FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2001… · The Federation of Euro-Asian Stock Exchanges Yearbook 2001/2002 is published by the Federation ... from the SECI project,

FEDERATION OF EURO-ASIANSTOCK EXCHANGES

YEARBOOK 2001/2002

/FEAS FR SAYFALAR 1-17 4/8/02 12:37 Page 1

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T A B L E O F C O N T E N T S

President�s Message 3

News

Federation of Euro-Asian Stock Exchanges 4

Takasbank 8

HP Capital Markets Framework 10

World Federation of Exchanges 12

The International Accounting Standards Board 16

Stock Exchange Profiles

Amman Stock Exchange 18

Baku Interbank Currency Exchange 21

Baku Stock Exchange 24

Bulgarian Stock Exchange 27

Dhaka Stock Exchange 30

Egyptian Stock Exchange 33

Georgian Stock Exchange 36

Istanbul Stock Exchange 39

Karachi Stock Exchange 43

Kazakhstan Stock Exchange 46

Kyrgyz Stock Exchange 49

Lahore Stock Exchange 52

Macedonian Stock Exchange 55

Moldovan Stock Exchange 59

Mongolian Stock Exchange 62

Muscat Securities Market 65

Palestine Securities Exchange 68

Tehran Stock Exchange 71

Tirana Stock Exchange 74

�Toshkent� Republican Stock Exchange 77

Ukrainian Stock Exchange 80

Zagreb Stock Exchange 83

Federation of Euro-Asian Stock Exchanges (FEAS)

IMKB Building, Istinye 80860 Istanbul, Turkey

Tel: (90 212) 298 2160

Fax: (90 212) 298 2209

E-mail: [email protected]

Web address: www.feas.org

Contacts: Mr. Aril Seren, Secretary General

Ms. Rosalind Marshall, Assistant Secretary General

The Federation of Euro-Asian Stock Exchanges Yearbook 2001/2002 is published by the Federation

of Euro-Asian Stock Exchanges.

All editorial material was collated and edited by the Federation of Euro-Asian Stock Exchanges.

The design, production and distribution was coordinated by the Federation of Euro-Asian Stock

Exchanges.

Designed by: Tayburn KurumsalEdited by: Joan Eroncel

Although every care has been taken to ensure the accuracy of the information contained within

the publication, the Publishers cannot be held liable for any inaccuracies, errors or omissions, nor

held liable for any actions taken on the basis of the information provided herein.

© The Federation of Euro-Asian Stock Exchanges

No part of this publication may be reproduced, stored, or introduced into any retrieval system,

or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or

otherwise, without the prior written permission of the copyright owners.

Member List 87

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Tayburn Kurumsal and Tayburn Tasar›m are members of the Tayburn Group, Scotland.

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P R E S I D E N T � S M E S S A G EF E D E R A T I O N O F E U R O - A S I A N S T O C K E X C H A N G E S

Recent world events have set challenges for stockmarkets globally with none more challenging than inthe arena of emerging markets. The statistical sectionsin the exchange profiles by market and in the subsequentsection depicting the consolidated region shows notonly the impact of both internal and external influences,but the strength of these collective markets as theysustain growth over the years, through these fluctuations.The five-year regional consolidated statistical comparisonbetween 1997 and y-t-d 2002 shows not only the impactof these global events, but other factors affecting themarkets through post privatization consolidation andthe implementation of tougher rules and regulationsthat had markets streamlining operations during thistime. The combined FEAS markets shed 27% of theirtotal number of companies traded during the year.A program, which while taking short-term hitsquantitatively, has improved the overall performance ofthe market in the long run, as can be seen in thetremendous surge in average daily share trading volumeat double over year 2000 values or a more than 2000%increase over 1997. Clearly the viability of these decisionsto offer a fewer number of higher quality companies hascollectively taken this momentum into the first twomonths of 2002 with a posted gain of 22% in averagedaily share volume over year 2001 averages.

Our markets continue to step up to the challenges ofthe global arena by providing competitive and viablefinancing options to both the government and privatesectors, while enhancing operations through technologyand expanding services to market participants. Evidenceof this competitive spirit and the commitment of eachFEAS member exchange can be seen in the �FutureOutlook� section contained in each member profile. Therecurring themes you will note are in the areas ofincreased transparency through expense in infrastructure,and development of regulations in line with generallyaccepted international practices.

Throughout 2001 the region also made tremendousstrides in the development of member markets and theirrespective personnel. Among the many special initiativesand programs throughout the year that were particularlynoteworthy, included the movement toward cross bordertrading utilizing the common trading platform modelfrom the SECI project, the implementation of the FEASData Center (FDC) to promote cross market statistics,and the further harmonization of rules and regulationsin the update of the FEAS Rule Book. Other specialachievements promoted the growth of stock exchangeoperators through extensive training programs such asthe joint OECD development of a �best practices� manualfor stock exchanges in transition economies, combinedwith workshops and training programs to promotedevelopment of small to medium economic enterpriseson a national level within member markets. In addition,regional training in the area of IT for both IT professionalsand non-professional IT personnel and stock marketmanagers was provided with the assistance andcooperation of the University of Houston.

In May 2002, the Federation of Euro-Asian StockExchanges enters the 8th year of operation facilitatingboth growth and cooperation among exchanges in thisregion. It has been my pleasure to serve as Presidentduring these last five years and I would like to take thisopportunity to express my thanks to FEAS memberexchanges and my appreciation to the World Federationof Exchanges, the OECD, team members of the SECIand the IASB among many supporting organizations foryour continual cooperation and contributions in makingthis essential regional organization a success over theselast 7 years. We look forward to our mutual cooperationin making the next 7 years just as vital.

Our markets continue to step up to the challenges ofthe global arena by providing competitive and viable

financing options to both the government and privatesectors, while enhancing operations through technology

and expanding services to market participants.

O s m a n B i r s e nC h a i r m a n & C E O I s t a n b u l S t o c k E x c h a n g e


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The OrganizationHistoryThe Federation of Euro-Asian Stock Exchanges (FEAS) was establishedon 16 May 1995 with 12 founding members. Membership in theFederation is open to emerging stock exchanges in Europe and Asia.Until the year 2003 the position of President and Vice President will beheld by the Istanbul and Karachi Stock Exchanges. The Governing Bodyof FEAS is the General Assembly, comprised of all 23 members, whichmeets once annually in a member country. The Executive Committee,comprised of 12 members, is responsible for the development ofFederation policies, making major administrative decisions, as mandatedby the General Assembly, approving the content and scope of tasksassigned to the Working Committees and making recommendations tothe General Assembly. Currently, the Federation has three (3) workingcommittees: Rules & Regulations, Technology and Marketing.

ISTANBUL STOCK EXCHANGETURKEY

PRESIDENT

KARACHI STOCK EXCHANGEPAKISTAN

VICE PRESIDENT

ISTANBUL, TURKEYPhone: (90 212) 298 2160

Fax: (90 212) 298 2209E-mail: [email protected]

SECRETARIAT

MR. ARIL SERENSENIOR VICE CHAIRMAN

ISTANBUL STOCK EXCHANGETURKEY

SECRETARY GENERAL

MS. ROSALIND MARSHALLISTANBULTURKEY

ASSISTANTSECRETARY GENERAL

ALL MEMBERS**VOTING MAY BE RESTRICTED IF THERE

IS MORE THAN ONE MEMBERPER COUNTRY.

GENERAL ASSEMBLY

2001 Regional Performance

The Federation currently is represented by 23 members from 21countries, consisting of over 7,000 traded companies with a marketcapitalization of US$ 109 billion.

Traded companies are down 27% over 2000 and marketcapitalization down 21% in the same period, with stock sharevolume soaring to a record 96.7 billion average daily volume or a114% increase over 2000. Fluctuations in US$ trading volumestatistics were greatly impacted by currency devaluations throughoutthe year.

In addition, during the year 2001 FEAS member statistics in Bondand �Other� volume were added to the statistical reporting pool.Regional statistics show that �Other� volume, including currency,t-bills, repo/reverse repo and derivatives among other instruments,represents 81% of the total market volume for all financialinstruments traded over member stock exchanges.

The five-year consolidated statistical comparison between 1997and y-t-d 2002 shows that despite contractions and consolidationsregional growth is being sustained.

Volume by Type

Stocks Bonds

13%

81%6%

Other

0

2,000

4,000

6,000

8,000

10,000

12,000

1997-2002 FEAS RegionTraded Companies

1997 1998 1999 2000 2001 2002

FEDERATION OF EURO-ASIAN STOCK EXCHANGES

The Federation currently isrepresented by 23 members from 21countries, consisting of over 7,000traded companies with a marketcapitalization of US$ 109 bil l ion.

THE CHAIRMAN AND VICE CHAIRMANARE THE PRESIDENT AND VICE PRESIDENT OF FEAS.

12 MEMBERS

EXECUTIVE COMMITTEE

MARKETINGCOMMITTEE

CHAIR: AMMAN STOCKEXCHANGE, JORDAN

WORKINGCOMMITTEE #3

SUBCOMMITTEE

RULES AND REGULATIONSCOMMITTEE

CHAIR: TEHRAN STOCKEXCHANGE, IRAN

WORKINGCOMMITTEE #1

SUBCOMMITTEE

TECHNOLOGYCOMMITTEE

CHAIR: ISTANBUL STOCKEXCHANGE, TURKEY

WORKINGCOMMITTEE #2

SUBCOMMITTEE


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The five-yearconsolidated

statisticalcomparison shows

that despitecontractions and

consolidationsregional growth is

being sustained.

14,828.86 1,451,066 669.18 65,948.69 10,901.43 530.26 100,210.08 4,555.34 145,262.0311,609.84 1,402,484 588.19 70,135.14 5,834.62 292.92 86,794.98 4,339.80 113,757.08

5,685.77 964,698 335.41 56,747.81 1,677.07 95.84 62,546.67 3,474.17 103,849.699,254.92 1,935,818 468.36 96,799.32 1,873.25 96.94 47,011.56 2,350.24 117,981.11

13,088.66 2,378,058 572.67 103,398.99 3,469.82 156.19 56,608.55 2,462.11 109,474.777,566.24 1,572,177 366.42 74,874.44 3,516.72 174.20 52,840.24 2,517.48 107,632.056,986.59 1,928,817 319.14 87,677.43 2,476.74 115.21 56,487.08 2,567.59 100,107.965,472.35 1,556,213 248.92 70,737.52 2,838.92 132.09 42,501.20 1,932.59 98,131.713,963.97 1,260,322 209.78 66,345.83 2,526.60 135.13 35,306.61 1,765.32 85,453.197,351.91 2,804,628 329.77 127,473.22 3,271.58 149.32 32,021.39 1,455.86 94,843.89

10,147.07 3,987,698 467.73 181,271.54 4,398.03 204.47 31,379.13 1,426.36 103,008.527,916.50 2,731,717 442.94 151,765.93 4,361.73 239.25 26,612.15 1,400.63 109,410.11

103,872.7 23,973,696 422.03 96,673.88 47,146.5 192.83 630,319.6 2,511.45

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily

Volume(US$ Millions)

AverageDaily

Volume(# Shares Millions)

TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)

MarketCapitalization

(US$ Millions)

AverageDaily


S T O C K S B O N D S O T H E R

Jan-01Feb-01Mar-01Apr-01

May-01Jun-01July-01Aug-01Sep-01Oct-01

Nov-01Dec-01

Total

Consolidated FEAS Members 2001 Statistics

CATEGORY

Statistical Comparison 1997-YTD 2002

1997 1998 1999 2000 2001

Historical data not available

# Companies tradedMarket capitalization (US$ millions)

Total volume-stocks (US$ millions)

Total volume-stocks (# shares millions)

Avg. daily vol.-stocks (US$ millions)

Avg. daily vol.-stocks (# shares millions)

Total volume-bonds (US$ millions)

Avg. daily vol.-bonds (US$ millions)

Total volume-other (US$ millions)

Avg. daily vol.-other (US$ millions)

5,923 8,556 10,018 9,783 7,072138,960 102,945 201,649 138,658 109,410

84,914 94,448 125,932 240,440 103,873939,142 2,272,007 5,870,710 11,140,759 23,973,696

342.8 383.8 527.0 977.5 422.03,730.7 9,165.4 24,868.6 45,289.3 96,673.9

47,147192.8

630,3202,511.5

YTD 2002*

7,127105,742

n/an/a

488.5118,793.3

n/a237.8

n/a1,421.8

1997-2002 FEAS RegionMarket Capitalization

*YTD 2002 figures represent statistics for January-February only.

(US$ millions)

0

50,000

100,000

150,000

200,000

250,000

1997 1998 1999 2000 2001 2002

2001 Annual Return on IndexAdj. for Currency Fluctuations

**Indices are adj. for curr. fluctuations.(Formula: 1+(return)=((1+%chg. index)/(1+%chg. currency))

A.S./Dhaka

TOP75/Mongolia

G.P./Amman

TEPIX/Tehran

BSE/Bulgaria

CROBEX/Zagreb

Kazakhstan

Al Quds/Palestine

Muscat GP Index

KSE 100/Karachi

ISE 100/Istanbul

LSE 101/Lahore

TRSE/Uzbekistan

CMA Egypt

72.4%

29.8%

23.2%

20.8%

16.8%

13.8%

-5.7%

-6.0%

-14.2%

-19.2%

-31.8%

-34.1%

-51.3%

-59.3%

Total Stock Volume (US$ millions)Market Capitalization (US$ millions)

Market Capitalization vsMonthly Stock Volume

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

J F M A M J J A S O N D


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7th Annual General Assembly � November 1-2, IstanbulTurkey

The Federation of Euro-Asian Stock Exchanges held its 7th AnnualGeneral Assembly on 1-2 November in Istanbul, Turkey, as it hadbeen rescheduled from being held in the Kyrgyz Republic earlier inthe year due to travel restrictions in the region. Also, a Post GA-ITSeminar was provided by the Istanbul Stock Exchange to cover thetopics relating to: the FEAS Data Center (FDC), Stock ExchangeTrading Systems, Internet Technologies / E-Business, Disclosures/ Electronic Signature, the SECI Common Trading Platform Modeland Data Dissemination. The Lahore Stock Exchange alsoparticipated in the IT Seminar with a presentation on technologicalupdates in the Pakistani market. Participants were treated to culturalevents within Turkey and a sunset cruise along the Bosphorus asguests of the Istanbul Stock Exchange.

Baku and Muscat SEs Approved

The GA unanimously approved the membership applications of theBaku Stock Exchange and the Muscat Securities Market.Membership becomes immediately effective upon acceptance ofthe Articles of the Charter of FEAS. Total membership has nowreached 23.

Baku SE (BSE): www.bse.az.Muscat SM (MSM): www.mse.com.mn.

Elections-Working Committee Chairs

Elections for the two-year term beginning 1 January 2002 andending 31 December 2003 to chair the working committees wereunanimously decided as follows:

Technology Working Committee � Istanbul Stock Exchange.Marketing Working Committee � Amman Stock Exchange.Rules & Regulations Committee � Tehran Stock Exchange.

Regional Development:

Special Projects:

IT Conferences

A two-part IT Conference was held in Houston, Texas in Februaryand November of 2001, as part of the FEAS Training Program. Theseminar was organized/sponsored by the ISE, FEAS and theUniversity of Houston and was designed for IT personnel and non-IT executives of FEAS Member Exchanges. The content of theseminar was targeted to inform members about emerging IT trends(such as pda, notebooks, wireless technologies and Compaq) andto introduce non-IT executives to IT concepts with the ultimate goalof closing the gap between IT and non-IT personnel.

SME Development

The Federation in conjunction with both the ISE and the OECD hasjointly designed and implemented a program entitled �Private Sector

Development� - a comprehensive three-year program dealing withthe enrichment of SMEs to promote development while enhancingthe attractiveness of the FEAS region.

SEs as Viable Financing Alternatives

A goal of the ISE/OECD/FEAS Private Sector Development Projectdeals with strategies to promote the role of stock exchanges in theongoing financing needs of viable institutions. On 22 October 2001,a conference of FEAS members was held to determine a strategyfor private equity financing in developing markets within the FEASregion. Activity in this area is ongoing within the confines of emergingmarket education of both potential government and private issuers.In addition, a joint publication of �Best Practices� for stock marketoperations in the region was prepared and distributed.

Liquidity/Cross Border Trading

The Federation continues to work toward a common trading platformwithin the region. Key work being done on a UN-sponsored programin the form of the Southeastern European Economic Initiative (SECI)will pave the way for the organizational efforts in creating a commontrading platform for the FEAS region. Currently, a FEAS data centercombines all statistical data across members, and the FEAS RuleBook outlines the common rules and regulations to accomplish thistask.

2001 Achievements and 2002 Planned Activities

Working Committees

Rules & Regulations (RRWC)

During 2001 work continued on the creation of a FEAS List andIndex within the context of parameters and data requirements usedby major financial organizations such as S&P. Per confirmation fromthe Rules & Regulations chair, the Tehran Stock Exchange, theaccumulation of data for the FEAS list will be followed by theimplementation of the FEAS Data Center. Data contained withinthe FEAS Data Center comply with the information requirementsof S&P. The Revenue/Expense Structure analysis of all FEASmembers was completed for the years 1998-2000. The FEAS RuleBook was also updated to include the ISSA 2000 recommendations.

In 2002 the mandates for the RRWC will be: Review of contents of the jointly prepared OECD/FEAS �Best

Practices� manual for stock market operations. Sections possiblyconsidered for inclusion: Derivatives and Settlement Issues. Completion of a feasibility report on manipulative operations

and public disclosures as factors affecting diminishing volatilityin the market. Data collection and preparation for the creation of a FEAS List

and FEAS Index through collaboration with Standard & Poors. Organization of meetings of top issuers, regulators and stock

exchange intermediaries on a region level. Issuance of recommendations on the issues of investor

protection, for inclusion to the FEAS Rule Book, by the earlysummer WC meeting. Continuation of the stock exchange revenue and expense

analysis for the Fiscal Year 2000 w/ comparisons to previousyears. Review of the FEAS Rule Book to ensure compliance within

international standards.

Marketing (MWC)

The MWC continues to improve and facilitate FEAS publicationsand marketing tools. In the year 2001 expanded statistical datain the area of bonds and other instruments were added to thepublications.For the year 2002 the MWC will continue to: Develop a regional marketing strategy; Complete the redesign of the FEAS website.


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Southeast European Cooperative Initiation (SECI)

During the IOSCO meeting on 25-30 June 2001 in Stockholm,regulatory bodies of the Turkish and Greek capital markets decidedto sign a Memorandum of Understanding (MoU) outlining specificcooperation. The two regulators also asked the Istanbul and AthensStock Exchanges to carry out work on setting up the technicalinfrastructure to establish a trading link. The MoU between the tworegulators will pave the way to a regional cooperation of countriesin the SECI region. The MoU was signed between regulatory bodiesof the Turkish and Greek capital market in 2001 and will also besigned between other participant regulatory bodies of the SECIProject in the near future. Technical committees of the Istanbul andAthens Stock Exchanges are in the process of establishing a networklinking both exchanges and enabling members of both exchangesto access securities traded on either exchange. Following the firstmeeting in November in Istanbul, another meeting was held inAthens in December and was attended by top-level executives fromboth exchanges. The key issue on the agenda was the linkagebetween the two stock exchanges, scheduled for operation in theyear 2002. This linkage will provide investors in the two countriesthe ability to monitor both markets in real time, while tradingsecurities. Working groups from both exchanges examined issuesregarding technical links, regulatory environment, trading andsettlement procedures. The project includes participation of otherSouth East European Securities Markets following the linkagebetween the Istanbul and Athens Stock Exchanges.

Publications & Information

Year Book: began publication in 1997 and is now available onthe website: www.feas.org/yearbook/index.htm Website: www.feas.org contains information on FEAS members

(with direct links to their sites), Calendar of FEAS Events and MemberHolidays, Past Meetings, Organizational Structure, WorkingCommittees, Charter & Mission, History, an electronic version ofthe monthly newsletter and all FEAS Yearbooks since the 1998publication. This website will be completely redesigned in 2002 toprovide more comprehensive statistical and stock exchangeinformation in the region. Newsletter: Prepared monthly and includes general secretariat

news, statistical stock, bond and other volume comparisons onmonthly, year-to-date and prior period bases, in addition to marketcap, currency, number of companies traded and index statistics.Quarterly supplemental publications include quarterly statisticalanalysis, press releases of FEAS members and headlines of FEASactivities. Archived copies of the newsletter can be found on ourwebsite www.feas.org/newsletter.

2002 Calendar

Mr. Aril Seren, Secretary General

[email protected]

www.feas.org

Contact Information

Late Spring 20026 September 2002 (Morning)6 September 2002 (Afternoon)7 September 2002

Working Committee Meetings (To be announced)8th Executive Committee Meeting Kiev, Ukraine8th Annual General Assembly Kiev, UkraineIT Seminar Kiev, Ukraine

Technology (TWC)

A pre-GA presentation was held on 1 November 2001 in Istanbul,Turkey. Topics of the presentation were: the FEAS Data Center(FDC), Trading Systems, Internet Technologies/E-Business,Disclosures/Electronic Signature, SECI CTP Model and DataDissemination.

The direction of the TWC is shifting toward the design, developmentand implementation of a Common Trading Platform (CTP) to befocused on in the year 2002 and beyond.

2002 planned projects include:

OECD-Private Sector Development Program (PSD)

The OECD PSD Working Group on Capital Market Developmentheld two conferences in 2001 in conjunction with FEAS: The first conference, �Small-Medium Enterprise (SME)

Competitiveness,� was held in Cesme, Turkey on 10-11 May 2001.OECD member countries represented at the meeting includedFinland, Hungary, Ireland and Turkey. Non-members present includedIsrael. Goals of the conference were to enhance the competitivenessof SMEs, to promote enterprise development, to develop bestpractices for entrepreneurship promotion and to create a stableand favorable climate for business activities. The conference wasa milestone in confirming the needs and willingness of theparticipating countries and institutions to enhance dialogue betweeneach other. Another meeting on �Private Equity for Enterprise Finance and

the Role of Business Incubators in Turkey and FEAS Countries� washeld in Denizli, Turkey on 22-23 October 2001. During the meeting,the probable contribution of private equity within the presentstructure of the Turkish capital market was discussed with the aimof coming up with a model that could be applied to the FEAS region.Speakers from OECD and non-OECD countries including Germany,France, Israel, the United Kingdom and the US conveyed theirexperiences and the successful implementations of similar financingmodels.

Activity

FDC Implementation

FDC Implementation

(Alternatives to CMF)

Training Programs

Technology Software for

Remote Access (SECI CTP

Model Distribution)

IT team proposal

/requirements

determination

Objectives

FDC Implementation

Provide a methodology to implement

the FDC which is both easier and at

a near zero cost to members.

To provide up-to-date IT training for

FEAS members.

CTP (SECI region) and Connectivity.

To present the SECI CTP model to the

FEAS members for their input.

Organization of a team of IT and

business experts (from within FEAS

members) who will provide expertise

to those Exchanges who have

specifically asked for assistance.

Potential target issues include FDC

and then CTP requirements to be

incorporated with, but not limited to:

project management, trading

systems, back office systems, market

data and WAN.

Target Dates

Implementation ongoing on a

member by member basis

� Spring WC meeting

discussion topics

� Possible development by 4th

quarter

To be determined with respect

to member requirements and

requests.

4th Quarter 2001 (SECI /CTP

pending adoption of SECI

Agenda by Regulators) and

throughout 2002.

� Spring WC meeting proposal

outline and discussion topics

presented to members of brain

storming session.

� Cost analysis to follow

requirements definition.


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T A K A S B A N K

1. GENERAL INFORMATION

1.1. Background of Takasbank

Takasbank, established in 1988 as a department within theIstanbul Stock Exchange (ISE), originally dealt with the provisionof settlement services for securities traded by the members ofthe ISE. In January 1991, the operations of that departmentwere transferred to an independent company, the ISE Settlementand Custody Co. Inc., that was set up under the shareholdershipof the ISE and its members. This company was transformed intoa specialized securities services bank and renamed Takasbank(ISE Settlement and Custody Bank, Inc.) in 1996.

Takasbank is the �Central Securities Depository of Turkey,� the�Clearing and Settlement Center for the Istanbul Stock Exchange,�and the �National Numbering Agency of Turkey,� authorized bythe Capital Markets Board.

1.2. Participants of Takasbank

Members of the ISE are automatically established as �clearing�members of Takasbank. The criteria for membership of the ISEare stated in the relevant clauses of the Turkish Capital MarketsLaw, as well as the rules and regulations of the ISE. Foreigninstitutions are clients of the custody service provided byTakasbank and not deemed as participants or members ofTakasbank.

Apart from ISE members those institutional investors such asMutual Funds, Investment Trusts and Portfolio ManagementCompanies are required to be participants in the Takasbanksystem for custody purposes and to comply with the rules andregulations of the CMB, the ISE and Takasbank.

1.3. Ownership and Management Structure

Takasbank is owned by the ISE and its 104 members. Accordingto its Articles of Association, the share of any stockholder maynot exceed 5%, except the ISE. As of 31 December 2001,Takasbank had a paid-in capital of TL 33.54 billion, of which22.6% was owned by the ISE, while 27 banks, also members ofthe ISE, had 47.1% and 77 brokerage houses had 33.3%.

The Board of Directors is comprised of four representatives ofthe ISE, one representative from the Capital Markets Board andfive representatives from the ISE members (brokerage housesand banks) and the General Manager of Takasbank.

1.4. Regulatory Entities

As Takasbank is the Central Securities Depository (CSD), theCapital Markets Board (CMB) that is the regulatory and supervisoryauthority in charge of the securities markets in Turkey regulatesits functions and responsibilities. Rules relating to clearing andsettlement are specified by the ISE in accordance with the generalrules and regulations of the CMB.

Due to Takasbank�s status as a bank, Takasbank is regulated bythe Banking Regulatory and Supervisory Board and the CentralBank of Turkey.

2. NEW �DVP TRANSFER FACILITY� FOR BROKER-CUSTODIAN SETTLEMENTS

Takasbank provides clearing, settlement and depository servicesfor all major types of Turkish securities, including equities, corporatedebt and government bills and bonds and derivatives traded atthe ISE, which is referred to as �organized market settlement.�

Starting in September 2001, Takasbank also facilitates true DVPsettlement on a gross basis for those transactions that are not

subject to organized market settlement, namely broker to custodianequities related settlements. Organized market clearing andsettlement functions for equities rendered by Takasbank and thenewly launched �DVP Transfer Facility� are examined below:

2.1. Organized Market Clearing and Settlement forEquities

2.1.1. Securities Settlement

At the end of each trading day, the ISE transmits to Takasbankdetails of all transactions that have been undertaken by brokers.Upon receipt of this data, Takasbank multilaterally nets thesettlement position, indicates the obligations for each broker ineach security, and calculates the net cash position.

Details of this netting activity are made available to participantselectronically on the morning of T+1, showing details ofsettlement amounts due.

On T+2, participants must ensure that they have sufficientsecurities in their settlement accounts and cash in their cashaccount with Takasbank by 16:00. (In addition to their portfolioaccount for client�s securities, participants have a settlementpool account. As required, the participants must transfer securitiesfrom the appropriate client account into their settlement poolaccount to cover a sale before the deadline.)

Members are entitled to get their receivables from settlementaccording to the time of the fulfillment of their obligations to theTakasbank system. If participants fulfill their obligations partially,they receive their receivables partially. Settlement can occurcontinuously between 9:00 and 16:00 in the processing daysubject to the availability of cash and securities. These transfersoccur simultaneously with the internal book entry settlement ofthe netted securities positions, provided that the Takasbanksettlement pool is available.

2.1.2. Cash Settlement

Participants are expected to fulfill their cash obligations by usingtheir cash accounts with Takasbank from 9:00 to 16:00 for theISE Equities Market settlements. Participants can transfer cashfrom their other accounts within Takasbank, or from other banksusing the Central Bank of Turkey�s EFT system, or using sameday receivables from the ISE Equities Market, ISE Bonds andBills Market or the Stock Exchange Money Market.

2.2. New DVP Transfer Facility for Broker-to-CustodianEquities Settlements

As of 17 September 2001, Takasbank launched a new transfersystem, the �DVP Transfer Facility,� especially designed to facilitatereal time gross settlement among brokers and custodians forequities.

Broker-to-custodian settlement takes place alongside the organizedmarket settlement of Takasbank. For the organized marketsettlement, brokers are the settlement members, Takasbank actsas the central counterparty, failure management is carried outby Takasbank and a buy-in procedure is applied if the failure stillexists on the day after the due date. As for the DVP transfersystem, Takasbank is not the central counterparty but the facilitatorof the system. Therefore, no failure management is carried outby Takasbank. Both parties of a settlement will use their cashand securities accounts with Takasbank for DVP transfers.

DVP instructions are to be entered by both parties, and theinstructions will be pre-matched by the automation system.Confirmation messages will be sent to the parties for the matchedinstructions. Participants will be able to display and repair theunmatched instructions.

CONTINUOUS DEVELOPMENT OF EFFICIENTCLEARING AND SETTLEMENT SERVICES


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Settlement obligations will be fulfilled by the participants for theconfirmed instructions in the order in which the participantspecifies, and the transaction will be finalized when both sidesof the transaction fulfill their obligations by providing the relatedcash amount or securities at their respective accounts withTakasbank.

Participants will be able to cancel instructions before settlement.A deadline can be determined, and transactions can be settledpartially if both sides agree.

DVP transfer instructions can be used in three ways: singletransactions, back-to-back transactions and linked-to-organizedmarket settlement.

This new facility is expected to reduce the risk of both brokersand custodians and to enhance the settlement of thosetransactions especially related with foreign investors, as it willprovide automated pre-matching, traditionally carried out manuallyby phone and fax by custodians and brokers.

Furthermore, it is expected to reduce the financing costs especiallyof the brokers, which were supposed to solve two clashing DVPs(one with Takasbank for organized market settlement, one withthe custodian) during the day by using the linkage to the organizedmarket settlement option.

Since the launch of the DVP transfer system in September 2001,Takasbank members realized a market value of US$ 416 millionon securities transfers and a net cash transfer of US$ 408 millionthrough this system until the end of 2001.

3. OTHER RECENT DEVELOPMENTS AT TAKASBANK

3.1. Changes to the ISE Equities Market Settlement

Takasbank has changed the ISE Equities Market settlementdeadline on T+2 from 15:00 to 16:00 as of 20 August 2001.

In the case of a participant�s failure to fulfill its obligationsrelated to the ISE Equities Market settlement, the interest rateused to calculate the default penalty payment has been changedfrom the discount rate of the Central Bank of Turkey to theprevailing market overnight interest rate (the higher of the ISERepo-Reverse Repo Market or the Central Bank of Turkey). Thepenalty payment calculation will be applied:

- If defaulted obligations are fulfilled on T+2 within the workinghours of the Central Bank�s National Payment System (EFT),default payment calculations will be calculated on the prevailingmarket overnight interest rate, as described above.

- If the failure still exists on T+3, penalty payment is calculatedas triple of the prevailing market overnight interest rate appliedthroughout the failure period, as described above.

Takasbank has launched its time prioritization system, one ofthe important system development projects of Takasbank forsettlement efficiency as of 26 March 2001. The organized marketsettlement receivables are released according to the time of thefulfillment of the participants� obligations to Takasbank.

Time priority is expected to encourage members to fulfill theirobligations earlier in order to get their receivables earlier fromsettlement, which in turn is expected to provide higher efficiencyin the organized market settlement system.

3.2. Takasbank acts as Clearing House for the newlyestablished ISE Foreign Exchange Futures Market

The ISE Forex Futures Market, operated by the ISE, was launched15 August 2001. Takasbank has been appointed as the ClearingHouse according to the regulations of the ISE. The transactions

executed at the ISE Forex Futures Market are based on clientaccount numbers. The settlement of transactions is executedthrough the cash agreement method within the same day.

Takasbank guarantees the settlement of the transactions at theISE Forex Futures Market but the guarantee is limited to thecollateral taken from the members of the market for trade,membership and the guarantee fund. The settlement participantshave to make payment for the margin call in Turkish liras. If theliabilities that belong to executed transactions are not fulfilledby 16:30 of the same day, participants will be deemed to be indefault without any warning. The guarantee fund of derivativeswas composed of US$ 2.1 million cash collateral and US$ 18.6million non-cash collateral by the end of 2001.

Clearing and settlement principles for the ISE Forex FuturesMarket and settlement membership criteria have been announcedunder the regulations of the ISE (Decrees No. 153, No. 156).

3.3. Central Registry Institution has been established

The Central Registry Institution (CRI), acting as the central registrarfor the future dematerialized securities market in Turkey, hasbeen established and received commercial registration on 21September 2001. Takasbank is the major shareholder of thisnew institution with an approximate 64.9% stake in its sharecapital. Other shareholders are the ISE (30%), the Associationof Brokerage Houses (5%) and the Istanbul Gold Exchange (0.1%).Besides the registration of ownership of dematerialized securities,the CSI is also responsible for the management of the InvestorProtection Fund. Dematerialization will start when related detailedregulations are issued by the Capital Markets Board. Thetimeframe and details for dematerialization have not yet beenannounced.

4. FUTURE PLANS

Takasbank will focus its attention in 2002 on delivering a numberof system developments and enhancements.

4.1. Customer-Based Custody System for Bonds &Bills Transactions

Takasbank plans to introduce a customer-based custody systemfor bonds and bills transactions, similar to the customer-basedcustody system for equities. With the launching of this system,ISE members will be required to set up sub-accounts for eachof their clients under their main account with Takasbank.

4.2. DVP Transfer Facility for Bonds and BillsSettlements

Takasbank will facilitate the DVP transfer system for bonds andbills. Takasbank members will be able to use this facility viaterminals on-line connected to the Takasbank Proprietary System. The DVP Transfer Facility creates a mechanism ensuring thatdelivery occurs if and only when payment occurs. DVP transferinstructions can be used in three ways: single transactions, back-to-back transactions and linked-to-organized market settlement.

Takasbank has launched its time prioritizationsystem, one of the important system developmentprojects of Takasbank for settlement efficiency.

International Department

[email protected]

www.takasbank.com.tr

Contact Information


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F E D E R A T I O N O F E U R O - A S I A N S T O C K E X C H A N G E S > Y E A R B O O K 2 0 0 1 / 2 0 0 2 > P A G E 1 0

Introduction

Capital markets solutions are an essential part of HP�s FinancialServices Industry (FSI) offerings. These solutions concentrateon the movement of capital in the economy and the managementof those movements and the associated risks.

Capital movements are manifold and involve a variety of economicparticipants: state treasuries, central banks, licensed and informalexchanges or markets, banks, brokers, institutional assetmanagers and corporate treasuries, to name a few of the mostimportant from HP�s perspective. Capital markets solutions donot exist in isolation, they �communicate� with each other anda number of other solution areas, for example banking solutions,accounting systems and payments structures.

Situation

Improved communications and faster and broader disseminationof information are dramatically changing the financial world.The demands put on financial institutions to match competitiveinformation and facility delivery, as well as comply with new andoften increasingly strict rules and regulations, increase the needfor innovative and efficient business solutions.

HP Capital Markets Framework

HP, as a leading manufacturer of information processinghardware, software and systems, has positioned its productsand experiences to help organizations in the financial servicesindustries to effectively address their complex requirements.

The Capital Markets Framework is a methodology to documentand clarify financial �organizations� needs in a single holisticapproach, with the ultimate goal of providing a fully integratedsolution to the ever-increasing operational demands placed onthem.

The framework provides a way to document and analyze thebusiness needs, to position the various components of the totalsolution, to select partners whose products and servicescomplements the environment and to develop an execution planfor effective implementation.

Together, HP and its business partners are using the frameworkto form formidable teams to structure leading edge and missioncritical trading, treasury and payments solutions.

In today�s world of increased information flows, shorter timesto complete and process transactions, larger infrastructures andorganizations to manage complex assets where stringent survivalrules apply, organizations are forced to re-look at all their financialsystems.

The HP capital markets solution portfolio is designed and createdusing a systems approach methodology, where all elements areintegrated to form a comprehensive whole. These solutionsprovide a single and common view of all functional elements,for all stakeholders to understand and implement and allowcustomers to strengthen their economic position.

Defining the process flows for every functional requirement isessential to create an effective finance solution. HP�s deliveryexpertise in program management, customizations andimplementation, is the key to the creation of effective capitalmarket solutions. Utilizing a common framework for solutionsdesign allows the merging of the new functions with the existingfinancial systems and ensures that transaction flows arecompleted end-to-end.

The design philosophy for the Capital Markets Framework is toeffectively position the strengths of HP�s technology platforms,including processing, storage and communications infrastructuresand, with it�s highly skilled consultants, to support this �real time�environment. HP�s global total solution support capability providesthe foundation for the implementation and operation of the largecomplex systems required by customers� business needs.

Customers

Target customers are all financial organizations, including market,trading and broking organizations, bank and corporate treasuries,institutional asset managers, central banks and paymentssupporting organizations.

Capital markets prime needs

Efficient straight-thru-processing solutions for transactionprocessing and real-time liquidity and risk management in treasuryand institutional asset management environments;

Real-time, secure and high-availability solutions forexchanges/markets, settlement structures, depository institutionsand netting systems;

Advanced solutions to support specific central bank (treasury,monetary policy and reserve management and payments), statetreasury (state finance) and national payments systemsfunctionality.

The accelerating development of technology and informationprocessing has impacted all organizations, also those in thefinancial sector. These organizations have been forced todramatically improve their abilities to effectively manage thetransaction costs, reach new customers, manage payments andminimize their risks. To support these demands, the keycharacteristics for any solution in this area need to be:

High data volumes capability; High transaction volumes capability; High reliability; High availability; High security; Highly distributed processing; Highly scalable; Powerful and flexible.

The HP and partner solutions address the above components ina unique and cost effective manner, not in the least throughincreased awareness of the requirements of the Internet world.

HP Capital Markets Framework


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HP is a leading supplier of information processing servers to thishigh availability world of online service providers and our partnersare the leading suppliers of mission-critical technologies andfinancial systems.

Open architecture

The HP and partner solutions integrate best-of-breed componentswith existing systems. HP is at the core of new technologyinvention and is ideally placed to help organizations to moveinto the new online economy. Enabling disparate departmentsand systems to share information with minimal fuss using dataexchange standards such as XML, middleware, or customizedinterfaces is especially valuable at a time when differentdepartments demand the rapid consolidation of many differenttechnologies.

Multi-processing capability

The HP Capital Markets Framework and the associated solutionsenable customers to reduce costs by converging multipleprocessing locations into one. At the same time, it offers 24x7global availability and the ability to handle multiple functionssimultaneously.

Scalability

HP technologies underpin many governmental and financialinstitutions worldwide, including NYSE (New York StockExchange) and AMEX (American Stock Exchange), demonstratingHP�s ability to meet the mission-critical scalability needs of anyfinance institution, especially those looking to offer processingservices to others in the industry.

Systems management

HP OpenView, managing 70% of the world's websites, providescomprehensive system and network management for multi-vendor environments and platform types. As businesscomponents are added to systems and transaction volumesincreases, monitoring application processes and systemperformance levels will be critical to meeting customerexpectations.

End-to-end Solution Implementation

HP and our partners offer the consulting, software engineeringand support services to deliver a total solution:

End-to-end solution planning; Software development to customize workflow and business

functionality linked to other financial systems to enable processstreamlining;

Information mapping for flexible applications; Security architecture for financial requirements (HP

Preasidium, Virtual Vault); Integration of front office systems, legacy environments and

departmental systems; World-class total solution support to meet the need for uptime

24x7; Prime responsibility for the total solution.

Offerings from HP & partners Straight-thru-processing treasury/risk management solutions

for banks and corporations;

Straight-thru-processing asset managements/fundmanagement/unit trust admin solutions for institutional assetmanagers and private client wealth managers;

Automated trading solutions and web-enabled integratedsecurities processing solutions for regulated exchanges andother market mechanisms;

Integrated depository solutions; Straight-thru-processing

treasury/risk/currency/reserve/monetary policy managementsolutions as well as integrated Real-Time-Gross-Settlement (RTGS)solutions for central banks;

Fully integrated turn-key state treasury solutions.

HP Capital Markets Solution Centers

HP is offering total solutions to its customers, with a lifecyclethat encompasses solution definition, design and build,integration, end-to-end management, system operations and fullsupport.

Customers and partners can use HP�s Capital Markets SolutionCenters to conduct pre-installation sizing, configuration,integration and proof-of-concept testing for rapid and confidentmission-critical Internet trading solutions on secure HP platforms.

The HP Capital Markets Solution Centers are staffed by HPconsultants, software developers and support professionals,who focus exclusively on the customization of pre-integratedsolutions, tailoring them to meet the specific requirements ofthe business. The result is faster, simplified and more reliableinstallation of these solutions together with ongoing missioncritical services to ensure manageability, smooth operation andsupport. The HP Capital Markets Solution Centers offer a completerange of pre- and post-sales services for customers in electronictrading, treasury and straight-through- processing.

HP and Capco

A recent development in the capital markets area is the initiationof a strategic alliance between HP and Capco, a blue ribboncapital-markets-only consulting company based in Brussels,Belgium. This alliance adds high-level strategic business consultingto the HP Capital Markets Framework.

Capco brings extensive business and business/technologyintegration experience in the capital markets (including privateclient wealth management and payments structures) to thealliance, whereas HP contributes mainly account management,project management/execution and infrastructure andtechnology.

This alliance represents an exciting step forward in the value tocustomers of the HP Capital Markets Framework.

About Hewlett Packard:

Hewlett-Packard is a leading global provider of computing andimaging solutions and services focused on making technologyand its benefits accessible to all.

HP was founded in 1939 by Bill Hewlett and Dave Packard. Thecorporate headquarters of the firm is in Palo Alto, California. Thechairman and the chief executive officer is Carleton (Carly) S.Fiorina. The company has 88,000 employees, more than 540sales and support offices and distributorships worldwide in morethan 120 countries. HP had total revenue of $45.2 billion infiscal year 2001.


Mr. Mert Sarikaya

[email protected]

www.hp.co.uk/infrastructure

Contact Information


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W O R L D F E D E R A T I O N O F E X C H A N G E S

At the Heart of the World Economy

Over the past decade, regulated securities exchanges have cometo play a major new role in the international financial system.That role is qualitatively different from anything seen since WorldWar II. Quantitatively, the markets operated by regulatedexchanges have grown to a scale unimagined before, givingthem an active role and responsibility at the heart of the worldeconomy.

Exchanges have made this possible by: aligning their corporate strategies with the business potential training their staff and investing in infrastructure boosting the commerce of finance with new telecom and

computer technologies providing stimulus and improved risk management through

derivatives markets supporting equity savings through pension and other

retirement schemes participating in the reorientation of finance from bank loans

into securities promoting the increase in cross-border investment and

trading

From the perspective of exchanges, this commercial expansioncoincided with a broad trend in the last half of the 1990s toswitch from a business structure based on broker cooperativeswith inside ownership to for-profit limited companies with outsideowners. For most of the Federation�s members, businessobjectives changed with this new governance form. Theheightened commercial feel of this industry also affected thoseexchanges maintaining their mutual legal form, and they haveproven themselves to be successful competitors. The dynamismof these businesses is one reason for the qualitative differencein the role of exchanges in the 2000s: the markets could not

have grown in scale to the extent they did if their operationswere not also of good quality � and seen to be of good quality.

By the end of the 1990s, exchanges came to be identified withthe highly commercial spirit of the times. Exchanges symbolizecapitalism, and are at the heart of the system. The level of theiractivities gives an instant short-hand summary of entire nations�socioeconomic health. It is only natural that these enterprisesbe managed as dynamic businesses in their own right.

This document outlines some of the perspectives of the world�sregulated exchanges: with this heightened economic significance,the operators of bourses must have their needs understood byother financial actors and by government policy makers. Thesepersons know best how to improve the markets they operate.Their professional responsibilities prompt them to step forwardto be heard.

The Transformed Position of Exchanges

In December 1990, the World Federation of Exchanges (formerlyFIBV) counted 38 members. The total market capitalization ofequities listed on these bourses was US$ 9,400 bn, and thevalue of share trading for the year hit US$ 6,211 bn.

By December 2001, the Federation had grown to 56 members.Total market capitalization had risen to US$ 26,780 bn, afterreaching a high point in March 2000 of US$ 36,286 bn. Thevalue of share trading for 2001 fell back to US$ 41,225 bn,which was quite a fall from the previous year�s US$ 55,957 bn.Since the newer members tended to operate smaller markets,this long-term growth trend took place mainly among existingmembers.

Antonio Zoido President of the WFE and Chairman & CEO of the Madrid Stock Exchange

The Significance of theExchange Industry

Equity Market Capitalization

11.2 10.7

13.7 14.517.2

19.621.6

25.5

35.1

31.1

26.8

1997 1998 1999 2000 2001199619951994199319921991

(US$ trillion)

Share Turnover Value

5.4 5.78.3 9.7

11.615.3

21.6

26.7

37.3

56.2

41.3

1997 1998 1999 2000 2001199619951994199319921991

(US$ trillion)

New Capital Raised

319.9

420.5474.1 499.3

753.9

896.0

1997 1998 1999 20001996

(US$ billion)

1995


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This translated into: growth in equity market capitalization over the period of

285% growth in trading volumes of 664% acceleration in the turnover velocity of shares from 66% to

153%, demonstrating the increase in liquidity provided onregulated exchanges

Enhanced business profitability, privatizations, IPOs, indexes andderivative products, and cross-border trading fed this transformation.But the exchanges themselves were the actors that adapted,invested, participated and enabled this to take place.

The Stakes

By all measures, the health of an exchange is vital to an economy.As a percentage of gross domestic product, the value of equitymarket capitalization of Federation exchanges varied from a lowof 2% to a high of 383% at the end of 2000, the last year forwhich the IMF�s GDP statistics have been provided.

The global average market capitalization for equities on members�exchanges rose to a stunning 91% of GDP in 2000. Moreover, theseassets include most of the world�s most highly prized companies.

At the end of 1991, 25,980 foreign and domestic companieswere listed on member exchanges. Ten years later, at the endof 2001, this number had become 35,001. The world�s corporatetreasurers have voted in favor of this source of funding.

In 1999, companies and governments raised new capital onFederation markets amounting to US$ 754 bn, and this increasedto US$ 896 bn in 2000, even under difficult market conditions.Pending the final total, this did fall considerably in 2001, butexchanges remain a choice source of fresh capital for the world�senterprises and governments � and this change in the priorityof turning to equity financing looks set to stay. Economic relianceon exchanges is perhaps the most important change in financeover the last decade.

Public policy makers, corporations and the saving public havecome to appreciate the importance of these figures � and whenthe numbers are shown in chart form as in the annex, the historicaltrend is striking.

Moreover, in many parts of the world, exchange index movementshave come to be integrated into the rhythm of daily life, everyfew minutes on the radio, at regular intervals on television, andconstantly on the Internet. The capital markets have given riseto considerable expansion of the specialized printed press, too.The names of broad equity market indices are commonlyrecognized as being of social importance. When the marketmoves more than a few percent up or down, it is big nationalnews. When exchange trading is interrupted for whatever reason,that too is major news. Clearly, a different kind of financialbusiness has emerged on the scene. No other actor has such anaffect on the public mind, and that, too, is meaningful.

This has been happening in many countries around the world,involving by far the greater part of the world�s economic life.

Exchanges� centrality to social wealth creation is established.Corporate treasurers need to factor in their ability to tap thissource of cash by issuing securities, just as finance ministers tryto balance national budgets with their privatizations of state-owned businesses. Public awareness of the need to invest hasprompted great individual interest in equities and relatedexchange-traded products, too. A further benefit has been thebroadening of share-ownership, and with it the loosening ofmarket forces for better corporate governance practices.

What Exchanges Do: Fair Rules for Efficient Markets

Exchanges have a distinct identity within the financial servicessector. They are not insurance companies, investment firms,banks or brokerages. They operate regulated securities andderivative markets. These markets establish asset values throughefficient price discovery, enabling the public to know how muchcompanies are worth according to the latest news and the mostrecent economic outlook.

Putting together rules, know-how and technology for efficient,transparent trading of assets worth nearly one year of the world�sGDP is quite a responsibility; to succeed in meeting that challengeis to build prosperity. Regulated securities exchanges providethe solutions. They are creating greater efficiencies across thevalue chain of the exchange industry, and diffusing ever morecomplex and better quality financial information to support thework of all actors in the capital markets.

Having sketched the position of exchanges as central actors inthe global financial industry, this paper moves on to state someof the business questions exchange operators face.

A financial market behaves like a highly sensitive organism livingin a rich, particular biological environment. Operating an exchangeis therefore a proportionately complex business. Regulation helpsmake the markets more efficient, but much also depends onhuman talent and judgment, just as is the case elsewhere in thefinancial services industry. Governments are involved as intimatelyin matters of public savings as are the corporate issuers ofsecurities and the investors themselves; together with them,operators of exchanges must get this business model right.Today, the size of this industry underscores the national andinternational challenge that the functioning of these marketsrepresents.

For price discovery to occur, the business of exchanges precedesthe instant of trade order execution and extends well beyond.Even if by law or custom the exchanges in every country do notoperate these diverse activities directly, their involvement inthem is intimate. The bundle of related businesses is what buildsa coherent, secure market. The entire value chain must function

Exchanges symbolize capitalism,and are at the heart of the system.

The level of their activities givesan instant short-hand summary of

entire nations� socioeconomic health.


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smoothly, including : writing the rules for market activity admitting intermediaries (banks or brokers) to act on the

central market assuring the ability in-house to follow intermediary�s

positions, and so establish enforcement of market rules admitting securities to listing assuring on-going disclosure of corporate information setting up adequate IT and communications system facilities diffusing market information to a wide public trading assuring prompt clearing and settlement of orders providing for securities registry, transfer agent and depository

activities

In addition to equities, Federation members conduct the majorityof the world�s on-exchange trading of government and corporatebonds, derivative products, investment and exchange-tradedfunds, warrants, and convertibles. Also in the for-profitenvironment now established, exchanges may go further afieldin search of good returns, like other businesses do.

The Business of Running Exchanges

Whether a cooperative or a for-profit company, exchanges mustserve their customers and earn money to stay in business andgrow. This is what capitalism is about. This means:

improving staff operations and competency rewriting rules as know-how, technology, products and

opportunities gradually modify the market and create newchallenges

scaling up IT and telecommunications systems connecting markets to ever more players enhancing surveillance and control functions in an

environment of growing complexity as concerns actors,

instruments, and interaction between different types ofsecurities, often with cross-border involvement

improving the information disclosed on companies andmarket data facing up to aggressive national and cross-border competition investing reserves strategically assuring a good return on capital.

A growing number of exchanges have introduced the shares oftheir companies on the markets they operate, emphasizing atthe same time the for-profit and public nature of this industry.

With this mix of questions in mind, it is notable that technologiesand efficiencies at exchanges have enabled them to lower unitcosts over the 1990s. Total revenue growth has been strong at316%, but it has also been remarkably lower than the 665%increase in trading volumes. The benefits of scale and technologywere passed on to customers.

Challenges for Exchange Managers

There is a public good in operating an exchange, and managerscertainly recognize the importance of this. But bourses are notthe only segment of financial services to have this distinction,and the question must be kept in proportion. However huge themarkets relative to the economy, in the end, exchanges are aboutrunning regulated businesses. On balance, one cannot haveregulation without a prosperous business environment, and onecannot have a prosperous exchange without clear rules andrespect for them.

Intangibles matter to exchanges: their market-neutral position,and the value of their reputation for fairness and transparencyin the conduct of trading. Managers do their utmost to enhancethe quality of these assets, for they are commercial elementscentral in running the business.

Market Capitalization as a Percentage of GDP Total Revenues of Federation Exchanges

2.12.4

2.83.2

3.8

4.44.8

5.1

6.5 6.7

1997 1998 1999 2000199619951994199319921991

(US$ billion)

64.5% 67.2% 65.1%70.3%

94.5%90.7%

1997 1998 1999 200019961995


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The question is sometimes implied that the quality aspects ofthe business, the assurance of regulatory services, is not entirelycompatible with a for-profit environment. Yet all businesses mustassume costs of quality for goods and services, whatever theindustry. Curiously, at the end of 2001 in many countries,exchanges were subject to particular questioning on this point,just as the market scale itself demonstrates the proper functioningof market mechanisms. Volume growth and reduced spreadsdemonstrate the enhanced operating efficiency of exchanges.

The size of the exchange industry is small compared to theeconomic function of the markets operated. Includingconsolidated companies, Federation members at the end of2001 employed 17,703 people. The audited figures for December2001 are not yet in, but members had a total capital base ofUS$ 7.3 bn in December 2000. There is a disproportion betweenexchanges, insurance companies, banks, and investment firms;each has key financial functions to fulfill, including in the capitalmarkets, but exchange managers now need to participate morefully in public policy debates when their business is discussed.The public policy agenda in most markets is disproportionatelyconcerned with issues of banking and insurance; the figuresdemonstrate the need for greater focus on regulated exchanges.Their successful evolution going forward cannot be taken forgranted, and the experience of bourse managers must be put touse as a key tool in devising proper policies.

Exchanges need independence and freedom to operate withinthe rules of the regulatory environment. Too much interferenceby governments will impede the market function. The goal topursue, the hard balance to find, will involve unleashing the fullbenefit of an exchange within the set rules of the local jurisdiction,remembering that there will never be a situation of zero risk forinvestors or issuers � and governments should not be trying forthat. That simply is not what financial markets are about, andeven to imply that would give a poor sense of this business tomany actors involved in exchanges.

Out of ignorance of the complex mechanisms involved, or in anattempt to seize business opportunities, competitors make curiousstatements about exchanges. Too many other actors speak aboutexchanges without the proper knowledge and expertise thatonly the operators of markets themselves have acquired. Also,on occasion, experimentation with new rules and regulations insome markets, rather than planned adaptation to changingcommercial conditions, has led to sharp falls in trading, andnotable widening in bid-ask spreads - the two sure signs that themarket has become less efficient. One truly must be careful aboutnurturing these complex businesses.

As a social responsibility, and equally as an essential part of theirfurther business development, exchanges wish to correctinaccuracies in the discussions about regulated markets. Theymust take their proper place in financial policy debates. Thisplace must be institutionalized and seen to be a normal part ofcapital markets work.

Exchanges� Equity Base

7.37.1

5.95.45.2

4.5

1997 1998 1999 200019961995

US$ billion

At the end of 1991,25,980 foreign and domesticcompanies were l isted onmember exchanges.Ten years later, at the end of2001, this number hadbecome 35,001. The world�scorporate treasurers havevoted in favor of this sourceof funding.

Mr. Thomas Krantz, Secretary General

[email protected]

www.world-exchanges.org

Contact Information


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I am delighted to send you this message in my capacity as the

first chairman of the new International Accounting Standards

Board. The events of the past year made 2001 a watershed in

the history of global standard-setting. It was the year in which

the foundations for the internationalisation of accounting were

put in place.

Much has been achieved in the short time since the decision

was taken in late 1999 by the Board of the former International

Accounting Standards Committee to implement the

recommendations of the Strategy Review. First, the Trustees of

the new IASC Foundation were appointed in 2000. Secondly,

the founder members of the new International Accounting

Standards Board�drawn from nine countries and with a variety

of functional backgrounds�were nominated by the Trustees in

January 2001. Thirdly, the new Board began operations in April,

taking over from the former IASC.

As an independent, privately-funded accounting standard-setter,

the Board is committed to developing, in the public interest, a

single set of high quality, understandable and enforceable global

accounting standards that require transparent and comparable

information in general purpose financial statements. In addition,

the Board cooperates with national accounting standard-setters

to achieve convergence in accounting standards around the

world.

When it began its work, the Board had neither appropriate

premises from which to operate, nor the staff to undertake the

vital research required to produce the high-quality global standards

demanded by the world�s financial community. With the help

of the City of London, the Board acquired new premises and

moved into them in June. At the same time staff recruitment

was going forward quickly and highly skilled, experienced staff

began to arrive from all over the world in August and September.

At the time of writing the Board has 17 technical staff, coming

from ten countries. Many of the staff have previously worked

for national standard-setters so, as with the Board members, a

great deal of experience in dealing with technical problems is

now available at the Board�s headquarters.

The Board�s constitution requires it, before setting its agenda, to

discuss possible topics with the Standards Advisory Council.

The membership of the Council was not announced until June,

and it met for the first time in July. By then the Board, having

devoted its first three meetings to educational sessions ranging

over possible agenda items, was in a position to make proposals

to the Council.

As a result of its consultation with the Standards Advisory Council,

the Board announced its initial agenda of nine technical projects

at the end of July.

The projects chosen amounted to the first step towards the goal

of global standards. Four projects provided leadership for

convergence, which, of course, is the Board�s primary purpose,

two others were designed to make existing standards easier to

apply and three more aimed to improve the basic standards that

the IASB inherited from its predecessor.

I am pleased to say that support for the IASB has come from

many important sources, including the US Securities and

Exchange Commission and the Financial Accounting Standards

Board. In Europe legislation is in progress to require the

consolidated accounts of all listed companies in the European

Union to be prepared in accordance with the IASB�s standards

by 2005. In the FEAS region guidelines based on International

Accounting Standards are already in place to standardise and

harmonise the rules and regulations of the FEAS member

exchanges. These developments, and the programme on which

the IASB has embarked, open the prospect of a new era in which

it will become easier for companies to raise capital and in which

investors will be better protected.

T H E I N T E R N A T I O N A L A C C O U N T I N G S T A N D A R D S B O A R D

Sir David Tweedie Chairman

The events of the past year made 2001a watershed in the history of global standard-setting. It was the year in which thefoundations for the internationalisation ofaccounting were put in place.

Sir David Tweedie, Chairman

[email protected]

www.iasb.org.uk

Contact Information


Composite



MEMBER EXCHANGES

Amman Stock Exchange

Baku Interbank Currency Exchange

Baku Stock Exchange

Bulgarian Stock Exchange

Dhaka Stock Exchange

Egyptian Stock Exchange

Georgian Stock Exchange

Istanbul Stock Exchange

Karachi Stock Exchange

Kazakhstan Stock Exchange

Kyrgyz Stock Exchange

Lahore Stock Exchange

Macedonian Stock Exchange

Moldovan Stock Exchange

Mongolian Stock Exchange

Muscat Securities Market

Palestine Securities Exchange

Tehran Stock Exchange

Tirana Stock Exchange

�Toshkent� Republican Stock Exchange

Ukrainian Stock Exchange

Zagreb Stock Exchange

/FEAS FR AM-IST 18-41 4/8/02 12:49 Page 1

Composite



A M M A N S T O C K E X C H A N G E

L E T T E R F R O M T H E E X E C U T I V E M A N A G E R

The market gained a 30%ranking as one of the bestamong Arab stock exchangesand other emerging markets.

J a l i l T a r i f E x e c u t i v e M a n a g e r

The Amman Stock Exchange (ASE) ended2001 with an exceptional performance in spiteof the prevailing political and economiccircumstances in the Middle East in particularand the world in general. The market gaineda 30% ranking as one of the best among Arabstock exchanges and other emerging markets.Trading volume doubled and marketcapitalization increased by 28%.

In May 2001, the ASE moved to its newpermanent headquarters, encompassing allcapital market institutions and state-of-the-arttechnology with a back-up trading floor forcontingencies.

In 2001, efforts were mainly concentrated ondeveloping the ASE�s infrastructure. Withinthe scope of this plan the ASE implementedthe first stage of its Oracle-based ManagementInformation System (MIS), while replacing theold Cobol- and Access-based systems. This

new system enables quick and efficient accessto reports by members. In addition, historicaldata and trading information were includedto facilitate surveillance and market dataanalysis. MIS is also integrated into the existingASE Intranet for automatic delivery of reports.

A new Wide Area Network (WAN), linking theJordan Securities Commission, ASE andSecurities Depository Center with each otheras well as with brokers, issuers and dataproviders, was installed. It also provideselectronic links to other financial institutionsand international markets and connects thecapital market headquarters to the HousingBank complex, where the ASE disasterrecovery site and many brokerage houses arelocated. This will enhance smooth and securecommunication between capital marketinstitutions and the outside world and willopen up the market to public shareholdingcompanies, brokers and institutions.

In the field of information dissemination theASE signed an agreement with JordanTelevision (JTV) to display real time shareprices of listed companies, making it possiblefor citizens interested in keeping track of shareprice changes and index movements to do soduring the trading sessions on a daily basis.Recently, the ASE also made an agreementwith CNBC to air the share prices of companieslisted on the market.

The ASE also continued its efforts to developits website and keep it updated. As a result,the ASE�s website received more than 15million visitors in 2001.

History and Development

The Amman Financial Market (AFM) was established in 1976, andstarted its first day of business on 1 January 1978, as a publicfinancial institution with legal, administrative and financialindependence, operating under the auspices of the Minister ofFinance. The AFM shared features normally found in both a stockexchange and a government securities and exchange commission.It acted as a government-mandated vehicle for both the regulatingand operating of the securities market in Jordan.

The Jordanian Government adopted a comprehensive reform policy forthe restructure of the capital market of Jordan, and a new SecuritiesLaw was passed in May 1997. According to this law, the AFM wasrestructured to create three different entities: the Jordan SecuritiesCommission (JSC), the Amman Stock Exchange (ASE) and a DepositorySecurities Center (SDC). The JSC has already drawn up a set ofregulations dealing with securities issuance, disclosure, accounting andauditing standards, financial services, licensing and mutual funds.Meanwhile, on 11 March 1999 the Amman Stock Exchange came intobeing, and a board of directors was elected. And on 10 May 1999 theSDC was launched, and a board of directors elected.

As part of the restructuring process and the regulatory reforms, a fullyautomated system, provided by the Paris Bourse for the ASE, waslaunched on 26 March 2000. The new system is in accordance withinternational standards. It has taken into account the G-30

recommendations; the ASE has abandoned the electronic trading floor,and licensed brokers have started trading from their offices.

Future Outlook

The ASE, with the support of the USAID, AMIR Program and CapitalMarkets Partners (CMP), will complete the five-year strategic planthat will enable competition with regional and neighboring stockexchanges. This plan concentrates on procedures that will developthe Stock Exchange in the following areas:

1. To restructure services with respect to listing, trading and informationin order to raise the number of listed companies as well as the typesof tradable securities and increase market depth.

2. To create a legal framework with sufficient resources so that theASE performs its duties in an efficient and effective way.

3. To develop and amend capital market regulation legislation in Jordanto meet the requirements of a transparent and fair securities market.

4. To formulate a marketing policy aimed at providing better servicesto local, regional and international investors.

5. To strengthen cooperation with Arab and international institutions,as well as finding new formulas for cooperation between the ASEmembers and brokers in other stock exchanges.


Composite



Practices and Procedures

Mr. Sami Hattab

[email protected]

www.ase.com.jo

Contact Information


Clearing & SettlementCentral depository Yes, electronic

Period T+5

Registered Yes

Settlement Book entry

Clearing Transaction by transaction

DVP No

Clearing institution No

Risk sharing No

Margin/lending No

Custodians Banks

TradingDays Sunday-Thursday

Hours: Pre-opening session for bonds,

mutual funds, 3rd mkt comp. 9:30-9:35

Trading session for bonds,

mutual funds, third market companies 9:35-9:55

Pre-opening session for first & second markets 9:30-10:00

Trading session for first & second markets 10:00-12:00

Block trades for all markets 12:00-12:15

Market segmentation First, second, third markets, bonds,

mutual funds, off floor transactions,

foreign securities allowed

System Automated, remote access, intranet,

depository links, WAN

Mechanisms Continuous auction

Market maker/specialists No

Instruments Stocks, bonds, mutual funds

Currency Local

Real time information Best bid/ask, last price, last volume,

total volume

Foreign ParticipationForeign investors No restrictions

Investment limitations No limitations

Repatriation No restrictions

TaxesCash dividends 0%

Interest income Assessed for all investors

as income

Capital gains Tax exempted

Structure & RegulationsLegal Special status

Regulation Self

Securities market regulations Exchange with regulator approval

Trading rules Responsibility of exchange

Surveillance Yes, electronic

Corporate actions Managed by issuer

Trading halts regulations Yes, if necessary

Investor protection Brokers guarantee fund

Trading volume doubled andmarket capitalization increasedby 28%.

2001-Non Jordanian Ownership

39%

61%

Non-Jordanians Jordanians


Composite



0

20

40

60

80

100

120

140

160

180

0

50

100

150

200

250


2001-Monthly Stock Volume vs Index

IndexVolume (US$ millions)


Minimum Listing RequirementsFirst Second

Requirements Market Market

Years of business activity 2 1

Capitalization of issue Minimum is JD 2 million n/a

Free float 10% turnover and 15% of the overall trading days. n/a

Shareholders equity Not less than 100% of the paid-in-capital. Not less than 50% of the paid-in-capital.

Minimum # of shareholders n/a n/a

Minimum years of positive financial results 2 years n/a

# Times dividends distributed in last 3 years Once n/a

Prospectus required Yes Yes

Special requirements Yes Yes

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume

(US$ Millions) Index




Nov-01Dec-01

Total

Official 2001 Statistics

40.47 21.62 1.84 0.98 0.12 0.01 0.000000 0.000000 5,041.16 192.934.03 17.22 1.79 0.91 0.83 0.04 0.000000 0.000000 5,094.17 194.518.81 9.44 1.57 0.79 1.09 0.09 0.000000 0.000000 5,110.93 195.340.39 23.07 1.84 1.05 0.44 0.02 0.000000 0.000000 5,042.16 192.067.72 21.50 3.08 0.98 0.23 0.01 0.000237 0.000011 5,244.59 199.074.33 26.37 3.91 1.39 2.51 0.13 0.000000 0.000000 5,248.57 198.7

170.44 30.67 7.41 1.33 1.12 0.05 0.000000 0.000000 5,384.77 204.085.81 41.31 3.90 1.88 0.12 0.01 0.000000 0.000000 5,558.22 211.4

114.98 47.50 5.48 2.26 2.37 0.11 0.000000 0.000000 5,697.55 218.280.30 29.76 3.65 1.35 0.39 0.02 0.000000 0.000000 6,069.34 234.4

130.29 42.77 6.51 2.14 0.34 0.02 0.000000 0.000000 6,291.61 243.985.44 29.31 5.03 1.72 0.62 0.04 0.000000 0.000000 6,314.16 243.6

943.02 340.55 3.91 1.41 10.18 0.04 0.000237 0.000001

CATEGORY

5-Year Statistical Comparison 1997-2001

1997 1998 1999 2000 2001











Monthly averaged turnover ratioIndexCurrency/US$

216 212 212 210 2085,447.0 5,862.7 5,834.7 4,950.1 6,314.2

501.1 655.0 549.3 472.8 943.0191.1 247.9 271.2 228.4 340.5

2.02 2.68 2.27 1.95 3.910.770 1.016 1.12 0.94 1.41

10.2 0.04

0.0002 0.000001

0.01 0.01 0.01 0.01 0.01238.7 240.0 236.0 187.7 243.6

0.7 0.7 0.7 0.7 0.7


Composite



B A K U I N T E R B A N K C U R R E N C Y E X C H A N G E

L E T T E R F R O M T H E G E N E R A L M A N A G E R

It is the first time during the 8 yearsof successful activity that the BICEX

has tried to determine itsinstitutional place in the economic

life of the country.

F a r k h a d A m i r b e k o v G e n e r a l M a n a g e r

2001 will be remembered for severalimportant events. For Azerbaijan, it wassummarizing the results of ten years ofindependence. For the world, it was the tragicSeptember 11th events in the US. In the lattercase, we are witnesses to the fact that theworld has begun to change sharply. If we lookat these two unconnected facts philosophically,we can say that time marches on rapidly andeverything can change immediately.Questioning these events causes us to try to

understand our lives and to determine ourpersonal place in this world. This becomespossible only after a certain period ofdevelopment. Something similar has takenplace in the life of the BICEX. It is the first timeduring the 8 years of successful activity thatthe BICEX has tried to determine itsinstitutional place in the economic life of thecountry. This initiative was supported by BICEXshareholders and reflected in the BICEXmission and strategy development plan.

Indeed, it is a very great achievement for usand the document will be available on the newwebsite � www.bbvg.org

I take this opportunity to wish all FEASmembers success and prosperity.


The joint-stock closed-type company, Baku Interbank Currency Exchange(BICEX), was founded on 21 June 1993 by the five largest banks of theAzerbaijan Republic: the National Bank, the joint-stock and commercialInternational Bank, the joint-stock and commercial Industrial andInvestment Bank, the joint-stock and commercial AgroIndustrial Bankand the joint-stock and commercial Savings Bank. The BICEX wasregistered on 26 July 1993 by the Ministry of Justice of the AzerbaijanRepublic.

The purposes of the BICEX are as follows:

- to set up regular exchange trading to carry out currency operations;

- to determine the market exchange rate of the Azerbaijan currency (manat) to foreign currencies;

- to create a mechanism for inter-state settlements;

- to provide convertibility of the national currency;

- to maintain management and information services for currency operations;

- to settle transactions made at the BICEX both in national and foreign currencies;

- to organize and carry out exchange trading and auctions with interbank credits;

- to conduct exchange trading with futures.

Future Outlook

Determination of the company mission and preparation of a strategicplan for 2002-2005, which was submitted to shareholders for approvalin 2001;

introduction of the Organized Interbank Money Market (OIMM) throughthe introduction of an organized money market by the National Bankin the beginning of 2002;

launching of a new website to supply all business information andnews;

holding the CIS Central (National) and Currency (Stock) ExchangesConference and the General Assembly of the International Associationof Exchanges of CIS countries (IAEx of CIS) in Baku, February 2002;

having an organizational restructuring, through the development andimplementation of new projects.


Composite



Mr. Mustafa Mammadov

[email protected]

www.bbvb.org

Contact Information



Interest income n/a

Capital gains n/a




Structure & RegulationsLegal n/a

Regulation Self

Securities market regulations Regulator and exchange w/

regulator approval

Trading rules Government institution


Corporate actions Centralized

Trading halts regulations n/a

Investor protection Yes


TradingDays Monday-Friday

Hours: Forex 10:00-11:00

Non-Forex 10:00-16:00

Market segmentation n/a

System BICEX E-System of Trades (BEST)

Mechanisms Call auction

Market-maker/specialists Yes

Instruments Currency, interbank credit

Currency Local

Real time information System under development

Clearing & SettlementCentral depository Yes

Period T+0

Registered Yes


Clearing Netting

DVP Yes, full DVP

Clearing institution Yes

Risk sharing Yes

Margin/lending No

Custodians Exchange members

Trading by Instrument

US$/AZM Interbank 180 Days

2.95%

10.55%86.50%

Other

Main Historical Dates

18 October 1991 Declaration of Independence of the Azerbaijan Republic

21 June 1993 Establishment of the BICEX

26 August 1994 Beginning of regular exchange trading inthe currency market

31 March 1995 First credit auction of theNational Bank at the BICEX

20 September 1996 First T-bill auction

22 January 1997 First exchange trading in the BICEX Stock Department

30 August 1997 Beginning of trading in the Organized Interbank Currency Market (OICM)

25 September 1997 First trading in the OICM by means of universal trading e-network of the BICEX

17 December 1997 Corresponding emerging market membership status in FIBV

2 October 1998 Full member of FEAS (Istanbul)

24 February 1999 Membership in the Azerbaijan Commercial Chamber (Baku)

1 December 1999 Membership in the Azerbaijan Commercial Banks Association (Baku)

20 April 2000 Co-founder and membership in the International Association of CIS Exchanges (Moscow)


Composite




Minimum Listing RequirementsRequirements Pre-Listing Listing


Capitalization of issue Statutory fund according to legislation n/a

Free float n/a n/a

Minimum # of shareholders n/a 200

Minimum years of positive financial results 2 3

# Times dividends distributed in last 3 years n/a n/a

Listing agreement with central depository n/a n/a


Special requirements n/a Must announce P/E ratio

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


0.00 0.00 0.00 0.00 0.00 0.00 41.7 1.90 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 6.5 0.33 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 11.8 0.65 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 17.8 0.85 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 32.4 1.54 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 32.8 1.73 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 33.1 1.50 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 18.8 0.82 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 13.5 0.68 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 11.3 0.51 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 11.2 0.53 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 10.4 0.50 n/a n/a0.00 0.00 0.00 0.00 0.00 0.00 241.4 0.97

CATEGORY


1997 1998 1999 2000 2001












1 6 n/a n/a n/a1.3 3.1 n/a n/a n/a

48.3 61.2 55.4 n/a n/a0.2 0.3 0.2 n/a n/a

0.20 0.24 0.22 n/a n/a0.00 0.00 0.00 n/a n/a

n/an/a

241.40.966

n/a 2.15 n/a n/a n/an/a n/a n/a n/a n/a

3,888.0 3,890.0 4,373.0 4,565.0 4,775.0

0

5

10

15

20

25

30

35

40

45


2001- Total Currency ExchangeVolume by Month

Volume (US$ millions)


Composite



B A K U S T O C K E X C H A N G E

L E T T E R F R O M T H E P R E S I D E N T

This year is particularly important for usto prove that future successes, above andbeyond that of our f irst year, areachievable through our dedication andcommitment.

S a l i m K r i m a n P r e s i d e n t

The establishment of the Baku Stock Exchange(BSE) in Azerbaijan was a necessary and, at thesame time, a challenging task. Being an integralpart and a barometer of a country�s economy,a stock market is extremely susceptible to nearlyall movements that take place not only in theeconomic, but also in the political and sociallife of the country. Since Azerbaijan is currentlyundergoing the period of transition to a market-oriented economy and as the state privatizationprogram is still in progress, the BSE faces manychallenges in building an organized market.

During our first year of operation we havemanaged to fully equip the BSE trading floor,obtain necessary state operating licenses, buildup the regulatory base of the Exchange and

launch trading with government short-termbonds, corporate securities and futurescontracts.

The T-bills market sector of the BSE currentlyabsorbs the greatest volume of operationscarried out on the Exchange. In 2001 23 T-billsplacements took place on the BSE for a totalof US$ 107 million. The T-bills repurchaseagreements sector (repo) was launched andthe first auction was held on 22 November2001.

Trading in the corporate securities market beganin February 2001, with transaction volumereaching around US$ 670,000 by the end ofthe year. The companies listed on the BSE are

from the food and beverage, construction,transportation and banking sectors.

The Exchange is committed to the fulltransparency of its operations, ensured throughregular publications in the mass media, weeklyand monthly bulletins and our website.

We are now entering the second year ofoperations. This year is particularly importantfor us to prove that future successes, aboveand beyond that of our first year, are achievablethrough our dedication and commitment. Weare looking forward to this future progress andthe opportunities that are available to us.


The Baku Stock Exchange (BSE) was established as a result of the initiativeof a group of business people of Azerbaijan � mainly leading bankers.The BSE is organized in the form of a closed joint-stock company with18 shareholders, each owning 300 common shares in the capital of theBSE. The par value of each share is approximately US$ 208. The BSEbegan its operations on 15 February 2001. The general shareholders�meeting is the supreme authority of the BSE and elects members of theBoard and the Supervisory and Financial Control Committees. TheSupervisory Council of the BSE has control over the management of theExchange and reports to the shareholders at the annual shareholdersmeeting.

The trading floor of the BSE is equipped with 30 computerized membershipseats. The shareholders of the Exchange are automatically granted a seatprovided that they hold brokerage and/or dealership licenses issued bythe State Committee for Securities. Non-shareholder members of theExchange are licensed companies and individuals that comply with theBSE membership rules, maintain high standards of business conduct andpay their membership fees.

Future Outlook

The primary objective for 2002 is to create an environment conduciveto the increase in liquidity of the corporate securities market. Work inthis direction will be carried out along the following lines:

Public relations:- daily publication of market makers� quotations in the mass media;- public relations campaigns in the mass media;- renting illuminated screens to show market-makers� quotations at

the downtown streets of Baku;

- improving the quality of the information bulletin circulated among the Exchange members;- establishing connections with foreign investors;- running quarterly seminars for foreign firms and businessmen;- organizing monthly seminars in cooperation with the Azerbaijan Confederation of Businessmen;- establishing connections with international stock exchanges and financial institutions as well as international organizations.Regulations:- proposing changes and amendments to regulating the operations of professional market participants;- proposing limitations to over-the-counter trading of companies with a certain level of shareholding capital and a certain number of shareholders.Improving the corporate securities market:- organizing a group of broker/members that will cooperate with the BSE in raising the liquidity of the corporate securities market;- organizing seminars for traders;- encouraging members to go out to the open market and attract investors;- promoting market-makers� services to sound public companies;- agreeing upon the minimum level of brokerage fees charged by members.Introduction of new instruments:- staying involved in the work currently being done by the State Committee for Securities on the development of a promissory note market;- working out mechanisms of interbank secondary market repo trading.


Composite




Mr. Teymur Safaraliyev

[email protected]

www.bse.az

Contact Information


The establishment of theBaku Stock Exchange(BSE) in Azerbaijan was anecessary and, at thesame time, a challengingtask.

Trading by Sector

Food Banks

28.00%

6.30%

65.70%

Pharmaceuticals and other

Clearing & SettlementCentral depository Yes, National Depository Center

Period T+0 - 15:00 -16:45

Registered No listed companies


Clearing Netting

DVP Yes, full DVP

Clearing institution Yes, wholly owned

Risk sharing No

Margin/lending No

Custodians BSE depository, National Depository

Center, depository of "Partner

Investment" firm


Interest income 10%

Capital gains n/a




Structure & RegulationsLegal Closed joint stock company

Regulation Self

Securities market regulations State Committee for Securities (SCS)

Trading rules Shared regulatory responsibility


Corporate actions Independent agents

Trading halts regulations Yes

Investor protection No


Hours: Pre-opening 09:15 -11:00

First & second markets 11:00 -15:00

Market segmentation First and second markets

System Data dissemination, reporting facilities

Mechanisms Primary market, continuous auction


Instruments State bonds, corporate stock,

US$ futures, repurchase agreements

Currency Local

Real time information Last price, last volume, total volume


Composite




Minimum Listing RequirementsFirst Second

Requirements Market Market (Unlisted)

Years of business activity 2 n/a

Capitalization of issue n/a n/a

Free float n/a n/a

Shareholders equity 5 billion AZM (approx. US$ 1 million) n/a

Minimum # of shareholders 500 n/a

Minimum years of positive financial results 2 n/a


Prospectus required Prospectus with financial statements n/a

Special requirements n/a n/a

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


0.0000 0.00000 0.0000 0.00000 26.85 8.95 0.000 0.000 n/a n/a0.0580 0.02663 0.0580 0.02663 1.19 0.60 0.000 0.000 n/a n/a0.0000 0.00000 0.0000 0.00000 15.32 5.11 0.160 0.160 n/a n/a0.0005 0.00036 0.0003 0.00018 10.33 3.44 0.003 0.003 n/a n/a0.0001 0.00002 0.0000 0.00001 2.07 2.07 0.446 0.064 n/a n/a0.2582 0.00127 0.0861 0.00042 15.47 5.16 0.040 0.040 n/a n/a0.0000 0.00000 0.0000 0.00000 8.01 2.67 0.002 0.002 n/a n/a0.6047 0.19936 0.1512 0.04984 3.78 1.89 0.012 0.006 n/a n/a0.0008 0.00165 0.0002 0.00033 8.78 4.39 0.000 0.000 n/a n/a0.0030 0.00530 0.0005 0.00088 1.42 0.71 0.000 0.000 n/a n/a0.0009 0.00340 0.0003 0.00113 4.04 4.04 0.000 0.000 n/a n/a0.0000 0.00000 0.0000 0.00000 10.07 10.07 0.000 0.000 n/a n/a

0.92622 0.23799 0.02573 0.00661 107.33 4.13 0.663 0.028

CATEGORY


1997 1998 1999 2000 2001












n/a n/a n/a n/a n/an/a n/a n/a n/a n/an/a n/a n/a n/a 0.9n/a n/a n/a n/a 0.2n/a n/a n/a n/a 0.03n/a n/a n/a n/a 0.01

107.3 4.13

0.6630 0.027625

n/a n/a n/a n/a n/an/a n/a n/a n/a n/an/a n/a n/a n/a 4,775.0

0

0.1

0.2

0.3

0.4

0.5

0.6


2001-Monthly Stock vs Bond Volumes

Bond volume (US$ millions)

0

5

10

15

20

25

30

Stock volume (US$ millions)


Composite



B U L G A R I A N S T O C K E X C H A N G E

L E T T E R F R O M T H E C H A I R M A N

The efforts of the management of theBSE were mainly oriented toward

further improving the infrastructureof the capital market.

A p o s t o l A p o s t o l o v C h a i r m a n

Although the market performance of theBulgarian Stock Exchange (BSE) has not yetreached the levels we are striving for, seriousprogress was accomplished in 2001. Thenegative price trend of the previous two yearswas overturned, trading volumes remainedstable and overall investor confidence increased.

The year 2001 was a relatively good year forthe BSE in terms of market performance andinnovation. The efforts of the management ofthe BSE were mainly oriented toward furtherimproving the infrastructure of the capitalmarket and thus creating better conditions forthe trading operations of our members. Over60% now use the remote trading option andexecute orders from their offices, thanks to themodifications in the trading system.

For the second year in a row the Exchangesuccessfully introduced new trading

instruments. Along with government and newcorporate bond issues, the BSE listed mortgagebonds. Bulgarian Depository Receipts (BDR),based on foreign stocks and indices, turned outto be very popular.

The BSE took important steps forward with thelaunching of new information services andespecially with the new website. Theseimprovements now provide the largest varietyof information and with easy access,accomplished through a simplified design thathas the possibility of generating a greatercompilation of free statistical information. Theimplementation of new software has made itpossible to more effectively use the Exchangedatabase, as well as the Internet to reach agreater number of users and to attract datavendors for the dissemination of bourseinformation in real time.

For 2002 our main task will be to significantlyincrease the liquidity of the stock market bylisting new and attractive issues. The Exchangehas proven to be very useful in the privatizationprocess in our country, and we intend to assistthe government in its efforts to speed up theprocess. Most of the big state monopolies willbe up for privatization in 2002, and we areconvinced that large stakes can successfullypass into private hands through the BSE.

We will continue to develop our cooperationwith the exchanges in southeast Europe andto strengthen our ties with partners from EUcountries. Implementing the high Europeanstandards in the capital market sector remainsone of our foremost goals.


The First Bulgarian Stock Exchange (FBSE) was inaugurated on 8November 1991 and started trading in May 1992. In 1996, the newlyestablished Securities and Stock Exchange Commission (SSEC) introducedthe requirement that all listed stocks must have their prospectusesapproved by the Commission in order to trade on the FBSE. As no companywas able to comply with the new SSEC requirements, trading on theFBSE was suspended on 23 October 1996.

The Bulgarian Stock Exchange-Sofia (BSE) was licensed as a new entityby the SSEC in October 1997, replacing the FBSE. Operations on theBSE floor began on 21 October 1997. Due to the mass privatizationprocess, several million Bulgarians became small investors, creating asolid base for the development of a large and liquid capital market. Nowpractically all companies from the mass privatization program are beingtraded on the BSE.

On 12 January 1998, the Exchange launched its official floor, tradingshares in the first listed company - Elkabel. By the end of 1998, therewere 19 companies listed on the Official Market.

By the end of 2001 the number of listed companies on the Official Marketof the BSE reached 30. Major industrial companies, banks, holding groupsand investment funds are among the issuers in this market. Over 390companies are being traded on the Free Market. New trading instrumentswere introduced � government, corporate, municipality and mortgagebonds, as well as Bulgarian Depository Receipts.

The Law on Public Offering of Securities was adopted by the BulgarianParliament in December 1999. It replaced the Securities, Stock Exchangesand Investment Companies Act (1995). Certain amendments will beadded to the new law by spring 2002 in order to provide even greaterprotection for minority shareholders and to create further prerequisitesfor the development of a transparent and efficient capital market in thecountry.

Future Outlook

Continuous efforts to improve the operational efficiency of the tradinginfrastructure to better satisfy the needs of the investment intermediaries;

Expansion of the investor base through public relations campaigns and road-shows;

Development of a more dynamic market to attract high-quality issuesand boost liquidity;

Promotion of cross-border investment and trading, dual listings;

Opening up the market for new trading instruments, including derivatives;

Supporting the regional and pan-European cooperation among stockexchanges.


Composite




Mr. Georgi Draichev

[email protected]

www.bse-sofia.bg

Contact Information

The Exchange hasproven to be veryuseful in theprivatization processin our country, and weintend to assist thegovernment in itsefforts to speed up theprocess.


Structure & RegulationsLegal Not-for-profit company

Regulation Self

Securities market regulations Regulator and exchange w/ regulator approval

Trading rules Exchange




Investor protection YesShare Volume by Market 1999-2001

Official market

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

1999 2000 2001

Free market Block transactions


Period T+3

Registered Bearer



DVP Full DVP


Risk sharing Yes

Margin/lending Yes, lending

Custodians Banks




TaxesCash dividends 0% - received by local companies,

15% - payable by local companies to

Bulgarian residents and non-profit organizations,

15% - distributed by Bulgarian companies

to foreign shareholders

Interest income 15% - all investors

Capital gains Included in the corporate income and taxable

corporate income tax


Hours 9:30-14:00

Market segmentation Official market of equities segments A, B, C;

Official bond market segments: government,

municipality bonds, corporate bonds;

Free market

System Automated, remote access, depository link,

Internet services, WAN

Mechanisms Continuous action


Instruments Government, municipal,

mortgage & corporate bonds,

Bulgarian Depository Receipts

Currency Local


total volume


Composite




Minimum Listing RequirementsSegment A Segment B Segment C

Requirements (Parallel) (Provisional)

Years of business activity 3 2 1

Capitalization of issue BGN 20,000,000 BGN 10,000,000 BGN 500,000

Free float 25% 10% 5%

Minimum # of shareholders 400 100 100

Minimum years of positive financial results 3 1 n/a

# Times dividends distributed in last 3 years 1 n/a n/a

Listing agreement with central depository Yes Yes Yes

Prospectus required Yes Yes Yes

Min. # shares traded per month 1,000 n/a 1,000

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


3.1 2.4 0.13 0.10 0.07 0.003 0.027 0.001 594.3 108.25.6 3.2 0.28 0.16 0.00 0.000 0.020 0.001 620.6 96.46.4 7.9 0.29 0.36 0.03 0.001 0.031 0.001 580.0 82.52.4 4.9 0.12 0.24 0.07 0.004 0.015 0.001 672.7 82.13.0 10.8 0.15 0.54 0.07 0.003 0.027 0.001 589.6 71.9

10.0 3.3 0.48 0.16 0.05 0.002 0.047 0.002 591.6 102.015.8 8.3 0.72 0.38 0.07 0.003 0.028 0.001 528.3 99.0

2.6 5.5 0.12 0.24 0.00 0.000 0.079 0.003 544.5 92.77.5 5.0 0.40 0.26 0.02 0.001 0.053 0.003 537.8 92.43.0 9.6 0.13 0.42 0.00 0.000 0.018 0.001 524.4 88.25.2 2.0 0.24 0.09 0.01 0.000 0.029 0.001 482.5 97.65.5 3.5 0.36 0.23 0.16 0.011 0.038 0.003 506.6 118.6

70.3 66.4 0.28 0.27 0.55 0.002 0.410 0.002

CATEGORY


1997 1998 1999 2000 2001












123 998 858 503 399n/a 146.3 707.9 572.6 506.6

43.7 121.1 72.2 57.7 70.38.3 26.2 20.9 41.1 66.4

0.99 0.49 0.29 0.23 0.280.19 0.11 0.08 0.16 0.27

0.5 0.002

0.40.002

n/a 0.60 0.01 0.01 0.01n/a n/a n/a 104.7 118.6

1,775.5 1,664.0 1.9 2.2 2.2

0

2

4

6

8

10

12

14

16




0

20

40

60

80

100

120

Index


Composite



D H A K A S T O C K E X C H A N G E

L E T T E R F R O M T H E C E O

We have always given importance to thesharing of ideas with others for sustainabledevelopment and have engaged in dialoguewith other exchanges around the globe tobuild relationships and cooperate on mattersof mutual benefit.

M d . R e z a u r R a h m a n C E O

In 2001, we concentrated our efforts towardmaking the Dhaka Stock Exchange (DSE)efficient and have turned it into a very modernand well-equipped stock exchange. We aredelighted to have been elected to the ExecutiveCommittee of the Federation of Euro-AsianStock Exchanges (FEAS) in 2001. We havealways given importance to the sharing of ideaswith others for sustainable development andhave engaged in dialogue with other exchangesaround the globe to build relationships andcooperate on matters of mutual benefit.

Many important events took place in our StockExchange in 2001. Highlights of these aremainly: the introduction of a new selected index,the DSE-20, and the adoption of direct listingregulations and other very important regulations

regarding the council and administration. Wehave been working for the immediateintroduction of the Central Depository System(CDS) in our capital market and the necessarygroundwork has already been completed. Wehope we will be able to introduce the CDS thisyear, complete with a settlement process at aworld-class level. In addition, we are very closeto introducing a new OTC (over-the-counter)market.

Following the September 11 incident,economies of developing countries such asours experienced severe recession. We feelthat now things are improving in world politicsand economies. Like other Asian countries, oureconomy is generally perceived as being heavilydependent on bank loans. We want to lower

this dependence by introducing a corporatebond market on our Exchange, and the presentgovernment is actively considering the matter.It is our hope that we may shift our countryfrom a bank- dominated financial structure toa full-fledged capital market.

We, the stock exchange council, thegovernment, the capital market authority andour staff, are working closely toward supportingprogress to achieve our goals by concentratingour efforts on the further development ofinformation, and legal and judicialinfrastructures.


The Dhaka Stock Exchange (DSE) was incorporated in March 1954 asthe East Pakistan Stock Exchange Association Ltd. On 23 June 1962, itwas renamed the Dhaka Stock Exchange. Formal trading began in 1954but was suspended when Bangladesh gained independence in 1971.With the change in the economic policy of the government in 1976,however, trading activities were ultimately resumed with nine listedcompanies. By December 2001, there were 266 securities listed on theDSE, including 10 mutual funds and 10 debentures, with a total marketcapitalization of approximately US$ 1.1 billion.

During 2001, the DSE embarked on a radical reform program:

- The website of the DSE was inaugurated on 15 January 2001.

- The DSE held its 39th annual General Meeting on 29 March 2001. Mr. Md. Shahiq Khan and Mr. Onu Jaigirdar were re-elected as Chairman and Senior Vice Chairman of the DSE respectively for the year 2001.

- The DSE restructured the listed securities into A, B & Z groups.

- The DSE was elected to the Executive Committee of FEAS.

- The DSE introduced the �Member House Compliance Assistance Programme� to provide necessary guidelines on compliance to all brokerage houses.

- Public limited companies received a temporary opportunity to list directly with the DSE.

- Several foreign delegations visited the DSE in 2001: among them,

the US Ambassador on 13 June 2001, the Japanese Ambassador on 3 July 2001 and the Canadian High Commission on 31 October 2001.

Future Outlook

During 2002 the DSE plans to:

implement online nationwide trading via the VSAT television channel;

implement online worldwide trading over the Internet;

develop and implement automation of back office functions and services;

implement a Central Depository System;

construct a multi-storied modern premise for the DSE;

begin operation of OTC trading with rules approved by the Securitiesand Exchange Commission (SEC) in the first quarter 2002;

continue efforts to increase Exchange membership to 500.


Composite




Mr. Md. Rezaur Rahman

[email protected]

www.dsebd.org

Contact Information

Highlights of 2001 are mainly:the introduction of a new selectedindex, the DSE-20, and the adoptionof direct l isting regulations andother very important regulationsregarding the council andadministration.


TaxesCash dividends 10% for individuals above TK 100,000

Interest income 10%

Capital gains Negligible


Investment limitations No limitation



Regulation Self

Securities market regulations: Exchange w/ regulatory institutions and jointly



Corporate actions Equity



2001 Volume by Type

Stocks Bonds

99.04% 0.01%

6.7%

Other

TradingDays Saturday-Thursday

Hours: Continuous 10:30 -14:00

Post closing 14:00 - 14:30

Market segmentation Public market, spot market,

block market, odd lot market

System Automated, reporting facilities, WAN


Market-maker/specialists No

Instruments Stocks, debentures, mutual funds

Currency Local

Real time information Best bid/ask, last price, last volume, order book,

listed company announcement

Clearing & SettlementCentral depository No

Period T+5 for A category shares,

T+7 for Z category shares .

Registered Yes

Settlement Physically

Clearing Netting

DVP No DVP


Risk sharing No

Margin/lending No

Custodians n/a


Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


51.1 35.7 2.0 1.4 0.0280 0.0011 0.5 0.02 1,146.1 n/a32.5 24.1 2.3 1.7 0.0092 0.0007 0.2 0.01 1,114.3 n/a58.2 80.4 2.9 4.0 0.0160 0.0008 0.2 0.01 1,139.6 n/a35.3 44.3 2.4 3.0 0.0093 0.0006 0.2 0.01 1,167.5 n/a

105.7 98.7 4.2 3.9 0.0129 0.0005 1.0 0.04 1,190.1 n/a69.3 46.8 3.3 2.2 0.0058 0.0003 0.8 0.04 1,266.1 n/a69.4 60.6 2.7 2.3 0.0090 0.0003 1.5 0.06 1,159.3 n/a34.2 35.2 1.4 1.5 0.0138 0.0006 0.5 0.02 1,123.0 n/a64.5 107.6 2.5 4.1 0.0047 0.0002 0.9 0.03 1,168.1 n/a

107.0 225.6 4.1 8.7 0.0049 0.0002 0.8 0.03 1,151.1 n/a41.6 103.2 1.7 4.3 0.0065 0.0003 0.2 0.01 1,092.1 815.533.3 58.9 1.7 2.9 0.0032 0.0002 0.2 0.01 1,118.8 817.8

702.1 921.1 2.6 3.5 0.1233 0.0005 6.66 0.03

CATEGORY


1997 1998 1999 2000 2001












222 229 240 244 2521,568.8 1,036.2 869.5 1,165.3 1,118.8

400.9 717.1 793.5 765.6 702.191.2 1,015.3 739.4 946.2 921.11.50 2.67 3.09 2.76 2.640.34 3.77 2.88 3.42 3.46

0.10.0005

6.70.025

0.02 0.05 0.07 0.06 0.05n/a n/a n/a n/a 817.8

45.3 48.1 50.6 54.0 57.0

National Market

n/a

TK 10,000,000

n/a

250

n/a

n/a

n/a

Yes

Criteria regarding categorization of newly listed

companies: In case of newly listed securities, the

rate of earning per share (EPS) based on the audited

account of a full year, shall be treated as substitute

of the rate of dividend applicable for "A" and "B"

category of companies in the last calendar year.

Minimum Listing RequirementsRequirements

Years of business activity

Capitalization of issue

Free float

Minimum # of shareholders

Minimum years of positive financial results

# Times dividends distributed in last 3 years

Listing agreement with central depository

Prospectus required

Special requirements 0

200

400

600

800

1,000

1,200

1,400

1,600

1997

1997-2001 MarketCapitalization

(US$ millions)

1998 1999 2000 2001

0

20

40

60

80

100

120




0

100

200

300

400

500

600

700

800

900


Composite



E G Y P T I A N S T O C K E X C H A N G E


During the year 2000/2001 wewitnessed the culmination of a

number of projects previouslyundertaken.

D r . S a m e h Y . E l - T o r g o m a n C h a i r m a n

During the year 2000/2001 we witnessed theculmination of a number of projects previouslyundertaken. In brief these were: theimplementation of a new trading system in May2001, the formation of an international advisorycommittee (comprised of members from anumber of investment banks), the signing ofmemorandums of understanding with a numberof stock exchanges around the world, andcompletion of draft proposals for newmembership and listing rules. Besides theseprojects, we have not neglected our ongoingemphasis on investor awareness, training andinformation dissemination.

There have been a number of noteworthy�events� in the past year. These include theglobal slowdown and the concurrentdiminishing of values in the global capitalmarkets, and the rationalization of excessvaluations in the technology/dot.com sector.Stock exchanges around the world havemanaged to cope with these and other localizedevents in order to remain pertinent as platformsfor economic growth. We at the CASE must,therefore, put in place the requisites to copewith all economic situations. We plan to do thisby continuing to insist on quality assurance,transparency and disclosure, informationdissemination and training.

The CASE takes the opportunity to present itsFact Book around the third quarter of each yearto serve as a review of the past year and toreexamine our priorities. This publication givesinsight into the workings of the Egyptian CapitalMarkets by summarizing the transactions thathave gone on across the Exchange in the pastyear and is available to all interested parties.


The Egyptian Stock Exchange is comprised of two exchanges: the Cairoand the Alexandria Stock Exchanges (CASE), and is governed by thesame board of directors that share the same trading, clearing andsettlement systems. The Alexandria Stock Exchange was officiallyestablished in 1888 followed by Cairo in 1903. The two Exchanges werevery active in the 1940s, when the Egyptian Stock Exchange ranked fifthin the world. Nevertheless, the central planning and socialist policiesadopted in the mid-1950s led to the demise of activity on the Exchange,which remained dormant throughout the period between 1961 and1992.

In 1990, the Egyptian Government started an economic reform andrestructuring program. The move towards a free-market economy hasbeen remarkably swift and the process of deregulation and privatizationhas stimulated stock market activity. In the period between 1992 and1996, the Capital Market Authority (CMA) played an instrumental rolein initiating and leading the effort for the revival of the Egyptian stockmarket.

CASE signed a contract with EFA Software Ltd., for delivery of a newtrading system that was implemented in May 2001.

The Board of Directors also set up several committees with specificresponsibilities. At the senior level, the International Advisory Committeemade up of internationally prominent economists, investment bankers,financiers and investors has been developed in order to ensure that theCASE stays closely linked to the international arena. Furthermore in 2001,the International Legal Advisory Committee was established with its mainobjective to provide the CASE with updates on changes in internationalrules and regulations.

Future Outlook

1. As one of the leading exchanges in the MENA Region:

continuing to provide a well-regulated and transparent market;

attracting new local and regional investors;

developing new products and services, such as the development ofthe bond market;

assisting in the establishment of a privately owned service bureau.

2. Advancing the regulatory framework by:

implementing listing and membership rules that fare well with international standards;

continuing to improve corporate governance and disclosure practices of listed companies under the new listing standards administered by CASE;

increasing market professionalism and discipline of licensed brokers through new membership rules and the establishment of a membership committee;

reviewing the establishment of an arbitration process to address disputes between members and investors in a quick and less costly manner.

3. Enhancing the accessibility of the Egyptian capital market by concluding more regional links, signing more cooperation agreements and pursuing alliances with both regional and international exchanges.

4. Educating through: organization of education and training programs for market participants and professionals in collaboration with international institutions such as Harvard Law School, and publication of educational brochures and leaflets for individual investors that tackle various investment issues, such as basics about equity investment, bonds, mutual funds, brokers basics and other topics.


Composite




We at the CASE must put in placethe requisites to cope with alleconomic situations. We plan to dothis by continuing to insist onquality assurance, transparencyand disclosure, informationdissemination and training.


Clearing & SettlementCentral depository Central

Period T+3

Registered Yes, few bearer shares

Settlement Book entry, physical

Clearing Netting

DVP Full DVP

Clearing institution Separate entity MCSD, only 35% owned by CASE

Risk sharing Yes

Margin/lending See notes*

Custodians Banks, clearing members

TaxesCash dividends n/a

Interest income n/a

Capital gains n/a




Structure & RegulationsLegal Special status within the law

Regulation Not self-regulated*

Securities market regulations Capital market authority

Trading rules Shared regulatory responsibility

Surveillance Yes

Corporate actions Yes



2001 Volume by Type

Stocks Bonds

65%1%

34%


Hours 11:30 - 15:30

Market segmentation Stocks (physical-dematerialized- active stocks-

non-active stocks-bonds)

System Automated, no depository link, data dissemination,

remote login, WAN

Mechanisms Primary market, continuous auction


Instruments Stocks/bonds/close ended mutual funds

Currency Local and US$

Real time information Best bid/ask, last price, last volume, total volume,

order book, counter-parties, listed company announcements

OtherMrs. Heba El Serafie

[email protected]

www.egyptse.com

Contact Information

* Some brokerage firms/banks provide margin trading. Securitieslending is included in the New Depository Act but not implementedyet.

*Will be an SRO in new capital market law


Composite




0

5

10

15

20

25

30

35

1997


(US$ Millions)

1998 1999 2000 2001

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


476.2 115.2 21.6 5.2 46.2 2.1 0.00 0.00 31,300.0 58.8468.3 136.9 23.4 6.8 36.3 1.8 0.00 0.00 29,500.0 51.6178.3 63.0 10.5 3.7 25.6 1.5 0.00 0.00 28,500.0 44.8327.5 81.3 17.2 4.3 57.0 3.0 0.00 0.00 28,900.0 45.9284.7 79.9 12.9 3.6 121.5 5.5 0.00 0.00 29,100.0 46.4287.0 77.0 15.1 4.1 398.0 20.9 0.00 0.00 28,000.0 42.5212.0 67.0 10.1 3.2 73.0 3.5 0.00 0.00 27,000.0 38.3340.0 109.0 15.5 5.0 106.0 4.8 83.00 3.77 26,000.0 40.7653.0 139.0 31.1 6.6 135.0 6.4 0.00 0.00 26,000.0 38.2302.3 119.0 13.1 5.2 273.3 11.9 0.00 0.00 26,187.5 34.0292.1 114.2 13.9 5.4 240.3 11.4 0.00 0.00 25,628.0 30.1162.5 71.8 8.6 3.8 576.6 30.3 1.67 0.09 24,404.0 28.7

3,983.9 1,173.4 16.2 4.8 2,088.9 8.5 84.67 0.34

CATEGORY


1997 1998 1999 2000 2001












654 870 1,049 1,076 1,11020,845.0 24,176.5 32,723.2 30,916.3 24,404

6,141.9 5,270.1 8,981 12,540 3,983.9286.7 436.0 823.3 957.8 1,173.4

24.7 21.5 36.1 50.6 16.21.2 1.8 3.3 3.9 4.8

2,088.98.5

84.70.3

n/a 0.02 0.03 0.03 0.01n/a n/a 549.6 59.9 28.73.4 3.4 3.4 3.9 4.6

0

100

200

300

400

500

600

700

0

10

20

30

40

50

60




Minimum Listing Requirements*

Official Unofficial Unofficial

Requirements Schedule Schedule 1 Schedule 2

Years of business activity n/a n/a n/a

Capitalization of issue n/a n/a n/a

Free float 30% n/a n/a

Minimum # of shareholders 150 100 100

Minimum years of positive financial results n/a n/a n/a

# Times dividends distributed in last 3 years n/a n/a n/a

Listing agreement with central depository Yes Yes Yes

Prospectus required No No No

Special Requirements must abide by theinformationdisclosure rulesstated in Article 6of Law 95/1992

auditing and financialstatements must be inaccordance with theEgyptian and InternationalAccounting and AuditingStandards

auditing and financialstatements must be inaccordance with theEgyptian and InternationalAccounting and AuditingStandards

*Please note that new listing rules will change most of the above requirements


Composite



G E O R G I A N S T O C K E X C H A N G E


Despite the thorny political andeconomic environment, the positivetrends of the year 2000 persistedthroughout 2001.

G e o r g e L o l a d z e C h a i r m a n

2001 was another busy year in the process ofthe Georgian Stock Exchange (GSE) inestablishing its due place in the Georgianeconomic landscape. Despite the thorny politicaland economic environment, the positive trendsof the year 2000 persisted throughout 2001.

In 2001, the volume of trades at the GSEincreased 2.4 times over the year, and themarket capitalization increased 3.69 times,mostly due to the growth in the number oftraded issues. The number of companiesadmitted to trade at the GSE also increased to282 and more are expected to be admittedsoon. This will undoubtedly contribute to theincreased liquidity of the Georgian securitiesmarket.

Considerable progress has been made instreamlining issuers� financial accountpreparation and submission processes. TheGSE is still the leading institution in Georgia topromote sound and fair corporate governanceprinciples. As a testament to this, in June 2001,the GSE together with the National SecuritiesCommission of Georgia (NSC) hosted the 2ndEurasian Corporate Governance Roundtableco-organized by OECD, IFC and the JapaneseGovernment.

The emergence of two companies listed on themain quotation board of the GSE in 2001 wasseen as a major breakthrough. Activediscussions with actual and potential issuersare expected to result in the considerable

expansion of GSE main board quotation listingin the near future.

The Exchange is actively working toward bothcreating and attracting participation in newfinancial instruments, primarily T-bills, municipalbonds, securitized government arrears. Inaddition cooperation with the Ministry of StateProperty Management in organizing stockexchange privatization auctions is ongoing.

In a nutshell, the Georgian Stock Exchange isfull of life and determined, as before, to leadthe development of the capital market inGeorgia.


Equity securities first appeared in Georgia in 1991 after the declarationof independence that signaled the beginning of market-oriented reforms.A vast majority of the newly established joint-stock companies wereowned by a rather small number of private shareholders and trading inthese shares was relatively inactive. With the launching of the MassPrivatization Program in 1994, approximately 1,300 state-ownedenterprises were organized as joint-stock companies, creating about halfa million individual private shareholders. However, during a five-yearperiod (1994-1999), the lack of an appropriate legal framework andorganized market infrastructure seriously impeded the secondary tradingof these shares and any over-the-counter market activity was nearly non-existent.

The Georgian Stock Exchange was founded in 1999 by a group ofGeorgian securities market professionals, leading banks, investment andinsurance companies. Today it is the only organized securities market inGeorgia. Designed and established with the assistance of the UnitedStates Agency for International Development (USAID) and operatingwithin the legal framework of corporate and securities laws drafted withthe assistance of American and German experts, the GSE can assert thatit is designed and operated to comply with �global best practices� andoffers an attractive investment environment to foreign investors.

In order to promote the concept of self-regulation, the GSE membershipadopted a number of rules. After approval of these rules by the NationalSecurities Commission of Georgia, the GSE was officially recognized asa self-regulatory organization (SRO) and received a stock exchange licensein January 2000.

The GSE utilizes an automated trading facility. Thousands of securitiescan be traded by its members from the workstations at the GSE floor orremotely from their offices. The GSE adopted the platform employed bythe Russian trading system (RTS) in Moscow. However, RTS - as anexcellent informational-communication system - was significantly modifiedto ensure those requirements outlined under the GSE trading rulesreflected the peculiarities of Georgian securities market. After severalmonths of training and a series of mock trading sessions for themembers/brokers, official trading at the GSE began in March 2000.

Future Outlook

The main tasks on the GSE agenda for 2002 are:

taking steps to stimulate the issue and secondary trading of corporate bonds;

implementing a remote trading system with incentives to convert to this system;

beginning the first stock exchange privatization auctions in cooperation with the Ministry of State Property Management;

implementing an infrastructure to trade new instruments, particularly T-bills, municipal bonds, securitized government arrears, including pension arrears.


Composite



In a nutshell , the GeorgianStock Exchange is full of l ifeand determined, as before, tolead the development of thecapital market in Georgia.



Interest income 10%

Capital gains 20%




Trading by Sector

Retail/Wholesale,Utilities

Financial

Construction

Other

Automobile

Mr. Nikoloz Loladze

[email protected]

www.gse.ge

Contact Information



Hours Forex 10:00-11:00

Non-Forex 10:00-16:00

Market Segmentation n/a

System BICEX E-system of Trades (BEST)

Mechanisms Call Auction

Market-Maker/Specialists Yes

Instruments Currency, Interbank credit

Currency Local

Real Time Information System under development


Period T+1

Registered Yes



DVP Full DVP

Clearing institution Wholly owned

Risk sharing No

Margin/lending Yes, margin

Custodians Individuals, institutional investors,

brokerage houses, banks, exchange members

TradingDays Tuesday and Thursday

Hours 13:00-15:00

Market segmentation No segmentation

System Automated, depository link, data dissemination,

WAN



Instruments Stocks, government bonds

Currency Local


total volume, listed company

The number of companiesadmitted to trade at the GSEincreased to 282 and more areexpected to be admitted soon.This wil l undoubtedlycontribute to the increasedliquidity of the Georgiansecurities market.

5.30%39.40%

7.90% 42.20%

5.20%

Structure & RegulationsLegal Not-for-profit company, special status within the law

Regulation Yes

Securities market regulations Regulatory institution(s),

the exchange and market participants jointly

Trading rules Exchange, shared regulatory responsibility






Composite




Minimum Listing RequirementsRequirements Non-listing Listing

Years of business activity n/a Not less than 3 years

Capitalization of issue n/a n/a

Free float n/a n/a

Minimum # of shareholders n/a n/a

Minimum years of positive financial results n/a At least 2 years during the past 3 years


Listing agreement with central depository n/a n/a

Prospectus n/a n/a

Special requirementsAccording to the Law on the Securities Market, onlysecurities of the companies which comply with thefollowing requirement shall be admitted to the Exchangefor trading: Their securities register is maintained byan independent share registrar.

According to the Law on the Securities Market, only securities of the companies whichcomply with the following requirement shall be admitted to the Exchange for trading: Theirsecurities register is maintained by an independent share registrarOwnership capital � not less than US$ 100,000 equivalent in the national currencyNumber of shares issued � at least 50,000The issuer maintains its accounting records and bookkeeping according to the InternationalAccounting Standards

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


0.2 0.3 0.02 0.03 0.00 0.00 0.00 0.00 11.78 n/a0.8 2.4 0.10 0.30 0.00 0.00 0.00 0.00 26.87 n/a0.1 0.3 0.01 0.03 0.00 0.00 0.00 0.00 28.76 n/a2.6 1.2 0.32 0.15 0.00 0.00 0.00 0.00 29.04 n/a0.3 1.0 0.03 0.10 0.00 0.00 0.00 0.00 30.50 n/a0.1 0.4 0.02 0.05 0.00 0.00 0.00 0.00 35.30 n/a0.0 0.1 0.00 0.01 0.00 0.00 0.00 0.00 37.26 n/a0.3 0.4 0.04 0.05 0.00 0.00 0.00 0.00 78.18 n/a0.3 0.5 0.04 0.06 0.00 0.00 0.00 0.00 78.46 n/a0.3 2.8 0.03 0.31 0.00 0.00 0.00 0.00 70.92 n/a0.1 0.3 0.01 0.04 0.00 0.00 0.00 0.00 78.47 n/a1.3 1.1 0.16 0.14 0.00 0.00 0.00 0.00 89.32 n/a6.4 10.7 0.06 0.11 0.00 0.00 0.00 0.00

CATEGORY


1997 1998 1999 2000 2001












0 0 0 269 282n/a n/a n/a 24.2 89.3n/a n/a n/a 3.0 6.4n/a n/a n/a 4.4 10.7n/a n/a n/a 0.04 0.06n/a n/a n/a 0.06 0.11

n/an/an/an/a

n/a n/a n/a 0.01 0.01n/a n/a n/a n/a n/an/a n/a n/a 2.0 2.1

0

10

20

30

40

50

60

70

80

90


2001 Monthly Stock Volume vsMarket Capitalization

Volume (US$ millions)Market capitalization (US$ millions)

0.0

0.5

1.0

1.5

2.0

2.5

3.0


Composite



I S T A N B U L S T O C K E X C H A N G E

L E T T E R F R O M T H E C H A I R M A N A N D C E O

We have every reason to believe inits own potential for the future, when

the effects of such a severeeconomic crisis are alleviated and

gradually eliminated.

O s m a n B i r s e n C h a i r m a n a n d C E O

2001 has been a difficult year for Turkey. Thefinancial turmoil turned into a deep economiccrisis, which negatively affected both thefinancial and corporate sectors. Despite thecrisis, the Istanbul Stock Exchange (ISE)continued its normal functioning, that is, tradingwent on in a fair, orderly and transparentenvironment. The brokerage sector stood firmin the face of the crisis. The ISE main index,National-100, lost 32% in 2001. The ISE EquityMarket average daily trading volume, whichhad followed a strong upward trend since 1996,experienced a decrease for the first time sincethen. Yet, it is worth noting that the fall is mostlydue to the devaluation of the Turkish lira. The

ISE maintained its 23rd rank among worldmarkets in terms of trading volume.Furthermore, the average daily number ofcontracts more than doubled, indicating thatmarket activity remained vivid.

On the other hand, 2001 has been a year ofstrong development in terms of thetechnological infrastructure. The ISE completedthe wide area network project, providing remoteaccess to all its members. As a result of thistremendous change, the transactions in theEquity Market are now carried out both in thetrading floor in the conventional way and viathe terminals at members� own offices located

in various parts of the city. Trading terminalswere upgraded, which helped to create ahealthier environment in the trading floor.

It is noteworthy that under the effect of such asevere crisis, the ISE showed strong endurance.So, we have every reason to believe in its ownpotential for the future, when the effects ofsuch a severe economic crisis are alleviatedand gradually eliminated.


In 1981, the Capital Market Law was enacted and one year later, themain regulatory body, the Capital Markets Board, was established. InOctober 1983, the Parliament approved the Regulations for theEstablishment and Functions of Securities Exchanges, which paved theway for the establishment of the Istanbul Stock Exchange (ISE), formallyinaugurated at the end of 1985.

Among the factors influencing the rapid expansion of the ISE were theprivatization, accelerated growth of the mutual funds due to the taxconcessions and the liberalization of the entrance of the foreign investorsinto the capital markets. Currently, there are four markets operating atthe ISE which are mainly the ISE Stock Market, Bonds and Bills Market,International Market and the Derivatives Market. ISE provides trading invarious instruments such as equities, bonds and bills, private sectorbonds, and foreign securities as well as foreign exchange futures contracts.

On the international level, as the chairing stock exchange of the Federationof Euro-Asian Stock Exchanges (FEAS) and the project leader of SoutheastEuropean Cooperation Initiative (SECI), the ISE leads many projects, oneof which is to establish a common trading platform that links the securitiesmarkets in the region. ISE has also initiated a three-year Securities MarketDevelopment Program jointly by OECD with an aim to provide assistanceto the development of the securities markets in the Euro-Asian region aswell as for the financing of related projects.

Future Outlook

In 2001, all ISE members have been provided with remote access to the ISE Stock Market and the Bonds and Bills Market. The implementation of the fully integrated electronic remote access to the Stock Market Trading System of the ISE will be completed in 2002.

Implementation of the Risk Management System and restructuring the mechanism of Collaterals and Guarantee Fund for the Stock Market in order to decrease settlement risk and improve the confidence of investors will be carried out.

A new infrastructure and relevant applications are being developed which will allow electronic surveillance to be carried out more efficiently.

A new disclosure infrastructure will allow companies to disclose information directly to the Capital Markets Board via Extranet

Enabling connectivity between the Athens and the Istanbul Stock Exchanges under the framework of the Southeast Europe Cooperative Initiative (SECI) is scheduled to be completed in 2002.


Composite



2001 has been a year of strongdevelopment in terms of thetechnological infrastructure. TheISE completed the wide areanetwork project, providing remoteaccess to all its members.


TaxesCash dividends If dividends are distributed by a public company,

a withholding tax of 5.5% applies; otherwise 16.5%

Interest income No withholding tax applies on interest income of Gov't

debt securities issued after 1/10/98. Income or

corporate taxes may apply after a certain exemption

Capital gains Tax exempt if underlined equities are held for 3 months

after purchase





Regulation Self

Securities market regulations Exchange, regulatory authority (CMB)


Surveillance Yes

Corporate actions Equity (centralized), fixed income (centralized)



2001 Volume by Type

Stocks Bonds

11.00%

5.00%

84.00%

Other

Mr. Eren Kilicoglu

[email protected]

www.ise.org

Contact Information


Clearing & SettlementCentral depository: SM, BBM, IM Yes

Period: SM, BBM, IM SM: T+2, BBM: T to up to T+90 days, IM: T+3

Registered: SM, BBM, IM SM, BBM: bearer, IM: bearer & registered

Settlement: SM, BBM, IM Book Entry

Clearing: SM, BBM, IM SM, BBM: yes, IM: multi-netting

DVP: SM, BBM, IM Yes

Clearing institution Yes, same as settlement and depository

Risk sharing: SM, BBM, IM Yes

Margin/lending: SM, BBM, IM Yes

Custodians Institutional investors, Brokerage houses,

Banks, Exchange members, Clearing members,

Market makers

Days Monday-Friday

Hours: Stock Market (SM) 09:30-12:00 / 14:00-16:30

Bonds & Bills Market (BBM) 09:30 -12:00 / 13:00 -17:00

International Market (IM) 10:00-17:00

Market segmentation:

SM National, regional, new companies, watch list companies

BBM Outright purch. and sales, repo/rev repo, real estate cert.

IM Depository receipts, Eurobonds

Derivatives market Currency futures contract

System: SM, BBM Automated, depository link, data dissemination., reporting

facilities, WAN (excluding IM for WAN)

Mechanism: SM, BBM, IM Multiple price continuous auction, (IM: hybrid; market

maker & continuous auction)

Market-maker/specialists:

SM, BBM, IM SM: no, BBM, IM: market-maker, yes

Instruments:

SM Stocks, rights coupon

BBM Gov�t. & Corp. bonds, T-bills, Rev. shar. cert.

IM Depository receipts, Eurobonds

Currency: SM, BBM, IM SM-local, BBM-local & foreign, IM-US$, EUR, GBP, JPY

Real time information: SM, BBM Market depth and basic data

Trading


Composite


/FEAS FR KAR-MUSCAT 42-67 4/8/02 12:47 Page 1

Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


11,597.4 1,446,144 527.2 65,733.8 10,230.0 465.0 100,041.4 4,547.3 76,069.3 916.18,518.3 1,398,575 425.9 69,928.7 5,423.9 271.2 86,654.6 4,332.7 46,893.1 556.14,092.2 962,206 240.7 56,600.3 1,171.5 65.1 62,389.1 3,466.1 39,260.3 457.87,276.9 1,932,891 363.8 96,644.5 1,305.0 65.3 46,863.8 2,343.2 52,132.7 633.0

11,311.9 2,375,778 491.8 103,294.7 2,875.4 125.0 56,413.6 2,452.8 43,703.4 525.35,657.1 1,569,635 269.4 74,744.5 2,721.9 129.6 52,661.6 2,507.7 43,152.5 520.85,405.8 1,926,745 245.7 87,579.3 1,935.6 88.0 56,287.2 2,558.5 36,702.3 436.43,890.4 1,553,760 176.8 70,625.5 2,213.8 100.6 42,273.9 1,921.5 36,206.7 423.52,440.8 1,258,741 128.5 66,249.5 1,788.4 94.1 35,135.9 1,756.8 25,008.1 292.44,991.1 2,799,534 226.9 127,251.6 2,136.3 97.1 31,779.8 1,444.5 31,382.9 361.38,489.8 3,984,680 385.9 181,121.8 2,951.1 134.1 31,163.6 1,416.5 39,505.6 459.66,728.2 2,729,460 373.8 151,636.7 2,544.0 133.9 25,579.3 1,346.3 47,688.7 557.5

80,399.9 23,938,149 324.2 96,524.8 37,297.0 149.2 627,243.9 2,499.0

CATEGORY


1997 1998 1999 2000 2001












258 277 285 315 31061,879.3 33,975.2 114,270.8 69,507.4 47,688.758,103.6 70,395.9 84,033.8 181,933.6 80,399.9919,784 2,242,531 5,823,858 11,075,685 23,938,149

230.6 283.9 356.1 739.6 324.23,649.9 9,042.5 24,677.4 45,023.1 96,524.8

37,297.0149.188

627,243.92,498.980

0.10 0.12 0.12 0.15 0.15982.0 484.0 1,654.0 817.5 557.5

204,500 312,340 535,019 671,761 1,438,559

Minimum Listing RequirementsNational Regional New Companies

Requirements Market Markets Market

Years of business activity Normally 3 years but if Normally 2 years but if

the free float rate is more the free float rate is higher n/a

than 25% then 2 years than 25% then 1 year

Capitalization of issue n/a n/a n/a

Free float 15% if its capital is under TL 2.760 billion n/a n/a

10% if its capital is within range of

TL 2.760 billion and TL 5.520 billion n/a n/a

5% if its capital is more than TL 5.520 billion n/a n/a

Minimum # of shareholders 250 n/a n/a

Minimum years of positive financial results Normally 2 years but if the free

float rate is higher than 25% then 1 year n/a n/a


Listing agreement with central depository n/a n/a n/a

Prospectus Yes Yes Yes

Special requirements Yes Yes Yes

0

20,000

40,000

60,000

80,000

100,000

120,000

1997


(US$ millions)

1998 1999 2000 2001

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

0

100

200

300

400

500

600

700

800

900

1,000



IndexVolume (# shares millions)


Composite



K A R A C H I S T O C K E X C H A N G E


The year 2002 looks verypromising both for thecountry and the stock

market.

S a l i m C h a m d i a C h a i r m a n

The year 2001 started with a KSE-100 indexof 1507.60 and market capitalization at US$4.9 billion. During the first eight months of theyear the market did not witness any majorevents. In April we started the T+3 mode ofsettlement with the introduction of twocompanies and by September the system wasfully implemented. In July we began futurestrading. Initially, six companies were on thesystem and later six more were introduced tothis segment of the market. These newinstruments have not only helped raise theliquidity in the market, but have also created anew hedging opportunity for investors. In orderto streamline the carryover transactions (COT)market and encourage financial institutions tofinance the COT trades, the Exchange hasenacted regulations to pave the way for theinstitutions� membership in the Clearing Houseof the Exchange.

In general the year was tough for the stockmarket. After the September 11 attacks in theUnited States, our market was closed for aweek after witnessing a decline of 116 pointsor 9% in three sessions during September 12to 14. This decline continued until October 2when the index hit 1075, the lowest during theyear. Thereafter, the market took a turn andclosed at 1273.07 on December 31. Our marketwas, however, not as badly hit as some of theother regional markets, especially Singapore,Japan and India.

During the last quarter the market recoveredfor several reasons:

- The country secured a 3-year PRGF with theIMF.

- The Paris club rescheduled a US$ 12.5 billiondebt.

- Duties were curtailed and the export quotaenhanced by the EU.

- The curbs/sanctions imposed after nucleartests in May 1998 were lifted.

- Over US$ 1 billion was given in the form ofeconomic assistance/aid resulting inappreciation of the Pak rupee by 10% againstmajor currencies.

- The return on national saving rates wasreduced along with lending rates.

- The forex reserves at year end were aroundUS$ 5 billion, an all-time high.

All in all these changes have favorably affectedthe market and the year 2002 looks verypromising both for the country and the stockmarket.


The Karachi Stock Exchange (KSE) came into existence on 18 September1947. It was later converted and registered as a company limited byguarantee on 10 March 1949. Although as many as 90 members werelicensed at that time, only half a dozen were active as brokers. Initially,only five companies were listed with a paid-up capital of Rs. 37 million.

In 1991 the secondary market was opened to foreign investors on anequal basis with local participants. This measure, along with a policy ofprivatization, has resulted in rapid growth of the market since 1991.Privatization has been adopted as a philosophy, and activities that werepreviously reserved for the public sector have now been opened to theprivate sector. The change is most marked in the financial sector wherea number of commercial banks, investment banks, discount houses,leasing companies, life insurance companies, Modarabas and mutualfunds have been created by private initiative.

The regulatory agency of the securities market and the corporate sectoris the Securities & Exchange Commission of Pakistan (SECP). Thecommission was formed on 1 January 1999 by dissolving the CorporateLaw Authority that was established in 1981. The SECP administers thecompliance of the Companies Ordinance, 1984, the Securities andExchange Ordinance, 1969, the laws governing Modarabas, leasing

companies, NBFIs and other corporate laws and is run by fivecommissioners under the chairman. The Asian Development Bank�sCapital Market Restructuring Plan envisages the conversion of the CLAinto the SECP as an autonomous regulatory authority. The new systemprovides administrative, operational and financial autonomy to the SECPand at the same time an accountability mechanism through theestablishment of the Securities and Exchange Policy Board. All policydecisions are made by the Board on recommendation of the SECP. TheBoard is also empowered to take suo moto action and is answerable tothe Parliament.

Members of the KSE are subject to the discipline of self-regulation by thestock exchanges. The legal framework is being amended to facilitate theattainment of SRO (self-regulatory organization) status.

Future Outlook

The KSE plans to launch a National Clearing and Settlement System by the first quarter of 2002. The project was started in December

2001, with the induction of two companies.

The introduction of Internet-based trading is also planned.


Composite





Interest income n/a

Capital gains n/a






Hours 10:00-16:15



reporting facilities, WAN

Mechanisms n/a


Instruments n/a

Currency Local


total volume, listed company announcement

Mr. Mohammed Memon

[email protected]

www.kse.com.pk

Contact Information


Regulation Self

Securities market Regulatory institution(s), the Exchange and

regulations market participants jointly

Trading rules Exchange, shared regulatory responsibility

Surveillance No





Period T+1

Registered Yes


Clearing Netting

DVP Yes, full DVP


Risk sharing Yes

Margin/lending Yes/No

Custodians Individuals, institutional investors, brokerage houses,

banks exchange members, clearing members


Composite




0

2,000

4,000

6,000

8,000

10,000

12,000


(US$ millions)

1997 1998 1999 20012000

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


1,974.1 3,645.8 85.8 158.5 0.0 0.0 0.0 0.0 6,284.7 1,461.61,928.5 2,928.9 101.5 154.2 0.0 0.0 0.0 0.0 5,969.9 1,423.2

940.7 1,679.0 55.3 98.8 0.0 0.0 0.0 0.0 5,432.6 1,324.41,138.7 2,006.2 59.9 105.6 0.0 0.0 0.0 0.0 5,614.0 1,367.1

904.8 1,409.9 41.1 64.1 0.0 0.0 0.0 0.0 5,444.4 1,377.61,008.8 1,638.9 50.4 81.9 0.0 0.0 0.0 0.0 5,342.2 1,366.4

695.6 1,197.5 33.1 57.0 0.0 0.0 0.0 0.0 4,856.7 1,228.9712.0 1,509.1 32.4 68.6 0.0 0.0 0.0 0.0 4,958.1 1,258.4343.1 724.7 22.9 48.3 0.0 0.0 0.0 0.0 4,442.6 1,133.4

1,369.4 3,579.1 59.5 155.6 0.0 0.0 0.0 0.0 5,588.8 1,406.1726.6 1,837.4 36.3 91.9 0.0 0.0 0.0 0.0 5,398.4 1,358.2386.2 906.8 22.7 53.3 0.0 0.0 0.0 0.0 4,944.0 1,273.1

12,128.5 23,063.5 51.0 96.9 0.0 0.0 0.0 0.0

CATEGORY


1997 1998 1999 2000 2001












781 773 765 762 74711,899.0 5,836.3 7,064.9 6,602.2 4,944.011,128.2 9,390.3 21,351.5 32,868.6 12,128.513,301.3 18,485.3 31,330.0 46,106.0 23,063.5

46.4 39.1 87.1 133.6 51.055.4 77.0 127.9 187.4 96.9

n/a n/a

n/a n/a

0.07 0.11 0.28 0.34 0.181,753.8 945.2 1,408.9 1,507.6 1273.1

44.1 46.0 51.9 57.3 59.9

Minimum Listing RequirementsRequirements Market

Years of business activity n/a

Capitalization of issue US$ 50 million

Free float 50% of its capital is under Rs 200 million,

25% or Rs 100 million whichever is higher

if the capital is above Rs 200 million

Minimum # of shareholders 500

Minimum years of positive financial results n/a

# Times dividends distributed in last 3 years n/a

Listing agreement with central depository n/a

Prospectus required Yes

Special requirements Yes

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000




0

200

400

600

800

1,000

1,200

1,400

1,600


Composite



K A Z A K H S T A N S T O C K E X C H A N G E


Expansion in the list of tradedfinancial instruments andimprovements in the qualityof services continued to be amain focus of the KASE.

D a m i r K a r a s a y e v P r e s i d e n t

In 2001 the trends of the previous yearscontinued: growth of the corporate bondsmarket, an increasing influence of pension fundson the market and growth in the volume ofdeals in almost all sectors on the KazakhstanStock Exchange (KASE). The volume of tradesin shares reached US$ 319.6 million and hencegrew more than 2.5 times as compared to2000. The most noticeable event was the saleof large blocks of state shares through theExchange.

Expansion in the list of traded financialinstruments and improvements in the quality

of services continued to be a main focus of theKASE. Other priorities were the expansion ofstock and money market indicators and theestablishment of the interbank repo market,which now makes repo transactions, securedby government securities at market rates,possible. This market has already proven to beone of the most liquid and rapidly growing onthe KASE. It is planned that in the futurecorporate securities will also be used as securityfor this market.

One of the most remarkable events of the yearwas the purchase of 10% of the shares in the

Kyrgyz Stock Exchange (KSE) in exchange forthe installation of our trading system after wehad modernized it.

One of the major priorities of the Exchange isstill the development of internet trading. In2001 a great effort to improve the website ofthe KASE was put forth. This site is graduallybecoming one of the major informationexchange tools between the Exchange and ourclients.


The KASE (previously, the Kazakhstan Interbank Currency and StockExchange) was founded on 17 November 1993 as a closed-end joint-stock company, on the basis of an earlier established Center of InterbankCurrency Transactions (Currency Exchange) of the State National Bank.The main stimulus to create the KASE was the introduction of the nationalcurrency, the Kazakhstan tenge, on 15 November 1993.

Starting in November 1995, the KASE began trading state T-bills. InNovember 1996, the KASE received its securities trading license fromthe National Securities Commission (NSC).

As a result of a tender organized by the government in December 1996,the KASE was chosen as a model exchange to trade securities of thelargest enterprises of Kazakhstan.

In September 1997, a closed joint-stock company, the Almaty FinancialInstruments Exchange, separated from the KASE. Two exchanges resultedfrom the adoption in March 1997, of the law �On Securities Market�with the provision that a stock exchange could only operate in securities.However, on 1 April 1999, a merger took place between the KASE andthe Almaty Financial Instruments Exchange (AFINEX), thus making theKASE the only organized market in Kazakhstan.

Future Outlook

Development of internet-trading;

Development of collective forms of investment;

Attraction of insurance companies as institutional investors;

Restructuring of document circulation, in particular facilitating the use of electronic signature;

Expansion of the powers of the brokerage houses.


Composite



Interest income 15%

Capital gains n/a

Foreign ParticipationForeign investors n/a


Repatriation Middle

Structure & RegulationsLegal Non profit company

Regulation Self

Securities market regulations Exchange regulatory institutions and

market participants jointly

Trading rules Stocks - regulatory responsibility







Babenov Bolat

[email protected]

www.kase.kz

Contact Information

One of the most remarkableevents of the year was thepurchase of 10% of the shares inthe Kyrgyz Stock Exchange (KSE)in exchange for the installation ofour trading system after we hadmodernized it .



Period T+0

Registered Yes



DVP Full DVP


Risk sharing No

Margin/lending No


banks exchange members, market makers


Hours: Stocks and bonds 11:30-17:00

Foreign exchange 10:15-11:00 and 11:30-15:30 and 14.00-18.00

Derivatives 11:30-17:00

State securities 11:30-18:30

Market segmentation First, second, third markets, bonds, off floor

transactions, foreign securities allowed

System Automated, remote access, depository link,

data dissemination, reporting facilities, WAN

Mechanisms Call auction, continuous auction, primary market,

price fixing


Instruments Stocks, government bonds

Currency Local

Real time information Trading information, best bid/ask, last price,

total volume, high/low, average

2001 Volume by Type

Bonds Other

3%

26%

71%

Stocks


Composite




CATEGORY


1997 1998 1999 2000 2001












13 36 66 55 60n/a 1,839.3 2,264.4 1,342.3 1,203.52.3 26.2 21 120.2 319.60.1 3.7 14.2 33.3 177

0.09 0.11 0.08 0.48 1.280.00 0.02 0.06 0.13 0.71

7,442.329.8

2,732.810.9

n/a 0.00 0.00 0.01 0.02n/a n/a n/a 106.4 103.9

75.6 83.8 138.2 145 150.2

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


3.4 1.0 0.16 0.05 568.13 27.05 126.167 6.008 1,390.7 105.96.1 1.9 0.30 0.10 364.71 18.24 133.314 6.666 1,392.6 105.9

11.5 3.6 0.58 0.18 446.33 22.32 145.179 7.259 1,398.1 101.911.1 3.4 0.53 0.16 489.58 23.31 129.708 6.177 1,369.3 100.715.1 4.5 0.72 0.21 458.62 21.84 160.917 7.663 1,327.5 103.716.9 3.6 0.80 0.17 365.19 17.39 142.439 6.783 1,327.5 103.722.6 6.5 1.03 0.30 447.06 20.32 165.053 7.502 1,869.3 98.133.2 5.9 1.58 0.28 503.03 23.95 121.701 5.795 842.4 113.628.4 5.6 1.42 0.28 579.65 28.98 156.176 7.809 843.5 106.934.4 6.7 1.57 0.30 820.70 37.30 227.736 10.352 904.5 104.493.3 43.8 4.24 1.99 1,185.27 53.88 204.057 9.275 1,304 100.443.4 90.6 2.29 4.77 1,214.04 63.90 1,020.364 53.703 1,203.5 103.9

319.6 177 1.28 0.71 7,442.31 29.77 2,732.810 10.931

Minimum Listing RequirementsRequirements Listing A Listing B Non-listingYears of business activity 3 1 n/aCapitalization of issue n/a n/a n/aFree float n/a n/a n/aMinimum # of shareholders n/a n/a n/aMinimum years of positive financial results 1 or sum of 3 n/a n/a# Times dividends distributed in last 3 years n/a n/a n/aListing agreement with central depository n/a n/a n/aProspectus required Yes Yes n/aSpecial requirements Yes Yes n/a 0

500

1,000

1,500

2,000

2,500


(US$ Millions)

1998 1999 2000 2001

0

10

20

30

40

50

60

70

80

90

100




0

20

40

60

80

100

120


Composite



K Y R G Y Z S T O C K E X C H A N G E


A m a n g e l d y M . M u r a l i e v P r e s i d e n t

2001 will go down in history as a year ofuncompromising struggle with internationalterrorism in the world community. The year2001 will be marked in the history of the capitalmarket of the Kyrgyz Republic as the beginningof an economic reorientation. Our country, dueto its geopolitical position and natural resources,has begun to play a significant role in the CentralAsian region.

However, as a result of tragic world events thisautumn, the Kyrgyz Stock Exchange (KSE) wasregretfully deprived of an excellent opportunityto hold the 7th Annual General Assembly ofFEAS in Bishkek on Lake Issyk-Kul; an eventthat promised consolidation and growth ininternational relations, so relevant for our youngStock Exchange. The Kyrgyzstan capital marketis still not fully integrated into the global arenafor two reasons: lack of investments throughthe securities market and global economic

crises, with recessions affecting all marketsand potential international emerging marketinvestors.

Total trade volume in 2001 of US$ 19 millioncame close to the moderately optimisticpredictions of the analysts, and a positivegrowth trend was experienced. This can bepartially attributed to the issuance of newsecurities and bonds from commercial banksat a value of US$ 3.0 and US$ 0.9 million,respectively. For the first time, bonds weretraded on the exchange floor. These bondswere represented not only by Kyrgyzcompanies, but also by companies fromneighboring countries. Bonds of the AlmatianMerchant Bank were traded first, followed byissues in the Renton Group, a juice and beverageproducer, and Bishkeksut, a milk processingplant.

With a grant from the United States Agencyon International Development (USAID) and thecontinued consultancy of the Istanbul StockExchange, it was possible to upgrade andmodernize the KSE.

On December 7 at the KSE, acomputer/business game entitled "StockExchange� was presented through the KSETraining Center. This project was financed byFund Eurasia.

On the whole the securities market ofKyrgyzstan continues to develop due to helpfrom our partners from more developedcountries.


The Kyrgyz Stock Exchange was officially opened on 25 May 1995 byAskar Akaev, President of the Kyrgyz Republic. Establishment of the KSEwas the natural result of Kyrgyzstan's transition to a market economy.With the privatization of state companies, there arose a need for a non-commercial organization whose sole mission would be to provide a fairand transparent mechanism for trading stocks and bonds. The KSE's firstpriority is to protect the rights and interests of the investors.

The KSE was created through the joint efforts of professional securitiesmarket participants within the regulatory framework of the State SecuritiesAgency of the Kyrgyz Government (transformed in September 1996 intothe National Securities Commission NSC). The KSE has 16 members,including banks and brokerage houses. KSE members come fromKyrgyzstan, Turkey, Kazakhstan and Pakistan.

The USAID has provided vital advice and assistance to the KSE from thebeginning. For example, the USAID helped the KSE develop listing criteriaand procedures as well as set up model systems and by-laws regulatingthe relationship between the KSE and the issuers of securities.

In September 1995, the KSE Training Center was opened. This Centerdelivers broker-dealer licensing courses and other training seminars andworkshops throughout the year. In the same year, the KSE joined theFederation of Euro-Asian Stock Exchanges.

At an extraordinary meeting of shareholders on 16 July 2001, the newPresident of the Kyrgyz Stock Exchange, Mr. Amangeldy M. Muraliev,former Prime Minister of the Kyrgyz Republic, was elected.

Future Outlook

Plans are to:

improve trading conditions on the KSE trading floor;

introduce new financial instruments;

organize trades with future and forward contracts, bonds and certificates;

enhance the automated trading system for trading in corporate stocks and bonds, as well as state treasury bills and futures;

participate in the State Privatization Program, including the selling of state shares, through the KSE;

negotiate with government agencies to float both primary and secondary issues of treasury bills over the KSE.


Composite



Our country, due to itsgeopolitical position andnatural resources, has begunto play a significant role in theCentral Asian region.


TaxesCash dividends 0% (for local), 10% (foreigners)

Interest income 5% (except banks), 5% (foreigners)

Capital gains 30% (for local), 30% (foreigners)




Structure & RegulationsLegal Non-profit JSC

Regulation Self

Securities Market Regulations Regulatory institution(s), the Exchange and

the market participants jointly develop

new rules or projects


Surveillance No, electronic

Corporate actions Equity, independent agents





Hours 11:00-15:00

Market segmentation No market segmentation

System Automated, depository link, reporting facilities, WAN

Mechanisms Primary market, price fixing, call auction


Instruments Stocks

Currency Local

Real Time Information Last price, last volume, total volume, order book


Period T+3

Registered Yes

Settlemen Book entry


DVP No, one day or more difference between

payment and delivery

Clearing Institution Yes, partly owned

Risk Sharing Yes

Margin/Lending No


banks, exchange members, market makers

Ms. Venera Itibaeva, Secretary General

[email protected]

www.kse.org

Contact Information

0

1

2

3

4

5

6

7

8

9

10

1997


(US$ millions)

1998 1999 2000 2001


Composite




CATEGORY


1997 1998 1999 2000 2001












40 51 63 80 548.8 9.1 3.9 3.8 4.70.8 2.3 7.5 22.8 17.93.2 4.7 9.5 172.0 83.8

0.003 0.009 0.03 0.09 0.070.013 0.018 0.04 0.68 0.33

1.1 0.004

n/a n/a

0.10 0.25 0.16 0.35 0.38197.0 122.0 81.5 53.0 64.0

17.4 29.4 45.4 48.0 48.0

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


0.21 1.06 0.01 0.05 0.00 0.000 0.0 0.0 3.75 52.90.28 3.17 0.01 0.16 0.00 0.000 0.0 0.0 3.70 52.20.24 2.22 0.01 0.11 0.07 0.004 0.0 0.0 3.84 54.65.04 11.00 0.24 0.52 0.03 0.001 0.0 0.0 4.09 58.40.54 3.21 0.03 0.16 0.08 0.004 0.0 0.0 3.50 49.50.17 0.81 0.01 0.04 0.00 0.000 0.0 0.0 3.05 42.13.99 8.54 0.17 0.37 0.12 0.005 0.0 0.0 3.07 42.10.40 1.07 0.02 0.05 0.18 0.008 0.0 0.0 3.57 49.00.34 3.39 0.02 0.17 0.09 0.004 0.0 0.0 4.14 56.90.10 2.34 0.00 0.10 0.09 0.004 0.0 0.0 4.39 60.51.24 2.23 0.06 0.10 0.19 0.009 0.0 0.0 4.18 57.85.37 44.74 0.26 2.13 0.25 0.012 0.0 0.0 4.68 64.0

17.93 83.78 0.07 0.33 1.11 0.004 0.0 0.0

Minimum Listing RequirementsCategory Category Category

Requirements A B C

Years of business activity Not less than 5 years Not less than 1 year Not less than 1 year

Capitalization of issue US$ 5 million US$ 1 million US$ 100,000

Free float n/a n/a n/a

Minimum # of shareholders n/a n/a n/a

Minimum years of positive financial results



Prospectus required n/a n/a n/a

Special requirements Market maker conclusion of

international auditory company n/a n/a

Last financial year or for the last three years

0

1

2

3

4

5

6


2001- Monthly Stock Volume vs Index


0

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30

40

50

60

70

Index


Composite



L A H O R E S T O C K E X C H A N G E

L E T T E R F R O M T H E M A N A G I N G D I R E C T O R / C E O

Our major objectives are to provideinvestors with transparent andefficient trading, safe and securesettlement and accurate and timelyinformation dissemination.

S a m i r A h m e d M a n a g i n g D i r e c t o r / C E O

The year 2000-2001 proved to be a tough yearfor Pakistan�s equity market. The index of theLahore Stock Exchange (LSE) witnessed a 40%fall from 1 July 2000 to 30 June 2001. Tradingvolume also fell sharply, from 13.9 billion sharesin 1999-2000 to 7.6 billion shares in 2001, adrop of 45%.

The market started the year promisingly withthe index staging a number of rallies, but oneach occasion the gains proved short lived andthe index slumped back.

A possible turning point for the market couldbe Pakistan�s re-entry into the IMF program.The Government of Pakistan sustainedadherence to economic reforms and improvedfinancial discipline has added considerably to

the credibility of its economic management.This bodes well for the future of the nationaleconomy.

With regard to capital market reforms, theSecurities & Exchange Commission of Pakistan(SECP) has undertaken some major initiatives.The thrust of these reforms has been towardsafeguarding investors� interests, increasingmarket efficiency and transparency andimproving risk management practices at thecountry�s stock exchanges. These reforms willhave the effect of bringing Pakistani marketsin line with the best international practices.

Notable reforms during the year have been theinduction of independent professionalmanagement at the exchanges, the introduction

of a T+3 rolling settlement system and theinitiation of the process of broker registration.

While the SECP is the apex regulatory body,the Lahore Stock Exchange as the frontlineregulator has a crucial role to play in the reformprocess. Our own regulatory expertise andcapacity is being strengthened. Our majorobjectives are to provide investors withtransparent and efficient trading, safe andsecure settlement and accurate and timelyinformation dissemination.


The present Lahore Stock Exchange (LSE) was established in 1970 inLahore, the provincial capital of Punjab, Pakistan under the 1969 Securitiesand Exchange Ordinance.

The LSE has now become a key institution of the financial sector ofPakistan with a membership of 151 brokerage houses, 80 of which areactive. Currently there are 613 listed companies with a listed capital ofRs. 227,701 billion (approximately US$ 3.73 billion), a market capitalizationof Rs. 368,809 billion (approximately US$ 4.72 billion) and an averagedaily turnover of over 32 million shares.

The activities of the Exchange have increased in all areas. Its shareturnover has increased substantially, as has the number of investors.However, much more must be done. Due to the importance of a stockexchange in the economy of Pakistan, the goal is to bring the LSE up tointernational standards, ensuring that not only domestic but also foreigninvestors are attracted to this market. The Exchange also has plans tointroduce new instruments and to create a separate and larger sectionfor debt instruments.

Future Outlook

Plans are to:

upgrade and introduce more features of the in-house developedautomated trading system � Ultra Trade;

sell Ultra Trade to other interested stock exchanges;

develop in-house a Back-Office System for brokers;

provide more automated trading connections to each member.

Notable reforms during theyear have been the inductionof independent professionalmanagement at theexchanges, the introductionof a T+3 roll ing settlementsystem and the initiation ofthe process of brokerregistration.


Composite



With regard to capital marketreforms, the SECP hasundertaken some majorinitiatives. These reforms willhave the effect of bringingPakistani markets in l ine withthe best international practices.



Interest income 10%

Capital gains Exempt



Repatriation Yes

Structure & RegulationsLegal Non-profit

Regulation Self

Securities market regulations Exchange with the regulatory institution(s) approval




Trading halts regulations No


Mr. Samir Ahmad MD/CEO

[email protected]

www.lahorestock.com

Contact Information



Hours Monday-Thursday, 9:45 - 14:15 ; Friday,

09:30 - 12:00 / 14:30 - 16:00

Carry over transactions

(COT) release Monday-Thursday, 13:30 -14:45 ; Friday, 13:30 - 16:30

Open market COT Monday-Thursday, 15:00 - 16:00 ; Friday, 16:45 - 17:45

Market segmentation Shares, bonds, terms of finance certificates,

foreign exchange, bearer certificates

System Automated trading, clearing & settlement,

depository link, data dissemination, reporting facilities,

internet services, WAN



Instruments Stocks, bonds, term finance certificates, foreign

exchange bearer certificates

Currency Local

Real time information Best bid/ask, last price, last volume, total volume


Period T+3, T+1-one month future

Registered Yes


Clearing Netting

DVP No, 1 day or more difference between payment and delivery


Risk sharing Yes

Margin/lending Yes

Custodians Individuals, institutional investors, brokerage

houses, banks, exchange members


(US$ millions)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

1997 1998 1999 2000 2001


Composite




While the SECP isthe apex regulatorybody, the LahoreStock Exchange asthe frontlineregulator has acrucial role to playin the reformprocess.

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


451.6 916.5 19.6 39.8 0.0 0.0 0.0 0.0 6,012.6 5.4447.6 647.5 23.6 34.1 0.0 0.0 0.0 0.0 5,856.9 5.0232.7 444.3 13.7 26.1 0.0 0.0 0.0 0.0 5,306.9 4.5301.8 592.6 15.9 31.2 0.0 0.0 0.0 0.0 5,485.8 4.6273.7 491.2 12.4 22.3 0.0 0.0 0.0 0.0 5,257.6 4.4332.1 578.9 16.6 28.9 0.0 0.0 0.0 0.0 5,116.7 4.3251.8 515.8 12.0 24.6 0.0 0.0 0.0 0.0 4,675.7 3.9251.2 574.8 11.4 26.1 0.0 0.0 0.0 0.0 4,769.0 4.0145.5 352.0 9.7 23.5 0.0 0.0 0.0 0.0 4,199.8 3.5350.0 963.4 15.2 41.9 0.0 0.0 0.0 0.0 5,294.9 4.4251.6 725.3 12.6 36.3 0.0 0.0 0.0 0.0 5,205.1 4.3276.1 835.3 16.2 49.1 0.0 0.0 0.0 0.0 4,724.1 3.8

3,565.7 7,637.5 15.0 32.1 0.0 0.0 0.0 0.0

CATEGORY


1997 1998 1999 2000 2001












636 627 619 614 6139,234.0 5,463.5 5,989.4 6,947.3 4,724.12,509.7 3,556.8 6,751.0 9,442.4 3,565.74,380.6 7,655.3 11,914.0 13,906.5 7,637.5

10.2 14.8 27.6 38.2 15.017.8 31.8 48.6 56.3 32.1

n/an/an/an/a

0.02 0.05 0.10 0.10 0.0611.1 6.0 6.7 5.7 3.844.1 46.0 51.9 57.3 59.9

Minimum Listing RequirementsRequirements New Companies Market


Capitalization of issue Rs. 20,000,000

Free float 50%


Minimum years of positive financial results Last five years or for the period company is in operation.


Listing agreement with central depository Companies seeking listing will be declared "eligible" in the CDS.


Special requirements n/a

0

50

100

150

200

250

300

350

400

450

500




0

1

2

3

4

5

6


Composite



M A C E D O N I A N S T O C K E X C H A N G E

L E T T E R F R O M T H E C E O

In the past year, there were over10,000 transactions executed on theMSE, double from the previous year.

D r . E v g e n i Z o g r a f s k i C E O

On 25 April 2001, after 5 years of floor trading,the Macedonian Stock Exchange (MSE)introduced a new electronic trading system �BEST, from the Ljubljana Stock Exchange as aform of technical assistance from the SlovenianGovernment, while an amendment to theSecurities Law was adopted in Parliament,transforming the MSE into a for profit joint-stock company. An adjustment of MSEoperations to the new legislation has resultedin the MSE having 18 shareholders (10brokerage house, 7 banks and 1 insurancecompany), and new member applications havebrought the total to 10 members, firms andbrokerage houses. The listing of the heating

company, Toplifikacija Inc. Skopje, wassuccessfully launched with 70-80 companiestrading on the unofficial market.

In the past year, there were over 10,000transactions executed on the MSE, double fromthe previous year and there was a US$ 57million turnover in 2001 � 40% lower whencompared with 2000. Official marketscomprised 32% of the total turnover. Basically,domestic investors created liquidity in themarkets because of the continued absence offoreign portfolio investors. Secondaryprivatization continued in 2001 with the saleof government residual shares in 96 companies,

valued at US$ 23 million (representing around41% of total turnover). New tax legislation wasadopted providing tax exemption on capitalgains in securities transactions over the nextfive years and a 50% lower corporate profit taxfor listed companies over the next three years.

The Macedonian Central Securities Depositoryhas been established and full dematerializationfor all securities has been introduced.


The Founding Shareholders Assembly of the Macedonian Stock ExchangeInc. Skopje took place in September 1995. Twelve banks, nine insurancecompanies and four savings houses were founders of the MSE, the firststock exchange in the history of Macedonia. The MSE commenced tradingon 28 March 1996 and was founded as a joint stock company, operatingas a non-profit organization. In June 2001 the MSE was transformed intoa for-profit company and became the first stock exchange in the regionto have started the process of dematerialization. At the present time theMSE has 18 shareholders (10 brokerage houses, 7 banks and 1 insurancecompany). The share capital of the MSE is US$ 435,700.

An important matter in completing the institutional infrastructure of thecapital market and providing greater security for investors in 2001 wasthe establishment of the Central Securities Depository, as well as theintroduction of full dematerialization of all securities in the Republic ofMacedonia.

Future Outlook

a more favorable macroeconomic environment and stabilization of the security situation in the country;

tax incentives (50% lower corporate profit tax for listed companies; no capital gains tax);

increased volume of trading of residual shares owned by the Government;

increased volume of trading of Government bonds in frozen foreign currency deposits;

higher liquidity of 2 listed companies;

listing of Government bonds for denationalization;

new listings of larger privatized companies (2-3);

new listings of 2 banks;

completion of the Pension Reforms;

intensifying cooperation with the Ljubljana Stock Exchange and within FEAS.


Composite




Mr. Mi lco Kupev

[email protected]

www.mse.com.mk

Contact Information



Interest income n/a

Capital gains No




Structure & RegulationsLegal For profit-joint stock company

Regulation Self

Securities market regulations Regulatory institutions, SEC and Exchange

Trading rules Exchange, government institution

Surveillance Yes

Corporate actions n/a



TradingDays Monday -Thursday

Hours 09:00-12:30


System Remote access, data dissemination, WAN

Mechanisms Call auction, continuous auction


Instruments Stocks, bonds

Currency Local

Real time information Brokerage houses, banks


Period T+3

Registered Yes



DVP Yes, full DVP


Risk sharing No

Margin/lending No

Custodians Banks

0

2

4

6

8

10

12

14

1997


(US$ millions)

1998 1999 2000 2001

The Macedonian CentralSecurities Depository hasbeen established and fulldematerialization for al lsecurities has beenintroduced.


Composite



Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


1.79 0.20 0.224 0.024 0.50 0.06 0.0 0.0 7.64 n/a3.05 0.29 0.382 0.036 0.91 0.11 0.0 0.0 7.61 n/a7.29 0.27 0.809 0.030 1.40 0.16 0.0 0.0 7.33 n/a4.69 0.46 0.586 0.058 1.53 0.19 0.0 0.0 7.49 n/a9.75 0.66 0.750 0.051 2.59 0.20 0.0 0.0 7.10 n/a5.20 0.29 0.434 0.024 2.46 0.21 0.0 0.0 7.03 n/a1.60 0.04 0.123 0.003 1.13 0.09 0.0 0.0 11.04 n/a0.31 0.02 0.024 0.002 0.23 0.02 0.0 0.0 12.15 n/a1.51 0.38 0.125 0.031 0.41 0.04 0.0 0.0 12.53 n/a4.07 0.15 0.313 0.012 1.23 0.09 0.0 0.0 14.01 n/a3.36 0.38 0.373 0.042 0.99 0.07 0.0 0.0 13.27 982.30.23 0.07 0.038 0.012 0.85 0.07 0.0 0.0 13.01 978.0

42.84 3.20 0.346 0.026 14.25 0.11 0.0 0.0

Minimum Listing Requirements

First Market Second Market Third Market

Requirements (Official) (Official) (Unofficial)

Years of business activity 3 2 n/a

Capitalization of issue EUR 7,500,000 EUR 500,000 n/a

Free float 25% 15% n/a

Minimum # of shareholders 200 25 n/a

Minimum years of positive financial results n/a n/a n/a


Listing agreement with central depository Yes Yes n/a

Prospectus required Yes Yes n/a

Special requirements Permanent obligation fordisclosure of information

Permanent obligation fordisclosure of information

Submission of the lastannual financial statement

CATEGORY


1997 1998 1999 2000 2001












81 108 142 141 948.6 8.5 7.7 7.1 13.0

20.3 89.4 26.6 113.4 42.88.0 8.5 4.3 161.9 3.20.2 0.9 0.3 1.1 0.30.1 0.1 0.0 1.6 0.0

14.20.11n/a

n/a0.18 0.85 0.28 1.37 0.44n/a n/a n/a n/a 978.0

55.4 51.6 60.2 65.1 69.0

0

1

2

3

4

5

6

7

8

9

10

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100

200

300

400

500

600

700

800

900

1,000





Composite



M O L D O V A N S T O C K E X C H A N G E


A positive event for the MSE was theincrease in exchange informationtransparency.

D r . C o r n e l i u D o d u P r e s i d e n t

During 2001, the Moldovan Stock Exchange(MSE) implemented a unique electronic networkaccessed by and linking the National Depositoryfor Securities, the MSE and independentregistrars and offices of brokerage companies.This new system aided capital market increasesin liquidity by shortening the period requiredto put securities on depository accounts anddecreasing exchange transaction costs. Anotherpositive event for the MSE was the increase inexchange information transparency.

In 2001, a series of new procedures wasimplemented. In accordance with the decisionof the National Securities Commission (NSC),some changes in interactive settlements wereintroduced.

The number of joint stock companiesparticipating in stock transactions was 415.Despite the increase in the number of registeredtransactions from 508 to 1645, the volume ofregistered transactions in 2001 was US$ 21.4million, a decrease of 15.4% compared to 2000.

The rate of swap transactions increased from28% in 2000 to 38% in 2001, the rate of selling-buying transactions decreased (only by 3.2%)from 63.8% to 60.6%. The average exchangerate for transactions during the last yearincreased from 60% to 66.34%.


The Moldovan Stock Exchange (MSE) was founded on 7 December 1994and is located in Chisinau, Moldova. The first transactions took place on26 June 1995. Under the assistance of the US government and throughthe instrumentality of USAID, the MSE has acquired the necessary up-to-date technologies to execute trades. In October 1995, the MSE adopteda new automated trading system making it a modern exchange. Thereare 22 listed companies and more than 900 unlisted/traded companiesas of 31 December 2001. Along with this development, the MSE�s tradevolume increased beginning at US$ 0.5 million in 1995 to US$ 21.41million in 2001.

The MSE facilitated the development and implementation of a newintegrated trading and depository system, the Central Securities Depository(CSD) in 1998.

According to the decision of National Commission of Security Markets,direct trades on the cash board of the trading system were prohibitedduring 1999. With this decision all trades executed on the main boardof the MSE (interactive trades), using limit and market orders, are theonly valid trades. The Parliament of Moldova further adopted two newlaws in March 1999; the �Law on Securities Markets� and the �Law onthe National Commission on Securities Markets.�

Also during 1999, the security market of Moldova published its firstedition "Capital"; a publication dedicated to reporting on the capitalmarkets in Moldova.

Future Outlook

In 2002, a priority direction in the development of the market and theMSE will be the introduction of new financial instruments and theimplementation of Moldovan Depository Receipts (MDR), which will beorganized around options and futures contracts. The MDR transactionswill trade through the MSE, in a subdivision or separately as is done inRussia. One of the main directions in the future development of the MSEis the implementation of a remote broker system.

In 2002, a priority direction in thedevelopment of the market and theMSE will be the introduction of newfinancial instruments and theimplementation of MoldovanDepository Receipts (MDR), whichwill be organized around optionsand futures contracts.


Composite






Interest income n/a

Capital gains 14% for local investors

Foreign ParticipationForeign investors Not allowed

Investment limitations n/a

Repatriation n/a


Regulation Self

Securities market regulations Exchange with regulators







Hours 10:00-15:00


System Automated, depository link, data dissemination, WAN

Mechanisms Call auction, price fixing


Instruments Stocks, government and state bonds

Currency Local

Real time information n/a


Period T+3

Registered Yes


Clearing Netting

DVP No


Risk sharing No

Margin/lending Yes

Custodians Banks

Dr. Corneliu Dodu

[email protected]; [email protected]

www.moldse.md

Contact Information

During 2001, the MoldovanStock Exchange (MSE)implemented a unique electronicnetwork accessed by and linkingthe National Depository forSecurities, the MSE andindependent registrars andoffices of brokerage companies


(US$ millions)

0

50

100

150

200

250

300

350

400

1999 2000 2001


Composite





First Market

Requirements (Official)

Years of business activity 3

Capitalization of Issue Lei 10 million

Free float n/a

Minimum # of shareholders 1,000

Minimum years of positive financial results 2




Special requirements Registered in the NSC equity of JSC,

audited statement, IAS used

The rate of swaptransactionsincreased from28% in 2000 to38% in 2001,

CATEGORY


1997 1998 1999 2000 2001












715 918 988 1,005 1,0660.0 0.0 385.5 392.1 349.5

38.6 80 35.6 25.3 21.422.4 74.8 67.1 88.8 71.8

0.2 0.3 0.1 0.1 0.10.1 0.3 0.3 0.4 0.3

n/a n/an/an/a

n/a n/a 0.01 0.01 0.005n/a n/a n/a n/a n/a4.7 8.3 11.6 12.4 13.1

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


1.44 6.47 0.07 0.31 0.0 0.0 0.0 0.0 421.71 n/a1.73 4.21 0.09 0.22 0.0 0.0 0.0 0.0 405.95 n/a3.64 7.79 0.17 0.37 0.0 0.0 0.0 0.0 359.40 n/a0.68 3.94 0.04 0.21 0.0 0.0 0.0 0.0 358.26 n/a0.80 2.27 0.04 0.11 0.0 0.0 0.0 0.0 346.50 n/a2.49 6.07 0.12 0.29 0.0 0.0 0.0 0.0 357.43 n/a2.45 5.30 0.11 0.24 0.0 0.0 0.0 0.0 375.26 n/a1.31 4.56 0.06 0.22 0.0 0.0 0.0 0.0 367.06 n/a2.00 4.14 0.10 0.21 0.0 0.0 0.0 0.0 362.47 n/a0.85 1.55 0.04 0.07 0.0 0.0 0.0 0.0 359.12 n/a1.57 16.40 0.07 0.75 0.0 0.0 0.0 0.0 356.50 n/a2.44 9.10 0.12 0.43 0.0 0.0 0.0 0.0 349.50 n/a

21.42 71.80 0.09 0.29 0.0 0.0 0.0 0.0

0

50

100

150

200

250

300

350

400

450

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0


2001-Market Capitalization vsTotal Stock Volume

Market Capitalization (US$ millions) Volume (US$ millions)


Composite



M O N G O L I A N S T O C K E X C H A N G E

L E T T E R F R O M T H E C H A I R M A N / C E O

One of the achievements of the MSEin 2001 was an agreement with theMinistry of Finance and Economicsto trade short-term governmentbonds.

D u l a m s u r e n D o r l i g s u r e n C h a i r m a n / C E O

During 2001, there were 400 companies listedon the Mongolian Stock Exchange (MSE) ofwhich 57 were state owned and 334 fullyprivatized. Total listed shares increased by100.2%, amounting to 274.2 million shares.

In 2001, 255 trading sessions were conducted.By the end of the year, trading volume reachedUS$ 30.7 million of which 90.9% or US$ 27.93million was government bonds, 3.9% or US$1.2 million was corporate bonds and 5.1% orUS$ 1.57 million was shares.

By the end of the year, trading volume reached15.9 million shares with a trading valueamounting to US$ 1.57 million, a decrease by55% compared to the same period in theprevious year. This was mainly due to an

increase in the trading of over-the-countershares; trading by sealed and public auction ofstate-owned shares of listed companies outsideof the MSE trading; an increase in shareconcentration; and lack of interest in the capitalmarket by the public and investors.

The average daily trading volume reached US$6,159 on 62,224 shares, down by 44% from2000. Total market capitalization at the end of2001 was US$ 37.5 million compared to US$36.9 million at the end of 2000.

Despite many difficulties, one of theachievements of the MSE in 2001 was anagreement with the Ministry of Finance andEconomics to trade short-term governmentbonds. As a result, the MSE traded government

bonds, valued at US$ 27.93 million andcorporate bonds valued at US$ 1.2 million.

We hope that 2002 will be the year that weovercome obstacles in our market and that theMSE will continue to make its contribution tothe economic growth of Mongolia.


In 1990, the public sector in Mongolia, as in other post-communistcountries, accounted for approximately 90% of the GDP. With a view toreducing this share, the Government adopted a sweeping privatizationprogram in mid-1991 and the Parliament passed a wide range of lawsand regulations to improve the legal basis for capital ownership. Theprivatization of state-owned enterprises was regarded as �the center ofthe reform program,� and many senior government officials regardedthis as the program�s most important achievement. Ultimately, thePrivatization and Companies Law was passed in June 1991.

The MSE was created in 1991. In the first phase, from February 1992to August 1995, the MSE operated as a mechanism of voucher distribution(blue coupon privatization of big enterprises). During this period until thefirst half of 1995, the MSE traded shares of 470 companies worth US$40.9 million, and traded 1.5 million blue vouchers and 1.4 million pinkvouchers received from over 460,000 people.

During the second phase, beginning in August 1995, the MSE assumedthe role of a regular stock exchange. In September 1995, the Parliamentadopted the Law on Securities and set up the Securities Committee

(SEC). Following this law, other regulations were issued throughout 1995reorganizing the MSE as a non-profit entity, privatizing brokerage houses,providing financial resources for the Exchange�s development, andclarifying rules regarding the distribution of dividends.

Also in 1995, the Mongolian Association of Securities Dealers and Brokerswas organized. The Association is a self-regulatory non-governmentorganization with 41 members, consisting of legal entities and individualslicensed to participate in the securities market.

Future Outlook

Plans are to:

reform the formulation and enforcement of MSE rules;

set up a new electronic network system;

improve and tighten information disclosure in the securities market;

develop a corporate bond market.


Composite



Period T+1

Registered Yes



DVP Yes, full DVP


Risk sharing No

Margin/lending No


banks, exchange members



During 2001, there were400 companies listed onthe Mongolian StockExchange (MSE) ofwhich 57 were stateowned and 334 fullyprivatized.



Interest income 20% for local investors

Capital gains 15% for local investors

Mr. Dulamsuren Dorligsuren

[email protected]

www.mse.mn

Contact Information


Regulation Self

Securities market regulations Exchange with the regulatory institution


Surveillance Yes







2001 Volume by Type

Bonds

5.21%94.79%

Stocks


Hours 11:00-12:00




Mechanisms Call auction, continuous auction


Instruments Stocks, government bonds, corporate bonds

Currency Local


total volume, order book


Composite




0

10

20

30

40

50

60

1997


(US$ millions)

1998 1999 2000 2001

CATEGORY


1997 1998 1999 2000 2001












478 429 419 410 40054.1 39.8 32.1 36.9 37.5

5.6 12.9 3.2 2.8 1.611.0 33.1 21.5 35.4 15.9

0.1 0.1 0.0 0.0 0.00.2 0.1 0.1 0.1 0.1

29.1 0.364

n/an/a

n/a 0.02 0.01 0.01 0.00360.1 235.0 255.7 469.9 814.0813.2 902.0 1,072.4 1,097.0 1,102.0

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


0.118 1.113 0.005 0.051 3.12 0.78 0.0 0.0 37.82 514.20.043 0.397 0.002 0.020 3.58 0.72 0.0 0.0 38.47 526.20.139 0.961 0.006 0.044 2.67 0.89 0.0 0.0 38.16 578.30.198 1.660 0.009 0.079 4.40 1.47 0.0 0.0 38.37 585.20.287 1.346 0.012 0.059 2.39 1.20 0.0 0.0 38.28 596.40.053 0.510 0.003 0.026 3.84 0.38 0.0 0.0 44.31 691.80.062 0.250 0.003 0.013 1.96 0.22 0.0 0.0 38.55 656.30.078 0.509 0.003 0.022 2.78 0.35 0.0 0.0 43.29 764.10.319 6.754 0.016 0.338 3.85 0.64 0.0 0.0 39.48 682.10.075 0.689 0.003 0.030 0.15 0.02 0.0 0.0 42.22 789.90.119 1.036 0.006 0.049 0.19 0.01 0.0 0.0 41.38 850.80.080 0.643 0.004 0.031 0.20 0.02 0.0 0.0 37.46 814.01.571 15.867 0.006 0.062 29.14 0.36 0.0 0.0

Minimum Listing RequirementsEquity

Requirements Market


Capitalization of issue MNT 10,000,000

Free float n/a


Minimum years of positive financial results Last three years


Listing agreement with central depository Yes

Prospectus required n/a

Special requirements n/a

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35




0

100

200

300

400

500

600

700

800

900


Composite



M U S C A T S E C U R I T I E S M A R K E T

L E T T E R F R O M T H E D I R E C T O R G E N E R A L

Our newly adopted policy is expectedto create a dynamic change inprevious plans and will generate arevival and reactivation of ourMarket�s role among internationalstock market associations.

A h m e d S a l i h A l - M a r h o o n D i r e c t o r G e n e r a l

The main goal of the Muscat Securities Market(MSM) is to introduce regulatory reforms andtechnical improvements to maintain its positionas the region�s leading stock exchange, as wellas enabling it to play a major role in attractingprivate investments and enhancing theSultanate national economy. In order to facilitatetransparency and efficiency and maintain thebest international practices, the authorities inthe Sultanate have realized the importance ofseparating trade, regulatory and depositoryfunctions.

The key change has been the split of the formerMuscat Securities Market as a single unit intothree organs: the Capital Market Authority(CMA), acting as an independent regulator; theMSM running the exchanges; and the MuscatDepository and Securities Registration Company

(MDSRC), in charge of depository and transferfunctions.

The Omani Stock Exchange has also pressedahead with technical changes represented inthe establishment of an electronic tradingsystem, allowing automated order matching,on-line market control and remote order, aswell as making possible on-line cross-listingwith other exchanges.

The twelve-year-old MSM is the first stockexchange in the Gulf States to introduce suchtechnical and regulatory changes. The newmeasures that allow the participation of foreigninvestors have helped the MSM establish areputation as one of the region�s mostprogressive, best regulated and transparentcapital markets. A central stock payment systemwill speed settlements and help brokers� cash

flow, while the MSM and depository companyare developing a program to streamline thedistribution of dividend payments.

The beginning of 2001 witnessed a successfullisting of commercial bonds and a change tothe general index constituent that, virtually,reflects the Market status. Companies listed inthe new index are 33, representing 70% as perthe total Market capitalization of the listedpublic joint stock companies.

Our newly adopted policy is expected to createa dynamic change in previous plans and willgenerate a revival and reactivation of ourMarket�s role among international stock marketassociations.


The Muscat Securities Market (MSM) was established by Royal Decree(the MSM Law) and share trading began in May 1989. Until 15 January1999 the MSM fulfilled many roles: regulating the market, organizingthe exchange and acting as the central depository. The MSM has nowseparated these functions into three organizations, each with its ownboard of directors.

The main purpose of restructuring is to separate and clarify the goalsand functions of each organization. This clarity should make eachorganization more effective and bring the market closer to internationalstandards, where the norm is to have an independent regulator withauthority over the exchanges, self-regulatory organizations and marketparticipants.

The regulator has been made independent and renamed the CapitalMarket Authority (CMA). The CMA regulates the exchange and thedepository, as well as the capital markets and their participants, and itslegal status is similar to that of the SEC in the US or the FSA in the UK.

The exchange has kept the name Muscat Securities Market and will takeon important self-regulatory functions over the brokers and issuers, inaddition to managing exchange operations while serving its members.The MSM's status will be similar to that of the NYSE or NASDAQ in theUS or the LSE in the UK. The depository is now the Muscat Depositoryand Securities Registration Company (SAOC).

Future Outlook

To upgrade the efficiency of the Market and protect investors from unjust and unusual practices.

To pave the way for the investment in securities in the interest of thenational economy.

To facilitate the process of liquidating investment in securities and ensure the interaction of supply and demand in order to determine and disclose the practices of issuers and protect the interest of the small investors.

To establish sound and just principles in dealings across various categories of investors.

To liaise with securities markets abroad and join appropriate international organizations for the purpose of exchanging informationand expertise in order to keep up with changes and improvements in trading methods.

To achieve international technological standards by establishing a more advanced technology system.


Composite





TaxesCash dividends No taxes

Interest income No taxes

Capital gains No taxes




Structure & RegulationsLegal Government independent legal entity

Regulation Self

Securities market regulations Regulatory institutions, exchange, and

market participants jointly



Corporate actions Equity (centralized), fixed income (centralized)



Clearing & SettlementCentral depository Muscat Depository & Reg. Co SAOC (MDSRC)

Period T+3

Registered Yes, automated


Clearing Electronic clearing linked with MDSRC

DVP No

Clearing institution Clearing Dep. at MSM linked with MDSRC

Risk sharing No

Margin/lending No

Custodians HSBC

Mr. Saqar Alkhalili

[email protected]

Msm.gov.om / msm.oman.com

Contact Information


Hours:

Regular market 10:00-13:00

Parallel & bond markets 11:30-12:30

Third market 12:35-12:50

Market segmentation Regular market, parallel & bond markets, third market

System Electronic trading system

Mechanisms No

Market maker/specialists: No

Instruments Shares, commercial & government bonds

Currency Local

Real time information Best bid/ask, last price, last volume, total volume,

order book, listed company announcements

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


(US$ millions)

1999 2000 20011997 1998

2001 Volume by Type

BondsStocks

83.47%

16.53%


Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


54.6 15.4 2.37 0.67 26.30 26.297 0.00 0.00 4,854.5 194.944.5 17.2 2.23 0.86 2.56 0.170 0.00 0.00 4,764.5 194.914.5 4.6 0.97 0.31 3.69 0.263 0.00 0.00 4,680.5 186.232.0 9.9 1.45 0.45 1.04 0.058 0.00 0.00 4,560.4 171.722.1 8.0 0.96 0.35 1.83 0.091 0.00 0.00 4,536.5 165.921.9 7.8 1.16 0.41 1.12 0.062 0.00 0.00 4,471.2 165.927.5 12.2 1.20 0.53 0.27 0.014 0.00 0.00 4,514.1 171.728.5 11.0 1.30 0.50 1.16 0.068 0.00 0.00 4,613.4 174.522.8 8.7 1.08 0.41 0.36 0.019 0.00 0.00 4,556.5 167.134.6 15.2 1.57 0.69 27.63 1.727 0.00 0.00 4,460.8 162.113.2 5.4 0.69 0.28 4.17 0.321 0.00 0.00 4,384.1 157.139.2 12.5 2.45 0.78 0.31 0.031 0.00 0.00 4,476.7 152.1

355.5 127.9 1.45 0.52 70.43 0.391 0.00 0.00

CATEGORY


1997 1998 1999 2000 2001












77 50 61 211 767,832.0 5,018.0 2,513.9 4,120.0 4,476.74,184.0 2,371.0 77.3 559.0 355.5

410.4 284.0 2.7 146.1 127.917.0 9.5 0.3 2.3 1.5

1.7 1.1 0.0 0.6 0.5 70.4 0.4

n/a

n/a0.01 0.00 0.00 0.01 0.01

481.0 228.0 715.3 201.0 152.13.0 3.0 7.6 3.0 2.6


First Second

Requirements Market Market


Capitalization of issue US$ 5,200,000 US$ 5,200,000

Free float Min. 40% max. 70% Min. 40% max. 70%

Shareholders equity n/a n/a

Minimum # of shareholders 3 3

Minimum Years of Positive financial results 3 n/a



Special requirements Companies must achieve net profit within a year preceding thedate of the listing application, and their paid-up capital musthave not been eroded by more than 50%, or companies thathave achieved net profit within the last three years andmaintained their paid-up capital at the end of the year precedingsubmission of the listing application.

Shareholders equity shell not be lessthan 100% of paid-up capital.

0

10

20

30

40

50

60

0

20

40

60

80

100

120

140

160

180

200




/FEAS FR PALES-ZAGR 67/87 4/8/02 15:09 Page 1

Composite



P A L E S T I N E S E C U R I T I E S E X C H A N G E


As one of the youngest stockmarkets in the region, the PSEhas witnessed impressivegrowth since its inception.

S a b i h T a h e r A l M a s r i C h a i r m a n

The Palestine Securities Exchange (PSE) wasestablished in 1995 and commencedoperations in early 1997. Building a Palestiniancapital market stood foremost on the list ofstrategic plans of the Palestinian NationalAuthority (PNA). Intent on privatization fromthe outset, the PNA granted a license to aprivate entity to establish and manage the PSE.The Ministry of Finance supervises the PSE.

The PSE has become a national symbol ofcommitment to advancement and growth. Ithas created awareness and attracted local,regional and foreign investors. It aims to serveas a vehicle for providing long-term investmentcapital and to attract overseas direct investment.

The PSE is operated by a computerized state-of-the-art electronic system allowing foradvanced automated trading. The Clearing,Depository and Settlement Department handlesdeposits, transfers and price settlement. Twenty-four publicly held companies are currently listedat the PSE representing banking, insurance,manufacturing, investment and services.Today�s market capitalization stands at US$722 million. The PSE has agreements withHSBC and the State Street & Trust Co., amongothers, to provide custody and securitiesclearing to overseas investors. There is currentlyno ceiling on foreign investments; investorsenjoy full repatriation of income and capital.

As one of the youngest stock markets in theregion, the PSE has witnessed impressivegrowth since its inception, ranking first amongArab exchanges in 1999. Despite the politicalturmoil in the region, the Al-Quds Indexmaintained its strength by dropping only 6% in2001.

The outlook of the PSE is brighter this year. Wehope that the peace process will resume andbreathe new life into investment in Palestinethus increasing volume and liquidity. The PSEalso looks forward to having an active roleamong Euro-Asian stock exchanges.


The Palestine Securities Exchange (PSE) was incorporated as a privateshareholding company in early 1995, with the Palestine Development& Investment Company (PADICO) and SAMED as its major investors.After the Palestinian National Authority (PNA) approved a PADICO-sponsored design and work plan in July 1995, a project team was puttogether by the PSE and entrusted to establish a fully electronic exchangeand depository. EFA Software Services, a Canadian company, providedboth the trading and settlement and clearing systems. By August 1996the Exchange was fully operational and on November 7 of that year, thePSE signed an operating agreement with the PNA, allowing for thelicensing and qualification of brokerage firms to take place. On 18February 1997, the PSE conducted its first trading session. More than20 shareholding companies have been approved for listing so far withadditional companies expected to be listed in the near future. The currentlist of companies spans a wide range of sectors including pharmaceuticals,utilities, telecommunications and financial services. There are currentlyan estimated 40 Palestinian companies eligible to be listed on theExchange with a market capitalization of over US$ 1 billion.

Future Outlook

The PSE is working on many areas and projects to improve its performanceand efficiency. The top priority for the PSE is to accelerate the processof enacting the draft �Securities Law� and the �Capital Markets AuthorityLaw� by the Palestinian Legislative Council (PLC). The enactment of bothlaws would increase the number of listed companies on the PSE andattract further foreign investment.

The PSE is currently consulting with the OM Stockholm Stock Exchangein revising all its rules and regulations. The twinning agreement with theOM Stockholm Stock Exchange will upgrade the performance and overalloperations of the PSE to international standards. As soon as the currentpolitical situation recedes, the PSE will return to five trading days a week.

Plans for 2002 also include dual listing, a buyback program, a move toa T+2 settlement instead of T+3, and a guarantee fund.


Composite


TaxesCash dividends Exempted

Interest income n/a

Capital gains Exempted




Structure & RegulationsLegal Private company

Regulation Self

Securities market regulations Exchange with Finance Ministry approval


Surveillance Yes

Corporate actions Centralized (except cash dividends)

Trading halts regulations No





TradingDays Monday-Wednesday

Hours: Pre-opening 9:30 - 10:00

Regular market 10:00 - 11:00

Market segmentation Regular market, odd lot market, sell-out market,

off floor transactions.

System Fully automated, depository link, remote access,

data dissemination, WAN.

Mechanisms Order-driven continuous auction


Instruments Stocks


Real time information Best bid/ask, last price, last volume, total volume.


Period T+3

Registered Yes


Clearing Netting

DVP Yes


Risk sharing No

Margin/lending No/yes

Custodians Banks

Mr. Mohammad Hijaz

[email protected]

www.p-s-e.com

Contact Information

The PSE has become a nationalsymbol of commitment toadvancement and growth. It hascreated awareness andattracted local, regional andforeign investors.


Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


5.22 2.25 0.37 0.16 0.00 0.000 0.00 0.00 753.5 203.70.79 0.44 0.05 0.03 0.00 0.000 0.00 0.00 704.8 188.82.94 1.20 0.20 0.08 0.00 0.000 0.00 0.00 633.7 166.72.40 1.97 0.13 0.10 0.00 0.000 0.00 0.00 607.0 157.63.82 2.01 0.29 0.15 0.00 0.000 0.00 0.00 640.9 168.63.75 2.55 0.34 0.23 0.00 0.000 0.00 0.00 653.1 172.31.25 1.01 0.09 0.07 0.00 0.000 0.00 0.00 599.2 155.80.91 0.65 0.09 0.07 0.00 0.000 0.00 0.00 573.9 148.02.04 1.68 0.17 0.14 0.00 0.000 0.00 0.00 622.0 163.44.34 3.62 0.29 0.24 0.00 0.000 0.00 0.00 668.2 177.89.51 3.86 0.73 0.30 0.00 0.000 0.00 0.00 742.5 201.2

37.55 12.20 4.17 1.36 0.00 0.000 0.00 0.00 722.6 195.074.53 33.46 0.46 0.21 0.00 0.000 0.00 0.00

CATEGORY


1997 1998 1999 2000 2001












19 19 21 24 24523.4 593.7 848.9 766.0 722.6

25.2 68.8 150.9 189.0 74.510.0 16.8 68.9 93.4 33.5

0.4 0.7 1.0 0.9 0.50.2 0.2 0.5 0.4 0.2

n/a n/a n/a n/a

n/a n/a 0.09 0.02 0.01137.6 155.0 236.8 207.6 195.0

0.7 0.7 0.7 0.7 0.7

0

5

10

15

20

25

30

35

40




0

50

100

150

200

250

0

100

200

300

400

500

600

700

800

900


(US$ millions)

1997 1999 2000 20011998

Minimum Listing RequirementsFirst

Requirements MarketYears of business activity n/aCapitalization of Issue US$ 750,000Free float 25%Shareholders equity 50%Minimum # of shareholders 100Minimum years of positive financial results n/a# Times dividends distributed in last 3 years n/aProspectus required YesSpecial requirements n/a


Composite



T E H R A N S T O C K E X C H A N G E

L E T T E R F R O M T H E S E C R E T A R Y G E N E R A L A N D C E O

The TSE market capitalizationreached US$ 9.7 bil l ion on31 December 2001 showing a 29.3%increase compared to US$ 7.5 billionat the end of 2000.

S . A h m a d M i r - M o t a h a r i S e c r e t a r y G e n e r a l a n d C E O

The Tehran Stock Exchange (TSE) Index (TEPIX)experienced its highest value of 3,556.17 on29 December, its lowest value of 2,835.39 on1 February, and closed at 3,554.35 or a 23.39%increase compared to the year 2000 value of2,880.68. The financial index closed at8,740.38 up 38.26% over the previous yearclose of 6,321.84. The industrial index rose by19.32% as well, comparing 3,001.83 with2,515.74 for close of 2001 and 2000,respectively.

The TSE market capitalization reached US$ 9.7billion on 31 December 2001 showing a 29.3%increase compared to US$ 7.5 billion at the

end of 2000. The number of listed companiesincreased to 316, with the addition of 12 listingsduring the year. Total listed companies were304 at the end of 2000.

The value of shares traded experienced a 0.91%decrease with a total value of US$ 1,096 billiondown from US$ 1,106 billion in the previousyear. The volume of shares traded reached1,693.3 million or a 0.67% increase comparedto 1,682.1 million at the end of the previousyear. Moreover, the total number of purchasersand transactions registered were 313,098 and641,487 at the end of 2001 and 339,036 and680,826 for the previous year demonstrating

a decrease by 7.6% and 5.8% respectively.

In order to establish a well-developed securitiesmarket in the economy, and being fully awareof the various shortcomings of the market, wehave made extensive efforts in bringing aboutthe modernization and development of the TSE.

In the near future, new financial tools such asCommodity Futures and Option Contracts,Financial Derivatives, Convertible ParticipationCertificates (Convertible Bonds), and GlobalDepository Receipts (GDRs) are expected to beintroduced.


The idea of having a well-organized stock market to speed up the processof industrialization of the country dates back to the 1930s when BankMelli Iran studied the market. The outbreak of WWII and subsequenteconomic and political events delayed the establishment of the TSE until1967. The TSE opened in April 1968.

Initially, only government bonds and certain state-backed certificateswere traded. During the 1970s, the demand for capital boosted thedemand for stock. At the same time, institutional changes led to theexpansion of stock market activity. The restructuring of the economyfollowing the Islamic Revolution expanded public sector control over theeconomy and reduced the need for private capital. At the same time, theabolishment of interest-bearing bonds terminated their presence in thestock market. As a result, the TSE entered a period of stagnation. Thisperiod ended in 1989 and since then the TSE has expanded continuously.By the end of 2001, a total of 316 companies, with a market capitalizationof US$ 9.7 billion, were listed on the TSE.

Future Outlook

The following measures are under preparation in the upcoming year:

New Trading Floors

The TSE is currently preparing a split into two floors and the introductionof an A and B board on the first floor. Different listing and de-listing criteriaapply on the various floors and boards. This will help the TSE improvethe supervision of listed companies and manage and enforce punitiveactions in case of violation of listing criteria. This is also an importantstep toward listing the newly privatized companies.

Modernization of the Trading Technology

The TSE will continue to upgrade and expand its trading technology. Themain objectives of the TSE in this respect are:

On-line and real-time access to information of trading activities, listed companies and licensed brokers; Enhanced market transparency and increased market liquidity;

One-stop services to customers in order to speed up and facilitate trading procedures; Establishment of a delivery versus payment (DVP) system to reduce

costs and time of trading operations for customers as well as removal of limitations regarding trade locations.

To achieve the above objectives, the TSE is studying a double step plan:

1. Establish a user interface or web browser in order to dematerializecustomers� accessibility to brokers� services via Internet facilities. Thepurpose would be to establish a Business to Customer (B2C) frameworkso as to provide an electronic order routing network.

2. Establish an on-line, integrated, paperless trading system, with a viewto developing a fully electronic trading system in the Iranian securitiesmarket.

Improving the Clearing & Settlement System

The TSE is going to establish a Central Depository System that will helpto develop a DVP system, as well as to decrease the settlement periodto T+3 in accordance with G30 recommendations.

Geographical Expansion

In order to enhance growth prospects, increase the number of shareholdersand facilitate private sector activities in the economy, extensive effortsare currently being taken to expand the TSE to other regions of thecountry. The first regional stock exchange is going to be inaugurated inMashhad, the second biggest city in Iran. Other cities expected to followare Tabriz, Isfahan, Shiraz and Ahvaz.

Introducing New Financial Instruments

The TSE, in cooperation with the Ministry of Industry and Mines, plansto establish a Commodity Futures Exchange to introduce the basic metalsfutures contracts. The commodity exchange is to be operated under themanagement of the TSE. In addition, an agricultural commodity futureexchange will start operations in the near future.


Composite




Mr. Ebrahim Khorrami

[email protected]

www.tse.or.ir

Contact Information


TradingDays Saturday-Wednesday

Hours 9:00-12:30

Market segmentation First

System Automated, depository link, access, WAN



Instruments Stocks, ECDS

Currency Local

Real time information Best bid/ask, last price, total volume

In the near future, new financialtools such as Commodity Futuresand Option Contracts, FinancialDerivatives, ConvertibleParticipation Certificates(Convertible Bonds), and GlobalDepository Receipts (GDRs) areexpected to be introduced.

TaxesCash dividends Varies from 12 to 54%, average 24%

Interest income No

Capital gains No

Foreign ParticipationForeign investors Restricted

Investment limitations Maximum share ratio



Regulation Self-regulatory

Securities market regulations Yes

Trading rules Yes

Surveillance Yes

Corporate actions Yes




Period T+4

Registered Yes


Clearing Netting

DVP No, one day or more difference between

payment and delivery


Risk sharing No

Margin/lending No

Custodians TSE services company


Composite




Minimum Listing RequirementsRequirements National Market

Years of business activity 2

Company's capital Rls 3 billion

Free float n/a

Minimum # of shareholders 1,000

Minimum years of positive financial results 2




Special requirements Announcing EPS and future plans 0

5,000

10,000

15,000

20,000

25,000


(US$ millions)

CATEGORY


1997 1998 1999 2000 2001












263 277 295 304 31615,159.6 15,167.7 21,858.2 7,538.1 9,698.9

1,209.9 1,389.0 2,271.0 1,078.5 1,099.3561.4 1,017.6 1,064.3 1,682.1 1,693.0

5.0 5.7 9.3 4.4 4.52.3 4.2 4.4 6.9 6.9

n/a n/a n/a

n/a0.01 0.01 0.01 0.01 0.01

1,631.4 1,531.1 1,989.7 2,880.7 3554.41,750.0 1,750.0 1,750.0 7,914.0 7,924.0

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


159.67 148.34 7.26 6.74 0.00 0.000 0.00 0.00 7,472.9 2,835.0108.26 114.46 5.70 6.02 0.00 0.000 0.00 0.00 7,780.1 2,948.0107.21 180.43 7.15 12.03 0.00 0.000 0.00 0.00 7,891.8 2,973.0

66.15 134.29 3.48 7.07 0.00 0.000 0.00 0.00 8,540.0 3,183.371.25 138.36 3.39 6.59 0.00 0.000 0.00 0.00 9,107.1 3,378.563.91 139.51 3.55 7.75 0.00 0.000 0.00 0.00 9,057.9 3,359.093.99 135.95 4.09 5.91 0.00 0.000 0.00 0.00 9,153.8 3,392.281.79 141.19 3.72 6.42 0.00 0.000 0.00 0.00 9,366.4 3,458.5

122.05 155.26 5.55 7.06 0.00 0.000 0.00 0.00 8,934.2 3,297.253.10 123.67 2.53 5.89 0.00 0.000 0.00 0.00 9,202.4 3,383.073.20 115.08 3.66 5.75 0.00 0.000 0.00 0.00 9,382.0 3,441.998.70 166.49 4.49 7.57 0.00 0.000 0.00 0.00 9,698.9 3,554.4

1,099.26 1,693.02 4.51 6.94 0.00 0.000 0.00 0.00

0

20

40

60

80

100

120

140

160




0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Index

1997 1998 1999 2000 2001


Composite



T I R A N A S T O C K E X C H A N G E

L E T T E R F R O M T H E A C T I N G C E O

The TSE has been studying the needsof large private businesses, with theintention of bringing them into theExchange and working on promotingthe TSE itself.

D r . E l v i n M e k a A c t i n g C E O

The Tirana Stock Exchange (TSE) closed 2001in the same way as it did 2000; without anysecurities or stock trades. This was aconsequence of:

1. The continuing inability of private businessesto meet some of the TSE listing criteria andmaintain a healthy financial position;

2. The lack of partial privatization of state-ownedcompanies through initial public offerings duringthe year; and

3. The lack of real interest by private businessesto list their shares in the official listing of theTSE and therefore, to raise capital through theExchange.

Nevertheless, the TSE has been studying theneeds of large private businesses, with theintention of bringing them into the Exchangeand working on promoting the TSE itself. Thereare real challenges to be faced by the TSE forthe near future, such as the final stage of thecomplex and prolonged process of spinning off

the TSE from the Central Bank and establishingit as an independent institution, and theaccomplishment of the first initial public offering,possibly by the state-run companies that willbe privatized this year.


The Securities Act was approved by the Albanian Parliament on 1 March1996. This paved the way for the establishment of the Albanian SecuritiesCommission (ASC) on 16 April, and the Tirana Stock Exchange (TSE) on2 May 1996. Once the law was approved, the necessary rules andregulations of the ASC and the TSE were prepared and adopted.

The TSE opened officially on 2 May 1996, as the first exchange in thefinancial history of Albania. A lot of work, energy and foreign technicalassistance was needed to create the necessary infrastructure of a capitalmarket. Foreign assistance, represented by GMA Capital Market Limited(England), helped prepare the legal framework necessary in theestablishment of both the ASC and the TSE.

The TSE was originally established as a department of the Bank of Albania(BoA) with the goal to spin it off as a separate institution after a transitionperiod of several years. At the beginning, trading sessions were heldtwice a week -- every Monday and Thursday. By October 1997, thesessions were increased to every business day, and 3- and 6-monthmaturity T-bills were added to the existing instruments traded. Primaryauctions for T-bills were conducted by the TSE until 1 August 1998. Theyare currently carried out by the Monetary Operations Department of theBoA.

The major change in the legal framework of TSE was the approval by theParliament of some additions and amendments to the actual Securities

Law, which came into force in March 2001. Under these new changesthe Ministries of Finance, Public Economy and Privatization will take theresponsibility of spinning off the TSE from the Bank of Albania andsubsequently transforming it into an independent institution. The processis still underway and is expected to be realized within 2002.

Future Outlook

In the future the Tirana Stock Exchange objectives include:

Finally spin off the TSE from the BoA and, in close cooperation with the Ministries of Finance, Public Economy and Privatization, develop all necessary practices and procedures to establish it as a stand alone and fully operating institution within 2002.

Include and gear the TSE in the strategy of privatization of strategic state-owned companies. Targets will be: the Savings Bank, the largest one in Albania, which should be privatized within 2002, and Albanian Telecom.

Continue the marketing campaign with large Albanian companies, with the aim of listing their shares on the TSE.


Composite





Dr. Elvin Meka

[email protected]

www.asc.gov.al

Contact Information

TaxesResidents Non-Residents

Cash dividends 10% 15%

Interest income 10% 15%

Capital gains 10% 15%




Structure & RegulationsLegal Special status

Regulation Self

Securities market regulations Exchange w/ regulatory institutions


Surveillance Electronic





Period T+0 for T-bills, T+3 for other securities

Registered Yes


Clearing Netting

DVP Yes, full DVP


Risk sharing Yes

Margin/lending No

Custodians Individual investors, banks


Hours 10:00-14:00

Market segmentation T-bills

System WAN

Mechanisms Secondary market


Instruments T-bills

Currency Local

Real time information Best bid/ask


Composite




The major change inthe legal framework ofTSE was the approvalby the Parliament ofsome additions andamendments to theactual Securities Law,which came into forcein March 2001.

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


n/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/an/a n/a n/a n/a n/a n/a n/a n/a

CATEGORY


1997 1998 1999 2000 2001












0 0 0 0 0n/a n/a n/a n/a n/a

43.8 34.8 0.5 n/a n/an/a n/a n/a n/a n/a0.3 0.1 0.0 n/a n/an/a n/a n/a n/a n/a

n/an/an/an/a

n/a n/a n/a n/a 0.10n/a n/a n/a n/a n/a

149.1 140.6 135.5 142.6 136.6

Minimum Listing RequirementsRequirements Level 1 Level 2


Capitalization of issue US$ 360,000 US$ 180,000

Free float 20% 15%

Minimum # of shareholders 100 100

Minimum years of positive financial results 3 1


Listing agreement with central depository Yes Yes


Special requirements No No


Composite



� T O S H K E N T � R E P U B L I C A N S T O C K E X C H A N G E


In 2001, the "Toshkent" RepublicanStock Exchange (TRSE) accomplishedmany primary tasks.

Tokhtabayev Tohir Rashidovich C h a i r m a n

Primary tasks accomplished by the "Toshkent"Republican Stock Exchange (TRSE) in 2001were the listing of shares of privatized firmsand joint-stock companies, the ongoingdevelopment of the secondary market, thedesign and implementation of an Internetwebsite, the "video listing" of joint-stockcompanies, the creation of a new official list ofsecurities intended for a wide range of investors,the upgrading of the trading system, themodernization of the technical base and theimplementing of a new mechanism for theregistration, clearing and settlement ofexchange transactions.

Currently, there are six joint-stock companiesin our official exchange list: Bukhorotex,

Paxtabank, Gallabank, Uzpromstroybank,Uzjilsberbank and Uzbek Metallurgical Combine.

In 2001, 2,432 transactions for 9.5 millionshares in 605 joint-stock companies reacheda total volume of US$ 17.9 million. 91% of thetotal exchange turnover for the last year camefrom the primary market, and 9% came fromthe secondary market.

The exchange turnover on the secondary marketreached US$ 1.6 million. In 2001, the secondarymarket turnover constituted 9% of the totalturnover, and in 2000 it was 13.7% or US$ 3.2million.

In order to simplify the registration, clearingand settlement process of concluded

transactions, a reorganization of the electronicinteraction between the Exchange, depositoryand clearing houses was made along withchanges in the rules for securities operations.For more complete disclosure of Exchangeinformation, a website () has been designedand implemented. The Exchange is nowproviding weekly courses to investors andpotential investors on both the trading systemand investment opportunities on the TRSE.


The Stock Department of the �Toshkent� Stock Exchange (TSE) wasestablished in 1991 and became a pioneer of Uzbekistan�s securitiesmarket. In 1994 it was transformed into the "Toshkent" Republican StockExchange (TRSE) - a closed joint-stock company. It became an open typejoint-stock company in 1998. Establishment of the TRSE was closelyconnected with its market performance and a policy of establishing publicjoint-stock companies on the basis of privatized government enterprises.Currently, the Exchange has 37 shareholders.

Throughout its development, the TRSE completed a complex infrastructure,a central office in Tashkent and brokerage offices and branches in allregions of the Republic. In 1994, 12 brokerage houses were membersof the Exchange; this number has increased to 100 as of 31 December2001.

On 1 February 1998, a listing procedure was introduced. Then on 1September 1998, the shares of the first listed company began tradingon the TRSE. A specialized trading platform, intended to sell shares ofprivatized enterprises to foreign investors in hard currency, was launchedon 1 January 1999.

In 2001, the progress on the Exchange�s information and electronictrading systems continued and the transition to a modern web-based

trading technology is planned. In addition, investors have access to avideo listing of more than 200 enterprises via the Internet. Ratings ofExchange activities by regions and industries have been enhanced andhave enabled investors to have a clearer picture of the market dynamicsin Uzbekistan.

This year the commission on OTC trades was reduced from 0.5% up to0.1%, causing a twofold increase in the volume of OTC trades as comparedto the same period in 2000.

Future Outlook

The major objectives for the coming year at the TRSE are:

modernization of clearing and settlement technologies;

cross border/common platform trading of Uzbek issuers;

attraction of profitable joint-stock companies to the official listing;

development of the secondary market to be achieved through the restriction of unorganized off-stock market transactions.


Composite






Interest income 31%

Capital gains 4%

Foreign ParticipationForeign investors Yes, restricted

Investment limitations Yes, limited

Repatriation Yes, restricted

In 2001, 2,432transactions for 9.5mill ion shares in 605joint-stock companiesreached a total volume ofUS$ 17.9 mill ion.

Ms. Julia Chjen

[email protected]

www.uzse.com

Contact Information


Regulation No

Securities market regulations Regulatory institution(s), the Exchange and the

market participants jointly develop

new rules or projects

Trading rules Shared responsibility

Surveillance No, electronic





Hours 10:00-12:00

Market segmentation First, second

System Automated, depository link, remote reporting facilities, WAN

Mechanisms Primary market, call auction


Instruments Stocks


Real time information None


Period T+5

Registered Registered, bearer



DVP No, one day or more difference

between payment and delivery

Clearing institution Yes, partly owned

Risk sharing No

Margin/lending No

Custodians Individuals, institutional investors,

brokerage houses, banks, market makers


(US$ millions)

0

50

100

150

200

250

300

1997 1998 1999 2000 2001


Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


1.060 0.570 0.048 0.026 0.00 0.000 0.00 0.00 23.3 86.41.258 0.289 0.063 0.014 0.00 0.000 0.00 0.00 17.82 205.51.577 0.773 0.075 0.037 0.00 0.000 0.00 0.00 21.13 97.80.522 0.190 0.025 0.009 0.00 0.000 0.00 0.00 5.82 134.61.185 0.407 0.054 0.019 0.00 0.000 0.00 0.00 16.24 145.82.738 0.843 0.124 0.038 0.00 0.000 0.00 0.00 27.57 172.21.274 0.614 0.058 0.028 0.00 0.000 0.00 0.00 23.65 110.51.663 0.523 0.072 0.023 0.00 0.000 0.00 0.00 14.09 188.32.257 1.501 0.103 0.068 0.00 0.000 0.00 0.00 25.59 90.41.342 0.556 0.061 0.025 0.00 0.000 0.00 0.00 14.14 147.90.905 0.777 0.043 0.037 0.00 0.000 0.00 0.00 13.18 112.42.139 2.527 0.089 0.105 0.00 0.000 0.00 0.00 27.86 82.2

17.919 9.571 0.068 0.037 0.00 0.000 0.00 0.00


Requirements A Segment B Segment C Segment

Years of business activity 3 (JSC)* 2 (JSC) 1 (JSC);

5 (JSCB)** 4 (JSCB) 3 (JSCB)

Capitalization of issue (million SUMS) 100 (JSC); 50 (JSC); 25 (JSC);

200 (JSCB) 100 (JSCB) 50 (JSCB)

Free float n/a n/a n/a

Minimum # of shareholders 2,000 (JSC); 1,000 (JSC); 500 (JSC);

no minimum (JSCB) no minimum (JSCB) no minimum (JSCB)

Minimum years of positive financial results 3 (JSC); 2 (JSC); 1 (JSC & JSCB)

for all periods (JSCB) 1 (JSCB)



Prospectus required n/a n/a n/a

Special requirements n/a n/a n/a

*JSC: Joint-Stock Company**JSCB: Joint-Stock Commercial Bank

CATEGORY


1997 1998 1999 2000 2001












198 430 1,150 496 60541.7 168.5 262.6 31.9 27.936.0 34.7 28.8 23.2 17.9

5.4 5.6 6.7 8.7 9.60.2 0.2 0.1 0.1 0.10.0 0.0 0.0 0.0 0.0

n/a n/a

n/a n/a

0.18 0.07 0.03 0.07 0.08n/a n/a n/a 79.8 82.2

80.2 110.0 140.0 325.0 688.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

50

100

150

200

250





Composite



U K R A I N I A N S T O C K E X C H A N G E


This positive outlook in theeconomic indices has fueledsignificant change in allsocial/economic areas in theUkraine.

Valentin Oskolsky Chairman

On 29 October 1991, the Cabinet of Ministersof the Ukraine signed Decree #292 �On StateRegistration of the Ukrainian Stock Exchange�and in 2001 the Ukrainian Stock Exchange(USE) celebrated its tenth anniversary. This wasa very important event as the USE was createdin the same year as the sovereign Ukraine wasestablished and throughout these years it hasremained the center of the state�s economicprograms. During this time the Exchange hasbeen a direct participant in the state�s economiclife, a position, although complicated, has beensuccessfully achieved while moving forward inthe development of the capital market.

In May 2001, the general meeting ofshareholders took place and a 10-yearexamination of the Exchange�s activities was

given by the Board of Directors and deemedby the shareholders to be excellent. During themeeting the shareholders elected a newExchange Council and Auditing Commission.The Chairman of the Board was re-elected to anew term. The USE Board also presented thedirection of the company to shareholders, whichincluded participation in the state PrivatizationProgram 2000 � 2002, cooperation insubmitting pension fund trading bills,development of a secondary securities market,creation of a system of electronic trading (SET)and remote access for brokers.

2001 became a year of economic growth. Ratesof growth in the industrial manufacturing sectorreached 15.4%, while the rate of inflation was6.1% down from 25.8% in 2000. Foreign trade

turnover rose to 10%. This positive outlook inthe economic indices has fueled significantchange in all social/economic areas in theUkraine. In 2002 further strengthening of theeconomy is expected, with an increase in GDPto 6% and inflation at 9.8%.

I would like to take this opportunity to expressmy gratitude to our founders, shareholders andbrokerage houses. We have worked togetherfor 10 years and have always felt yourassistance. We are looking forward to ourcontinued future cooperation.


The Ukrainian Stock Exchange (USE) is the pioneer in the capital marketof the Ukraine and was created according to the law �On Securities andStock Exchanges� and registered by decision of the Cabinet of Ministersof the Ukraine on 29 October 1991. The USE is a closed joint-stockcompany. Its authorized capital is divided into 222 ordinary named sharesthat belong to legal entities. The USE was granted a registration certificateby the Securities and Stock Market State Commission in June 1997according to the law �On State Regulation of Securities Market in Ukraine.�Since June 1998 the USE has been self-regulating and has 140 registeredbrokerage companies as members. There are 12 USE branches. In 1993,the USE became a pioneer of money privatization and implemented theexchange mechanism of price creation.

The USE is a member of the Coordinating Council for solving questionsabout functioning of securities market as charged by the President of theUkraine. The USE is member of the Consulting & Experts Council in theSecurities and Stock Market State Commission.

The USE has created many educational programs in association with theSlavonic University. Additionally, the USE has developed relationshipswith the Frankfurt, Korean, Istanbul, Moscow and Kyrgyz Stock Exchangesalong with the Austrian Options and Futures Exchange.

The official publication is �Hermes� which can be found in the dailynewspaper, �Business Ukraine.�

Future Outlook

Implementation of an electronic trading system (ETS);

Expansion in the ETS based on secondary market turnover and bond trading;

Creation of a derivatives market;

Increasing the participation of the USE in privatization and in implementing the Law of the Ukraine �On State Privatization Program for 2000-2002�;

Facilitating the improvement in technology for trading state-owned shares of privatized companies;

Promotion of direct national and foreign investments in privatized industrial companies;

Expansion of information and educational activity to train capital market specialists, strengthen cooperation with foreign stock exchanges and international financial organizations;

Promotion of the Ukrainian Depository.


Composite



Period T+3

Registered Yes

Settlement Physically


DVP Yes, full DVP


Risk sharing No

Margin/lending No/yes

Custodians Banks and others


Hours: Equity market 11:00-14:30




Mechanisms Primary market, price fixing


Instruments Stocks, bonds, state treasury notes,

bills, certificates of deposit, warrants,

certificates of investment funds and companies,

options and futures

Currency Local

Real time information Last price, last volume, total volume,

listed company announcements




Ms. Hanna Yatsyuk

[email protected]

www.ukrse.kiev.ua

Contact Information


Interest income n/a

Capital gains 30% local investors

Foreign ParticipationForeign investors Restricted


Repatriation No


Regulation Self

Securities market regulations Regulatory institutions, the exchange

and market participants jointly

Trading rules Exchange, government institutions

Surveillance No




2001 Volume by Type

Other

37.78%62.22%

Stocks


0

200

400

600

800

1,000

1,200

1997 1998 1999 2000 2001

(US$ millions)


Composite




TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


0.701 7.492 0.058 0.624 0.00 0.000 0.24 0.08 1,022.5 n/a0.183 6.693 0.020 0.744 0.00 0.000 0.24 0.06 715.16 n/a0.273 6.003 0.021 0.462 0.00 0.000 0.20 0.02 715.18 n/a0.259 6.649 0.026 0.665 0.00 0.000 0.04 0.01 716.89 n/a0.272 5.916 0.045 0.986 0.00 0.000 0.09 0.03 5.82 n/a0.270 8.688 0.068 2.172 0.00 0.000 2.37 1.18 6.85 n/a1.212 21.853 0.101 1.821 0.00 0.000 0.01 0.00 10.49 n/a0.614 10.974 0.061 1.097 0.00 0.000 3.15 0.63 12.64 n/a0.484 17.086 0.069 2.441 0.00 0.000 0.01 0.00 16.05 n/a0.543 9.430 0.049 0.857 0.00 0.000 1.73 0.43 17.90 n/a0.101 3.280 0.008 0.252 0.00 0.000 0.10 0.02 18.35 n/a0.204 6.988 0.016 0.538 0.00 0.000 0.20 0.05 18.69 n/a5.118 111.053 0.043 0.925 0.00 0.000 8.37 0.17

CATEGORY


1997 1998 1999 2000 2001












980 2,055 2,576 3,003 386212.2 675.5 847.7 1,022.5 18.7129.6 25.5 67.4 42.6 5.1

64.0 158.7 352.5 495.9 111.11.2 0.2 0.3 0.3 0.00.6 1.4 1.4 3.2 0.9

n/a n/a

8.40.2

0.05 0.00 0.01 0.00 0.03n/a n/a n/a n/a n/a1.9 3.4 5.2 5.4 5.3

0

0.2

0.4

0.6

0.8

1.0

1.2

1.4


2001-Monthly Stock Volume



Minimum assets

Last fiscal year income

(or summary income for the last 3 years)

# of issued shares (with nominal price under 0.25 UAH)

# of shareholders holding 100 shares

and more (or total # of shareholders)

Maximum correlation of total creditor indebtedness to total assets

Maximum share of authorized capital at disposal of non-managing staff

Minimum average income ratio

(net income/total assets) for the last 3 years

Minimum share of issue sold on quotation level

K-3 of the USE before the allowance to enter

official quotation is granted (except public securities)

K-1 Official

EUR 1,000,000

EUR 200,00

(EUR 500,000)

2,000,000

5,000 and more

(not less than 5,500)

0.3

35%

10

1%

K-2 Official

EUR 400,000

EUR 80,000

(EUR 220,000)

1,000,000

2,000 and more

(not less than 2,200)

0.3

35%

10

1%

K-3 Free Market

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a


Composite



Z A G R E B S T O C K E X C H A N G E

L E T T E R F R O M T H E G E N E R A L M A N A G E R

One of the important events duringlast year was the beginning of thepension reform, which will have asignificant impact on the movementsin 2002.

M a r i n k o P a p u g a G e n e r a l M a n a g e r

The past year was an average one in tradingwith equities on the Zagreb Stock Exchange(ZSE) but outstanding in bonds trading. Almosthalf of the turnover was in bonds. At thismoment the value of the Croatian bond marketstands at HRK 7.1 billion nominally, i.e. arounda billion euros under market value, with asignificant share in portfolios. In 2002, we areexpecting further growth in total turnover.

One of the important events during last yearwas the beginning of the pension reform, whichwill have a significant impact on the movementsin 2002. During the current year pension fundsexpect an inflow of US$ 230 million. Half of

that amount will be put into government bonds,since funds are legally required to have 50% oftheir portfolio in government bonds. Such amove could raise demand for domestic bondsand shares. On the supply side of the marketthere is some good news. In 2002, the Ministryof Finance plans to issue US$ 220 millionbonds. These bonds will be listed on the ZSE.

In the beginning of the third quarter 2002, thegovernment will sell at least a 15% stake inCroatian Telecom to citizens through IPOs. Alsothe Croatian government drafted laws on thesale of the electricity board HEP and the oil andgas giant INA. The laws are also expected to

pass the parliamentary procedure in March toallow a sell off of at least a 25% stake in bothcompanies to strategic investors and at least a15% stake to citizens through IPOs.

Also the ZSE is developing some new productsand modifying the trading software to allow foropen-end funds and, at the beginning of theyear, to begin price dissemination through thissystem.

Together with the growth of the national GDP,we are expecting 2002 to be more significantthan 2001.


The Zagreb Stock Exchange (ZSE) was incorporated in 1991 as a joint-stock company by 25 commercial banks and insurance companies.Today, the ZSE has 43 shareholders who in turn elect a nine-membersupervisory board for a two-year term. The supervisory board appointsthe Manager of the Exchange who is in charge of the strategic planningand day-to-day operations.

The ZSE currently has 39 members. Prerequisites for ZSE membershipinclude: compliance with the Securities Law, CROSEC requirements andZSE rules. A seat on the ZSE currently costs approximately US$ 13,000.

Members are required to comply with the rules and regulations of theZSE and must register at least one licensed broker.

Future Outlook

The pension reform program has begun and there are currently six (6)pension fund companies competing for 80,000 citizens as investors bythe end of the year.

A new securities law is planned for implementation during the secondhalf of 2002. Shares of 400 companies are expected to be listed in theQuotation for Public Companies.


Composite




0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500


(US$ millions)

Mr. Marinko Papuga

[email protected]

www.zse.hr

Contact Information

2001 Volume by Type

57.47%42.13%

0.40%

BondsStocks Other



Hours 10:00-16:00

Market segmentation Equity (Quotation I, Quotation II, Quotation TN),

fixed income

System Automated, remote access, remote login, WAN



Instruments Stocks and bonds

Currency Local


total volume, order book

Structure & RegulationsLegal Commercial company

Regulation Self

Securities market regulations Regulatory institutions without exchange


Surveillance No





Period T+4

Registered Yes


Clearing Netting

DVP No, one day or more difference

between payment and delivery


Risk sharing Yes

Margin/lending No

Custodians Banks




TaxesCash dividends:

Individuals 15% without holding tax

Corporations Exempt from corporate tax

Interest income:

Individuals 15%, 25% or 35% depending on the level of income

Corporations 20%

Capital gains:

Individuals 15%, 25% or 35% depending on the level of income

Corporations 20%

1997 1998 1999 2000 2001


Composite





Years of business activity

Capitalization of issue

Free float

Minimum # of shareholders

# Prior years audited financial accounts

Applicant

Prospectus required

Freely transferable securities

Whole class of securities to be listed

Quotation I

3

For shares-ECU 10 mil. for bonds-ECU 1 mil.

%25

No

3

Issuer

Yes

Yes

Yes

Quotation II

3

For shares - ECU 2 mil.

10%

80

3

Issuer

Yes

Yes

Yes

Quotation TN

1

No

No

No

1

Issuer, or member of ZSE

No

Yes

Yes

TotalVolume

(US$ Millions)2001

TotalVolume

(# Shares Millions)

AverageDaily


AverageDaily


TotalVolume

(US$ Millions)

AverageDaily


TotalVolume

(US$ Millions)


(US$ Millions)

AverageDaily Volume





Nov-01Dec-01

Total


6.7 0.20 0.30 0.01 0.09 0.004 0.06 0.00 2,813.6 887.17.9 0.31 0.40 0.02 0.58 0.029 0.12 0.01 2,850.4 961.89.0 0.21 0.41 0.01 9.32 0.423 0.05 0.00 2,741.4 934.66.3 0.16 0.32 0.01 3.74 0.187 0.04 0.00 2,729.7 981.0

11.6 0.24 0.55 0.01 5.01 0.239 0.10 0.00 2,885.3 938.69.8 0.28 0.49 0.01 6.16 0.308 0.12 0.01 2,923.1 983.09.8 0.27 0.45 0.01 8.42 0.383 0.14 0.01 3,165.1 1,007.96.3 0.36 0.29 0.02 7.78 0.354 0.02 0.00 3,045.1 1,009.0

12.0 0.57 0.60 0.03 7.70 0.385 0.00 0.00 2,904.5 937.114.9 0.27 0.65 0.01 10.33 0.449 0.08 0.00 2,886.4 946.813.3 0.43 0.63 0.02 11.44 0.545 0.00 0.00 3,067.3 1,017.0

8.6 3.68 0.51 0.22 14.60 0.859 0.05 0.00 3,067.6 1,034.7116.2 6.99 0.46 0.03 85.16 0.341 0.78 0.00

CATEGORY


1997 1998 1999 2000 2001












77 50 61 61 454,245.6 2,925.3 2,513.9 2,711.8 3,067.6

340.4 145.5 77.3 184.9 116.22.8 1.8 2.7 6.2 7.01.7 0.7 0.3 0.7 0.5

0.01 0.01 0.01 0.03 0.03 85.2

0.3 0.8

0.0030.01 0.004 0.003 0.006 0.003

1,002.1 711.6 715.3 890.0 1034.76.3 6.2 7.6 8.2 8.4

0

2

4

6

8

10

12

14

16

0

200

400

600

800

1,000

1,200





Composite



Composite



MEMBER LIST

Al-Eman Financial Investment 6 566 3173 566 3173

Al-Amal Financial Investments Co. Ltd. 6 567 1485 567 4101

Al-Hilal Securities Trading 6 566 3173 566 3173

Al-Wafa�a Co. for Trading Stocks and Bonds 6 567 1477 569 0585

Al-Watanieh for Financial Services Co. 6 567 3872 568 2803 [email protected]

Amman Investment & Securities 6 567 2572 567 2572

Arab Co-operation Financial Investment Co. 6 567 4249 567 4249

Arab Financial and Consultancy Service 6 566 9257 566 9258

Arab Jordan Investment Bank 6 567 1578 567 1578 [email protected]

Atlas Investment Group 6 562 3963 565 6079 [email protected]

Bank of Jordan 6 569 6277 567 5951 [email protected]

Export & Finance Bank 6 566 0081 569 2062 [email protected]

Industrial Development Bank 6 567 4380 568 8016 [email protected]

International Financial Center 6 567 4558 569 6720 [email protected]

Jordan & Gulf Investment 6 567 5617 582 6865

Jordan Investment and Finance Bank 6 567 3763 568 2634 [email protected]

Jordan Islamic Bank 6 565 3046 565 3047 [email protected]

Jordan National Bank 6 562 4361 562 4362 [email protected]

Middle East Investment Bank 6 568 1651 568 1258 [email protected]

National Portfolio Securities 6 567 2380 568 8793 [email protected]

Philadelphia Investment Bank 6 566 3172 566 3172 [email protected]

Samir & Sameh Bros. for Investment 6 567 1546 568 4476

Selwan Financial Brokers 6 567 4141 565 7549 [email protected]

Shareco Brokerage Co. Ltd. 6 567 3812 569 5644 [email protected]

Tanmia Securities Inc. 6 567 2460 568 3559 [email protected]

The Arab Financial Investment 6 553 8721 553 8724

The Financial Investment Company for Shares and Bonds 6 567 1569 569 9626

The Financial Investment House Co. 6 567 3455 567 3419

The Housing Bank for Trade and Finance 6 567 0179 569 1193 [email protected]

Trans Jordan For Financial Services 6 567 2980 567 2980 [email protected]

Union Bank for Saving and Investment 6 567 5558 560 6996 [email protected]

United Arab Investors 6 566 2327 566 2398 [email protected]

United Co. for Financial Investment 6 567 3163 567 3163 [email protected]

Universal Investment Co. Ltd. 6 567 4291 566 9396

***CB "Rabitabank" 12 926375 971101 [email protected]

**JSB "Azdemiryolbank" 12 983103 937567

*JSCT "Non Bank Credit Organization" 12 380530 981517

ATJSCB "Ish Bankasi Azerbaijan" 12 980249 980250

Caspian Investment Bank, CIBANK 12 934949 938450

CB "Amrahbank" 12 937436 939151 [email protected]

CB "ANAR" 12 958452 984235 [email protected]

CB "Atabank" 12 945562 942407 [email protected]

CB "Azernegliyyatbank" 12 313103 934804

CB "Azinvestbank" 12 325756 982796

CB "Bay-Bank" 12 935007 985776

CB "Birlikbank" 12 983366 933281

CB "Borchali" 12 612477 908619

CB "Deka-Bank" 12 409122

CB "Ege International Bank-Baku" 12 982152 982154 [email protected]

CB "Mugan" 12 983411 983511 [email protected]


Company's Name City Code Telephone Fax Email Address

BAKU INTERBANK CURRENCY EXCHANGE

Address 57 Inglab St., 370110, Baku, Azerbaijan Phone (99412) 906 309 (99412) 906314 Fax (99412) 906516 E-mail [email protected] Address www.bbvb.org Country Code 994


AMMAN STOCK EXCHANGE

Address P.O. Box 212466, Amman, Jordan Phone (962) 6 566 4109 Fax (962) 6 566 4071 E-mail [email protected] Address www.ase.com.jo Country Code 962

/FEAS FR MEMBER 88-116 4/8/02 10:20 Page 88

CB "Ruzubank" 12 927812 927201 [email protected]

CB "Tekhnikabank" 12 938752 938711

CB "Trustbank" 12 975020 975025 [email protected]

CB "Turan" 12 972588 972577

CB "Ulpar" 12 972972

CB "Zaminbank" 12 [email protected]

HSBC Bank of Middle East, Baku Branch 12 971730

ICB "El�nbank" 12 627074 627636 [email protected]

JSB "Gunay Bank" 12 981429 981439 [email protected]

JSB "Kaspianbank" 12 989317 989280 [email protected]

JSB "Kocbank" 12 977795 970276 [email protected]

JSB "Kontinentbank" 12 935442 930942 [email protected]

JSB "MECH & R" 12 957534 988038 [email protected]

JSB "Ulfatbank" 12 936039 988139

JSB"Arkobank" 12 980426 980891 [email protected]

JSCB "Atlantbank" 12 980981 976989

JSCB "ATRA" 12 957884 981274

JSCB "AZAL" 12 986056 989701 [email protected]

JSCB "Azer-Turk" 12 948090 983702 [email protected]

JSCB "Bank of Baku" 12 971535 971545 [email protected]

JSCB "Caucase Development Bank" 12 975152 971222 [email protected]

JSCB "Debut" 12 976641 976669 [email protected]

JSCB "Ilkbank" 12 906369 906512 [email protected]

JSCB "Mbank" 12 982244 980953 [email protected]

JSCB "Most-Bank, Azerbaijan" 12 924030 980778 [email protected]

JSCB "Para-Bank" 12 959392 930882

JSCB "Promtekhbank" 12 957874 959584 [email protected]

JSCB "Respublika" 12 906748 [email protected]

JSCB "Rotabank" 12 939806 930049 [email protected]

JSCB "Royal Bank of Baku " 12 981316 981317

JSCB "Universal" 12 973034 973029

JSIB "Azerigazbank" 12 975017 989615

JSIB "Postbank" 12 981945 983314

The International Bank of the Azerbaijan Republic 12 981842 989128

The National Bank of the Azerbaijan Republic 12 931122 935541

Un�ted Cred�t Bank 12 906101 906104 [email protected]

United Joint-Stock Universal Bank 12 413291 414119 [email protected]

Azdemiryolbank 12 402429 980933 [email protected]

Azerigazbank 12 971565 989615 [email protected]

Azerturkbank 12 974317 983702 [email protected]

Bay Bank 12 930832 985776 [email protected]

CI Bank 12 930145 938450 [email protected]

Ilk Bank 12 906369 906512 [email protected]

International Bank of Azerbaijan 12 930091 934091 [email protected]

Kocbank Azerbaijan 12 977795 970276 [email protected]

Mars Investment 12 973162 973336 [email protected]

MBank 12 982244 980953 [email protected]

MostBank Azerbaijan 12 971071 980778 [email protected]

Rotabank 12 937069 987629 [email protected]

United Credit Bank 12 900641 900644 [email protected]

United Universal Bank 12 413219 414119 [email protected]



BAKU INTERBANK CURRENCY EXCHANGE

cont�dCountry Code 994


BAKU STOCK EXCHANGE

Address 19 Bul-Bul Avenue, 370070 Baku, Azerbaijan Phone (99412) 989820 Fax (99412) 937793 E-mail [email protected] Address www.bse.az Country Code 994


CB "Biochim" 1000 9269499 9818151 investment&[email protected]

CB "BNP-Paribas Bulgaria" 1000 9801237 9816991 [email protected]

CB "Bulbank" 1000 2731 884636 [email protected]

CB "Bulgaria Invest" 1202 9805200 9819307 [email protected]

CB "Bulgarian Post Bank" 1414 9634059 9630482

CB "Central Cooperative Bank" 1000 9266274 9804386

CB "Commercial Bank of Greece" 1000 9171717 9171156

CB "Corporate & Commercial Bank" 1000 9804892 9808948

CB "Demir Bank" 1000 9894444 9894848

CB "DSK Bank" 1040 98557220 9806477

CB "Economic & Inv. Bank" 1000 98500308 9812526 [email protected]

CB "Eurobank" 1407 683590 681085 [email protected]

CB "First East International Bank" 1504 9632928 9632928 [email protected]

CB "First Investment Bank" 1000 91001 9805033

CB "Hebros" 1612 9526969/266 032/562328 [email protected]

CB "ING Bank-Sofia Branch" 1408 9176400 9814111

CB "International Bank for Trade and Development" 1000 9810950 9808520 [email protected]

CB "Municipal Bank" 1000 9300191 9815147 [email protected]

CB "Neftinvestbank" 1000 9817367 9807722

CB "Raiffeisenbank-Bulgaria" 1504 91985531 9807479 [email protected]

CB "Roseximbank" 1000 9802538 9802623

CB "Tokuda Kredit Expres Bank" 1000 9810167 9815378 [email protected]

CB "Unionbank" 1606 9877620 9877620 [email protected]

CB "United Bulgarian Bank" 1040 98542431 9880811 [email protected]

Financial House "Ever" 1113 739610 9810847 [email protected]

Financial House "FINA-S" 1680 9554055 9554140 [email protected]

Financial House "Fix Plus" 1000 9813789 9810139

Financial House "Karol" 1303 9811381 9811381 [email protected]

Inv. Intermediary "ABV Investments" 1618 9555939 9555939

Inv. Intermediary "Accept Invest" 1113 9715012 9715012 [email protected]

Inv. Intermediary "Argo Invest" 1040 9310361 9310361 [email protected]

Inv. Intermediary "Aval IN" 1000 9804825 9860911 [email protected]

Inv. Intermediary "BBG Simex-Bulgaria" 1000 9807510 9809330 [email protected]

Inv. Intermediary "Beta Corp" 1463 9865566 540215 [email protected]

Inv. Intermediary "BG ProInvest" 1000 9893002 9810048 [email protected]

Inv. Intermediary "Bora Invest" 1000 9831577 9831577 [email protected]

Inv. Intermediary "Brokers Group" 1000 9884581 9884581

Inv. Intermediary "Bulbrokers" 1000 9806685 9814182 [email protected]

Inv. Intermediary "Bulex Invest" 9000 052/632416 052/609550

Inv. Intermediary "Bull Trend Brokerage" 1000 9815830 9815830 [email protected]

Inv. Intermediary "Bullinvestment" 1504 441992 441893

Inv. Intermediary "Capital Markets" 1738 9780667 9780667 GCOMPANY@ BULNET.BG

Inv. Intermediary "Capman Gelsor" 1000 9801283 9816831 [email protected]

Inv. Intermediary "Darik Asset Investments" 1000 9813703 9819790

Inv. Intermediary "Dealing Financial Company" 1000 9864046 9879240 [email protected]

Inv. Intermediary "Delta Stock" 1574 9712643 739957 [email protected]

Inv. Intermediary "DZI-Investment" 1000 9803729 9882150 [email protected]

Inv. Intermediary "East Financyes" 1000 9624465 9621708 [email protected]

Inv. Intermediary "Elana" 1000 9880957 9801231 [email protected]

Inv. Intermediary "ETEBA-Bulgaria" 1000 9813409 9813625 [email protected]

Inv. Intermediary "Euro-Finance" 1463 9805657 9811496 [email protected]

Inv. Intermediary "Euro Garant" 1000 9867678 9808242 [email protected]

Inv. Intermediary "Eurodealing" 1000 056/48924 056/48924 [email protected]

Inv. Intermediary "Faktory" 1504 9620585 9433289 [email protected]

Inv. Intermediary "FAR" 1000 9461078 9461709

Inv. Intermediary "Financial Company" 1616 573108 573244 [email protected]

Inv. Intermediary "Finanskom" 1000 9812667 9812667 [email protected]

Inv. Intermediary "Fininvest" 2500 078/25930 078/22710

Inv. Intermediary "First Financial Brokerage House" 1000 9800879 9863405



BULGARIAN STOCK EXCHANGE

Address 1 "Macedonia" Sq., F1. 12 BG-1000, Sofia, Bulgaria Phone (359) 2 986 5915 (359) 2-986 5863 Fax (359) 2 987 5566 E-mail [email protected] Web Address www.bse-sofia.bg Country Code 359


Inv. Intermediary "Fico Invest" 9000 052/603519 052/603519 [email protected]

Inv. Intermediary "Global" 1000 9806595 9800247 [email protected]

Inv. Intermediary "Hedger" 1680 9549982 9434413 [email protected]

Inv. Intermediary "IP Favorit" 1000 9813469 9813467 [email protected]

Inv. Intermediary "Makler 2002" 4000 032/620598 032/622139 [email protected]

Inv. Intermediary "McCup Brokers" 1680 9549979 9549982

Inv. Intermediary "Naturella Group" 1000 9802019 9865319 [email protected]

Inv. Intermediary "Neftohim-Invest Finance" 1504 669508 662484 [email protected]

Inv. Intermediary "Newton Finance Bulgaria" 1000 9808165 9808165 [email protected]

Inv. Intermediary "Populiarna Kasa 95" 4000 032/627727 032/265353

Inv. Intermediary "Sofia International Securities" 1000 9810316 9886341 [email protected]

Inv. Intermediary "Sofia Invest Brokerage" 1000 9804431 9817229 [email protected]

Inv. Intermediary "Statos Invest" 1000 9814128 9800447 [email protected]

Inv. Intermediary "Ulpia Investments Manage" 1000 9807048 9808958 [email protected]

Inv. Intermediary "Unity Invest-99" 1000 9813222 9813222 [email protected]

Inv. Intermediary "Vi-Vesta" 1000 9813852 9818140

Inv. Intermediary "YG Market" 4000 032/625401 032/625402 [email protected]_bg.com

Inv. Intermediary "Zagora Finakorp" 6000 042/600204 042/23443 [email protected]

Inv. Intermediary "Zlaten Lev Brokers" 1504 9434099 9434099 [email protected]

Investment & Financial Company "7M" 1000 9809060 9809060 [email protected]

A.B.Ispahani & Co. 2 955-6386 956-5319

A.B.S Safdar &Co. 2 956-4601 956-4727

A.F.M. Shamsuddin & Co. 2 956-8839 956-4727

A.H.Chowdhury & Co. 2 861-5058 956-4714

A.R.Chowdhury Sec. Ltd. 2 955-1044 956-4727

AB&Co. 2 956-3958 956-4727

Abdul Hye 2 955-4349 882-3529

Adarsha Sec. Ltd. 2 956-4601 956-4727

Ahmed Iqbal Hassan &Co. 2 966-6355 955-5317

Ak Khan & Co. Ltd. 2 955-2767 9561147

Akm Abdur Razzak & Sons 2 955-1404

Al Faisal Securities Ltd. 2 956-3096 956-4727

Ali Securities Co. 2 955-1917 956-4723

Aloco 2 956-4601 956-4727

Alpha Equities Ltd. 2 966-6472 9564727

Amin Ullah 2

Anwar Securities Co. 2 956-4033 956-4020

Anwar Securities Ltd. 2 956-9444 956-9443

Arafat Securities 2 956-6403 956-2442

Aries Securities 2 956-0897

Asia Securities Ltd. 2 933-5942 934-4324

Asif Ahmad &Co. 2 8117-555 8117-555

Asoke Das Gupta&Co. 2 956-9611 956-7509

Azam Securities Ltd. 2 955-9227 9564762

B&B Enterprise 2 955-5287 8313-113

B.S.B 2 955-5151 956-2061

B.S.R.S 2 956-5672 956-7057

Banco Securities Ltd. 2 956-4922 956-9612

Beximco Securities Ltd. 2 8618220-7 863-470



BULGARIAN STOCK EXCHANGE



DHAKA STOCK EXCHANGE

Address Stock Exchange Building, 9/F Motijheel C/A, Dhaka 1000, Bangladesh Phone (880) 2 956 4601 Fax (880) 2 956 4727 E-mail [email protected] Web Address www.dsebd.org Country Code 880


Biswa Nath Saha &Co. 2 955-9854 956-4727

BLI Securities Ltd. 2 966-6924 9565-027

BLI Securities Ltd. 2 956-2004 834-294

Bulbul Securities 2 966-6499 956-4727

Capital Investment &Services Co. 2 966-6433 956-4727

Capital Roots Ltd. 2 956-7778 956-9242

Chowdhury Sec. & Ser. 2 9569-039 956-4727

CMSL Securities Ltd. 2 956-2715 956-2323

Country Stock Bangladesh Ltd. 2 955-3544

Dastagir Md.Adil&Co. 2 955-1374 956-3977

Dawn International 2 955-0843 956-4727

Desa Securities Ldt. 2 956-9671 956-4727

Dhaka Bank Ltd. 2 9556507-49 9556548

Doha Securities 2 956-9323 956-9326

Dr. Mohammad Abu Obaidah 2 956-3761 956-4952

Dragon Investment and Securities 2 882-8508 956-4464

Dynamic Securities Consultants Ltd. 2 955-5366 956-4727

Eastern Securities Ltd. 2 956-3351

Enayetur Rahman &Co. 2 956-8469 956-4727

Equity Partners Securities Ltd. 2 956-1070 9562-254

Equity Resources Ltd. 2 9124919-20 811-7721

Ershadul Hoque & Co. 2 956-6897 956-6897

Etbl Sec. & Exc. Ltd. 2 862-1717 8622583-4

Farida Raquib&Co. 2 955-1499 956-4727

First Capital Securities Ltd. 2 912-8354 9128-359

Gateway Equity Resources Ltd. 2 956-4569 955-7728

Ghulam Quader&Co. 2 711-0902

Giasuddin Ahmed&Co. 2 956-1258

Global Securities Ltd. 2 966-6297 811-9495

Globe Securities Ltd. 2 955-2160 955-0212

Haji Ahmed Brothers 2 031-633488 031-610201

Haji Mohammed Ali 2 955-0457 955-1214

Hamed A.Chowdury&Co. 2 955-8129 9564-727

Harunur Rashid&Co. 2 955-3543 956-4727

Hedayetullah Sec.Ltd. 2 955-1117 861-3429

Hosne Ara Begum&Co. 2 955-0365 956-4727

Imtiyaz Husain&Co. 2 8813326-7 8821-205

Investment Corporation Of Bd. 2 9563455-7 956-3313

Ishfaque Samad 2

Jahanara Begum 2 955-6962 955-1214

Jahangir Kabir Jhowdhury&Co. 2 606-077 8823-460

Jamal Ahmed&Co. 2 955-4240 956-4727

Jobair&Co. 2 955-1534 956-4727

Joytun Securities International Ltd. 2 9564601 956-4727

JR.Capital Management Ltd. 2

Kabir Ahmed & Co. 2 7112068

Kazi Eenayetur Rahman&Co. 2 955-2619 956-4727

Kazi Firoz Rashid &Co. 2 955-8915 956-4727

Khurshid Azam&Co. 2 956-8495 956-3971

Khursid Alam&Co. 2 955-7742 956-4608

Khwaja Abdul Quddus&Co. 2 956-5433 956-4727

Khwaja Ghulam Rasul&Co. 2 955-3907 9564-727

Khwaja Tipu Sultan&Co. 2 956-9763

Lailun Nahar Ekram&Co. 2 060-0914 9887-423

Latif Securities Ltd. 2 956-1451 7112-490

Latifa Choudhury 2 955-3434 9556633

LRk Securities Ltd. 2 956-9480 711-2025

Lutful Kabir&Associates 2 956-1544 956-3595

M.A. Mannan&Co. 2 956-3498 956-4712

M.A.Fatma Begum 2 9556-637






M.A.Huq Hawlader&Co. 2 955-1148 956-4727

M.A.Quayum&Co. 2 955-7677 956-4727

M.Abdul Rashid&Co. 2 955-6617 956-4714

M.Habibur Rahman&Co. 2 955-0792 956-0931

M.Rahman Sec.Ltd. 2 955-4611 956-0450

M.Shamsul Alam&Co.Ldt 2 956-4601

M.Shamsur Rahman&Co. 2 606-829 8823-343

Mahbubur Rahman&Co. 2 956-9471 955-2814

Maitrayye Biswas & Co. 2 955-4840 9564727

Mansura Securities Ltd. 2 9564-601 861-3429

MD. Shahjahan Ali Khan&Co. 2 955-5197 9564727

Md. Shamsul Alam 2 955-8836 956-5105

Md.Ali Hossain & Co. 2 955-9224 9559224

Md.Fakhrul Islam &Co. 2 933-2233 8313-545

Md.Feroz Khan&Co. 2 955-2390 956-4727

MD.Mostafa Zubair&Co. 2 955-9245 9564-727

MD.Nabiul Karim&Co. 2 711-0787 955-3622

Md.Rafiqul Islam&Co. 2 9666927 9564727

Md.Rakibur Rahman&Co. 2 955-1960 956-4572

Md.Sahdullah&Co. 2 955-9824 956-4727

Md.Salimullah&Co. 2 956-1632 956-2482

MD.Shafiqul Islam &Co. 2 988-1933 8811-536

Md.Shafiqur Rahman&Co. 2 966-7423 956-4727

MD.Shahõdullah &Co. 2 966-8060

MD.Shahiq Khan &Co. 2 955-1407 956-4727

Md.Shajahan&Co. 2 955-1403 9564727

MD.Shakil Rizvi&Co. 2 966-6547 956-4650

Md.Tobarrak Hossain 2 956-8137 956-4071

Mehnaz Mannan&Co. 2 956-1487 956-4727

Merchant Securities Ltd. 2 955-5585 956-6022

Mian Abdur Rashid&Co. 2 956-4601

Mirza Aboo Mohsin&Co. 2 9555-104

Mohammad Atõqul Haque&Co. 2 955-0475 956-1807

Mohammad Hussain 2

Mohammad Talha&Co. 2 955-8055 8811-203

Mohammadullah&Shabbir Ahmed 2 955-0209 955-0209

Mohammed Harun Bhuiyan&Co. 2 9564-601 956-4727

Mohd.Shahidullah&Co. 2 956-0792 956-0792

Mona Financial Consultant&Sec. 2 955-3302 711-3055

Moshihor Rahman 2 955-1476 956-4278

Mostaque Ahmed Sadeque&Company 2 956-8012 956-1975

Mubarak Hussain&Co. 2 955-1475 [email protected]

Multi Securities&Services Ltd. 2 956-9985 8315-847

Munize Manzur&Co. 2 9567-382 956-4727

N.R.Islam&Co. 2 955-8752 956-4727

National Credit & Commerce Bank Ltd. 2 9561902-4 956-6290

National Inv.& Finance Co.Ltd. 2 955-0037

Nouvelle Securities. 2 9564-626 8821-035

Nur-e-alam Sõddõque 2 956-3030

Premium Securities Ltd. 2 966-6218 956-0511

Prudential Securities Limited 2 955-9603 9559-603

Qazi Kamal Securities 2 956-9902 956-5705

Quamr-Uz-Zaman 2

Quazi Hamidul Haque&Co. 2

R N Trading Ltd. 2 966-6760

Ragib Ali Securities 2 956-4601 956-4727

Rapid Securities 2 956-3287 956-4727

Rising Securities Ltd. 2 966-7431 956-4727

Royal Green Securities Ltd. 2 955-1815 956-4718 [email protected]

S.C.L. Securities 2 712-1128 9564762






S.N.M Sec. Ltd. 2 9566182-83 9562386

S.P.M. Ltd. 2 955-9577 956-4727

S.Shafique Ahmed&Co. 2 9345-134 831-1989

Saad Securities Ltd. 2 966-7308

Saber Hossain Chowdhury 2 9129-983 831-967

Sadeque Hossain&Co. 2 955-4559

Sadrahan Bima Corporation 2 9552-070 9564-197

Salam & Company Ltd. 2 955-0445 956-3720

Sar Securities Ltd. 2 956-5899 956-4832

Sarwarsons&Co. 2 955-0908 9564-727

Securities Broking & Manage. 2 956-6552 956-4727

Ses Company Ltd. 2 9662898-99 861-6878

Shafinaz Begam&Co. 2 9564-601 9564-727

Shah Md. Sagir&Co.Ltd. 2 956-6885 956-4727

Shahed Abdul Khaleque &Co. 2 712-1138 712-1138

Shamsul Huda&Co. 2 955-0298 956-4707

Shetu Corporation Ltd. 2 8811-298 8829-262

Shoukat Ali & Co. 2 966-6594 9561-069

Sinha&Co. 2 9556-146

Square Securities Ltd. 2 882-7729 888608-9

Sunrise Agencies 2 955-8939 9559-089

Surma Securities Holding Co.Ltd. 2 956-9312 9666292

Syed Abul Hossain Co. 2 955-0675 9561917

Syed Mahbub Murshed&Co. 2 955-3460 955-3465

Syed Shahedul Alam & Co. 2 956-2101 956-4727

Syed Tareque Md.Ali&Co. 2 9550531 9564708

Syed Tawfiq Hossain Ali&Co. 2 956-7362 886-476

T.A. Khan&Co. 2 956-4601 956-4727

T.Mashfu&Co. 2

Tariq Ibrahim&Co. 2 935-0372 8316-923

Trustry Associates Company Ltd. 2 955-4344 956-5661

Vanik Bangladesh Securities Ltd. 2 9883701 956-1868

Venture Securities Ltd. 2 881-6419 8826-049

Wall Street Securities Ltd. 2 966-6740 9559-224

Yusuf&Co. 2 966-2611 8616-364

Zahed Rasul 2 988-4928

Zahid Hossain&Co. 2 955-5096 956-4727

Zubayed Ahmed Adel&Co. 2 966-6213

ABN-Amro Delta Securities 2 3317480 3372863 [email protected]

Action D�or for Brokerage 2 7368550 7361410

Agead Securities Brokers 2 3023735 3054038 [email protected]

Al Ahram Co. Stock Exchange & Securities Brokers 2 3924494 3906579 [email protected]

Al Aliaa for Brokerage & Bookkeeping 2 3385195 7617509 [email protected]

Al Amalka 2 3047732-89 3052846 Alamalka @thewayout .net

Al Dawlia for Securities Brokerage 2 7920296-7 7923256

Al Dawlia for Securities Brokerage 3 488081 4844477

Al Etehad Brokerage Co. 2 3957265 3954839 [email protected]

Al Fayrouz for Brokerage 2 5882700-2990 5926227 [email protected]

Al Hamd for Stock Brokerage 2 6375162-83 2414909 [email protected]






EGYPTIAN STOCK EXCHANGE

Address 4A, El Sherefeen St., Cairo, Egypt Phone (202) 392 1402 Fax (202) 392 4214 E-mail [email protected] Web-Address www.egyptse.com Country Code 20


Al Karma Brokerage Co. 2 4173597 4173597 [email protected]

Al Manar for Stock Exchange 2 3353165-3045 3357958 [email protected]

Al Nasr Securities Brokerage Co. 2 5192722-03 5192778 [email protected]

Al Rowad Fincorp Investment Holding 2 7497600-9 3379766 [email protected]

Al Shark El Awsat Co. for Securities Brokerage 2 3935990-5 3935823 [email protected]

Al Shorouk Brokerage 2 5781177 5781166 [email protected]

Alexandria for Securities Brokerage 3 4840655-1021 4841021 [email protected]

Aman Securities Co. 2 3934633-7493 3937497 [email protected]

Arabia Company for Brokerage 2 3933745 3933677 [email protected]

Bab Al Molouq Securities Co. 3 4838504 4838504

Bankers Group for Brokerage 2 3958380-1-2 3958384 [email protected]

Baraka for Securities Brokerage 2 3921478 3921478 [email protected]

Brokers Stock Exchange 2 4856128 4856128

Cairo Brokerage Co. 2 5911843 5887511

Cairo National Co. For Reg. & Secu. Neg. 2 7609356-67-94 7609438 [email protected]

Capital Securities Brokerage 2 2629527 4042449 [email protected]

Champollion Brokerage 2 3934828 3957809 [email protected]

Commercial International Brokerage Co. 2 3383906 7618379 [email protected]

Continental for Securities Brokerage 2 3367065 3369725 [email protected]

Correct Line Brokerage 2 3380568-9 3380568-9 [email protected]

Counsel Inc. 2 7921100-200 7921300 [email protected]

Dynamic Securities Trading 2 3038370 3038373 [email protected]

Egycan Brokerage Firm S.A.E. 2 5781238 5789918 [email protected].

Egypt Brokerage 2 5780401-2-3 5766912 [email protected]

Egyptian American Co. for Brokerage 2 3366447-8 3388442 [email protected]

Egyptian Group for Securities 2 7920183-1789 7920183-1789 [email protected]

Egyptian Kuwaiti Securities & Bookkeeping 2 5798551-2-3 5798554 [email protected]

El Alamia for Brokerage 2 3921890 3931424 [email protected]

El Amal Stock Brokerage Co. 3 5458947 5458947

El Eman Securities Brokerage ESB 2 4199528-9 4172295 [email protected]

El Fath Stock Brokers 2 7923038 7946216

El Giza for Securities Trading 2 5732575 5713179 [email protected]

El Horreya Securities Brokerage 2 3904940 3904940 [email protected]

El Karnak for Stock Brokerage & Bookkeeping 2 3937715 3937715 [email protected]

El Kheir Co. 3 4859004 4803767 El [email protected]

El Kinanah Brokerage Securities Co. 2 3955053-6-7 3955046 [email protected]

El Kinanah Securities Brokerage 3 4949099 4949099 [email protected]

El Lewaa Stock Exchange Brokerage 2 3937609 (6 lines) 3951672 [email protected]

El Madina Stock Brokers 2 3959397 3934101 [email protected]

El Mahrousa Exchange Stock Co. 3 5985005 5985005 [email protected]

El Masa Brokerage 2 3937458 3937458

El Mokattam Securities Brokerage 2 3956825 3955614

El Mostakbal Brokerage Co. 2 5766296-282 5768858

El Nour Securities Brokerage Co. 2 3046897-5686 3046897 [email protected]

El Omanaa Al Motahedeen 3 4845088-9 4844712 [email protected]

El Safa for Securities Brokerage 3 4830206 4834030

El Salam for Brokerage 2 3919215-3186 3928162 [email protected]

El Tadamon El Arabi 2 3385466-77 3353990 [email protected]

El Tawfeek Stock Brokers 2 7932224-5 7950371 [email protected]

European Group for Brokerage & Bookkeeping 2 3386670 (4 lines) 3386675 [email protected]

Egypt Trust Securities 2 3952514-5 3952515 [email protected]

Farana Securities Trading 2 7481434 7481464

Financial Brokerage Group 2 3388851-4 3388668-33 [email protected]

Fleming Al Mansour Securities Brokerage Co. 2 7956363-3500 7943936 [email protected]

Fleming CIIC Securities Brokerage 2 7956263-3500 7943936 [email protected]

Fortune Securities Co. 2 3368129 3362373 [email protected]

Global Capital Securities 2 4177751 4177735

Golden Hand for Securities Brokerage 2 3924034 3924570 [email protected]

Golden Share Stocks 2 2636292 2636292 goldenshare @yahoo.com

Golden Way Securities 2 3384171 (3 lines) 3386533 [email protected]






Guarantee for Securities Exchange 2 3926578-9 3924255 [email protected]

HC Brokerage 2 5784024 5784023 [email protected]

Helwan Brokerage & Bookkeeping 2 5548848 5548838 [email protected]

Hermes Securities Brokerage 2 3388851-64-67 3369580 [email protected]

Honest for Brokerage & Bookkeeping 2 5190111 5190666 [email protected]

Hours for Brokerage 2 5913638 5913638

HSBC Securities Egypt 2 7380145 7380028 www.hsbc.com

International Brokerage Group 2 5905184 202-5905195 [email protected]

International Experts Brokerage 3 4970440-330 4970440

International for Securities 2 4192279 4186782 [email protected]

Investia Misr-Romania 2

Lepon Securities Brokerage & Bookkeeping 2 3366700 3364293 [email protected]

Lotus Securities Trading 2 7483829 3362499 [email protected]

Luxor Securities Brokerage & Book Keeping. 2 5920634 (5 lines) 5929071 [email protected]

Maadi Company for Stock Dealing 2 3386565 3386565 [email protected]

Marwa Brokerage Co. 2 5740074 5783855 [email protected]

Mediterranean Co. for Brokerage Securities 2 3917222 3922411

Metro Company for Bookkeeping & Stock Dealing 2 5260445-6 5260447 [email protected]

Midland Stockbrokers & Bookkeeping 2 30222 3054071 [email protected]

Mina 2 4185931 4172930

Miracle for Securities Transaction 2 3923667-2174 3937817

Misr International for Trading Securities 3 4848136-9 4848265 [email protected]

Misryeen Securities Brokerage 2 3954880 3954691

National Securities 2 3382930-35 3382950 [email protected]

Nile Securities Co. 2 3031578 3463663

Okaz Stockbrokers & Investments Consultants 2 5914741 5891499 [email protected]

Optima Securities Brokerage 2 5784725 5784726 [email protected]

Oroba Stock Brokers 2 3911802 3930234 oraba@link-net

Pharaonic Brokerage Co. 2 3935809 3901399

Pioneers for Securities 2 2753370 2753370 [email protected]

Premiere Brokerage Co. 2 3030157 3030157

Prime Securities 2 3381526 (2 lines) 3381993 [email protected]

Prizma Securities Co. 2 3381810 (2 lines) 3381813 [email protected]

Profit Securities 2 3903843 3904891 [email protected]

Queen for Brokerage & Stock Exchange 2 5747052 5753931 [email protected]

Safir International Co. 2 6443799 6395081 [email protected]

Sigma Securities Brokerage-SSB 2 7356060 7368044 [email protected]

Sinai Securities 2 4180495 (2 lines) 4180472 [email protected]

Stars for Securities 2 4014089 2604754

Strategic Securities Group 2 3041260-70 3041290 [email protected]

Swiss Group 2 4503150 4503150

Takamol Brokerage & Bookkeeping Co. 3 4854500 4854500 [email protected]

Tamro Securities Brokers 2 3033088 3038563 TAMRO@GEGA-NAT

Team Stock Exchange Co. 3 4871568 4848926

The Roots Stock Brokerage House 2 3953040 (2 lines) 3952799 [email protected]

Three Way Company 2 7925045 7925029

Tiba Brokerage Co. 2 3905906 3924059 [email protected]

Top for Brokerage 2 3901139 3901139

Triple A Securities 2 7618671-3 7618679 [email protected]

Tropicana Brokerage 2 3950014-5 3950013 [email protected]

Trust Group for Securities 2 7924027-6 7925884 [email protected]

Tycoon Brokerage Securities 2 7922701-2-3 7946800 [email protected]

United Brokerage Corp. 2 5699108 7744968 [email protected]

United Brothers Co. 2 3040325-6-7 3030747 [email protected]

United Economic Group 2 5754564 5797082 [email protected]

United Securities Stockbrokers 2 3909994 3909995 [email protected]

Universal Stock Exchange 2 3585296-98 3589042 [email protected]

Venex Group for Brokerage & Bookkeeping 2 6429530 6443645 [email protected]

Wall Street Securities 2 3953034 3957344 [email protected]

Watania Brokers 3 4844544 4843527






Wedian Securities Stock Brokerage 2 3939087 3901782 [email protected]

Yasmine Brokerage Co. 2 4844216 4844216-7 [email protected]

AB Group LLC 32 252815 954265 [email protected]

Alfabrok LLC 32 251860 (ext.226)

Anira LLC 32 387209 [email protected]

Arli LLC 32 577623

Basis 32 983670

Bona LLC 32 923883

Cartu Broker LLC 32 221519 251410

Columb 32 235239

DAVI+ LLC 32 383794

Delpho LLC 32 330906

Duka LLC 32 326705 [email protected]

East-West Invest LLC 32 294598/99 227566 [email protected]

Galt & Taggart Securities LLC 32 235800 235804

Georgian Brokerage Company LLC 32 251889 252744

Georgian Securities 32 290094

Georgian Stock Company LLC 32 987109 987109

GMB Group 88222 76001 76001

GMR LLC 32 389189

Graali 32 776719

Hedge LLC 32 251283 251285

Helman LLC 32 941491/92

Imedi LLC 32 934854 989822

Industry Investi JSC 88222 70596 70596 [email protected]; [email protected]

Intel-Broker LLC 32 989791 989791

InvestContract LLC 32 343700

Invest-Expert LLC 32 251869 (ext. 110) [email protected]

JO & SHI LLC 32 936385

Kabarjina JSC 32 250052

Oden LLC 32 294621

Phiba LLC 32 384654

Quanti LLC 32 337000

Sakartvelo LLC 32 377593

Sakinvesti LLC 32 999420

SB-Invest 32 989743 932693

Solomon Salman LLC 32 985199 250974

Tavazi LLC 32 940014 942026 [email protected]

TBC Broker LLC 32 225907 220406 [email protected]






GEORGIAN STOCK EXCHANGE

Address 74a Chavchavadze Avenue, Tbilisi 380062, Georgia Phone (995 32) 25 18 70 Fax (995 32) 25 18 76 E-mail [email protected] Address www.gse.ge Country Code 995


ABN Amro Bank N.V.-Istanbul Branch 212 3594040 3595050

ABN Amro Yatirim Menkul Degerler A.S. 212 3111000 3111002 [email protected]

Acar Menkul Degerler A.S. 212 2162661 2660543 [email protected]

Ada Menkul Degerler A.S. 212 2670951 2885796 [email protected]

Adabank A.S. 212 2726420 2885796

Ak Yatirim Menkul Degerler A.S. 212 2528989 2491287 [email protected]

Akbank T.A.S. 212 2700044 2697383 [email protected]

Akdeniz Menkul Degerler Tic.A.S. 212 2331102 2344101

Aktif Menkul Degerler A.S. 212 2294770 2294786 [email protected]

Alan Yatirim Menkul Degerler A.S. 212 2366869 2367293 [email protected]

Alfa Menkul Degerler A.S. 212 2821800 2821811 [email protected]

Altay Yatirim Menkul Degerler A.S. 212 2295980 2250135

Alternatif Yatirim A.S. 212 2313424 2313842 [email protected]

Alternatifbank A.S. 212 2324400 2333780 [email protected]

Anadolu Yatirim Menkul Kiymetler A.S. 212 2966554 2194220 [email protected]

Anadolubank A.S. 212 2969811 2965715

Arap Turk Bankasi A.S. 212 2250500 2249687 [email protected]

Ari Menkul Kiymetler A.S. 216 4184720 3464505 [email protected]

Arigil Menkul Degerler A.S. 212 2510554 2520661 [email protected]

Ata Yatirim Menkul Kiymetler A.S. 212 3552525 3552550 [email protected]

Ataonline Menkul Kiymetler A.S. 212 3558585 2115824 [email protected]

Ayborsa Menkul Degerler Tic.A.S. 212 2200930 2203851 [email protected]

B.A.B. Menkul Degerler Ticareti A.S. 212 2344428 2962834 [email protected]

Bahar Menkul Degerler Ticareti A.S. 216 3454438 3478980 [email protected]

Baran Menkul Degerler A.S. 216 3860364 3857787 [email protected]

Baskent Menkul Degerler ve Yatirim A.S. (see page 41) 212 2912121 2190535 [email protected]

Bayindir Menkul Degerler A.S. 212 2828900 2828595

Bayindirbank A.S. 212 3450345 3450441

Bender Menkul Degerler A.S. 212 2522000 2933490 [email protected]

Bnp-Ak Dresdner Bank A.S. 212 3395700 3395705 [email protected]

Boyut Menkul Degerler A.S. 212 2829282 2829280 [email protected]

Bumerang Menkul Degerler A.S. 212 3231718 3231728 [email protected]

Cagdas Menkul Degerler A.S. 212 2364510 2364520 [email protected]

Cagri Menkul Degerler A.S. 212 2882582 2727647 [email protected]

Calik Yatirim Bankasi A.S. 212 5390101 5023943

Camis Menkul Degerler A.S. 212 3503002 3505150 [email protected]

Can Menkul Degerler A.S. 212 2411822 2462734

Censa Menkul Degerler A.S. 212 3460300 3460333 [email protected]

Chase Manhattan Menkul Degerler A.S. 212 2279700 2279729

Citibank N.A. 212 2887700 2887758

Credit Agricole Indosuez Turk Bank A.S. 212 2797070 2826301 [email protected]

Credit Lyonnais-Turkey Main Branch 212 3393700 2842210 [email protected]

Credit Suisse First Boston-Istanbul Branch 212 3390200 2816444

Data Menkul Kiymetler Ticareti A.S. 212 3460446 3460440

Datek Menkul Degerler A.S. 212 2903400 2902688 [email protected]

Deger Menkul Degerler A.S. 212 2864800 2864818 [email protected]

Deha Menkul Kiymetler A.S. 212 2527190 2527198 [email protected]

Delta Menkul Degerler A.S. 212 2364274 2366567 [email protected]

Deniz Yatirim Menkul Kiymetler A.S. 212 2753500 2671869 [email protected]

Denizbank A.S. 212 2753500 2669300 [email protected]

Deutsche Bank A.S. 212 2577684 2577327 [email protected]

Diler Yatirim Bankasi A.S. 212 2971790 2539454 [email protected]

Dis Yatirim Menkul Degerler A.S. 212 3580770 3580778 [email protected]

Disbank A.S. Turk Dis Ticaret Bankasi A.S. 212 2744280 2115879 [email protected]

Dunya Menkul Degerler A.S. 212 5128465 5272337 [email protected]

Eczacibasi Menkul Degerler A.S. 212 2343501 2306266 [email protected]

Ege Giyim Sanayicileri Bankasi-EGS Bank A.S. 212 2960101 2190570 [email protected]

Ege Yatirim Menkul Degerler A.S. 212 3394040 3394080

Egemen Menkul Kiymetler A.S. 232 4894530 4896130 [email protected]

EGS Yatirim Menkul Degerler A.S. 212 2913939 2913959 [email protected]



ISTANBUL STOCK EXCHANGE

Address IMKB Building, Istinye 80860 Istanbul, Turkey Phone (90) 212-298 21 00 Fax (90) 212- 298 25 00 E-mail [email protected] Address www.ise.org Country Code 90


Ekinciler Yatirim Menkul Degerler A.S. 212 3240700 3255828 [email protected]

Ekol Menkul Degerler A.S. 212 5119922 5137125 [email protected]

Ekspres Yatirim ve Menkul Degerler A.S. 212 2902929 2902930 [email protected]

Entez Menkul Degerler Ticareti A.S. 212 2965505 2965379 [email protected]

Erciyes Menkul Degerler A.S. 212 2920606 2920688

Es Menkul Degerler Yatirim A.S. 212 2930311 2930739

Eti Menkul Kiymetler A.S. 212 2495454 2435875 [email protected]

Euro Menkul Degerler A.S. 212 2925900 2925926 [email protected]

Evgin Yatirim Menkul Degerler Ticareti A.S. 212 2965636 2314600 [email protected]

Fiba Bank A.S. 212 3177070 3177200 [email protected]

Finans Yatirim Menkul Degerler A.S. 212 2821700 2822250 [email protected]

Finansbank A.S. 212 2167070 2161538 [email protected]

Form Menkul Degerler A.S. 212 2848495 2848492 [email protected]

Garanti Yatirim Menkul Kiymetler A.S. 212 2510880 2923776 [email protected]

Gedik Yatirim Menkul Degerler A.S. 216 4530000 4530101 [email protected]

GFC General Finans Menkul Degerler A.S. 212 2331010 2968575 [email protected]

Global Menkul Degerler A.S. 212 2114900 2114901 [email protected]

GSD Yatirim Bankasi A.S. 216 4899750 4899781

Guney Menkul Degerler A.S. 212 2126300 2160049 [email protected]

Guven Menkul Degerler A.S. 212 2123270 2885038 [email protected]

Hak Menkul Kiymetler A.S. 212 2968484 2329823 [email protected]

Halk Yatirim Menkul Degerler A.S. 212 2929920 2929943 [email protected]

HC Istanbul Menkul Degerler A.S. 212 3172727 3172726 [email protected]

Hedef Menkul Degerler A.S. 212 3511709 3510887 [email protected]

HSBC Bank A.S. 212 3392050 3392106 [email protected]

HSBC Yatirim Menkul Degerler A.S. 212 3392000 3392110 [email protected]

HSBC Yatirim Menkul Degerler A.S. 212 2162666 2125238 [email protected]

Iktisat Yatirim Menkul Degerler A.S. 212 3363737 3363735 [email protected]

Info Menkul Degerler A.S. 212 2313180 2312202 [email protected]

ING Bank N.V. Istanbul Branch 212 2588770 2591140 [email protected]

Inter Yatirim Menkul Degerler A.S. 212 2364141 2363918

Is Yatirim Menkul Degerler A.S. 212 3502000 3502001 [email protected]

Isiklar Menkul Degerler A.S. 212 2650632 2650639

K Yatirim Menkul Degerler A.S. 212 2123878 3562228 [email protected]

Kalkinma Menkul Degerler A.S. 212 2133005 2119702 [email protected]

Karon Menkul Kiymetler A.S. 212 2100909 2101033 [email protected]

Kent Yatirim ve Menkul Degerler A.S. 212 3346060 3346006 [email protected]

Koc Yatirim Menkul Degerler A.S.-Koc Yatirim 212 2174777 2125334 [email protected]

Kocbank A.S. 212 2747777 2725815 [email protected]

Marbas Menkul Degerler A.S. 212 2250111 2250122 [email protected]

Med Menkul Degerler A.S. 212 2863152 2863166 [email protected]

Meksa Yatirim Menkul Degerler A.S. 212 2741106 2742318 [email protected]

Menka Menkul Degerler Ticareti A.S. 216 3481654 3459321 [email protected]

Merkez Menkul Degerler A.S. 312 3116665 3113397 [email protected]

Milli Aydin Bankasi T.A.S.-Tarisbank 232 4461154 4845908 [email protected]

MNG Bank A.S. 212 2913650 2913649 [email protected]

MNG Menkul Kiymetler Yatirim A.S. 212 2499333 2934888 [email protected]

Morgan Guaranty Trust Company of N.Y.-Istanbul Main Branch 212 3392339 3268380

Murad Kuran Menkul Degerler Ticareti A.S. 216 3028158 3029158 [email protected]

Nurol Menkul Kiymetler A.S. 212 2868000 2868001 [email protected]

Nurol Yatirim Bankasi A.S. 212 2868000 2868001

OB Menkul Degerler A.S. 212 2749800 2179230

Oncu Menkul Degerler A.S. 212 2518380 2519012

Oner Menkul Kiymetler A.S. 212 2344062 2259892 [email protected]

Osmanli Bankasi A.S. 212 3351000 3352080

Oyak Bank A.S. 212 3252929 2808716 [email protected]

Oyak Yatirim ve Menkul Degerler A.S. 212 3151000 2327445 [email protected]

Pamuk Yatirim Menkul Degerler A.S. 212 2752424 2132851 [email protected]

Pamukbank T.A.S. 212 2752424 2132950 menkul [email protected]

Park-Raymond James Yatirim Menkul Kiymetler A.S. 212 2874004 2875910 [email protected]






Pay Menkul Degerler A.S. 212 2751708 2750185 [email protected]

Piramit Menkul Kiymetler A.S. 212 2939500 2939559 [email protected]

Polen Menkul Degerler A.S. 212 2521212 2493544 [email protected]

Prestij Menkul Degerler A.S. 212 2751180 2723700

Prim Menkul Degerler A.S. 212 2838888 2838890 [email protected]

Rabobank Nederland -Istanbul Branch 212 3267200 3267201

Reel Menkul Degerler A.S. 212 3450800 3450750 [email protected]

Riva Menkul Degerler A.S. 212 2903030 2903010 [email protected]

San Menkul Degerler A.S. 212 2433500 2491332

Sanko Menkul Degerler A.S. 216 3452423 3379676 [email protected]

Sayilgan Menkul Degerler Ticareti A.S. 216 4184002 4184737 [email protected]

Seker Yatirim Menkul Degerler A.S. 212 2134370 2134391

Sekerbank T.A.S. 312 4191839 4251490 [email protected]

Sinai Yatirim Bankasi A.S. 212 2131600 2131232 [email protected]

Sinai Yatirim Menkul Degerler A.S. 212 2131383 2131299 [email protected]

Site Yatirim Menkul Degerler A.S. 212 2752050 2750603 [email protected]

Sitebank A.S. 212 2314010 2483791 [email protected]

Societe Generale Turkey Main Branch 212 2821942 2821844 [email protected]

Soymen Menkul Kiymetler A.S. 312 4688750 4688102 [email protected]

Stok Menkul Degerler A.S. 212 2741988 2742954 [email protected]

Strateji Menkul Degerler A.S. 212 2885521 2884811 [email protected]

Sumer Yatirim Menkul Degerler A.S. 212 2862540 2854369 [email protected]

Sumerbank A.S. 212 2163161 2160763 [email protected]

T.C. Ziraat Bankasi Head Office Capital Markets Deparment 312 2311925 2301942 [email protected]

T. Garanti Bankasi A.S. 212 2854040 2861611 [email protected]

T. Halk Bankasi A.S. 312 2317500 2894144 [email protected]

T. Ihracat Kredi Bankasi A.S. Eximbank A.S. 312 4171300 4257896 [email protected]

T. Is Bankasi A.S. 212 3160000 3160900 [email protected]

T. Kalkinma Bankasi A.S. 312 4179200 4171220 [email protected]

T. Sinai Kalkinma Bankasi A.S. 212 3345050 2432975 [email protected]

T. Ticaret Bankasi A.S. 212 2885900 2886138 [email protected]

T. Vakiflar Bankasi T.A.O. 312 4681160 4684541

Tacirler Menkul Degerler A.S. 212 3554646 2820997 [email protected]

TAIB Yatirim Menkul Degerler A.S. 212 2257090 2319599 [email protected]

Taksim Menkul Degerler A.S. 212 2517116 2497483 [email protected]

Taris Yatirim Menkul Degerler A.S. 232 4461470 4463199 [email protected]

TEB Yatirim Menkul Degerler A.S. 212 3451111 3450714 [email protected]

Tekfen Menkul Kiymetler A.S. 212 2861111 2861313 [email protected]

Tekfenbank A.S. 212 2852525 2854646 [email protected]

Tekstil Bankasi A.S. 212 2241313 2327532 [email protected]

Tekstil Menkul Degerler A.S. 212 3252090 3252422 [email protected]

Tezal Menkul Degerler A.S. 212 2329030 2322395 [email protected]

The Chase Manhattan Bank N.A. 212 3268300 3268380

Ticaret Yatirim Menkul Degerler A.S. 212 2885900 2886138 [email protected]

Toprak Menkul Degerler A.S. 212 3402200 3402296 [email protected]

Toprak Yatirim Bankasi A.S. 212 2903232 2903238

Toprakbank A.S. 212 3401000 3401821 [email protected]

Toros Menkul Kiymetler Ticareti A.S. 212 2315252 2313849 [email protected]

TSKB Menkul Degerler A.S. 212 3345050 2928012

Turk Ekonomi Bankasi A.S. 212 2512121 2496568 [email protected]

Turkish Bank A.S. 212 2250330 2250353 [email protected]

Turkish Yatirim A.S. 212 2334848 2408885 [email protected]

UB Ulusal Yatirim Menkul Kiymetler A.S. 212 2365666 2363940 [email protected]

Universal Menkul Degerler A.S. 212 2882030 2720044 [email protected]

Vakif Yatirim Menkul Degerler A.S. 212 3523577 3523620 [email protected]

Westdeutsche Landesbank Girozentrale Istanbul Main Branch 212 3392500 2830460 [email protected]

Yapi Kredi Yatirim Menkul Degerler A.S. 212 2801030 3252245 [email protected]

Yapi ve Kredi Bankasi A.S. 212 3397000 3396060 [email protected]

Yasar Yatirim Menkul Degerler A.S. 212 2130160 2886317 [email protected]

Yatirim Bank A.S. 212 2257090 2319599 [email protected]

F E D E R A T I O N O F E U R O - A S I A N S T O C K E X C H A N G E S > Y E A R B O O K 2 0 0 1 / 2 0 0 2 > P A G E 1 0 0





Yatirim Finansman Menkul Degerler A.S. 212 2821340 2821550 [email protected]

Ziraat Yatirim ve Menkul Degerler A.S. 212 5140044 5140710 [email protected]

Pakistan Limited 21 242 4161 242 5329

Pvt. Limited 21 244 0214

Pvt. Limited 21 242 6203 242 6436

A. Latif H. Gaffar Noorani 21 241 0240 242 8776

A. Sattar Dawood Adhi 21 241 0419

Aba Ali Habib 21 242 9664 241 3822

Aba Hussain A. Karim 21 241 3245

Abdul Aziz Badi 21 241 7297 241 9397

Abdul Aziz Moosa Khanani 21 241 0494

Abdul Aziz Tayub Patel 21 241 6647

Abdul Aziz Umer 21 241 2280

Abdul Hamid Abdul Shakoor 21 244 4497 241 2412

Abdul Jabbar H. Ali Muhammad Khanani 21 243 8201 242 2702

Abdul Khaliq 21 241 4778 241 1686

Abdul Majeed Adam 21 241 5526 243 7380

Abdul Majeed Zakaria 21 244 3247 726 1094

Abdul Rasheed Janmuhammad 21 241 2265 241 6791

Abdul Razzak Haji Jan Muhammad Kapadia 21 241 3245

Abdul Rehman H. Abdullah Durvesh 21 241 6059 244 2424

Abdul Sattar Aba Muhammad Akhai 21 241 3245

Abdul Sattar Chinoy 21 242 9715 241 9751

Abdul Sattar Haji Ghani Motiwala 21 241 7712 243 7194

Abid Ali Habib 21 241 7674 241 3822

Abida Nasreen Lakhani Mst. 21 240 0336

Ahmed Abdul Ghani 21 242 9382 242 9383

Alfa Adhi Capital Management Pvt Ltd. 21 241 9668 242 2550

Ali Hasnain Yousuf Ali 21 244 1100 242 8488

Al-Mal Securities & Services Limited 21 244 4967 242 7082

Altaf Muhammad Saleem 21 568 2349 568 0476

Amanullah Adam 21 241 1656 244 2121

Amanullah Haji Muhammad Marfani 21 241 7977 242 4363

Amanullah Suleman 21 242 7388 242 4923

Amin Haji Karim Dhedhi 21 240 1713 244 4499

Amin Issa Tai 21 242 9505 242 3469

Amin Siddique Parekh 21 241 1524

Amin Umer 21 241 9037 242 0714

Amin Zakaria 21 241 8977

Amina Mirza Mrs. 21

Amz Securities Pvt Limited 21 241 8496 241 8495

Aqeel Karim Dhedhi Securities Pvt Limited 21 243 6461 243 6462

Arif H. Yousuf Saya 21 242 6158 242 7664

Arif Habib Securities Limited 21 241 5213

Asad Ullah Khan 21 243 2490 241 2271

Asian Securities Limited 21 242 8612 587 0404

Asif Haroon 21 244 0115

Atlas Investment Bank Limited 21 241 7744

Aziz Ahmed Dawood 21 241 6102 241 1733

Aziz Fidahusein & Company Pvt Limited 21 241 5042 241 0091






KARACHI STOCK EXCHANGE

Address K.S.E. Building, Stock Exchange Rd., OffI. I. Chundrigar Road, Karachi-74000, Pakistan Phone (92) 21-241 35 82 Fax (92) 21-241 08 25 E-mail [email protected] Web Address www.kse.com.pk Country Code 92


Bilal Ahmed 21 51 5685

Bilquis Saleem Gazipura Mrs. 21 241 8903 242 2893

Bma Capital Management Limited 21 241 7378 243 7094

Concordia Securities Pvt Limited 21 241 0420 243 4832

Crescent Investment Bank Limited 21 568 8008 568 9625

Dawood Muhammad 21 241 3931 242 311

Eastern Capital Limited 21 244 6271

Farooq A. Ghaffar 21 242 9028 242 9758

Fawad Yousuf 21 244 4423 242 8464

Ferozuddin A. Cassim 21 241 5459 241 4742

Finex Securities Limited 21 242 9601 242 9607

First Capital ABN Amro Equities 21

Fortune Securities Limited 21 244 4229 241 1894

Ghulam Muhammad Ismail 21 241 7628 243 7135

Ghulam Mustafa Sakarwala 21 241 9732 242 8303

Global Securities Pakistan Limited 21 244 3889 242 6267

H. M. Idrees H. Adam 21 242 5001

H.H.K. Securities Pvt Limited 11 163 3633 243 2368

Haji Abdul Latif Suleman 21 243 1957 243 3767

Haji Anis Pardesi 21 242 8973

Haji Ghani Haji Usman 21 242 9485 241 2164

Haji Muhammad Younus Janmuhammad 21 241 7579

Hamid D. Habib 21 23 2811

Hamid Umer 21 241 1722 241 0708

Haroon Abdul Ghani Motan 21 22 7557

Haroon Suleman 21 241 2622

Hoshang Behrana 21 242 4010

Hussain Ebrahim 21 241 7601

I Puri Securities Pvt Limited 21 241 5757 241 0470

Ibrahim Ahmed Memon 21 241 4380 242 7841

Imtiaz Ibrahim 21 242 9878 242 9073

Indosuez W.I. Carr Securities Pakistan 21 242 5304 244 0230

Ing Baring Securities Pakistan Pvt Ltd. 21 452 9095 452 9091

International Investment & Financial 21 244 4432 242 7253

Invest Capital And Securities Pvt Ltd. 21 51 4537 2444006/7

Iqbal Ali Muhammad 21 501 5702 501 4254

Irfan Mazhar 21 244 6155 244 6157

Ismail Abdul Shakoor 21 242 4072 242 4043

Jahangir Siddiqui 21 241 9001 241 2426

Jahangir Siddiqui & Co. Limited 21 242 7462 241 8106

Jal H. P. Byramji 21 243 4436

Jan Muhammad A. Latif Nini & Sons Pvt Ltd. 21 242 0277 241 4619

Jardine Fleming Pakistan Broking 21

Javed Omer Vohra & Co. Limited 21 241 0849 241 5709

Javed Zakaria Gulabi 21 241 1492

Kamruddin Fakhruddin Vali Bhai 21 21 7397

Kausar Abbas Bhayani 21 242 9774 242 1755

Khadim Ali Shah Bukhari & Co. Limited 21 241 5762 11122 2000

Khawaja Amir Ishaq 21

Kurbanali M. Merchant 21 241 0279

M. Anis M. Ismail 21 242 9278 2429277

M. Nisar M. Usman Ashrafi 21 241 1617 243 9333

M. Siddik Yousuf Patel 21 241 7682

M/S. Ali Husain Rajabali Limited 21 241 5076

M/S. Continental Capital 21

Mahboob Haji Hussain Shakoor 21 242 7740 242 7843

Mahmoud A. Haroon 21 567 5131 568 3188

Malik Khan Awan 21 241 0565

Management Pvt. Ltd. 21

Mazhar Hussain 21 241 0100 241 7414






Mazher Nasreen Mrs. 21 244 6510 244 6293

Mohandas Assudomal 21 244 1777 243 8735

Moosa, Noor Muhammad, Shahzada 21 244 1991 244 4115

Moosani Securities Pvt Limited 21 240 0871 241 6004

Muhammad Ajmal 21 241 6250 241 7274

Muhammad Amin Abdul Rehman Rangila 21 244 6374

Muhammad Anaf Kapadia 11 163 3633 243 2368

Muhammad Anas Kapadia 11 163 3633 243 2368

Muhammad Ashfaq Hussain 21 241 6197

Muhammad Ashraf Noorani 21 241 0240 242 8776

Muhammad Asif Chamadia 21 241 1138 242 8055

Muhammad Asif Sultan 21 243 0458 243 7194

Muhammad Aslam A. Sattar Motiwala 21 243 7194 240 1933

Muhammad Ayub Younus Adhi 21 241 2161 241 2164

Muhammad Basheer Janmuhammad 21 241 2265 241 6791

Muhammad Dawood Jan Muhammad 21 244 1193 244 3541

Muhammad Farooq Haji Abdullah 21 242 5147

Muhammad Farooq Moosa Dharwarwala 21 243 3643 2427174-5

Muhammad Hanif Bawa 21 241 8253 241 0313

Muhammad Hanif Machiyara 21 240 0711 493 9861

Muhammad Hanif Moosa 21 2428784-9 241 9347

Muhammad Hanif Moosa Dharwarwala 21 243 3643 244 4462

Muhammad Hussain Dawood 21 51 6211

Muhammad Hussain Ismail 21 241 7887

Muhammad Iqbal Abdul Ghani Mandvia 21 231 4996 231 3850

Muhammad Iqbal Usman Kodvavi 21 2432911-12 242 9802

Muhammad Javed Surmawala 21 241 3346

Muhammad Junaid Memon 21 243 6925 243 3748

Muhammad Muneer Ahmed Khanani 21 244 3434

Muhammad Nadeem A. Ghaffar 21 241 2622

Muhammad Rafiq Tumbi 21 498 8112 498 8115

Muhammad Rashid Ashraf 21 588 4233

Muhammad Saad Maniar 21 241 7484 243 7050

Muhammad Saleem Ghory 21 242 8610 241 9607

Muhammad Salim Kasmani 21 241 1460

Muhammad Siddiq Akbani 21 53 4314

Muhammad Siddiq Kasmani 21 241 1460

Muhammad Siddique Dalal 21 241 7299 243 6565

Muhammad Siddique Suleman 21 242 6825 241 8791

Muhammad Tariq Moti 21 241 3024

Muhammad Tariq Vohra 21 241 3902

Muhammad Yahya Godil 21 241 9438 586 0973

Muhammad Yakoob A. Latif Nini 21 241 4619 242 0277

Muhammad Yasin Lakhani 21 241 3741 242 3467

Muhammad Younus Tayub Patel 21 241 6647

Muhammad Yousuf Peermuhammad 21 631 4604

Muhammad Yunus Haji Ali Dangra 21 242 0990 242 1004

Muhammed Hussain Adhi 21 244 4113

Mumtaz W/O. Muhammad Rafiq Adam Mrs. 21 241 7729 241 9138

Munaf Abdul Sattar 21 242 2306 241 9155

Munaf Usman Mehanti 21 241 4829 242 7354

Munir Khalid 21 242 9343 242 9343

Naeem Rafi 21 242 3741 242 4559

National Finance & Investment Services Ltd 21 241 0470 241 2295

Naveed H.M. Idrees 21 244 4449

Owais A. Dagra 21

Prudential Securities Limited 21 240 0661 242 8192

Qadir H. Lakhani 21 241 9037 2417 5598

Ramada Securities and Derivatives Ltd. 21 452 5216 452 5212

Raymond Jal H. P. Byramji 21 243 3108 243 6659






Republic Securities Pvt. Limited 21 242 9670 242 4675

S. Nasir Hussain 21

S.C. Securities Private Limited 21 242 1826 242 1639

Saleem Chamdia 21 244 4451 242 9078

Salim M. Sozer 21 241 1950 241 7306

Salim N. Mukaty 21 241 7205 241 2194

Salman Services Pvt. Limited 21 244 1616 242 5570

Sarfaraz Aziz 21 241 0091 241 5042

Schon Capital Markets Limited 21

Services Limited 21 243 0787

Siddik Moti 21 241 0307 241 0454

Sirajuddin A. Cassim 21 241 1933 241 4742

Sohail Raza Moosani 21 240 0871

Sultan Ahmed Zakaria 21 243 7195 : 2437194

Sultan Ghulam Husein Dattoo 21 241 1689 243 9236

Syed Aijaz Ali Abbasi 21 242 3785 241 8823

Tahir Shafique 21 242 9124 241 2337

Tanveer Alam Mannoo 21 241 9393

Taurus Securities Limited 21 568 9855 242 3772

Tewfiq Mohammad Amin Fikree 21 242 3113 243 2097

Westminister & Eastern Financial 21 242 9288 242 9292

Yacoob Habib 21 256 3744

Yousuf Ebrahim 21 241 7660

Yousuf Muhammad Japanwala 21 241 9623 241 2047

Zafar Moti 21 241 0307 241 0454

Zahid Bashir 21 241 5501 241 2275

Zahoor Abdul Ghaffar 21 242 3277

Zaitoon Muhammad Abdul Shakoor Mrs. 21 241 6629

Zakaria Ahmed Bawany 21 241 3528 241 1804

Zohra W/O M. Siddiq Mayari Mst. 21 242 0481 242 2064

Zubaida W/O Esmail Ahmad Bagasrawala 21 241 2891 242 9709

Zubeda Abdul Sattar Mrs. 21 242 2306

ABN Amro Asset Management 2 507-289 507-303 [email protected]

ABN Amro Bank Kazakhstan 2 507-300 647-627 [email protected]

Ak Niyet, Pension Asset Management Company 2 639-722 638-291 [email protected]

Alfa Bank Kazakhstan 2 670-012 507-803 [email protected]

Almaty Merchant Bank 2 501-994 501-995 [email protected]

Bank "KASPIYSKIY" 2 501-821 509-596 [email protected]

Bank Center Credit 2 622-024 692-924 [email protected]

Bank Turan Alem 2 505-127 500-224 [email protected]

CAIFC 2 581-136 935-885 [email protected]

Citibank Kazakhstan 2 980-400 980-399 [email protected]

DB Securities Kazakhstan 2 636-539 581-642 [email protected]

Demir Kazakhstan Bank 2 508-530 508-525 [email protected]

Euroasian Bank 2 508-670 508-656 [email protected]

Eximbank Kazakhstan 2 509-602 507-549 [email protected]

Financial Company Greenwich Capital Management 2 336-917 581-293 [email protected]

Future Capital 2 503-001 503-001 [email protected]






KAZAKHSTAN STOCK EXCHANGE

Address 67 Aite bi, 480091 Almaty, Republic of Kazakhstan Phone (7) 3272-63 98 98 Fax (7) 3272-63 89 80Web Address www.kase.kz Country Code 7


Global Securities 2 582-888 581-661 [email protected]

Halyk Savings Bank of Kazakhstan 2 509-991 464-145 [email protected]

HSBC Bank of Kazakhstan 2 581-333 501-501 [email protected]

International Bank Alma-Ata 2 507-231 503-749 [email protected]

Intertrade 3132 562-072 562-072 [email protected]

Investment Management Group Ltd. 2 547-411 547-411 [email protected]

Kazakhstan Financial Company 2 638-727 637-651 [email protected]

Kazkommertsbank 2 585-225 509-507 [email protected]

Kazkommerts-Ziraat Bank 2 506-080 506-082 [email protected]

Kazkommerts Securities Ltd. 2 588-222 596-727 [email protected]

KG Securities 2 509-012 509-072 [email protected]

KIB Asset Management Ltd 2 679-991 679-074 [email protected]

Lariba Bank 2 491-644 496-421 [email protected]

National Bank of Kazakhstan 2 504-683 637-342 [email protected]

Pension Asset Management Company

of Halyk Savings Bank of Kazakhstan 2 500-457 509-998 [email protected]

R.G. Securities Ltd. 2 443-337 443-303 [email protected]

RBNT Securities 2 581-116 582-675 [email protected]

Republican State Enterprise "Informazionno-uchetnyi Centre" 2 622-506 623-941 [email protected]

State Accumulative Pension Fund 2 429-290 509-135 [email protected]

Stock Services 2 587-078 582-936 [email protected]

Tau Securities 2 507-164 507-252 [email protected]

Temirbank 2 587-888 587-832 [email protected]

TexaKabank 2 500-060 500-063 [email protected]

The Public State Enterprise of Post Communication 2 590-644 581-355 [email protected]

TuranAlem Securities Ltd 2 505-131 505-133 [email protected]

Zhetysu, Pension Asset Management Company 2 628-583 507-089 [email protected]

Aalam 312 284-530 284-610 [email protected]

Bereke MT 312 666-155 541-557 [email protected]

BNC Capital Management 312 272-582 272-479 [email protected]

CJSC "IFC Capital" 312 272-582 272-479 [email protected]

CJSC "Passer & Co" 312 212-523 211-827 [email protected]

FC "Senti" 312 663-414 663-353 [email protected]

FIC ASKO & CO Ltd 312 544-242 544-216 [email protected]

Global Securities 73272 582-888 581-661 [email protected]

Invest Service Ltd. 3133 337-47 337-47 [email protected]

JSB "Kyrgyzstan" 312 219-275 214-985 [email protected]

JSC "BBB" 312 663-507 662-950 [email protected]

Kairat Bank JSC 312 218-932 218-955 kairat@kairatbank,kg

Minaret Group 312 227-004 660-085

NCP Securities Corporation 312 610-840 610-840

Niet-Araket 312 664-696 664-483 [email protected]

Zaman 312 225-691 660-545 [email protected]



KAZAKHSTAN STOCK EXCHANGE



KYRGYZ STOCK EXCHANGE

Address Moskovskaya 172, Bishkek 720010, Kyrgyz Republic Phone (996 312) 66-50-59 (996 312) 66-06-24 Fax (996) 66-15-95 E-mail [email protected] Web Address www.kse.kg Country Code 996


Abdul Majeed Adam 21 2413580 2437380 [email protected]

Abdul Rashid Jan Mohammad 21 2412265 2416791

Abdul Saeed 42 6314552 6314558

Abid Ali Habib 21 2422118 2413822

Aftab Ahmad Sheikh 42 6311396 6311397 [email protected]

Aftab Shafiq 21 2441103

Ahmed Hasnain 42 5754724 5763950 [email protected]

Akram S. Mahmood 42 6368909 6368484

Ali Hasnain Yusuf Ali 21 2441100 2428488

Ammar-ul-Haq 42 6368827 6368782 [email protected]

Anwar Ahmed 42 6369197 6368961 [email protected]

Aqeel Karim Dhedhi 42 6310526 6368526 akd@lse

Arif Latif 42 6311611 6360613 [email protected]

Arif Majid Chaudhry 42 6311388 6310401

Asif Baig Mirza 42 6310555 6310557

Ayaz Mahmood 42 7562600

Aziz-Ur-Rehman 42 6372456 6372469

Brig. Rtd Naeem A. Khawaja 42 6368287

Dr. Yasir Mahmood 42 6314141 6314488 [email protected]

Engr. Mazhar Rafiq 42 6312222 6368303

Engr. Mian Sajid Masood 42 6313981 6313985 [email protected]

Engr. Muhammad Naveed Usman 42 6279191 6279050 [email protected]

Farooq Nisar 42 6315555 6315558 [email protected]

Gul Abdullah Dhami 42 6368036 6368979

Gulrez Rashid 42 630-9851 630-9855 [email protected]

H. Hatim H. Karim 21 2415861 2411684 [email protected]

Habib Ullah Sheikh 42 6311383 6368220 [email protected]

Haji Abdul Sattar 42 6278963 6368829

Haji Ghani Haji Usman 21 2412161 2412164

Haji Malik Muhammad Rafi 42 6369099 6279099

Hamid Mukhtar Chaudhry 42 6360589 6369088

Hamyun Shahzada 42 6310715 7662939

Harwest Smartrend Securities 42 111-800-000 6314193 [email protected]

Humair Dewan 42 6364000 6307993 [email protected]

Humayun Saeed Sheikh 42 6374615 6368679 [email protected]

Iftikhar Ahmad Malik 42 5716134 5711530 [email protected]

Iftikhar Shaffi Suspended

Ilyas Muhammad Chaudhry 42 6368980 6375578

Iqbal Y. Shajani 21 5677105 5881296

Javaid Iqbal 42 6368255 6369117 [email protected]

Javed Ahmed 42 5759621 5710312

Javed Omer Vohra 21 2417675 2415709

Kh. Basit Waheed 42 7237562

Kh. Sami Rashid 42 6316611 6316615 [email protected]

Khalil Ahmad Malik 42 6308778 6308783 [email protected]

Khawaja Hamad Saeed 42 6368436 6368919 [email protected]

Khawaja Imtiaz Ahmad 42 5756953 5710604

Khawaja Muhammad Asghar 42 6316117

Khawaja Muhammad Iqbal D

Lt. Col. Rtd Ch. Muhammad Iqbal 42 6312281

M. Ashraf Hussain Adhi 42 6307816 6368526 akd@lse

M/S Abbasi & Company PVT Ltd 42 7236019 7354916 [email protected]

M/S AKZ Securities PVT Ltd 42 6278987 6368288 [email protected]

M/S Hameed Javed Securities 42 6307680-83 6369143

M/S Invest & Finance Securities 42 6316455 6315598

M/S MTM Securities PVT Ltd 42 6369991 6279101

M/S Mumtaz Enterprises PVT Ltd 21 2412145 2416104

M/S N.H. Securities PVT Ltd 42 7235084 7235083 [email protected]

M/S Rahat Services Ltd 42 6316208 6314253 [email protected]

M/S S, K. Securities PVT Ltd 42 6315772 6309216 [email protected]



LAHORE STOCK EXCHANGE

Address 19 Khayaban-eAiwan-e-Iqbal, Lahore-54000, Pakistan Phone (92) 42-636 80 00 Fax (92) 42-636 84 85 E-mail [email protected] Web Address www.lahorestock.com Country Code 92


M/S Sat Securities PVT Ltd 42 6375445 6375450 [email protected]

M/S Uni Pak Securites PVT Ltd 42 6301702 6368005

M/S Y.S. Securities & Services Ltd 42 6368772 6310186

M/S Zafar Securities PVT Ltd 42 6368544 6368195 [email protected]

M/s. Allied Bank of Pakistan Ltd. 42 6311426 6311418 [email protected]

M/s. Arif Habib Securities Ltd. 21 2415213 2429653 [email protected]

M/s. Atlas Investment Bank Ltd. 42 6372110 6375877 [email protected]

M/s. Darson Pvt Ltd. 42 6366655 6314293

M/s. Fidelity Investment Bank Ltd. 42 5752360 5711092 [email protected]

M/s. First Capital ABN Amro Equities Ltd. 42 5754526 5758656 [email protected]

M/s. Progressive Securities Pvt Ltd. 42 6317048 6317048 [email protected]

M/s. Prudential Securities Ltd. 42 6375945 6375980

M/s. Rahat Securities Ltd. 42 6303876 6314253 [email protected]

M/s. Shaffi Securities Pvt Ltd. 42 6311458 6314730

M/s. Standard-Bearer Securities Ltd. 42 6308970 6308976

M/s. Switch Securities Pvt Ltd. 42 6311407 6311408 [email protected]

M/s. Trust Securities & Brokerage Ltd. 42 6373041 6373040 [email protected]

M/s.Jamshaid & Hassan Securities 42 6371901 6310154

Malik Ashiq Ali Shujra 42 6308810 6308809

Malik Hamid Ali Noon 42 6301804 6301803 [email protected]

Mazhar Hussain 42 6278787 6317329

Mian Faisal Mahmood 42 6376091 6364745 [email protected]

Mian Ghulam Mohiuddin 42 6279054 6372475 [email protected]

Mian Khalid Bashir 42 6312569 6312567

Mian Muhammad Asif 42 6369004 6315580 [email protected]

Mian Nusrat-ud-Din 42 6313996 6279204 [email protected]

Mian Shaukat Shafi 21 5684901 5683662

Mian Tajammal Hussain 42 6368981 7242839 [email protected]

Mirza Sher Dill 42 6375310 6369108 [email protected]

Mirza Yasin Mahmood

Mohammad Nadeem 42 6301613

Mr. Sohail Ahmad

Mrs. Farzana Munir

Mrs. Saliha Haroon 42 6310246 6310245

Mrs. Seema Mubashir 42 7655578 7844435

Mrs. T.J. Ahmad

Muhammad Ajmal Shafiq 42 6302384 [email protected]

Muhammad Amer Riaz 42 6310441 6310719

Muhammad Amin Sethi 42 6365756 6368113

Muhammad Asif Dosslani 21 6375046 6367999 [email protected]

Muhammad Ayub Chaudhry 42 6368114 6369096

Muhammad Ayub Younus 21 2412161 2412164

Muhammad Iqbal Khawaja 42 6376808 6315803

Muhammad Iqbal Motiwala

Muhammad Iqbal Usman Kodvavi 21 2432911 2429802

Muhammad Javed 21 111786786 2634162

Muhammad Saleem Adam 21 2418903 447547

Muhammad Sarfraz Ghumman 42 6375501 6375584 [email protected]

Muhammad Tanveer Malik 42 6278784 6278784

Muhammad Tauqir Malik 42 6311401 6311398

Muhammad Younus 42 6315300 6375577

Muhammad Yousaf Rao 42 6308281 6308973

Muhammed Shabbir Malik 42 7668188 6311398

Multiple Investment Management Ltd. 42 6278886 6279058

Munir Khalid 42 6368974 6368976

Nadeem B.J. Sheikh 42 5713625 5713624 [email protected]

Naeem Anwar 42 6315360 6315360

Nasir Ali Shah Bukhari 42 111222-000 111222001 [email protected]

Nayyar Sheikh 42 6316116 6316448

Nizam Sikander 42 6315997 6315998 [email protected] net.pk






Noman Jan Erkin D

Noshir F. Dastoor 42 6368765 6369127

Pervez Ahmed 42 5759621 5710312

Pervez Iqbal 42 6368155 6369117 [email protected]

Qasim Mahmood 42 6368909 6367942 [email protected]

Ravi Securities pvt Ltd. 42 5423378 5423378

Riaz-ul-Hassan Ghauri 42 6367979 6367976

Sakhawat Hussain Bukhari Pvt Ltd. 42 6314710 6367696 [email protected]

Shahid Iqbal 42 6368636

Shahid Mahmood 42 6372747 6278999 [email protected]

Shahid Nauman Rana 42 6315988 6315991 [email protected]

Sheikh Abid Hussain 42 5756161 5753399

Sheikh Irshad Ahmad 42 6303855 6375484 [email protected]

Sheikh Muhammad Iqbal 42 7655858 7655757

Sheikh Muhammad Sadiq 42 6311360 6368484

Sheikh Zaheer-ud-Din 42 6368973 6315969 [email protected]

Sohail Raza Moosani 42 6308848 212416004

Sonia Nissar

Syed Babar Ali 42 6665921 5863238

Syed Mohsin Raza Bukhari Pvt Ltd. 42 6308848

Syed Sarmad Maqsood Al-Husainy Suspended 42

Tariq Majid Chaudhry 42 6311388 6310401

Vice Admiral Rtd H.M. Siddique Chaudhry 42 6681792 215686424

Wasiullah Khan 42 6367935 6360067 [email protected]

Wing Comr.RtdAhmad Kuli Khan Khattak 21 2563138 2564458

Zafar Iqbal Cheema

Zafar Moti 21 2410307 2410454 [email protected]

Zafar Sadiq Sheikh 42 6368222 6301774

Zahid Ali Habib 42 6307839 6307839

Bitolabroker AD 47 258830 258830

BRO-DIL AD 2 118670 118670 [email protected]

Broker-SB AD 2 295549 205549 [email protected]

Fersped-Broker AD 2 149336 149336 [email protected]

KB-Broker AD 2 107356 120236 [email protected]

MAK Broker AD 2 116213 116213 [email protected]

Makos-Invest Broker AD 2 127462 110290 [email protected]

Postel Broker AD 2 163054 163054

Sakses Brokers AD 2 221818 221960 [email protected]

Tutunskabroker AD 2 133305 133464 [email protected]






MACEDONIAN STOCK EXCHANGE

Address "Mito Hadzivasilev Jasmin" 20, 1000 Skopje, Macedonia Phone (389) 2-122 055 Fax (389) 2-122 069 E-mail [email protected] Web Address www.mse.org.mk Country Code 389


Ars-Vista 22 555579 522049

Asito-Broker 22 270552

Banca de Economii 22 221497 244731

Banca de Finante si Comert 22 227435 220080

Banca Sociala 22 225185 220070

Bonseron 22 537115 537945

Broker-Service 22 747500 740892

Brokwest 22 232600 754615

Businessbanca 22 224591 222370

CNC Activ 22 278582 278582

Daac-Invest 22 741572 220677

Daac Prom 22 755932 746397

D-Broker 22 439243

Defend 22 507084 507076

Energbank 22 276033 253409

Eximbank 22 272583 546234

Exiton-Sprad 22 527123

Fincom 22 541917 541960

Furor 22 555579 522049

Investprivatbank 22 543570 540555

Iuventus-DS 22 271337 271337

Mabrok 22 541942

Manager-Habilitat ES 22 270096 225534

M-Invest 22 270387 271397

Mobiasbanca 22 546293 541974

Moldindconbank 22 222549 279195

Moldova Agroindbank 22 220671 226162

Oldex 22 270024 542966

Petrolbanc 22 500128 543981

Proajioc 22 507085

Promovare 22 449518 449180

Proremiz 22 507081

Real-Manager 231 61460 60389

SNM Managerul-Fondului 22 441130 440169

Unibanc 22 225586 220503

Universalbank 22 246888 246489

Val-Invest 22 449113 449180

Victoriabank 22 233089 233089

Ajnai Invest 11 313765

Altan Khoromsog 11 452457

Altan San 11 310683

Argai Best 11 328108

B.D.Sec 11 321763 [email protected]

Bats Invest 11 457843

Bulgan Broker 11 313323

Bumbat-Altai 11 313481

Chandmany Bayan 11 313656

Darkhan Broker 11 313339

Delgerkhangai Trade 11 312325 300257 [email protected]

Dornod Broker 11 313285



MONGOLIAN STOCK EXCHANGE

Address Sukhbaatar Sq.-2, Ulaanbatar, Mongolia Phone (976) 11-310 470, (976) 11-310 501 Fax (976) 11-325 170 E-mail [email protected] Web Address www.mse.mn Country Code 976


MOLDOVAN STOCK EXCHANGE

Address 73 Stefan cel Mare Blvd., Chisinau, 2001 Moldova Phone (3732) 277 594 (3732) 277 351 Fax (3732) 277 356 E-mail [email protected], [email protected] Web Address www.moldse.md Country Code 3732


Erdenest 11 326751 326751

Gan Sec 11 327985 324249

Gendex 11 329657 329657 [email protected]

Hansh Invest 11 328705

Khairhan Undurkhaan 11 314218

Khairkhan Undurkhaan 11 313497

Log 11 313747

M &G Trast 11 353574

Maral Invest 11 323029

Mega Securities 11 311134

Mergen Sanaa 11 451626

Monsec 11 313526 [email protected]

Munkhud 11 310547

Murun Sec 11 313676

Mutsa 11 369377 [email protected]

Nici 11 324790 324790 [email protected]

Noyon Suudal 11 313315

Och Munkh 11 457009 457011 [email protected]

Orchil-Invest 11 325258 326955

Post Securities 11 323068

Sanar 11 453218

Sancom 11 457991

Selbro 11 311372

Shand-Erdene 11 313511

Tavan Bogd 11 313291

Todsec 11 323559

Tolin Securities 11 312484

Tumen Bull 11 310403 321923 [email protected]

Zerged 11 366509 [email protected]

Al Shalman Securities Co. SAOG 7717749 7717752 [email protected]

Al Amin Securities Co. Associated 7713738 7715507 [email protected]

Al Mawarid Securities Co. SAOG 7716655 7716611 [email protected]

Al Shurooq Inv. Services Co. SAOG 789113 788882 [email protected]

Al Madina Financial & Investment Services SAOC 7710859 7710772 [email protected]

Bank Muscat SAOG 780139 798220 [email protected]

Financial Services Co. SAOG 7717208 7717205 [email protected]

Global Financial Inv. Co. SAOG 700667 700662 [email protected]

Gulf Investments Services SAOG 7713553 7712544 [email protected]

Int. Financial Services LLC 795186 795188 [email protected]

National Bank of Oman SAOG 750315 798647 [email protected]

National Securities Co. SAOG 571340 568737 [email protected]

Oman & Emirates Inv. Hold. Co. SAOG 605458 605465 [email protected]

Qurum Financial Services Co. SAOC 7715580 7717483 [email protected]

United Securities Associated 7717481 788671 [email protected]



MONGOLIAN STOCK EXCHANGE



MUSCAT SECURITIES MARKET

Address P.O. Box 3359, Postal Code 112, Ruwi, OMAN Phone (968) 771-2607 Fax (968) 771-7609 E-mail [email protected] Address www.msm.gov.om Country Code 968


Al-Watanieh Securities Company 2 298 0420 298 7277 [email protected]

Global Securities Company 9 238 7880 238 5060

Jordan & Palestine Financial Investment Company 2 298 7778 298 7779 [email protected]

Sahem Trading & Investments Company 2 296 5710 296 5713 [email protected]

Target Investment & Securities Company 9 238 6111 238 6119 [email protected]

United Securities Company 2 298 0573 295 4027

Aban 21 6724967 6700230

Aeen 21 8726157 8726158

Amin Novin 21 6726505 6704687

Armoun Bourse 21 6718056 6709767

Asel 21 6718601

Atieh 21 6716285 6710285

Atisaz 21 6704610 6724891

Badreh Saham 21 8711083

Bank Keshavarzi 21 8720381 8720382

Bank Maskan 21 8720383 8720384

Bank Mellat 21 6714993

Bank Melli 21 6709481 6719500

Bank Refah Kargaran 21 8726154

Bank Saderat 21 6705081 6702687

Bank Sanat va Madan 21 8781705 8781706

Bank Sepah 21 8712759

Bank Tejarat 21 6700500 670420

Bank Towse-e Saderat Iran 21 6724890

Bazare Saham 21 2254129 2254127

Behgozin 21 6714827 6718408

Bourse Bimeh Iran 21 6726245

Boursiran 21 6724803

Donyaye Khobreh 21 6724001,2,3

Ebraz 21 6725132-3

Etminan Sahm 21 6728080

Ganjineye Saham 21 6724863

Golchin 21 6724809

Imen Bourse 21 6701260 6719920

Iran Saham 21 8716433 6716434

Jahan Sahm 21 6726500 6726650

Karamad 21 6724875

Khobregan Saham 21 6717760 6724978

Kimia Sahm 21 6724997

Krishchi 21 8774669-71

Mahake Sahame Sanayeh 21 6725706-8

Meyar Saham 21 6704610 6724891

Moein Sahm 21 6716945 6724978

Mofid 21 6724125 6724124

Moshaveran Saham 21 6718548

Nahayat Nagar 21 6719791 6724859

Omran 21 6724809 6718901

Pars Nemoudgar 21 6714952 6714955

Rahbord Sarmayegozari-e Iran Saham 21 6724850 6718201

Rahnamaye Sarmayegozaran 21 6702570 6726011



PALESTINE SECURITIES EXCHANGE

Address Al Qasr Bldg. P.O. Box 128, Nablus, Palestine Phone (970) or (972) 9-237 5946 Fax (970) or (972) 9-237 5945E-mail [email protected] Web Address www.p-s-e.com Country Code 970 or 972


TEHRAN STOCK EXCHANGE

Address 228 Hafez Avenue, P.O Box 11355-399, IR-11389, Tehran, Iran Phone (98) 21-67 08 385 Fax (98) 21-67 10 111 E-mail [email protected] Web Address www.tse.or.ir Country Code 98


Saham Barez 21 6724827

Saham Pajoohan Shayan 21 6717751 6717988

Saham Pouya 21 6718062 6711836

Sahm Ashena 21 6724908 6716891

Sahm Azin 21 8307533

Sahm Yar 21 6724863

Sarmayegozari Melli Iran 21 8903293

Shakhes Saham 21 8797885-6

Simabgooun 21 6724995

Torbati 21 6705889 6706743

Towse-e Sarmaye Donia 21 6716553

Alpha Bank 42 333-59 321-02

American Bank of Albania 42 487-53 487-62

Branch of National Bank of Greece 42 336-21 336-13

International Commercial Bank 42 375-67 375-70

Italian-Albanian Bank 42 339-66 257-00

M.D.K 42 350-16 350-25

National Commercial Bank 42 287-43 375-70

Savings Bank 42 287-43 300-13

"Gallabank" 71 1361-617

"Uzbek Metallurgical Combine" 291 2 24 23

Jilsberbank 71 133-1122 133-3089

Joint-Stock Company "Bukhorotex" 712 223-0621

Specialized Joint-Stock Commercial "Pakhta-Bank" 712 781-296 781-296

Uzbek Commercial-Industrial-Constructing Bank 71 133-3426 133-6354

�A.I.S.T.-Invest� Investcompany 44 228-0231 244-9758

�Agio� Bank 44 244-2742 244-3309

�Agora-Invest� Ltd. 44 235-5024 235-2978

�Ajko� Investcompany 522 235583 236-398



TEHRAN STOCK EXCHANGE



TIRANA STOCK EXCHANGE

Address Bank of Albania, Sheshi "Skenderbej" No.1, Tirana, Albania Phone (355) 42-22152(180) or (178) Fax (355) 42-23558 E-mail [email protected] Country Code 355


�TOSHKENT� REPUBLICAN STOCK EXCHANGE

Address 10 Bukhoro, Tashkent, Uzbekistan Phone (998 71) 136 74 62/133 32 31Fax (998 71) 133 32 31 E-mail [email protected] Code 998


UKRAINIAN STOCK EXCHANGE

Address 10 Rylsky Provulok, 01025, Kiev, Ukraine Phone (380) 44-229 41 58 Fax (380) 44-228 51 40 E-mail [email protected] Web Address www.ukrse.kiev.ua Country Code 380


�Alpha-Capital� Company 44 246-5621 246-5020

�Argon� Ltd. 44 517-5244 517-5244

�Artur-Securities� Ltd. 5322 73-990 56-0189

�Autozazbank� Bank 612 64-2282 64-4087

�Aval� Bank 44 290-2097 290-2097

�Avangard� Trade-Bills House Ltd. 642 34-5611 34-5608

�Avers� Ltd. 44 412-9061 412-9061

�AYAKS� Ltd. 572 940-951 943-772

�Boryslav� Ltd. 342 321-41 321-41

�Brokbusinessbank� Bank 44 231-1870 458-3852

�Brooks� Ltd. 562 34-1877 34-1271

�Capital-Invest� Company 482 220-079 229-068

�Central Bills Palata� Liability 44 295-5486 295-5486

�Crimea Financial Co� Ltd. 652 25-2490 24-9975

�Demark� Bank 4622 164-686 400-25

�Dikom� Investment Company 622 95-2588 97-2135

�Discount-2000� Ltd. 44 573-9332 573-9807

�Donvuglekombank� Bank 622 90-3147 99-8044

�Ekost-LV' Company 44 554-7536 417-7285

�Electron-Brok� Ltd. 322 33-7235 33-7235

�Energofond� Ltd. 44 216-6992 239-1533

�Energogarant� Investcompany 44 245-4759 245-4759

�Energo-Proekt� Investcompany 44 456-3479 456-3479

�European� Bank 572 216-263 282-287

�Experiment� Ltd. 612 600-298 600-346

�F.T.M.-Brok� Ltd. 44 573-8300 573-8385

�Financial Advocat OTPK� Ltd. 44 238-8328 238-8188

�Financial Co Bukva� Ltd. 44 276-2384 244-0285

�Financial Co Rybinvestbrock� LTD. 692 55-5630 55-4312

�Financial Co Tetta� Ltd. 44 458-0545 458-1409

�Finansy Ta Kredyt� Bank 44 241-7191 490-6870

�Fininvestkom� Company 44 416-4114 416-1410

�Fondova Grupa� Ltd. 44 462-0325 462-0319

�Fondova Operatsijna Company� Ltd. 44 417-3282 417-5597

�Fondovaya Co Faforit� Ltd. 44 458-0545 458-1409

General Investments Company 44 455-6768 455-6764

�Geopromresurs� Investcompany 44 269-3253 269-5231

�Global Investments� Investcompany 572 28-2266 28-2264

�Grand ARSS Invest� Investcompany 44 410-8592 411-0125

�Holding Centre Zlatorus� Ltd. 44 553-2390 553-2390

�Index-Stocks� Ltd. 572 175-620 30-2799

�ITT-Invest� Investcompany 44 220-4593 227-7297

�Joint-Stock Commersial Prominvest Bank� 44 229-8303 229-1456

�Kapital Manegment Group� Ltd. 629 528-927 528-926

�Kapital� Ltd. 6192 69-849 62-286

�Kommak-Invest� Ltd. 44 555-0190

�Kompas-M� Ltd. 44 553-6647 553-6621

�Konfo� Ltd. 44 464-7692 462-4773

�Konsultatsiyna Sluzhba� Ltd. 572 23-7879 23-7879

�Kredo-Invest� Securities Agency Ltd. 612 134-909 134-909

�Krok-MT� Ltd. 3422 400-56 472-54

�Kronos & Co� Investcompany 44 228-0933 229-0922

�Kupava� Investcompany 44 269-9814 268-2194

�Kurs� Ltd. 44 238-8188 238-8188

�Kyiv Investment Group� Investcompany 44 229-0644 228-5292

�Kyivschyna - Securities� Company 44 265-0841 265-3305

�Laverna� Ltd. 44 264-9951 264-9968

�Legbank� Bank 44 227-9500 227-9519

�Likor� Company 44 568-0471 444-0410






�Lvivski Securities� Company 322 744-262 52-3247

�Mega-Invest� Ltd. 5366 203-25 203-25

�Mortransbank� Bank 4868 43-792 64-130

�Mriya� Bank 44 244-6399 216-6543

�MT-Bank� Bank 5366 200-18 200-69

�Nadra� Bank 44 246-5264 246-4840

�Narodna Investcompany� 572 43-8197 43-8197

�Narodny Bank� Bank 44 234-53-53 234-6956

�Naumez & Partners� Ltd. 44 239-9012 239-9013

�Nika-Invest� Ltd. 642 551-209 551-209

�Noviy� Bank 562 445-055 782-405

�NPK-Invest� Investcompany 572 43-3295 18-5133

�Oblikovo-Fondova Kompany� Ltd. 44 246-4493 246-3795

�Olexandriya� Ltd. 572 410-256 140-025

�Ometa-Trust� Ltd. 44 228-4598 228-4563

�Personal Computer� Bank 44 291-8623 291-8660

�Polikombank� Bank 4622 748-95 10-1513

�Polissya� Bank 44 244-3968 244-3963

�Politech-Capital� Ltd. 44 245-4277 245-4756

�Prinkom� Investcompany 3422 32-320 24-177

�Privatbank� Commercial Bank 562 39-0592 39-0718

�RIC Rinkom-Invest� Ltd. 629 33-8339 33-8339

�Rica-Broker� Company 44 216-8950 417-6377

�Ros-Invest� Investcompany 472 431-118 431-118

�S.A.� Ltd. 44 568-0855 555-2611

�Safari� Ltd. 44 254-2551

�Sigma-Fund� Company 572 141-180 141-188

�Sincom� Investcompany 44 235-0142 224-4539

�Sirius-Securities� Ltd. 5322 18-4825 27-801

�Sofiya-Securities� Company 44 244-2887 244-2996

�Stanislav-D� Ltd. 3422 55-4222 55-2525

StateOschadny Bank Of Ukraine 44 247-8569 247-8568

�Stock� Ltd. 564 261-561 261-561

�Stock-Master� Ltd. 44 241-8741 241-8742

�Stocks� Ltd. 44 559-1281 566-9374

�Stock-Trader� BC Ltd. 3422 491-20 403-16

�Stolychny� Bank 44 550-2000 553-6647

�Stronghold-Invest� Investcompany 44 546-7678 547-5227

�SVS� Company 572 231-541 231-541

�Syntez� Bank 44 264-0200 228-6400

�TAS-Comerzbank� Bank 44 462-0320 462-0324

�Tavrika� Bank 692 45-4201 54-7811

�Technotern-Invest� Ltd. 352 22-6247 22-4366

�TEKT� Investcompany 44 276-0161 276-8241

�Ticket Group� Ltd. 44 446-5434 446-5434

�TOPAL-Invest� Company 572 21-6137 21-7280

�Trick Ltd.� Ltd. 512 350-213 350-213

�Tytul-Option� Ltd. 44 252-8210 268-1073

�Ukrainian Depository Company� Ltd. 44 236-9655 241-9208

�Ukrayina� Bank 44 244-1616 229-0239

�Ukrayina� Company 44 455-3680 455-3677

�Ukrayinska Fondova Grupa� Company 44 244-5407

�Ukrayinska Konzesiyna Company Ltd.� 44 244-0364 211-1763

�Ukrayinski Securities� Company 44 253-6863 221-4188

�Ukrayinski Securities� Ltd. 44 227-3951 227-4546

�Ukrayinsky Komunalny Bank� Bank 642 55-3577 53-3529

�Ukrayinsky Promyslovy Bank� Ltd. 44 276-2384 244-0285

�Ukrinbank� Bank 44 247-2000 229-0275

�Ukrsotsbank� Bank 44 269-0836 269-1307






�Ukrspezimpexbank� Bank 44 464-0000 464-0022

�Ukrsybinkor-Fok� Company 572 123-852 124-258

�Universal Fondovy� Investcompany 44 264-8933 264-8973

�Vabank� Bank 44 490-0654 216-0033

�Vash Vybor� Company 652 22-9412 22-9690

�Velton-Fond� Investcompany 572 149-319 149-915

�Velton-Invest� Company 572 45-2036 47-6546

�Vinko� Company 432 43-7530 43-8840

�Vira-Broker� BC Ltd. 44 566-9374 559-1281

�Volynskaya Financial Company� Ltd. 412 37-4232 37-4442

�Vostok-Dealing� Ltd. 44 219-1657 211-8327

�Vostok-Makler� Company 572 201-896 121-848

�Vsan� BC Ltd. 44 261-1913 269-2207

Zberigach Tsinnih Paperiv Komex Brok 44 253-6777 253-6877

�Zdobutok-Invest� Company 44 451-2815 451-2816

Agora d.o.o. 21 361-399 361-168 [email protected]

Auctor d.o.o. 1 481-4143 481-4143 [email protected]

CAIB d.d. 1 480-4809 480-4834 [email protected]

CBB Vrijednosnice d.o.o. 42 312-255 313-132 [email protected]

Ceufin Brokers d.o.o. 1 617-1508 617-0502 [email protected]

Complete Line d.o.o. 44 521-547 523-062

Consult Invent d.o.o. 42 312-404 213-731

Credos d.o.o. 1 455-6082 455-6089

Croatia Lloyd d.d. 1 617-0211 617-0280

CROBA Vrijednosnice d.o.o. 1 239-1268 239-1170

Dalbank Vrijednosnice d.o.o. 1 484-4321 484-3927 [email protected]

EA Sistem d.o.o. 47 415-341 415-891 [email protected]

ERSTE Vrijednosni Papiri d.o.o. 1 481-2014 481-2015 [email protected]

Euroatest d.o.o. 1 233-6053 219-027 [email protected]

Exportdrvo d.d. 1 456-0222 420-004

Faktor d.o.o. 21 344-100 344-420 [email protected]

Fima-Vrijednosnice d.o.o. 42 109-996 109-990

Fintrade d.o.o. 21 341-371 581-933

Hita Vrijednosnice 1 3094 555 3096 679

Hypo Alpe Adria Vrijednosnice d.o.o. 1 610-3587 610-3625

I.C.F d.o.o. 1 611-9393 611-9303 [email protected]

Ilirika Vrijednosni Papir d.o.o. 1 4821-211 4823-366

Investco Vrijednosnice d.o.o. 1 481-1777 492-0711 [email protected]

KABA Vrijednosnice d.o.o. 47 614-315 614-316

Marimpex d.o.o. 1 658-6041 658-6499

Metro Moneta d.o.o. 1 460-2333 460-2300

National d.d. 1 617-7855 617-7854

PBZ Kapital d.d. 1 634-9605 634-9720 [email protected]

Pozeska Banka d.d. 34 254-200 254-258

Prva Generacija d.o.o. 1 461-2055 461-9761

Raiffeisen Vrijednosnice d.o.o. 1 4560-727 481-1626 [email protected]

Rast d.o.o. 42 231-605 231-611

RIB Portfelj d.o.o. 51 208-404 208-017






ZAGREB STOCK EXCHANGE

Address Ksaver 200, 10000 Zagreb, Croatia Phone (385) 1-46 77 925 Fax (385) 1-46 77 680 E-mail [email protected] Address www.zse.hr Country Code 385


SB Trade d.o.o. 21 345-501 345-256

Trcin Vrijednosnice d.o.o. 1 4920-350 4920-351

Utilis d.o.o. 40 310-114 312-726

VarazDinska Banka d.d.

Vrijednosnice Osijek d.o.o. 31 201-123 201-126

ZB Brokeri d.o.o. 1 610-770 610-4875



ZAGREB STOCK EXCHANGE

cont�d Country Code 385


Documents

FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2001… · The Federation of Euro-Asian Stock Exchanges Yearbook 2001/2002 is published by the Federation ... from the SECI project,