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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 MISR FOR CLEARING, SETTLEMENT & CENTRAL DEPOSITORY AFFILIATE MEMBER Mohamed S. Abdel Salam Deputy Chairman & Managing Director MCSD was established at the end of 1994 to complete the infra structure of the Egyptian capital market. In time, MCSD has become the largest central registry firm among the major and emerging markets in the world. MCSD’s does not spare any efforts to maintain the highest standard of services provided to the Egyptian market. As a result of its qualified performance, MCSD was awarded the International Gold Star for Quality in Geneva in 2001. For significant contribution to the business world, for high Role of the Depository MCSD is the sole Egyptian CSD providing clearing and settlement services to the Cairo and Alexandria Stock Exchanges (CASE). MCSD operates both the depository and the clearing house. It is a not for-profit private company owned by the stock exchanges, local banks and its participants. It was incorporated under the Capital Market Law No 95 of 1992, commenced operations in October 1996 and is currently governed by the Depository and Central Registry Law No 93 of 2000. It is regulated by the Capital Markets Authority (CMA). Use of the central depository in the market for settlement and safekeeping is compulsory by law, where securities in the depository are held in certificated form. Equities are held via bookentry, with certificates immobilized in MCSD's vaults. All securities are treated as fungible and may be transferred or pledged by bookkeeping entry without actual physical delivery. MCSD’s authorized capital is 50 million L.E, issued capital is 40 million L.E and paid capital is 18.75 million L.E CONTACT INFORMATION PAGE 74 The largest central registry firm among the major and emerging markets in the world, MCSD’s goal is a secure, stable and encouraging investment environment standing and professionalism demonstrated by prestigious performance, B.I.D. - Business Initiative Directions - presented its special recognition award to MCSD. Also MCSD was granted the highest level of efficiency, following the results of an assessment panel of depository companies conducted by JPMorgan – Chase, with a score of 1.25 points on a scale of 1 to 3 where depository that closely resemble the best practice is rated 1, meet some of the requirements but not fully meet the preferred MCSD main activities & services 1. Clearing and settlement of operations executed at CASE. 2. Central depository and registry of all listed and unlisted securities 3. Management of securities accounts for custodian banks and issuers. 4. Handling corporate actions (cash and stock dividends etc) according to the issuers’ assemblies’ decisions. 5. Management of the Settlement Guarantee Fund to eliminate suspended movements due to brokers’ defaults (securities and/or cash). 6. Management of a pledge system for all securities lodged into the central depository. 7. Repatriation of international investors’ funds. 8. Customer servicing through the MCSD’s front office, the call center, the internet, the SMS and finally through direct phones or faxes. Contact Name Mohamed S. Abdel Salam E-mail m.abdsalam@mcsd.com.eg Website www.mcsd.com.eg Address 70 El-Gomhoria St., P.O. Box 1536 Attaba, Cairo, Egypt Phone +202 5971 522 – 505 – 506 – 509 Fax +202 5971 670 – 523 practice rated 2 and finally depositories that are deficient are rated 3. The assessment revealed that MCSD has abided by all the rules and high standards set by the SEC in Rule 17f-5 which have been developed to be more strict as compared to Rule 17f-7 in order to secure American foreign investments. A secure, stable and encouraging investment environment is the goal of MCSD. Legal Status Private Joint-Stock Company Type of Commercial Entity Not for-profit company Regulated by Depository and Registry law number 93 of year 2000 Form of Securities Immobilized in the book entry form Form of Settlement Net cash settlement, gross securities settlement Settlement Dates T+1 Treasury Bonds T+2 Active securities T+3 Dematerialized securities T+4 Physical securities
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 GEORGIAN STOCK EXCHANGE George Loladze Chairman of the Supervisory Board The year 2004 was a landmark one for the Georgian Stock Exchange (GSE), due to the unprecedented increase of the basic trade figures compared with previous years, reflecting the overall revitalization of the economy in the wake of the “Rose Revolution” of 2003. As to the future, the Georgian capital market has an opportunity to intensify its development through the recently resumed privatization process. GSE has rich experience in organizing privatization auctions, as well as, in providing the necessary legislative and IT support. Undoubtedly, through sustainable HISTORY AND DEVELOPMENT Equity securities first appeared in Georgia in 1991 after the declaration of independence that signaled the beginning of marketoriented reforms. A vast majority of the newly established joint-stock companies were owned by a rather small number of private shareholders and trading in these shares was relatively inactive. With the launching of the Mass Privatization Program in 1994, approximately 1,300 state-owned enterprises were organized as joint-stock companies, creating about half a million individual private shareholders. However, during a five-year period (1994-1999), the lack of an appropriate legal framework and organized market infrastructure seriously impeded the secondary trading of these shares and any over-the-counter market activity was nearly nonexistent. The GSE was founded in 1999 by a group of Georgian securities market professionals, leading banks, investment and insurance companies. Today it is the only organized securities market in Georgia. Designed and established with the assistance of the United States Agency for International Development (USAID) and operating within the legal framework of corporate and securities laws drafted with the assistance of American and German experts, the GSE can assert that it is designed and operated to comply with “global best practices” and offers an attractive investment environment to foreign investors. To promote the concept of self-regulation, the GSE membership adopted new rules. After approval of these rules by the National Securities Commission of Georgia, the GSE was officially recognized as a self-regulatory organization (SRO) and received a stock exchange license in January 2000. It is our strong belief that the principles of transparency and disclosure underlying the operation and development strategy of the GSE, are the unquestionable guaranty of our success. conducting of privatization the Georgian capital market will continue on its path of sound growth and development. Progress of the capital market, in many respects, depends on the soundness of corporate governance in Georgia. Thus, good corporate governance is one of the top priorities on our agenda. In 2003, the GSE established a corporate governance training program for corporate representatives, legal professionals and the mass media. The leading professionals of the National Securities Commission of Georgia, the GSE, Central Securities Depository, and other capital market institutions prepared and The GSE utilizes an automated trading facility. Thousands of securities can be traded by its members from the workstations at the GSE floor or remotely from their offices. The GSE adopted the platform employed by the Russian trading system (RTS) in Moscow. However, RTS - as an excellent informational-communication system - was significantly modified to ensure those requirements outlined under the GSE trading rules reflected the peculiarities of Georgian securities market. Official trading at the GSE began in March 2000. The number of companies admitted for trading at the GSE trading system increased gradually and by the end of 2004 reached 277. Practically all of these companies are former state owned and operated companies transformed into jointstock companies and then privatized. The growing but still low trade volumes reflect the nascent stage of the Georgian capital market and the level of development of the Georgian economy. In 2002, as a result of active cooperation with the National Securities Commission and the Ministry of State Property Management, the Special Privatization Auctions commenced at the GSE. In 2003 the GSE started trading government securities. 2004, was a landmark year for the GSE, due to the unprecedented increase in basic trading figures compared with previous years, reflecting the overall revitalization of the economy in the wake of the “Rose Revolution” of 2003. distributed the Corporate Governance Manual. In parallel, we have initiated the establishment of the Georgian Corporate Directors Association and the development of the National Corporate Governance Code on this basis. It is our strong belief that the principles of transparency and disclosure underlying the operation and development strategy of the GSE, are the unquestionable guaranty of our success. The GSE will continue promoting the policy to encompass all different sectors of the Georgian capital market, and we will gladly cooperate with all actors, who strive for the economic development of Georgia. FUTURE OUTLOOK In 2005 the GSE plans to: • make important changes in its trading system and trading rules so as to increase the efficiency of the Treasury Bills trading on the stock exchange; • intensify the trading process. In particular, the trading sessions will be conducted on daily basis and an additional trading session will be introduced during the trading day; • increase the efficiency of trading and • increase the liquidity of the market; • introduce partially guaranteed trading of securities; • remove the Day-trading restriction on the GSE; and • launch a new web-site for the GSE, which along with traditional statistics will provide a corporate reports database for the companies who are admitted to the trading system. In addition, the creation and publication of a company database will allow companies to publish their annual, semi-annual and current reports which is required by law and thus improve disclosure standards and corporate transparency. PAGE 75
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