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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MACEDONIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 15.1068 0.7194 0.2468 0.0118Feb-08 21.1248 1.0059 0.3642 0.0173Mar-08 24.6827 1.2341 0.4529 0.0226Apr-08 17.5155 0.8758 0.4016 0.0201May-08 10.3383 0.4923 0.3398 0.0162Jun-08 13.3541 0.6677 0.4531 0.0227TOTAL 102.12 0.83 0.38 0.02BondsJan-08 2.9601 0.141 0.8624 0.0411Feb-08 1.0036 0.0478 0.7315 0.0348Mar-08 1.5476 0.0774 1.1329 0.0566Apr-08 1.9041 0.0952 1.3955 0.0698May-08 1.5174 0.0723 1.1015 0.0525Jun-08 1.9481 0.0974 1.4604 0.073TOTAL 10.88 0.09 6.68 0.05OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 2,560.36 2,583.63 2,574.38 2,183.77 2,157.42 1,876.59Index 7,106.99 7,056.08 6,707.40 5,815.12 5,751.32 4,885.99PRACTICES & PROCEDURESTradingDaysMonday -FridayHours 09:00-12:00Market segmentation Official and unofficial marketSystemRemote access, data dissemination, WANMechanismsCall auction, continuous auctionMarket-maker/Specialists NoInstrumentsStocks, bonds, government certificatesCurrencyLocalReal time information Brokerage houses, banksClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingTransaction by transactionDVPYes, full DVPClearing Institution YesRisk SharingNoMargin/LendingNoCustodiansBanksTaxesCash Dividends 15%Interest IncomeN/ACapital GainsNoStructure & RegulationsLegalFor profit-joint stock companyRegulationSelfSecurities market Regulatory institutions, SEC andregulationsExchangeTrading rulesExchange, government institutionSurveillanceYesCorporate actions CentralizedTrading halts regulations YesInvestor protection YesForeign ParticipationForeign investors YesInvestment limitations No limitationsPAGE 65