Markets Development Unit of the Central Bank, which Taxes & Regulations Affecting Foreign Investors
has regulatory oversight over the operations of the exchange. There There are no investment restrictions on any of the instruments listed on
are currently two members of the Swaziland Stock Market: Swaziland the market or ownership restrictions for both residents and non-resident
Stockbrokers Ltd and African Alliance Swaziland Securities Ltd. A total of investors. Also there is no disclosure requirement in the market.
six equities are listed on the exchange, which are as follows: However, prior approval of the Central Bank of Swaziland is required for
Position Security all capital transfers into Swaziland from outside the Common Monetary
1 Royal Swaziland Sugar Corporation Ltd Area (CMA). In practice, approval is routinely granted when required
for investment activity. Repatriation of dividends and capital is allowed,
2 NEWERA Partners Ltd provided the authorities approved the inflow of funds.
3 Swazi Empowerment Limited The following are taxes levied on foreign investments:
4 Swaziland Property Investments Ltd Tax Rate
5 Nedbank (Swaziland) Ltd Withholding tax on interest 10.0%

Dividend tax on CMA residents 12.5%
6 Swazispa Holdings Ltd
Non CMA residents tax on dividends 15.0%

The SSX Index Swaziland Lilangeni (SZL)

12:00 – 12:30
Currency Exchange
Market Size USD1 = SZL7.413
as of August 2009 EUR1 = SZL11.004
USD187.1m

Contents
Sweden
Futures Information
Main Contract OMXS30 Index Futures
Trading Exchange OMX Stockholm Stock Exchange
Contract Size SEK100 x Index
GMT +1hr (+2hrs DST) Tick Size 0.25
Internet: www.se.omxgroup.com Contract Months All 12 months with contract terms of
1,2 and 3 months
Email: info.stockholmstockexchange@omxgroup.com
Expiration Day Fourth Friday of the expiration month
Primary Exchange Reuters <0#OMX:>, nearest month <OMXc1>, contract
Stockholm Stock Exchange details <OM/MENY>
Bloomberg QC(Month Code)(Last Number of Year) <Index>

Trading at the Stockholm Stock Exchange commenced in 1863. Banks Stockholm Stock Exchange currently charges a two-fold transaction fee
were admitted as trading members from 1907 and an electromechanical to their members. The trading fees are related to the number of trades and
trading system was introduced in 1918. The Stockholm Stock Exchange turnover value. In addition to these fees members also receive a discount
was the most modern exchange in Europe and was referred to on their traded volumes.
as ‘the world’s quietest exchange’. In 1990, the Stockholm Stock
Exchange became fully electronic with the introduction of the SAXESS
trading system.
Foreign investors are exempt from all taxes in Sweden except
As recently as 1997 there were three exchanges in Sweden: OM Stockholm for a withholding tax on dividends. This tax of nominally 30% is often
AB, the Stockholm Stock Exchange and PmI AB. In 1998 and 1999 the reduced by a double-taxation agreement between Sweden and the
three exchanges merged. investor’s nation.
The OMX Exchanges division was created when OM and HEX merged in
1998. In December 2002 OMX together with the London Stock Exchange Cross Selling Equity & Short Selling
(LSE) announced the formation of EDEX London, a new marketplace for Short selling is practised in Sweden but is unregulated, the only requirement
Equity Derivatives trading. Operations commenced in 2003 through EDX being that the securities are delivered at settlement. No uptick rules
London’s acquisition of OM London Exchange’s Scandinavian equity apply in this market. Abusive short-selling where manipulation can be
derivatives business. During 2007 NASDAQ and Dubai Borse were proven is prohibited.
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. Tick Size
Price from (SEK) Tick Size
Trading System 0 – 4.99 0.01
Trading in shares, bonds, warrants, premium bonds, convertibles and 5 – 14.95 0.05
depository receipts on the Stockholm Stock Exchange is carried out via 15 – 49.90 0.1
OMX’s SAXESS trading system, while derivatives trading takes place via 50 – 149.75 0.25
OMX’s CLICK trading system and voice broking. 150 – 499.5 0.5
Numerous transactions are executed using automatic matching, this 500 – 4,999 1
means that bid and ask orders are automatically matched for a trade 5,000 5
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. Main Indices Board Lots
OMX Stockholm 30 1
Central Counterparty Clearing
In October 2009, NASDAQ OMX Nordic, together with EMCF (European Official Trading Hours Currency
Multilateral Clearing Facility), launched a full central counterparty clearing Monday – Friday Swedish Krona (SEK)
(CCP) service on the NASDAQ OMX exchanges in Copenhagen, Helsinki Opening Auction:
and Stockholm. There is now mandatory CCP on nine Nordic securities: 08:45 – 09:00 Clearing and Settlement
three Finnish, Swedish and Danish stocks respectively. The OMX and its Continuous Trading: T+3 Business Days
three CCP partners – EMCF, SIX X-clear and Euro CCP – have further 09:00 – 17:20
agreed to achieve competitive clearing by January 2010. Closing Call: Currency Exchange
17:20 – 17:30 USD1 = SEK6.9971
Circuit Breaker (no opening auction) EUR1 = SEK10.227
Static price range: The reference price is either the last close, or the last Market Size
auction price. as of August 2009
Dynamic price range: The reference price is determined by the last Market Capitalisation:
trade in the order book, the dynamic price range is only active during USD720.3bn (OMX)
continuous trading. Average Daily Turnover:
USD3bn (OMX)
Group Dynamic circuit Static circuit
breaker threshold breaker threshold
Blue Chip Index stocks 3% 15%
Other stocks 5% 20%
Penny shares (<SEK10), liquidity 15% 25%
class C, First North DK, shares with
large avg spreads (>4%)

Contents
Futures Information
Switzerland –
Main Contract
Trading Exchange
Trading Times
Contract Size
Swiss Market Index Futures
Eurex Zurich
Mon – Fri; 09:00 – 17:30
CHF10 x Index
SWX & Virt-x
Tick Size 1 GMT +1hr (+2hrs DST)
Contract Months The nearest three months in the quarterly cycle of Internet: www.swx.com
March, June, September and December
Email: swx@swx.com
Expiration Day Third Friday of contract month (at 17:30)
Reuters <0#FSMI:>, nearest month <FSMIc1>, contract Primary Exchange
details <SFF/FSMI1>
SWX Swiss Exchange, Virt-x
Bloomberg SM (Month Code)(Last Number of Year) <Index>
Brief History 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
Formal securities exchange in Switzerland date back to the 19th century
generated according to the matching rules on the basis of supply and demand.
with the foundation of the Geneva Exchange (1850), Zurich (1873) and
The system also supports OTC trading between members and provides
Basle (1876), although traces of financial markets can be found in the 13th
reporting facilities for non-exchange-traded transactions.
Century. In 1995 the exchanges in Geneva, Zurich and Basle were fused
into a single bourse, the SWX Swiss Exchange. Virt-x’s trading system is conducted through their own trading system.
Orders are forwarded to the central order book in the Exchange System,
The SWX was the first exchange in the world to fully automate trading,
which automatically validates, confirms receipt of, and gives a time stamp
clearing and settlement with the new system launched in 1996.
to each order. Buy and sell orders are matched against each other in the
Virt-x was founded in 2001 as the first cross-border trading platform for central order book. Regardless of their size or origin, incoming orders are
pan-European blue chips. The Virt-x market is based on an integrated executed on a price/time priority. Alternatively, orders may be executed directly
trading, clearing and settlement model which simplifies the process of between two market participants and trade reported on Virt-x. Members can
trading pan-European blue chips. Since its launch Virt-x has focused choose to settle off order book trades manually or automatically depending on
on consulting with the London trading community to develop competitive the transaction type.
models, successfully increasing its share of SMI trading in. Virt-x
international presence is reflected by having more than 100 members Circuit Breakers
domiciled in Switzerland, England, Germany, France, the Netherlands,
Austria, Sweden, Ireland and the USA. As an RIE (Recognised Investment Trading is halted on the SWX for 15 minutes if there is a 2% deviation from
Exchange) based in London, it is supervised by the UK’s Financial Services the reference price either by potential follow up price or for all last paid
Authority (FSA). Since 2003 the Virt-x has been a wholly owned subsidiary prices within the last 10 second period. Where the security is priced at
of SWX Swiss Exchange. less than CHF10 and the price deviated by 25% or more then there is an
interruption of five minutes.
Trading System
All securities listed on the SWX Swiss Exchange are traded via an electronic
trading system – the Electronic Bourse Schweiz (EBS) or SWX electronic trading Since 1991 commissions from traders on the SWX has been fully negotiable.
system. The SWX Swiss Exchange system is a fully integrated trading and Agency trades: 1 Basis point (usually absorbed by the broker).
settlement system and is available to all members for trading on the electronic For on-order book transactions on the Virt-x, the fee shall be 0.574 basis
exchange. This supports all necessary activities, including trading against the points with a EUR0.60 transaction based fee per order. For full details
central order book, OTC trading and the fulfilment of reporting obligations. please see Directive 9 on the official website.

Main Indices Board Lots Dividends are subject to a 35% withholding tax. The withholding tax on
Swiss Market Index (SMI) 1 interest is also 35%. These rates are reduced by double-taxation treaties.
Virt-x Composite Index Stamp duty on some securities transactions was abolished in 1993. There
Tick Size is no Swiss federal securities tax on Eurobond and Euro-stock issues,
Official Trading Hours SWX= Minimum tick size trading in Swiss and foreign-money market paper and securities trading
Monday – Friday 0.01CHF in bonds between foreign contracting parties. The trading inventories of
09:00 – 17:30 Virt-x = 0.01 Euro Swiss securities dealers are exempt from the securities transfer tax. There
Opening Auction: is no Swiss federal new-issue tax on investment-fund certificates, Swiss
09:00 – 09:02
Currency corporate restructuring and the transfer of domicile of foreign companies
Swiss Franc (CHF) in Switzerland.
Closing Auction:
17:20 – 17:30 As the Virt-x is regulated by the FSA it is subject to identical taxation
treatment in comparison with other RIEs in the UK.
as of August 2009
Market Capitalisation: Currency Exchange Cross Selling Equity & Short Selling
USD932.8bn USD1 = CHF1.0347 There are restrictions on short selling for non-residents; Investors need to
Average Daily Turnover: EUR1 = CHF1.5124 be aware of buy in regulations. No uptick rules apply.
USD3.2bn

Contents
Taiwan
Futures Information
Main Contract TAIEX Futures
Trading Exchange Taiwan Futures Exchange
Trading Times Mon – Friday; 08:45 – 13:45
Contract Size TWD200 x Index
GMT +8hrs Tick Size 1
Internet: www.tse.com.tw Contract Months Spot, next and then three quarterly months on
Email: intl-aff@tse.com.tw; serv@tse.com.tw March and June cycle
Expiration Day Third Wednesday of the delivery month
Primary Exchange Reuters <0#TX:>, near month <TXc1>, details <TM/TX>
Taiwan Stock Exchange Bloomberg FT (Month Code)(Last Number of Year) <Index>

The origins of the securities market in Taiwan can be found during the Brokerage commission is fully negotiable and subject to a maximum of
1953 land reform. To compensate the landowners in the ‘land-to-the-tiller’ 0.1425% of the traded value.
programme the government issued land bonds and shares in four large
Additionally a securities transaction tax is levied on securities sales at
government-owned enterprises. The Securities and Futures Commission
0.3% of the trading value.
(SFC) was set up in September 1960 to supervise and control all aspects
of securities-market operations. The Exchange began operations in Feb
1962. The Financial Supervisory Commission (FSC) was established on Taxes & Regulations Affecting Foreign Investors
1 July 2004. The Commission consolidates regulatory functions over the Since October 2003 foreign investors have no longer been required to
securities, futures, banking and insurance industries in a single institution. obtain approval from the Securities and Futures Commission (SFC). Today
foreign investors only need to register with the TSEC so as to obtain an
Trading System “Investor ID” before opening a trading account with a local securities firm.
Foreign investors no longer need to obtain approval from
Investors 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 Dividends payable to resident beneficiaries are included in their consolidated
Automated Electronic Trading System (FAST). income. A 30% withholding tax is levied on non-resident individual
beneficiaries and 25% on non-resident corporate beneficiaries; however, it
When a customer or a dealer places an order, the broker or dealer enters
may be reduced to 20% if the investments are approved under the Statute
the volume, bid or offer price and other required information into the
for Investment by Foreign Nationals. There is no capital gains tax.
system through their terminal. The orders are processed and displayed
on the Exchange’s matching terminals and are matched automatically Interest income is taxable, subject to withholding tax of either 10% for a
according to price and time priority. The highest bid or lowest offer has resident beneficiary or 20% for a non-resident beneficiary.
precedence over other orders and the earliest order has priority over
others at the same price.
Cross Selling & Short Selling
When a transaction is completed, the broker or dealer immediately Naked Short Selling is prohibited, Short Selling after borrowing the shares
receives, via the printer installed in his office, a trade report which contains for the top 50 & mid cap 100 stock. For other stocks, a short sale can only
the order number, investor’s account number, broker’s identification, be made when the stock is trading above the previous day’s close.
trading volume, price of the stock bought and the time when the order
was matched.
Circuit Breakers
Daily price fluctuations are limited to a movement of ± 7% from the closing
price of the preceding business day. Main Indices Board Lots
Taiwan Stock Exchange Corp 1,000 shares
(TSEC)
Capitalisation Weighted Stock Currency
index (TAIEX) New Taiwan Dollar (TWD)

Pre-Open:
Opening Auction: 09:00 USD1 = TWD32.662
Continuous Trading: EUR1 = TWD47.742
09:00 – 13:25
Closing Auction:
13:25 – 13:30
Market Size
as of August 2009
USD545.4bn
USD3.6bn

Contents
Tanzania
Futures Information
None
GMT +3hrs
Primary Exchange
Dar es Salaam Stock Exchange

The Dar es Salaam Stock Exchange (DSE) was established in 1996 to Equities
facilitate the privatisation of state owned industries.
Consideration Brokerage Transaction Fidelity Total Cost to
The Exchange was incorporated in 1996 as a company limited by Commission Fee Fee Investor
guarantee without a share capital and became operational in April 1998. First TZS10m 1.7% 0.28% 0.02% 2.0%
The opening of the Trading Floor coincided with the listing of TOL Limited
(formerly Tanzania Oxygen Limited), as the first company on the new Next TZS40m 1.5% 0.28% 0.02% 1.8%
Exchange. The DSE is a non-profit making body created to facilitate the TZS50m and above 0.8% 0.28% 0.02% 1.1%
implementation of the reforms and in the future to encourage wider share
ownership of privatised and other companies in Tanzania.
Trading System Dividends 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
Trading is facilitated by the Automated Trading System (ATS) where bids
tax for listed companies. Corporation tax is 25%. There are no ownership
and offers are matched using an electronic matching engine. LDMs
limits or restrictions on foreign investment.
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.

None Tanzanian Shilling (TZS)

10:00 – 12:00
(closes early when there Currency Exchange
are low levels of activity) USD1 = TZS1307.0
EUR1 = TZS1910.8
Market Size
as of August 2009
USD2.07bn

Contents
Thailand
Futures Information
Main Contract SET50 Index Futures
Trading Exchange Thailand Futures Exchange
Trading Times Monday – Friday; 09:45 – 12:30, 14:30 – 16:55
Contract Size THB1,000 x Index
GMT +7hrs Tick Size 0.1
Internet: www.set.or.th Contract Months March, June, September and December
Email: SETCallCenter@set.or.th Reuters <0#TX:>, near month <TXc1>, details <TM/TX>
Bloomberg FT (Month Code)(Last Number of Year) <Index>
Primary Exchange
Stock Exchange of Thailand
Brief History 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
The inception of the Thai stock market began in the early 1960s, when a private
a 10% withholding tax.
group established an organised stock exchange as a limited partnership. The
group later became a limited company and changed its name to the Bangkok
Trading Board
Stock Exchange Co. Ltd. (BSE) in 1963. However due to low levels of activity it
ceased operations in the early 1970s. In 1975 the exchanged reopened and in Trading Board Requirement
1991 it formally changed it name to The Stock Exchange of Thailand (SET). Main Board ≥ 1 board lot or a multiple thereof with spread and price limits
≥ 1 board lot or a multiple thereof with spread but without price
Trading System Foreign Board
limits, no minimum quantity without spread and price limit
Since 1991, the SET has operated a fully computerised trading system, the Big Lot Board ≥ 3 million Baht or 1 million shares without spread and price limits
Automated System for the Stock Exchange of Thailand (ASSET). In the ASSET
Odd Lot Board < 1 board lot with spread and price limits
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 Cross Selling Equity & Short Selling
order matching process according to price, then time, priority, without human Covered short selling is permitted, naked short selling is prohibited. A member
intervention. After brokerage houses electronically send buy or sell orders from shall, at the end of each day in accordance with the form prescribed by the
their offices to the SET mainframe computer, the ASSET system queues the Exchange, submit a report on short positions which have not yet been covered;
orders and arranges them according to a price-then-time priority. This means classified according to each individual security. Only securities listed on the SET
orders are first grouped according to price, with the best price taking precedence. 50 Index are able to be short sold. The uptick rule applies.
Then, within each price group, orders are arranged according to time. Cross trades are allowed on and off the exchange. Off exchange crosses are
Put Through (PT) Trading: The ASSET system also allows brokers to allowed only for block trades.
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 Tick Size
themselves. Prices may be adjusted during the negotiation; hence, the effective
Tick Size Price Range
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 0.01 10 and below
the result(s) to the ASSET system for recording purposes. 0.05 10 to 50
The SET have introduced a new type of share called None Voting Depository 0.1 50 to 100
receipts (NVDR Shares). The main purpose of the NVDR is to stimulate the 0.5 100 to 500
trading activities in the Thai stock market and also to help eliminated foreign 1 500 to 1000
investment barriers. By investing in NVDRs, investors will receive all financial 5 1000 and above
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.
as of August 2009
Circuit Breakers Stock Exchange of Thailand
(SET) Market Capitalisation:
 First Stage: If the SET index falls by 10% from the previous day’s close,
SET100 USD146.4bn
all trading in listed securities will be halted for 30 minutes.
SET50 Average Daily Value:
 Second stage: If the SET index falls by 20% from the previous day’s close USD425.4m
(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 Board Lots
case may be) after the circuit breaker comes into effect, trading will be halted Monday – Friday
100 shares
until the closing time of that session, and the trading will then resume in the Pre-Open:
next session. 9:30 – 10:00
Currency
Morning Session:
Thai Baht (THB)
Taxes, Market Charges & Compulsory Commissions 10:00 – 12:30
All investors must pay stamp duty on the transfer of share and debenture Afternoon Pre-Open: Clearing and Settlement
certificates for 0.1%. For the trading of stocks, warrants, non-voting depository 14:00 – 14:30
receipts (NVDRs), derivative warrants and transferable subscription rights T+3 Business Days
Afternoon Trading Session:
(TSR), brokerage commissions are negotiable but subject to a floor of 0.25% 14:30 – 16:30
of the trading value. Currency Exchange
Closing Auction:
If trades of these instruments are submitted through the Internet, the floor is USD1 = THB33.955
16:30 – 16:40
reduced to 0.20% if the trading value. EUR1 = THB49.632
Off-Hour Trading:
VAT is charged at 7% on brokers commission. 16:40 – 17:00

Foreign 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

Contents
Trinidad &Tobago
Futures Information
None
GMT -5hrs
Internet: www.stockex.co.tt
Email: ttstockx@stt.net.tt
Primary Exchange
Trinidad and Tobago Stock Exchange

An informal securities market had existed in Trinidad and Tobago for more Equities
than 20 years before the 1970s when the government decided to localise
the foreign-owned commercial banking and manufacturing sectors of the Value of Transaction (TTD) Commission Rate
economy. The thrust of the policy was to get such companies to divest On the first 50,000 1.50%
and sell a majority of their shares to nationals of Trinidad and Tobago. The On the next 50,000 1.25%
Trinidad and Tobago Stock Exchange was founded in 1981 under the
auspices of the Ministry of Finance to facilitate such a transfer. Currently On excess above 100,000 1.00%
the Trinidad and Tobago Stock Exchange is governed by Securities and For executing transactions on the floor of the Exchange members are
Exchange Commission who were established by the Securities Industry charged, on a monthly basis 2% of their commissions earned during
Act of 1995. the period.
On every transaction clients are required to pay 2% of 1% of the transaction
Trading System cost or TTD1, whichever is higher. Stamp duty is paid on share transfers.
On 18 March 2005, electronic trading was introduced using the Horizon
Electronic trading system. The Exchange does not fix the price at which a Taxes & Regulations Affecting Foreign Investors
stock may be bought or sold. The price is determined by the demand and
The new Foreign Investment Bill allows foreign investors to hold up to 30%
supply of the particular stock in an electronic environment. Between 08:00
of the shares in a public company without obtaining a licence, although
and 09:30 on the morning of every trading day brokers are permitted to
any further purchases require such a licence.
enter orders into the system, but they are not immediately matched. Based
on this method, the Horizon Trading System will determine separately, the Withholding taxes are payable for non-residents. For dividends rates vary
total volume available on both the buy and sell side of the market at each from 10% to 20% whilst on interest they are subjected to a final withholding
price level as one of the means in arriving at an opening price. tax of 20%. This may be reduced with double taxation treaties.
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.

Trinidad and Tobago Stock 500 Shares
Exchange Composite Index
All Trinidad and Tobago Index Currency
Trinidad and Tobago Dollar (TTD)
Pre-Open: T+3 business days
08:00 – 09:30
Open: Currency Exchange
09:30 – 12:00 USD1 = TTD6.3251
Pre-Close: EUR1 = TTD9.2456
12:00 – 14:00
Market Closes:
14:00
Market Size
as of August 2009
USD14.96bn
USD2.1m

Contents
Tunisia
Futures Information
None
GMT +1hr (+2 DST)

Internet: www.bvmt.com.tn
Email: info@bvmt.com.tn
Primary Exchange
Tunis Stock Exchange

The Bourse des Valeurs Mobilières de Tunis (BVM) was founded in 1969. Its
Transaction Value (TND) Buyer Seller
responsibilities included the organisation of the securities market and the
promotion and protection of investments in securities. As a consequence, Up to 50,000 0.2% 0.2%
some positive results were achieved such as the centralisation of securities Above 50,000 0.1% 0.1%
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. Taxes & Regulations Affecting Foreign Investors
Following Tunisia’s economic reforms, led by the 1994 Financial Markets
act, a new-look Tunis Stock Exchange with increased independence There is total exemption from taxes on dividends and capital gains for
became operational in November 1995. The Tunisia Stock Exchange is individuals. For corporations, capital gains are taxed at a rate of 35%. The
wholly owned by brokerage firms. 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%.
Trading System
In December 2007 the Tunis Stock Exchange upgraded the SUPERCAC
electronic trading system which has been in use since 1996. 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.

BVMT as of August 2009
TUNINDEX Market Capitalisation:

USD6.8bn
Board Lots
Monday – Friday
100 Shares
Pre-Open: 09:00 – 10:00
Continuous Session: Currency
10:00 – 14:00
Tunisian Dinar (TND)
Closing Auction: 14:00 – 14:05
Trading at Last: 14:05 – 14:10 Clearing and Settlement
Fixing taking place at 9:00, All of the BVM markets are spot
10:00, 11:30, 13:00, 13:05 markets. Settlement is on a T+3
basis. The settlement process is
Trading hours in July, August and automated
during Ramadan are as follows:
Monday – Friday Currency Exchange
Pre-Open: 08:30 – 9:30 USD1 = TND1.2991
Continuous Session: EUR1 = TND1.8991
9:30 – 12:00
Closing Auction: 12:00 – 12:05
Trading at Last: 12:05 – 12:10
Fixing taking place at 9:30,
10:00, 11:30, 11:35

Contents
Turkey
Futures Information
None

Internet: www.ise.org
Email: info@ise.org
Primary Exchange
Istanbul Stock Exchange
Brief History 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
Turkish securities markets have their roots in the 19th century with the
a stock with a total nominal value of TRL1. Special orders are designated
development of the Dersaadet Securities Exchange in 1866. Following
depending on the base price and the lot limits allowed for bidding or
the creation of the Turkish Republic, a new law was enacted in 1929 to
offering for each stock.
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. Taxes, Market Charges & Compulsory Commissions
Commission with brokers is freely negotiable with a limit of 1% maximum.
Trading System
The fully computerised trading system enables ISE members to trade in Taxes & Regulations Affecting Foreign Investors
stocks and rights coupons. Stock trading activities are carried out in two There are no restrictions on overseas institutional and individual investments
separate two-and-a-half hour sessions, one in the morning and the other in securities listed on the ISE, making the Turkish stock and bond markets
in the afternoon. open to foreign investors without any restrictions on the repatriation of
Prices are determined on a ‘multiple price-continuous auction method,’ capital and profits.
utilising a system that automatically matches buy and sell orders on a price
and time priority basis. Buyers and sellers enter orders through workstations Cross Selling Equity & Short Selling
located at the ISE. It is a blind order system with counterparties identified Short selling is legal in Turkey, although it is not widely practised. Short
upon matching. All information regarding transparency, except standing selling can be practised on ISE-100 Index, which makes up the main
order IDs are displayed in the trading system during the sessions. index. The securities on which short selling can be practised is determined
For companies traded on the ISE the standard lot size is 1,000 shares. on a quarterly basis by the ISE and announced in the daily ISE bulletin.
The system enables members to execute several types of orders such as Resident and Non resident investors are both permitted to short sell.
‘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.

ISE National-All Shares Index as of August 2009
ISE National-30 Index Market Capitalisation:

USD195.3bn
ISE National-100 Index
USD1.1bn
Monday – Friday Board Lots
National, Regional & 100 Shares
New Company Trading:
09:30 – 12:00
Currency
(09:30 – 09:45
New Turkish Lira (TRY)
electronic order collection);
(14:00 – 14:10 T+2 business days
electronic order collection)
Watch list companies market: Currency Exchange
14:00 – 15:00
USD1 = TRY1.4976
Primary Market; Official Market;
EUR1 = TRY2.1892
Wholesale Trading:
11:00 – 12:00
(no opening or closing auctions)

Contents
Uganda
Futures Information
None
GMT +3hrs
Internet: www.use.or.ug
Email: info@use.or.ug
Primary Exchange
Uganda Securities Exchange

The Uganda Securities Exchange (USE) was licensed to operate an Currently there are no restrictions to foreign investors in the Ugandan
approved stock exchange in June 1997 by the Capital Markets Authority market. Withholding tax on dividends of listed companies is 10%, for
of Uganda. The USE began formal trading operations in January 1998 unlisted companies it is 15%. Corporate tax is charged at a rate of 30%.
with the trading of the East African Development Bond (EADB). There is no stamp duty or capital gains tax.
Trading System
Currently 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.

Commission rates and client costs
First Next Any sum over

UGX200m UGX800m 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

USE All Share Index Ugandan Shilling (UGX)

Mondays, Tuesdays & T+5 Business Days
Thursdays
USD1 = UGX1965.0
Market Size EUR1 = UGX2873.5
as of August 2009
USD3.72bn
>USD100k

Contents
Ukraine
Futures Information
None
GMT +2hrs (+3 DST)

Internet: www.ukrse.kiev.ua; www.pfts.com
Email: use@ukrse.kiev,ua; pfts@pfts.com
Primary Exchange
Ukrainian Stock Exchange/
First Securities Trading System (PFTS)
Brief History 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
There are two main stock exchanges in operation in the Ukraine, namely
quotes offered by trade participants and on acceptance of firm quotes.
the Ukraine Stock Exchange (USE) and the PFTS Stock Exchange.
QDM is used for the secondary trades in stocks, state, municipal and
The Ukraine Stock Exchange (USE) was founded in 1991, with corporate bonds, investment certificates and derivatives with the prices
activity on the exchange starting in January 1992. The exchange is a used to calculate the PFTS system.
closed joint-stock company, and is the most advanced stock exchange
Order-Driven Market is the market built on the order-driven market trading
in the Ukraine.
technology. Trading is performed with full preliminary deposition on
The PFTS Stock Trading System has been in operation since 1996 and assets; settlement is conducted in Hryvnya using the delivery versus
is currently the largest marketplace and self-regulatory organisation in payment technology.
Ukraine’s stock market. PFTS Association is self-regulatory organisation
PFTS Auctions is based on the principle of a unilateral auction, which
(SRO) according to decision of the Ukrainian State Securities and Stock
presumes the performance of trades through submitting of competing
Market Commission. Only PFTS Association members may perform
proposals by the participants of auction on the buy or sell orders of the
transactions at the PFTS trading system. PFTS membership now stands
auction initiator.
at 218 firms in 14 Ukrainian cities. From January 2008 the PFTS Index has
been calculated in real time.
Trading System Currently, Ukraine applies the following tax rates to foreign investors:
On the USE Stocks are traded on a screen based order-driven system Tax Type Rate
called EBOS (Elektronický Burzový Operačný Systém). Three methods
Tax on Dividends for Foreign Investors* 15%
can be used for share transactions; Auction trading (at one fixed price),
Continuous trading and Block trading. Corporate Profit Tax 25%
Repatriation Tax* 15%
The PFTS Trading system is assembled as multi-functional system for
ensuring activity of securities traders. The PFTS trading system consists * Repatriation of dividends is not possible if securities were purchased offshore
of Quote-Driven, Order-Driven markets and PFTS Auctions. 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.

PFTS Index Ukrainian Hryvnia (UAH)

Ukrainian Stock Exchange:
PFTS: USD1 = UAH8.6350
10:00 – 17:00 EUR1 = UAH12.619
Market Size
as of August 2009
USD38.4bn
~USD15m

Contents
UAE
Futures Information
None
GMT +4hrs
Internet: www.dfm.co.ae
Email: helpdesk@dfm.ae
Primary Exchange
Dubai Financial Market

The Dubai Financial Market (DFM) was established in 2000 by the There are no taxes on dividends, interest income or capital gains for foreign
Government of Dubai. It became a fully operational exchange on or local investors. There are no exchange control restrictions of any kind
26 March 2000. Prior to the establishment of the DFM, the United Arab and investors are free to remit funds into and out of the UAE.
Emirates (UAE) had an OTC market in which publicly held companies were
UAE law allows foreigners to own up to 49% of any locally incorporated
traded. The DFM offers a centralised mechanism for trading, clearing and
public company. In practice, most listed companies allow foreign ownership
settlement as well as a regulatory framework to govern the market.
of various percentages up to this limit. No limits are specified for foreign
investments in local bonds. Foreign investments are not allowed in local
Trading System insurance companies. Foreigners can also invest indirectly in the market
The DFM operates on an order driven system. The trading system is screen- through locally incorporated mutual funds which have no restrictions on
based and fully automated. It matches the buying and selling orders that individual share ownership.
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.

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).

The DFM General Index UAE dirham (AED)

Saturday – Thursday T+2 Business days
Trading Session:
USD1 = AED3.6679
Market Size EUR1 = AED5.3622
as of August 2009
USD46.89bn
USD325.6m

Contents
United Kingdom
Futures Information
Main Contract FTSE 100 Index Futures
Trading Exchange Euronext LIFFE (www.liffe.com)
Contract Size GBP10 x Index
Tick Size 0.5 GMT +0hrs (+1hr DST)
Contract Months Mar (H), Jun (M), Sept (U), Dec (Z) Internet: www.londonstockexchange.com
Expiration Day Third Friday of delivery month Email: enquiries@londonstockexchange.com
Reuters <0#FFI:>, near month <FFIc1>, details <LIF/FFI>
Bloomberg Z(Space)(Month Code)(Last Number of Year) Primary Exchange
<Index> London Stock Exchange
Brief History The less liquid are traded on SETSqx (The Stock Exchange Electronic
Trading System – quotes and crosses). All Main Market and EURM
The London Stock Exchange (LSE) can trace it history back over three centuries.
AIM securities not traded on a full order book are traded here. This
In 1697 brokers had been banned from the Royal Exchange due to their rowdy
system combines a periodic electronic auction book with standalone quote driven
behaviour and instead headed towards surrounding coffee houses in Change
market making. Un-crossings take place at 08:00, 11:00, 15:00 and 16:35.
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 SEAQ is the LSE’s service for the Fixed Interest market and AIM securities that
and other things”. It is the earliest evidence of organised trading in marketable are not traded on either SETS or SETSqx.
securities in London. By the late 1760s, 150 brokers formed a subscription The International Order Book (IOB) trades securities from 46 countries through
club at Jonathan’s coffee house, later opening their own subscription room, one central order book via depositary receipts (DRs). The service is based on
New Jonathan’s, in Threadneedle Street after the old one burnt down. In 1773 an electronic order book similar to SETS but with the added option for member
the members of New Jonathan’s voted to change the name to the Stock firms to display their identity pre-trade by using Named Orders, offering greater
Exchange. visibility in the market.
In the 19th and early 20th century over 20 stock exchanges were set up in IOB Clearing is now through a Central Counterparty (CCP) clearing service for
towns around the UK while a Provincial Brokers Stock Exchange was also 50 of the most heavily traded securities. This brings the service closer into line
established. These were amalgamated in 1973. In 1986 the market was with SETS and the EDX London RIOB service and is designed to help firms to
deregulated, an event known as the “Big Bang”. This event lead to the mitigate counter-party risk, attract new IOB participants, improve liquidity and
following changes; firms were allowed to be owned by outside corporations, lower operational costs. An optional netting service is available on the IOB,
firms became broker-dealers, able to act either as agency brokers representing provided by LCH.Clearnet
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; Circuit Breakers
instead the LSE and the Italian Borsa merged. 5% from the last traded price. Trading session resumes after 5 minutes.
Trading System Taxes, Market Charges & Compulsory Commissions

TradeElect is the LSE’s new trading system which incorporates several There are no minimum scales of commission.
other systems. The Stock Exchange Trading System (SETS) is an electronic
A 50bps stamp duty is imposed on equity purchases. Irish stocks listed on the
automatic, order-driven, flexible and transparent trading platform. The most
exchange are subject to Irish stamp duty of 1% on buys.
liquid stocks on the exchange are traded through SETS, namely the FTSE All
There is a PTM (Panel on Takeovers and Mergers) levy of GBP1 (EUR1.50) per
Share Index, Exchange Traded Funds, Exchanged Traded Commodities and of
transaction, except for Hong Kong listed stocks, or if the gross consideration
the most traded AIM and Irish Securities.
of the bargain is GBP10,000 (EUR15,000) or less.

UK Corporations are required to pay advance corporation tax on dividends
distributed to shareholders. Residents of countries with double-taxation treaties
Main Indices Board Lots with the UK can claim a tax credit which is equivalent to the amount of advance
FTSE 100 1 share (some trade 1 or 50) corporation tax paid, less withholding tax.
FTSE All-Share Index Investors whose countries of residence have a tax treaty in force with the UK
Currency are subject to a 15% withholding tax on dividends.
Official Trading Hours British Pound (GBP)
Monday – Friday
Opening Auction:
Clearing and Settlement The partial ban on short selling has been lifted in January 2009, however a
07:50 – 08:00 T+3 Business Days disclosure obligation is maintained. Disclosure of a short position has to be
made when it reaches 0.25% of the companies market capitalisation, further
Continuous Trading:
Currency Exchange disclosure has to be made with every tenth of percent, both when increasing
08:00 – 16:30
and decreasing.
Closing Auction: USD1 = GBP0.60332
16:30 – 16:35 EUR1 = GBP0.88181
Tick Sizes
Market Size Top 15 FTSE 100 Stocks (SE10) Bottom 85 FTSE 100 Stocks (SET1)
as of August 2009 Mid-Cap Stocks (STMM)
Market Capitalisation: Stock Price GBp Tick Stock Price GBp Tick
USD2.42trn
Less than 0.999 0.0001 Less than 0.5 0.0001
Average Daily Turnover: 1 - 4.9995 0.0005 0.5 - 0.9995 0.0005
USD14.5bn 5 - 9.999 0.001 1 - 4.999 0.001
10 - 49.995 0.005 5 - 9.995 0.005
50 - 99.99 0.01 10 - 49.99 0.01
100 - 499.95 0.05 50 - 99.95 0.05
500 - 999.9 0.1 100 - 499.9 0.1
1000 - 4999.5 0.5 500 - 999.5 .05
5000 - 9999 1 1000 - 4999 1
1000 or more 5 5000 - 9995 5
1000 or more 10
Contents
USA – Chicago
Futures Information
None

Internet: www.chx.com
Email: info@chx.com
Primary Exchange
Chicago Stock Exchange

The Chicago Stock Exchange (CHX) opened for trading of local bonds Same circuit breakers as for NYSE Euronext apply.
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 SEC fee 0.156bps on the gross consideration of sells only.
merged with the stock exchanges of St Louis, Cleveland and Minneapolis- Since 1975 brokerage commissions in the USA have been freely negotiable.
St Paul to form the Midwest Stock Exchange (MSE). A decade later the There are substantial differences in the charges an investor can incur
New Orleans Stock Exchange became part of the MSE. In 1985 the depending on the level of service required.
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. Taxes & Regulations Affecting Foreign Investors
Dividends are subject to a 30% withholding tax, although this is reduced
On 9 February 2005 the US Securities and Exchange Commission
for investors who reside in a country with a tax treaty in force with the
(SEC) approved the demutualisation plan set forth by the CHX in
United States. Capital gains are treated as ordinary income, subject to tax
November 2004.
rates of between 15% and 28%.
In March 2008 the CME Group announced a deal to take over the New
In the US, Regulation 15a6 requires all US broker-dealers to book locally
York Mercantile Exchange for USD9.4bn.
(i.e. in their own ledger system) all trades done for US-based customers,
regardless of the actual place of booking/clearing and the market traded.
Trading System
The Chicago Stock Exchange’s Matching System trading platform Cross Selling Equity & Short Selling
provides a fully automated electronic system. It offers broker/dealers
Same rules as for NYSE Euronext apply.
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 Main Indices Board Lots
orders in the book. If a match can be consummated at a price within the
None 100 shares
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 Monday – Friday USD0.01
quoted. If the order’s price would lock or cross the NBBO then the order Regular Session:
will be rejected. 08:30 – 15:00 Currency
(15:15 for specified ETF) US Dollar (USD)
Orders resting in the book will be matched in price – time priority and Late Trading Session:
according to the ranking – Display orders; Un-displayed portions of 15:00 – 16:00 Clearing and Settlement
reserves; Un-displayed orders. (Only cross orders with T+3 Business Days
the exception of mid-point
The Matching System matches orders on a share for share basis and cross orders)
inbound odd lot orders can match at prices outside the NBBO. Currency Exchange
Market Size EUR1 = USD1.4619
As part of the Exchange’s new trading model, the CHX operates a
as of August 2009
neutral communications service, the CHXConnect. This service allows
participants to route orders to market makers or other broker-dealers Market Capitalisation: NA
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.

Contents
USA – NASDAQ
Futures Information
Main 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 Index
Tick Size 0.25 GMT -5hrs (-4hrs DST)
Contract Months March quarterly cycle Internet: www.NASDAQ.com
Reuters <0#ND:>, nearest month <NDc1>, contract details Email: NASDAQNews@NASDAQ.com
<CME/ND>
Bloomberg ND (Month Code)(Last Number of Year) <Index> Primary Exchange
NASDAQ Stock Market
Brief History In aggregate, non-attributed and attributed quotes and orders represent the
displayed size executable at that price level. In addition, there may be reserve
Since its debut in 1971 as the world’s first electronic stock market, The
size, which is not displayed nor included in any aggregation, but which may be
NASDAQ Stock Market (National Association of Securities Dealers Automated
executed against.
Quotations), has been at the forefront of innovation, using technology to bring
millions of investors together with the world’s leading companies. In September All quotes and orders, whether attributed or non-attributed, will be subject
2004 NASDAQ acquired Brut LLC, the owner and operator of the Brut ECN, to execution.
and in 2005 NASDAQ acquired INET. In 2007 NASDAQ bought the Philadelphia Execution has been enhanced in the NASDAQ Market Center because orders
Stock Exchange and became the largest US stock exchange. In Quarter One and subsequent additions to orders are time stamped individually, preserving
2008 NASDAQ completed the purchase of OMX following an agreement with position and priority. A market participant’s initial order is not re-ranked when
Borse Dubai, the new company is known as the NASDAQ OMX Group. additional orders are submitted for the same security at the same price. Instead,
each increment is time-stamped and accessed by its priority.
Trading System: Precise All incoming market and marketable limit orders are processed in the order they
The NASDAQ Market Center is a fully integrated order display and execution are received and based on the order-entry firm’s execution preferences. The
system for all NASDAQ and other exchange-listed securities. market participant entering the order may choose – on an order-by-order basis
– the manner in which an order is executed:
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  Price/time priority (default option)
anonymously in NASDAQ. From an order display perspective the NASDAQ  Price/time priority with access fees taken into consideration
Market Center enhances transparency of trading interest by displaying full  Price/size priority
depth available at all price levels.
Market participants that choose to enter multiple orders at multiple prices enjoy
The primary type of order that NASDAQ Market Center participants the benefit of order protection. While only the participant’s best is shown in the
use is a non-directed order. Non-directed orders are liability orders up montage, its other submitted orders are resident in the system and executed
to 999,999 shares in size. These orders are automatically executed according to market demand.
against market participants, and are either delivered to or automatically
executed against quotes of ECNs and participating unlisted trading Market participants can specify reserve size on their quotes/orders; reserve
privileges (UTP) exchanges, depending on what option the ECN or UTP size is not displayed, but it is available for execution at any time. The displayed
exchange has indicated. size of all participants at a particular price level will be accessed before going
to reserve size.
Pre-trade and post-trade anonymity are available in NASDAQ Market Center
through the ability to designate orders as non-attributable. Non-attributable The NASDAQ Market Center eliminates locked and crossed markets during
market hours, thereby improving the efficiency of execution. An order or quote
orders appear in an aggregate display, under a special designator, but do
that would lock or cross the market is executed against the quote or order
not identify a specific market maker, which minimises the risks associated
it is locking or crossing. If a larger order is entered, the residual shares may
with revealing size.
ultimately become the new inside. The system also clears locks and crosses
that exist at the market open.
Main Indices Board Lots The NASDAQ Market Center also routes to external liquidity venues, including
NASDAQ Composite Index 100 shares other exchanges and ECNs that do not display quotes in the Market Center.
Official Trading Hours Tick Size Circuit Breakers

Monday – Friday USD0.01 Same circuit breakers as for NYSE Euronext apply.
Pre-Hours Trading Session:
07:00 – 09:30 Currency Taxes, Market Charges & Compulsory Commissions
NASDAQ Stock Market Regular US Dollar (USD) Commission rates and other client costs in the NASDAQ market are frequently
Official Trading Hours: lower than on the exchanges because of the competition among the multiple
09:30 – 16:00 Clearing and Settlement market-makers.
NASDAQ Stock Market T+3 Business Days
After-Hours: Taxes & Regulations Affecting Foreign Investors
Dividends are subject to a 30% withholding tax, although this is reduced for
NASDAQ International: EUR1 = USD1.4619 investors who reside in a country with a tax treaty in force with the United
03:30 – 09:00
States. Capital gains are treated as ordinary income, subject to tax rates of
between 15% and 28%.
Market Size
as of August 2009 In the US, Regulation 15a6 requires all US broker-dealers to book locally (i.e. in
their own ledger system) all trades done for US-based customers, regardless
USD2.62trn of the actual place of booking/clearing and the market traded.

USD34bn Cross Selling Equity & Short Selling
The Short-Sale and Bid Test rules have been abolished.

Contents
USA – National
Futures Information
None

Internet: www.nsx.com
Email: colkerd@nsx.com
Primary Exchange
National Stock Exchange

In 1858 a group of Cincinnati businessmen gathered together to auction SEC Fee 0.156bps on the gross consideration of sells only.
shares in local companies, however this exchange did not survive the Civil
Since 1975 brokerage commission in the USA has been freely negotiable.
War. The precursor to the current Exchange was organised by twelve
There are substantial differences in the charges investors can occur
brokers in 1885, a permanent constitution was adopted in 1886 and has
depending on the level of services.
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 Taxes & Regulations Affecting Foreign Investors
States. The Cincinnati Stock Exchange is now based in Chicago and Dividends are subject to a 30% withholding tax, although this is reduced
formally changed it name to the National Stock Exchange (NSX) on for investors who reside in a country with a tax treaty in force with the
7 November 2003. United States. Capital gains are treated as ordinary income, subject to tax
rates of between 15% and 28%.
Trading System In the US, Regulation 15a6 requires all US broker-dealers to book locally
NSX BLADE was introduced in October 2006, with a phased-in migration (i.e. in their own ledger system) all trades done for US-based customers,
of NASDAQ-listed symbols onto NSX BLADE from the previous system regardless of the actual place of booking/clearing and the market traded.
NSTS. The migration of Tape C securities was completed during December
2006. 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 Same rules as for NYSE Euronext apply.
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.
Circuit Breakers
Same circuit breakers as for NYSE Euronext apply. Main Indices Tick Size
None USD0.01

Monday – Friday US Dollar (USD)
09:30 – 16:30 EST
Market Size T+3 Business days
Market Capitalisation: NA
Average Daily Turnover: NA
Currency Exchange
EUR1 = USD1.4619
Board Lot
100 shares

Contents
USA – New York

Futures Information
Main Contract S&P500 Stock Price Index Future
Trading Exchange Chicago Mercantile Exchange (CME)
Trading Times 15:30 – 08:15, 08:30 – 15:15
Contract Size USD250xIndex
Tick Size 0.1 GMT -5hrs (-4hrs DST)
Contract Months March (H), June (M), September(U), December(Z) Internet: www.nyse.com
Reuters <0#SP:>, nearest month <SPc1>, contract details
<CME/SP> Primary Exchange
Bloomberg SP (Month Code)(Last Number of Year) <Index> New York Stock Exchange
Brief History 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
The origins of the New York Stock Exchange (NYSE) date back to 1792,
public orders to buy or sell shares and work to get their customers the best
when the 24 New York stockbrokers and merchants most involved in trading
price. The Specialist brokers are allocated a stock which is listed on the NYSE
securities joined in an agreement to collect a uniform commission on all sales
and they act as auctioneers in their designated stock at a designated location.
of public stock and to ‘give preference to each other’ in their negotiations.
Through the use of sophisticated technology they bring buyers and sellers
This compact has since become known as the Buttonwood Agreement, after
together, improve prices and serve ad a point of accountability for the smooth
a tree on Wall Street where the brokers met from time to time to conduct their
functioning of the market.
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 Upstairs traders work at a member-firm trading desk and are linked to the NYSE
was rented at 40 Wall Street. In 1865 they moved to its present site. trading floor and other markets. They facilitate block orders for customers and
also engage in arbitrage between the equities markets and derivative-products
In 2000, the NYSE became the first US stock market to undertake the
markets. They also trade for their firms’ own accounts.
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 The NYSE also trades via the Intermarket Trading System (ITS). This system
2000. On 29 January 2001, the NYSE began trading all 3,525 listed issues began operation in 1978 and connects the American, National, Chicago, New
in decimals. York, Pacific and Philadelphia stock exchanges, NASD and the CBOE, and
enables brokers to execute a transaction on another market whenever the
The NYSE was demutualised and converted from a not-for-profit entity into a
Composite Quotation System shows that a better price may be obtained there.
for-profit entity on 7 March 2006 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
Circuit Breakers
completed the acquisition of the American Exchange. Trading halts occur after a 10%, 20% and 30% declines in The Dow Jones
Industrial Average. The numerical points are decided each quarter, using the
Trading System average closing from the previous month.
The NYSE operates a so called “Hybrid Market”. This system blends the before 13:00 before 13:30 after 13:30
modern mode of electronic trading and the traditional open-outcry auction ±10% 1h halt 30min halt no halt
market mode of trading. All orders are electronically delivered to trading
before 12:00 before 13:00 after 13:00
posts, booths or handheld computers on the floor via several systems. The
main system which accounts for approximately 95% of transactions is called ±20% 2h halt 1h halt halt until close
SuperDOT (Designated Order Turnaround System). SuperDOT is an electronic ±30% trading halted for the rest of the day
order-routing and reporting system that links member firms’ processing and
trading operations and the specialist post on the NYSE trading floor. Larger Taxes, Market Charges & Compulsory Commissions
transactions are facilitated personally by floor brokers via BBSS (Broker Booth SEC Fee 0.156bps on the gross considerations of sells only.
Support System), NYSE e-Broker and NYSE Direct+.
Since 1975 brokerage commissions in the USA have been freely negotiable.
There are substantial differences in the charges an investor can incur depending
Main Indices Board Lots on the level of service required.
NYSE Composite 100 shares

Dividends are subject to a 30% withholding tax, although this is reduced for
investors who reside in a country with a tax treaty in force with the United
Monday – Friday USD0.01 States. Capital gains are treated as ordinary income, subject to tax rates of
Opening Auction: between 15% and 28%.
09:30 – 09:31 Currency
In the US, Regulation 15a6 requires all US broker-dealers to book locally (i.e. in
Trading Hours: US Dollar (USD) their own ledger system) all trades done for US-based customers, regardless
09:30 – 16:00 of the actual place of booking/clearing and the market traded.
After-Hours Trading: Clearing and Settlement
Closing Session I: T+3 Business Days Cross Selling Equity & Short Selling
16:15 – 17:00 The temporary ban on short selling of 799 financial stocks has been lifted in
Currency Exchange October 2008. Starting in 2004, Regulation SHO has specifically targeted
Closing Session II, III, IV:
16:00 – 18:30 EUR1 = USD1.4619 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”).
Market Size The SEC also publishes a Threshold Security List for stocks where more than
as of August 2009: 0,5% of their total outstanding shares failed to deliver for five consecutive
business days.
USD9.38trn The SEC is currently considering the reintroduction of an uptick rule as well
Average Daily Turnover: as other restrictions on short selling, please see the SEC’s website for current
USD75.5bn 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.

Contents
Uruguay
Futures Information
None

Internet: www.bvm.com.uy (Spanish text only)
Email: bvm@bvm.com.uy
Primary Exchange
Montevideo Stock Exchange
Brief History
The Montevideo Stock Exchange (MSE) was established in 1867. In 1992
the Exchange amended its by-laws to allow the purchase of broker titles
by legal entities. In 1996 additional reforms were introduced to provide a
legal framework for the securities markets.
Trading System
Trading at the MSE is effected manually on the trading floor.

Commissions collected by brokers as a result of the sale of shares are
approximately 0.5% of the price of the transaction.

The 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.

Indice de Precios Uruguayan Peso (UYU)

Monday – Friday BMV provides all the securities
Continuous Trading: clearing and settlement services
11:30 – 16:00 for its members and on behalf
of their customers. Settlement
takes place 24 hours after
Market Size
as of August 2009
the transaction
Currency Exchange
USD137.0m
USD1 = UYU22.025
EUR1 = UYU32.194

Contents
Uzbekistan
Futures Information
None
GMT +5hrs
Internet: www.uzse.uz (Russian text only)
Email: info@uzse.uz
Primary Exchange
Toshkent Republican Stock Exchange

Toshkent Republican Stock Exchange (TRSE), formerly the Uzbekistan For Shares: 1% from the buyer and seller on IPO For privatised state
Stock Exchange, was established in 1994. Its creation came about shares only). In the public float market the rate ranges from 0.025% to
due to economic reforms in Uzbekistan, most significantly the creation 0.4% depending on the volume of the transaction, from both each buyer
of joint-stock companies and the privatisation of state enterprises. The and seller.
State Property Committee of the Republic of Uzbekistan and the financial
company Uzfininvest were the founders of the Exchange.
Foreign legal entities are subject to a corporate income tax of 10%.
Trading System
Trading 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.

TASIX Index Uzbekistani Som (UZS)

10:00 – 15:30
Currency Exchange
Market Size USD1 = UZS1496.7
as of August 2009 EUR1 = UZS2187.2
USD9.6bn

Contents
Venezuela
Futures Information
Main Contract IBC Index Future
Trading Exchange Caracas Stock Exchange
Contract Size 2000 Bolivars
GMT -4.30hrs Tick Size 0.1 index point
Internet: www.bolsadecaracas.com Contract Months 3 consecutive months & the next 3 contracts
Email: bvc@caracasstock.com on the Mar, Jun, Sep & Dec expiry cycle
Reuters <0#IBC:>, contract details <CCS/IBC>
Primary Exchange Bloomberg CI (Month Code)(Last Number of Year) <Index>
Caracas Stock Exchange
Brief History Taxes & Regulations Affecting Foreign Investors.

The development of an organised securities market in Venezuela can be The Caracas Stock Exchange does not impose any restrictions on foreign
traced back to 1805 when Don Bruno Abasolo y Don Fernando Key Muñoz nationals other than those applicable to domestic investors as established
founded a trading house in the city of Santiago de León de Caracas. by the Exchange’s internal rules and regulations. There are two ‘sensitive’
In 1807 the Government issued trading rules and the first association of areas regarding foreign investment:
traders was created. The first formal exchange was registered in January
 TV and radio broadcasting, Spanish-language newspapers
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  Professional services regulated by national laws (e.g. law firms)
del Estado Miranda, was founded to compete with the first exchange. Dividends are tax exempt, but net income from loans granted by financial
However, in 1974 the two exchanges were merged, thus marking the institutions constituted overseas is taxed at the rate of 4.95%. The capital
beginning of the modern exchange. In 1998 the Exchange acquired the gains tax has been replaced by a proportional tax of 1% on the gross
SIBE electronic trading exchange from the Madrid Stock Exchange. 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
Trading System as follows:
Equities and fixed income instruments are traded on the SIBE platform. Proportional Tax Rate
SIBE is an order-driven market system, with real-time information and
dissemination of trading data. SIBE gives support to the management of Individuals Companies
orders, trading, dissemination of information, settlement and monitoring Residents 3% 5%
activities of the organised markets.
Non-residents 34% Varies from 6.0% – 34.0% depending on
Trading is done via a fully automated, screen-based trading system taxable income
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. Short selling is prohibited.
The main index is open-ended and accounts for more than 60% 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 Commissions Caracas Stock index (IBC) as of August 2009
Commissions paid by investors to the brokers for buying or selling a share Market Capitalisation:
are determined by the brokers individually. Commission is paid by each Official Trading Hours USD47.3bn
side involved in a transaction. Monday – Friday Average Daily Turnover:
~USD500m
Spring – Summer
Pre-Opening: Currency
09:00 – 09:30
Venezuelan Bolivar fuerte (VEB)
Market Session:
Post-Closing: T+3 Business Days
14:00 – 14:30
Currency Exchange
Autumn – Winter
USD1 = VEB2.1473
Pre-Opening:
09:00 – 10:00 EUR1 = VEB3.1387
Market Session:
10:00 – 14:30
Post-Closing:
14:30 – 15:00

Contents
Vietnam
Futures Information
None
GMT +7hrs
Internet: www.hsx.vn
Email: market_infor@hsx.vn
Primary Exchange
Ho Chi Minh Stock Exchange
Brief History Put Through (PT) Trading

Ho Chi Minh City Securities Trading Center (HoSTC) (‘STC’) was officially The system provides a facility for brokers to deal directly with each other,
inaugurated on 20 July 2000 and trading commenced on 28 July 2000. either on behalf of their clients or for themselves. The dealing price is
Initially, two equity issues were listed, Refrigeration Electrical Engineering negotiated between the two brokers and hence, the effective executed
Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication price may not be the same as that of securities traded in the market on
Material Joint Stock Company (‘SACOM’). In August 2007, HoSTC was that day. After concluding negotiations, dealers must send details of the
renamed the Ho Chi Minh Stock Exchange (HOSE). result(s) to STC mainframe recording purposes.
Trading System Circuit Breakers

The STC operates fully-computerised trading system for the Stock ±5% Trading bands from the reference price are applied.
Exchange of Vietnam. Two principal methods of trading are available:
Automatic Order Matching (AOM) and Put Through transactions (PT). Taxes, Market Charges & Compulsory Commissions
Automatic Order Matching (AOM) Trading None.
The Automatic Order Matching performs the order matching process
according to price then time priority, without human intervention. After Taxes & Regulations Affecting Foreign Investors
brokerage houses electronically send buy or sell orders from their offices The only tax on equities for foreign investors is a securities transaction tax
to the HOSE mainframe computer, the system implements an order of 0.1%. There is no withholding tax on dividends paid abroad. There is
queuing process and arranges the orders according to a price-then-time no capital gains tax. Foreigners can buy up to 49% of listed stocks except
priority. This means orders are first grouped according to price, with the banks. For banks the limit on foreign ownership is 30% with a maximum
best price taking precedence. Then, within each price group, orders are individual investor limit of 10%. Maximum bonds holding: no limitation.
arranged according to time. Foreign contribution on joint-venture securities firms or fund management
The system calculates the opening and closing price of a security at the company less than or equal to 49%.
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.

Vietnam Index Vietnamese Dong (VND)

Monday – Friday T+3 Business Days for less than
Opening Auction: 100,000 shares
08:30 – 09:00 T+1 for more than
Continuous Trading: 100,000 shares
09:10 – 09:30
Closing Auction:
Currency Exchange
10:15 – 10:30 USD1 = VND17833
Put Through: EUR1 = VND26068
10:30 – 11:00
Market Size
USD20.6bn

Contents
Futures Information
West African Stock Exchange None
Bourse Regionale des Valeurs Mobilières SA (BRVM)
GMT+1
Internet: www.brvm.org
Email: brvm@brvm.org
Primary Exchange
Regional Stock Exchange West Africa

The West African Stock Exchange can trace its roots back to the The price fluctuation per session is limited to 7.5% for stocks and bonds.
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 1976 following the passing of Law No 74-353 in 1974. The
Regional West African Exchange, Bourse des Regionale Valeurs Mobilieres The fees charged by the exchange to the brokers are:
(BRVM), took over the 35 stocks of Ivory Coast’s national BVA bourse from Trading: 0.30% of the transaction value.
16 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 Settling and Clearing: 0.10% of the transaction value.
market offices are maintained in Benin, Burkina Faso, Guinea Bissau, Mali,
The brokerage fees are about 1% of the transaction value (freely determined
Niger, Senegal and Togo.
by each broker).

There is one method of dealing and establishing prices. Stocks and
There are no formal restrictions on foreign investment.
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).

BVRM Composite Index Communauté Financière
BVRM10 Index Africaine Franc (XOF)

Monday – Friday Settlement is carried out via the
Central Depository and the cycle
Pre-Open: is T+5, but to meet international
08:00 – 08:30 standards it is expected to move
Continuous Trading: to T+3 in the future
08:30 – 10:30
Fixing: Currency Exchange
10:30 – 10:45 USD1 = XOF449.84
Post-Close: EUR1 = XOF656.392
10:45 – 13:00
Market Size
as of August 2009
USD6.4bn

Contents
Zambia
Futures Information
None
GMT +2hrs
Internet: www.luse.co.zm
Email: luse@zamnet.zm
Primary Exchange
Lusaka Stock Exchange

The Lusaka Stock Exchange (LuSE) began operations in February 1994. 0.25% of value to each party paid to the exchange. Brokerage rates are
Its formation was directly linked to the economic reforms and liberalisation negotiable. Indicative scale is 0.5% on equities. Depository Transfer Fees
of the Zambian economy that began in 1991, a key feature of which 0.375% of the total value deposited.
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.
There is a withholding tax of 15% on dividends that are treated as
The securities market in Zambia was formalised by the enactment of the income. However this tax is exempted for dividends paid on listed stock
Securities Act in December 1993. The Securities Act, and its subsidiary to individuals. There is no capital gains tax. A property transfer tax of 3%
legislation in the form of rules, provides for the operation of a market that is paid by the seller of unlisted securities. Listed stock does not attract
is fair, orderly, secure, and transparent. It provides for investor protection this tax. The corporate income tax rate is 33%. Government restructured
and the licensing of all market players. The Act also provides for the the preferential tax structure for listed companies effective 1 April 2004 as
establishment of the Securities and Exchange Commission (SEC-Zambia) follows; corporate tax reduction by 2% for new listings for one year only
as the regulatory agency for the Zambian securities market. There are and a further reduction of 5% over and above the 2% for companies whose
currently 15 companies listed on the LuSE. 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.
Trading System There are no ownership limits or restrictions on foreign investment.
The 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.

LuSE All Share Index Zambian Kwacha (ZMK)

First Trading Session:
Second Trading Session: USD1 = ZMK4630.0
12:00 – 13:00 EUR1 = ZMK6770.6
Market Size
as of August 2009
USD3.9bn

Contents
Zimbabwe
Futures Information
None
GMT +2hrs
Internet: www.zse.co.zw
Email: emunyukwi@zse.co.zw
Primary Exchange
Zimbabwe Stock Exchange

The first stock exchange in Zimbabwe opened its doors shortly after the Buying and selling shares incurs costs which are added onto the purchase
arrival of the Pioneer Column in Bulawayo. It was however only operative for price or deducted from the sale amount.
about six years from 1896 to the end of the South African war. Other stock
exchanges were established in Gwelo (Gweru) and Umtali (Mutare). The Rate (ZWD)
latter, also founded in 1896, thrived on the success of local mining, but with
Basic charge 500
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 Brokerage 2 per 100
Bulawayo and dealing started in January 1946. A second floor was opened Stamp duty 2 per 100 (of shares purchased)
in Salisbury (Harare) in December 1951 and trading between the two
Transfer fee (on purchases) 500
centres was by telephone. They continued operating until it was decided
that legislation should be enacted to govern the rights and obligations of VAT 15%
both members of the Exchange and the general investing public.
The Zimbabwe Stock Exchange Act reached the statute book in January Taxes & Regulations Affecting Foreign Investors
1974. The members of the Exchange continued to trade as before, but it Control on repatriation of sale proceeds were lifted in January 1994.
became necessary for legal reasons to bring into being a new Exchange However the following rules still apply; no one foreign investor may own
coincidental with the passing of the legislation. The present Exchange more than 10% of the issued equity of a listed company. Aggregate foreign
therefore dates from the passing of the Act. ownership of a listed company may not exceed 40% (excluding positions
The exchange has been open to foreign investment since 1993. The US held before June 1993).
Dollar has been adopted as legal tender for trading. Withholding taxes on dividends are deducted at source at the rate of 15%.
In the last few years, liquidity has dried up significantly as the political and Capital gains tax was abolished in 2003. All investment purchases are done
economical situation has deteriorated. through the Exchange and funded through normal banking channels
Two listed shares – Old Mutual plc and ABC Holdings Limited – have
Trading System fungibility inward and outward.
The 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.
ABRI Zimbabwe Index Zimbabwean Dollar (ZWD)
Zimbabwe Industrials index
Zimbabwe Mining Index
T+7 Business Days
Monday – Friday
Currency Exchange
USD1 = N/A
09:00 – 10:30
EUR1 = N/A
11:45 – 13:00
Market Size
Market Capitalisation: NA

ECNs,
ATS &
Dark Pools
Contents
NYSE Arca
Internet: www.nyse.com

In January 1997, the US Securities and Exchange Commission (SEC) ArcaEx, is an open, fully electronic equity exchange offering fast,
implemented new Order Handling Rules, which revolutionised trading in anonymous and consistent order processing. NYSE Arca trades all NYSE,
NASDAQ securities. The new rules created the opportunity for Electronic NYSE Arca, AMEX and OTC listed stocks. The SEC has restricted UTP
Communications Networks (ECNs), such as Archipelago, to interact trading in certain ETFs on NYSE Arca for those ETFs and Trusts that do
directly with the NASDAQ National Market System. Archipelago LLC was not provide intra-day fund valuation estimates during either the early or
formed in December 1996 in response to these rules and was launched in late trading session. NYSE Arca features four trading sessions each day:
January 1997 as one of the four original ECNs approved by the SEC. a Pre-Opening Session (03:30 – 04:00), Opening Session (04:00 – 09:30),
Core Trading Session (09:30 – 16:00), Extended Hours (16:00 – 20:00).
In October 2001, the SEC approved the proposal of the Pacific
Additionally, ArcaEX has an opening auction, a Market Order Auction and
Exchange, Inc (PCX) to establish the Archipelago Exchange
a Closing Auction where all participants can see and participate in price
(ArcaEx) as its new, electronic trading facility. The Pacific Exchange
information. Equity trading Permit Holders and other uses of Arca submit
closed its San Francisco equities floor on 21 March 2002, moving
orders directly to an electronic file of orders, known as the ArcaBook. Arca
its equities trading operations to the fully electronic, replacing the
searches for the best price for orders internally or externally.
traditional floor specialists. The Pacific Exchange options floor in
San Francisco is unaffected by the migration of equities trading to an
electronic environment. Investor Protection
In March 2006 Archipelago merged with the NYSE to form the for-profit The legal entity known as NYSE Regulation, Inc., was created during
entity NYSE group (now NYSE Euronext). NYSE Arca was the first open, the course of the merger between the New York Stock Exchange and
all-electronic stock market in the United States enabling customers to Archipelago Holdings, Inc. To protect investors, the health of the financial
trade equity securities, including those listed on NYSE Arca, the NYSE system, and the integrity of the capital-formation process, the SEC
and other US equities markets and options products. NYSE Arca trading selected NYSE as the Designated Examining Authority for financial and
platform links traders to multiple US market centres where buyers and operational issues for its member organisations. The chide executive
sellers meet directly in a highly-liquid electronic environment without officer of NYSE Regulation has primary responsibility for the regulatory
intermediaries for fast order executing and open, direct and anonymous oversight of the exchange subsidiaries within NYSE Group, and reports
market access. solely to the NYSE Regulation board of directors.

Core Trading: 09:30 – 16:00
Extended hours: 16:00 – 20:00

It 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).

Contents
NYSE Arca Europe
Brief History Order Transparency Parameters

NYSE Arca Europe provides access to pan-European equities thorugh Reserve Orders: The disclosed quantity of a reserve order means the
a central limit order book trading a select group of top European liquid quantity of securities the Member wishes to be made apparent to the
stocks from the following eleven countries: Austria, Denmark, Finland, market. It is the maximum quantity of securities that will be visible to the
Germany, Ireland, Italy, Norway, Sweden, Switzerland, Spain and the market at any given time.
United Kingdom.
Guaranteed Cross Trades: The automatic execution through the order
It is regulated by the Dutch regulator, Autoriteit Financiële Markten (AFM) book of a buy and a sell order from a Member is permitted by the order
and is fully compliant with MiFID obligations to ensure transparency and book system. The resulting trade will be marked. Guaranteed cross trades
best execution for clients. 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
Trades are published in real-time via NYSE Euronext market data feeds
guaranteed cross trade outside the BBO.
and systems.
A guaranteed cross trade is said to be a principal trade if it involves a
Clearing and settlement is managed by EuroCCP to ensure an efficient
Member trading voluntarily against their clients. It shall be effected on the
pan-European low-cost solution.
conditions applicable to cross trades.
Structure Tick Sizes

Order Types: Limit Order, Market to Limit Order, Pegged Order.
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
Order Validity table defined for each trading group.
Good-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 Parameters
Immediate 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.

Contents
EuroTLX – TLX
Internet: www.eurotlx.com
Brief History Structure

TLX was launched as an ATS in January 2000 by TradingLab Banca, the The following members have access to the market:
investment bank of Unicredito Group. On 1 January 2003 the exchange  Market Makers, which provide liquidity through insertion of quotes
was spun off from TradingLab Banca into a new vehicle called TLX for all instruments traded
SpA, in order to create a pan-European electronic exchange of financial
 Broker-Dealers, which provide orders on behalf of their clients
instruments targeted to individual investors.
The liquidity of all instruments is guaranteed by the mixed structure,
Since the 20 October 2003, TLX SpA has managed two markets: a
quote‑and order-driven. A single investor may send orders independently
Regulated Market recognised by the Italian Authority CONSOB, called
from the quotes of the market maker.
TLX and the ECN called EuroTLX, where the following instruments are
traded: foreign equities, corporate bonds, emerging market bonds, non EU The rules of the market are available on the web site (www.eurotlx.com).
government bonds, structured bonds, covered warrant and certificates.
EuroTLX enables retail investors to trade, through intermediaries, with Securities Traded
a high level of liquidity and transparency. Trading activity is especially Non EU Government bonds, sovereign bonds, supranational bonds,
concentrated on instruments such as foreign equities, structured bonds, corporate bonds, structured bonds, covered warrant and certificates, ABS.
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 2006, Banca IMI, the investment bank of Intesa Trading System
Sanpaolo banking group, acquired a 50% stake in TLX, and started to act Trading occurs through a hybrid quote- and order-driven system supported
as a market makers from February 2007. TLX currently has 40 members, by an OM technology electronic trading platform. Market Makers and
among them major Italian brokers-dealers. 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 Costs

Membership and execution are free for Members.

Monday – Friday
Euro TLX
Equities 10:00 – 16:30
Bonds (Specialists) 9:00 – 17:30
Other Instruments 9:00 – 18:00
TLX
All Instruments 9:00 – 18:00

EuroTLX contracts are settled
through the domestic clearing
system (Montetitoli), except for
Eurobonds which are cleared
on Euroclear.

Contents
Liquidnet
Internet: www.liquidnet.com

Liquidnet was launched initially in the US in April 2001. It was built Members’ orders flow automatically into Liquidnet, and Liquidnet alerts a
exclusively for institutional investors and after two years was ranked as one trader only when there is a natural contra on the system.
of the largest 30 NYSE-listed and NASDAQ institutional brokers. The 227
Traders can actively work trades in multiple venues without competing
buy-side firms that have signed up to the system represent approximately
against themselves in the marketplace.
USD5.8trn in equity assets under management. In Europe, Liquidnet was
launched in November 2002 allowing European fund managers access to Members Trade Only With Fellow Buy-side Institutions.
liquid six distinct foreign markets. On 15 March 2007, Liquidnet completed
its acquisition of Miletus Trading. By March 2009, Liquidnets reach had Liquidnet guarantees anonymity and takes it to a new level. Nothing is done
risen to 582 member firms in 29 Markets following launches in Australia, – and no critical information is revealed – unless two Members actively
Europe and Asia, with a total of 20 Streaming Liquidity Partners. negotiate with each other. Even then, the parties remain anonymous to
each other and to everyone else.
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
Commission Rates & Other Client Costs
corporate issuers. There is no software-licensing fee. Members pay commissions to Liquidnet
only when they deal.
Structure
Liquidnet 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.
Official Trading Hours Streaming Liquidity Participants

(SLPs). The 12 European SLPs
Monday – Friday:
include MTFs Chi-X Europe,
02:00 – 18:00 EST NYSE Arca Europe, BATS Europe
and Nasdaq OMX Europe,
Clearing and Settlement exchange NYSE Euronext and
Liquidnet out-sources clearing brokers Instinet, Credit Suisse,
and settlement to Bear, Stearns Deutsche Bank, Sanford
Securities Corp. Settlement is Bernstein, CA Cheuvreux.
handled as with any other broker. The SLP list also includes two
Liquidnet will collect allocation further brokers, which Liquidnet
information from the Electronic did not name
Trade Confirmation (ETC) system The US version of Supernatural,
(e.g. OASYS or OASYS Global) launched in 2005, now has
Members use or directly from 25 SLPs
their OMS Supernatural was approved
Liquidnet announced in Sept by the UK’s Financial Services
2009 the launch schedule for Authority in August. Pilot testing
its Supernatural service in Europe with a select group of members
and has signed up 12 liquidity will begin in October 2009, with
providers a full launch to all members once
Supernatural, already available this is complete
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

Contents
ITG POSIT
Internet: www.itginc.com

ITG (Investment Technology Group) was founded in 1987 to provide POSIT supports active, passive and quantitative trading styles. It covers
automated equity trading to institutional investors, and in the same year domestic and international stocks as well as listed and OTC. POSIT is also
ITG introduced POSIT, the first anonymous electronic matching system, a venue for small, illiquid names and allows order matching and extra-
an is currently the world’s largest intraday equities crossing system. It was liquidity searching. ITG POSIT Matching system sources from buy side
introduced for UK equities on 18 November 1998. In 2005 ITG expanded clients and sell side market participants and tries to match as many as
into Japan, launching POSIT matching for Japanese securities. In 2006 possible at given times in the day anonymously and at the mid-price in
ITG acquired Macgregor and Plexus Group, adding a leading trade the market. POSIT has evolved to offer a host of options with several
order management system provider and boosting its transaction cost benefits which includes POSIT MATCH, POSIT Now and Blockalert. Since
analysis offering. the introduction of MiFID in November 2007, POSIT is now categorised as
a multilateral trading facility.
ITG also expanded its Electronic Trading Services to Latin America
by offering direct market access to the Brazilian Stock Exchange POSIT MatchTM
BM&F Bovespa.
 Provides scheduled matches with concentrated liquidity throughout
the trading day and in our unique after-hours cross
Structure  Crosses Orders at the midpoint of the bid-offer spread, resulting in
ITG POSIT trades equities in US, Australia, UK, France, Germany, significant price improvement of executions
Switzerland, Holland, Finland, Sweden, Spain, Italy, Belgium (Ireland  Ensures total anonymity so that trading results in no market impact
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, POSIT NowSM
Sydney, Melbourne, Toronto & Hong Kong.
 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
Official Trading Hours the lead market quote for each stock. All matching orders are immediately
Monday – Friday reported back to the client and are trade/transaction reported to the
See IGT Posit website for details. relevant authority.

Model “A” clearing with
relationship Pershing (part of
CSFB Group and one of the
independent clearers in the UK)
France, Germany, Spain, BNP Paribas
Italy and Belgium
Switzerland Bank Leu

Netherlands CDC Labouchere

Contents
Primex Trading
Monday – Friday:
09:30 – 16:00
The system is available from
7:30 – 18:00 where participants
Internet: www.primextrading.com can enter indications of their
response interest, update credit
limits and clearing limits, review
market activity and evaluate
their exposure.
Brief History electronically linked crowd. Participants compete anonymously for orders
using bidding tools that speed the auction process. Orders being exposed
Primex was established in 1998 as a hybrid auction/dealer system. The
will execute instantly in many cases. All executions in the system will be
NASDAQ Stock Market agreed in 2000 to license the Primex Auction
at prices at least as favourable as the prevailing National Best Bid and
System and became its exclusive operator for all US equities, giving access
Offer (NBBO).
to NASD-member broker/dealers, following the market’s conversion to
decimal pricing in Spring 2001. NASDAQ, in its desire to consolidate The system’s electronic auction process elicits latent trading interest from
certain functionality into one system (SuperMontage), has elected to no market participants that is not often displayed in public quotes. This interest
longer offer the Primex. 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
Auction System as a facility of NASDAQ has been effective since
receive price improvement and enhanced liquidity.
31 December 2003.
Trade types include At-market orders and executable orders at a limit that
is within the prevailing spread.
Trading System
The Primex Auction System is a trading system that replicates a competitive Order sizes can be between 100 – 1,000,000 shares and can be as agent
trading crowd in an extended digital environment. The system is available or principal.
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,
Bloomberg Tradebook
Internet: www.bloombergtradebook.com
Brief History
Established in 1996, 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
65 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.

Contents
NexTrade
Internet: www.nextrade.com
Brief History
In 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.
NASDAQ Trader
Internet: www.nasdaqtrader.com
Brief History
NASDAQ 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).
Contents
Instinet
Internet: www.instinet.com
Brief History
Instinet was the first ever ECN, founded in 1969. 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 Chi-X
Internet: www.instinet.com / www.chi-x.com

Instinet has been providing innovative trading solution to the financial Through Chi-X’s low cost, streamlined model, institutional investors are
community since it was created in 1969. Instinet Chi-X limited was able to trade pan-European equities and achieve ultra-low execution
launched by Instinet as a FSA authorised securities firm, and is clearing and settlement costs. Internal benchmark test showed the Chi-X
known as an ATS (Alternative Trading System) or MTF (Multi-Lateral operating model to be more than 10 times faster and significantly less
Trading Facility). expensive than Europe’s trading equity exchanges. Chi-X disseminates
market data to clients directly and via third-party market data vendors at
Chi-X is an order-driven ATS/MTF for professional investors to trade
no cost and trade reporting is available for a flat monthly fee.
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 Clearing & Settlement
associated clearing and settlement costs. Trades on Chi-X are anonymous, netting and fungibility is done at
Chi-X Canada has since quarter 1 2008 been available for trading on all the domestic Central Securities Depository (CSD). Several Central
TSX-listed securities and is today the 3rd European trading venue in terms Counterparties are available, which allows participants to effectively
of turnover. manage their counterparty risk.
In August 2009 Instinet announced plans to launch an Australian ATS.

Contents
NYFIX
Internet: www.nyfix.com
Brief History 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
NYFIX, Inc. through its subsidiaries provides electronic trading technology
order routing capability designed to aggregate order flow and access
infrastructure and execution services to brokerage firms and institutional
liquidity pools for markets in the UK, Germany, France, Switzerland,
investors. NYFIX products and services automate trading workflows by
Denmark, Finland, Belgium, Portugal and the Netherlands.
streamlining data entry and seamlessly integrating electronic order and
execution handling. NYFIX offers a complete electronic desktop order More information on Euro Millenium can be found on
management solution; stationary and wireless handheld exchange floor www.thinkliquidity.com
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.
Track ECN
Internet: www.trackecn.com
Brief History
Track 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.

Contents
Pipeline
Internet: www.pipelinetrading.com
Brief History
New York City based Pipeline Trading Systems LLC operates the Pipeline
Alternative Trading System (ATS) that enables institutions and brokerage
firms to quickly and efficiently trade blocks off NYSE-listed companies,
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 Official Trading Hours
Monday – Friday:
Continuous Trading:
09:00 – 16:00 (16:15 for ETFs)
Internet: www.ise.com
Brief History
The 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.

Contents
DirectEdge
Official Trading Hours (EST)
Monday – Friday
08:00 – 17:00
Internet: www.directedge.com
Brief History
DirectEdge 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.
BATS
Monday – Friday
Pre-Open:
08:00 – 09:30
Main Trading Session:
09:30 – 16:00 Internet: www.batstrading.com
Post-Close:
16:00 – 17:00
Brief History
Better Alternative Trading System (BATS) was formed in June 2005 and
filed to become a stock exchange November 2006. 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.

Contents
CNSX/ Official Trading Hours (EST)

Monday – Friday
Pure Trading 09:30 – 16:00
Internet: www.cnsx.ca / www.puretrading.ca
Brief History 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
The CNSX, launched in 2003, was the first new Canadian Exchange
in September 2007 and by January 2008 all 2.226 senior Canadian-
in over 70 years. The exchange founders felt that after a period of
listed Securities were available for trading. It is a new trading venue for
consolidation in the Canadian Securities Industry there was a need for a
Canadian Exchange-listed securities and uses the X-Stream trading
low cost, streamlined stock exchange. As such the CNQ offers simplified
engine constructed by the OMX Group. Pure Trading offers more choice
reporting requirements and reduced barriers to listing and it is therefore
to investors as access to the market will not only be through a gateway
an alternative stock exchange for trading equity securities of emerging
using the STAMP message protocol (found only in Canada), but orders
companies. The trading system offers dealers access to order display
can be sent through a FIX gateway (the international standard), or through
including price, volume, recent trade history and other market information.
a direct connection with an API.
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.
Turquoise
Official Trading Hours (UK Time)
Monday – Friday
Pre-Open:
07:40 – 07:59
Opening Auction:
Internet: www.tradeturquoise.com 07:59
Continuous Trading:
08:00 – 16:30
The Opening Auction is subject to a
30 second randomisation process
Brief History Orders on the lit market will be executed in priority over dark orders.
Turquoise was created in August 2008 as a multi-lateral trading facility
by a total of nine investment banks including Société Générale operating Clearing & Settlement
across 15 European equity markets in order to reduce costs incurred on Turquoise has partnered with the European Central Counterparty
traditional exchanges by up to 50%. The markets covered are Austria, (EuroCCP) for crealing and settling equity trades. EuroCCP subistutes
Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, itself for all counterparties through a novation process and becomes the
Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. buyer to each seller and seller to each buyer. This allows participants to
remain anonymous and to eliminates counterparty risk which is carried
Structure by EuroCCP.
The platform combines both dark and visible orders, which allows clients In order to give participants more flexibility and to put different clearers in
to avoid information leakage and limit market impact for their large orders competition, Turquoise will be introducing choice of central counterparty
while also having access to the lit market. for participants, alternative venues being X-Clear and LCH.Clearnet.
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.

Contents
Lava Trading
Monday – Friday
06:30 – 19:00
Internet: www.lavatrading.com
Brief History
Originally 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.
Structure
Rebate of USD0.0024 per share for shares executed that add liquidity.
Fee of USD0.0022 per share for shares that remove liquidity.
Clearing & Settlement

All trades are cleared and settled via the National Securities Clearing
Corporation (NSCC), which is a DTCC subsidiary.
CBOE
Stock Exchange
Internet: www.cbsx.com
Brief History Each security has an assigned Designated Primary Market Maker (DPM)
obligated to quote continuous, 2-sided markets. In addition, CBSX
The CBSX offers liquidity rebates and dedicated liquidity provision, all
offers a Remote Market Maker (RMM) program, allowing approved
within a fully electronic strict price-time priority trading environment for the
applicants to participate remotely, adding to the liquidity pool. Through
US market. It runs on the CBOEdirect trading platform which also powers
a rich rebate program and maker-taker pricing structure, CBSX provides
the CBOE.
liquidity providers economic incentive to provide the best markets
CBSX is Reg-NMS compliant, providing automatic sweep functionality without sacrificing a level playing field for all market participants.
to ensure NBBO executions under the Order Protection Rule, and is an
Rebate of USD0.0025-0.0027 per share for shares executed that
Automated Trading Center with protected quotes.
add liquidity.
Fee of USD0.0029-0.0030 per share for shares that remove liquidity.
Structure
Incoming orders receive full electronic, immediate execution. Resting
orders are always fully accessible. A strictly anonymous matching
algorithm ensures equality among participants.

Contents
Baikal
Trading hours are according to
each venue
Orders can be received from
7:30am
Internet: www.baikalglobal.com
Brief History Clearing & Settlement

Baikal, part of the London Stock Exchange Group, is a pan-European All trades executed on Baikal will be settled against the CCP in the local
Multilateral Trading Facility (MTF) complemented by a Liquidity Central Security Depositories (CSDs).
Aggregation Service which seeks out liquidity in over 20 venues across
OTC settlement options is also available to participants who prefer not to
14 countries (Austria, Belgium, Denmark, Finland, France, Germany,
establish a CCP relationship.
Ireland, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland
and the United Kingdom).
Structure
Baikal 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
SmartPool
Internet: www.tradeonsmartpool.com

SmartPool is a Multi-Lateral Trading Facility and dark liquidity pool Smart Pool shares the same technology and infrastructure as NYSE
created by NYSE Euronext in partnership with J.P. Morgan, HSBC and Euronext.
BNP Paribas.
Starting at the end of September 2009, SmartPool expanded accedd to
The platform covers stocks from 15 European countries: Austria, Belgium, mid-capitalisation indices including:
Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway,
FTSE 250, FTSE Italia Mid Cap, MDAX, SMIM and Mid Cap constituents
Portugal, Spain, Sweden, Switzerland and the United Kingdom
of the DJ Stoxx 600.
The Platform is MiFID compliant.
LCH.Clearnet for NYSE Euronext stocks (Euroclear and Interbolsa) and
EuroCCP for all other markets (Citi, Local CSDs) are the two clearing
entities for SmartPool.

Contents
Equiduct
Internet: www.equiduct-trading.com
Brief History
In 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).

The clearer can be chosen by each participant.
Burgundy
TDK: 09:00 – 17:00
FI, NO, SE: 09:00 – 17:30
Internet: www.burgundy.se
Brief History Clearing & Settlement

Burgundy is a Mutlilateral Trading Facility which was launched in June As of October 2009, Burgundy has appointed EMCF as its first CCP
2009 by a consortium of Nordic banks and offers trading in close to provider for the most liquid stocks: OMXC20 and Large Cap on NASDAQ
600 Swedish, Norwegian, Finnish and Danish securities. OMX Copenhagen, OMXH25 and Large Cap and Mid Cap on NASDAQ
OMX Helsinki, OMXS30 and Large Cap on NASDAQ OMX Stockholm.
The long term goal of Burgundy is to reach a 25% marketshare until
end of 2010. For other stocks, traders are cleared and settled through local CSDs or
CCP providers.
Structure During the Q4 2009, it is planned to introduce warrants and structured
Burgundy is a strictly lit market. products onto the trading platform.
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.

Contents
Alpha X Europe
Trading is open during opening
hours for each local market
Please contact your local
sales representative for further
information
Brief History
Société Générale launched its own integrated MiFID compliant electronic
execution platform in March 2009 under the name of Alpha x Europe.
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.
Structure
Orders 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.

Contents
Taxes, Market Charges &

Compulsory Commissions
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.
Contents

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.
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.
Contents

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.
Contents

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.
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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.
Guarantee Settlement CONASEV
Equities LSE Fees Fund Fund CAVALI Fees 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 X X

cost + 12% VAT)
Securities Clearing Corporation of the Philippines Fee of 0.0001 x X X
value of transaction
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 X
capital gains tax)
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.
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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.
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.
Contents

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
TheCSEwillcharge1.425%onyour TheCSEwillcharge1.225%onyour
transactionThisisdividedasfollows: transactionThisisdividedasfollows:
NetamounttoBroker 1.00% NetamounttoBroker 0.80%
SECCess 0.09% SECCess 0.09%
CSEFees 0.105% CSEFees 0.105%
CDSFees 0.03% CDSFees 0.03%
Govt.Cesstax 0.20% Govt.Cesstax 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.
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Country Information
USA New York SEC Fee 0.156bps on the gross considerations of sells only.
Since 1975 brokerage commissions in the USA have been freely negotiable. There are substantial
differences in the charges an investor can incur depending on the level of service required.
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.
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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.

Contents

and Short Selling
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.
Contents

and Short Selling
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.
Contents

and Short Selling
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
Contents

and Short Selling
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:
³ At least PLN 3 million for shares that are included in the WIG20 index
³ At Least PLN 1 million for shares traded in the continuous trading system
³ 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%
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and Short Selling
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.
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and Short Selling
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
Contents
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
Contents
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)

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
Contents
Tick Size
Country Information
Japan - Tokyo Minimum price Minimum price

Price per share Price per share
fluctuations 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
Contents
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
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 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
Contents
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
Contents
Tick Size
Country Information
United Kingdom Top 15 FTSE 100 Stocks (SE10) Bottom 85 FTSE 100 Stocks (SET1)
Mid-Cap Stocks (STMM)
Stock Price GBp Tick Stock Price GBp Tick
Less than 0.999 0.0001 Less than 0.5 0.0001
1 - 4.9995 0.0005 0.5 - 0.9995 0.0005
5 - 9.999 0.001 1 - 4.999 0.001
10 - 49.995 0.005 5 - 9.995 0.005
50 - 99.99 0.01 10 - 49.99 0.01
100 - 499.95 0.05 50 - 99.95 0.05
500 - 999.9 0.1 100 - 499.9 0.1
1000 - 4999.5 0.5 500 - 999.5 .05
5000 - 9999 1 1000 - 4999 1
1000 or more 5 5000 - 9995 5
1000 or more 10
USA NASDAQ USD0.01
USA New York USD0.01
Venezuela
Vietnam
Contents
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)
Contents
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
Contents
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
Contents
Board Lots
Country Information
United Kingdom 1 share (some trade 1 or 50)
USA NASDAQ 100 shares
USA New York 100 shares
Venezuela
Vietnam
Contents
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

Contents
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
Contents
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
Contents
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

Contents
Average Daily
Turnover
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
Contents
Average Daily
Turnover
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
Contents
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

Contents
Clearing and
Settlement
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

Contents
Clearing and
Settlement
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
Contents
Country Information
Argentina Monday – Friday

Floor Trading:
11:00 – 17:00
Continuous Trading:
11:00 – 17:00
Computer-Assisted Trading:
11:00 – 17:00
Australia Monday – Friday

Pre-Opening:
07:00 – 10:00
Opening Auction:
10:00
Continuous Trading:
10:00 – 16:00
Closing Single Price Auction:
16:10 – 16:11
After Hours Adjust:
16:12 – 17:00
Austria Monday – Friday

Pre-Open:
08:00 – 08:55
Continuous Trading:
09:00 – 17:30
Closing Auction:
17:30
Single Intraday Auction:
12:30 – 13:30
Belgium Monday – Friday

Pre-Opening:
07:15 – 09:00
Opening Auction:
09:00
Continuous Trading:
09:00 – 17:30
Pre-Closing:
17:30 – 17:35
Closing Auction:
17:35
17:35 – 17:40
Bermuda Monday – Friday

Pre-Opening:
08:30 – 09:00
Normal trading:
09:00 – 15:30
Contents
Country Information
Brazil Monday – Friday

Pre-Opening Auction:
09:45 – 10:00
Continuous Trading Session:
10:00 – 16:55
Closing Auction:
16:55 – 17:00
After Market:
17:45 – 19:00
Canada Monday – Friday

Continuous Trading:
09:30 – 16:00
Extended Session:
16:15 – 17:00
Chile Monday – Friday

Pre-Opening Session:
09:00 – 09:30
Telepregnón (continuous electronic trading system):
09:30 – 17:30
Pregnón (open outcry on trading floor):
09:30 – 17:30
China - 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
Opening Auction:
09:30
Continuous Trading:
13:00 – 14:57
Close Auction:
14:57 – 15:00
Contents
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
Continuous Trading:
10:30 – 16:45
Closing:
16:45 – 17:00
Czech Republic Monday – Friday

Auction – Order Collection:
08:00 – 08:45
Auction:
08:45 – 09:10
Continuous Trading:
09:15 – 16:00
Closing auction (selected securities):
16:00 – 16:07
Denmark Monday – Friday

Continuous Trading:
09:00 – 16:50
Closing Call:
16:50 – 17:00
Egypt Sunday – Thursday

Pre-Open:
9:45 – 10:15
(random closing 10:15 to 10:30)
Continuous Trading:
10:30 – 14:30
Finland Monday – Friday

10:00 – 18:20
(closing call 18:20 – 18:30)
Contents
Country Information
France Monday – Friday

Pre-Opening:
07:15 – 09:00
Continuous Trading:
09:00 – 17:30
Pre-Closing:
17:30 – 17:35
17:35 – 17:40
Germany Monday – Friday

Xetra (Electronic Trading)
Opening Auction:
08:50
Normal Trading:
09:00 – 17:30
Closing Auction
17:30 – 17:35
Pre-Open Trading
07:30 – 08:50
After-Hours Trading:
17:30 – 20:30
Greece Monday – Friday

Continuous Trading (Large Cap):
10:25 – 17:00
Continuous Trading
(Mid Cap; Small Cap):
14:00 – 17:00
Closing Auction:
17:00 – 17:03
Hong Kong Monday – Friday

Pre-opening:
09:30 – 09:50
Opening Auction:
09:50 – 10:00
Continuous Trading:
10:00 – 12:30, 14:30 – 16:00
Extended Morning Session:
12:30 – 14:30
Contents
Country Information
Hungary Monday – Friday

Pre-Market:
08:30 – 09:00
Opening Auction:
09:00 – 09:02
Free Period:
09:02 – 16:30
Closing Auction:
16:30 – 16:36
Iceland Monday – Friday

Summertime:
10:00 – 15:23
(Closing call 15:20 – 15:23)
Wintertime:
10:00 – 16:23
India - Mumbai Monday – Friday

Continuous Trading:
09:55 – 15:30
Pre-Close:
15:40 – 15:50
Closing Auction:
15:50 – 16:00
India - National Monday – Friday

Continuous Trading:
09:55 – 15:30
Closing Session:
15:50 – 16:00
Indonesia Monday – Thursday:

Pre-Opening:
09:25 – 09:30
st
1 Session:
09:30 – 12:00
nd
2 Session:
13:30 – 16:00
Friday:
1st Session:
09:30 – 11:30
2nd Session:
14:00 – 16:00
Contents
Country Information
Ireland Monday – Friday

Pre-Trading:
06:30 – 07:50
Opening Auction:
07:50 – 08:00
Continuous Trading:
08:00 – 16:28
Closing Auction:
16:28 – 16:30
Post-Trading:
16:30 – 17:15
Israel Sunday – Thursday

Pre-Opening:
09:00 – 09:45
Opening Auction:
09:45 – 09:50
Continuous Trading:
09:50 – 16:15
Closing Auction:
16:25 – 16:30
Italy Monday – Friday

Pre-Auction Phase:
08:00 – 09:00
Opening Auction:
09:00 – 09:05
Continuous Trading:
09:05 – 17:25
Closing Auction:
17:25 – 17:35
Japan - Tokyo Monday – Friday

AM Pre-Open:
08:00 – 09:00
PM Pre-Open:
12:05 – 12:30
PM Opening Auction: 12:30
AM Continuous Trading:
09:00 – 11:00
12:30 – 15:00
PM Closing Auction: 15.00
Contents
Country Information
Japan - Osaka Monday – Friday

AM Pre-Open:
08:00 – 09:00
PM Pre-Open:
12:05 – 12:30
PM Opening Auction: 12:30
AM Continuous Trading:
09:00 – 11:00
12:30 – 15:10
PM Closing Auction: 15:10
Jordan Sunday – Thursday

Bonds and Mutual Funds:
Pre-Opening:
09:30 – 09:35
Opening: 09:35
Continuous Trading:
09:35 – 09:55
Block Trades:
09:55 – 13:00
Post-Trading: 13:00
First and Second markets:
Pre-Opening:
09:30 – 10:00
Opening: 10:00
Continuous Trading:
10:00 – 12:15
Pre-Closing: 12:25
Trading at Last:
12:25 – 12:40
Post-Trading: 13:00
Block Trades:
12:40 – 13:10
Kenya Monday – Friday

Pre-Opening:
09:00 – 09:30
Opening Auction:
09:30
Continuous Trading:
09:30 – 15:00
Contents
Country Information
Kuwait Saturday – Wednesday

Order Acceptance: 08:50
Pre-Auction: 08:59
Open and Continuous Trading:
09:00 –12:30
Forward Quote Entry: 12:32
Forward Quote Entry: 12:55
Forward Close: 13:15
Luxembourg Monday – Friday

Pre-opening:
07:15 – 09:00
Opening auction:
09:00
Continuous Trading:
09:00 – 17:30
Pre-Closing:
17:30 – 17:35
Closing Auction:
17:35
17:35 – 17:40
Malaysia Monday – Friday

Each trading day is divided in two sessions
Morning Session:
Pre-Opening: 08:30 – 09:00
Continuous Trading: 09:00 – 12:15
Pre-Closing: 12:15 – 12:20
Afternoon Session:
Pre-Opening: 14:00 – 14:30
Continuous Trading: 14:30 – 16:45
Pre-Closing: 16:45 – 16:50
Mexico Monday – Friday

08:30 – 15:30
Morocco Monday – Friday

Opening Auction:
09:00 – 10:00
Continuous Trading:
10:00 – 15:25
Closing Auction:
15:25 – 15:30
Contents
Country Information
Netherlands Monday – Friday

Pre-Opening:
07:15 – 09:00
Opening Auction:
09:00 – 09:01
Continuous Trading:
09:00 – 17:30
Pre-Closing:
17:30 – 17:35
Closing Auction:
17:35
17:35 – 17:40
New Zealand Monday – Friday

Enquiry:
08:00 – 09:00
Pre-Open:
09:00 – 10:00
Continuous Trading:
10:00 – 16:45
Pre-Close:
16:45 – 17:00
Adjust:
17:00 – 17:30
Enquiry:
17:30
Nigeria Monday – Friday

Trading Hours:
11:00 – 13:30
Norway Monday – Friday

Pre-Trade:
08:15 – 09:00
Continuous Trade:
09:00 – 17:20
Closing Call:
17:20 – 17:30
Post-Trade:
17:40 – 18:00
Oman Sunday – Thursday

Pre-Open:
09:30 – 10:00
Trading Session:
10:00 – 13:00
Contents
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,
Continuous Trading:
09:30 – 13:30
Closing Transactions
13:30 – 14:00
The trading session for Peruvian shares that are cross-listed on
foreign exchanges is extended to 16:10
Philippines Monday – Friday

Pre-Open:
09:00 – 09:30
Continuous Trading:
09:30 – 12:00
Close:
12:00 – 12:10
(end of regular trading/calculation of closing price, Run-Off Time;
Trading at closing prices)
Poland Monday – Friday

Opening Auction:
09:00
Continuous Trading:
09:00 – 16:35
Continuous Trading for Futures Market:
09:00 – 16:30
(09:00 – 16:35 for T-note futures)
Single Price Auction with two Auctions: 11:15, 15:00
Contents
Country Information
Portugal Monday – Friday

Pre-opening:
07:15 – 09:00
Opening auction:
09:00
Continuous Trading:
09:00 – 17:30
Pre-Closing:
17:30 – 17:35
Closing Auction:
17:35
17:35 – 17:40
Qatar Sunday – Thursday

Pre-Opening:
09:30 – 10:00
Open:
10:00 – 12:30
Close:
12:30
Romania Monday – Friday

Pre-Opening:
09:30 – 10:00
Continuous Trading:
10:00 – 16:15
Pre-Close:
16:15 – 16:30
Closing Auction:
16:30
Russia Monday – Friday

Pre-Trading:
10:15 – 10:30
Continuous Trading:
10:30 – 18:00
Additional Session:
18:00 – 19:00
(decided by Board of directors of the Exchange)
Saudi Arabia Saturday – Wednesday

Pre-Open:
10:00 – 11:00
Continuous Trading:
11:00 – 15:30
Contents
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
Continuous Trading:
11:00 – 14:00
South Africa Monday – Friday

Open period:
08:30 – 08:35
Opening auction:
08:35 – 09:00
Continuous trading:
09:00 – 16:50
Closing auction:
16:50 – 17:00
Run-off:
17:00 – 18:00
South Korea Monday – Friday

Pre-Open:
08:00 – 09:00
Opening Auction:
09:00
Regular Session:
09:00 – 14:50
Closing:
14:50 – 15:00
Contents
Country Information
Spain Monday – Friday

Equity Market – SIBE (Electronic order book)
Pre–Opening Auction:
08:30 – 09:00
Open Market:
09:00 – 17:30
Closing Auction:
17:30 – 17:35
Fixing Market: First Fixing:
12:00
Fixing Market: Second Fixing:
16:00
Block Trading:
09:00 – 17:30
Special Operations:
17:40 – 20:00
Equity Market – Floor Trading
Barcelona: 11:00 – 11:10
Bilbao: 10:30 – 11:30
Madrid: 10:00 – 12:00
Valencia: 10:30 – 10:45
Sri Lanka Monday – Friday

Pre-Open:
09:00 – 09:30
Opening Auction:
09:30
Regular Trading:
09:30 – 14:30
Close:
14:30
Sweden Monday – Friday

Opening Auction:
08:45 – 09:00
Continuous Trading:
09:00 – 17:20
Closing Call:
17:20 – 17:30
(no opening auction)
Switzerland Monday – Friday

09:00 – 17:30
Opening Auction:
09:00 – 09:02
Closing Auction:
17:20 – 17:30
Contents
Country Information
Taiwan Monday – Friday

Pre-Open:
08:30 – 09:00
Opening Auction:
09:00
Continuous Trading:
09:00 – 13:25
Closing Auction:
13:25 – 13:30
Thailand Monday – Friday

Pre-Open:
9:30 – 10:00
Morning Session:
10:00 – 12:30
Afternoon Pre-Open:
14:00 – 14:30
Afternoon Trading Session:
14:30 – 16:30
Closing Auction:
16:30 – 16:40
Off-Hour Trading:
16:40 – 17:00
Tunisia Monday – Friday

Pre-Open:
09:00 – 10:00
Continuous Session:
10:00 – 14:00
Closing Auction:
14:00 – 14:05
Trading at Last:
14:05 – 14:10
Fixing taking place at 9:00, 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
Continuous Session:
9:30 – 12:00
Closing Auction:
12:00 – 12:05
Trading at Last:
12:05 – 12:10
Fixing taking place at 9:30, 10:00, 11:30, 11:35
Contents
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

Trading Session:
10:00 – 14:00
United Kingdom Monday – Friday

Opening Auction:
07:50 – 08:00
Continuous Trading:
08:00 – 16:30
Closing Auction:
16:30 – 16:35
USA NASDAQ Monday – Friday

Pre-Hours Trading Session:
07:00 – 09:30
NASDAQ Stock Market Regular Official Trading Hours:
09:30 – 16:00
NASDAQ Stock Market After-Hours:
16:00 – 20:00
NASDAQ International:
03:30 – 09:00
USA New York Monday – Friday

Opening Auction:
09:30 – 09:31
Trading Hours:
09:30 – 16:00
After-Hours Trading:
Closing Session I:
16:15 – 17:00
Closing Session II, III, IV:
16:00 – 18:30
Contents
Country Information
Venezuela Monday – Friday

Spring – Summer
Pre-Opening:
09:00 – 09:30
Market Session:
09:30 – 14:00
Post-Closing:
14:00 – 14:30
Autumn – Winter
Pre-Opening:
09:00 – 10:00
Market Session:
10:00 – 14:30
Post-Closing:
14:30 – 15:00
Vietnam Monday – Friday

Opening Auction:
08:30 – 09:00
Continuous Trading:
09:10 – 09:30
Closing Auction:
10:15 – 10:30
Put Through:
10:30 – 11:00
Global Equity Flow Contacts
LONDON MONTREAL
Equity Sales Trading + 44 20 7972 0171 Flow & Exotic Derivatives + 1 514 841 6021
(Toll Free) 1 800 949 5529
Program Trading + 44 20 7628 8441 ZURICH
ETF Advisory + 44 20 7762 5511 Flow & Exotic Derivatives + 41 58 272 3733
DMA/Algos Service Desk + 44 20 7762 5400

Flow Derivatives + 44 20 7762 5121 NEW YORK
Equity Sales Trading + 1 212 278 5313
Exotic Derivatives + 44 20 7762 5052
(Toll Free) 1 888 8SOCGEN
Program Trading + 1 212 278 5317
PARIS (Toll Free) 1 800 217 8095
Equity Sales Trading + 33 1 42 13 39 73
ETF Advisory + 1 212 278 5317
Program Trading + 33 1 42 13 52 61
DMA/Algos Service Desk + 1 212 278 5100
ETF Advisory + 33 1 42 13 56 10
Flow Derivatives + 1 212 278 7384
DMA/Algos Service Desk + 33 1 58 98 17 00
Exotic Derivatives + 1 212 278 5284
Flow Derivatives + 33 1 42 13 21 35
Exotic Derivatives + 33 1 42 13 85 60
HONG KONG
Equity Sales Trading + 852 2166 4463
FRANKFURT (Toll Free) 1 800 404 9905
Equity Sales Trading + 49 69 71 74 823 Program Trading + 852 2166 4462
Flow & Exotic Derivatives + 49 69 71 74 801 ETF Advisory + 852 2166 4939
DMA/Algos Service Desk + 852 2166 4229
MADRID Flow & Exotic Derivatives + 852 2166 4346
Equity Sales Trading + 34 9 15 89 5060
Flow & Exotic Derivatives + 34 9 15 89 3660
SEOUL
Program Trading + 822 2195 7022
MILAN
Flow & Exotic Derivatives + 39 02 896 32 381
TOKYO
Program Trading + 81 3 5549 5406
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,
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Front Page Introduction Global Trading Clock Contents

Guide To Global Stock Exchanges

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Guide To Global Stock Exchanges

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GUIDE TO GLOBAL STOCK EXCHANGES

Contents Introduction Global Trading Clock Contacts

Front Page Introduction Global Trading Clock Contacts

Asset Allocation Fund

Income Fund Equity Derivatives

Convertible Bond Fund Cash Management Products

Hedge Fund Société Générale Index (SGI)

Long/Short 130/30 Fund Cash Execution

Separately Managed Account Research

Financing & Factoring

Front Page Contents Global Trading Clock Contacts

Front Page Contents Introduction Contacts

Document produced by Société Générale Corporate & Investment Banking

Brief History Continuous open-outcry auction trading system:

Cross Selling Equity & Short Selling

Document produced by Société Générale Corporate & Investment Banking 

GMT +4hrs (DST +5hrs)

Taxes, Market Charges & Compulsory Commissions

Listing Tier Fee charged to Fee charged to

Taxes & Regulations Affecting Foreign Investors

Main Indices Currency

Official Trading Hours Clearing and Settlement

 Document produced by Société Générale Corporate & Investment Banking

Brief History  Additional Market Information

Cross Selling Equity & Short Selling

Document produced by Société Générale Corporate & Investment Banking 

Brief History Taxes, Market Charges & Compulsory Commissions

Trading System Cross Selling Equity & Short Selling

Main Indices Board Lots

Official Trading Hours Tick Size

 Document produced by Société Générale Corporate & Investment Banking

GMT +4hrs (+5hrs DST)

Brief History Taxes, Market Charges & Compulsory Commissions

Main Indices Board Lots

Official Trading Hours Currency

Document produced by Société Générale Corporate & Investment Banking 10

GMT -5hrs (-4hrs DST)

Brief History Taxes, Market Charges & Compulsory Commissions

Main Indices Board Lots

Official Trading Hours Currency

11 Document produced by Société Générale Corporate & Investment Banking

Document produced by Société Générale Corporate & Investment Banking 12

Brief History Circuit Breakers

Main Indices Board Lots

Official Trading Hours Currency

13 Document produced by Société Générale Corporate & Investment Banking

Brief History Taxes & Regulations Affecting Foreign Investors

Taxes, Market Charges & Compulsory Commissions

Main Indices Currency

Market Size Currency Exchange

Document produced by Société Générale Corporate & Investment Banking 14

Brief History Taxes & Regulations Affecting Foreign Investors

GMT -4hrs (-3hrs DST)

Brief History Taxes, Market Charges & Compulsory Commissions

Trading System Taxes & Regulations Affecting Foreign Investors

Main Indices Board Lots

Market Size Clearing and Settlement

Document produced by Société Générale Corporate & Investment Banking 16

Brief History Taxes, Market Charges & Compulsory Commissions

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

Taxes & Regulations Affecting Foreign Investors

Main Indices Clearing and Settlement

Document produced by Société Générale Corporate & Investment Banking

Document produced by Société Générale Corporate & Investment Banking

Document produced by Société Générale Corporate & Investment Banking

Document produced by Société Générale Corporate & Investment Banking